Columbia ETF Trust I

 

Columbia International Equity Income ETF 

INEQ | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia International Equity Income ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia International Equity Income ETF
$51
0.45%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection | Selections in the industrials and health care sectors boosted the Fund’s performance relative to the benchmark most during the annual period.

Allocations | Overweight positions in the financials and industrials sectors contributed to relative performance.

Individual holdings | Positions in Mitsubishi Heavy Industries, an aerospace & defense company, Siemens, an industrial machinery company, and Lloyds Banking Group, a financial services company, were among the top contributors to the Fund’s relative performance during the annual period.

Top Performance Detractors

Stock selection| Selections in the communication services and information technology sectors hurt the Fund’s performance relative to the benchmark during the annual period.

Allocations| Overweight positions in the health care sector detracted from relative performance.

Individual holdings| Positions in Daiichi Sankyo, a pharmaceuticals company, Deutsche Telekom, a telecommunications company, and Chugai Pharmaceutical, a pharmaceutical company, were among the top detractors from the Fund’s relative detractors during the period.

Columbia International Equity Income ETF | ASR271_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia International Equity Income ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia International Equity Income ETF—Net Asset Value (22,601)
Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR) (24,596)
MSCI EAFE Value Index (Net) (22,359)
MSCI EAFE Index (Net) (21,753)
06/13/16
10,000
10,000
10,000
10,000
10/16
10,427
10,500
10,511
10,231
10/17
13,048
13,026
12,950
12,629
10/18
11,972
12,049
11,953
11,763
10/19
12,696
12,859
12,612
13,062
10/20
10,705
10,768
10,289
12,165
10/21
14,087
15,351
14,231
16,324
10/22
11,978
12,640
11,905
12,569
10/23
14,456
15,040
14,061
14,379
10/24
17,674
18,764
17,260
17,682
10/25
22,601
24,596
22,359
21,753
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia International Equity Income ETF—Net Asset ValueFootnote Reference(a)Footnote Reference(b)
27.87
16.12
9.07
Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR)
31.08
17.96
10.05
MSCI EAFE Value Index (Net)
29.55
16.79
8.94
MSCI EAFE Index (Net)
23.03
12.33
8.62
Footnote Description
Footnote(a)
 Effective September 2, 2025, the Fund compares its performance to that of the Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR). Prior to September 2, 2025, the Fund compared its performance to that of the MSCI EAFE Value Index. The returns of the MSCI EAFE Value Index will be shown for a one-year transition period.
Footnote(b)
 The Fund’s performance prior to September 2, 2025, reflects returns achieved according to different principal investment strategies. If the Fund’s strategies effective September 2, 2025 had been in place for the prior periods, results shown may have been different.

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$43,605,993
Total number of portfolio holdings
101
Investment management fees (represents 0.45% of Fund average net assets)
$159,151
Portfolio turnover for the reporting period
139%

Columbia International Equity Income ETF | ASR271_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Sector Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Utilities
0.7%
Real Estate
1.1%
Materials
1.2%
Information Technology
3.6%
Consumer Staples
5.1%
Communication Services
6.3%
Consumer Discretionary
6.8%
Energy
10.7%
Health Care
14.5%
Financials
24.0%
Industrials
25.2%

Top Holdings

Airbus SE (France)
4.7%
Siemens AG (Germany)
4.5%
Shell PLC (United States)
4.5%
Mitsubishi UFJ Financial Group, Inc. (Japan)
4.5%
Novartis AG (United States)
4.4%
TotalEnergies SE (France)
3.9%
Deutsche Telekom AG (Germany)
3.4%
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.3%
GSK PLC (United States)
3.0%
Mitsubishi Corp. (Japan)
2.7%

Geographic Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Other
4.1%
Netherlands
1.2%
Spain
1.2%
Austria
1.8%
Italy
2.2%
United Kingdom
6.4%
Sweden
7.4%
France
8.9%
United States
12.4%
Germany
13.9%
Japan
40.1%

Columbia International Equity Income ETF | ASR271_00_(12/25) | 3

Certain Fund Changes 

This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/investment-products/exchange-traded-funds/ or upon request at 1‑800‑426‑3750. 

On September 2, 2025, the Fund changed its Principal Investment Strategies to remove use by the Fund’s investment manager of proprietary ESG materiality ratings as part of its investment selection process for the Fund. On September 2, 2025, the Fund amended its Prospectus’ Principal Risks by removing Environmental, Social and Governance Investment Research Tools Risk.

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002622

Columbia International Equity Income ETF | ASR271_00_(12/25) | 4

Columbia U.S. Equity Income ETF 

EQIN | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia U.S. Equity Income ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia U.S. Equity Income ETF
$36
0.35%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection | Not having exposure to the real estate sector boosted the Fund’s performance relative to benchmark most during the annual period.

Allocations | An underweight position in the health care sector contributed to the Fund’s relative performance.

Individual holdings | Positions in AT&T, a telecommunications company, Broadcom, a semiconductor company, and International Business Machines, an information technology company, were among the top contributors to the Fund’s relative performance.

Top Performance Detractors

Stock selection| Selections in the health care and information technology sectors hurt the Fund’s relative performance during the annual period.

Allocations| An underweight position in the financials sector also detracted from the Fund’s relative performance.

Individual holdings | Positions in UnitedHealth Group, a managed health care company, JPMorgan, a financials company, and Accenture, an information technology services company, were among the top detractors from the Fund’s relative performance during the period.

Columbia U.S. Equity Income ETF | ASR272_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia U.S. Equity Income ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia U.S. Equity Income ETF—Net Asset Value (28,429)
Solactive GFS United States Large & Mid Cap Value Style USD Index (TR) (26,540)
MSCI USA Value Index (24,899)
Russell 3000® Index (36,638)
06/13/16
10,000
10,000
10,000
10,000
10/16
10,547
10,310
10,285
10,228
10/17
12,801
12,350
12,265
12,680
10/18
13,357
12,643
12,701
13,516
10/19
14,585
14,185
14,107
15,340
10/20
13,391
12,682
12,919
16,896
10/21
19,964
18,584
18,438
24,314
10/22
20,208
17,969
17,606
20,298
10/23
20,960
17,863
17,364
21,999
10/24
27,004
23,634
22,886
30,326
10/25
28,429
26,540
24,899
36,638
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia U.S. Equity Income ETF—Net Asset ValueFootnote Reference(a)Footnote Reference(b)
5.27
16.25
11.77
Solactive GFS United States Large & Mid Cap Value Style USD Index (TR)
12.30
15.92
10.95
MSCI USA Value Index
8.79
14.02
10.19
Russell 3000® Index
20.81
16.74
14.82
Footnote Description
Footnote(a)
 Effective September 2, 2025, the Fund compares its performance to that of the Solactive GFS United States Large & Mid Cap Value Style USD Index (TR). Prior to September 2, 2025, the Fund compared its performance to that of the MSCI USA Value Index. The returns of the MSCI USA Value Index will be shown for a one-year transition period.
Footnote(b)
 The Fund’s performance prior to September 2, 2025, reflects returns achieved according to different principal investment strategies. If the Fund’s strategies effective September 2, 2025 had been in place for the prior periods, results shown may have been different.

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$242,314,438
Total number of portfolio holdings
101
Investment management fees (represents 0.35% of Fund average net assets)
$631,381
Portfolio turnover for the reporting period
53%

Columbia U.S. Equity Income ETF | ASR272_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
0.5%
Exchange-Traded Equity Funds
0.5%
Common Stocks
98.9%

Top Holdings

Exxon Mobil Corp.
4.6%
JPMorgan Chase & Co.
4.5%
Bank of America Corp.
4.5%
Home Depot, Inc. (The)
4.1%
Procter & Gamble Co. (The)
4.0%
Chevron Corp.
3.6%
UnitedHealth Group, Inc.
3.5%
International Business Machines Corp.
3.3%
Wells Fargo & Co.
3.2%
Caterpillar, Inc.
3.1%

Sector Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Materials
1.2%
Communication Services
4.2%
Utilities
5.5%
Health Care
5.8%
Consumer Discretionary
7.5%
Information Technology
10.5%
Consumer Staples
11.0%
Energy
13.1%
Industrials
13.6%
Financials
26.5%

Columbia U.S. Equity Income ETF | ASR272_00_(12/25) | 3

Certain Fund Changes 

This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/investment-products/exchange-traded-funds/ or upon request at 1‑800‑426‑3750.

On September 2, 2025, the Fund changed its Principal Investment Strategies to remove use by the Fund’s investment manager of proprietary ESG materiality ratings as part of its investment selection process for the Fund. The Fund amended its Prospectus’ Principal Risks by removing Environmental, Social and Governance Investment Research Tools Risk. 

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002622

Columbia U.S. Equity Income ETF | ASR272_00_(12/25) | 4

Columbia Diversified Fixed Income Allocation ETF 

DIAL | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Diversified Fixed Income Allocation ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Diversified Fixed Income Allocation ETF
$29
0.28%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Non-U.S. interest rate exposure | Non-U.S. interest rate exposure from global treasury and emerging market bond holdings was the largest contributor to the Fund’s relative performance, as global yields declined and diversification beyond U.S. Treasuries added value. These positions benefited from favorable rate environments in developed and emerging markets, providing a meaningful source of return during the period.

High-yield bonds | Positive contributions to the Fund’s performance relative to the benchmark were driven by the 30% target allocation to U.S. high-yield bonds. Strong corporate fundamentals and investor demand for income supported the sector, helping the Fund capture attractive carry and price appreciation.

Foreign currency holdings | The Fund’s 10% target allocation to non-U.S. dollar denominated global treasury holdings benefited from a weaker U.S. dollar, adding to overall Fund performance. Currency exposure complemented the Fund’s global diversification and provided incremental gains as foreign exchange trends favored international holdings.

Top Performance Detractors

U.S. Interest Rate Exposure| A relative underweight to U.S. rates detracted from the Fund’s relative performance, as domestic duration exposure was rewarded during the period. While the Fund’s global diversification strategy limited participation in the rally in U.S. government bonds, overall interest rate positioning — including non-U.S. exposures — remained constructive and contributed positively to total returns.

Agency residential mortgage-backed securities| The Fund’s underweight to U.S. mortgage-backed securities detracted from relative performance as credit spreads narrowed and prices rose from historically wide (cheap) levels in recent years.

U.S. investment-grade corporates | The Fund’s underweight to U.S. investment-grade corporate debt detracted from relative performance as credit spreads narrowed to near all-time tight (expensive) levels.

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Diversified Fixed Income Allocation ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Diversified Fixed Income Allocation ETF—Net Asset Value (12,217)
Beta Advantage® Multi-Sector Bond Index (12,366)
Bloomberg U.S. Aggregate Bond Index (11,467)
10/12/17
10,000
10,000
10,000
10/17
9,970
9,996
10,005
10/18
9,738
9,757
9,799
10/19
11,122
11,132
10,927
10/20
11,757
11,833
11,603
10/21
12,012
12,113
11,548
10/22
9,754
9,774
9,737
10/23
9,959
10,022
9,772
10/24
11,307
11,410
10,802
10/25
12,217
12,366
11,467
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia Diversified Fixed Income Allocation ETF—Net Asset Value
8.05
0.77
2.52
Beta Advantage® Multi-Sector Bond Index
8.38
0.89
2.67
Bloomberg U.S. Aggregate Bond Index
6.16
-0.24
1.71

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$414,862,521
Total number of portfolio holdings
661
Investment management fees (represents 0.28% of Fund average net assets)
$1,045,090
Portfolio turnover for the reporting period
199%
Portfolio turnover as of the end of the period excluding transactions in to be announced securities
32%

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top Holdings

Uniform Mortgage-Backed Security TBA 11/15/2055 6.000%
5.0%
Uniform Mortgage-Backed Security TBA 11/15/2055 5.500%
4.5%
U.S. Treasury Bill 11/18/2025 4.350%
2.4%
U.S. Treasury Bill 12/18/2025 3.941%
2.4%
U.S. Treasury Bill 12/26/2025 3.939%
2.4%
Uniform Mortgage-Backed Security TBA 11/15/2055 6.500%
2.2%
Uniform Mortgage-Backed Security TBA 11/15/2055 5.000%
2.2%
U.S. Treasury Bond 08/15/2042 2.750%
1.4%
U.S. Treasury Bond 05/15/2055 4.750%
1.2%
U.S. Treasury Bill 11/25/2025 4.235%
1.2%

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
5.9%
U.S. Treasury Obligations
9.8%
Treasury Bills
8.4%
Residential Mortgage-Backed Securities - Agency
15.0%
Foreign Government Obligations
29.7%
Corporate Bonds
44.4%

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/25) | 3

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002622

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/25) | 4

Columbia Multi-Sector Municipal Income ETF 

MUST | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Multi-Sector Municipal Income ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Multi-Sector Municipal Income ETF
$24
0.23%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Exposure to core revenue sectors | Positive contributions to the Fund’s performance were driven by the portfolio’s 45% target allocation to core revenue sectors. These sectors generally fared well throughout the year as credit spreads tightened and prices rose.

Top Performance Detractors

Exposure to high yield | Negative contributions to the Fund’s performance were driven by the portfolio’s 10% target allocation to high-yield municipal bonds. High yield underperformed investment grade throughout the year, as wider spreads and lower prices were only offset partially by positive yield carry. (Yield carry is the difference between a bond’s yield and the cost to finance it.)

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Multi-Sector Municipal Income ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Multi-Sector Municipal Income ETF—Net Asset Value (12,277)
Beta Advantage® Multi-Sector Municipal Bond Index (12,372)
Bloomberg Municipal Bond Index (12,020)
10/10/18
10,000
10,000
10,000
10/18
10,010
10,006
10,008
10/19
11,053
11,035
10,951
10/20
11,475
11,402
11,344
10/21
11,946
11,869
11,643
10/22
10,492
10,423
10,248
10/23
10,748
10,745
10,519
10/24
11,747
11,809
11,539
10/25
12,277
12,372
12,020
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia Multi-Sector Municipal Income ETF—Net Asset Value
4.51
1.36
2.95
Beta Advantage® Multi-Sector Municipal Bond Index
4.77
1.65
3.06
Bloomberg Municipal Bond Index
4.17
1.16
2.64

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$504,299,920
Total number of portfolio holdings
578
Investment management fees (represents 0.23% of Fund average net assets)
$997,358
Portfolio turnover for the reporting period
21%

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top States

New York
16.0%
Texas
10.9%
New Jersey
9.9%
Illinois
6.8%
Florida
6.3%
Pennsylvania
5.9%
Colorado
4.1%
Ohio
3.7%
Massachusetts
3.0%
Michigan
2.8%

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
1.4%
Municipal Bonds
98.2%

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/25) | 3

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

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CET002622

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/25) | 4

Columbia Research Enhanced Core ETF 

RECS | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Research Enhanced Core ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Research Enhanced Core ETF
$17
0.15%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection | Selection within the information technology, financials and health care sectors boosted the Fund’s relative results most during the annual period.

Individual holdings | Overweight positions in NVIDIA Corp., underweight exposure to UnitedHealth Group Inc. and overweight to Philip Morris International Inc. were the most additive to the Fund’s relative performance.

Top Performance Detractors

Stock selection| Selection within the consumer discretionary and industrials sectors detracted most from relative performance.

Individual holdings| Underweight positions to Broadcom, Tesla and Johnson & Johnson detracted the most from the Fund’s relative performance as these stocks outperformed during the annual period.

Columbia Research Enhanced Core ETF | ASR305_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Research Enhanced Core ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Research Enhanced Core ETF—Net Asset Value (26,487)
Beta Advantage® Research Enhanced U.S. Equity Index (27,080)
Russell 1000® Index (24,960)
09/25/19
10,000
10,000
10,000
10/19
10,252
10,256
10,246
10/20
11,054
11,073
11,359
10/21
16,017
16,097
16,301
10/22
14,324
14,420
13,631
10/23
15,546
15,674
14,924
10/24
21,685
21,949
20,606
10/25
26,487
27,080
24,960
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia Research Enhanced Core ETF—Net Asset Value
22.15
19.10
17.31
Beta Advantage® Research Enhanced U.S. Equity Index
23.37
19.58
17.72
Russell 1000® Index
21.14
17.05
16.16

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$4,294,881,676
Total number of portfolio holdings
376
Investment management fees (represents 0.15% of Fund average net assets)
$3,835,522
Portfolio turnover for the reporting period
32%

Columbia Research Enhanced Core ETF | ASR305_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
0.3%
Exchange-Traded Equity Funds
1.6%
Common Stocks
98.0%

Top Holdings

NVIDIA Corp.
13.6%
Apple, Inc.
11.3%
JPMorgan Chase & Co.
3.6%
Meta Platforms, Inc. Class A
2.8%
Alphabet, Inc. Class C
2.7%
Visa, Inc. Class A
2.6%
Alphabet, Inc. Class A
2.0%
Booking Holdings, Inc.
1.3%
Palantir Technologies, Inc. Class A
1.3%
TJX Cos., Inc. (The)
1.2%

Sector Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Real Estate
2.0%
Materials
2.2%
Utilities
2.3%
Energy
2.8%
Consumer Staples
4.2%
Health Care
8.8%
Industrials
8.9%
Communication Services
9.1%
Consumer Discretionary
10.1%
Financials
12.8%
Information Technology
34.7%

Columbia Research Enhanced Core ETF | ASR305_00_(12/25) | 3

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

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CET002622

Columbia Research Enhanced Core ETF | ASR305_00_(12/25) | 4

Columbia Research Enhanced Value ETF 

REVS | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Research Enhanced Value ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Research Enhanced Value ETF
$20
0.19%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection | Selection within the materials, financials and communication services sectors boosted the Fund’s relative performance most during the annual period.

Individual holdings | An overweight position in Philip Morris International Inc., underweight exposure to UnitedHealth Group Inc., and an overweight to JPMorgan Chase & Co. were the most additive to the Fund’s relative performance during the period.

Top Performance Detractors

Stock selection| Selection within the industrials and energy sectors detracted most from the Fund’s relative performance.

Individual holdings| Underweight position in Johnson & Johnson and Micron and an overweight position to Bristol-Myers Squibb Co. detracted the most from the Fund’s relative performance during the period.

Columbia Research Enhanced Value ETF | ASR306_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Research Enhanced Value ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Research Enhanced Value ETF—Net Asset Value (19,712)
Beta Advantage® Research Enhanced U.S. Value Index (20,046)
Russell 1000® Value Index (18,325)
Russell 1000® Index (24,960)
09/25/19
10,000
10,000
10,000
10,000
10/19
10,202
10,206
10,172
10,246
10/20
9,370
9,390
9,403
11,359
10/21
13,631
13,652
13,517
16,301
10/22
12,996
13,048
12,571
13,631
10/23
13,258
13,333
12,588
14,924
10/24
17,567
17,759
16,487
20,606
10/25
19,712
20,046
18,325
24,960
Average Annual Total Return (%)
1 year
5 years
Since Fund Inception
Columbia Research Enhanced Value ETF—Net Asset Value
12.21
16.04
11.77
Beta Advantage® Research Enhanced U.S. Value Index
12.87
16.38
12.06
Russell 1000® Value Index
11.15
14.28
10.43
Russell 1000® Index
21.14
17.05
16.16

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$90,191,207
Total number of portfolio holdings
312
Investment management fees (represents 0.19% of Fund average net assets)
$136,651
Portfolio turnover for the reporting period
69%

Columbia Research Enhanced Value ETF | ASR306_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
0.6%
Exchange-Traded Equity Funds
3.3%
Common Stocks
96.0%

Top Holdings

JPMorgan Chase & Co.
5.0%
Cisco Systems, Inc.
2.6%
Alphabet, Inc. Class A
2.5%
Pfizer, Inc.
2.4%
Exxon Mobil Corp.
2.4%
Caterpillar, Inc.
2.3%
Salesforce, Inc.
2.0%
Alphabet, Inc. Class C
2.0%
Morgan Stanley
1.8%
Altria Group, Inc.
1.8%

Sector Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Real Estate
3.9%
Materials
4.5%
Utilities
4.6%
Energy
5.9%
Consumer Staples
6.8%
Consumer Discretionary
7.9%
Communication Services
8.5%
Information Technology
10.9%
Health Care
11.4%
Industrials
13.6%
Financials
18.0%

Columbia Research Enhanced Value ETF | ASR306_00_(12/25) | 3

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

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CET002622

Columbia Research Enhanced Value ETF | ASR306_00_(12/25) | 4

Columbia Short Duration Bond ETF 

SBND | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Short Duration Bond ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Short Duration Bond ETF
$25
0.24%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Allocations | The Fund attempts to passively mirror the Beta Advantage Short Term Bond Index and therefore maintained similar exposures as those of the index, which utilizes rules-based filters to screen the short-term bond investment universe. The Fund invests in a sampling of the universe but there were no material deviations to relative exposures from an issuer, sector, duration and yield curve positioning perspective. All sectors contributed positively to total return.

Interest rate positioning | The Fund’s average duration remained close to the index’s duration, which is typically around three years. Duration positioning was additive relative to the index with most sectors having positive impacts on a relative basis.

Security selection | Security selection in emerging market debt and high-yield corporate bonds was additive to relative performance. 

Top Performance Detractors

Corporate Credit | Investment-grade corporates underperformed relative to the index. Within investment-grade corporates, the best performing subsectors were industrial and non-corporates. Security selection within investment-grade corporates detracted slightly from relative performance.

Agency mortgage-backed securities| Performance for the Fund’s agency mortgage-backed security holdings detracted from relative performance, due to interest rate risk, sector allocation and security selection.

Asset-backed securities and commercial-mortgage-backed securities | Security selection within both sectors detracted slightly from relative performance.

 

Columbia Short Duration Bond ETF | ASR314_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Short Duration Bond ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Short Duration Bond ETF—Net Asset Value (11,022)
Beta Advantage® Short Term Bond Index (11,000)
Bloomberg U.S. 1-5 Year Credit Index (10,989)
Bloomberg U.S. Aggregate Bond Index (9,822)
09/21/21
10,000
10,000
10,000
10,000
10/21
9,930
9,943
9,930
9,890
10/22
9,040
8,934
9,171
8,339
10/23
9,397
9,310
9,534
8,369
10/24
10,295
10,252
10,339
9,252
10/25
11,022
11,000
10,989
9,822
Average Annual Total Return (%)
1 year
Since Fund Inception
Columbia Short Duration Bond ETF—Net Asset Value
7.06
2.40
Beta Advantage® Short Term Bond Index
7.30
2.34
Bloomberg U.S. 1-5 Year Credit Index
6.28
2.32
Bloomberg U.S. Aggregate Bond Index
6.16
-0.44

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$90,824,638
Total number of portfolio holdings
906
Investment management fees (represents 0.25% of Fund average net assets)
$161,894
Portfolio turnover for the reporting period
192%
Portfolio turnover as of the end of the period excluding transactions in to be announced securities
37%

Columbia Short Duration Bond ETF | ASR314_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Top Holdings

U.S. Treasury Bill 11/18/2025 4.350%
5.5%
Uniform Mortgage-Backed Security TBA 11/15/2040 5.000%
3.6%
Uniform Mortgage-Backed Security TBA 11/15/2040 5.500%
2.5%
U.S. Treasury Bill 12/26/2025 3.939%
2.2%
Uniform Mortgage-Backed Security TBA 11/15/2040 4.500%
1.8%
Uniform Mortgage-Backed Security TBA 11/15/2040 6.000%
1.1%
Uniform Mortgage-Backed Security TBA 11/15/2040 4.000%
0.7%
Bank 12/15/2057 5.422%
0.4%
Citigroup, Inc. 11/19/2034 5.592%
0.4%
Medline Borrower LP 04/01/2029 3.875%
0.4%

Asset Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Money Market Funds
2.5%
Treasury Bills
7.7%
Residential Mortgage-Backed Securities - Agency
9.7%
Foreign Government Obligations
19.8%
Corporate Bonds
49.4%
Commercial Mortgage-Backed Securities - Non-Agency
10.0%
Asset-Backed Securities - Non-Agency
10.1%

Columbia Short Duration Bond ETF | ASR314_00_(12/25) | 3

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

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CET002622

Columbia Short Duration Bond ETF | ASR314_00_(12/25) | 4

Columbia Select Technology ETF 

SEMI | NYSE Arca, Inc.

Image

Annual Shareholder Report | October 31, 2025

This annual shareholder report contains important information about Columbia Select Technology ETF (the Fund) for the period of November 1, 2024 to October 31, 2025.  You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the reporting period?

(Based on a hypothetical $10,000 investment)

Fund
Cost of a $10,000 investment
Cost paid as a percentage of a $10,000 investment
Columbia Select Technology ETF
$88
0.75%

Management’s Discussion of Fund Performance

The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

Top Performance Contributors

Stock selection | Selections in the IT services, electronic equipment and communications equipment industries boosted the Fund’s relative performance most during the annual period.

Allocations | Smaller allocations to the software and technology hardware industries also buoyed the Fund’s relative performance during the annual period.

Individual holdings | Fund positions that contributed during the period included Broadcom, a semiconductor chip provider; Lam Research, a semiconductor fabrication equipment manufacturer; Microsoft, a cloud, software and enterprise solutions company; Google, a search and cloud company; and Apple, a consumer electronics company.

Top Performance Detractors

Stock selection| Selections in the semiconductor and semiconductor equipment and software industries hurt the Fund’s relative performance during the annual period.

Allocations| The Fund’s overweight in the financials sector and a small allocation to the consumer discretionary sector detracted from relative performance.

Individual holdings | Fund positions that detracted from relative performance during the period included Advanced Micro Devices, a semiconductor company; Meta Platforms, a social media company; Visa, a global payments company; Monolithic Power Systems, a high-performance power management solutions provider; and ON Semiconductor Corp, an energy-efficient chipmaker. 

Columbia Select Technology ETF | ASR321_00_(12/25) | 1

Fund Performance

The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Select Technology ETF during the stated time period.

Growth of $10,000

Growth of 10K Chart
Columbia Select Technology ETF—Net Asset Value (16,998)
S&P Global 1200 Information Technology Index (Net) (20,945)
MSCI ACWI Index (Net) (14,994)
PHLX Semiconductor Sector Index (21,227)
03/29/22
10,000
10,000
10,000
10,000
10/22
7,440
7,839
8,332
6,779
10/23
8,812
10,103
9,207
9,268
10/24
12,728
15,101
12,226
14,396
10/25
16,998
20,945
14,994
21,227
Average Annual Total Return (%)
1 year
Since Fund Inception
Columbia Select Technology ETF—Net Asset ValueFootnote Reference(a)Footnote Reference(b)
33.55
15.90
S&P Global 1200 Information Technology Index (Net)
38.70
22.82
MSCI ACWI Index (Net)
22.64
11.92
PHLX Semiconductor Sector Index
47.45
23.27
Footnote Description
Footnote(a)
 Effective February 28, 2025, the Fund compares its performance to that of the S&P Global 1200 Information Technology Index (Net) and the MSCI ACWI (Net) (collectively, the New Indexes). Prior to February 28, 2025, the Fund compared its performance to that of the PHLX Semiconductor Sector Index (the Former Index). The Fund’s investment manager believes the New Indexes provide a more appropriate basis for comparing the Fund’s performance in light of the changes made to the Fund’s Principal Investment Strategies. The returns of the former Index will be shown for a one-year transition period.
Footnote(b)
 The Fund’s performance prior to February 28, 2025, reflects returns achieved according to different Principal Investment Strategies. If the strategy change had been in place for the prior periods, results shown may have been different.

 

The Fund’s past performance is not a good predictor of the Fund’s future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/ for the most recent performance information. 

Key Fund Statistics

Fund net assets
$33,988,168
Total number of portfolio holdings
36
Investment management fees (represents 0.75% of Fund average net assets)
$245,249
Portfolio turnover for the reporting period
65%

Columbia Select Technology ETF | ASR321_00_(12/25) | 2

Graphical Representation of Fund Holdings 

The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.

Sector Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Industrials
1.0%
Consumer Discretionary
4.2%
Financials
4.5%
Communication Services
8.8%
Information Technology
80.2%

Top Holdings

NVIDIA Corp.
19.7%
Broadcom, Inc.
10.9%
Microsoft Corp.
9.8%
Apple, Inc.
9.4%
Lam Research Corp.
4.8%
Alphabet, Inc. Class A
4.6%
Amazon.com, Inc.
3.7%
Taiwan Semiconductor Manufacturing Co. Ltd.
3.6%
Meta Platforms, Inc. Class A
2.7%
ASML Holding NV
2.2%

Sub-Industry Allocation

Bar chart of the Fund’s holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating
Value
Value
Electronic Equipment, Instruments & Components
0.8%
IT Services
1.2%
Communications Equipment
2.3%
Technology Hardware, Storage & Peripherals
9.4%
Software
19.9%
Semiconductors & Semiconductor Equipment
46.6%

Columbia Select Technology ETF | ASR321_00_(12/25) | 3

Certain Fund Changes 

This is a summary of the changes to the Fund. For more complete information, you may review the Fund’s prospectus, which is available at columbiathreadneedleus.com/investment-products/exchange-traded-funds/ or upon request at 1‑800‑426‑3750.

 

On February 28, 2025, the Fund’s name was changed to Columbia Select Technology ETF and the Fund changed from an ETF that does not disclose its portfolio holdings daily (a semi-transparent ETF) to an ETF that discloses its portfolio holdings daily (a daily holdings-disclosing ETF ) and changed its 80% investment policy (changing from investing at least 80% of its net assets in securities of semiconductor, semiconductor equipment and related technology companies, to investing at least 80% of its net assets in technology and technology related companies). Also, on February 28, 2025, the Fund amended its Prospectus’ Principal Risks by removing Arbitrage Risk and by revising Active Management Risk, Authorized Participant Concentration Risk, Early/Late Close/Trading Halt Risk, Market Price Relative to NAV Risk and Secondary Market Trading Risk. At a Special Meeting of Shareholders of the Fund held on January 30, 2025, shareholders of the Fund approved, in accordance with the recommendation of the Fund’s Board of Trustees, a proposal to change the Fund’s fundamental policy regarding industry concentration. Effective February 28, 2025, the fundamental policy on industry concentration is as follows: the Fund may not purchase the securities of any issuer if, as a result, less than 25% of the Fund’s total assets would be invested in the securities of issuers principally engaged in the technology and related group of industries, provided that: (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more management investment companies or subsidiaries to the extent permitted by the Investment Company Act of 1940, the rules and regulations thereunder and any applicable exemptive relief. The Fund’s former fundamental policy on industry concentration was as follows: The Fund may not purchase the securities of any issuer if, as a result, less than 25% of the Fund’s total assets would be invested in the securities of issuers principally engaged in the semiconductor and semiconductor equipment industry, provided that (i) there is no limitation with respect to obligations issued or guaranteed by the U.S. Government, any state or territory of the United States or any of their agencies, instrumentalities or political subdivisions; and (ii) notwithstanding this limitation or any other fundamental investment limitation, assets may be invested in the securities of one or more investment companies or subsidiaries to the extent permitted by the 1940 Act, the rules and regulations thereunder and any applicable exemptive relief.  

 

 

 

Availability of Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.

Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.

© 2025 Columbia Threadneedle. All rights reserved.

Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value

An image of a QR code that, when scanned, navigates the user to the following URL: http://www.columbiathreadneedleus.com/resources/literature

CET002622

Columbia Select Technology ETF | ASR321_00_(12/25) | 4

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 J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as “audit committee financial experts,” as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each “independent” members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

 

     Amount billed to the registrant ($)      Amount billed to the registrant’s
investment advisor ($)		  
     October 31, 2025      October 31, 2024      October 31, 2025      October 31, 2024  

Audit fees (a)

      134,814        130,272        0        0  

Audit-related feesb)

      4,000        9,000        0        0  

Tax fees (c)

      61,705        56,280        0        0  

All other fees (d)

      0        0        0        0  

Non-audit fees (g)

      0        0        0        0  

(a) 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 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.

(c) 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, tax planning and foreign tax filings, if applicable.

(d) 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 and typically include SOC-1 reviews.

(e)(1) Audit Committee Pre-Approval Policies and Procedures The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

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

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

On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund’s Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval. This schedule will provide a description of each type of service that is subject to specific pre-approval, along with total projected fees for each service. The pre-approval will generally cover a one-year period. The Audit Committee will review and approve the types of services and the projected fees for the next one-year period and may add to, or subtract from, the list of pre-approved services from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.

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

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

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(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.

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, 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 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Active
ETFs
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
10
Statement
of
Operations
11
Statement
of
Changes
in
Net
Assets
12
Financial
Highlights
13
Notes
to
Financial
Statements
15
Report
of
Independent
Registered
Public
Accounting
Firm
23
Federal
Income
Tax
Information
24
Approval
of
Investment
Management
Services
Agreement
25
PORTFOLIO
OF
INVESTMENTS
Columbia
International
Equity
Income
ETF
October
31,
2025
(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.
Active
ETFs
|
2025
3
Common
Stocks
99.3%
Issuer
Shares
Value
($)
Austria  1.8%
Erste
Group
Bank
AG
4,403
456,105
OMV
AG
2,049
112,241
Raiffeisen
Bank
International
AG
2,011
75,064
Verbund
AG
989
76,424
voestalpine
AG
1,494
53,249
Total
773,083
Belgium  0.1%
Solvay
SA
953
29,325
Denmark  0.3%
Pandora
A/S
1,101
147,650
Finland  0.7%
Kesko
OYJ
Class
B
3,807
80,411
Wartsila
OYJ
Abp
6,612
216,508
Total
296,919
France  8.9%
Airbus
SE
8,405
2,070,207
Bouygues
SA
2,701
121,988
TotalEnergies
SE
27,131
1,689,424
Total
3,881,619
Germany  13.9%
Continental
AG
1,555
117,522
Deutsche
Post
AG
13,600
624,746
Deutsche
Telekom
AG
47,862
1,485,468
Fresenius
Medical
Care
AG
3,018
162,186
Fresenius
SE
&
Co.
KGaA
5,922
341,896
Mercedes-Benz
Group
AG
11,136
722,478
Merck
KGaA
1,858
243,294
Siemens
AG
7,007
1,985,883
Vonovia
SE
12,025
361,555
Total
6,045,028
Israel  0.9%
Bank
Hapoalim
BM
17,807
362,794
ZIM
Integrated
Shipping
Services
Ltd.
1,714
26,361
Total
389,155
Italy  2.1%
Eni
SpA
28,102
517,149
Prysmian
SpA
4,078
422,768
Total
939,917
Japan  40.1%
Aisin
Corp.
6,617
119,171
Asahi
Group
Holdings
Ltd.
20,527
221,319
Bridgestone
Corp.
7,549
331,449
Canon,
Inc.
11,842
340,759
Chubu
Electric
Power
Co.,
Inc.
9,277
129,169
Chugai
Pharmaceutical
Co.
Ltd.
9,053
414,233
Dai-ichi
Life
Holdings,
Inc.
49,673
349,844
Daito
Trust
Construction
Co.
Ltd.
4,136
77,227
Electric
Power
Development
Co.
Ltd.
2,020
38,425
Fast
Retailing
Co.
Ltd.
2,526
929,039
Fukuoka
Financial
Group,
Inc.
2,112
61,487
Hikari
Tsushin,
Inc.
309
81,836
Hoya
Corp.
4,872
793,315
ITOCHU
Corp.
17,824
1,033,307
Japan
Tobacco,
Inc.
15,708
547,035
KDDI
Corp.
22,881
365,594
Mazda
Motor
Corp.
8,089
56,288
Mitsubishi
Corp.
49,245
1,186,573
Mitsubishi
UFJ
Financial
Group,
Inc.
128,810
1,948,183
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Mitsui
&
Co.
Ltd.
37,761
931,922
Mizuho
Financial
Group,
Inc.
33,940
1,134,381
MS&AD
Insurance
Group
Holdings,
Inc.
16,904
349,590
Nexon
Co.
Ltd.
5,605
114,607
NH
Foods
Ltd.
1,104
40,704
Niterra
Co.
Ltd.
2,112
86,945
Nitto
Denko
Corp.
9,461
236,686
Nomura
Research
Institute
Ltd.
5,517
215,946
Otsuka
Holdings
Co.
Ltd.
6,058
329,296
SCREEN
Holdings
Co.
Ltd.
1,104
105,237
SCSK
Corp.
2,020
74,359
Seiko
Epson
Corp.
3,952
50,190
Seven
&
i
Holdings
Co.
Ltd.
28,845
368,110
Shionogi
&
Co.
Ltd.
11,337
189,864
Subaru
Corp.
7,905
168,460
Sumitomo
Corp.
15,708
457,409
Sumitomo
Metal
Mining
Co.
Ltd.
3,308
109,018
Sumitomo
Mitsui
Financial
Group,
Inc.
53,013
1,432,561
Sumitomo
Rubber
Industries
Ltd.
2,480
29,121
Suntory
Beverage
&
Food
Ltd.
1,815
54,925
T&D
Holdings,
Inc.
6,511
140,359
Takeda
Pharmaceutical
Co.
Ltd.
22,053
594,503
Tohoku
Electric
Power
Co.,
Inc.
6,341
43,466
Tokio
Marine
Holdings,
Inc.
24,535
920,849
Toyota
Tsusho
Corp.
8,825
270,212
Total
17,472,973
Netherlands  1.2%
Koninklijke
Ahold
Delhaize
NV
12,826
525,682
Norway  1.2%
Aker
BP
ASA
4,382
113,871
Equinor
ASA
11,969
286,301
Orkla
ASA
10,726
108,883
Total
509,055
Spain  1.2%
Aena
SME
SA
(a)
9,944
270,292
Telefonica
SA
52,631
266,496
Total
536,788
Sweden  7.4%
Assa
Abloy
AB
Class
B
13,968
527,819
Axfood
AB
1,541
42,046
Castellum
AB
4,802
54,558
Essity
AB
Class
B
8,433
231,780
Evolution
AB
(a)
1,979
132,427
H
&
M
Hennes
&
Mauritz
AB
Class
B
6,795
129,064
Hexagon
AB
Class
B
29,659
364,156
Holmen
AB
Class
B
1,228
46,468
Skandinaviska
Enskilda
Banken
AB
Class
A
21,695
414,588
SSAB
AB
Class
B
Series
B
8,217
51,159
Swedbank
AB
Class
A
14,140
430,493
Tele2
AB
Class
B
7,936
125,780
Telefonaktiebolaget
LM
Ericsson
Class
B
41,275
416,555
Telia
Co.
AB
33,341
130,940
Trelleborg
AB
Class
B
2,862
119,847
Total
3,217,680
Switzerland  0.9%
Kuehne
+
Nagel
International
AG
675
129,493
Swisscom
AG
366
268,772
Total
398,265
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
Equity
Income
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Active
ETFs
|
2025
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
United
Kingdom  6.4%
Ashtead
Group
PLC
5,812
387,456
Lloyds
Banking
Group
PLC
842,682
986,259
NatWest
Group
PLC
114,169
876,008
Standard
Chartered
PLC
26,411
541,149
Total
2,790,872
United
States  12.2%
AP
Moller
-
Maersk
A/S
Class
B
55
113,536
GSK
PLC
56,605
1,324,170
Novartis
AG
15,683
1,939,397
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Shell
PLC
52,274
1,955,673
Total
5,332,776
Total
Common
Stocks
(Cost
$39,780,712)
43,286,787
Money
Market
Funds
0.1%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.878%
(b)
58,035
58,035
Total
Money
Market
Funds
(Cost
$58,035)
58,035
Total
Investments
in
Securities
(Cost
$39,838,747)
43,344,822
Other
Assets
&
Liabilities,
Net
261,171
Net
Assets
43,605,993
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2025,
the
total
value
of
these
securities
amounted
to
$402,719,
which
represents
0.92%
of
total
net
assets.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
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,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
Equity
Income
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETFs
|
2025
5
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Austria
773,083
–
–
773,083
Belgium
29,325
–
–
29,325
Denmark
147,650
–
–
147,650
Finland
296,919
–
–
296,919
France
3,881,619
–
–
3,881,619
Germany
6,045,028
–
–
6,045,028
Israel
389,155
–
–
389,155
Italy
939,917
–
–
939,917
Japan
17,472,973
–
–
17,472,973
Netherlands
525,682
–
–
525,682
Norway
509,055
–
–
509,055
Spain
536,788
–
–
536,788
Sweden
3,217,680
–
–
3,217,680
Switzerland
398,265
–
–
398,265
United
Kingdom
2,790,872
–
–
2,790,872
United
States
5,332,776
–
–
5,332,776
Total
Common
Stocks
43,286,787
–
–
43,286,787
Money
Market
Funds
58,035
–
–
58,035
Total
Investments
in
Securities
43,344,822
–
–
43,344,822
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
Equity
Income
ETF
October
31,
2025
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Active
ETFs
|
2025
Common
Stocks
98.9%
Issuer
Shares
Value
($)
Communication
Services  4.2%
Diversified
Telecommunication
Services
1.9%
Verizon
Communications,
Inc.
116,070
4,612,622
Media
1.3%
Comcast
Corp.
Class
A
100,660
2,801,871
Fox
Corp.
Class
A
5,729
370,380
Total
3,172,251
Wireless
Telecommunication
Services
1.0%
T-Mobile
US,
Inc.
11,583
2,433,009
Total
Communication
Services
10,217,882
Consumer
Discretionary  7.5%
Hotels,
Restaurants
&
Leisure
0.8%
Domino's
Pizza,
Inc.
929
370,169
Marriott
International,
Inc.
Class
A
6,177
1,609,603
Total
1,979,772
Household
Durables
0.5%
DR
Horton,
Inc.
7,246
1,080,234
Specialty
Retail
6.2%
Home
Depot,
Inc.
(The)
26,417
10,027,629
Lowe's
Cos.,
Inc.
15,418
3,671,488
Ross
Stores,
Inc.
8,809
1,399,926
Total
15,099,043
Total
Consumer
Discretionary
18,159,049
Consumer
Staples  11.0%
Beverages
2.5%
Constellation
Brands,
Inc.
Class
A
4,284
562,832
PepsiCo,
Inc.
37,580
5,490,062
Total
6,052,894
Consumer
Staples
Distribution
&
Retail
1.4%
Kroger
Co.
(The)
18,067
1,149,603
Sysco
Corp.
13,322
989,558
Target
Corp.
12,482
1,157,331
Total
3,296,492
Food
Products
1.7%
Archer-Daniels-Midland
Co.
13,140
795,364
General
Mills,
Inc.
14,881
693,604
Hershey
Co.
(The)
4,002
678,859
Mondelez
International,
Inc.
Class
A
35,572
2,043,967
Total
4,211,794
Household
Products
5.4%
Church
&
Dwight
Co.,
Inc.
6,694
586,997
Colgate-Palmolive
Co.
22,221
1,712,128
Kimberly-Clark
Corp.
9,120
1,091,755
Procter
&
Gamble
Co.
(The)
64,473
9,694,805
Total
13,085,685
Total
Consumer
Staples
26,646,865
Energy  13.1%
Energy
Equipment
&
Services
0.6%
SLB
Ltd.
41,243
1,487,223
Oil,
Gas
&
Consumable
Fuels
12.5%
Chevron
Corp.
56,060
8,841,783
ConocoPhillips
34,367
3,053,852
EOG
Resources,
Inc.
15,003
1,587,917
Exxon
Mobil
Corp.
96,732
11,062,272
Marathon
Petroleum
Corp.
8,351
1,627,693
Occidental
Petroleum
Corp.
27,015
1,113,018
Phillips
66
11,116
1,513,332
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Valero
Energy
Corp.
8,510
1,442,956
Total
30,242,823
Total
Energy
31,730,046
Financials  26.5%
Banks
15.4%
Bank
of
America
Corp.
203,616
10,883,275
Citigroup,
Inc.
50,549
5,117,075
JPMorgan
Chase
&
Co.
35,354
10,999,336
M&T
Bank
Corp.
4,286
788,067
PNC
Financial
Services
Group,
Inc.
(The)
10,801
1,971,723
Wells
Fargo
&
Co.
88,076
7,659,970
Total
37,419,446
Capital
Markets
4.3%
Bank
of
New
York
Mellon
Corp.
(The)
19,375
2,091,144
Goldman
Sachs
Group,
Inc.
(The)
8,292
6,545,456
Raymond
James
Financial,
Inc.
4,944
784,464
State
Street
Corp.
7,769
898,563
Total
10,319,627
Consumer
Finance
3.2%
American
Express
Co.
19,142
6,905,094
Synchrony
Financial
10,200
758,676
Total
7,663,770
Insurance
3.6%
Aflac,
Inc.
13,204
1,415,337
American
International
Group,
Inc.
15,212
1,201,139
Cincinnati
Financial
Corp.
4,225
653,143
Hartford
Financial
Services
Group,
Inc.
(The)
7,714
957,924
Marsh
&
McLennan
Cos.,
Inc.
13,529
2,410,191
Principal
Financial
Group,
Inc.
6,090
511,804
Travelers
Cos.,
Inc.
(The)
6,174
1,658,460
Total
8,807,998
Total
Financials
64,210,841
Health
Care  5.8%
Health
Care
Providers
&
Services
5.8%
Cardinal
Health,
Inc.
6,559
1,251,260
Cigna
Group
(The)
7,241
1,769,773
Elevance
Health,
Inc.
6,191
1,963,785
Quest
Diagnostics,
Inc.
3,064
539,111
UnitedHealth
Group,
Inc.
24,874
8,495,964
Total
14,019,893
Total
Health
Care
14,019,893
Industrials  13.6%
Aerospace
&
Defense
3.9%
General
Dynamics
Corp.
7,364
2,539,843
L3Harris
Technologies,
Inc.
5,136
1,484,818
Lockheed
Martin
Corp.
6,425
3,160,329
Northrop
Grumman
Corp.
3,935
2,295,876
Total
9,480,866
Air
Freight
&
Logistics
0.8%
Expeditors
International
of
Washington,
Inc.
3,712
452,493
FedEx
Corp.
5,943
1,508,452
Total
1,960,945
Commercial
Services
&
Supplies
0.5%
Republic
Services,
Inc.
5,561
1,158,023
Machinery
6.5%
Caterpillar,
Inc.
12,875
7,432,223
Cummins,
Inc.
3,736
1,635,172
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
Equity
Income
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETFs
|
2025
7
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Deere
&
Co.
6,906
3,188,017
Illinois
Tool
Works,
Inc.
7,999
1,951,116
Otis
Worldwide
Corp.
10,798
1,001,622
Snap-on,
Inc.
1,405
471,448
Total
15,679,598
Passenger
Airlines
0.4%
Delta
Air
Lines,
Inc.
17,916
1,028,020
Professional
Services
1.5%
Automatic
Data
Processing,
Inc.
11,140
2,899,742
Broadridge
Financial
Solutions,
Inc.
3,208
707,043
Total
3,606,785
Total
Industrials
32,914,237
Information
Technology  10.5%
Electronic
Equipment,
Instruments
&
Components
0.2%
CDW
Corp.
3,594
572,776
IT
Services
3.8%
Amdocs
Ltd.
3,048
256,824
Cognizant
Technology
Solutions
Corp.
Class
A
13,395
976,228
International
Business
Machines
Corp.
25,630
7,878,918
Total
9,111,970
Semiconductors
&
Semiconductor
Equipment
5.6%
Analog
Devices,
Inc.
13,628
3,190,724
Applied
Materials,
Inc.
22,045
5,138,690
QUALCOMM,
Inc.
29,687
5,370,378
Total
13,699,792
Technology
Hardware,
Storage
&
Peripherals
0.9%
Dell
Technologies,
Inc.
Class
C
8,539
1,383,403
HP,
Inc.
25,816
714,329
Total
2,097,732
Total
Information
Technology
25,482,270
Materials  1.2%
Chemicals
0.7%
DuPont
de
Nemours,
Inc.
11,501
939,056
PPG
Industries,
Inc.
6,205
606,539
Total
1,545,595
Containers
&
Packaging
0.4%
International
Paper
Co.
14,398
556,339
Packaging
Corp.
of
America
2,420
473,739
Total
1,030,078
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Metals
&
Mining
0.1%
Southern
Copper
Corp.
2,265
314,382
Total
Materials
2,890,055
Utilities  5.5%
Electric
Utilities
2.3%
American
Electric
Power
Co.,
Inc.
14,686
1,766,138
Edison
International
10,583
586,087
Eversource
Energy
10,193
752,345
Exelon
Corp.
27,795
1,281,905
Xcel
Energy,
Inc.
16,253
1,319,256
Total
5,705,731
Gas
Utilities
0.3%
Atmos
Energy
Corp.
4,401
755,740
Multi-Utilities
2.6%
Ameren
Corp.
7,417
756,682
Consolidated
Edison,
Inc.
9,912
965,528
DTE
Energy
Co.
5,695
771,900
Public
Service
Enterprise
Group,
Inc.
13,725
1,105,686
Sempra
17,953
1,650,599
WEC
Energy
Group,
Inc.
8,850
988,811
Total
6,239,206
Water
Utilities
0.3%
American
Water
Works
Co.,
Inc.
5,553
713,172
Total
Utilities
13,413,849
Total
Common
Stocks
(Cost
$227,594,842)
239,684,987
Exchange-Traded
Equity
Funds
0.5%
Issuer
Shares
Value
($)
Financials  0.5%
Vanguard
Financials
ETF
9,272
1,182,366
Total
Exchange-Traded
Equity
Funds
(Cost
$1,048,618)
1,182,366
Money
Market
Funds
0.5%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.878%
(a)
1,237,650
1,237,650
Total
Money
Market
Funds
(Cost
$1,237,650)
1,237,650
Total
Investments
in
Securities
(Cost
$229,881,110)
242,105,003
Other
Assets
&
Liabilities,
Net
209,435
Net
Assets
242,314,438
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
Equity
Income
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Active
ETFs
|
2025
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,
if
any,
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
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
10,217,882
–
–
10,217,882
Consumer
Discretionary
18,159,049
–
–
18,159,049
Consumer
Staples
26,646,865
–
–
26,646,865
Energy
31,730,046
–
–
31,730,046
Financials
64,210,841
–
–
64,210,841
Health
Care
14,019,893
–
–
14,019,893
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
Equity
Income
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETFs
|
2025
9
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Industrials
32,914,237
–
–
32,914,237
Information
Technology
25,482,270
–
–
25,482,270
Materials
2,890,055
–
–
2,890,055
Utilities
13,413,849
–
–
13,413,849
Total
Common
Stocks
239,684,987
–
–
239,684,987
Exchange-Traded
Equity
Funds
1,182,366
–
–
1,182,366
Money
Market
Funds
1,237,650
–
–
1,237,650
Total
Investments
in
Securities
242,105,003
–
–
242,105,003
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Active
ETFs
|
2025
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$39,838,747
and
$229,881,110,
respectively)
$43,344,822
$242,105,003
Foreign
currency
(cost
$248
and
$–)
246
–
Receivable
for:
Dividends
207,022
303,416
Reclaims
receivable
70,632
–
Investments
sold
–
4,639,188
Total
assets
43,622,722
247,047,607
Liabilities
Payable
for:
Investment
management
fees
16,729
73,276
Capital
shares
redeemed
–
4,659,893
Total
liabilities
16,729
4,733,169
Net
assets
applicable
to
outstanding
capital
stock
$43,605,993
$242,314,438
Represented
by:
Paid-in
capital
$36,271,802
$233,582,952
Total
distributable
earnings
(loss)
7,334,191
8,731,486
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$43,605,993
$242,314,438
Shares
outstanding
1,150,000
5,200,000
Net
asset
value
per
share
$37.92
$46.60
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETFs
|
2025
11
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$1,394,762
$4,690,968
Foreign
taxes
withheld
(172,430)
(2,832)
Total
income
1,222,332
4,688,136
Expenses:
Investment
management
fees
159,151
631,381
Total
expenses
159,151
631,381
Net
Investment
Income
1,063,181
4,056,755
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
3,595,675
(3,698,936)
In-kind
transactions
-
unaffiliated
issuers
1,282,601
8,565,650
Foreign
currency
translations
(63,019)
–
Net
realized
gain
4,815,257
4,866,714
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
3,313,599
3,515,583
Foreign
currency
translations
892
–
Net
change
in
unrealized
appreciation
3,314,491
3,515,583
Net
realized
and
unrealized
gain
8,129,748
8,382,297
Net
Increase
in
net
assets
resulting
from
operations
$9,192,929
$12,439,052
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Active
ETFs
|
2025
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
$1,063,181
$408,892
$4,056,755
$1,384,215
Net
realized
gain
4,815,257
942,628
4,866,714
4,758,223
Net
change
in
unrealized
appreciation
3,314,491
253,485
3,515,583
7,295,415
Net
increase
in
net
assets
resulting
from
operations
9,192,929
1,605,005
12,439,052
13,437,853
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(1,191,239)
(301,656)
(6,576,539)
(1,279,098)
Shareholder
transactions
Proceeds
from
shares
sold
18,573,949
18,421,780
203,564,883
51,625,885
Cost
of
shares
redeemed
(9,124,346)
–
(66,579,028)
(8,300,690)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
9,449,603
18,421,780
136,985,855
43,325,195
Increase
in
net
assets
17,451,293
19,725,129
142,848,368
55,483,950
Net
Assets:
Net
assets
beginning
of
year
26,154,700
6,429,571
99,466,070
43,982,120
Net
assets
at
end
of
year
$43,605,993
$26,154,700
$242,314,438
$99,466,070
Capital
stock
activity
Shares
outstanding,
beginning
of
year
850,000
250,000
2,150,000
1,200,000
Shares
sold
550,000
600,000
4,500,000
1,150,000
Shares
redeemed
(250,000)
–
(1,450,000)
(200,000)
Shares
outstanding,
end
of
year
1,150,000
850,000
5,200,000
2,150,000
FINANCIAL
HIGHLIGHTS
Columbia
International
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETFs
|
2025
13
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$30.77‌
$25.72‌
$21.99‌
$26.94‌
$21.08‌
Income
(loss)
from
investment
operations:
Net
investment
income
1.01‌
0.85‌
0.82‌
0.90‌
0.82‌
Net
realized
and
unrealized
gain
(loss)
7.34‌
4.84‌
3.73‌
(4.85‌)
5.83‌
Total
from
investment
operations
8.35‌
5.69‌
4.55‌
(3.95‌)
6.65‌
Less
distributions
to
shareholders:
Net
investment
income
(0.84‌)
(0.64‌)
(0.82‌)
(1.00‌)
(0.79‌)
Net
realized
gains
(0.36‌)
–‌
–‌
–‌
–‌
Total
distribution
to
shareholders
(1.20‌)
(0.64‌)
(0.82‌)
(1.00‌)
(0.79‌)
Net
asset
value,
end
of
year
$37.92‌
$30.77‌
$25.72‌
$21.99‌
$26.94‌
Total
Return
at
NAV
27.87‌%
22.26‌%
20.70‌%
(14.97‌)%
31.60‌%
Total
Return
at
Market
Price
28.07‌%
21.20‌%
21.46‌%
(15.76‌)%
32.24‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45‌%
0.46‌%
(b)
0.45‌%
(c)
0.45‌%
0.45‌%
(c)
Total
net
expenses
(a)(d)
0.45‌%
0.46‌%
(b)
0.45‌%
(c)
0.45‌%
0.45‌%
(c)
Net
investment
income
3.01‌%
2.81‌%
3.14‌%
3.60‌%
3.07‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$43,606‌
$26,155‌
$6,430‌
$5,497‌
$5,389‌
Portfolio
turnover
139‌%
92‌%
156‌%
177‌%
90‌%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
U.S.
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Active
ETFs
|
2025
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$46.26‌
$36.65‌
$36.28‌
$36.97‌
$25.42‌
Income
(loss)
from
investment
operations:
Net
investment
income
1.01‌
0.98‌
0.97‌
1.00‌
0.86‌
Net
realized
and
unrealized
gain
(loss)
1.31‌
9.53‌
0.38‌
(0.57‌)
(a)
11.53‌
Total
from
investment
operations
2.32‌
10.51‌
1.35‌
0.43‌
12.39‌
Less
distributions
to
shareholders:
Net
investment
income
(0.94‌)
(0.90‌)
(0.98‌)
(0.88‌)
(0.84‌)
Net
realized
gains
(1.04‌)
–‌
–‌
(0.24‌)
–‌
Total
distribution
to
shareholders
(1.98‌)
(0.90‌)
(0.98‌)
(1.12‌)
(0.84‌)
Net
asset
value,
end
of
year
$46.60‌
$46.26‌
$36.65‌
$36.28‌
$36.97‌
Total
Return
at
NAV
5.27‌%
28.84‌%
3.72‌%
1.22‌%
49.08‌%
Total
Return
at
Market
Price
5.09‌%
29.14‌%
3.29‌%
1.27‌%
50.13‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35‌%
0.35‌%
(c)
0.35‌%
(c)
0.35‌%
(c)
0.35‌%
Total
net
expenses
(b)(d
)
0.35‌%
0.35‌%
(c)
0.35‌%
(c)
0.35‌%
(c)
0.35‌%
Net
investment
income
2.25‌%
2.25‌%
2.57‌%
2.73‌%
2.55‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$242,314‌
$99,466‌
$43,982‌
$39,911‌
$5,545‌
Portfolio
turnover
53‌%
42‌%
90‌%
167‌%
77‌%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
Active
ETFs
|
2025
15
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
International
Equity
Income
ETF
and
Columbia
U.S.
Equity
Income
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
position
or
their
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Funds
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Funds
have
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Funds
as
a
whole
and
the
Funds’
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
each
Fund’s
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Funds’
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Funds’
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
16
Active
ETFs
|
2025
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time. 
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETFs
|
2025
17
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
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
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
18
Active
ETFs
|
2025
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
28,
2026
for
Columbia
International
Equity
Income
ETF,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
Fund
Effective
investment
management
fee
rate
(%)
Columbia
International
Equity
Income
ETF
0.45
Columbia
U.S.
Equity
Income
ETF
0.35
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETFs
|
2025
19
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.45%
as
a
percentage
of
the
Fund’s
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
taxes,
brokerage
commissions,
interest,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
re-characterization
of
distributions
from
investments,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind,
foreign
currency
transactions
and
passive
foreign
investment
company
(PFIC)
holdings.
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
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
International
Equity
Income
ETF
113,964
(1,382,183)
1,268,219
Columbia
U.S.
Equity
Income
ETF
(16,021)
(8,516,499)
8,532,520
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
International
Equity
Income
ETF
1,191,239
-
1,191,239
301,656
-
301,656
Columbia
U.S.
Equity
Income
ETF
5,618,975
957,564
6,576,539
1,279,098
-
1,279,098
Fund
Undistributed
ordinary
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
Equity
Income
ETF
2,864,266
1,007,404
-
3,468,178
Columbia
U.S.
Equity
Income
ETF
392,795
-
(3,826,523)
12,165,214
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
Equity
Income
ETF
39,876,644
4,499,797
(1,031,619)
3,468,178
Columbia
U.S.
Equity
Income
ETF
229,939,789
20,833,115
(8,667,901)
12,165,214
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
20
Active
ETFs
|
2025
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2025,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
year
ended
October
31,
2025,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
each
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
23,
2025
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Funds
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$750
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
Fund
No
expiration
short-
term
($)
No
expiration
long-
term
($)
Total
($)
Utilized
($)
Columbia
International
Equity
Income
ETF
-
-
-
-
Columbia
U.S.
Equity
Income
ETF
(3,826,523)
-
(3,826,523)
-
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
International
Equity
Income
ETF
50,311,210
48,813,006
Columbia
U.S.
Equity
Income
ETF
97,039,005
100,204,471
Funds
Contributions
($)
Columbia
International
Equity
Income
ETF
16,669,621
Columbia
U.S.
Equity
Income
ETF
202,714,056
Funds
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
International
Equity
Income
ETF
7,756,655
9,039,256
1,282,601
Columbia
U.S.
Equity
Income
ETF
57,627,768
66,193,418
8,565,650
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETFs
|
2025
21
the
date
of
borrowing.
Each
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
fees
that
are
allocated
to
each
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
amendment
and
restatement,
each
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
$900
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
1.00%
in
each
case.
The
Funds
had
no
borrowings
during
the
year
ended
October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Funds
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
each
Fund’s
holdings
and
each
Fund’s
net
asset
value
may
go
down.
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.
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.
To
the
extent
that
each
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
each
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
each
Fund
are
described
more
fully
in
the
Fund’s
respective
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Funds
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Funds,
including
fund
accounting
and
financial
reporting
services.
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
22
Active
ETFs
|
2025
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Active
ETFs
|
2025
23
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
International
Equity
Income
ETF
and
Columbia
U.S.
Equity
Income
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
International
Equity
Income
ETF
and
Columbia
U.S.
Equity
Income
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2025,
the
related
statements
of
operations
for
the
year
ended
October
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
24
Active
ETFs
|
2025
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2025
.
Shareholders
will
be
notified
in
early
2026
of
the
amounts
for
use
in
preparing
2025
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
Foreign
Tax
Credit
The
following
Fund
makes
the
election
to
pass
through
to
shareholders
the
foreign
taxes
paid.
Eligible
shareholders
may
claim
a
foreign
tax
credit.
These
taxes,
and
the
corresponding
foreign
source
income,
are
provided.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Fund
DRD
QDI
Columbia
International
Equity
Income
ETF
0.53%
41.11%
Columbia
U.S.
Equity
Income
ETF
81.31%
81.83%
Columbia
International
Equity
Income
ETF
Foreign
Taxes
Paid
$172,429
Foreign
Taxes
Paid
Per
Share
0.15
Foreign
Source
Income
1,385,970
Foreign
Source
Income
Per
Share
1.21
Fund
Columbia
International
Equity
Income
ETF
$1,057,773
Columbia
U.S.
Equity
Income
ETF
0
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Active
ETFs
|
2025
25
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
International
Equity
Income
ETF
and
Columbia
U.S.
Equity
Income
ETF
(each,
a
Fund,
and
together,
the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
each
of
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement
for
each
Fund.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
26
Active
ETFs
|
2025
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
each
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
each
Fund,
(ii)
each
Fund’s
performance
relative
to
peers
and
benchmarks
and,
(iii)
the
net
assets
of
the
Funds.
The
Board
observed
that
each
Fund’s
performance
was
within
the
range
of
that
of
its
peers.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Active
ETFs
|
2025
27
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
Columbia
International
Equity
Income
ETF’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
was
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports.
The
Board
took
into
account
that
Columbia
U.S.
Equity
Income
ETF’s
total
expense
ratio
was
slightly
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN271_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Diversified
Fixed
Income
Allocation
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Indexed
ETF
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
18
Statement
of
Operations
19
Statement
of
Changes
in
Net
Assets
20
Financial
Highlights
21
Notes
to
Financial
Statements
22
Report
of
Independent
Registered
Public
Accounting
Firm
30
Approval
of
Investment
Management
Services
Agreement
31
PORTFOLIO
OF
INVESTMENTS
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
(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.
Indexed
ETF
|
2025
3
Corporate
Bonds
44.4%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
0.9%
Axon
Enterprise,
Inc.
6.125%,
03/15/30
(a)
300,000‌
309,272‌
Boeing
Co.
(The)
6.528%,
05/01/34
530,000‌
586,472‌
L3Harris
Technologies,
Inc.
5.400%,
07/31/33
352,000‌
366,951‌
Northrop
Grumman
Corp.
4.900%,
06/01/34
250,000‌
253,563‌
RTX
Corp.
5.150%,
02/27/33
400,000‌
414,698‌
Spirit
AeroSystems
,
Inc.
9.375%,
11/30/29
(a)
274,000‌
287,887‌
Textron,
Inc.
6.100%,
11/15/33
100,000‌
108,138‌
TransDigm
,
Inc.
6.375%,
03/01/29
(a)
550,000‌
564,775‌
6.625%,
03/01/32
(a)
1,000,000‌
1,033,941‌
Total
3,925,697‌
Airlines
0.7%
American
Airlines,
Inc.
8.500%,
05/15/29
(a)
250,000‌
260,789‌
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
128,333‌
128,551‌
5.750%,
04/20/29
(a)
1,028,000‌
1,035,412‌
Avianca
Midco
2
PLC
9.625%,
02/14/30
(a)
700,000‌
693,999‌
JetBlue
Airways
Corp.
/
JetBlue
Loyalty
LP
9.875%,
09/20/31
(a)
696,000‌
683,903‌
Total
2,802,654‌
Apartment
REIT
0.2%
American
Homes
4
Rent
LP
5.500%,
02/01/34
250,000‌
258,169‌
Essex
Portfolio
LP
5.500%,
04/01/34
100,000‌
104,073‌
Invitation
Homes
Operating
Partnership
LP
2.000%,
08/15/31
310,000‌
268,532‌
4.950%,
01/15/33
100,000‌
100,478‌
Total
731,252‌
Automotive
1.2%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
204,000‌
188,250‌
American
Axle
&
Manufacturing,
Inc.
6.375%,
10/15/32
(a)
300,000‌
301,125‌
7.750%,
10/15/33
(a)
550,000‌
550,797‌
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.750%,
02/15/30
(a)
300,000‌
311,402‌
Ford
Motor
Credit
Co.
LLC
6.125%,
03/08/34
300,000‌
303,176‌
7.122%,
11/07/33
100,000‌
107,544‌
General
Motors
Financial
Co.,
Inc.
5.950%,
04/04/34
100,000‌
104,677‌
6.100%,
01/07/34
500,000‌
528,282‌
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
07/15/29
286,000‌
272,111‌
JB
Poindexter
&
Co.,
Inc.
8.750%,
12/15/31
(a)
250,000‌
261,615‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Nissan
Motor
Co.
Ltd.
4.810%,
09/17/30
(a)
701,000‌
656,328‌
8.125%,
07/17/35
(a)
250,000‌
265,861‌
Tenneco,
Inc.
8.000%,
11/17/28
(a)
711,000‌
709,414‌
ZF
North
America
Capital,
Inc.
7.500%,
03/24/31
(a)
600,000‌
572,399‌
Total
5,132,981‌
Banking
1.6%
Ally
Financial,
Inc.
6.184%,
(SOFRRATE
+
2.290%),
07/26/35
(b)
240,000‌
248,139‌
American
Express
Co.
5.625%,
(SOFRRATE
+
1.930%),
07/28/34
(b)
123,000‌
128,958‌
Banco
Bilbao
Vizcaya
Argentaria
SA
6.033%,
(US
1
Year
CMT
T-Note
+
1.950%),
03/13/35
(b)
400,000‌
425,703‌
Banco
Santander
SA
6.350%,
03/14/34
200,000‌
215,115‌
6.921%,
08/08/33
200,000‌
221,960‌
Barclays
6.224%,
(SOFRRATE
+
2.980%),
05/09/34
(b)
500,000‌
538,153‌
Capital
One
Financial
Corp.
5.817%,
(SOFRRATE
+
2.600%),
02/01/34
(b)
246,000‌
257,844‌
6.377%,
(SOFRRATE
+
2.860%),
06/08/34
(b)
250,000‌
270,565‌
Citigroup,
Inc.
5.827%,
(SOFRRATE
+
2.056%),
02/13/35
(b)
250,000‌
259,729‌
6.020%,
(SOFRRATE
+
1.830%),
01/24/36
(b)
244,000‌
255,332‌
6.174%,
(SOFRRATE
+
2.661%),
05/25/34
(b)
350,000‌
371,724‌
Citizens
Financial
Group,
Inc.
6.645%,
(SOFRRATE
+
2.325%),
04/25/35
(b)
300,000‌
328,650‌
Deutsche
Bank
AG/New
York
NY
5.403%,
(SOFRRATE
+
2.050%),
09/11/35
(b)
200,000‌
203,377‌
7.079%,
(SOFRRATE
+
3.650%),
02/10/34
(b)
200,000‌
219,294‌
Fifth
Third
Bancorp
5.631%,
(SOFRRATE
+
1.840%),
01/29/32
(b)
300,000‌
313,695‌
HSBC
Holdings
PLC
6.547%,
(SOFRRATE
+
2.980%),
06/20/34
(b)
500,000‌
541,151‌
Huntington
Bancshares,
Inc.
2.487%,
(US
5
Year
CMT
T-Note
+
1.170%),
08/15/36
(b)
194,000‌
166,306‌
Huntington
Bancshares,
Inc./OH
6.141%,
(US
5
Year
CMT
T-Note
+
1.700%),
11/18/39
(b)
200,000‌
207,042‌
KeyBank
NA/Cleveland
OH
5.000%,
01/26/33
250,000‌
251,380‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lloyds
Banking
Group
PLC
6.068%,
(US
1
Year
CMT
T-Note
+
1.600%),
06/13/36
(b)
200,000‌
209,421‌
M&T
Bank
Corp.
5.053%,
(SOFRRATE
+
1.850%),
01/27/34
(b)
275,000‌
275,491‌
Morgan
Stanley
5.942%,
(US
5
Year
CMT
T-Note
+
1.800%),
02/07/39
(b)
250,000‌
262,328‌
5.948%,
(US
5
Year
CMT
T-Note
+
2.430%),
01/19/38
(b)
250,000‌
262,385‌
Regions
Financial
Corp.
5.502%,
(SOFRRATE
+
2.060%),
09/06/35
(b)
100,000‌
102,406‌
Santander
Holdings
USA,
Inc.
6.342%,
(SOFRRATE
+
2.138%),
05/31/35
(b)
125,000‌
132,751‌
Total
6,668,899‌
Brokerage/Asset
Managers/Exchanges
0.8%
Blue
Owl
Finance
LLC
6.250%,
04/18/34
200,000‌
207,536‌
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
355,000‌
338,370‌
Focus
Financial
Partners
LLC
6.750%,
09/15/31
(a)
300,000‌
309,468‌
Jane
Street
Group
/
JSG
Finance,
Inc.
6.125%,
11/01/32
(a)
500,000‌
508,819‌
6.750%,
05/01/33
(a)
500,000‌
521,329‌
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.000%,
08/15/28
(a)
400,000‌
378,821‌
Jefferies
Financial
Group,
Inc.
6.200%,
04/14/34
200,000‌
209,879‌
LPL
Holdings,
Inc.
5.650%,
03/15/35
122,000‌
124,317‌
Nasdaq,
Inc.
5.550%,
02/15/34
200,000‌
209,647‌
Nomura
Holdings,
Inc.
5.783%,
07/03/34
200,000‌
211,930‌
TPG
Operating
Group
II
LP
5.875%,
03/05/34
250,000‌
262,562‌
Total
3,282,678‌
Building
Materials
1.3%
Amrize
Finance
US
LLC
5.400%,
04/07/35
(a)
100,000‌
103,213‌
Builders
FirstSource
,
Inc.
4.250%,
02/01/32
(a)
215,000‌
203,571‌
6.375%,
03/01/34
(a)
450,000‌
466,128‌
Carlisle
Cos.,
Inc.
5.550%,
09/15/40
200,000‌
202,884‌
CRH
America
Finance,
Inc.
5.500%,
01/09/35
250,000‌
260,808‌
Martin
Marietta
Materials,
Inc.
5.150%,
12/01/34
100,000‌
102,272‌
Owens
Corning
5.700%,
06/15/34
200,000‌
210,255‌
Quikrete
Holdings,
Inc.
6.375%,
03/01/32
(a)
450,000‌
467,130‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.750%,
03/01/33
(a)
1,400,000‌
1,455,909‌
QXO
Building
Products,
Inc.
6.750%,
04/30/32
(a)
750,000‌
777,955‌
Standard
Building
Solutions,
Inc.
6.250%,
08/01/33
(a)
450,000‌
459,475‌
6.500%,
08/15/32
(a)
500,000‌
514,267‌
Vulcan
Materials
Co.
5.350%,
12/01/34
100,000‌
103,308‌
Total
5,327,175‌
Cable
and
Satellite
1.0%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.250%,
01/15/34
(a)
1,250,000‌
1,050,118‌
4.500%,
05/01/32
600,000‌
533,827‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.850%,
12/01/35
250,000‌
248,971‌
6.550%,
06/01/34
150,000‌
157,856‌
Connect
Finco
Sarl
/
Connect
US
Finco
LLC
9.000%,
09/15/29
(a)
710,000‌
752,255‌
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
10.000%,
02/15/31
(a)
700,000‌
699,986‌
Sunrise
FinCo
I
BV
4.875%,
07/15/31
(a)
365,000‌
348,463‌
VZ
Secured
Financing
BV
5.000%,
01/15/32
(a)
465,000‌
422,854‌
Total
4,214,330‌
Chemicals
0.7%
Celanese
US
Holdings
LLC
6.750%,
04/15/33
650,000‌
640,521‌
6.879%,
07/15/32
200,000‌
200,912‌
Cerdia
Finanz
GmbH
9.375%,
10/03/31
(a)
200,000‌
209,028‌
Dow
Chemical
Co.
(The)
5.150%,
02/15/34
161,000‌
161,389‌
Eastman
Chemical
Co.
5.625%,
02/20/34
300,000‌
309,302‌
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000‌
89,342‌
Nutrien
Ltd.
5.400%,
06/21/34
75,000‌
77,416‌
Qnity
Electronics,
Inc.
5.750%,
08/15/32
(a)
250,000‌
254,294‌
Sherwin-Williams
Co.
(The)
5.150%,
08/15/35
200,000‌
203,553‌
Solstice
Advanced
Materials,
Inc.
5.625%,
09/30/33
(a)
500,000‌
499,505‌
Tronox
,
Inc.
4.625%,
03/15/29
(a)
550,000‌
338,328‌
Total
2,983,590‌
Construction
Machinery
0.6%
Herc
Holdings,
Inc.
7.250%,
06/15/33
(a)
890,000‌
938,581‌
Hertz
Corp.
(The)
12.625%,
07/15/29
(a)
450,000‌
445,856‌
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(a)
699,000‌
696,199‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
5
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
325,000‌
308,047‌
Total
2,388,683‌
Consumer
Cyclical
Services
0.4%
ADT
Security
Corp
(The)
5.875%,
10/15/33
(a)
300,000‌
304,228‌
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(a)
292,000‌
282,866‌
Arches
Buyer,
Inc.
4.250%,
06/01/28
(a)
300,000‌
293,234‌
CBRE
Services,
Inc.
5.950%,
08/15/34
250,000‌
267,029‌
Expedia
Group,
Inc.
5.400%,
02/15/35
119,000‌
121,922‌
Uber
Technologies,
Inc.
4.800%,
09/15/34
200,000‌
200,061‌
4.800%,
09/15/35
150,000‌
148,899‌
Total
1,618,239‌
Consumer
Products
0.2%
Newell
Brands,
Inc.
8.500%,
06/01/28
(a)
375,000‌
385,900‌
Opal
Bidco
SAS
6.500%,
03/31/32
(a)
350,000‌
360,556‌
Total
746,456‌
Diversified
Manufacturing
0.9%
Carrier
Global
Corp.
5.900%,
03/15/34
223,000‌
240,034‌
Chart
Industries,
Inc.
7.500%,
01/01/30
(a)
305,000‌
317,984‌
EMRLD
Borrower
LP
/
Emerald
Co.-Issuer,
Inc.
6.625%,
12/15/30
(a)
1,100,000‌
1,130,477‌
Ingersoll
Rand,
Inc.
5.450%,
06/15/34
150,000‌
156,158‌
5.700%,
08/14/33
250,000‌
265,617‌
Otis
Worldwide
Corp.
5.131%,
09/04/35
140,000‌
142,104‌
Regal
Rexnord
Corp.
6.400%,
04/15/33
200,000‌
214,192‌
Trane
Technologies
Financing
Ltd.
5.100%,
06/13/34
250,000‌
257,007‌
Vertiv
Group
Corp.
4.125%,
11/15/28
(a)
400,000‌
394,085‌
WESCO
Distribution,
Inc.
6.625%,
03/15/32
(a)
500,000‌
522,549‌
Westinghouse
Air
Brake
Technologies
Corp.
5.500%,
05/29/35
200,000‌
207,683‌
Total
3,847,890‌
Electric
2.9%
AES
Corp
(The)
7.600%,
(US
5
Year
CMT
T-Note
+
3.201%),
01/15/55
(b)
250,000‌
254,618‌
AES
Corp.
(The)
2.450%,
01/15/31
245,000‌
221,885‌
Alliant
Energy
Corp.
5.750%,
(US
5
Year
CMT
T-Note
+
2.077%),
04/01/56
(b)
150,000‌
150,626‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Alpha
Generation
LLC
6.750%,
10/15/32
(a)
350,000‌
359,741‌
American
Electric
Power
Co.,
Inc.
5.625%,
03/01/33
150,000‌
157,874‌
Series
D,
6.050%,
(US
5
Year
CMT
T-Note
+
1.940%),
03/15/56
(b)
100,000‌
101,330‌
Arizona
Public
Service
Co.
5.700%,
08/15/34
192,000‌
201,817‌
Black
Hills
Corp.
6.000%,
01/15/35
108,000‌
114,875‌
Calpine
Corp.
5.000%,
02/01/31
(a)
250,000‌
250,284‌
5.125%,
03/15/28
(a)
220,000‌
219,993‌
CenterPoint
Energy,
Inc.
Series
B,
6.850%,
(US
5
Year
CMT
T-Note
+
2.946%),
02/15/55
(b)
118,000‌
126,279‌
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
535,000‌
495,758‌
CMS
Energy
Corp.
6.500%,
(US
5
Year
CMT
T-Note
+
1.961%),
06/01/55
(b)
119,000‌
123,934‌
Constellation
Energy
Generation
LLC
6.125%,
01/15/34
250,000‌
272,002‌
Dominion
Energy,
Inc.
5.375%,
11/15/32
390,000‌
405,599‌
DTE
Energy
Co.
5.850%,
06/01/34
240,000‌
255,581‌
Duke
Energy
Corp.
2.450%,
06/01/30
481,000‌
444,196‌
Eversource
Energy
Series
R,
1.650%,
08/15/30
190,000‌
167,196‌
Exelon
Corp.
5.300%,
03/15/33
250,000‌
259,817‌
Lightning
Power
LLC
7.250%,
08/15/32
(a)
500,000‌
529,948‌
National
Grid
PLC
5.418%,
01/11/34
350,000‌
363,468‌
NextEra
Energy
Capital
Holdings,
Inc.
6.375%,
(US
5
Year
CMT
T-Note
+
2.053%),
08/15/55
(b)
250,000‌
260,826‌
NRG
Energy,
Inc.
5.750%,
01/15/34
(a)
500,000‌
503,280‌
6.000%,
01/15/36
(a)
500,000‌
508,431‌
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
296,000‌
264,762‌
4.550%,
07/01/30
165,000‌
163,784‌
PacifiCorp
7.375%,
(US
5
Year
CMT
T-Note
+
3.319%),
09/15/55
(b)
250,000‌
262,750‌
PG&E
Corp.
5.000%,
07/01/28
135,000‌
133,968‌
7.375%,
(US
5
Year
CMT
T-Note
+
3.883%),
03/15/55
(b)
250,000‌
257,293‌
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
110,000‌
96,697‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Sierra
Pacific
Power
Co.
6.200%,
(US
5
Year
CMT
T-Note
+
2.549%),
12/15/55
(b)
150,000‌
150,139‌
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
189,000‌
184,703‌
5.700%,
03/15/34
200,000‌
211,160‌
Series
2025,
6.375%,
(US
5
Year
CMT
T-Note
+
2.069%),
03/15/55
(b)
175,000‌
187,314‌
Talen
Energy
Supply
LLC
6.500%,
02/01/36
(a)
250,000‌
258,830‌
8.625%,
06/01/30
(a)
550,000‌
583,681‌
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
868,000‌
868,335‌
VoltaGrid
LLC
7.375%,
11/01/30
(a)(
e)
750,000‌
762,713‌
Xcel
Energy,
Inc.
2.600%,
12/01/29
241,000‌
225,561‌
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
01/15/31
(a)
130,000‌
136,058‌
8.625%,
03/15/33
(a)
500,000‌
524,316‌
Total
12,021,422‌
Environmental
0.1%
GFL
Environmental,
Inc.
6.750%,
01/15/31
(a)
525,000‌
548,522‌
Finance
Companies
1.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
280,000‌
258,588‌
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/32
183,000‌
163,807‌
Apollo
Debt
Solutions
BDC
6.550%,
03/15/32
(a)
250,000‌
259,854‌
Ares
Capital
Corp.
Series
.,
5.800%,
03/08/32
300,000‌
302,880‌
Ares
Strategic
Income
Fund
5.150%,
01/15/31
(a)
200,000‌
196,116‌
6.200%,
03/21/32
89,000‌
90,948‌
Blackstone
Private
Credit
Fund
6.000%,
11/22/34
350,000‌
354,936‌
CrossCountry
Intermediate
HoldCo
LLC
6.500%,
10/01/30
(a)
300,000‌
302,926‌
Freedom
Mortgage
Holdings
LLC
9.250%,
02/01/29
(a)
300,000‌
315,062‌
FTAI
Aviation
Investors
LLC
5.500%,
05/01/28
(a)
298,000‌
298,090‌
GATX
Corp.
5.500%,
06/15/35
100,000‌
102,706‌
6.050%,
03/15/34
50,000‌
53,420‌
Global
Aircraft
Leasing
Co.
Ltd.
8.750%,
09/01/27
(a)
329,000‌
338,266‌
Midcap
Financial
Issuer
Trust
6.500%,
05/01/28
(a)
400,000‌
392,848‌
OneMain
Finance
Corp.
4.000%,
09/15/30
772,000‌
717,837‌
PennyMac
Financial
Services,
Inc.
6.875%,
02/15/33
(a)
505,000‌
522,765‌
Rocket
Cos.,
Inc.
6.125%,
08/01/30
(a)
150,000‌
154,822‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.375%,
08/01/33
(a)
750,000‌
782,042‌
7.125%,
02/01/32
(a)
361,000‌
378,783‌
UWM
Holdings
LLC
6.250%,
03/15/31
(a)
300,000‌
299,592‌
Total
6,286,288‌
Food
and
Beverage
1.5%
BellRing
Brands,
Inc.
7.000%,
03/15/30
(a)
200,000‌
206,274‌
Bunge
Ltd.
Finance
Corp.
5.150%,
08/04/35
200,000‌
202,615‌
Conagra
Brands,
Inc.
5.750%,
08/01/35
100,000‌
102,284‌
Constellation
Brands,
Inc.
4.900%,
05/01/33
125,000‌
125,850‌
Darling
Ingredients,
Inc.
6.000%,
06/15/30
(a)
415,000‌
419,669‌
General
Mills,
Inc.
4.950%,
03/29/33
250,000‌
253,585‌
J
M
Smucker
Co.
(The)
6.200%,
11/15/33
250,000‌
271,087‌
Jbs
USA
Holding
Lux
Sarl
/
Jbs
USA
Food
Co./
Jbs
Lux
Co.
Sarl
6.750%,
03/15/34
350,000‌
386,196‌
Keurig
Dr
Pepper,
Inc.
5.300%,
03/15/34
300,000‌
305,066‌
Kraft
Heinz
Foods
Co.
5.400%,
03/15/35
301,000‌
308,264‌
Lamb
Weston
Holdings,
Inc.
4.125%,
01/31/30
(a)
389,000‌
375,610‌
McCormick
&
Co.,
Inc./MD
4.700%,
10/15/34
100,000‌
98,242‌
Mondelez
International,
Inc.
5.125%,
05/06/35
100,000‌
102,196‌
Performance
Food
Group,
Inc.
4.250%,
08/01/29
(a)
295,000‌
287,879‌
6.125%,
09/15/32
(a)
534,000‌
548,368‌
Pilgrim's
Pride
Corp.
6.250%,
07/01/33
250,000‌
266,590‌
Post
Holdings,
Inc.
6.375%,
03/01/33
(a)
800,000‌
812,358‌
SYSCO
Corp.
5.400%,
03/23/35
100,000‌
103,435‌
The
Campbell's
Company
5.400%,
03/21/34
250,000‌
256,270‌
Tyson
Foods,
Inc.
5.700%,
03/15/34
100,000‌
105,129‌
US
Foods,
Inc.
4.750%,
02/15/29
(a)
260,000‌
257,300‌
Viking
Baked
Goods
Acquisition
Corp.
8.625%,
11/01/31
(a)
405,000‌
406,570‌
Total
6,200,837‌
Gaming
1.2%
Boyd
Gaming
Corp.
4.750%,
06/15/31
(a)
393,000‌
378,524‌
Caesars
Entertainment,
Inc.
6.500%,
02/15/32
(a)
250,000‌
252,113‌
7.000%,
02/15/30
(a)
993,000‌
1,022,204‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
7
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Churchill
Downs,
Inc.
5.750%,
04/01/30
(a)
400,000‌
400,701‌
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
6.750%,
12/01/33
300,000‌
324,133‌
Las
Vegas
Sands
Corp.
6.200%,
08/15/34
60,000‌
63,001‌
Light
&
Wonder
International,
Inc.
6.250%,
10/01/33
(a)
250,000‌
249,136‌
MGM
Resorts
International
6.125%,
09/15/29
265,000‌
269,787‌
Studio
City
Finance
Ltd.
5.000%,
01/15/29
(a)
446,000‌
426,690‌
VICI
Properties
LP
5.125%,
05/15/32
169,000‌
170,335‌
5.625%,
04/01/35
100,000‌
101,823‌
Voyager
Parent
LLC
9.250%,
07/01/32
(a)
550,000‌
576,998‌
Wynn
Macau
Ltd.
5.625%,
08/26/28
(a)
400,000‌
399,078‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
7.125%,
02/15/31
(a)
370,000‌
397,040‌
Total
5,031,563‌
Health
Care
2.5%
Bausch
+
Lomb
Corp.
8.375%,
10/01/28
(a)
517,000‌
540,265‌
Cencora
,
Inc.
5.125%,
02/15/34
242,000‌
248,218‌
Cigna
Group
(The)
5.250%,
02/15/34
250,000‌
257,086‌
5.250%,
01/15/36
120,000‌
121,845‌
CVS
Health
Corp.
5.250%,
02/21/33
450,000‌
462,325‌
DaVita,
Inc.
3.750%,
02/15/31
(a)
246,000‌
226,030‌
6.875%,
09/01/32
(a)
500,000‌
518,059‌
GE
HealthCare
Technologies,
Inc.
5.500%,
06/15/35
140,000‌
145,032‌
5.905%,
11/22/32
275,000‌
295,768‌
Global
Medical
Response,
Inc.
7.375%,
10/01/32
(a)
250,000‌
261,648‌
HCA,
Inc.
5.500%,
06/01/33
510,000‌
531,039‌
IQVIA,
Inc.
6.250%,
06/01/32
(a)
500,000‌
520,401‌
Laboratory
Corp.
of
America
Holdings
4.800%,
10/01/34
250,000‌
247,573‌
LifePoint
Health,
Inc.
11.000%,
10/15/30
(a)
373,000‌
411,197‌
Medline
Borrower
LP
3.875%,
04/01/29
(a)
1,786,000‌
1,735,072‌
5.250%,
10/01/29
(a)
515,000‌
512,846‌
Prime
Healthcare
Services,
Inc.
9.375%,
09/01/29
(a)
620,000‌
652,414‌
Quest
Diagnostics,
Inc.
5.000%,
12/15/34
250,000‌
252,397‌
Solventum
Corp.
5.600%,
03/23/34
401,000‌
417,056‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Star
Parent,
Inc.
9.000%,
10/01/30
(a)
360,000‌
384,410‌
Stryker
Corp.
5.200%,
02/10/35
262,000‌
269,936‌
Tenet
Healthcare
Corp.
4.375%,
01/15/30
500,000‌
488,007‌
6.125%,
06/15/30
645,000‌
656,819‌
Zimmer
Biomet
Holdings,
Inc.
5.200%,
09/15/34
156,000‌
159,739‌
Total
10,315,182‌
Healthcare
Insurance
0.2%
Elevance
Health,
Inc.
4.750%,
02/15/33
220,000‌
220,867‌
5.200%,
02/15/35
100,000‌
101,962‌
Humana,
Inc.
2.150%,
02/03/32
58,000‌
49,949‌
5.950%,
03/15/34
250,000‌
263,307‌
Total
636,085‌
Healthcare
REIT
0.1%
DOC
DR
LLC
2.625%,
11/01/31
130,000‌
115,878‌
Healthpeak
OP
LLC
5.375%,
02/15/35
100,000‌
102,287‌
Ventas
Realty
LP
5.000%,
01/15/35
128,000‌
128,115‌
Total
346,280‌
Home
Construction
0.1%
Millrose
Properties,
Inc.
6.375%,
08/01/30
(a)
350,000‌
354,980‌
Independent
Energy
1.4%
Aethon
United
BR
LP
/
Aethon
United
Finance
Corp.
7.500%,
10/01/29
(a)
300,000‌
311,309‌
California
Resources
Corp.
8.250%,
06/15/29
(a)
269,000‌
279,782‌
Canadian
Natural
Resources
Ltd.
5.400%,
12/15/34
(a)
100,000‌
101,958‌
Civitas
Resources,
Inc.
8.375%,
07/01/28
(a)
290,000‌
299,504‌
8.750%,
07/01/31
(a)
694,000‌
713,085‌
Coterra
Energy,
Inc.
5.400%,
02/15/35
250,000‌
251,811‌
Devon
Energy
Corp.
5.200%,
09/15/34
200,000‌
198,807‌
Diamondback
Energy,
Inc.
6.250%,
03/15/33
385,000‌
414,611‌
EQT
Corp
4.750%,
01/15/31
236,000‌
236,267‌
Expand
Energy
Corp.
5.700%,
01/15/35
170,000‌
175,014‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
7.250%,
02/15/35
(a)
500,000‌
481,250‌
Matador
Resources
Co.
6.500%,
04/15/32
(a)
270,000‌
272,400‌
Occidental
Petroleum
Corp.
5.550%,
10/01/34
325,000‌
329,229‌
Permian
Resources
Operating
LLC
6.250%,
02/01/33
(a)
750,000‌
763,695‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Viper
Energy
Partners
LLC
5.700%,
08/01/35
200,000‌
203,717‌
Vital
Energy,
Inc.
7.875%,
04/15/32
(a)
399,000‌
377,668‌
Woodside
Finance
Ltd.
5.100%,
09/12/34
140,000‌
138,757‌
6.000%,
05/19/35
175,000‌
182,973‌
Total
5,731,837‌
Leisure
0.6%
Carnival
Corp.
5.750%,
08/01/32
(a)
1,425,000‌
1,464,037‌
6.000%,
05/01/29
(a)
250,000‌
253,750‌
Royal
Caribbean
Cruises
Ltd.
5.375%,
01/15/36
200,000‌
201,310‌
Six
Flags
Entertainment
Corp.
/Six
Flags
Theme
Parks,
Inc./
Canada's
Wonderland
Co.
6.625%,
05/01/32
(a)
250,000‌
253,560‌
Viking
Cruises
Ltd.
5.875%,
10/15/33
(a)
500,000‌
507,665‌
Total
2,680,322‌
Life
Insurance
0.4%
American
National
Group,
Inc.
6.000%,
07/15/35
150,000‌
152,512‌
Athene
Holding
Ltd.
5.875%,
01/15/34
375,000‌
389,295‌
CNO
Financial
Group,
Inc.
6.450%,
06/15/34
83,000‌
87,899‌
Corebridge
Financial,
Inc.
3.900%,
04/05/32
300,000‌
285,315‌
Equitable
Holdings,
Inc.
6.700%,
(US
5
Year
CMT
T-Note
+
2.390%),
03/28/55
(b)
113,000‌
118,540‌
MetLife,
Inc.
Series
G,
6.350%,
(US
5
Year
CMT
T-Note
+
2.078%),
03/15/55
(b)
118,000‌
125,319‌
Prudential
Financial,
Inc.
5.125%,
(US
5
Year
CMT
T-Note
+
3.162%),
03/01/52
(b)
200,000‌
199,656‌
Reinsurance
Group
of
America,
Inc.
5.750%,
09/15/34
100,000‌
104,226‌
6.650%,
(US
5
Year
CMT
T-Note
+
2.392%),
09/15/55
(b)
95,000‌
99,366‌
Total
1,562,128‌
Lodging
0.5%
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
993,000‌
915,845‌
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6.625%,
01/15/32
(a)
630,000‌
639,824‌
Hyatt
Hotels
Corp.
5.750%,
03/30/32
163,000‌
170,074‌
Marriott
International,
Inc.
5.300%,
05/15/34
200,000‌
205,304‌
Marriott
International,
Inc./MD
5.500%,
04/15/37
200,000‌
205,170‌
Total
2,136,217‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Media
and
Entertainment
1.8%
AMC
Networks,
Inc.
10.250%,
01/15/29
(a)
250,000‌
262,550‌
AppLovin
Corp.
5.500%,
12/01/34
250,000‌
256,979‌
Clear
Channel
Outdoor
Holdings,
Inc.
7.125%,
02/15/31
(a)
250,000‌
257,803‌
7.500%,
03/15/33
(a)
550,000‌
575,615‌
Fox
Corp.
6.500%,
10/13/33
250,000‌
274,484‌
Gray
Media,
Inc.
10.500%,
07/15/29
(a)
460,000‌
495,432‌
McGraw-Hill
Education,
Inc.
5.750%,
08/01/28
(a)
350,000‌
349,325‌
Paramount
Global
6.375%,
(US
5
Year
CMT
T-Note
+
3.999%),
03/30/62
(b)
300,000‌
295,751‌
ROBLOX
Corp.
3.875%,
05/01/30
(a)
349,000‌
334,015‌
RR
Donnelley
&
Sons
Co.
9.500%,
08/01/29
(a)
490,000‌
502,587‌
Sinclair
Television
Group,
Inc.
8.125%,
02/15/33
(a)
450,000‌
459,122‌
Snap,
Inc.
6.875%,
03/01/33
(a)
500,000‌
511,829‌
Stagwell
Global
LLC
5.625%,
08/15/29
(a)
400,000‌
381,100‌
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
554,000‌
520,834‌
9.375%,
08/01/32
(a)
500,000‌
527,719‌
Versant
Media
Group,
Inc.
7.250%,
01/30/31
(a)
300,000‌
305,907‌
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
425,000‌
412,845‌
4.279%,
03/15/32
993,000‌
910,389‌
Total
7,634,286‌
Media
Cable
0.4%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(a)
569,000‌
568,636‌
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
1,088,000‌
1,057,679‌
Total
1,626,315‌
Metals
and
Mining
0.7%
ArcelorMittal
SA
6.800%,
11/29/32
250,000‌
278,595‌
Cleveland-Cliffs,
Inc.
6.875%,
11/01/29
(a)
250,000‌
256,882‌
7.000%,
03/15/32
(a)
545,000‌
557,235‌
Fortescue
Treasury
Pty
Ltd.
4.375%,
04/01/31
(a)
332,000‌
321,502‌
Mineral
Resources
Ltd.
9.250%,
10/01/28
(a)
300,000‌
314,621‌
Newmont
Corp.
/
Newcrest
Finance
Pty
Ltd.
5.350%,
03/15/34
100,000‌
104,450‌
Steel
Dynamics,
Inc.
5.250%,
05/15/35
245,000‌
250,896‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Vale
Overseas
Ltd.
6.125%,
06/12/33
370,000‌
396,864‌
Vallourec
SACA
7.500%,
04/15/32
(a)
245,000‌
260,428‌
Total
2,741,473‌
Midstream
3.0%
AltaGas
Ltd.
7.200%,
(US
5
Year
CMT
T-Note
+
3.573%),
10/15/54
(a),(b)
250,000‌
257,379‌
Cheniere
Energy
Partners
LP
5.750%,
08/15/34
200,000‌
208,031‌
5.950%,
06/30/33
250,000‌
263,910‌
Cheniere
Energy,
Inc.
5.650%,
04/15/34
205,000‌
212,283‌
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/31
(a)
500,000‌
495,254‌
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
8.625%,
03/15/29
(a)
250,000‌
260,714‌
Enbridge,
Inc.
5.700%,
03/08/33
500,000‌
527,253‌
Energy
Transfer
LP
6.500%,
(US
5
Year
CMT
T-Note
+
2.676%),
02/15/56
(b)
250,000‌
248,805‌
6.550%,
12/01/33
440,000‌
480,827‌
Kinder
Morgan,
Inc.
5.400%,
02/01/34
300,000‌
308,871‌
Kinetik
Holdings
LP
5.875%,
06/15/30
(a)
583,000‌
587,397‌
6.625%,
12/15/28
(a)
50,000‌
51,286‌
MPLX
LP
5.400%,
09/15/35
250,000‌
251,158‌
5.500%,
06/01/34
150,000‌
152,921‌
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%,
02/15/29
(a)
500,000‌
511,229‌
8.375%,
02/15/32
(a)
250,000‌
255,558‌
ONEOK,
Inc.
6.050%,
09/01/33
455,000‌
482,286‌
Plains
All
American
Pipeline
LP
5.950%,
06/15/35
293,000‌
305,990‌
South
Bow
USA
Infrastructure
Holdings
LLC
5.584%,
10/01/34
250,000‌
250,869‌
Summit
Midstream
Holdings
LLC
8.625%,
10/31/29
(a)
285,000‌
289,993‌
Sunoco
LP
5.625%,
03/15/31
(a)
250,000‌
250,129‌
6.250%,
07/01/33
(a)
390,000‌
398,281‌
Targa
Resources
Corp.
6.500%,
03/30/34
300,000‌
327,458‌
Venture
Global
Calcasieu
Pass
LLC
4.125%,
08/15/31
(a)
920,000‌
850,927‌
Venture
Global
LNG,
Inc.
8.125%,
06/01/28
(a)
269,000‌
277,110‌
9.500%,
02/01/29
(a)
1,844,000‌
1,985,419‌
Venture
Global
Plaquemines
LNG
LLC
6.500%,
01/15/34
(a)
750,000‌
785,628‌
6.750%,
01/15/36
(a)
575,000‌
609,202‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Western
Midstream
Operating
LP
5.450%,
11/15/34
200,000‌
199,433‌
Williams
Cos,
Inc.(The)
5.150%,
03/15/34
150,000‌
152,374‌
5.600%,
03/15/35
150,000‌
155,701‌
Total
12,393,676‌
Natural
Gas
0.1%
NiSource,
Inc.
5.350%,
04/01/34
150,000‌
154,381‌
5.350%,
07/15/35
150,000‌
152,962‌
Sempra
5.500%,
08/01/33
250,000‌
261,283‌
Total
568,626‌
Office
REIT
0.1%
Boston
Properties
LP
6.500%,
01/15/34
210,000‌
226,391‌
CubeSmart
LP
2.000%,
02/15/31
98,000‌
86,183‌
Total
312,574‌
Oil
Field
Services
0.6%
Crescent
Energy
Finance
LLC
7.375%,
01/15/33
(a)
350,000‌
330,594‌
7.625%,
04/01/32
(a)
250,000‌
242,229‌
Noble
Finance
II
LLC
8.000%,
04/15/30
(a)
350,000‌
362,946‌
Transocean
International
Ltd.
8.750%,
02/15/30
(a)
258,750‌
271,353‌
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
7.125%,
03/15/29
(a)
160,000‌
165,256‌
Valaris
Ltd.
8.375%,
04/30/30
(a)
329,000‌
343,090‌
WBI
Operating
LLC
6.250%,
10/15/30
(a)
300,000‌
299,155‌
Weatherford
International
Ltd.
6.750%,
10/15/33
(a)
400,000‌
408,778‌
Total
2,423,401‌
Other
Financial
Institutions
0.1%
HA
Sustainable
Infrastructure
Capital,
Inc.
6.375%,
07/01/34
169,000‌
170,634‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
10.000%,
11/15/29
(a)
250,000‌
250,952‌
Total
421,586‌
Other
Industry
0.3%
AECOM
6.000%,
08/01/33
(a)
250,000‌
256,759‌
Albion
Financing
1
SARL
/
Aggreko
Holdings,
Inc.
7.000%,
05/21/30
(a)
420,000‌
435,039‌
Booz
Allen
Hamilton,
Inc.
5.950%,
04/15/35
256,000‌
265,058‌
Coherent
Corp.
5.000%,
12/15/29
(a)
266,000‌
263,355‌
Total
1,220,211‌
Other
REIT
0.2%
Extra
Space
Storage
LP
2.550%,
06/01/31
240,000‌
216,278‌
Host
Hotels
&
Resorts
LP
5.500%,
04/15/35
200,000‌
201,733‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
6.500%,
04/01/32
(a)
400,000‌
411,377‌
Total
829,388‌
Other
Utility
0.0%
American
Water
Capital
Corp.
4.450%,
06/01/32
150,000‌
149,860‌
Packaging
0.6%
Amcor
Finance
USA,
Inc.
5.625%,
05/26/33
250,000‌
261,183‌
Ball
Corp.
2.875%,
08/15/30
200,000‌
182,889‌
6.000%,
06/15/29
320,000‌
327,829‌
Berry
Global,
Inc.
5.650%,
01/15/34
160,000‌
167,084‌
Clydesdale
Acquisition
Holdings,
Inc.
6.750%,
04/15/32
(a)
550,000‌
551,828‌
Mauser
Packaging
Solutions
Holding
Co.
7.875%,
04/15/27
(a)
805,000‌
807,553‌
Total
2,298,366‌
Paper
0.3%
Mercer
International,
Inc.
5.125%,
02/01/29
150,000‌
96,989‌
Smurfit
Kappa
Treasury
ULC
5.438%,
04/03/34
450,000‌
465,193‌
Suzano
Netherlands
BV
5.500%,
01/15/36
200,000‌
199,155‌
Veritiv
Operating
Co.
10.500%,
11/30/30
(a)
315,000‌
327,945‌
Total
1,089,282‌
Pharmaceuticals
1.1%
Amgen,
Inc.
5.250%,
03/02/33
652,000‌
675,065‌
Biogen,
Inc.
5.750%,
05/15/35
100,000‌
104,897‌
Cardinal
Health,
Inc.
5.350%,
11/15/34
250,000‌
257,331‌
CVS
Health
Corp.
7.000%,
(US
5
Year
CMT
T-Note
+
2.886%),
03/10/55
(b)
750,000‌
788,222‌
Endo
Finance
Holdings,
Inc.
8.500%,
04/15/31
(a)
400,000‌
423,996‌
Jazz
Securities
DAC
4.375%,
01/15/29
(a)
364,000‌
356,542‌
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
600,000‌
570,429‌
5.125%,
04/30/31
(a)
813,000‌
624,210‌
Royalty
Pharma
PLC
4.450%,
03/25/31
100,000‌
99,279‌
5.200%,
09/25/35
100,000‌
100,261‌
Takeda
Pharmaceutical
Co.
Ltd.
5.300%,
07/05/34
200,000‌
206,013‌
Takeda
US
Financing,
Inc.
5.200%,
07/07/35
200,000‌
203,531‌
Total
4,409,776‌
Property
&
Casualty
1.5%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
7.500%,
11/06/30
(a)
350,000‌
362,355‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.750%,
04/15/28
(a)
291,000‌
296,173‌
7.000%,
01/15/31
(a)
550,000‌
568,651‌
Allstate
Corp
(The)
5.250%,
03/30/33
100,000‌
103,511‌
American
Financial
Group
.
Inc
,/OH
5.000%,
09/23/35
100,000‌
98,103‌
American
International
Group,
Inc.
5.450%,
05/07/35
100,000‌
104,039‌
AON
North
America,
Inc.
5.450%,
03/01/34
300,000‌
312,234‌
Arthur
J
Gallagher
&
Co.
5.150%,
02/15/35
250,000‌
252,541‌
Assurant,
Inc.
2.650%,
01/15/32
40,000‌
35,215‌
Brown
&
Brown,
Inc.
2.375%,
03/15/31
24,000‌
21,392‌
5.550%,
06/23/35
250,000‌
257,498‌
CNA
Financial
Corp.
5.125%,
02/15/34
250,000‌
251,252‌
Fairfax
Financial
Holdings
Ltd.
6.000%,
12/07/33
200,000‌
212,645‌
Fidelity
National
Financial,
Inc.
3.400%,
06/15/30
8,000‌
7,603‌
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
7.250%,
02/15/31
(a)
550,000‌
566,565‌
HUB
International
Ltd.
7.250%,
06/15/30
(a)
1,085,000‌
1,133,268‌
Panther
Escrow
Issuer
LLC
7.125%,
06/01/31
(a)
964,000‌
996,309‌
Ryan
Specialty
LLC
5.875%,
08/01/32
(a)
360,000‌
366,088‌
Willis
North
America,
Inc.
5.350%,
05/15/33
100,000‌
103,286‌
Total
6,048,728‌
Railroads
0.1%
Norfolk
Southern
Corp.
3.000%,
03/15/32
250,000‌
230,325‌
Real
Estate
0.0%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
250,000‌
210,696‌
Refining
0.2%
HF
Sinclair
Corp.
6.250%,
01/15/35
300,000‌
313,643‌
Marathon
Petroleum
Corp.
5.700%,
03/01/35
195,000‌
201,670‌
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
239,000‌
236,970‌
Phillips
66
Co.
5.300%,
06/30/33
160,000‌
164,720‌
Total
917,003‌
Restaurants
0.5%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%,
10/15/30
(a)
586,000‌
554,105‌
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.625%,
01/15/29
(a)
300,000‌
286,953‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
McDonald's
Corp.
4.950%,
08/14/33
192,000‌
197,873‌
Starbucks
Corp.
4.800%,
02/15/33
250,000‌
253,293‌
Yum!
Brands,
Inc.
3.625%,
03/15/31
496,000‌
465,618‌
4.625%,
01/31/32
285,000‌
278,086‌
Total
2,035,928‌
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
100,000‌
87,525‌
Retail
REIT
0.2%
Agree
LP
5.600%,
06/15/35
100,000‌
104,416‌
Brixmor
Operating
Partnership
LP
5.500%,
02/15/34
100,000‌
102,997‌
Kimco
Realty
OP
LLC
4.600%,
02/01/33
250,000‌
248,831‌
Kite
Realty
Group
LP
5.500%,
03/01/34
100,000‌
103,149‌
NNN
REIT,
Inc.
5.500%,
06/15/34
100,000‌
103,596‌
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
4.950%,
01/15/35
100,000‌
98,682‌
Total
761,671‌
Retailers
1.2%
Advance
Auto
Parts,
Inc.
7.000%,
08/01/30
(a)
425,000‌
430,130‌
7.375%,
08/01/33
(a)
450,000‌
455,555‌
AutoZone,
Inc.
4.750%,
02/01/33
100,000‌
100,066‌
Belron
UK
Finance
PLC
5.750%,
10/15/29
(a)
250,000‌
253,387‌
Dollar
General
Corp.
5.450%,
07/05/33
210,000‌
217,041‌
EG
Global
Finance
PLC
12.000%,
11/30/28
(a)
230,000‌
251,997‌
LCM
Investments
Holdings
II
LLC
4.875%,
05/01/29
(a)
555,000‌
540,660‌
Lowe's
Cos.,
Inc.
5.000%,
04/15/33
240,000‌
245,123‌
5.150%,
07/01/33
100,000‌
102,943‌
PetSmart
LLC
/
PetSmart
Finance
Corp
7.500%,
09/15/32
(a)
650,000‌
649,821‌
Rakuten
Group,
Inc.
9.750%,
04/15/29
(a)
660,000‌
739,481‌
11.250%,
02/15/27
(a)
610,000‌
659,417‌
Tapestry,
Inc.
5.500%,
03/11/35
300,000‌
305,226‌
Tractor
Supply
Co.
5.250%,
05/15/33
200,000‌
206,852‌
Total
5,157,699‌
Ship
Building
0.0%
Huntington
Ingalls
Industries,
Inc.
5.749%,
01/15/35
59,000‌
62,221‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Supermarkets
0.1%
Kroger
Co.
(The)
5.000%,
09/15/34
300,000‌
302,490‌
Technology
5.1%
Amdocs
Ltd.
2.538%,
06/15/30
92,000‌
84,466‌
Amentum
Holdings,
Inc.
7.250%,
08/01/32
(a)
350,000‌
364,193‌
Arrow
Electronics,
Inc.
5.875%,
04/10/34
59,000‌
61,581‌
Block,
Inc.
5.625%,
08/15/30
(a)
850,000‌
862,773‌
6.500%,
05/15/32
200,000‌
207,568‌
Boost
Newco
Borrower
LLC
7.500%,
01/15/31
(a)
740,000‌
784,430‌
Broadcom,
Inc.
4.926%,
05/15/37
(a)
500,000‌
499,013‌
CACI
International,
Inc.
6.375%,
06/15/33
(a)
500,000‌
519,839‌
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/01/31
200,000‌
186,318‌
CGI,
Inc.
2.300%,
09/14/31
45,000‌
39,804‌
Clarivate
Science
Holdings
Corp.
3.875%,
07/01/28
(a)
146,000‌
140,711‌
4.875%,
07/01/29
(a)
600,000‌
560,120‌
Cloud
Software
Group,
Inc.
6.500%,
03/31/29
(a)
1,642,000‌
1,654,590‌
8.250%,
06/30/32
(a)
500,000‌
525,591‌
CoreWeave
,
Inc.
9.000%,
02/01/31
(a)
500,000‌
501,675‌
9.250%,
06/01/30
(a)
750,000‌
756,228‌
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/01/29
2,000‌
2,064‌
5.400%,
04/15/34
400,000‌
411,983‌
Entegris
,
Inc.
5.950%,
06/15/30
(a)
440,000‌
446,308‌
Equinix
Europe
2
Financing
Corp.
LLC
5.500%,
06/15/34
89,000‌
92,256‌
Fair
Isaac
Corp.
6.000%,
05/15/33
(a)
650,000‌
663,688‌
Fiserv,
Inc.
5.625%,
08/21/33
300,000‌
309,182‌
Gen
Digital,
Inc.
6.250%,
04/01/33
(a)
200,000‌
205,751‌
6.750%,
09/30/27
(a)
300,000‌
304,730‌
Hewlett
Packard
Enterprise
Co.
5.000%,
10/15/34
360,000‌
356,813‌
HP,
Inc.
5.500%,
01/15/33
110,000‌
113,405‌
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
695,000‌
686,185‌
Intel
Corp.
5.200%,
02/10/33
395,000‌
402,957‌
ION
Platform
Finance
US,
Inc.
7.875%,
09/30/32
(a)
300,000‌
292,668‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Iron
Mountain,
Inc.
5.250%,
07/15/30
(a)
617,000‌
614,446‌
Keysight
Technologies,
Inc.
4.950%,
10/15/34
150,000‌
151,069‌
Kioxia
Holdings
Corp.
6.250%,
07/24/30
(a)
250,000‌
258,223‌
6.625%,
07/24/33
(a)
300,000‌
313,294‌
Kyndryl
Holdings,
Inc.
3.150%,
10/15/31
150,000‌
136,668‌
Leidos
,
Inc.
2.300%,
02/15/31
60,000‌
53,691‌
Marvell
Technology,
Inc.
5.450%,
07/15/35
250,000‌
256,313‌
Micron
Technology,
Inc.
2.703%,
04/15/32
250,000‌
222,853‌
6.050%,
11/01/35
100,000‌
107,089‌
Motorola
Solutions,
Inc.
5.400%,
04/15/34
250,000‌
258,650‌
MSCI,
Inc.
5.250%,
09/01/35
100,000‌
100,319‌
NCR
Atleos
Corp.
9.500%,
04/01/29
(a)
500,000‌
539,825‌
Neptune
Bidco
US,
Inc.
9.290%,
04/15/29
(a)
1,022,000‌
1,009,177‌
NetApp,
Inc.
5.500%,
03/17/32
230,000‌
239,454‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
5.250%,
08/19/35
150,000‌
151,381‌
Oracle
Corp.
4.900%,
02/06/33
519,000‌
515,491‌
5.200%,
09/26/35
125,000‌
123,012‌
Paychex,
Inc.
5.600%,
04/15/35
400,000‌
417,583‌
Roper
Technologies,
Inc.
4.900%,
10/15/34
250,000‌
249,284‌
Sensata
Technologies
BV
4.000%,
04/15/29
(a)
355,000‌
345,905‌
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
08/15/32
(a)
558,000‌
576,521‌
Synopsys,
Inc.
5.150%,
04/01/35
500,000‌
507,789‌
UKG,
Inc.
6.875%,
02/01/31
(a)
900,000‌
926,260‌
Verisk
Analytics,
Inc.
5.250%,
06/05/34
158,000‌
162,461‌
WULF
Compute
LLC
7.750%,
10/15/30
(a)
1,000,000‌
1,037,624‌
Total
21,311,272‌
Tobacco
0.1%
Altria
Group,
Inc.
6.875%,
11/01/33
114,000‌
128,058‌
BAT
Capital
Corp
6.421%,
08/02/33
340,000‌
373,332‌
Total
501,390‌
Transportation
Services
0.2%
FedEx
Corp.
2.400%,
05/15/31
325,000‌
291,111‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
GXO
Logistics,
Inc.
2.650%,
07/15/31
100,000‌
89,356‌
Rand
Parent
LLC
8.500%,
02/15/30
(a)
355,000‌
362,841‌
Total
743,308‌
Wireless
0.9%
American
Tower
Corp.
5.550%,
07/15/33
250,000‌
261,490‌
Crown
Castle,
Inc.
5.800%,
03/01/34
150,000‌
157,923‌
Rogers
Communications,
Inc.
3.800%,
03/15/32
450,000‌
424,338‌
5.300%,
02/15/34
250,000‌
253,016‌
7.000%,
(US
5
Year
CMT
T-Note
+
2.653%),
04/15/55
(b)
150,000‌
157,047‌
7.125%,
(US
5
Year
CMT
T-Note
+
2.620%),
04/15/55
(b)
500,000‌
535,409‌
SBA
Communications
Corp.
3.125%,
02/01/29
500,000‌
472,616‌
T-Mobile
USA,
Inc.
5.200%,
01/15/33
469,000‌
482,893‌
Vmed
O2
UK
Financing
I
PLC
4.750%,
07/15/31
(a)
434,000‌
401,918‌
6.750%,
01/15/33
(a)
250,000‌
250,374‌
Vodafone
Group
PLC
4.125%,
(US
5
Year
CMT
T-Note
+
2.767%),
06/04/81
(b)
300,000‌
281,646‌
Zegona
Finance
PLC
8.625%,
07/15/29
(a)
200,000‌
212,684‌
Total
3,891,354‌
Wirelines
1.5%
AT&T,
Inc.
5.375%,
08/15/35
150,000‌
153,727‌
5.400%,
02/15/34
399,000‌
412,998‌
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
5.100%,
05/11/33
250,000‌
253,877‌
6.875%,
(US
5
Year
CMT
T-Note
+
2.390%),
09/15/55
(b)
500,000‌
522,775‌
7.000%,
(US
5
Year
CMT
T-Note
+
2.363%),
09/15/55
(b)
170,000‌
178,423‌
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
916,000‌
914,970‌
Iliad
Holding
SASU
7.000%,
10/15/28
(a)
647,000‌
656,670‌
Level
3
Financing,
Inc.
6.875%,
06/30/33
(a)
300,000‌
307,496‌
7.000%,
03/31/34
(a)
1,000,000‌
1,027,740‌
Verizon
Communications,
Inc.
4.780%,
02/15/35
400,000‌
392,359‌
5.250%,
04/02/35
250,000‌
252,804‌
Windstream
Services
LLC
7.500%,
10/15/33
(a)
800,000‌
798,321‌
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp.
8.250%,
10/01/31
(a)
500,000‌
510,722‌
Total
6,382,882‌
Total
Corporate
Bonds
(Cost
$181,712,014)
184,285,499‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
13
Foreign
Government
Obligations
(c),(d)
29.7%
Issue
Description
Principal
Amount
($)
Value
($)
Australia
0.9%
Australia
Government
Bond
Series
158,
1.250%,
05/21/32
AUD
675,000‌
373,309‌
Series
165,
1.750%,
11/21/32
AUD
784,000‌
442,190‌
Series
163,
1.000%,
11/21/31
AUD
5,337,000‌
2,953,639‌
Total
3,769,138‌
Brazil
1.5%
Brazilian
Government
International
Bond
6.000%,
10/20/33
1,561,000‌
1,596,615‌
6.125%,
03/15/34
500,000‌
510,129‌
6.625%,
03/15/35
2,650,000‌
2,759,546‌
Petrobras
Global
Finance
BV
6.500%,
07/03/33
1,069,000‌
1,111,997‌
6.000%,
01/13/35
300,000‌
296,490‌
Total
6,274,777‌
Canada
0.9%
Canadian
Government
Bond
3.000%,
06/01/34
CAD
3,513,000‌
2,499,462‌
3.250%,
06/01/35
CAD
1,980,000‌
1,428,432‌
Total
3,927,894‌
Chile
0.6%
Corp
Nacional
del
Cobre
de
Chile
Series
REGS,
5.950%,
01/08/34
1,505,000‌
1,581,658‌
Series
REGS,
6.440%,
01/26/36
750,000‌
816,583‌
Total
2,398,241‌
Colombia
1.7%
Colombia
Government
International
Bond
7.500%,
02/02/34
3,382,000‌
3,596,611‌
Ecopetrol
SA
8.875%,
01/13/33
3,136,000‌
3,394,657‌
Total
6,991,268‌
Costa
Rica
0.5%
Costa
Rica
Government
International
Bond
Series
REGS,
6.550%,
04/03/34
2,000,000‌
2,156,586‌
Dominican
Republic
0.9%
Dominican
Republic
International
Bond
Series
REGS,
4.875%,
09/23/32
3,672,000‌
3,519,604‌
France
0.9%
French
Republic
Government
Bond
Series
OAT,
1.250%,
05/25/34
(a)
EUR
3,853,000‌
3,797,128‌
Germany
0.9%
Bundesrepublik
Deutschland
Bundesanleihe
Series
TWIN,
2.300%,
02/15/33
EUR
3,240,000‌
3,707,632‌
Guatemala
0.3%
Guatemala
Government
Bond
Series
REGS,
6.600%,
06/13/36
1,250,000‌
1,346,712‌
Hungary
0.8%
Hungary
Government
International
Bond
Series
REGS,
2.125%,
09/22/31
1,802,000‌
1,551,511‌
Series
REGS,
5.500%,
03/26/36
1,820,000‌
1,836,215‌
Total
3,387,726‌
India
0.4%
Export-Import
Bank
of
India
Series
REGS,
2.250%,
01/13/31
1,700,000‌
1,523,763‌
Indonesia
1.1%
Indonesia
Government
International
Bond
Series
REGS,
7.750%,
01/17/38
2,460,000‌
3,076,795‌
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.700%,
06/06/32
1,800,000‌
1,822,960‌
Total
4,899,755‌
Italy
0.9%
Italy
Buoni
Poliennali
Del
Tesoro
Series
31Y,
5.000%,
08/01/34
(a)
EUR
1,043,000‌
1,370,290‌
Series
31Y,
4.000%,
02/01/37
(a)
EUR
1,976,000‌
2,401,746‌
Total
3,772,036‌
Ivory
Coast
0.5%
Ivory
Coast
Government
International
Bond
Series
REGS,
8.250%,
01/30/37
1,800,000‌
1,911,338‌
8.075%,
04/01/36
200,000‌
210,028‌
Total
2,121,366‌
Japan
0.8%
Japan
Government
Ten
Year
Bond
Series
368,
0.200%,
09/20/32
JPY
249,500,000‌
1,492,626‌
Series
366,
0.200%,
03/20/32
JPY
67,000,000‌
404,550‌
Series
371,
0.400%,
06/20/33
JPY
234,000,000‌
1,402,892‌
Total
3,300,068‌
Kazakhstan
0.2%
Kazakhstan
Government
International
Bond
Series
REGS,
4.714%,
04/09/35
800,000‌
788,599‌
Mexico
2.1%
Comision
Federalde
Electricidad
Series
REGS,
6.450%,
01/24/35
800,000‌
818,964‌
Mexico
Government
International
Bond
6.000%,
05/07/36
2,558,000‌
2,628,053‌
6.875%,
05/13/37
1,585,000‌
1,717,397‌
Petroleos
Mexicanos
6.625%,
06/15/35
1,900,000‌
1,818,235‌
5.950%,
01/28/31
1,650,000‌
1,613,202‌
Total
8,595,851‌
Morocco
0.9%
Morocco
Government
International
Bond
Series
REGS,
6.500%,
09/08/33
1,475,000‌
1,613,471‌
OCP
SA
Series
REGS,
6.750%,
05/02/34
1,900,000‌
2,063,124‌
Total
3,676,595‌
New
Zealand
0.9%
New
Zealand
Government
Bond
Series
0531,
1.500%,
05/15/31
NZD
852,000‌
439,454‌
Series
0433,
3.500%,
04/14/33
NZD
5,691,000‌
3,194,713‌
Total
3,634,167‌
Norway
0.9%
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
1,780,000‌
156,921‌
Series
486,
3.000%,
08/15/33
(a)
NOK
33,770,000‌
3,126,783‌
Series
484,
2.125%,
05/18/32
(a)
NOK
6,350,000‌
563,476‌
Total
3,847,180‌
Oman
0.5%
Oman
Government
International
Bond
Series
REGS,
6.250%,
01/25/31
1,800,000‌
1,944,719‌
Series
REGS,
7.375%,
10/28/32
200,000‌
232,898‌
Total
2,177,617‌
Panama
0.9%
Panama
Government
International
Bond
6.700%,
01/26/36
826,000‌
887,891‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETF
|
2025
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
2.252%,
09/29/32
1,506,000‌
1,242,169‌
6.400%,
02/14/35
1,500,000‌
1,581,954‌
Total
3,712,014‌
Paraguay
0.2%
Paraguay
Government
International
Bond
Series
REGS,
2.739%,
01/29/33
1,000,000‌
884,221‌
Peru
0.8%
Peruvian
Government
International
Bond
3.000%,
01/15/34
2,484,000‌
2,163,856‌
5.500%,
03/30/36
1,124,000‌
1,155,127‌
Total
3,318,983‌
Philippines
0.8%
Philippine
Government
International
Bond
9.500%,
02/02/30
867,000‌
1,043,819‌
6.375%,
10/23/34
590,000‌
665,834‌
3.950%,
01/20/40
1,600,000‌
1,436,747‌
Total
3,146,400‌
Romania
0.7%
Romanian
Government
International
Bond
Series
REGS,
6.375%,
01/30/34
2,000,000‌
2,050,738‌
5.750%,
03/24/35
500,000‌
488,256‌
Series
REGS,
7.125%,
01/17/33
320,000‌
344,905‌
Total
2,883,899‌
Serbia
0.4%
Serbia
International
Bond
Series
REGS,
6.000%,
06/12/34
1,550,000‌
1,628,565‌
South
Africa
0.6%
Republic
of
South
Africa
Government
International
Bond
Series
10Y,
5.875%,
04/20/32
500,000‌
515,459‌
7.100%,
11/19/36
1,700,000‌
1,828,809‌
Total
2,344,268‌
Sweden
0.9%
Sweden
Government
Bond
Series
1062,
0.125%,
05/12/31
SEK
14,120,000‌
1,327,794‌
Series
1065,
1.750%,
11/11/33
SEK
21,460,000‌
2,150,884‌
Series
1066,
2.250%,
05/11/35
SEK
4,000,000‌
411,006‌
Total
3,889,684‌
Switzerland
0.9%
Swiss
Confederation
Government
Bond
3.500%,
04/08/33
CHF
2,385,000‌
3,729,898‌
Turkey
1.1%
Turkiye
Government
International
Bond
Series
10Y,
7.625%,
05/15/34
2,000,000‌
2,134,376‌
6.500%,
01/03/35
2,650,000‌
2,618,466‌
Total
4,752,842‌
United
Arab
Emirates
1.3%
DP
World
PLC
Series
REGS,
6.850%,
07/02/37
2,040,000‌
2,350,959‌
Finance
Department
Government
of
Sharjah
Series
REGS,
6.125%,
03/06/36
1,500,000‌
1,578,734‌
Sharjah
Sukuk
Program
Ltd.
Series
EMTN,
6.092%,
03/19/34
1,000,000‌
1,075,822‌
Total
5,005,515‌
United
Kingdom
0.9%
United
Kingdom
Gilt
4.250%,
06/07/32
GBP
2,408,000‌
3,205,256‌
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
0.875%,
07/31/33
GBP
318,000‌
326,542‌
4.500%,
03/07/35
GBP
150,000‌
198,496‌
Total
3,730,294‌
Uruguay
0.8%
Uruguay
Government
International
Bond
5.750%,
10/28/34
2,080,000‌
2,235,920‌
4.375%,
01/23/31
1,159,000‌
1,172,557‌
Total
3,408,477‌
Uzbekistan
0.3%
Republic
of
Uzbekistan
International
Bond
6.900%,
02/28/32
950,000‌
1,028,853‌
Total
Foreign
Government
Obligations
(Cost
$120,073,040)
123,077,616‌
Residential
Mortgage-Backed
Securities
-
Agency
15.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
14.4%
4.500%,
11/15/55
(e)
2,360,000‌
2,300,107‌
5.000%,
11/15/55
(e)
9,070,000‌
9,023,625‌
5.500%,
11/15/55
(e)
18,325,000‌
18,513,686‌
6.000%,
11/15/55
(e)
20,120,000‌
20,573,846‌
6.500%,
11/15/55
(e)
8,875,000‌
9,189,927‌
Total
59,601,191‌
Federal
Home
Loan
Mortgage
Corporation
0.3%
3.500%,
08/01/47
365,789‌
344,858‌
3.500%,
08/01/49
105,096‌
98,018‌
3.500%,
09/01/49
126,930‌
118,356‌
3.500%,
10/01/49
143,265‌
133,430‌
3.500%,
11/01/49
138,779‌
129,419‌
3.500%,
02/01/50
155,755‌
145,166‌
4.000%,
08/01/49
105,833‌
101,758‌
4.000%,
09/01/49
139,969‌
134,835‌
Total
1,205,840‌
Federal
National
Mortgage
Association
0.3%
3.500%,
04/01/49
37,454‌
34,959‌
3.500%,
08/01/49
108,516‌
101,197‌
3.500%,
09/01/49
205,733‌
191,857‌
3.500%,
09/01/49
122,879‌
114,565‌
3.500%,
10/01/49
130,482‌
121,641‌
3.500%,
12/01/49
147,349‌
137,334‌
3.500%,
02/01/50
149,394‌
138,822‌
4.000%,
09/01/47
159,605‌
154,416‌
4.000%,
03/01/48
291,132‌
282,114‌
4.000%,
05/01/49
30,827‌
29,744‌
Total
1,306,649‌
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$62,279,866)
62,113,680‌
Treasury
Bills
8.4%
Principal
Amount
($)
Value
($)
United
States
8.4%
U.S.
Treasury
Bill
3.939%,
12/26/25
10,000,000‌
9,942,513‌
3.941%,
12/18/25
10,000,000‌
9,951,666‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
15
Notes
to
Portfolio
of
Investments
Treasury
Bills
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.235%,
11/25/25
5,000,000‌
4,988,175‌
4.350%,
11/18/25
10,000,000‌
9,983,909‌
Total
34,866,263‌
Total
Treasury
Bills
(Cost
$34,856,391)
34,866,263‌
U.S.
Treasury
Obligations
9.8%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bond
7.4%
2.750%,
08/15/42
7,456,000‌
5,847,135‌
2.750%,
08/15/47
550,000‌
403,047‌
3.000%,
05/15/42
3,960,000‌
3,237,300‌
4.250%,
02/15/54
2,407,000‌
2,243,399‌
4.250%,
08/15/54
575,000‌
536,188‌
4.375%,
08/15/43
1,610,000‌
1,566,228‌
4.500%,
02/15/44
1,970,000‌
1,941,989‌
4.500%,
11/15/54
1,368,000‌
1,330,380‌
4.625%,
11/15/44
250,000‌
249,688‌
4.625%,
02/15/55
300,000‌
297,797‌
4.750%,
11/15/43
1,000,000‌
1,018,906‌
4.750%,
02/15/45
720,000‌
730,125‌
4.750%,
05/15/55
5,000,000‌
5,065,625‌
4.750%,
08/15/55
1,690,000‌
1,712,973‌
4.875%,
08/15/45
80,000‌
82,400‌
5.000%,
05/15/45
4,130,000‌
4,322,303‌
Total
30,585,483‌
U.S.
Treasury
Note
2.4%
3.875%,
08/15/33
2,197,000‌
2,186,701‌
4.000%,
02/15/34
2,169,000‌
2,170,694‌
4.250%,
05/15/35
1,500,000‌
1,520,391‌
4.250%,
08/15/35
530,000‌
536,625‌
4.375%,
05/15/34
874,000‌
897,216‌
4.500%,
11/15/33
1,678,000‌
1,739,614‌
4.625%,
02/15/35
1,155,000‌
1,204,990‌
Total
10,256,231‌
Total
U.S.
Treasury
Obligations
(Cost
$40,343,005)
40,841,714‌
Money
Market
Funds
5.9%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
3.870%
(f)
24,366,572‌
24,366,572‌
Total
Money
Market
Funds
(Cost
$24,366,572)
24,366,572‌
Total
Investments
in
Securities
(Cost
$463,630,888)
469,551,344‌
Other
Assets
&
Liabilities,
Net
(54,688,823‌)
Net
Assets
414,862,521‌
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2025,
the
total
value
of
these
securities
amounted
to
$123,678,219,
which
represents
29.81%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2025.
(c)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETF
|
2025
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
Abbreviation
Legend
CMT
Constant
Maturity
Treasury
SOFRRATE
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
Pound
Sterling
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Diversified
Fixed
Income
Allocation
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
17
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
184,285,499
–
184,285,499
Foreign
Government
Obligations
–
123,077,616
–
123,077,616
Residential
Mortgage-Backed
Securities
-
Agency
–
62,113,680
–
62,113,680
Treasury
Bills
–
34,866,263
–
34,866,263
U.S.
Treasury
Obligations
–
40,841,714
–
40,841,714
Money
Market
Funds
24,366,572
–
–
24,366,572
Total
Investments
in
Securities
24,366,572
445,184,772
–
469,551,344
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETF
|
2025
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$463,630,888)
$469,551,344
Cash
25,453
Foreign
currency
(cost
$29)
29
Receivable
for:
Interest
4,967,626
Investments
sold
2,211,448
Reclaims
receivable
149,357
Total
assets
476,905,257
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
60,418,782
Investments
purchased
1,504,872
Investment
management
fees
96,054
Other
accrued
expenses
23,028
Total
liabilities
62,042,736
Net
assets
applicable
to
outstanding
capital
stock
$414,862,521
Represented
by:
Paid-in
capital
$512,361,138
Total
distributable
earnings
(loss)
(97,498,617)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$414,862,521
Shares
outstanding
22,500,000
Net
asset
value
per
share
$18.44
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
19
3
Investment
Income:
Interest
$19,069,416
Total
income
19,069,416
Expenses:
Investment
management
fees
1,045,090
Total
expenses
1,045,090
Net
Investment
Income
18,024,326
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(5,407,080)
In-kind
transactions
-
unaffiliated
issuers
(1,678,167)
Foreign
currency
translations
7,246
Net
realized
loss
(7,078,001)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
17,419,407
Foreign
currency
translations
14,062
Net
change
in
unrealized
appreciation
17,433,469
Net
realized
and
unrealized
gain
10,355,468
Net
Increase
in
net
assets
resulting
from
operations
$28,379,794
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Indexed
ETF
|
2025
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
$18,024,326
$17,496,174
Net
realized
loss
(7,078,001)
(13,495,949)
Net
change
in
unrealized
appreciation
17,433,469
41,372,677
Net
increase
in
net
assets
resulting
from
operations
28,379,794
45,372,902
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(17,982,099)
(17,268,686)
Shareholder
transactions
Proceeds
from
shares
sold
96,750,304
96,035,165
Cost
of
shares
redeemed
(73,772,326)
(89,972,643)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
22,977,978
6,062,522
Increase
in
net
assets
33,375,673
34,166,738
Net
Assets:
Net
assets
beginning
of
year
381,486,848
347,320,110
Net
assets
at
end
of
year
$414,862,521
$381,486,848
Capital
stock
activity
Shares
outstanding,
beginning
of
year
21,300,000
21,050,000
Shares
sold
5,350,000
5,400,000
Shares
redeemed
(4,150,000)
(5,150,000)
Shares
outstanding,
end
of
year
22,500,000
21,300,000
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
21
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$17.91‌
$16.50‌
$16.80‌
$21.29‌
$21.36‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.87‌
0.81‌
0.68‌
0.54‌
0.50‌
Net
realized
and
unrealized
gain
(loss)
0.53‌
1.40‌
(0.30‌)
(a)
(4.48‌)
(0.04‌)
Total
from
investment
operations
1.40‌
2.21‌
0.38‌
(3.94‌)
0.46‌
Less
distributions
to
shareholders:
Net
investment
income
(0.87‌)
(0.80‌)
(0.68‌)
(0.55‌)
(0.53‌)
Total
distribution
to
shareholders
(0.87‌)
(0.80‌)
(0.68‌)
(0.55‌)
(0.53‌)
Net
asset
value,
end
of
year
$18.44‌
$17.91‌
$16.50‌
$16.80‌
$21.29‌
Total
Return
at
NAV
8.05‌%
13.54‌%
2.10‌%
(18.80‌)%
2.16‌%
Total
Return
at
Market
Price
8.04‌%
13.45‌%
2.22‌%
(18.87‌)%
1.97‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28‌%
0.28‌%
0.28‌%
(c)
0.28‌%
(c)
0.28‌%
Total
net
expenses
(b)(d)
0.28‌%
0.28‌%
0.28‌%
(c)
0.28‌%
(c)
0.28‌%
Net
investment
income
4.83‌%
4.56‌%
3.86‌%
2.78‌%
2.34‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$414,863‌
$381,487‌
$347,320‌
$572,031‌
$1,215,511‌
Portfolio
turnover
199‌%
187‌%
184‌%
198‌%
171‌%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
22
Indexed
ETF
|
2025
Note
1.
Organization
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
23
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Fund
does
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Asset-
and
mortgage-backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
24
Indexed
ETF
|
2025
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
25
The
value
of
additional
securities
received
as
an
income
payment
through
a
payment-in-kind,
if
any,
is
recorded
as
interest
income
and
increases
the
cost
basis
of
such
securities.
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.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
26
Indexed
ETF
|
2025
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.28%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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.
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
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
principal
and/or
interest
of
fixed
income
securities,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
and
foreign
currency
transactions.
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.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
80,941
1,747,288
(1,828,229)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
27
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$762,520,590
and
$754,543,231,
respectively,
for
the
year
ended
October
31,
2025,
of
which
$655,832,213
and
$651,655,018,
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
$76,188,668.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2025,
the
in-kind
redemption
cost
basis
was
$63,547,056,
the
proceeds
from
sales
were
$61,868,889
and
the
net
realized
loss
was
$1,678,167.
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
17,982,099
-
17,982,099
17,268,686
-
17,268,686
Undistributed
ordinary
income
($)
Undistributed
long-
term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
761,593
-
(104,055,595)
5,782,356
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
463,768,988
10,044,742
(4,262,386)
5,782,356
No
expiration
short-term
($)
No
expiration
long-
term
($)
Total
($)
Utilized
($)
(52,471,307)
(51,584,288)
(104,055,595)
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
28
Indexed
ETF
|
2025
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
23,
2025
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
$750
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
1.00%
in
each
case.
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
fees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
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
$900
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
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund’s
holdings
and
the
Fund’s
net
asset
value
may
go
down.
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.
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.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Fund
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Fund,
including
fund
accounting
and
financial
reporting
services.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
29
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
30
Indexed
ETF
|
2025
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Diversified
Fixed
Income
Allocation
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Diversified
Fixed
Income
Allocation
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Indexed
ETF
|
2025
31
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Fund’s
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
32
Indexed
ETF
|
2025
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETF
|
2025
33
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund’s
total
expense
ratio
approximated
the
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN290_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Multi-Sector
Municipal
Income
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Indexed
ETF
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
16
Statement
of
Operations
17
Statement
of
Changes
in
Net
Assets
18
Financial
Highlights
19
Notes
to
Financial
Statements
20
Report
of
Independent
Registered
Public
Accounting
Firm
26
Federal
Income
Tax
Information
27
Approval
of
Investment
Management
Services
Agreement
28
PORTFOLIO
OF
INVESTMENTS
October
31,
2025
(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.
Indexed
ETF
|
2025
3
Municipal
Bonds
98.2%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
0.5%
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
AL
Revenue
Bonds
5.250%,
06/01/50
755,000‌
801,102‌
Baldwin
County
Industrial
Development
Authority
Series
A
(Mandatory
Put
06/01/32)
Revenue
Bonds
5.000%,
06/01/55
(a)
1,000,000‌
1,029,362‌
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/36
370,000‌
395,435‌
Hoover
Industrial
Development
Board
Revenue
Bonds
5.750%,
10/01/49
500,000‌
507,116‌
Total
Alabama
2,733,015‌
Alaska
0.2%
Alaska
Housing
Finance
Corp.
Series
A
Revenue
Bonds
5.000%,
06/01/31
1,000,000‌
1,099,532‌
Arizona
1.2%
Arizona
Industrial
Development
Authority
Revenue
Bonds
6.000%,
07/01/47
(a)
330,000‌
335,727‌
City
of
Phoenix
Civic
Improvement
Corp.
Series
D
Revenue
Bonds
5.000%,
07/01/36
1,500,000‌
1,539,345‌
Maricopa
County
Industrial
Development
Authority
Revenue
Bonds
5.000%
12/01/45
,
Series
D
725,000‌
751,573‌
4.000%
10/15/47
(a)
1,000,000‌
849,959‌
Maricopa
County
Special
Health
Care
District
5.000%
07/01/31
,
Series
C
1,280,000‌
1,351,541‌
5.000%
07/01/32
,
Series
D
875,000‌
972,253‌
Sierra
Vista
Industrial
Development
Authority
Revenue
Bonds
5.000%,
06/15/44
(a)
325,000‌
312,873‌
Total
Arizona
6,113,271‌
Arkansas
0.6%
Arkansas
Development
Finance
Authority
Revenue
Bonds
4.500%,
09/01/49
(a)
2,000,000‌
1,868,624‌
4.750%,
09/01/49
(a)
1,000,000‌
968,836‌
Total
Arkansas
2,837,460‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Colorado
4.1%
City
&
County
of
Denver
CO
Airport
System
Revenue
,
Series
A
Revenue
Bonds
5.000%,
11/15/30
2,700,000‌
2,956,341‌
5.000%,
12/01/30
150,000‌
164,025‌
5.000%,
11/15/32
950,000‌
1,067,903‌
5.000%,
11/15/37
1,000,000‌
1,087,536‌
City
of
Colorado
Springs
CO.
Utilities
System
Revenue
Series
A-1
Revenue
Bonds
5.000%,
11/15/30
850,000‌
884,236‌
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
12/01/34
,
Series
A
1,000,000‌
1,125,566‌
4.000%
08/01/37
,
Series
A
370,000‌
376,720‌
4.000%
08/01/38
,
Series
A-1
500,000‌
505,743‌
4.000%
11/15/38
1,030,000‌
1,039,798‌
4.000%
11/01/39
,
Series
A
280,000‌
277,119‌
5.000%
11/01/39
,
Series
A
180,000‌
188,132‌
5.000%
12/01/39
1,000,000‌
1,088,794‌
5.000%
11/15/41
,
Series
A
250,000‌
268,793‌
4.000%
11/15/43
,
Series
A
790,000‌
743,722‌
4.000%
08/01/44
,
Series
A-1
1,190,000‌
1,077,622‌
5.000%
08/01/44
,
Series
A-2
1,200,000‌
1,218,569‌
5.000%
11/01/44
,
Series
A
700,000‌
713,509‌
4.000%
11/15/46
,
Series
A
715,000‌
666,648‌
4.000%
08/01/49
,
Series
A
500,000‌
436,179‌
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(b)
140,000‌
105,520‌
State
of
Colorado
Revenue
Bonds
5.000%
12/15/29
,
Series
A
1,000,000‌
1,068,249‌
5.000%
12/15/31
,
Series
A
435,000‌
484,503‌
5.000%
12/15/33
,
Series
A
1,000,000‌
1,106,672‌
4.000%
12/15/36
,
Series
A
500,000‌
516,519‌
3.000%
12/15/37
,
Series
A
250,000‌
233,023‌
4.000%
12/15/38
,
Series
A
515,000‌
522,465‌
4.000%
03/15/46
,
Series
S
1,000,000‌
939,605‌
Total
Colorado
20,863,511‌
Connecticut
2.8%
City
of
Hartford
CT
Revenue
Bonds
5.000%,
04/01/29
1,395,000‌
1,508,612‌
Connecticut
Housing
Finance
Authority
Series
F-1
Revenue
Bonds
4.200%,
11/15/39
1,000,000‌
1,014,382‌
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Series
A
Revenue
Bonds
5.000%,
07/01/32
1,740,000‌
1,837,693‌
3.000%,
07/01/39
345,000‌
277,742‌
5.000%,
09/01/46
(a)
500,000‌
479,865‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETF
|
2025
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
State
of
Connecticut
5.000%
09/15/28
,
Series
D
1,000,000‌
1,067,375‌
5.000%
09/15/30
,
Series
D
650,000‌
722,221‌
5.000%
11/15/32
,
Series
E
670,000‌
771,102‌
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
07/01/34
1,100,000‌
1,291,726‌
4.000%
05/01/37
,
Series
A
1,500,000‌
1,545,906‌
5.000%
07/01/37
,
Series
A-2
850,000‌
978,083‌
4.000%
05/01/38
,
Series
A
1,000,000‌
1,029,568‌
4.000%
11/01/39
,
Series
D
910,000‌
928,830‌
University
of
Connecticut
Series
A
Revenue
Bonds
5.000%,
11/15/43
650,000‌
673,157‌
Total
Connecticut
14,126,262‌
Delaware
0.5%
Delaware
State
Health
Facilities
Authority
,
Series
A
Revenue
Bonds
4.000%,
07/01/40
600,000‌
595,712‌
5.000%,
10/01/40
715,000‌
756,890‌
5.000%,
10/01/45
1,205,000‌
1,233,027‌
Total
Delaware
2,585,629‌
District
of
Columbia
0.9%
District
of
Columbia
5.000%
10/15/32
,
Series
A
200,000‌
213,945‌
District
of
Columbia
Revenue
Bonds
5.000%
04/01/33
470,000‌
477,981‌
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
,
Series
A
Revenue
Bonds
5.000%,
10/01/30
750,000‌
815,716‌
5.000%,
10/01/32
350,000‌
384,030‌
5.250%,
10/01/45
1,000,000‌
1,057,025‌
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30
,
Series
B
(b)
130,000‌
111,369‌
0.000%
10/01/37
,
Series
A
(b)
2,500,000‌
1,441,200‌
Total
District
of
Columbia
4,501,266‌
Florida
6.3%
Alachua
County
Health
Facilities
Authority
Series
B-1
Revenue
Bonds
5.000%,
12/01/37
285,000‌
300,505‌
Brevard
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
04/01/42
1,500,000‌
1,574,255‌
Central
Florida
Expressway
Authority
Revenue
Bonds
5.000%
07/01/33
,
Series
B
1,000,000‌
1,145,536‌
5.000%
07/01/34
,
Series
D
645,000‌
713,941‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Gainesville
FL
Utilities
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/32
385,000‌
397,857‌
City
Of
South
Miami
Health
Facilities
Authority,
Inc.
Revenue
Bonds
5.000%,
08/15/47
1,000,000‌
1,009,753‌
City
of
Tampa
,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000‌
173,192‌
4.000%,
07/01/39
500,000‌
489,049‌
City
of
Tampa
FL
Revenue
Bonds
5.000%,
07/01/50
935,000‌
943,886‌
County
of
Miami-Dade
FL
5.000%,
07/01/34
1,000,000‌
1,169,231‌
County
of
Miami-Dade
Fl
Aviation
Revenue
,
Series
A
Revenue
Bonds
5.000%,
10/01/34
1,000,000‌
1,127,784‌
5.000%,
10/01/36
3,000,000‌
3,331,322‌
County
of
Miami-Dade
Seaport
Department
Series
A
Revenue
Bonds
5.250%,
10/01/52
1,885,000‌
1,925,851‌
County
of
Palm
Beach
FL
Revenue
Bonds
5.500%,
10/01/45
(a)
1,000,000‌
1,024,172‌
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
600,000‌
524,054‌
Florida
Development
Finance
Corp.
,
Series
A
Revenue
Bonds
4.000%,
06/01/36
(a)
400,000‌
366,897‌
4.000%,
06/01/41
(a)
200,000‌
168,136‌
Greater
Orlando
Aviation
Authority
,
Series
A
Revenue
Bonds
4.000%,
10/01/37
1,400,000‌
1,401,431‌
5.000%,
10/01/38
400,000‌
421,248‌
Hillsborough
County
Industrial
Development
Authority
Revenue
Bonds
5.250%,
11/15/49
2,000,000‌
2,129,483‌
JEA
Electric
System
Revenue
Revenue
Bonds
5.000%
10/01/34
310,000‌
362,834‌
4.000%
10/01/36
,
Series
B
1,000,000‌
1,010,800‌
4.000%
10/01/37
,
Series
B
1,015,000‌
1,019,247‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
5
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Marion
County
School
Board
Revenue
Bonds
5.000%,
06/01/38
500,000‌
555,389‌
Martin
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
01/01/46
845,000‌
789,673‌
Miami
Beach
Health
Facilities
Authority
Series
B
Revenue
Bonds
4.000%,
11/15/46
1,000,000‌
917,596‌
Palm
Beach
County
Health
Facilities
Authority
Revenue
Bonds
5.000%,
11/15/42
1,035,000‌
1,051,824‌
Palm
Beach
County
School
District
Revenue
Bonds
5.000%,
08/01/38
1,500,000‌
1,658,287‌
Polk
County
School
District
Revenue
Bonds
5.000%,
10/01/33
435,000‌
470,952‌
Sarasota
County
Public
Hospital
District
Revenue
Bonds
4.000%,
07/01/48
1,000,000‌
896,217‌
School
District
of
Broward
County
Revenue
Bonds
5.000%
07/01/34
,
Series
A
250,000‌
272,182‌
5.000%
07/01/35
,
Series
B
1,000,000‌
1,112,443‌
South
Broward
Hospital
District
Revenue
Bonds
3.500%
05/01/39
,
Series
A
370,000‌
337,125‌
4.000%
05/01/48
1,000,000‌
910,865‌
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000‌
150,850‌
Total
Florida
31,853,867‌
Georgia
2.3%
Augusta
GA
Water
&
Sewer
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/34
1,010,000‌
1,183,084‌
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000‌
468,076‌
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
D
Revenue
Bonds
4.000%,
07/01/37
1,000,000‌
997,323‌
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.750%,
11/01/28
1,000,000‌
1,096,416‌
5.750%,
11/01/29
785,000‌
884,301‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Columbia
County
Hospital
Authority
Revenue
Bonds
5.000%,
04/01/48
875,000‌
908,622‌
Development
Authority
for
Fulton
County
Series
A
Revenue
Bonds
4.000%,
07/01/49
1,000,000‌
901,138‌
Gainesville
&
Hall
County
Hospital
Authority
Revenue
Bonds
4.000%,
02/15/45
1,140,000‌
1,070,275‌
Georgia
State
Road
&
Tollway
Authority
Revenue
Bonds
5.000%,
06/01/32
1,000,000‌
1,097,708‌
Griffin-Spalding
County
Hospital
Authority
Series
A
Revenue
Bonds
4.000%,
04/01/42
1,000,000‌
959,187‌
State
of
Georgia
5.000%
07/01/32
,
Series
A-1
545,000‌
615,806‌
5.000%
07/01/33
,
Series
A
1,000,000‌
1,146,948‌
Total
Georgia
11,328,884‌
Hawaii
0.2%
State
of
Hawaii
5.000%,
01/01/31
875,000‌
912,287‌
Idaho
0.6%
Idaho
Health
Facilities
Authority
Revenue
Bonds
5.000%
03/01/44
1,000,000‌
1,060,482‌
5.250%
03/01/50
,
Series
A
1,345,000‌
1,424,960‌
Idaho
Housing
&
Finance
Association
Series
A
Revenue
Bonds
4.050%,
01/01/39
335,000‌
332,679‌
Total
Idaho
2,818,121‌
Illinois
6.8%
Chicago
Board
of
Education
0.000%
12/01/31
,
Series
B-1
(b)
220,000‌
175,650‌
5.000%
12/01/34
,
Series
A
1,000,000‌
1,022,534‌
5.000%
12/01/35
,
Series
A
250,000‌
253,316‌
4.000%
12/01/36
,
Series
B
1,200,000‌
1,114,899‌
5.000%
12/01/36
,
Series
A
300,000‌
302,207‌
5.000%
12/01/37
,
Series
A
600,000‌
600,791‌
5.000%
12/01/38
,
Series
A
1,800,000‌
1,790,960‌
5.250%
12/01/39
,
Series
C
875,000‌
862,076‌
4.000%
12/01/41
,
Series
B
1,000,000‌
849,480‌
5.000%
12/01/41
,
Series
A
250,000‌
240,729‌
5.000%
12/01/42
,
Series
A
200,000‌
188,881‌
4.000%
12/01/43
,
Series
A
1,500,000‌
1,246,061‌
5.000%
12/01/46
,
Series
H
1,000,000‌
907,381‌
5.000%
12/01/47
,
Series
A
2,000,000‌
1,826,655‌
Chicago
O'hare
International
Airport
Series
B
Revenue
Bonds
5.000%,
01/01/48
2,250,000‌
2,286,443‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETF
|
2025
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Chicago
O'Hare
International
Airport
Series
A
Revenue
Bonds
4.000%,
01/01/36
195,000‌
200,640‌
City
of
Chicago
IL
Wastewater
Transmission
Revenue
Series
B
Revenue
Bonds
5.000%,
01/01/30
300,000‌
326,024‌
City
of
Chicago
IL
Waterworks
Revenue
Revenue
Bonds
5.000%
11/01/30
1,315,000‌
1,335,488‌
5.000%
11/01/32
,
Series
B
785,000‌
879,483‌
City
of
Springfield
IL
Electric
Revenue
Revenue
Bonds
5.000%,
03/01/39
1,000,000‌
1,097,471‌
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
470,000‌
485,123‌
Illinois
Finance
Authority
Revenue
Bonds
5.000%
07/01/30
710,000‌
785,153‌
4.000%
08/15/37
,
Series
A
900,000‌
904,260‌
3.000%
10/01/37
,
Series
A
625,000‌
567,291‌
4.125%
11/15/37
,
Series
A
235,000‌
227,018‌
3.000%
07/15/40
,
Series
A
725,000‌
640,972‌
4.000%
08/15/41
,
Series
A
600,000‌
577,115‌
5.500%
08/01/43
,
Series
A
(a)
500,000‌
522,436‌
4.125%
05/15/47
,
Series
A
1,000,000‌
913,128‌
Illinois
Housing
Development
Authority
Series
K
Revenue
Bonds
4.950%,
10/01/38
265,000‌
282,082‌
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/31
,
Series
C
150,000‌
163,431‌
5.000%
01/01/36
,
Series
A
705,000‌
806,780‌
5.000%
01/01/37
,
Series
A
1,000,000‌
1,132,729‌
5.000%
01/01/38
,
Series
A
2,120,000‌
2,382,576‌
5.000%
01/01/39
605,000‌
671,264‌
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
06/15/29
(b)
535,000‌
477,693‌
0.000%
12/15/29
,
Series
A
(b)
160,000‌
140,647‌
0.000%
06/15/30
(b)
370,000‌
315,034‌
0.000%
06/15/30
,
Series
A
(b)
415,000‌
359,105‌
0.000%
12/15/32
,
Series
A
(b)
850,000‌
662,355‌
0.000%
06/15/36
,
Series
A
(b)
1,540,000‌
1,021,123‌
0.000%
12/15/36
,
Series
A
(b)
1,750,000‌
1,134,053‌
0.000%
12/15/41
,
Series
B
(b)
280,000‌
135,350‌
5.000%
06/15/42
,
Series
B
1,000,000‌
1,037,134‌
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(b)
300,000‌
257,019‌
Total
Illinois
34,108,040‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Indiana
0.6%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000‌
89,767‌
Indiana
Finance
Authority
Revenue
Bonds
5.000%
10/01/32
,
Series
S
1,000,000‌
1,123,656‌
5.000%
10/01/41
760,000‌
829,372‌
4.250%
03/01/49
1,300,000‌
1,196,510‌
Total
Indiana
3,239,305‌
Iowa
0.7%
Iowa
Finance
Authority
Revenue
Bonds
5.000%
08/01/34
,
Series
A
2,035,000‌
2,390,628‌
5.000%
05/15/43
,
Series
A
160,000‌
157,842‌
4.000%
08/15/46
,
Series
E
1,000,000‌
916,664‌
Total
Iowa
3,465,134‌
Kansas
0.1%
University
of
Kansas
Hospital
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/47
650,000‌
652,887‌
Kentucky
0.7%
Kentucky
State
Property
&
Building
Commission
Revenue
Bonds
5.000%
09/01/33
(c)
1,000,000‌
1,149,994‌
5.000%
05/01/36
1,000,000‌
1,038,932‌
4.000%
11/01/37
,
Series
A
1,185,000‌
1,202,590‌
Total
Kentucky
3,391,516‌
Louisiana
1.0%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
725,000‌
680,867‌
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.000%
10/15/36
,
Series
A
1,145,000‌
1,271,947‌
5.500%
09/01/54
1,000,000‌
1,026,400‌
State
of
Louisiana
,
Series
E
5.000%,
09/01/30
1,000,000‌
1,112,317‌
5.000%,
09/01/33
1,000,000‌
1,164,461‌
Total
Louisiana
5,255,992‌
Maine
0.7%
Maine
Governmental
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
10/01/37
660,000‌
667,806‌
Maine
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
5.000%
10/01/38
,
Series
B
645,000‌
727,231‌
5.000%
07/01/43
,
Series
A
1,430,000‌
1,459,182‌
4.000%
07/01/45
,
Series
A
790,000‌
743,532‌
Total
Maine
3,597,751‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
7
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maryland
1.7%
County
of
Howard
Series
B
5.000%,
02/15/28
225,000‌
231,353‌
County
of
Montgomery
Series
A
5.000%,
08/01/30
300,000‌
333,619‌
Maryland
Community
Development
Administration
Series
C
Revenue
Bonds
2.200%,
09/01/36
350,000‌
291,184‌
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/42
650,000‌
616,778‌
5.500%
01/01/46
,
Series
A
750,000‌
758,764‌
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
565,000‌
590,285‌
State
of
Maryland
5.000%
03/01/31
,
Series
A
415,000‌
466,823‌
5.000%
03/15/31
,
Series
2
640,000‌
704,331‌
5.000%
08/01/31
,
Series
2
465,000‌
505,405‌
5.000%
03/15/32
,
Series
2
265,000‌
284,119‌
5.000%
03/01/33
,
Series
A
1,000,000‌
1,117,680‌
5.000%
06/01/34
1,000,000‌
1,179,691‌
State
of
Maryland
Department
of
Transportation
Series
A
Revenue
Bonds
5.250%,
08/01/44
1,400,000‌
1,501,714‌
Total
Maryland
8,581,746‌
Massachusetts
3.0%
Commonwealth
of
Massachusetts
5.000%
05/01/31
,
Series
A
915,000‌
1,032,596‌
4.000%
11/01/32
,
Series
E
1,000,000‌
1,024,486‌
5.000%
07/01/34
,
Series
A
1,000,000‌
1,178,460‌
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
07/01/35
1,000,000‌
1,178,353‌
5.000%
10/01/38
400,000‌
391,235‌
5.000%
10/01/39
1,425,000‌
1,570,888‌
4.000%
07/01/40
200,000‌
174,224‌
5.250%
08/15/41
,
Series
A
500,000‌
540,088‌
5.000%
07/01/43
,
Series
J2
850,000‌
871,610‌
5.000%
07/01/44
1,000,000‌
996,782‌
5.250%
08/15/44
,
Series
A
1,000,000‌
1,050,982‌
5.250%
08/15/45
,
Series
A
1,000,000‌
1,041,570‌
5.000%
07/01/46
1,000,000‌
982,942‌
5.000%
07/01/47
1,080,000‌
1,129,693‌
Massachusetts
Transportation
Trust
Fund
Metropolitan
Highway
System
Revenue
Revenue
Bonds
5.000%,
01/01/31
1,125,000‌
1,215,725‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Massachusetts
Water
Resources
Authority
Revenue
Bonds
5.250%,
08/01/32
250,000‌
293,866‌
University
of
Massachusetts
Building
Authority
Series
1
Revenue
Bonds
4.000%,
11/01/46
500,000‌
477,881‌
Total
Massachusetts
15,151,381‌
Michigan
2.8%
Advanced
Technology
Academy
Revenue
Bonds
5.000%,
11/01/44
500,000‌
478,196‌
City
of
Detroit
5.000%
04/01/35
400,000‌
409,869‌
5.000%
04/01/46
,
Series
A
725,000‌
733,278‌
Great
Lakes
Water
Authority
Sewage
Disposal
System
Revenue
Revenue
Bonds
5.000%,
07/01/33
1,000,000‌
1,154,808‌
Great
Lakes
Water
Authority
Water
Supply
System
Revenue
,
Series
A
Revenue
Bonds
5.000%,
07/01/31
1,500,000‌
1,686,747‌
5.000%,
07/01/32
1,000,000‌
1,140,501‌
Michigan
Finance
Authority
Revenue
Bonds
4.000%
10/01/30
,
Series
B
1,000,000‌
1,008,994‌
3.125%
12/01/35
,
Series
A
455,000‌
435,716‌
5.000%
04/15/37
,
Series
A
335,000‌
368,476‌
3.250%
11/15/42
150,000‌
121,494‌
4.000%
02/15/44
,
Series
A
1,000,000‌
934,246‌
3.000%
12/01/49
,
Series
A
1,350,000‌
958,819‌
Michigan
State
Housing
Development
Authority
Revenue
Bonds
3.750%
06/01/32
,
Series
A
1,730,000‌
1,773,376‌
4.500%
12/01/38
,
Series
B
1,000,000‌
1,030,925‌
State
of
Michigan
Trunk
Line
Revenue
Revenue
Bonds
5.000%,
11/15/46
2,000,000‌
2,116,260‌
Total
Michigan
14,351,705‌
Minnesota
0.5%
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
210,000‌
206,335‌
City
of
Woodbury
MN
Series
A
Revenue
Bonds
6.000%,
07/01/65
500,000‌
495,043‌
Minnesota
Public
Facilities
Authority
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/33
665,000‌
771,290‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETF
|
2025
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Stillwater
Independent
School
District
No
834
Series
A
4.000%,
02/01/43
1,000,000‌
1,005,804‌
Total
Minnesota
2,478,472‌
Missouri
1.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Series
A
Revenue
Bonds
4.000%,
05/15/42
950,000‌
920,773‌
4.000%,
07/01/46
1,600,000‌
1,499,846‌
Kansas
City
Industrial
Development
Authority
Revenue
Bonds
4.000%
03/01/36
1,000,000‌
1,001,507‌
4.000%
03/01/37
2,000,000‌
1,992,378‌
5.000%
03/01/39
,
Series
B
1,225,000‌
1,261,576‌
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000‌
151,472‌
Missouri
Joint
Municipal
Electric
Utility
Commission
Revenue
Bonds
5.000%,
12/01/38
365,000‌
409,800‌
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue
Bonds
2.750%,
09/01/33
1,000,000‌
960,198‌
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000‌
101,085‌
Total
Missouri
8,298,635‌
Nebraska
0.6%
Nebraska
Investment
Finance
Authority
Revenue
Bonds
2.350%
09/01/35
,
Series
A
740,000‌
643,672‌
4.100%
09/01/38
,
Series
C
1,000,000‌
1,006,512‌
Public
Power
Generation
Agency
Revenue
Bonds
5.000%,
01/01/34
1,000,000‌
1,156,911‌
Total
Nebraska
2,807,095‌
Nevada
0.2%
State
of
Nevada
Department
of
Business
&
Industry
Series
A
Revenue
Bonds
5.000%,
12/15/38
(a)
1,000,000‌
999,954‌
New
Jersey
9.9%
New
Jersey
Economic
Development
Authority
Revenue
Bonds
3.125%
07/01/31
,
Series
A
145,000‌
143,170‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
11/01/33
1,565,000‌
1,684,654‌
4.000%
06/15/34
,
Series
QQQ
350,000‌
364,098‌
4.000%
07/01/34
,
Series
A
1,065,000‌
1,075,456‌
5.000%
11/01/35
400,000‌
429,163‌
5.000%
11/01/36
,
Series
A
675,000‌
751,058‌
5.000%
06/01/37
715,000‌
727,970‌
4.000%
06/15/37
,
Series
QQQ
700,000‌
713,598‌
5.000%
06/15/37
1,000,000‌
1,067,617‌
4.000%
06/15/44
1,000,000‌
954,895‌
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Bonds
4.000%
07/01/35
370,000‌
378,597‌
5.000%
10/01/36
1,325,000‌
1,374,002‌
5.000%
10/01/37
1,105,000‌
1,148,159‌
4.000%
07/01/44
435,000‌
413,171‌
4.000%
07/01/45
,
Series
A
1,000,000‌
966,306‌
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
I
Revenue
Bonds
4.250%,
10/01/37
495,000‌
506,159‌
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/30
,
Series
C
(b)
220,000‌
189,446‌
5.000%
06/15/31
,
Series
A
470,000‌
526,064‌
5.000%
06/15/32
,
Series
A
1,000,000‌
1,136,289‌
0.000%
12/15/32
,
Series
A
(b)
1,540,000‌
1,219,437‌
0.000%
12/15/32
,
Series
C
(b)
2,205,000‌
1,775,563‌
5.000%
12/15/32
,
Series
A
2,215,000‌
2,342,999‌
5.000%
06/15/33
,
Series
A
1,000,000‌
1,109,366‌
0.000%
12/15/33
,
Series
C
(b)
1,705,000‌
1,319,512‌
5.000%
06/15/34
,
Series
2014
250,000‌
276,801‌
0.000%
12/15/34
,
Series
A
(b)
945,000‌
686,639‌
0.000%
12/15/34
,
Series
C
(b)
250,000‌
185,754‌
5.000%
12/15/34
,
Series
A
1,075,000‌
1,140,755‌
4.000%
06/15/35
,
Series
AA
400,000‌
414,308‌
5.000%
06/15/35
,
Series
AA
2,000,000‌
2,244,971‌
0.000%
12/15/35
,
Series
A
(b)
165,000‌
114,701‌
4.000%
06/15/36
,
Series
A
850,000‌
875,719‌
4.000%
06/15/36
,
Series
AA
2,390,000‌
2,442,230‌
5.000%
06/15/36
,
Series
AA
1,445,000‌
1,630,677‌
4.000%
06/15/37
,
Series
BB
250,000‌
252,842‌
5.000%
06/15/37
,
Series
A
1,000,000‌
1,132,818‌
5.000%
06/15/37
,
Series
CC
725,000‌
821,838‌
5.000%
06/15/38
,
Series
CC
1,705,000‌
1,917,275‌
0.000%
12/15/38
,
Series
A
(b)
670,000‌
402,253‌
3.250%
06/15/39
,
Series
BB
900,000‌
840,833‌
5.000%
06/15/39
,
Series
AA
1,000,000‌
1,128,355‌
5.250%
06/15/39
,
Series
A
1,000,000‌
1,139,218‌
4.000%
06/15/40
465,000‌
468,328‌
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.000%
01/01/31
,
Series
B
2,000,000‌
2,229,822‌
5.000%
01/01/33
1,000,000‌
1,151,942‌
5.000%
01/01/34
,
Series
B
2,570,000‌
2,986,868‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
9
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
01/01/35
,
Series
G
1,000,000‌
1,019,436‌
5.000%
01/01/36
,
Series
G
2,205,000‌
2,287,596‌
Total
New
Jersey
50,108,728‌
New
Mexico
0.2%
City
of
Santa
Fe
Revenue
Bonds
5.000%,
05/15/44
650,000‌
631,236‌
New
Mexico
Hospital
Equipment
Loan
Council
Series
A
Revenue
Bonds
5.000%,
08/01/46
400,000‌
402,525‌
Total
New
Mexico
1,033,761‌
New
York
16.0%
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000‌
158,786‌
Build
NYC
Resource
Corp
Revenue
Bonds
5.250%,
10/15/50
(a)
1,000,000‌
991,767‌
City
of
New
York
5.000%
08/01/28
,
Series
2008
J-5
820,000‌
871,859‌
5.000%
08/01/30
,
Series
1
605,000‌
625,425‌
5.000%
04/01/31
1,065,000‌
1,140,342‌
5.000%
08/01/32
,
Series
C-1
1,130,000‌
1,237,106‌
City
of
New
York
NY
5.000%
08/01/29
,
Series
A
1,000,000‌
1,084,830‌
5.000%
11/01/31
,
Series
B-1
800,000‌
885,456‌
Dutchess
County
Local
Development
Corp.
Series
A
Revenue
Bonds
5.000%,
07/01/45
500,000‌
499,036‌
Long
Island
Power
Authority
Revenue
Bonds
5.000%
09/01/34
810,000‌
853,873‌
5.000%
09/01/35
1,200,000‌
1,262,699‌
4.000%
09/01/37
,
Series
A
2,500,000‌
2,588,569‌
5.000%
09/01/37
,
Series
A
250,000‌
273,748‌
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/31
,
Series
C-1
560,000‌
587,570‌
5.000%
11/15/32
,
Series
D
1,590,000‌
1,670,333‌
5.000%
11/15/33
690,000‌
790,626‌
5.000%
11/15/34
1,000,000‌
1,154,390‌
4.000%
11/15/35
,
Series
C-1
850,000‌
866,188‌
5.000%
11/15/35
,
Series
A
725,000‌
836,035‌
New
York
City
Housing
Development
Corp.
Series
D-1B
Revenue
Bonds
2.000%,
11/01/35
370,000‌
308,066‌
New
York
City
Municipal
Water
Finance
Authority
Revenue
Bonds
5.000%
06/15/28
,
Series
BB-2
1,000,000‌
1,064,756‌
5.000%
06/15/28
,
Series
CC-2
880,000‌
901,906‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
06/15/28
,
Series
EE
775,000‌
825,186‌
5.000%
06/15/30
,
Series
EE
630,000‌
700,536‌
5.000%
06/15/31
,
Series
DD
1,605,000‌
1,818,390‌
5.000%
06/15/33
,
Series
CC-2
2,000,000‌
2,336,602‌
5.000%
06/15/33
,
Series
DD
755,000‌
848,520‌
5.000%
06/15/34
,
Series
FF
750,000‌
788,824‌
5.000%
06/15/35
745,000‌
884,164‌
New
York
Liberty
Development
Corp.
,
Series
A
Revenue
Bonds
2.100%,
11/15/32
750,000‌
673,052‌
2.400%,
11/15/35
350,000‌
303,734‌
New
York
Power
Authority
Revenue
Bonds
4.000%,
11/15/37
305,000‌
317,448‌
New
York
State
Dormitory
Authority
Revenue
Bonds
5.000%
10/01/30
,
Series
A
340,000‌
346,192‌
3.000%
10/01/31
,
Series
A
785,000‌
785,453‌
2.000%
07/01/33
,
Series
1
1,060,000‌
952,809‌
5.000%
07/01/33
,
Series
A
275,000‌
297,204‌
5.000%
10/01/33
,
Series
A
3,965,000‌
4,431,517‌
4.000%
10/01/34
,
Series
A
300,000‌
313,047‌
5.000%
10/01/34
,
Series
A
2,115,000‌
2,264,505‌
4.000%
07/01/35
,
Series
A
2,660,000‌
2,703,929‌
5.000%
10/01/35
,
Series
A
870,000‌
954,514‌
5.000%
07/01/36
1,000,000‌
1,165,295‌
5.000%
10/01/37
,
Series
A
640,000‌
716,195‌
5.000%
05/01/38
,
Series
A
750,000‌
816,349‌
4.000%
07/01/38
500,000‌
504,798‌
5.000%
10/01/38
,
Series
A
1,225,000‌
1,365,740‌
5.500%
11/01/47
500,000‌
524,129‌
5.250%
03/15/48
,
Series
A
1,000,000‌
1,064,809‌
New
York
State
Environmental
Facilities
Corp.
Series
A
Revenue
Bonds
5.000%,
06/15/32
660,000‌
681,375‌
New
York
State
Housing
Finance
Agency
Series
J-2
(Mandatory
Put
05/01/27)
Revenue
Bonds
1.100%,
11/01/61
1,295,000‌
1,236,277‌
New
York
State
Thruway
Authority
Revenue
Bonds
4.000%
01/01/36
,
Series
O
250,000‌
262,583‌
5.000%
01/01/36
,
Series
B
265,000‌
286,288‌
4.000%
01/01/37
,
Series
B
635,000‌
647,907‌
4.000%
01/01/38
,
Series
B
150,000‌
151,957‌
4.000%
01/01/41
,
Series
O
1,000,000‌
1,008,434‌
New
York
Transportation
Development
Corp.
Revenue
Bonds
3.000%
08/01/31
250,000‌
236,592‌
5.000%
12/01/31
1,000,000‌
1,078,485‌
5.000%
12/01/32
1,015,000‌
1,102,171‌
5.000%
01/01/34
175,000‌
177,704‌
5.000%
12/01/34
400,000‌
432,834‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETF
|
2025
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
10/01/35
1,155,000‌
1,208,215‌
5.375%
08/01/36
1,975,000‌
2,062,436‌
5.625%
04/01/40
1,000,000‌
1,050,044‌
5.000%
10/01/40
1,000,000‌
1,019,994‌
4.000%
12/01/42
,
Series
C
160,000‌
150,810‌
4.375%
10/01/45
2,750,000‌
2,570,619‌
Oneida
County
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
12/01/44
355,000‌
269,395‌
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.000%
03/15/30
,
Series
207
300,000‌
305,199‌
5.000%
07/15/31
,
Series
209
300,000‌
317,426‌
5.000%
09/15/31
,
Series
207
500,000‌
517,659‌
5.000%
11/15/32
500,000‌
522,117‌
5.000%
11/15/33
,
Series
205
835,000‌
872,969‌
5.000%
07/15/34
,
Series
238
2,045,000‌
2,283,082‌
5.000%
07/15/35
,
Series
222
870,000‌
955,746‌
5.000%
07/15/36
1,180,000‌
1,293,902‌
4.000%
07/15/38
,
Series
222
1,000,000‌
1,023,291‌
5.000%
07/15/40
515,000‌
576,451‌
State
of
New
York
Mortgage
Agency
Series
233
Revenue
Bonds
2.200%,
04/01/36
840,000‌
701,291‌
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
Revenue
Bonds
4.000%
04/01/31
,
Series
248
500,000‌
505,058‌
2.400%
10/01/34
,
Series
220
140,000‌
124,197‌
2.650%
10/01/34
,
Series
223
250,000‌
226,169‌
2.200%
10/01/36
,
Series
239
560,000‌
463,589‌
Triborough
Bridge
&
Tunnel
Authority
Revenue
Bonds
5.000%
11/15/31
,
Series
B
1,370,000‌
1,512,617‌
0.000%
11/15/32
,
Series
B
(b)
220,000‌
178,691‌
5.000%
11/15/36
,
Series
B
1,000,000‌
1,029,609‌
5.000%
11/15/37
510,000‌
523,944‌
5.000%
11/15/38
,
Series
B
1,500,000‌
1,537,659‌
Total
New
York
80,461,093‌
North
Carolina
0.8%
City
of
Charlotte
NC
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/31
805,000‌
911,662‌
North
Carolina
Housing
Finance
Agency
Revenue
Bonds
2.000%
07/01/35
1,010,000‌
846,980‌
3.850%
07/01/37
,
Series
B
1,000,000‌
992,189‌
3.950%
07/01/38
,
Series
A
515,000‌
501,955‌
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/33
890,000‌
949,656‌
Total
North
Carolina
4,202,442‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
North
Dakota
0.2%
City
of
Grand
Forks
Series
A
Revenue
Bonds
3.000%,
12/01/39
1,000,000‌
886,977‌
Ohio
3.7%
American
Municipal
Power,
Inc.
Revenue
Bonds
5.000%
02/15/33
,
Series
C
830,000‌
898,179‌
5.000%
02/15/35
,
Series
B
1,000,000‌
1,077,335‌
4.000%
02/15/36
,
Series
A
385,000‌
395,913‌
4.000%
02/15/37
300,000‌
306,950‌
County
of
Allen
OH
Hospital
Facilities
Revenue
Revenue
Bonds
4.000%,
08/01/47
1,000,000‌
897,302‌
County
of
Lucas
OH
Revenue
Bonds
5.250%,
11/15/48
1,000,000‌
980,571‌
County
of
Montgomery
Revenue
Bonds
4.000%,
08/01/41
635,000‌
616,403‌
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000‌
199,192‌
Ohio
Turnpike
&
Infrastructure
Commission
,
Series
A-4
Revenue
Bonds
5.700%,
02/15/34
285,000‌
324,974‌
5.750%,
02/15/35
150,000‌
171,284‌
Ohio
Water
Development
Authority
Revenue
Bonds
5.000%
06/01/29
,
Series
A
1,545,000‌
1,665,943‌
5.000%
12/01/29
2,630,000‌
2,867,322‌
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Revenue
Bonds
5.000%
06/01/28
,
Series
A
2,000,000‌
2,068,746‌
5.000%
12/01/33
2,235,000‌
2,600,316‌
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000‌
119,445‌
State
of
Ohio
Revenue
Bonds
4.000%
01/01/40
,
Series
B
1,600,000‌
1,597,271‌
4.000%
01/01/46
545,000‌
516,860‌
State
of
Ohio
5.000%
09/15/28
,
Series
B
195,000‌
208,505‌
5.000%
11/01/33
,
Series
B
1,000,000‌
1,170,434‌
Total
Ohio
18,682,945‌
Oklahoma
0.6%
Grand
River
Dam
Authority
Revenue
Bonds
5.000%
06/01/30
,
Series
A
200,000‌
203,657‌
5.000%
06/01/39
645,000‌
710,574‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
11
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Oklahoma
County
Finance
Authority
Revenue
Bonds
4.000%,
09/01/38
1,000,000‌
1,013,829‌
Oklahoma
Development
Finance
Authority
,
Series
B
Revenue
Bonds
5.000%,
08/15/38
500,000‌
505,347‌
5.250%,
08/15/48
615,000‌
615,054‌
Total
Oklahoma
3,048,461‌
Oregon
0.6%
Medford
Hospital
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/45
700,000‌
709,703‌
Oregon
Health
&
Science
University
Series
A
Revenue
Bonds
4.000%,
07/01/41
1,000,000‌
1,000,244‌
State
of
Oregon
5.000%,
05/01/34
1,000,000‌
1,152,008‌
Total
Oregon
2,861,955‌
Pennsylvania
5.9%
Allegheny
County
Hospital
Development
Authority
Revenue
Bonds
4.000%
07/15/36
820,000‌
825,329‌
4.000%
07/15/39
,
Series
A
1,000,000‌
972,886‌
4.000%
04/01/44
,
Series
A
680,000‌
626,582‌
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(a)
1,000,000‌
1,000,205‌
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000‌
92,333‌
4.000%
09/01/41
,
Series
A
440,000‌
430,602‌
Commonwealth
of
Pennsylvania
5.000%,
08/15/28
340,000‌
362,128‌
4.000%,
03/01/35
1,000,000‌
1,024,426‌
County
of
Lehigh
Series
A
Revenue
Bonds
4.000%,
07/01/35
2,000,000‌
2,001,196‌
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
11/01/44
1,000,000‌
932,475‌
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.750%,
07/01/32
100,000‌
116,617‌
Northampton
County
General
Purpose
Authority
Revenue
Bonds
4.000%,
11/01/34
315,000‌
317,568‌
5.000%,
08/15/49
1,000,000‌
1,034,921‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Pennsylvania
Economic
Development
Financing
Authority
Revenue
Bonds
5.000%,
12/31/32
1,000,000‌
1,077,679‌
3.125%,
03/15/36
905,000‌
834,836‌
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Bonds
3.000%
08/15/41
,
Series
C
765,000‌
637,392‌
4.000%
08/15/42
915,000‌
887,760‌
4.000%
08/15/44
500,000‌
472,393‌
4.250%
11/01/48
,
Series
B-1
500,000‌
475,679‌
5.250%
11/01/48
,
Series
B-1
1,435,000‌
1,523,489‌
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.200%
10/01/32
,
Series
124B
500,000‌
493,958‌
3.550%
10/01/33
,
Series
127B
1,360,000‌
1,357,770‌
2.070%
10/01/36
,
Series
136
100,000‌
81,489‌
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/33
545,000‌
623,351‌
5.000%
12/01/33
475,000‌
541,077‌
5.000%
12/01/33
,
Series
A
1,050,000‌
1,198,753‌
5.000%
06/01/36
,
Series
B
1,000,000‌
1,007,695‌
5.000%
12/01/38
480,000‌
539,907‌
4.000%
12/01/43
,
Series
A
1,500,000‌
1,463,101‌
Philadelphia
Authority
for
Industrial
Development
Revenue
Bonds
5.250%,
07/01/49
1,000,000‌
1,077,315‌
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000‌
312,181‌
4.000%
05/01/42
1,000,000‌
641,498‌
4.000%
07/01/49
,
Series
A
1,000,000‌
933,350‌
Pittsburgh
Water
&
Sewer
Authority
,
Series
B
Revenue
Bonds
5.000%,
09/01/31
1,050,000‌
1,176,620‌
5.000%,
09/01/33
1,130,000‌
1,297,248‌
State
Public
School
Building
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
1,425,000‌
1,450,067‌
Total
Pennsylvania
29,841,876‌
Rhode
Island
0.1%
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Series
76-A
Revenue
Bonds
2.350%,
10/01/36
500,000‌
416,968‌
South
Carolina
1.6%
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(b)
120,000‌
107,878‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETF
|
2025
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
05/01/43
,
Series
A
650,000‌
664,652‌
4.000%
12/01/44
,
Series
A
950,000‌
891,626‌
5.500%
11/01/45
815,000‌
885,760‌
4.250%
02/01/48
1,000,000‌
984,431‌
5.000%
05/01/48
1,000,000‌
1,004,265‌
5.500%
11/01/48
455,000‌
491,271‌
South
Carolina
Public
Service
Authority
Revenue
Bonds
5.000%
12/01/31
,
Series
A
950,000‌
958,801‌
5.000%
12/01/37
,
Series
B
930,000‌
943,312‌
4.125%
12/01/44
,
Series
B
1,000,000‌
964,469‌
Total
South
Carolina
7,896,465‌
South
Dakota
0.1%
South
Dakota
Housing
Development
Authority
Series
B
Revenue
Bonds
3.400%,
11/01/32
355,000‌
355,465‌
Tennessee
0.3%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000‌
105,991‌
Metropolitan
Government
of
Nashville
&
Davidson
County
TN
Water
&
Sewer
Revenue
Revenue
Bonds
5.000%,
07/01/34
1,000,000‌
1,175,840‌
Total
Tennessee
1,281,831‌
Texas
10.9%
Arlington
Higher
Education
Finance
Corp.
Revenue
Bonds
4.500%,
06/15/44
(a)
1,130,000‌
1,035,862‌
4.750%,
06/15/49
(a)
250,000‌
226,780‌
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000‌
250,748‌
Central
Texas
Turnpike
System
Revenue
Bonds
5.000%
08/15/35
,
Series
C
1,335,000‌
1,519,194‌
5.000%
08/15/37
,
Series
C
1,000,000‌
1,115,399‌
5.000%
08/15/38
,
Series
A
770,000‌
851,110‌
5.000%
08/15/38
,
Series
C
1,510,000‌
1,671,316‌
City
of
Austin
TX
Water
&
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
11/15/30
1,500,000‌
1,529,181‌
5.000%,
11/15/33
1,000,000‌
1,158,920‌
City
of
Dallas
Tx
Series
B
5.000%,
02/15/32
1,000,000‌
1,133,193‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Garland
TX
Electric
Utility
System
Revenue
Revenue
Bonds
3.000%,
03/01/37
300,000‌
274,808‌
City
of
Houston
TX
5.000%,
03/01/33
510,000‌
584,270‌
City
of
Houston
Tx
Airport
System
Revenue
Series
B
Revenue
Bonds
5.500%,
07/15/37
500,000‌
535,061‌
City
of
Houston
TX
Airport
System
Revenue
Revenue
Bonds
5.000%
07/01/29
400,000‌
400,246‌
5.000%
07/01/31
,
Series
A
1,490,000‌
1,638,592‌
5.000%
07/01/32
,
Series
A
1,000,000‌
1,106,844‌
5.500%
07/15/36
,
Series
B
1,500,000‌
1,611,687‌
4.000%
07/15/41
,
Series
B-1
1,450,000‌
1,309,088‌
4.500%
07/01/53
,
Series
A
1,000,000‌
966,510‌
City
of
Houston
TX
Combined
Utility
System
Revenue
Series
A
Revenue
Bonds
5.000%,
11/15/34
1,000,000‌
1,155,738‌
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
4.000%
02/01/32
,
Series
B
1,000,000‌
1,065,039‌
4.000%
02/01/36
750,000‌
751,976‌
5.000%
02/01/36
1,130,000‌
1,214,849‌
5.000%
02/01/40
,
Series
A
1,385,000‌
1,537,805‌
Clear
Creek
Independent
School
District
Series
A
5.000%,
02/15/33
1,000,000‌
1,147,699‌
Collin
County
Community
College
District
,
Series
A
5.000%,
08/15/32
700,000‌
755,389‌
5.000%,
08/15/33
490,000‌
528,037‌
County
of
Travis
TX
Series
A
5.000%,
03/01/32
635,000‌
677,719‌
Cypress-Fairbanks
Independent
School
District
3.000%
02/15/33
,
Series
A
1,000,000‌
969,177‌
5.000%
02/15/33
540,000‌
608,998‌
Dallas
College
5.000%,
02/15/33
1,455,000‌
1,501,170‌
Dallas
County
Hospital
District
5.000%,
08/15/30
280,000‌
295,356‌
Dallas
Fort
Worth
International
Airport
Revenue
Bonds
5.000%
11/01/32
,
Series
B
1,000,000‌
1,143,638‌
4.000%
11/01/34
1,255,000‌
1,309,849‌
4.000%
11/01/35
,
Series
A
1,350,000‌
1,403,932‌
5.000%
11/01/39
1,215,000‌
1,356,483‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
13
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/32
350,000‌
387,083‌
5.000%,
05/15/33
400,000‌
440,987‌
5.000%,
05/15/35
350,000‌
372,434‌
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.250%
01/01/40
(c)
1,000,000‌
1,048,742‌
4.000%
08/15/40
,
Series
A
225,000‌
217,711‌
5.500%
08/15/49
1,000,000‌
1,095,378‌
North
Texas
Municipal
Water
District
Water
System
Revenue
Revenue
Bonds
5.000%,
09/01/35
1,000,000‌
1,164,786‌
North
Texas
Tollway
Authority
Revenue
Bonds
0.000%
01/01/34
,
Series
D
(b)
410,000‌
317,782‌
4.000%
01/01/37
,
Series
A
465,000‌
466,912‌
5.000%
01/01/39
(c)
675,000‌
758,930‌
4.125%
01/01/40
,
Series
A
1,000,000‌
1,016,115‌
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
100,000‌
99,966‌
Round
Rock
Independent
School
District
Series
A
4.000%,
08/01/32
535,000‌
555,595‌
State
of
Texas
Series
B
5.000%,
10/01/31
1,535,000‌
1,598,817‌
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%,
05/15/37
100,000‌
98,632‌
5.000%,
12/01/43
1,000,000‌
1,077,828‌
4.000%,
10/01/47
485,000‌
442,003‌
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
,
Series
A
Revenue
Bonds
4.000%,
12/31/38
1,530,000‌
1,496,848‌
Texas
Water
Development
Board
Revenue
Bonds
5.000%
04/15/29
,
Series
B
500,000‌
532,573‌
5.000%
10/15/31
,
Series
A
415,000‌
431,053‌
5.000%
04/15/32
260,000‌
281,924‌
4.000%
10/15/33
,
Series
A
805,000‌
821,803‌
4.000%
10/15/33
,
Series
B
1,000,000‌
1,027,974‌
Trinity
River
Authority
Central
Regional
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
08/01/28
750,000‌
776,304‌
5.000%,
08/01/30
550,000‌
592,956‌
3.000%,
08/01/31
1,415,000‌
1,399,034‌
Total
Texas
54,861,833‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Utah
1.5%
City
of
Salt
Lake
City
UT
Airport
Revenue
Series
A
Revenue
Bonds
5.250%,
07/01/39
1,060,000‌
1,146,800‌
City
of
Salt
Lake
City
UT
Airport
Revenue
,
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000‌
104,907‌
5.000%,
07/01/35
500,000‌
507,792‌
5.000%,
07/01/37
1,515,000‌
1,544,009‌
Intermountain
Power
Agency
Revenue
Bonds
5.000%
07/01/29
,
Series
A
510,000‌
550,855‌
5.000%
07/01/35
,
Series
A
1,200,000‌
1,320,710‌
5.000%
07/01/37
,
Series
A
500,000‌
543,716‌
5.000%
07/01/38
1,355,000‌
1,476,589‌
Utah
Charter
School
Finance
Authority
Revenue
Bonds
5.000%,
06/15/40
(a)
500,000‌
500,448‌
Total
Utah
7,695,826‌
Virginia
0.7%
Henrico
County
Economic
Development
Authority
Revenue
Bonds
5.000%
11/01/35
1,000,000‌
1,147,749‌
5.000%
11/01/48
,
Series
A
1,000,000‌
1,036,663‌
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
4.000%,
01/01/37
250,000‌
248,083‌
4.000%,
01/01/38
1,000,000‌
981,302‌
Total
Virginia
3,413,797‌
Washington
1.7%
County
of
King
4.000%,
07/01/30
250,000‌
254,575‌
County
of
King
Wa
Sewer
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/34
1,225,000‌
1,426,842‌
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000‌
207,849‌
State
of
Washington
4.000%
07/01/29
,
Series
R-2022D
1,000,000‌
1,051,073‌
5.000%
08/01/30
,
Series
R-2018C
555,000‌
574,836‌
5.000%
08/01/31
,
Series
A-1
1,000,000‌
1,131,593‌
5.000%
08/01/31
,
Series
R-2018C
750,000‌
775,524‌
5.000%
08/01/33
1,000,000‌
1,163,461‌
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/01/38
,
Series
A-2
150,000‌
154,460‌
5.000%
09/01/45
300,000‌
306,836‌
5.250%
09/01/50
1,000,000‌
1,043,679‌
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETF
|
2025
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000‌
215,208‌
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(a)
100,000‌
100,964‌
Total
Washington
8,406,900‌
Wisconsin
2.0%
Public
Finance
Authority
Revenue
Bonds
3.375%
10/01/39
,
Series
A
455,000‌
409,147‌
5.000%
10/01/44
,
Series
A
1,000,000‌
1,017,659‌
4.000%
01/01/45
,
Series
A
200,000‌
181,731‌
4.750%
07/01/45
(a)
500,000‌
464,947‌
State
of
Wisconsin
Series
3
5.000%,
11/01/28
655,000‌
676,232‌
State
of
Wisconsin
Environmental
Improvement
Fund
Revenue
Series
A
Revenue
Bonds
5.000%,
06/01/34
1,000,000‌
1,179,120‌
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33
,
Series
B
200,000‌
193,306‌
4.000%
04/01/39
,
Series
A
1,450,000‌
1,449,312‌
4.000%
08/15/41
1,000,000‌
979,240‌
3.500%
02/15/46
,
Series
A
690,000‌
567,783‌
4.000%
08/15/47
1,200,000‌
1,072,283‌
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue
,
Series
A
Revenue
Bonds
4.125%,
09/01/35
1,310,000‌
1,343,773‌
4.375%,
09/01/38
575,000‌
589,219‌
Total
Wisconsin
10,123,752‌
Wyoming
0.2%
County
of
Campbell
WY
Series
A
Revenue
Bonds
3.625%,
07/15/39
1,270,000‌
1,191,125‌
Total
Municipal
Bonds
(Cost
$491,999,475)
494,924,918‌
Money
Market
Funds
1.4%
Shares
Value
($)
Blackrock
Liquid
MuniCash
Institutional
3.015%
(d)
7,116,791‌
7,117,503‌
Total
Money
Market
Funds
(Cost
$7,117,503)
7,117,503‌
Total
Investments
in
Securities
(Cost
$499,116,978)
502,042,421‌
Other
Assets
&
Liabilities,
Net
2,257,499‌
Net
Assets
504,299,920‌
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2025,
the
total
value
of
these
securities
amounted
to
$13,247,814,
which
represents
2.63%
of
total
net
assets.
(b)
Zero
coupon
bond.
(c)
Represents
a
security
purchased
on
a
when-issued
basis.
(d)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
15
Fair
Value
Measurements
(continued)
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
if
any,
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
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
494,924,918
–
494,924,918
Money
Market
Funds
7,117,503
–
–
7,117,503
Total
Investments
in
Securities
7,117,503
494,924,918
–
502,042,421
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETF
|
2025
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$499,116,978)
$502,042,421
Receivable
for:
Interest
6,466,104
Total
assets
508,508,525
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
2,937,701
Investments
purchased
1,174,835
Investment
management
fees
96,069
Total
liabilities
4,208,605
Net
assets
applicable
to
outstanding
capital
stock
$504,299,920
Represented
by:
Paid-in
capital
$509,473,667
Total
distributable
earnings
(loss)
(5,173,747)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$504,299,920
Shares
outstanding
24,400,000
Net
asset
value
per
share
$20.67
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
17
Investment
Income:
Interest
$15,383,934
Dividends
-
unaffiliated
issuers
39,485
Total
income
15,423,419
Expenses:
Investment
management
fees
997,358
Total
expenses
997,358
Net
Investment
Income
14,426,061
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(1,503,032)
Net
realized
loss
(1,503,032)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
7,904,532
Net
change
in
unrealized
appreciation
7,904,532
Net
realized
and
unrealized
gain
6,401,500
Net
Increase
in
net
assets
resulting
from
operations
$20,827,561
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETF
|
2025
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
$14,426,061
$12,094,084
Net
realized
loss
(1,503,032)
(4,082,133)
Net
change
in
unrealized
appreciation
7,904,532
25,212,321
Net
increase
in
net
assets
resulting
from
operations
20,827,561
33,224,272
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(14,170,601)
(11,883,422)
Shareholder
transactions
Proceeds
from
shares
sold
106,153,601
72,528,457
Cost
of
shares
redeemed
(16,309,767)
(29,951,667)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
89,843,834
42,576,790
Increase
in
net
assets
96,500,794
63,917,640
Net
Assets:
Net
assets
beginning
of
year
407,799,126
343,881,486
Net
assets
at
end
of
year
$504,299,920
$407,799,126
Capital
stock
activity
Shares
outstanding,
beginning
of
year
19,950,000
17,850,000
Shares
sold
5,250,000
3,550,000
Shares
redeemed
(800,000)
(1,450,000)
Shares
outstanding,
end
of
year
24,400,000
19,950,000
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
19
The
following
table
is
intended
to
help
you
understand
the
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$20.44‌
$19.27‌
$19.27‌
$22.30‌
$21.83‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.67‌
0.62‌
0.51‌
0.34‌
0.37‌
Net
realized
and
unrealized
gain
(loss)
0.23‌
1.16‌
(0.02‌)
(3.03‌)
0.52‌
Total
from
investment
operations
0.90‌
1.78‌
0.49‌
(2.69‌)
0.89‌
Less
distributions
to
shareholders:
Net
investment
income
(0.67‌)
(0.61‌)
(0.49‌)
(0.32‌)
(0.38‌)
Net
realized
gains
–‌
–‌
–‌
(0.02‌)
(0.04‌)
Total
distribution
to
shareholders
(0.67‌)
(0.61‌)
(0.49‌)
(0.34‌)
(0.42‌)
Net
asset
value,
end
of
year
$20.67‌
$20.44‌
$19.27‌
$19.27‌
$22.30‌
Total
Return
at
NAV
4.51‌%
9.30‌%
2.44‌%
(12.17‌)%
4.11‌%
Total
Return
at
Market
Price
4.77‌%
9.09‌%
2.38‌%
(12.40‌)%
3.85‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.23‌%
0.23‌%
(b)
0.23‌%
(b)
0.23‌%
(b)
0.23‌%
(b)
Total
net
expenses
(a)(c)
0.23‌%
0.23‌%
(b)
0.23‌%
(b)
0.23‌%
(b)
0.23‌%
(b)
Net
investment
income
3.33‌%
3.03‌%
2.53‌%
1.63‌%
1.65‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$504,300‌
$407,799‌
$343,881‌
$223,585‌
$141,619‌
Portfolio
turnover
21‌%
26‌%
11‌%
14‌%
6‌%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
20
Indexed
ETF
|
2025
Note
1.
Organization
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
21
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
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.
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
22
Indexed
ETF
|
2025
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
net
tax-exempt
and
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.23%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
23
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatment
for
capital
loss
carryforwards
and
principal
and/or
interest
of
fixed
income
securities.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund’s
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
Fund
did
not
have
any
permanent
differences;
therefore,
no
reclassifications
were
made.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Tax-exempt
income
($)
Long-term
capital
gain
($)
Total
($)
187,376
13,983,225
-
14,170,601
192,710
11,690,712
-
11,883,422
Undistributed
ordinary
income
($)
Undistributed
tax-exempt
income
($)
Undistributed
long-term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
-
1,237,250
-
(9,338,267)
2,927,270
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
499,115,151
8,508,518
(5,581,248)
2,927,270
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
24
Indexed
ETF
|
2025
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
$155,263,730
and
$91,762,777,
respectively,
for
the
year
ended
October
31,
2025.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
$26,137,428.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2025,
the
Fund
did
not
have
in-kind
redemptions.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
23,
2025
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
$750
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
1.00%
in
each
case.
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
fees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
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
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
year
ended
October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund’s
holdings
and
the
Fund’s
net
asset
value
may
go
down.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
No
expiration
short-
term
($)
No
expiration
long-
term
($)
Total
($)
Utilized
($)
(2,001,319)
(7,336,948)
(9,338,267)
-
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
25
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.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Fund
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Fund,
including
fund
accounting
and
financial
reporting
services.
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
26
Indexed
ETF
|
2025
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Multi-Sector
Municipal
Income
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Multi-Sector
Municipal
Income
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December 19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Indexed
ETF
|
2025
27
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2025
.
Shareholders
will
be
notified
in
early
2026
of
the
amounts
for
use
in
preparing
2025
income
tax
returns.
Exempt-interest
dividends.
The
percentage
of
net
investment
income
distributed
during
the
fiscal
year
that
qualifies
as
exempt-interest
dividends
for
federal
income
tax
purposes.
A
portion
of
the
income
may
be
subject
to
federal
alternative
minimum
tax.
Exempt-
interest
dividends
98.70%
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
28
Indexed
ETF
|
2025
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Fund’s
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETF
|
2025
29
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
30
Indexed
ETF
|
2025
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund’s
total
expense
ratio
was
somewhat
higher
than
the
median
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN303_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Indexed
ETFs
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
17
Statement
of
Operations
18
Statement
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Notes
to
Financial
Statements
22
Report
of
Independent
Registered
Public
Accounting
Firm
29
Federal
Income
Tax
Information
30
Approval
of
Investment
Management
Services
Agreement
31
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
(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.
Indexed
ETFs
|
2025
3
Common
Stocks
98.0%
Issuer
Shares
Value
($)
Communication
Services  9.1%
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
586,414
14,513,746
Liberty
Global
Ltd.
Class
A
(a)
13,980
153,780
Liberty
Global
Ltd.
Class
C
(a)
11,672
130,143
Verizon
Communications,
Inc.
357,153
14,193,260
Total
28,990,929
Entertainment
0.5%
Electronic
Arts,
Inc.
20,946
4,190,457
Walt
Disney
Co.
(The)
152,492
17,173,649
Total
21,364,106
Interactive
Media
&
Services
7.6%
Alphabet,
Inc.
Class
A
307,159
86,370,039
Alphabet,
Inc.
Class
C
416,938
117,501,467
Match
Group,
Inc.
20,470
662,000
Meta
Platforms,
Inc.
Class
A
186,646
121,011,934
Reddit
,
Inc.
Class
A
(a)
8,737
1,825,596
Total
327,371,036
Media
0.3%
Comcast
Corp.
Class
A
309,185
8,606,165
DoubleVerify
Holdings,
Inc.
(a)
11,569
131,655
Fox
Corp.
Class
A
17,536
1,133,702
Fox
Corp.
Class
B
12,406
724,634
New
York
Times
Co.
(The)
Class
A
13,587
774,323
Nexstar
Media
Group,
Inc.
2,483
485,998
Trade
Desk,
Inc.
(The)
Class
A
(a)
38,092
1,915,266
Total
13,771,743
Wireless
Telecommunication
Services
0.0%
Millicom
International
Cellular
SA
9,016
424,744
Total
Communication
Services
391,922,558
Consumer
Discretionary  10.1%
Automobile
Components
0.3%
Aptiv
PLC
(a)
75,897
6,155,247
BorgWarner,
Inc.
75,119
3,227,112
Lear
Corp.
18,224
1,907,141
Total
11,289,500
Automobiles
0.9%
Ford
Motor
Co.
1,326,553
17,417,641
General
Motors
Co.
329,878
22,791,271
Total
40,208,912
Broadline
Retail
0.3%
Dillard's,
Inc.
Class
A
925
555,074
eBay,
Inc.
156,115
12,693,711
Total
13,248,785
Diversified
Consumer
Services
0.2%
ADT,
Inc.
175,383
1,550,386
Bright
Horizons
Family
Solutions,
Inc.
(a)
19,580
2,138,723
Grand
Canyon
Education,
Inc.
(a)
9,241
1,740,080
H&R
Block,
Inc.
45,013
2,238,947
Total
7,668,136
Hotels,
Restaurants
&
Leisure
2.7%
Aramark
88,833
3,364,994
Booking
Holdings,
Inc.
11,191
56,824,988
Boyd
Gaming
Corp.
18,542
1,443,866
Carnival
Corp.
(a)
367,412
10,592,488
Darden
Restaurants,
Inc.
39,243
7,069,626
Expedia
Group,
Inc.
41,022
9,024,840
Royal
Caribbean
Cruises
Ltd.
83,457
23,937,971
Travel
+
Leisure
Co.
20,923
1,313,546
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Wynn
Resorts
Ltd.
28,036
3,336,004
Total
116,908,323
Household
Durables
1.0%
DR
Horton,
Inc.
89,660
13,366,513
Garmin
Ltd.
56,123
12,006,955
NVR,
Inc.
(a)
937
6,756,538
PulteGroup,
Inc.
67,215
8,057,062
Toll
Brothers,
Inc.
33,182
4,477,911
Total
44,664,979
Leisure
Products
0.1%
Mattel,
Inc.
(a)
110,192
2,025,329
Specialty
Retail
3.5%
Bath
&
Body
Works,
Inc.
66,054
1,617,002
Chewy,
Inc.
Class
A
(a)
71,680
2,417,050
Five
Below,
Inc.
(a)
18,516
2,912,011
GameStop
Corp.
Class
A
(a)
138,023
3,076,533
Gap,
Inc.
(The)
77,102
1,761,781
Lowe's
Cos.,
Inc.
192,853
45,924,085
O'Reilly
Automotive,
Inc.
(a)
283,808
26,802,827
TJX
Cos.,
Inc.
(The)
381,330
53,439,586
Ulta
Beauty,
Inc.
(a)
15,381
7,996,274
Wayfair,
Inc.
Class
A
(a)
31,640
3,275,056
Total
149,222,205
Textiles,
Apparel
&
Luxury
Goods
1.1%
Birkenstock
Holding
PLC
(a)
18,502
738,415
Crocs,
Inc.
(a)
19,287
1,575,555
Deckers
Outdoor
Corp.
(a)
50,925
4,150,388
NIKE,
Inc.
Class
B
405,902
26,217,210
Ralph
Lauren
Corp.
13,102
4,188,185
Sensata
Technologies
Holding
PLC
Class
A
(a)
75,141
2,791,488
Tapestry,
Inc.
70,124
7,701,018
Total
47,362,259
Total
Consumer
Discretionary
432,598,428
Consumer
Staples  4.2%
Beverages
0.3%
Boston
Beer
Co.,
Inc.
(The)
Class
A
(a)
3,636
752,616
Coca-Cola
Consolidated,
Inc.
22,171
2,890,655
Constellation
Brands,
Inc.
Class
A
62,402
8,198,375
Molson
Coors
Beverage
Co.
Class
B
74,677
3,264,878
Total
15,106,524
Consumer
Staples
Distribution
&
Retail
1.1%
Albertsons
Cos.,
Inc.
Class
A
172,140
3,045,157
Kroger
Co.
(The)
239,481
15,238,176
Maplebear
,
Inc.
(a)
74,508
2,746,365
Target
Corp.
199,664
18,512,846
US
Foods
Holding
Corp.
(a)
99,393
7,217,920
Walgreens
Boots
Alliance,
Inc.
(b),(c),(d)
270,639
135,319
Total
46,895,783
Food
Products
0.8%
Conagra
Brands,
Inc.
205,952
3,540,315
General
Mills,
Inc.
238,301
11,107,210
Ingredion,
Inc.
27,740
3,201,473
Kraft
Heinz
Co.
(The)
367,687
9,092,899
Pilgrim's
Pride
Corp.
17,898
681,914
Smithfield
Foods,
Inc.
20,009
443,399
Tyson
Foods,
Inc.
Class
A
121,575
6,250,171
Total
34,317,381
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Household
Products
1.1%
Colgate-Palmolive
Co.
355,513
27,392,277
Kimberly-Clark
Corp.
145,858
17,460,661
Reynolds
Consumer
Products,
Inc.
23,616
577,175
Total
45,430,113
Tobacco
0.9%
Altria
Group,
Inc.
715,113
40,318,071
Total
Consumer
Staples
182,067,872
Energy  2.8%
Oil,
Gas
&
Consumable
Fuels
2.8%
Antero
Midstream
Corp.
33,314
574,666
Chevron
Corp.
188,842
29,784,160
Chord
Energy
Corp.
5,705
517,558
Civitas
Resources,
Inc.
9,344
269,387
ConocoPhillips
128,070
11,380,300
EOG
Resources,
Inc.
54,130
5,729,119
Exxon
Mobil
Corp.
427,881
48,932,471
HF
Sinclair
Corp.
15,788
814,661
Kinder
Morgan,
Inc.
193,321
5,063,077
Marathon
Petroleum
Corp.
30,405
5,926,239
Permian
Resources
Corp.
67,586
848,880
Valero
Energy
Corp.
30,560
5,181,754
Williams
Cos.,
Inc.
(The)
120,080
6,949,030
Total
121,971,302
Total
Energy
121,971,302
Financials  12.8%
Banks
4.8%
Bank
OZK
19,546
879,375
Citigroup,
Inc.
333,759
33,786,424
Columbia
Banking
System,
Inc.
54,646
1,464,513
Huntington
Bancshares,
Inc.
281,664
4,348,892
JPMorgan
Chase
&
Co.
501,418
156,001,168
Popular,
Inc.
12,252
1,365,731
Regions
Financial
Corp.
160,892
3,893,586
Synovus
Financial
Corp.
24,991
1,115,598
Western
Alliance
Bancorp
19,629
1,518,303
Wintrust
Financial
Corp.
11,964
1,555,559
Zions
Bancorp
NA
26,119
1,361,061
Total
207,290,210
Capital
Markets
3.0%
Affiliated
Managers
Group,
Inc.
4,981
1,185,279
Bank
of
New
York
Mellon
Corp.
(The)
128,132
13,829,287
BlackRock,
Inc.
28,334
30,680,338
Brookfield
Asset
Management
Ltd.
Class
A
70,857
3,830,529
Cboe
Global
Markets,
Inc.
19,292
4,738,887
CME
Group,
Inc.
64,308
17,073,131
Franklin
Resources,
Inc.
56,216
1,271,044
Houlihan
Lokey
,
Inc.
9,766
1,748,895
Invesco
Ltd.
66,913
1,585,838
Janus
Henderson
Group
PLC
22,779
992,253
Morgan
Stanley
208,645
34,217,780
Raymond
James
Financial,
Inc.
33,468
5,310,368
SEI
Investments
Co.
19,480
1,570,283
State
Street
Corp.
50,755
5,870,323
T
Rowe
Price
Group,
Inc.
40,324
4,134,420
Virtu
Financial,
Inc.
Class
A
14,201
494,763
Total
128,533,418
Consumer
Finance
0.1%
SLM
Corp.
38,598
1,036,357
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Synchrony
Financial
67,085
4,989,782
Total
6,026,139
Financial
Services
3.5%
Corpay
,
Inc.
(a)
13,059
3,399,911
Equitable
Holdings,
Inc.
54,839
2,709,047
Fidelity
National
Information
Services,
Inc.
97,481
6,094,512
Fiserv,
Inc.
(a)
100,259
6,686,273
Global
Payments,
Inc.
45,048
3,502,932
Jack
Henry
&
Associates,
Inc.
13,415
1,998,030
MGIC
Investment
Corp.
42,623
1,168,723
PayPal
Holdings,
Inc.
(a)
181,083
12,543,619
Visa,
Inc.
Class
A
328,171
111,820,986
Total
149,924,033
Insurance
1.3%
Allstate
Corp.
(The)
49,580
9,495,562
Assurant,
Inc.
9,381
1,986,145
Axis
Capital
Holdings
Ltd.
13,898
1,301,687
Brighthouse
Financial,
Inc.
(a)
10,228
583,712
CNA
Financial
Corp.
3,928
174,992
Globe
Life,
Inc.
15,372
2,021,572
Hanover
Insurance
Group,
Inc.
(The)
6,797
1,161,471
Hartford
Financial
Services
Group,
Inc.
(The)
51,350
6,376,643
Kemper
Corp.
11,410
513,336
Lincoln
National
Corp.
31,154
1,308,468
Marsh
&
McLennan
Cos.,
Inc.
90,917
16,196,863
MetLife,
Inc.
102,069
8,147,148
Old
Republic
International
Corp.
41,917
1,654,045
RenaissanceRe
Holdings
Ltd.
8,570
2,177,551
Unum
Group
30,738
2,256,784
Total
55,355,979
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Annaly
Capital
Management,
Inc.
118,355
2,505,575
Rithm
Capital
Corp.
97,678
1,071,528
Total
3,577,103
Total
Financials
550,706,882
Health
Care  8.8%
Biotechnology
1.8%
AbbVie,
Inc.
121,020
26,387,201
Alnylam
Pharmaceuticals,
Inc.
(a)
8,262
3,767,802
Amgen,
Inc.
36,548
10,907,020
Apellis
Pharmaceuticals,
Inc.
(a)
7,487
160,746
Biogen,
Inc.
(a)
9,835
1,517,245
BioMarin
Pharmaceutical,
Inc.
(a)
12,857
688,750
Exact
Sciences
Corp.
(a)
12,428
803,967
Exelixis
,
Inc.
(a)
17,941
693,778
Gilead
Sciences,
Inc.
84,284
10,096,380
Halozyme
Therapeutics,
Inc.
(a)
8,302
541,207
Incyte
Corp.
(a)
11,069
1,034,730
Insmed
,
Inc.
(a)
12,251
2,322,790
Ionis
Pharmaceuticals,
Inc.
(a)
9,577
711,571
Mirati
Therapeutics,
Inc.
(a),(b),(c),(d)
315
158
Moderna
,
Inc.
(a)
23,751
645,077
Natera
,
Inc.
(a)
8,422
1,675,388
Neurocrine
Biosciences,
Inc.
(a)
6,536
936,021
Regeneron
Pharmaceuticals,
Inc.
7,213
4,701,433
Revolution
Medicines,
Inc.
(a)
11,621
683,780
Roivant
Sciences
Ltd.
(a)
25,022
500,190
Sarepta
Therapeutics,
Inc.
(a)
6,599
158,442
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
5
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Summit
Therapeutics,
Inc.
(a)
7,596
143,640
Ultragenyx
Pharmaceutical,
Inc.
(a)
5,781
200,023
United
Therapeutics
Corp.
(a)
3,044
1,355,889
Vertex
Pharmaceuticals,
Inc.
(a)
17,372
7,393,002
Viking
Therapeutics,
Inc.
(a)
7,572
288,342
Total
78,314,572
Health
Care
Equipment
&
Supplies
0.6%
Align
Technology,
Inc.
(a)
24,314
3,352,414
Baxter
International,
Inc.
185,234
3,421,272
DENTSPLY
SIRONA,
Inc.
72,559
914,969
Envista
Holdings
Corp.
(a)
59,317
1,207,101
Globus
Medical,
Inc.
Class
A
(a)
40,317
2,434,744
Inspire
Medical
Systems,
Inc.
(a)
9,825
708,186
Solventum
Corp.
(a)
52,775
3,643,586
STERIS
PLC
35,193
8,294,990
Teleflex,
Inc.
15,995
1,990,898
Total
25,968,160
Health
Care
Providers
&
Services
3.2%
Cardinal
Health,
Inc.
83,528
15,934,637
Cencora
,
Inc.
64,077
21,645,851
Cigna
Group
(The)
92,719
22,661,451
CVS
Health
Corp.
448,469
35,047,852
DaVita,
Inc.
(a)
13,240
1,575,825
McKesson
Corp.
44,291
35,935,060
Universal
Health
Services,
Inc.
Class
B
19,167
4,159,431
Total
136,960,107
Health
Care
Technology
0.4%
Veeva
Systems,
Inc.
Class
A
(a)
52,960
15,421,952
Life
Sciences
Tools
&
Services
0.6%
Charles
River
Laboratories
International,
Inc.
(a)
17,510
3,153,026
IQVIA
Holdings,
Inc.
(a)
61,363
13,282,635
Medpace
Holdings,
Inc.
(a)
7,716
4,513,165
QIAGEN
NV
76,066
3,563,692
Total
24,512,518
Pharmaceuticals
2.2%
Bristol-Myers
Squibb
Co.
745,108
34,327,125
Elanco
Animal
Health,
Inc.
(a)
180,075
3,988,661
Jazz
Pharmaceuticals
PLC
(a)
20,912
2,878,328
Perrigo
Co.
PLC
48,486
1,005,600
Pfizer,
Inc.
2,036,285
50,194,425
Viatris
,
Inc.
418,855
4,339,338
Total
96,733,477
Total
Health
Care
377,910,786
Industrials  9.0%
Air
Freight
&
Logistics
0.3%
FedEx
Corp.
40,259
10,218,539
Building
Products
1.1%
A
O
Smith
Corp.
21,642
1,428,155
Allegion
PLC
15,949
2,643,866
Builders
FirstSource
,
Inc.
(a)
19,800
2,300,166
Hayward
Holdings,
Inc.
(a)
38,011
645,047
Johnson
Controls
International
PLC
125,769
14,386,716
Masco
Corp.
40,337
2,612,224
Owens
Corning
16,416
2,089,921
Trane
Technologies
PLC
42,213
18,938,862
Total
45,044,957
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
65,391
11,984,209
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Construction
&
Engineering
0.5%
AECOM
25,427
3,416,117
API
Group
Corp.
(a)
65,399
2,407,991
Comfort
Systems
USA,
Inc.
6,677
6,447,178
EMCOR
Group,
Inc.
8,270
5,588,701
MasTec
,
Inc.
(a)
11,680
2,384,589
Valmont
Industries,
Inc.
3,826
1,581,783
Total
21,826,359
Electrical
Equipment
0.9%
Acuity
Brands,
Inc.
5,517
2,013,981
AMETEK,
Inc.
43,276
8,746,512
Emerson
Electric
Co.
105,305
14,697,419
Generac
Holdings,
Inc.
(a)
10,967
1,842,675
nVent
Electric
PLC
30,321
3,467,206
Rockwell
Automation,
Inc.
21,255
7,829,492
Sensata
Technologies
Holding
PLC
27,501
875,357
Total
39,472,642
Ground
Transportation
1.5%
Lyft,
Inc.
Class
A
(a)
76,346
1,562,039
Ryder
System,
Inc.
7,465
1,263,302
Uber
Technologies,
Inc.
(a)
381,348
36,800,082
Union
Pacific
Corp.
112,623
24,818,731
Total
64,444,154
Machinery
2.8%
Allison
Transmission
Holdings,
Inc.
16,478
1,360,259
Caterpillar,
Inc.
86,900
50,163,894
CNH
Industrial
NV
166,207
1,743,511
Fortive
Corp.
64,160
3,229,814
Gates
Industrial
Corp.
PLC
(a)
47,371
1,045,952
Graco
,
Inc.
31,139
2,546,236
Illinois
Tool
Works,
Inc.
55,401
13,513,412
Lincoln
Electric
Holdings,
Inc.
10,090
2,365,600
Middleby
Corp.
(The)
(a)
9,453
1,174,346
Mueller
Industries,
Inc.
20,422
2,162,077
Otis
Worldwide
Corp.
75,511
7,004,400
Parker-Hannifin
Corp.
24,408
18,863,235
Pentair
PLC
30,522
3,246,015
Snap-on,
Inc.
9,627
3,230,340
Stanley
Black
&
Decker,
Inc.
29,348
1,987,447
Toro
Co.
(The)
18,098
1,352,464
Westinghouse
Air
Brake
Technologies
Corp.
32,297
6,602,799
Total
121,591,801
Passenger
Airlines
0.4%
Alaska
Air
Group,
Inc.
(a)
22,132
923,568
American
Airlines
Group,
Inc.
(a)
124,867
1,639,504
Delta
Air
Lines,
Inc.
127,244
7,301,261
Southwest
Airlines
Co.
90,313
2,736,484
United
Airlines
Holdings,
Inc.
(a)
64,026
6,021,005
Total
18,621,822
Professional
Services
1.1%
Automatic
Data
Processing,
Inc.
76,287
19,857,506
Booz
Allen
Hamilton
Holding
Corp.
23,348
2,035,012
Broadridge
Financial
Solutions,
Inc.
21,858
4,817,503
ExlService
Holdings,
Inc.
(a)
32,518
1,271,454
Genpact
Ltd.
32,603
1,243,804
Leidos
Holdings,
Inc.
23,874
4,547,281
Paychex,
Inc.
62,079
7,265,105
Paycom
Software,
Inc.
9,985
1,868,094
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Paylocity
Holding
Corp.
(a)
8,408
1,187,798
Science
Applications
International
Corp.
8,828
827,272
SS&C
Technologies
Holdings,
Inc.
40,147
3,409,283
Total
48,330,112
Trading
Companies
&
Distributors
0.1%
Applied
Industrial
Technologies,
Inc.
7,306
1,878,299
MSC
Industrial
Direct
Co.,
Inc.
Class
A
8,301
704,838
Total
2,583,137
Total
Industrials
384,117,732
Information
Technology  34.7%
Communications
Equipment
1.6%
Arista
Networks,
Inc.
(a)
142,025
22,395,922
Cisco
Systems,
Inc.
490,745
35,878,367
F5,
Inc.
(a)
7,375
1,866,244
Motorola
Solutions,
Inc.
20,870
8,488,038
Ubiquiti,
Inc.
487
383,356
Total
69,011,927
Electronic
Equipment,
Instruments
&
Components
0.2%
Arrow
Electronics,
Inc.
(a)
6,682
745,377
Avnet,
Inc.
10,691
517,979
Flex
Ltd.
(a)
44,623
2,789,830
Keysight
Technologies,
Inc.
(a)
21,783
3,985,418
Ralliant
Corp.
21,385
939,229
Zebra
Technologies
Corp.
Class
A
(a)
6,520
1,755,510
Total
10,733,343
IT
Services
0.2%
GoDaddy
,
Inc.
Class
A
(a)
17,406
2,317,261
Okta
,
Inc.
(a)
20,574
1,883,138
VeriSign,
Inc.
10,731
2,573,294
Total
6,773,693
Semiconductors
&
Semiconductor
Equipment
15.8%
Advanced
Micro
Devices,
Inc.
(a)
198,022
50,717,395
Cirrus
Logic,
Inc.
(a)
6,556
869,653
Enphase
Energy,
Inc.
(a)
20,412
622,770
GLOBALFOUNDRIES,
Inc.
(a)
12,840
457,104
Marvell
Technology,
Inc.
103,507
9,702,746
MKS,
Inc.
8,627
1,239,786
NVIDIA
Corp.
2,875,499
582,259,793
ON
Semiconductor
Corp.
(a)
53,757
2,692,151
Onto
Innovation,
Inc.
(a)
6,066
818,667
QUALCOMM,
Inc.
139,677
25,267,569
Skyworks
Solutions,
Inc.
18,499
1,437,742
Teradyne,
Inc.
20,451
3,717,174
Total
679,802,550
Software
5.5%
Adobe,
Inc.
(a)
56,803
19,330,629
AppLovin
Corp.
Class
A
(a)
33,933
21,626,519
Autodesk,
Inc.
(a)
26,626
8,023,479
BILL
Holdings,
Inc.
(a)
11,306
561,456
Datadog
,
Inc.
Class
A
(a)
36,912
6,009,643
DocuSign,
Inc.
(a)
25,244
1,846,346
Dropbox,
Inc.
Class
A
(a)
23,317
676,193
Fair
Isaac
Corp.
(a)
3,060
5,078,162
Fortinet,
Inc.
(a)
80,958
6,997,200
Intuit,
Inc.
34,312
22,904,976
Manhattan
Associates,
Inc.
(a)
7,799
1,419,964
Nutanix
,
Inc.
Class
A
(a)
31,861
2,269,778
Palantir
Technologies,
Inc.
Class
A
(a)
280,832
56,298,391
Palo
Alto
Networks,
Inc.
(a)
81,352
17,916,965
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Pegasystems
,
Inc.
21,809
1,388,143
PTC,
Inc.
(a)
15,519
3,081,142
Rubrik
,
Inc.
Class
A
(a)
15,708
1,182,341
Salesforce,
Inc.
117,940
30,712,755
ServiceNow
,
Inc.
(a)
26,548
24,405,045
Uipath
,
Inc.
Class
A
(a)
51,355
814,490
Zoom
Communications,
Inc.
(a)
32,822
2,863,063
Total
235,406,680
Technology
Hardware,
Storage
&
Peripherals
11.4%
Apple,
Inc.
1,796,741
485,784,864
NetApp,
Inc.
25,292
2,978,892
Total
488,763,756
Total
Information
Technology
1,490,491,949
Materials  2.2%
Chemicals
0.4%
Axalta
Coating
Systems
Ltd.
(a)
53,774
1,530,946
CF
Industries
Holdings,
Inc.
39,055
3,252,891
Eastman
Chemical
Co.
28,877
1,718,759
LyondellBasell
Industries
NV
Class
A
65,268
3,029,740
NewMarket
Corp.
1,272
976,769
PPG
Industries,
Inc.
55,142
5,390,130
Scotts
Miracle-
Gro
Co.
(The)
10,819
579,033
Total
16,478,268
Construction
Materials
0.5%
CRH
PLC
168,509
20,069,422
Eagle
Materials,
Inc.
7,856
1,667,986
Total
21,737,408
Containers
&
Packaging
0.2%
Crown
Holdings,
Inc.
27,634
2,685,472
Packaging
Corp.
of
America
21,610
4,230,374
Sealed
Air
Corp.
36,673
1,228,912
Silgan
Holdings,
Inc.
21,574
833,188
Total
8,977,946
Metals
&
Mining
1.1%
Anglogold
Ashanti
PLC
126,217
8,582,756
Newmont
Corp.
265,373
21,487,252
Nucor
Corp.
54,437
8,168,272
Reliance,
Inc.
12,695
3,585,449
Steel
Dynamics,
Inc.
35,883
5,626,454
Total
47,450,183
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
15,705
1,368,063
Total
Materials
96,011,868
Real
Estate  2.0%
Diversified
REITs
0.1%
WP
Carey,
Inc.
34,993
2,309,538
Health
Care
REITs
0.1%
Alexandria
Real
Estate
Equities,
Inc.
28,656
1,668,352
Healthpeak
Properties,
Inc.
113,705
2,041,005
Omega
Healthcare
Investors,
Inc.
45,919
1,929,976
Total
5,639,333
Hotel
&
Resort
REITs
0.0%
Host
Hotels
&
Resorts,
Inc.
112,170
1,796,964
Park
Hotels
&
Resorts,
Inc.
32,770
337,203
Total
2,134,167
Industrial
REITs
0.0%
STAG
Industrial,
Inc.
30,196
1,155,601
Office
REITs
0.0%
Kilroy
Realty
Corp.
19,614
828,691
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
7
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Real
Estate
Management
&
Development
0.3%
CBRE
Group,
Inc.
Class
A
(a)
48,909
7,455,199
Howard
Hughes
Holdings,
Inc.
(a)
5,067
401,712
Jones
Lang
LaSalle,
Inc.
(a)
7,846
2,393,736
Zillow
Group,
Inc.
Class
A
(a)
8,530
610,151
Zillow
Group,
Inc.
Class
C
(a)
27,837
2,087,218
Total
12,948,016
Residential
REITs
0.1%
Invitation
Homes,
Inc.
99,281
2,794,760
Retail
REITs
0.3%
Brixmor
Property
Group,
Inc.
49,075
1,283,802
NNN
REIT,
Inc.
30,174
1,220,840
Simon
Property
Group,
Inc.
53,368
9,379,960
Total
11,884,602
Specialized
REITs
1.1%
American
Tower
Corp.
75,686
13,546,280
EPR
Properties
11,873
582,014
Equinix
,
Inc.
16,161
13,672,368
Gaming
and
Leisure
Properties,
Inc.
43,563
1,945,524
Public
Storage
26,154
7,285,458
SBA
Communications
Corp.
17,560
3,362,389
VICI
Properties,
Inc.
172,193
5,164,068
Total
45,558,101
Total
Real
Estate
85,252,809
Utilities  2.3%
Electric
Utilities
1.7%
American
Electric
Power
Co.,
Inc.
170,964
20,560,131
Edison
International
118,258
6,549,128
Entergy
Corp.
143,588
13,797,371
Evergy
,
Inc.
73,611
5,654,061
Exelon
Corp.
322,910
14,892,609
PG&E
Corp.
685,665
10,943,213
Total
72,396,513
Gas
Utilities
0.1%
MDU
Resources
Group,
Inc.
65,619
1,258,572
National
Fuel
Gas
Co.
28,082
2,215,951
UGI
Corp.
67,704
2,263,345
Total
5,737,868
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
249,412
3,459,344
Clearway
Energy,
Inc.
Class
A
11,318
339,427
Clearway
Energy,
Inc.
Class
C
26,253
838,258
Total
4,637,029
Multi-Utilities
0.4%
Ameren
Corp.
86,337
8,808,101
Common
Stocks
(continued)
Issuer
Shares
Value
($)
NiSource,
Inc.
149,572
6,298,477
Total
15,106,578
Total
Utilities
97,877,988
Total
Common
Stocks
(Cost
$3,701,212,703)
4,210,930,174
Exchange-Traded
Equity
Funds
1.6%
Issuer
Shares
Value
($)
Communication
Services  1.0%
Communication
Services
Select
Sector
SPDR
Fund
390,609
44,845,819
Equity
Funds  0.6%
VanEck
Semiconductor
ETF
35,225
12,787,379
Vanguard
Communication
Services
ETF
69,070
12,891,916
Total
25,679,295
Total
Exchange-Traded
Equity
Funds
(Cost
$70,026,706)
70,525,114
Money
Market
Funds
0.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.878%
(e)
11,078,911
11,078,911
Total
Money
Market
Funds
(Cost
$11,078,911)
11,078,911
Total
Investments
in
Securities
(Cost
$3,782,318,320)
4,292,534,199
Other
Assets
&
Liabilities,
Net
2,347,477
Net
Assets
4,294,881,676
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETFs
|
2025
Security
Acquisition
Date
Shares
Cost
($)
Value
($)
Mirati
Therapeutics,
Inc.
01/24/2024
315
—
158
Walgreens
Boots
Alliance,
Inc.
08/29/2025
270,639
—
135,319
—
135,477
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
October
31,
2025,
the
value
of
these
securities
amounted
to
$135,477,
which
represents
less
than
0.01%
of
net
assets.
(c)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2025,
the
total
market
value
of
these
securities
amounted
to
$135,477,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
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,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
9
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
391,922,558‌
–‌
–‌
391,922,558‌
Consumer
Discretionary
432,598,428‌
–‌
–‌
432,598,428‌
Consumer
Staples
181,932,553‌
–‌
135,319‌
182,067,872‌
Energy
121,971,302‌
–‌
–‌
121,971,302‌
Financials
550,706,882‌
–‌
–‌
550,706,882‌
Health
Care
377,910,628‌
–‌
158‌
377,910,786‌
Industrials
384,117,732‌
–‌
–‌
384,117,732‌
Information
Technology
1,490,491,949‌
–‌
–‌
1,490,491,949‌
Materials
96,011,868‌
–‌
–‌
96,011,868‌
Real
Estate
85,252,809‌
–‌
–‌
85,252,809‌
Utilities
97,877,988‌
–‌
–‌
97,877,988‌
Total
Common
Stocks
4,210,794,697‌
–‌
135,477‌
4,210,930,174‌
Exchange-Traded
Equity
Funds
70,525,114‌
–‌
–‌
70,525,114‌
Money
Market
Funds
11,078,911‌
–‌
–‌
11,078,911‌
Total
Investments
in
Securities
4,292,398,722‌
–‌
135,477‌
4,292,534,199‌
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETFs
|
2025
Common
Stocks
96.0%
Issuer
Shares
Value
($)
Communication
Services  8.5%
Diversified
Telecommunication
Services
1.4%
AT&T,
Inc.
25,183
623,279
Liberty
Global
Ltd.
Class
A
(a)
610
6,710
Liberty
Global
Ltd.
Class
C
(a)
499
5,564
Verizon
Communications,
Inc.
15,339
609,572
Total
1,245,125
Entertainment
1.0%
Electronic
Arts,
Inc.
900
180,054
Walt
Disney
Co.
(The)
6,556
738,337
Total
918,391
Interactive
Media
&
Services
5.5%
Alphabet,
Inc.
Class
A
7,805
2,194,688
Alphabet,
Inc.
Class
C
6,348
1,788,993
Match
Group,
Inc.
879
28,427
Meta
Platforms,
Inc.
Class
A
1,427
925,195
Total
4,937,303
Media
0.6%
Comcast
Corp.
Class
A
13,271
369,398
DoubleVerify
Holdings,
Inc.
(a)
255
2,902
Fox
Corp.
Class
A
758
49,005
Fox
Corp.
Class
B
530
30,957
New
York
Times
Co.
(The)
Class
A
593
33,795
Nexstar
Media
Group,
Inc.
96
18,790
Total
504,847
Wireless
Telecommunication
Services
0.0%
Millicom
International
Cellular
SA
390
18,373
Total
Communication
Services
7,624,039
Consumer
Discretionary  7.9%
Automobile
Components
0.4%
Aptiv
PLC
(a)
2,644
214,429
BorgWarner,
Inc.
2,607
111,997
Lear
Corp.
639
66,871
Total
393,297
Automobiles
0.9%
General
Motors
Co.
11,459
791,702
Broadline
Retail
0.5%
Dillard's,
Inc.
Class
A
32
19,202
eBay,
Inc.
5,428
441,351
Total
460,553
Diversified
Consumer
Services
0.2%
ADT,
Inc.
6,098
53,906
Grand
Canyon
Education,
Inc.
(a)
235
44,251
H&R
Block,
Inc.
1,296
64,463
Total
162,620
Hotels,
Restaurants
&
Leisure
0.6%
Aramark
3,090
117,049
Booking
Holdings,
Inc.
23
116,788
Boyd
Gaming
Corp.
650
50,616
Carnival
Corp.
(a)
8,832
254,627
Darden
Restaurants,
Inc.
74
13,331
Travel
+
Leisure
Co.
491
30,825
Total
583,236
Household
Durables
1.5%
DR
Horton,
Inc.
3,119
464,981
Garmin
Ltd.
1,954
418,039
PulteGroup,
Inc.
2,335
279,896
Toll
Brothers,
Inc.
1,152
155,462
Total
1,318,378
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Leisure
Products
0.1%
Mattel,
Inc.
(a)
3,837
70,524
Specialty
Retail
2.4%
Bath
&
Body
Works,
Inc.
2,294
56,157
Five
Below,
Inc.
(a)
649
102,068
Gap,
Inc.
(The)
2,687
61,398
Lowe's
Cos.,
Inc.
6,702
1,595,947
O'Reilly
Automotive,
Inc.
(a)
796
75,174
Ulta
Beauty,
Inc.
(a)
396
205,873
Wayfair,
Inc.
Class
A
(a)
898
92,952
Total
2,189,569
Textiles,
Apparel
&
Luxury
Goods
1.3%
Birkenstock
Holding
PLC
(a)
460
18,358
Crocs,
Inc.
(a)
662
54,079
NIKE,
Inc.
Class
B
14,108
911,236
Ralph
Lauren
Corp.
420
134,257
Tapestry,
Inc.
206
22,623
Total
1,140,553
Total
Consumer
Discretionary
7,110,432
Consumer
Staples  6.8%
Beverages
0.6%
Boston
Beer
Co.,
Inc.
(The)
Class
A
(a)
146
30,221
Constellation
Brands,
Inc.
Class
A
2,573
338,041
Molson
Coors
Beverage
Co.
Class
B
3,077
134,526
Total
502,788
Consumer
Staples
Distribution
&
Retail
2.1%
Albertsons
Cos.,
Inc.
Class
A
7,097
125,546
Kroger
Co.
(The)
9,881
628,728
Maplebear
,
Inc.
(a)
3,070
113,160
Target
Corp.
8,228
762,900
US
Foods
Holding
Corp.
(a)
4,096
297,452
Walgreens
Boots
Alliance,
Inc.
(b),(c),(d)
11,629
5,814
Total
1,933,600
Food
Products
1.1%
Conagra
Brands,
Inc.
8,495
146,029
Ingredion,
Inc.
1,139
131,452
Kraft
Heinz
Co.
(The)
15,160
374,907
Pilgrim's
Pride
Corp.
745
28,384
Smithfield
Foods,
Inc.
817
18,105
Tyson
Foods,
Inc.
Class
A
5,014
257,770
Total
956,647
Household
Products
1.2%
Colgate-Palmolive
Co.
7,711
594,133
Kimberly-Clark
Corp.
3,847
460,524
Reynolds
Consumer
Products,
Inc.
972
23,756
Total
1,078,413
Tobacco
1.8%
Altria
Group,
Inc.
29,482
1,662,195
Total
Consumer
Staples
6,133,643
Energy  5.9%
Oil,
Gas
&
Consumable
Fuels
5.9%
Chevron
Corp.
8,280
1,305,922
Civitas
Resources,
Inc.
412
11,878
ConocoPhillips
5,614
498,860
EOG
Resources,
Inc.
2,368
250,629
Exxon
Mobil
Corp.
18,771
2,146,652
HF
Sinclair
Corp.
622
32,095
Kinder
Morgan,
Inc.
8,483
222,170
Marathon
Petroleum
Corp.
1,334
260,010
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
11
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Permian
Resources
Corp.
2,967
37,265
Valero
Energy
Corp.
1,352
229,245
Williams
Cos.,
Inc.
(The)
4,984
288,424
Total
5,283,150
Total
Energy
5,283,150
Financials  18.0%
Banks
7.4%
Bank
OZK
943
42,426
Citigroup,
Inc.
13,384
1,354,862
Columbia
Banking
System,
Inc.
2,673
71,636
Huntington
Bancshares,
Inc.
13,757
212,408
JPMorgan
Chase
&
Co.
14,459
4,498,484
Popular,
Inc.
541
60,305
Regions
Financial
Corp.
7,865
190,333
Synovus
Financial
Corp.
1,225
54,684
Western
Alliance
Bancorp
754
58,322
Wintrust
Financial
Corp.
586
76,192
Zions
Bancorp
NA
1,281
66,753
Total
6,686,405
Capital
Markets
5.8%
Affiliated
Managers
Group,
Inc.
248
59,014
BlackRock,
Inc.
1,382
1,496,443
Brookfield
Asset
Management
Ltd.
Class
A
2,270
122,716
Cboe
Global
Markets,
Inc.
931
228,691
CME
Group,
Inc.
3,143
834,435
Houlihan
Lokey
,
Inc.
296
53,008
Invesco
Ltd.
3,263
77,333
Janus
Henderson
Group
PLC
1,124
48,961
Morgan
Stanley
10,184
1,670,176
Raymond
James
Financial,
Inc.
1,638
259,902
SEI
Investments
Co.
940
75,773
State
Street
Corp.
2,478
286,606
Virtu
Financial,
Inc.
Class
A
708
24,667
Total
5,237,725
Consumer
Finance
0.3%
SLM
Corp.
1,633
43,846
Synchrony
Financial
3,277
243,743
Total
287,589
Financial
Services
1.6%
Fidelity
National
Information
Services,
Inc.
4,766
297,970
Fiserv,
Inc.
(a)
3,548
236,616
Global
Payments,
Inc.
2,194
170,605
Jack
Henry
&
Associates,
Inc.
658
98,003
MGIC
Investment
Corp.
2,083
57,116
PayPal
Holdings,
Inc.
(a)
8,850
613,040
Total
1,473,350
Insurance
2.7%
Allstate
Corp.
(The)
2,420
463,478
Axis
Capital
Holdings
Ltd.
682
63,876
Brighthouse
Financial,
Inc.
(a)
509
29,049
CNA
Financial
Corp.
196
8,732
Hanover
Insurance
Group,
Inc.
(The)
329
56,219
Hartford
Financial
Services
Group,
Inc.
(The)
2,519
312,809
Kemper
Corp.
548
24,654
Lincoln
National
Corp.
1,532
64,344
Marsh
&
McLennan
Cos.,
Inc.
3,904
695,498
MetLife,
Inc.
4,995
398,701
Old
Republic
International
Corp.
2,048
80,814
Common
Stocks
(continued)
Issuer
Shares
Value
($)
RenaissanceRe
Holdings
Ltd.
417
105,956
Unum
Group
1,511
110,938
Total
2,415,068
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.2%
Annaly
Capital
Management,
Inc.
5,788
122,532
Rithm
Capital
Corp.
4,776
52,393
Total
174,925
Total
Financials
16,275,062
Health
Care  11.4%
Biotechnology
1.1%
Amgen,
Inc.
431
128,623
Biogen,
Inc.
(a)
460
70,964
BioMarin
Pharmaceutical,
Inc.
(a)
591
31,660
Exact
Sciences
Corp.
(a)
532
34,415
Exelixis
,
Inc.
(a)
155
5,994
Gilead
Sciences,
Inc.
2,808
336,370
Incyte
Corp.
(a)
370
34,588
Insmed
,
Inc.
(a)
32
6,067
Ionis
Pharmaceuticals,
Inc.
(a)
29
2,155
Mirati
Therapeutics,
Inc.
(a),(b),(c),(d)
51
26
Moderna
,
Inc.
(a)
1,071
29,088
Neurocrine
Biosciences,
Inc.
(a)
38
5,442
Regeneron
Pharmaceuticals,
Inc.
328
213,790
Revolution
Medicines,
Inc.
(a)
524
30,832
Roivant
Sciences
Ltd.
(a)
1,140
22,789
Sarepta
Therapeutics,
Inc.
(a)
50
1,201
United
Therapeutics
Corp.
(a)
133
59,242
Viking
Therapeutics,
Inc.
(a)
320
12,186
Total
1,025,432
Health
Care
Equipment
&
Supplies
0.6%
Align
Technology,
Inc.
(a)
1,039
143,257
Baxter
International,
Inc.
7,957
146,966
DENTSPLY
SIRONA,
Inc.
3,118
39,318
Envista
Holdings
Corp.
(a)
2,551
51,913
Globus
Medical,
Inc.
Class
A
(a)
1,719
103,810
Teleflex,
Inc.
680
84,640
Total
569,904
Health
Care
Providers
&
Services
4.2%
Cardinal
Health,
Inc.
1,784
340,334
Cigna
Group
(The)
3,660
894,540
CVS
Health
Corp.
19,243
1,503,840
Humana,
Inc.
1,793
498,795
McKesson
Corp.
144
116,833
Tenet
Healthcare
Corp.
(a)
1,287
265,753
Universal
Health
Services,
Inc.
Class
B
811
175,995
Total
3,796,090
Health
Care
Technology
0.2%
Veeva
Systems,
Inc.
Class
A
(a)
467
135,990
Life
Sciences
Tools
&
Services
1.0%
Charles
River
Laboratories
International,
Inc.
(a)
756
136,133
IQVIA
Holdings,
Inc.
(a)
2,622
567,558
QIAGEN
NV
3,263
152,872
Total
856,563
Pharmaceuticals
4.3%
Bristol-Myers
Squibb
Co.
25,818
1,189,435
Elanco
Animal
Health,
Inc.
(a)
7,728
171,175
Jazz
Pharmaceuticals
PLC
(a)
898
123,601
Perrigo
Co.
PLC
2,072
42,973
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETFs
|
2025
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Pfizer,
Inc.
87,374
2,153,769
Viatris
,
Inc.
17,980
186,273
Total
3,867,226
Total
Health
Care
10,251,205
Industrials  13.6%
Air
Freight
&
Logistics
0.5%
FedEx
Corp.
1,903
483,020
Building
Products
1.3%
Allegion
PLC
754
124,991
Builders
FirstSource
,
Inc.
(a)
930
108,038
Hayward
Holdings,
Inc.
(a)
1,804
30,614
Johnson
Controls
International
PLC
5,960
681,764
Masco
Corp.
1,907
123,497
Owens
Corning
776
98,793
Total
1,167,697
Construction
&
Engineering
0.7%
AECOM
1,203
161,623
API
Group
Corp.
(a)
3,092
113,847
EMCOR
Group,
Inc.
256
173,000
MasTec
,
Inc.
(a)
430
87,789
Valmont
Industries,
Inc.
175
72,350
Total
608,609
Electrical
Equipment
2.1%
Acuity
Brands,
Inc.
267
97,468
AMETEK,
Inc.
2,059
416,145
Emerson
Electric
Co.
4,998
697,571
Generac
Holdings,
Inc.
(a)
512
86,026
nVent
Electric
PLC
1,440
164,664
Rockwell
Automation,
Inc.
926
341,101
Sensata
Technologies
Holding
PLC
1,294
41,188
Total
1,844,163
Ground
Transportation
1.3%
Lyft,
Inc.
Class
A
(a)
3,048
62,362
Ryder
System,
Inc.
352
59,569
Union
Pacific
Corp.
4,914
1,082,898
Total
1,204,829
Machinery
5.8%
Allison
Transmission
Holdings,
Inc.
648
53,492
Caterpillar,
Inc.
3,608
2,082,754
CNH
Industrial
NV
7,872
82,577
Fortive
Corp.
3,052
153,638
Gates
Industrial
Corp.
PLC
(a)
2,258
49,857
Graco
,
Inc.
1,491
121,919
Illinois
Tool
Works,
Inc.
1,773
432,470
Lincoln
Electric
Holdings,
Inc.
489
114,646
Middleby
Corp.
(The)
(a)
459
57,021
Mueller
Industries,
Inc.
971
102,800
Otis
Worldwide
Corp.
3,583
332,359
Parker-Hannifin
Corp.
1,154
891,846
Pentair
PLC
1,450
154,207
Snap-on,
Inc.
467
156,702
Stanley
Black
&
Decker,
Inc.
1,394
94,402
Toro
Co.
(The)
868
64,866
Westinghouse
Air
Brake
Technologies
Corp.
1,527
312,180
Total
5,257,736
Passenger
Airlines
0.8%
Alaska
Air
Group,
Inc.
(a)
875
36,514
American
Airlines
Group,
Inc.
(a)
5,543
72,779
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Delta
Air
Lines,
Inc.
6,042
346,690
United
Airlines
Holdings,
Inc.
(a)
3,046
286,446
Total
742,429
Professional
Services
1.0%
Automatic
Data
Processing,
Inc.
263
68,459
Broadridge
Financial
Solutions,
Inc.
98
21,599
Genpact
Ltd.
1,542
58,827
Leidos
Holdings,
Inc.
1,128
214,850
Paychex,
Inc.
2,023
236,752
Paycom
Software,
Inc.
222
41,534
Paylocity
Holding
Corp.
(a)
30
4,238
Science
Applications
International
Corp.
418
39,171
SS&C
Technologies
Holdings,
Inc.
1,898
161,178
Total
846,608
Trading
Companies
&
Distributors
0.1%
Applied
Industrial
Technologies,
Inc.
345
88,696
MSC
Industrial
Direct
Co.,
Inc.
Class
A
393
33,370
Total
122,066
Total
Industrials
12,277,157
Information
Technology  10.9%
Communications
Equipment
3.1%
Cisco
Systems,
Inc.
32,351
2,365,181
F5,
Inc.
(a)
482
121,970
Motorola
Solutions,
Inc.
794
322,928
Total
2,810,079
Electronic
Equipment,
Instruments
&
Components
0.8%
Arrow
Electronics,
Inc.
(a)
425
47,409
Avnet,
Inc.
688
33,334
Flex
Ltd.
(a)
2,934
183,434
Jabil,
Inc.
264
58,315
Keysight
Technologies,
Inc.
(a)
1,440
263,462
Ralliant
Corp.
1,017
44,667
Zebra
Technologies
Corp.
Class
A
(a)
414
111,469
Total
742,090
IT
Services
0.3%
Okta
,
Inc.
(a)
816
74,688
VeriSign,
Inc.
690
165,462
Total
240,150
Semiconductors
&
Semiconductor
Equipment
3.8%
Advanced
Micro
Devices,
Inc.
(a)
5,420
1,388,170
Cirrus
Logic,
Inc.
(a)
417
55,315
GLOBALFOUNDRIES,
Inc.
(a)
853
30,367
MKS,
Inc.
566
81,340
ON
Semiconductor
Corp.
(a)
3,544
177,484
Onto
Innovation,
Inc.
(a)
327
44,132
QUALCOMM,
Inc.
7,107
1,285,656
Skyworks
Solutions,
Inc.
1,235
95,984
Teradyne,
Inc.
1,340
243,558
Total
3,402,006
Software
2.8%
BILL
Holdings,
Inc.
(a)
740
36,748
DocuSign,
Inc.
(a)
405
29,622
Dropbox,
Inc.
Class
A
(a)
1,124
32,596
Fair
Isaac
Corp.
(a)
31
51,445
Nutanix
,
Inc.
Class
A
(a)
1,572
111,989
Pegasystems
,
Inc.
970
61,741
PTC,
Inc.
(a)
898
178,289
Salesforce,
Inc.
6,912
1,799,954
Uipath
,
Inc.
Class
A
(a)
3,388
53,734
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
13
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Zoom
Communications,
Inc.
(a)
2,161
188,504
Total
2,544,622
Technology
Hardware,
Storage
&
Peripherals
0.1%
NetApp,
Inc.
1,011
119,076
Total
Information
Technology
9,858,023
Materials  4.5%
Chemicals
0.8%
Axalta
Coating
Systems
Ltd.
(a)
2,296
65,367
CF
Industries
Holdings,
Inc.
1,674
139,428
Eastman
Chemical
Co.
1,237
73,626
LyondellBasell
Industries
NV
Class
A
2,785
129,280
NewMarket
Corp.
66
50,681
PPG
Industries,
Inc.
2,355
230,201
Scotts
Miracle-
Gro
Co.
(The)
459
24,566
Total
713,149
Construction
Materials
1.0%
CRH
PLC
7,204
857,996
Eagle
Materials,
Inc.
308
65,395
Total
923,391
Containers
&
Packaging
0.4%
Crown
Holdings,
Inc.
1,172
113,895
Packaging
Corp.
of
America
924
180,882
Sealed
Air
Corp.
1,561
52,309
Silgan
Holdings,
Inc.
923
35,647
Total
382,733
Metals
&
Mining
2.2%
Anglogold
Ashanti
PLC
4,743
322,524
Newmont
Corp.
11,343
918,443
Nucor
Corp.
2,325
348,866
Reliance,
Inc.
541
152,795
Steel
Dynamics,
Inc.
1,382
216,697
Total
1,959,325
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
Corp.
664
57,841
Total
Materials
4,036,439
Real
Estate  3.9%
Diversified
REITs
0.1%
WP
Carey,
Inc.
1,867
123,222
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
1,517
88,320
Healthpeak
Properties,
Inc.
6,027
108,184
Omega
Healthcare
Investors,
Inc.
2,432
102,217
Total
298,721
Hotel
&
Resort
REITs
0.1%
Host
Hotels
&
Resorts,
Inc.
5,934
95,062
Park
Hotels
&
Resorts,
Inc.
1,737
17,874
Total
112,936
Industrial
REITs
0.1%
STAG
Industrial,
Inc.
1,610
61,615
Office
REITs
0.0%
Kilroy
Realty
Corp.
1,031
43,560
Real
Estate
Management
&
Development
0.7%
CBRE
Group,
Inc.
Class
A
(a)
2,301
350,741
Howard
Hughes
Holdings,
Inc.
(a)
272
21,564
Jones
Lang
LaSalle,
Inc.
(a)
298
90,917
Zillow
Group,
Inc.
Class
A
(a)
458
32,761
Zillow
Group,
Inc.
Class
C
(a)
1,462
109,621
Total
605,604
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Residential
REITs
0.2%
Invitation
Homes,
Inc.
5,253
147,872
Retail
REITs
0.6%
Brixmor
Property
Group,
Inc.
2,591
67,781
NNN
REIT,
Inc.
1,609
65,100
Simon
Property
Group,
Inc.
2,194
385,617
Total
518,498
Specialized
REITs
1.8%
EPR
Properties
626
30,687
Equinix
,
Inc.
857
725,031
Gaming
and
Leisure
Properties,
Inc.
2,317
103,477
Public
Storage
1,204
335,386
SBA
Communications
Corp.
932
178,459
VICI
Properties,
Inc.
9,124
273,629
Total
1,646,669
Total
Real
Estate
3,558,697
Utilities  4.6%
Electric
Utilities
3.4%
American
Electric
Power
Co.,
Inc.
7,236
870,201
Edison
International
5,014
277,675
Entergy
Corp.
6,085
584,708
Evergy
,
Inc.
3,108
238,726
Exelon
Corp.
13,677
630,783
PG&E
Corp.
29,036
463,415
Total
3,065,508
Gas
Utilities
0.3%
MDU
Resources
Group,
Inc.
2,778
53,282
National
Fuel
Gas
Co.
1,182
93,272
UGI
Corp.
2,868
95,877
Total
242,431
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
10,557
146,426
Clearway
Energy,
Inc.
Class
A
477
14,305
Clearway
Energy,
Inc.
Class
C
1,121
35,793
Total
196,524
Multi-Utilities
0.7%
Ameren
Corp.
3,646
371,965
NiSource,
Inc.
6,328
266,472
Total
638,437
Total
Utilities
4,142,900
Total
Common
Stocks
(Cost
$78,148,769)
86,550,747
Exchange-Traded
Equity
Funds
3.3%
Issuer
Shares
Value
($)
Financials  3.3%
Financial
Select
Sector
SPDR
Fund
28,229
1,478,353
iShares
U.S.
Financials
ETF
12,219
1,498,049
Total
2,976,402
Total
Exchange-Traded
Equity
Funds
(Cost
$2,885,233)
2,976,402
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETFs
|
2025
Money
Market
Funds
0.6%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.878%
(e)
555,341
555,341
Total
Money
Market
Funds
(Cost
$555,341)
555,341
Total
Investments
in
Securities
(Cost
$81,589,343)
90,082,490
Other
Assets
&
Liabilities,
Net
108,717
Net
Assets
90,191,207
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
15
Security
Acquisition
Date
Shares
Cost
($)
Value
($)
Mirati
Therapeutics,
Inc.
01/24/2024
51
—
26
Walgreens
Boots
Alliance,
Inc.
08/29
/2025
11,629
—
5,814
—
5,840
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
October
31,
2025,
the
value
of
these
securities
amounted
to
$5,840,
which
represents
less
than
0.01%
of
net
assets.
(c)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
October
31,
2025,
the
total
market
value
of
these
securities
amounted
to
$5,840,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
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,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETFs
|
2025
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
7,624,039‌
–‌
–‌
7,624,039‌
Consumer
Discretionary
7,110,432‌
–‌
–‌
7,110,432‌
Consumer
Staples
6,127,829‌
–‌
5,814‌
6,133,643‌
Energy
5,283,150‌
–‌
–‌
5,283,150‌
Financials
16,275,062‌
–‌
–‌
16,275,062‌
Health
Care
10,251,179‌
–‌
26‌
10,251,205‌
Industrials
12,277,157‌
–‌
–‌
12,277,157‌
Information
Technology
9,858,023‌
–‌
–‌
9,858,023‌
Materials
4,036,439‌
–‌
–‌
4,036,439‌
Real
Estate
3,558,697‌
–‌
–‌
3,558,697‌
Utilities
4,142,900‌
–‌
–‌
4,142,900‌
Total
Common
Stocks
86,544,907‌
–‌
5,840‌
86,550,747‌
Exchange-Traded
Equity
Funds
2,976,402‌
–‌
–‌
2,976,402‌
Money
Market
Funds
555,341‌
–‌
–‌
555,341‌
Total
Investments
in
Securities
90,076,650‌
–‌
5,840‌
90,082,490‌
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
STATEMENT
OF
ASSETS
AND
LIABILITIES
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
17
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$3,782,318,320
and
$81,589,343,
respectively)
$4,292,534,199
$90,082,490
Receivable
for:
Capital
shares
sold
10,257,659
2,097,470
Dividends
2,843,043
92,434
Reclaims
receivable
260
–
Total
assets
4,305,635,161
92,272,394
Liabilities
Payable
for:
Investments
purchased
10,236,337
2,067,709
Investment
management
fees
517,148
13,478
Total
liabilities
10,753,485
2,081,187
Net
assets
applicable
to
outstanding
capital
stock
$4,294,881,676
$90,191,207
Represented
by:
Paid-in
capital
$3,738,684,232
$78,958,385
Total
distributable
earnings
(loss)
556,197,444
11,232,822
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$4,294,881,676
$90,191,207
Shares
outstanding
104,675,000
3,225,000
Net
asset
value
per
share
$41.03
$27.97
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETFs
|
2025
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$39,073,142
$1,783,453
Foreign
taxes
withheld
(12,482)
(618)
Total
income
39,060,660
1,782,835
Expenses:
Investment
management
fees
3,835,522
136,651
Total
expenses
3,835,522
136,651
Net
Investment
Income
35,225,138
1,646,184
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
16,222,912
2,832,523
In-kind
transactions
-
unaffiliated
issuers
160,919,942
2,381,388
Net
realized
gain
177,142,854
5,213,911
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
410,374,217
2,093,363
Net
change
in
unrealized
appreciation
410,374,217
2,093,363
Net
realized
and
unrealized
gain
587,517,071
7,307,274
Net
Increase
in
net
assets
resulting
from
operations
$622,742,209
$8,953,458
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
19
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
$35,225,138
$7,708,168
$1,646,184
$960,401
Net
realized
gain
177,142,854
30,965,538
5,213,911
1,485,567
Net
change
in
unrealized
appreciation
410,374,217
113,437,315
2,093,363
7,617,886
Net
increase
in
net
assets
resulting
from
operations
622,742,209
152,111,021
8,953,458
10,063,854
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(16,520,942)
(2,889,739)
(1,143,342)
(484,695)
Shareholder
transactions
Proceeds
from
shares
sold
3,272,761,785
1,027,556,148
30,679,660
43,970,901
Cost
of
shares
redeemed
(838,155,564)
(152,605,178)
(14,344,673)
(6,172,944)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
2,434,606,221
874,950,970
16,334,987
37,797,957
Increase
in
net
assets
3,040,827,488
1,024,172,252
24,145,103
47,377,116
Net
Assets:
Net
assets
beginning
of
year
1,254,054,188
229,881,936
66,046,104
18,668,988
Net
assets
at
end
of
year
$4,294,881,676
$1,254,054,188
$90,191,207
$66,046,104
Capital
stock
activity
Shares
outstanding,
beginning
of
year
36,925,000
9,350,000
2,600,000
950,000
Shares
sold
90,575,000
32,675,000
1,175,000
1,925,000
Shares
redeemed
(22,825,000)
(5,100,000)
(550,000)
(275,000)
Shares
outstanding,
end
of
year
104,675,000
36,925,000
3,225,000
2,600,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Indexed
ETFs
|
2025
The
following
tables
are
intended
to
help
you
understand
each
Fund’s
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$33.96‌
$24.59‌
$22.98‌
$31.23‌
$21.79‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.50‌
0.41‌
0.39‌
0.39‌
0.41‌
Net
realized
and
unrealized
gain
(loss)
6.95‌
9.24‌
1.54‌
(3.08‌)
9.30‌
Total
from
investment
operations
7.45‌
9.65‌
1.93‌
(2.69‌)
9.71‌
Less
distributions
to
shareholders:
Net
investment
income
(0.24‌)
(0.28‌)
(0.32‌)
(0.78‌)
(0.25‌)
Net
realized
gains
(0.14‌)
–‌
–‌
(4.78‌)
(0.02‌)
Total
distribution
to
shareholders
(0.38‌)
(0.28‌)
(0.32‌)
(5.56‌)
(0.27‌)
Net
asset
value,
end
of
year
$41.03‌
$33.96‌
$24.59‌
$22.98‌
$31.23‌
Total
Return
at
NAV
22.15‌%
39.49‌%
8.53‌%
(10.57‌)%
44.90‌%
Total
Return
at
Market
Price
21.97‌%
39.49‌%
8.37‌%
(10.32‌)%
45.27‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.15‌%
0.15‌%
0.15‌%
(b)
0.15‌%
0.15‌%
Total
net
expenses
(a)(c)
0.15‌%
0.15‌%
0.15‌%
(b)
0.15‌%
0.15‌%
Net
investment
income
1.38‌%
1.32‌%
1.57‌%
1.63‌%
1.58‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$4,294,882‌
$1,254,054‌
$229,882‌
$78,699‌
$28,107‌
Portfolio
turnover
32‌%
49‌%
45‌%
65‌%
49‌%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Value
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETFs
|
2025
21
Year
Ended
October
31,
2025
2024
2023
2022
2021
Per
share
data
Net
asset
value,
beginning
of
year
$25.40‌
$19.65‌
$19.74‌
$20.96‌
$18.46‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.60‌
0.53‌
0.49‌
0.47‌
0.43‌
Net
realized
and
unrealized
gain
(loss)
2.44‌
5.76‌
(0.10‌)
(1.44‌)
6.74‌
Total
from
investment
operations
3.04‌
6.29‌
0.39‌
(0.97‌)
7.17‌
Less
distributions
to
shareholders:
Net
investment
income
(0.47‌)
(0.54‌)
(0.48‌)
(0.12‌)
(4.16‌)
Net
realized
gains
–‌
–‌
–‌
(0.13‌)
(0.51‌)
Total
distribution
to
shareholders
(0.47‌)
(0.54‌)
(0.48‌)
(0.25‌)
(4.67‌)
Net
asset
value,
end
of
year
$27.97‌
$25.40‌
$19.65‌
$19.74‌
$20.96‌
Total
Return
at
NAV
12.21‌%
32.50‌%
2.02‌%
(4.66‌)%
45.48‌%
Total
Return
at
Market
Price
11.98‌%
33.21‌%
1.55‌%
(4.46‌)%
45.90‌%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.19‌%
0.19‌%
(b)
0.19‌%
(b)
0.19‌%
0.19‌%
Total
net
expenses
(a)(c)
0.19‌%
0.19‌%
(b)
0.19‌%
(b)
0.19‌%
0.19‌%
Net
investment
income
2.29‌%
2.26‌%
2.43‌%
2.30‌%
2.14‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$90,191‌
$66,046‌
$18,669‌
$17,276‌
$11,003‌
Portfolio
turnover
69‌%
62‌%
76‌%
99‌%
84‌%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
22
Indexed
ETFs
|
2025
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
25,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
position
or
their
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Funds
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Funds
have
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Funds
as
a
whole
and
the
Funds’
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
each
Fund’s
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Funds’
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Funds’
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETFs
|
2025
23
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
24
Indexed
ETFs
|
2025
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
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
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETFs
|
2025
25
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
investments,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
and
passive
foreign
investment
company
(PFIC)
holdings.
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.
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
26
Indexed
ETFs
|
2025
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Fund
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
Columbia
Research
Enhanced
Core
ETF
(153,000)
(160,379,344)
160,532,344
Columbia
Research
Enhanced
Value
ETF
(17,280)
(2,337,857)
2,355,137
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Fund
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
16,520,942
-
16,520,942
2,889,739
-
2,889,739
Columbia
Research
Enhanced
Value
ETF
1,143,342
-
1,143,342
484,695
-
484,695
Fund
Undistributed
ordinary
income
($)
Undistributed
long-
term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
43,607,219
4,211,040
-
508,379,185
Columbia
Research
Enhanced
Value
ETF
2,903,203
150,598
(236,677)
8,415,700
Fund
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
3,784,155,014
657,426,561
(149,047,376)
508,379,185
Columbia
Research
Enhanced
Value
ETF
81,666,790
8,499,828
(84,128)
8,415,700
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Utilized
($)
Columbia
Research
Enhanced
Core
ETF
-
-
-
-
Columbia
Research
Enhanced
Value
ETF
(236,677)
-
(236,677)
1,128,683
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETFs
|
2025
27
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
year
ended
October
31,
2025,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
year
ended
October
31,
2025,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
each
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
23,
2025
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Funds
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$750
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
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
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
fees
that
are
allocated
to
each
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
amendment
and
restatement,
each
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
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Funds
had
no
borrowings
during
the
year
ended
October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Funds
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
each
Fund’s
holdings
and
each
Fund’s
net
asset
value
may
go
down.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
885,029,857
818,858,732
Columbia
Research
Enhanced
Value
ETF
51,656,156
50,288,786
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
3,200,693,707
Columbia
Research
Enhanced
Value
ETF
28,531,148
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
659,532,393
820,452,335
160,919,942
Columbia
Research
Enhanced
Value
ETF
10,941,137
13,322,525
2,381,388
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
28
Indexed
ETFs
|
2025
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.
To
the
extent
that
each
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
each
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
each
Fund
are
described
more
fully
in
the
respective
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Funds
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Funds,
including
fund
accounting
and
financial
reporting
services.
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Indexed
ETFs
|
2025
29
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(two
of
the
funds
constituting
Columbia
ETF
Trust
I,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2025,
the
related
statements
of
operations
for
the
year
ended
October
31,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2025,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
October
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian
and
broker;
when
replies
were
not
received
from
the
broker,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
30
Indexed
ETFs
|
2025
The
Funds
hereby
designate
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2025
.
Shareholders
will
be
notified
in
early
202
6
of
the
amounts
for
use
in
preparing
2025
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Fund
DRD
QDI
Columbia
Research
Enhanced
Core
ETF
54.45%
60.13%
Columbia
Research
Enhanced
Value
ETF
76.06%
84.33%
Fund
Columbia
Research
Enhanced
Core
ETF
$4,421,592
Columbia
Research
Enhanced
Value
ETF
158,128
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Indexed
ETFs
|
2025
31
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF
(each,
a
Fund,
and
together,
the
Funds).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
each
of
the
Funds
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Funds’
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement
for
each
Fund.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Funds
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Funds
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Funds’
management
fees
and
total
expenses,
including
information
comparing
the
Funds’
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
32
Indexed
ETFs
|
2025
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Funds,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Columbia
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Funds’
and
their
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
each
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Funds
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Funds
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Funds,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
each
Fund,
(ii)
each
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Funds
and
(iv)
index
tracking
error
data
of
the
Funds.
The
Board
observed
that
each
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider’s
methodology
for
identifying
the
Funds’
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Funds
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
each
Fund,
observing
that
many
of
the
competitors
of
the
Funds
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Funds’
contribution
to
the
Investment
Manager’s
profitability.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETFs
|
2025
33
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
Columbia
Research
Enhanced
Value
ETF’s
total
expense
ratio
was
slightly
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports.
The
Board
took
into
account
that
Columbia
Research
Enhanced
Core
ETF’s
total
expense
ratio
approximated
the
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Funds,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Funds.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Columbia
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Funds
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Funds
supported
the
continuation
of
the
IMS
Agreement
for
each
Fund.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement
for
each
Fund.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN305_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Short
Duration
Bond
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Indexed
ETF
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
22
Statement
of
Operations
23
Statement
of
Changes
in
Net
Assets
24
Financial
Highlights
25
Notes
to
Financial
Statements
26
Report
of
Independent
Registered
Public
Accounting
Firm
34
Approval
of
Investment
Management
Services
Agreement
35
PORTFOLIO
OF
INVESTMENTS
Columbia
Short
Duration
Bond
ETF
October
31,
2025
(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.
Indexed
ETF
|
2025
3
Asset-Backed
Securities
-
Non-Agency
10.1%
Issue
Description
Principal
Amount
($)
Value
($)
Ally
Auto
Receivables
Trust
2024-1
Class
A4,
Series
2024-1,
4.940%,
10/15/29
200,000‌
203,038‌
American
Airlines
Pass
Through
Trust
Series
A,
3.700%,
10/01/26
87,826‌
87,165‌
AmeriCredit
Automobile
Receivables
Trust
2023-2
Class
B,
Series
2023-2,
5.840%,
07/18/29
250,000‌
255,059‌
BMW
Vehicle
Owner
Trust
2023-A
Class
A4,
Series
2023-A,
5.250%,
11/26/29
125,000‌
126,759‌
BMW
Vehicle
Owner
Trust
2024-A
Class
A4,
Series
2024-A,
5.040%,
04/25/31
160,000‌
163,333‌
Bridgecrest
Lending
Auto
Securitization
Trust
2024-1
Class
D,
Series
2024-1,
6.030%,
11/15/29
200,000‌
202,376‌
Capital
One
Prime
Auto
Receivables
Trust
Class
A4,
Series
2023-1,
4.760%,
08/15/28
100,000‌
100,715‌
CarMax
Auto
Owner
Trust
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000‌
99,087‌
Class
C,
Series
2024-1,
5.470%,
08/15/29
200,000‌
203,416‌
CarMax
Auto
Owner
Trust
2024-4
Class
A3,
Series
2024-4,
4.600%,
10/15/29
250,000‌
252,128‌
CarMax
Auto
Owner
Trust
2025-2
Class
A4,
Series
2025-2,
4.650%,
11/15/30
175,000‌
177,606‌
CarMax
Select
Receivables
Trust
2025-A
Class
A3,
Series
2025-A,
4.770%,
09/17/29
200,000‌
201,533‌
Carvana
Auto
Receivables
Trust
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000‌
294,581‌
Drive
Auto
Receivables
Trust
2024-2
Class
D,
Series
2024-2,
4.940%,
05/17/32
100,000‌
99,622‌
Drive
Auto
Receivables
Trust
2025-1
Class
A3,
Series
2025-1,
4.730%,
09/15/32
150,000‌
150,706‌
Drive
Auto
Receivables
Trust
2025-2
Class
C,
Series
2025-2,
4.390%,
09/15/32
150,000‌
149,494‌
Exeter
Automobile
Receivables
Trust
2024-4
Class
D,
Series
2024-4A,
5.810%,
12/16/30
100,000‌
101,306‌
Ford
Credit
Auto
Lease
Trust
2024-B
Class
A4,
Series
2024-B,
4.990%,
01/15/28
275,000‌
277,902‌
Ford
Credit
Auto
Lease
Trust
2025-A
Class
A3,
Series
2025-A,
4.720%,
06/15/28
200,000‌
201,728‌
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ford
Credit
Auto
Owner
Trust
Class
A4,
Series
2023-A,
4.560%,
12/15/28
250,000‌
251,355‌
Ford
Credit
Auto
Owner
Trust
2023-B
Class
A4,
Series
2023-B,
5.060%,
02/15/29
150,000‌
151,879‌
Ford
Credit
Auto
Owner
Trust
2023-C
Class
A4,
Series
2023-C,
5.490%,
05/15/29
175,000‌
178,762‌
Ford
Credit
Floorplan
Master
Owner
Trust
A
Class
A,
Series
2018-4,
4.060%,
11/15/30
200,000‌
199,767‌
Class
A1,
Series
2025-1,
4.630%,
04/15/30
100,000‌
101,570‌
GM
Financial
Automobile
Leasing
Trust
Class
A3,
Series
2025-1,
4.660%,
02/21/28
125,000‌
126,069‌
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A3,
Series
2025-2,
4.280%,
04/16/30
250,000‌
251,564‌
Class
A4,
Series
2024-3,
5.090%,
11/16/29
300,000‌
305,870‌
Harley-Davidson
Motorcycle
Trust
Class
A4,
Series
2025-A,
4.790%,
02/15/33
200,000‌
204,433‌
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2023-2,
4.910%,
09/17/29
250,000‌
252,016‌
Class
A4,
Series
2023-4,
5.660%,
02/21/30
250,000‌
255,170‌
Class
A3,
Series
2024-4,
4.330%,
05/15/29
150,000‌
150,589‌
Hyundai
Auto
Receivables
Trust
Class
A3,
Series
2024-B,
4.840%,
03/15/29
150,000‌
151,399‌
Class
B,
Series
2024-B,
5.040%,
09/16/30
180,000‌
183,461‌
Mercedes-Benz
Auto
Lease
Trust
Class
A4,
Series
2024-A,
5.320%,
02/15/30
225,000‌
228,785‌
Mercedes-Benz
Auto
Receivables
Trust
Class
A4,
Series
2025-1,
4.920%,
04/15/31
150,000‌
153,485‌
Nissan
Auto
Lease
Trust
Class
C,
Series
2025-A,
5.110%,
06/15/29
280,000‌
283,329‌
Nissan
Auto
Receivables
Owner
Trust
Class
A4,
Series
2024-A,
5.180%,
04/15/31
175,000‌
178,759‌
Santander
Drive
Auto
Receivables
Trust
Class
C,
Series
2023-5,
6.430%,
02/18/31
225,000‌
233,292‌
Class
C,
Series
2023-6,
6.400%,
03/17/31
125,000‌
129,027‌
Class
B,
Series
2024-5,
4.630%,
08/15/29
100,000‌
100,238‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETF
|
2025
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
D,
Series
2024-5,
5.140%,
02/17/32
300,000‌
300,512‌
Toyota
Auto
Receivables
Owner
Trust
Class
A4,
Series
2023-C,
5.010%,
02/15/29
125,000‌
126,906‌
Class
A3,
Series
2025-B,
4.340%,
11/15/29
250,000‌
251,760‌
Class
A4,
Series
2024-D,
4.430%,
04/15/30
200,000‌
202,132‌
Volkswagen
Auto
Lease
Trust
Class
A4,
Series
2025-A,
4.560%,
03/20/30
310,000‌
313,002‌
Volkswagen
Auto
Loan
Enhanced
Trust
Class
A4,
Series
2023-2,
5.570%,
04/22/30
100,000‌
102,356‌
Class
A3,
Series
2024-1,
4.630%,
07/20/29
125,000‌
126,288‌
World
Omni
Auto
Receivables
Trust
Class
A4,
Series
2024-B,
5.230%,
07/15/30
100,000‌
102,138‌
Class
A4,
Series
2025-A,
4.860%,
11/15/30
200,000‌
204,904‌
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$9,129,318)
9,148,371‌
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10.0%
Principal
Amount
($)
Value
($)
BANK
Class
A3,
Series
2018-BN15,
4.138%,
11/15/61
105,048‌
104,589‌
Class
A3,
Series
2023-5YR4,
6.500%,
12/15/56
86,561‌
91,185‌
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000‌
121,873‌
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
56,261‌
55,763‌
Class
AS,
Subordinated
Series
2017-BNK9,
3.829%,
11/15/54
(a)
100,000‌
95,735‌
Class
A3,
Series
2018-BN12,
3.990%,
05/15/61
100,000‌
99,222‌
Class
A4,
Series
2018-BN12,
4.255%,
05/15/61
(a)
300,000‌
299,224‌
Class
A3,
Series
2024-5YR8,
5.884%,
08/15/57
300,000‌
314,585‌
Class
A3,
Series
2024-5YR10,
5.302%,
10/15/57
250,000‌
257,727‌
Class
A2,
Series
2024-5YR12,
5.422%,
12/15/57
385,000‌
398,643‌
Class
A3,
Series
2024-5YR12,
5.902%,
12/15/57
(a)
225,000‌
236,893‌
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
94,807‌
93,782‌
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Barclays
Commercial
Mortgage
Trust
Class
A4,
Series
2019-C5,
3.063%,
11/15/52
100,000‌
95,221‌
BBCMS
Mortgage
Trust
Class
A4,
Series
2020-C6,
2.639%,
02/15/53
225,000‌
208,794‌
Class
A3,
Series
2023-5C23,
6.675%,
12/15/56
(a)
125,000‌
132,713‌
Class
A2,
Series
2024-C30,
6.128%,
11/15/57
100,000‌
104,444‌
Class
A2B,
Series
2023-C19,
5.753%,
04/15/56
225,000‌
228,572‌
Class
A2,
Series
2024-5C29,
4.738%,
09/15/57
225,000‌
227,570‌
Class
A4,
Series
2025-5C33,
5.839%,
03/15/58
300,000‌
316,696‌
Class
A3,
Series
2025-5C34,
5.659%,
05/15/58
325,000‌
340,650‌
Benchmark
Mortgage
Trust
Class
A3,
Series
2024-V7,
6.228%,
05/15/56
(a)
200,000‌
211,058‌
Class
A3,
Series
2025-V14,
5.176%,
04/15/57
275,000‌
282,617‌
Class
A3,
Series
2025-V16,
5.439%,
08/15/58
(a)
150,000‌
156,056‌
Class
A3,
Series
2024-V8,
6.189%,
07/15/57
(a)
200,000‌
211,373‌
Class
A3,
Series
2024-V6,
5.926%,
03/15/57
200,000‌
208,991‌
Cantor
Commercial
Real
Estate
Lending
Class
A4,
Series
2019-CF2,
2.624%,
11/15/52
190,247‌
180,229‌
Class
A5,
Series
2019-CF1,
3.786%,
05/15/52
100,000‌
97,823‌
CD
Mortgage
Trust
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
135,568‌
133,835‌
CFCRE
Commercial
Mortgage
Trust
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000‌
48,603‌
CGMS
Commercial
Mortgage
Trust
Class
A3,
Series
2017-B1,
3.197%,
08/15/50
95,159‌
93,377‌
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
300,000‌
295,140‌
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
167,046‌
165,672‌
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000‌
95,291‌
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000‌
142,249‌
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
34,487‌
33,081‌
Citigroup
Commercial
Mortgage
Trust
2019-C7
Class
A3,
Series
2019-C7,
2.860%,
12/15/72
84,139‌
79,664‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
5
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
COMM
Mortgage
Trust
Class
D,
Series
2015-CR26,
3.391%,
10/10/48
(a)
56,000‌
45,447‌
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
200,000‌
196,834‌
Class
C,
Series
2013-CR13,
4.944%,
11/10/46
(a)
4,887‌
4,805‌
GS
Mortgage
Securities
Trust
Class
C,
Subordinated
Series
2016-
GS3,
3.967%,
10/10/49
(a)
75,000‌
71,538‌
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000‌
93,738‌
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000‌
126,077‌
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000‌
98,260‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
C,
Subordinated
Series
2016-
C31,
4.245%,
11/15/49
(a)
50,000‌
44,785‌
Morgan
Stanley
Capital
I
Class
A3,
Series
2017-HR2,
3.330%,
12/15/50
123,768‌
121,813‌
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000‌
148,003‌
Class
A3,
Series
2021-L6,
2.196%,
06/15/54
(a)
200,000‌
181,108‌
Class
A4,
Series
2019-H7,
3.261%,
07/15/52
200,000‌
191,861‌
SG
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000‌
147,956‌
Wells
Fargo
Commercial
Mortgage
Trust
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000‌
90,619‌
Class
A4,
Series
2017-C41,
3.472%,
11/15/50
100,000‌
98,202‌
Class
A4,
Series
2019-C54,
3.146%,
12/15/52
250,000‌
237,768‌
Class
ASB,
Series
2021-C61,
2.525%,
11/15/54
325,000‌
307,376‌
Class
A2,
Series
2024-5C2,
5.439%,
11/15/57
325,000‌
333,639‌
Class
A3,
Series
2025-5C5,
5.590%,
07/15/58
300,000‌
313,459‌
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$9,067,570)
9,112,228‌
Corporate
Bonds
49.4%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.1%
AAR
Escrow
Issuer
LLC
6.750%,
03/15/29
(b)
50,000‌
51,625‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Axon
Enterprise,
Inc.
6.125%,
03/15/30
(b)
50,000‌
51,545‌
Boeing
Co.
(The)
5.150%,
05/01/30
300,000‌
308,303‌
Howmet
Aerospace,
Inc.
5.900%,
02/01/27
50,000‌
51,060‌
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000‌
80,016‌
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000‌
40,205‌
5.050%,
06/01/29
25,000‌
25,692‌
Northrop
Grumman
Corp.
3.250%,
01/15/28
60,000‌
59,036‌
Spirit
AeroSystems,
Inc.
9.375%,
11/30/29
(b)
85,000‌
89,308‌
Textron,
Inc.
3.650%,
03/15/27
25,000‌
24,805‌
TransDigm,
Inc.
6.375%,
03/01/29
(b)
200,000‌
205,373‌
Total
986,968‌
Airlines
0.6%
Allegiant
Travel
Co.
7.250%,
08/15/27
(b)
57,000‌
57,643‌
American
Airlines
Pass
Through
Trust
Class
A,
Series
2015-1,
3.375%,
05/01/27
67,435‌
66,342‌
Class
AA,
Series
AA,
3.575%,
01/15/28
28,597‌
28,105‌
American
Airlines,
Inc.
7.250%,
02/15/28
(b)
120,000‌
122,762‌
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
15,000‌
15,025‌
5.750%,
04/20/29
(b)
50,000‌
50,361‌
Delta
Air
Lines,
Inc.
3.750%,
10/28/29
25,000‌
24,333‌
4.375%,
04/19/28
50,000‌
50,036‌
4.950%,
07/10/28
25,000‌
25,352‌
Southwest
Airlines
Co.
2.625%,
02/10/30
80,000‌
73,714‌
United
Airlines,
Inc.
4.625%,
04/15/29
(b)
33,000‌
32,683‌
Total
546,356‌
Apartment
REIT
0.1%
American
Homes
4
Rent
LP
2.375%,
07/15/31
50,000‌
44,356‌
Essex
Portfolio
LP
3.000%,
01/15/30
60,000‌
56,830‌
Invitation
Homes
Operating
Partnership
LP
4.150%,
04/15/32
25,000‌
24,171‌
Total
125,357‌
Automotive
1.3%
Adient
Global
Holdings
Ltd.
7.000%,
04/15/28
(b)
50,000‌
51,189‌
Allison
Transmission,
Inc.
5.875%,
06/01/29
(b)
50,000‌
50,396‌
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.750%,
05/15/28
(b)
60,000‌
61,364‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Ford
Motor
Co.
3.250%,
02/12/32
50,000‌
43,572‌
Ford
Motor
Credit
Co.
LLC
4.000%,
11/13/30
120,000‌
112,627‌
5.800%,
03/08/29
50,000‌
50,849‌
General
Motors
Financial
Co.,
Inc.
5.550%,
07/15/29
100,000‌
103,593‌
Jaguar
Land
Rover
Automotive
PLC
5.875%,
01/15/28
(b)
80,000‌
80,098‌
Lear
Corp.
3.500%,
05/30/30
25,000‌
23,992‌
4.250%,
05/15/29
25,000‌
24,865‌
Nissan
Motor
Acceptance
Co.
LLC
2.750%,
03/09/28
(b)
75,000‌
70,287‌
7.050%,
09/15/28
(b)
125,000‌
129,330‌
Nissan
Motor
Co.
Ltd.
4.345%,
09/17/27
(b)
200,000‌
195,812‌
ZF
North
America
Capital,
Inc.
6.875%,
04/14/28
(b)
150,000‌
150,885‌
Total
1,148,859‌
Banking
2.6%
Ally
Financial,
Inc.
2.200%,
11/02/28
100,000‌
93,346‌
American
Express
Co.
4.989%,
(SOFRRATE
+
2.255%),
05/26/33
(c)
25,000‌
25,570‌
Bank
of
Montreal
3.088%,
(US
5
Year
CMT
T-Note
+
1.400%),
01/10/37
(c)
40,000‌
35,733‌
3.803%,
(USD
5
Year
Swap
+
1.432%),
12/15/32
(c)
25,000‌
24,567‌
Barclays
PLC
5.367%,
(SOFRRATE
+
1.230%),
02/25/31
(c)
200,000‌
206,135‌
Capital
One
Financial
Corp.
4.100%,
02/09/27
100,000‌
99,829‌
Series
.,
7.624%,
(SOFRRATE
+
3.070%),
10/30/31
(c)
60,000‌
67,670‌
Citigroup,
Inc.
5.592%,
(US
5
Year
CMT
T-Note
+
1.280%),
11/19/34
(c)
350,000‌
358,174‌
Citizens
Financial
Group,
Inc.
5.253%,
(SOFRRATE
+
1.259%),
03/05/31
(c)
30,000‌
30,647‌
Comerica,
Inc.
4.000%,
02/01/29
90,000‌
89,026‌
Deutsche
Bank
AG/New
York
NY
6.819%,
(SOFRRATE
+
2.510%),
11/20/29
(c)
150,000‌
160,091‌
Fifth
Third
Bancorp
5.631%,
(SOFRRATE
+
1.840%),
01/29/32
(c)
60,000‌
62,739‌
FNB
Corp./Pa
5.722%,
(SOFRINDX
+
1.930%),
12/11/30
(c)
50,000‌
50,923‌
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000‌
81,785‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Huntington
Bancshares,
Inc./Oh
2.550%,
02/04/30
65,000‌
60,217‌
KeyCorp
Series
MTN,
2.550%,
10/01/29
60,000‌
56,253‌
M&T
Bank
Corp.
5.179%,
(SOFRRATE
+
1.400%),
07/08/31
(c)
50,000‌
51,043‌
Morgan
Stanley
2.484%,
(SOFRRATE
+
1.360%),
09/16/36
(c)
250,000‌
217,869‌
3.950%,
04/23/27
100,000‌
99,748‌
Regions
Financial
Corp.
1.800%,
08/12/28
40,000‌
37,494‌
Santander
Holdings
USA,
Inc.
5.353%,
(SOFRRATE
+
1.940%),
09/06/30
(c)
50,000‌
50,941‌
Santander
UK
Group
Holdings
PLC
4.858%,
(SOFRINDX
+
1.554%),
09/11/30
(c)
200,000‌
202,394‌
Southstate
Corp.
7.000%,
(SOFRRATE
+
3.190%),
06/13/35
(c)
55,000‌
57,395‌
Synchrony
Financial
3.950%,
12/01/27
85,000‌
84,288‌
Synovus
Financial
Corp.
6.168%,
(SOFRRATE
+
2.347%),
11/01/30
(c)
15,000‌
15,502‌
Webster
Financial
Corp.
4.100%,
03/25/29
85,000‌
83,524‌
Total
2,402,903‌
Brokerage
0.2%
Nomura
Holdings,
Inc.
3.103%,
01/16/30
200,000‌
189,284‌
Brokerage/Asset
Managers/Exchanges
0.4%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
50,000‌
47,544‌
BGC
Group,
Inc.
6.600%,
06/10/29
25,000‌
26,024‌
Coinbase
Global,
Inc.
3.375%,
10/01/28
(b)
50,000‌
47,658‌
Jane
Street
Group
/
JSG
Finance,
Inc.
4.500%,
11/15/29
(b)
100,000‌
97,421‌
Jefferies
Financial
Group,
Inc.
2.625%,
10/15/31
100,000‌
87,762‌
Nasdaq,
Inc.
1.650%,
01/15/31
50,000‌
43,905‌
Nuveen
Churchill
Direct
Lending
Corp.
6.650%,
03/15/30
5,000‌
5,142‌
Total
355,456‌
Building
Materials
0.7%
Amrize
Finance
US
LLC
4.600%,
04/07/27
(b)
25,000‌
25,149‌
Builders
FirstSource,
Inc.
5.000%,
03/01/30
(b)
50,000‌
49,508‌
CRH
Smw
Finance
Dac
5.200%,
05/21/29
50,000‌
51,542‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
7
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Martin
Marietta
Materials,
Inc.
2.400%,
07/15/31
25,000‌
22,455‌
3.500%,
12/15/27
40,000‌
39,531‌
Masco
Corp.
2.000%,
02/15/31
30,000‌
26,378‌
3.500%,
11/15/27
25,000‌
24,665‌
Owens
Corning
3.875%,
06/01/30
25,000‌
24,478‌
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(b)
60,000‌
59,760‌
Standard
Industries,
Inc.
4.375%,
07/15/30
(b)
25,000‌
24,119‌
4.750%,
01/15/28
(b)
93,000‌
92,642‌
Stanley
Black
&
Decker,
Inc.
2.300%,
03/15/30
25,000‌
22,764‌
4.250%,
11/15/28
25,000‌
24,969‌
6.000%,
03/06/28
50,000‌
51,851‌
Vulcan
Materials
Co.
4.950%,
12/01/29
50,000‌
51,283‌
Total
591,094‌
Cable
and
Satellite
1.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.500%,
08/15/30
(b)
150,000‌
140,334‌
4.750%,
03/01/30
(b)
200,000‌
189,846‌
5.125%,
05/01/27
(b)
190,000‌
188,917‌
6.375%,
09/01/29
(b)
116,000‌
117,119‌
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.800%,
04/01/31
87,000‌
78,093‌
5.050%,
03/30/29
50,000‌
50,467‌
Paramount
Global
4.950%,
01/15/31
25,000‌
24,515‌
Sirius
XM
Radio
LLC
4.000%,
07/15/28
(b)
100,000‌
97,213‌
5.000%,
08/01/27
(b)
90,000‌
89,879‌
Viasat,
Inc.
5.625%,
04/15/27
(b)
70,000‌
69,955‌
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(b)
250,000‌
245,288‌
Total
1,291,626‌
Chemicals
1.2%
Albemarle
Corp.
5.050%,
06/01/32
50,000‌
49,735‌
Axalta
Coating
Systems
LLC
3.375%,
02/15/29
(b)
60,000‌
57,068‌
Celanese
US
Holdings
LLC
6.665%,
07/15/27
32,000‌
32,819‌
6.830%,
07/15/29
100,000‌
102,252‌
6.850%,
11/15/28
175,000‌
180,955‌
Dow
Chemical
Co.
(The)
2.100%,
11/15/30
60,000‌
53,197‌
7.375%,
11/01/29
25,000‌
27,649‌
DuPont
de
Nemours
Inc
4.725%,
11/15/28
(b)
100,000‌
101,726‌
Eastman
Chemical
Co.
5.000%,
08/01/29
70,000‌
71,290‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Huntsman
International
LLC
4.500%,
05/01/29
75,000‌
69,333‌
INEOS
Finance
PLC
7.500%,
04/15/29
(b)
25,000‌
23,172‌
Ingevity
Corp.
3.875%,
11/01/28
(b)
50,000‌
48,182‌
Methanex
Corp.
5.250%,
12/15/29
50,000‌
49,763‌
Mosaic
Co.
(The)
4.050%,
11/15/27
50,000‌
49,889‌
Nutrien
Ltd.
4.200%,
04/01/29
60,000‌
59,893‌
Olin
Corp.
5.000%,
02/01/30
50,000‌
48,559‌
RPM
International,
Inc.
3.750%,
03/15/27
50,000‌
49,642‌
Sherwin-Williams
Co.
(The)
3.450%,
06/01/27
40,000‌
39,626‌
Total
1,114,750‌
Construction
Machinery
0.5%
CNH
Industrial
Capital
LLC
5.100%,
04/20/29
50,000‌
51,185‌
Herc
Holdings,
Inc.
6.625%,
06/15/29
(b)
60,000‌
61,980‌
7.000%,
06/15/30
(b)
75,000‌
78,528‌
Oshkosh
Corp.
4.600%,
05/15/28
50,000‌
50,388‌
RB
Global
Holdings,
Inc.
6.750%,
03/15/28
(b)
50,000‌
51,096‌
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
150,000‌
148,081‌
4.875%,
01/15/28
50,000‌
49,954‌
Total
491,212‌
Consumer
Cyclical
Services
1.1%
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(b)
100,000‌
96,872‌
Block
Financial
LLC
3.875%,
08/15/30
50,000‌
48,265‌
5.375%,
09/15/32
100,000‌
101,476‌
Brink's
Co.
(The)
4.625%,
10/15/27
(b)
70,000‌
69,535‌
CBRE
Services,
Inc.
5.500%,
04/01/29
25,000‌
25,905‌
Cushman
&
Wakefield
US
Borrower
LLC
6.750%,
05/15/28
(b)
50,000‌
50,348‌
Expedia
Group,
Inc.
3.250%,
02/15/30
90,000‌
85,898‌
GEO
Group,
Inc.
(The)
8.625%,
04/15/29
50,000‌
52,771‌
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
5.250%,
12/01/27
(b)
100,000‌
99,932‌
Match
Group
Holdings
II
LLC
4.625%,
06/01/28
(b)
50,000‌
49,286‌
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(b)
90,000‌
87,557‌
Service
Corp.
International
3.375%,
08/15/30
100,000‌
92,934‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.125%,
06/01/29
40,000‌
40,103‌
Uber
Technologies,
Inc.
4.150%,
01/15/31
75,000‌
74,391‌
Total
975,273‌
Consumer
Products
0.3%
Brunswick
Corp./de
5.850%,
03/18/29
25,000‌
25,813‌
Clorox
Co.
(The)
3.100%,
10/01/27
40,000‌
39,357‌
Edgewell
Personal
Care
Co.
4.125%,
04/01/29
(b)
50,000‌
47,518‌
Haleon
US
Capital
LLC
3.375%,
03/24/29
60,000‌
58,444‌
Hasbro,
Inc.
3.900%,
11/19/29
30,000‌
29,329‌
Somnigroup
International,
Inc.
4.000%,
04/15/29
(b)
50,000‌
48,142‌
Whirlpool
Corp.
2.400%,
05/15/31
50,000‌
41,607‌
Total
290,210‌
Diversified
Manufacturing
1.2%
Carrier
Global
Corp.
2.493%,
02/15/27
90,000‌
88,206‌
Chart
Industries,
Inc.
7.500%,
01/01/30
(b)
50,000‌
52,129‌
Dover
Corp.
2.950%,
11/04/29
50,000‌
47,669‌
Flowserve
Corp.
3.500%,
10/01/30
50,000‌
47,618‌
Hubbell,
Inc.
2.300%,
03/15/31
25,000‌
22,559‌
3.150%,
08/15/27
50,000‌
49,135‌
Ingersoll
Rand,
Inc.
5.314%,
06/15/31
50,000‌
52,189‌
Johnson
Controls
International
PLC
/
Tyco
Fire
&
Security
Finance
SCA
1.750%,
09/15/30
60,000‌
53,314‌
Leggett
&
Platt,
Inc.
4.400%,
03/15/29
50,000‌
49,230‌
Nordson
Corp.
5.600%,
09/15/28
50,000‌
51,787‌
Otis
Worldwide
Corp.
2.565%,
02/15/30
60,000‌
55,944‌
Regal
Rexnord
Corp.
6.300%,
02/15/30
31,000‌
32,804‌
RTX
Corp.
4.125%,
11/16/28
160,000‌
160,147‌
Timken
Co.
(The)
4.500%,
12/15/28
50,000‌
50,181‌
Trane
Technologies
Global
Holding
Co.
Ltd.
3.750%,
08/21/28
40,000‌
39,744‌
Vertiv
Group
Corp.
4.125%,
11/15/28
(b)
50,000‌
49,261‌
Vontier
Corp.
2.400%,
04/01/28
50,000‌
47,665‌
WESCO
Distribution,
Inc.
6.375%,
03/15/29
(b)
95,000‌
98,007‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Westinghouse
Air
Brake
Technologies
Corp.
4.700%,
09/15/28
60,000‌
60,698‌
Total
1,108,287‌
Electric
2.9%
AES
Corp.
(The)
2.450%,
01/15/31
100,000‌
90,565‌
5.450%,
06/01/28
50,000‌
50,860‌
American
Electric
Power
Co.,
Inc.
Subordinated
3.875%,
(US
5
Year
CMT
T-Note
+
2.675%),
02/15/62
(c)
35,000‌
34,041‌
5.200%,
01/15/29
20,000‌
20,624‌
Avangrid,
Inc.
3.800%,
06/01/29
50,000‌
49,183‌
Black
Hills
Corp.
3.050%,
10/15/29
100,000‌
95,157‌
Calpine
Corp.
4.500%,
02/15/28
(b)
50,000‌
49,847‌
Clearway
Energy
Operating
LLC
4.750%,
03/15/28
(b)
80,000‌
79,526‌
ContourGlobal
Power
Holdings
SA
6.750%,
02/28/30
(b)
50,000‌
51,500‌
Dominion
Energy,
Inc.
Series
C,
3.375%,
04/01/30
83,000‌
79,763‌
DTE
Energy
Co.
Series
C,
3.400%,
06/15/29
60,000‌
58,147‌
5.200%,
04/01/30
50,000‌
51,567‌
Duke
Energy
Corp.
4.300%,
03/15/28
60,000‌
60,197‌
Edison
International
5.250%,
11/15/28
50,000‌
50,328‌
5.250%,
03/15/32
50,000‌
49,486‌
6.950%,
11/15/29
60,000‌
63,716‌
Evergy
Kansas
Central,
Inc.
4.700%,
03/13/28
50,000‌
50,500‌
Eversource
Energy
Series
R,
1.650%,
08/15/30
100,000‌
87,998‌
Exelon
Corp.
4.050%,
04/15/30
50,000‌
49,544‌
FirstEnergy
Corp.
Series
B,
2.250%,
09/01/30
60,000‌
54,175‌
2.650%,
03/01/30
50,000‌
46,410‌
Series
B,
3.900%,
07/15/27
30,000‌
29,810‌
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
10,000‌
9,786‌
NextEra
Energy
Capital
Holdings,
Inc.
1.900%,
06/15/28
50,000‌
47,376‌
2.250%,
06/01/30
45,000‌
41,230‌
3.550%,
05/01/27
40,000‌
39,697‌
NRG
Energy,
Inc.
5.750%,
01/15/28
50,000‌
50,191‌
5.750%,
07/15/29
(b)
50,000‌
50,219‌
Pacific
Gas
and
Electric
Co.
2.100%,
08/01/27
85,000‌
81,723‌
2.500%,
02/01/31
75,000‌
67,085‌
3.750%,
07/01/28
80,000‌
78,620‌
PG&E
Corp.
5.000%,
07/01/28
50,000‌
49,618‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.250%,
07/01/30
200,000‌
197,971‌
7.375%,
(US
5
Year
CMT
T-Note
+
3.883%),
03/15/55
(c)
50,000‌
51,459‌
PPL
Capital
Funding,
Inc.
4.125%,
04/15/30
50,000‌
49,657‌
Public
Service
Enterprise
Group,
Inc.
5.850%,
11/15/27
60,000‌
62,021‌
Puget
Energy,
Inc.
2.379%,
06/15/28
50,000‌
47,612‌
Southern
Co.
(The)
5.500%,
03/15/29
60,000‌
62,388‌
TerraForm
Power
Operating
LLC
4.750%,
01/15/30
(b)
50,000‌
47,965‌
5.000%,
01/31/28
(b)
50,000‌
49,833‌
Vistra
Operations
Co.
LLC
4.375%,
05/01/29
(b)
75,000‌
73,666‌
WEC
Energy
Group,
Inc.
5.150%,
10/01/27
25,000‌
25,460‌
Wisconsin
Power
And
Light
Co.
3.000%,
07/01/29
20,000‌
19,193‌
XPLR
Infrastructure
Operating
Partners
LP
4.500%,
09/15/27
(b)
50,000‌
48,911‌
7.250%,
01/15/29
(b)
160,000‌
164,584‌
Total
2,669,209‌
Environmental
0.1%
GFL
Environmental,
Inc.
4.375%,
08/15/29
(b)
50,000‌
48,842‌
4.750%,
06/15/29
(b)
50,000‌
49,497‌
Total
98,339‌
Finance
Companies
3.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
300,000‌
277,058‌
Air
Lease
Corp.
3.125%,
12/01/30
135,000‌
124,764‌
5.300%,
02/01/28
50,000‌
50,813‌
Apollo
Debt
Solutions
BDC
6.900%,
04/13/29
50,000‌
52,328‌
Ares
Capital
Corp.
Series
.,
5.800%,
03/08/32
100,000‌
100,960‌
Bain
Capital
Specialty
Finance,
Inc.
5.950%,
03/15/30
25,000‌
24,913‌
Barings
BDC,
Inc.
7.000%,
02/15/29
50,000‌
51,659‌
Barings
Private
Credit
Corp.
6.150%,
06/11/30
(b)
25,000‌
24,823‌
Blackstone
Private
Credit
Fund
4.000%,
01/15/29
60,000‌
58,306‌
Blackstone
Secured
Lending
Fund
2.850%,
09/30/28
50,000‌
47,179‌
Blue
Owl
Capital
Corp.
2.875%,
06/11/28
25,000‌
23,607‌
6.200%,
07/15/30
75,000‌
76,663‌
Blue
Owl
Credit
Income
Corp.
7.950%,
06/13/28
80,000‌
84,957‌
Bread
Financial
Holdings,
Inc.
9.750%,
03/15/29
(b)
50,000‌
53,365‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Equitable
Holdings,
Inc.
4.350%,
04/20/28
40,000‌
40,099‌
FirstCash,
Inc.
4.625%,
09/01/28
(b)
25,000‌
24,668‌
5.625%,
01/01/30
(b)
100,000‌
100,142‌
Franklin
BSP
Capital
Corp.
7.200%,
06/15/29
25,000‌
25,768‌
FS
KKR
Capital
Corp.
3.125%,
10/12/28
75,000‌
69,201‌
3.250%,
07/15/27
50,000‌
48,026‌
6.875%,
08/15/29
50,000‌
50,720‌
FTAI
Aviation
Investors
LLC
5.500%,
05/01/28
(b)
60,000‌
60,018‌
GATX
Corp.
3.500%,
06/01/32
50,000‌
46,405‌
4.700%,
04/01/29
40,000‌
40,508‌
GGAM
Finance
Ltd.
8.000%,
06/15/28
(b)
50,000‌
53,081‌
Global
Aircraft
Leasing
Co.
Ltd.
8.750%,
09/01/27
(b)
50,000‌
51,408‌
goeasy
Ltd.
7.625%,
07/01/29
(b)
90,000‌
90,752‌
Golub
Capital
BDC,
Inc.
6.000%,
07/15/29
60,000‌
60,927‌
HPS
Corporate
Lending
Fund
5.950%,
04/14/32
50,000‌
50,254‌
Main
Street
Capital
Corp.
5.400%,
08/15/28
25,000‌
24,983‌
Morgan
Stanley
Direct
Lending
Fund
6.150%,
05/17/29
50,000‌
51,397‌
Navient
Corp.
5.500%,
03/15/29
92,000‌
90,271‌
New
Mountain
Finance
Corp.
6.875%,
02/01/29
25,000‌
25,422‌
Oaktree
Specialty
Lending
Corp.
2.700%,
01/15/27
25,000‌
24,233‌
Oaktree
Strategic
Credit
Fund
8.400%,
11/14/28
50,000‌
53,908‌
OneMain
Finance
Corp.
3.500%,
01/15/27
115,000‌
113,122‌
3.875%,
09/15/28
60,000‌
57,912‌
4.000%,
09/15/30
25,000‌
23,246‌
6.125%,
05/15/30
50,000‌
50,581‌
6.625%,
05/15/29
50,000‌
51,462‌
PennyMac
Financial
Services,
Inc.
7.875%,
12/15/29
(b)
50,000‌
53,127‌
Rocket
Cos.,
Inc.
6.125%,
08/01/30
(b)
150,000‌
154,822‌
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(b)
100,000‌
98,206‌
Sixth
Street
Lending
Partners
6.125%,
07/15/30
(b)
50,000‌
51,336‌
SLM
Corp.
3.125%,
11/02/26
35,000‌
34,390‌
6.500%,
01/31/30
25,000‌
25,928‌
United
Wholesale
Mortgage
LLC
5.500%,
04/15/29
(b)
75,000‌
73,846‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
10
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
UWM
Holdings
LLC
6.625%,
02/01/30
(b)
50,000‌
50,979‌
Total
2,972,543‌
Food
and
Beverage
1.4%
Bunge
Ltd.
Finance
Corp.
4.200%,
09/17/29
50,000‌
49,941‌
Conagra
Brands,
Inc.
4.850%,
11/01/28
60,000‌
60,650‌
Constellation
Brands,
Inc.
4.350%,
05/09/27
85,000‌
85,243‌
Darling
Ingredients,
Inc.
5.250%,
04/15/27
(b)
50,000‌
49,932‌
Flowers
Foods,
Inc.
2.400%,
03/15/31
50,000‌
44,358‌
General
Mills,
Inc.
2.875%,
04/15/30
60,000‌
56,530‌
HLF
Financing
Sarl
LLC
/
Herbalife
International,
Inc.
12.250%,
04/15/29
(b)
20,000‌
21,720‌
Ingredion,
Inc.
2.900%,
06/01/30
25,000‌
23,431‌
J
M
Smucker
Co.
(The)
5.900%,
11/15/28
35,000‌
36,686‌
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
3.000%,
05/15/32
29,000‌
25,953‌
Kellanova
Series
B,
7.450%,
04/01/31
100,000‌
114,814‌
Keurig
Dr
Pepper,
Inc.
3.200%,
05/01/30
75,000‌
70,946‌
Kraft
Heinz
Foods
Co.
4.250%,
03/01/31
100,000‌
98,504‌
Lamb
Weston
Holdings,
Inc.
4.875%,
05/15/28
(b)
50,000‌
50,048‌
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
50,000‌
43,939‌
McCormick
&
Co.,
Inc./Md
3.400%,
08/15/27
25,000‌
24,700‌
Mondelez
International,
Inc.
2.750%,
04/13/30
60,000‌
56,311‌
Pilgrim's
Pride
Corp.
3.500%,
03/01/32
25,000‌
22,892‌
The
Campbell's
Company
2.375%,
04/24/30
60,000‌
54,911‌
Tyson
Foods,
Inc.
3.550%,
06/02/27
25,000‌
24,749‌
4.350%,
03/01/29
60,000‌
60,059‌
US
Foods,
Inc.
4.750%,
02/15/29
(b)
50,000‌
49,481‌
6.875%,
09/15/28
(b)
100,000‌
103,164‌
Total
1,228,962‌
Gaming
1.1%
Boyd
Gaming
Corp.
4.750%,
12/01/27
25,000‌
24,901‌
Brightstar
Lottery
PLC
5.250%,
01/15/29
(b)
50,000‌
49,823‌
Caesars
Entertainment,
Inc.
7.000%,
02/15/30
(b)
100,000‌
102,941‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.300%,
01/15/29
40,000‌
40,767‌
Las
Vegas
Sands
Corp.
6.000%,
08/15/29
50,000‌
52,059‌
Melco
Resorts
Finance
Ltd.
5.375%,
12/04/29
(b)
200,000‌
196,196‌
MGM
Resorts
International
5.500%,
04/15/27
50,000‌
50,265‌
6.125%,
09/15/29
50,000‌
50,903‌
VICI
Properties
LP
4.950%,
02/15/30
25,000‌
25,263‌
5.125%,
05/15/32
25,000‌
25,198‌
5.125%,
11/15/31
25,000‌
25,296‌
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.250%,
05/15/27
(b)
50,000‌
50,090‌
Wynn
Macau
Ltd.
5.125%,
12/15/29
(b)
200,000‌
196,909‌
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
5.125%,
10/01/29
(b)
100,000‌
100,033‌
Total
990,644‌
Health
Care
3.4%
Agilent
Technologies,
Inc.
2.100%,
06/04/30
10,000‌
9,092‌
Avantor
Funding,
Inc.
3.875%,
11/01/29
(b)
40,000‌
37,985‌
4.625%,
07/15/28
(b)
90,000‌
88,526‌
Baxter
International,
Inc.
1.915%,
02/01/27
110,000‌
106,883‌
Becton
Dickinson
&
Co.
1.957%,
02/11/31
25,000‌
22,100‌
4.693%,
02/13/28
30,000‌
30,329‌
Cardinal
Health,
Inc.
3.410%,
06/15/27
30,000‌
29,695‌
Cencora,
Inc.
3.450%,
12/15/27
40,000‌
39,484‌
4.625%,
12/15/27
25,000‌
25,279‌
Charles
River
Laboratories
International,
Inc.
3.750%,
03/15/29
(b)
50,000‌
47,947‌
Cigna
Group
(The)
3.400%,
03/01/27
50,000‌
49,561‌
4.375%,
10/15/28
150,000‌
150,906‌
CVS
Health
Corp.
4.300%,
03/25/28
330,000‌
330,497‌
DaVita,
Inc.
4.625%,
06/01/30
(b)
150,000‌
144,744‌
DENTSPLY
SIRONA,
Inc.
3.250%,
06/01/30
50,000‌
46,396‌
Encompass
Health
Corp.
4.750%,
02/01/30
50,000‌
49,418‌
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/27
100,000‌
102,918‌
HCA,
Inc.
3.625%,
03/15/32
250,000‌
235,271‌
Hologic,
Inc.
3.250%,
02/15/29
(b)
50,000‌
49,347‌
IQVIA,
Inc.
5.000%,
05/15/27
(b)
70,000‌
69,998‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.250%,
02/01/29
25,000‌
26,352‌
6.500%,
05/15/30
(b)
25,000‌
25,938‌
Laboratory
Corp.
of
America
Holdings
4.550%,
04/01/32
50,000‌
49,749‌
Medline
Borrower
LP
3.875%,
04/01/29
(b)
355,000‌
344,877‌
National
Health
Investors,
Inc.
3.000%,
02/01/31
50,000‌
45,067‌
Quest
Diagnostics,
Inc.
2.800%,
06/30/31
50,000‌
45,973‌
4.200%,
06/30/29
50,000‌
50,097‌
Revvity,
Inc.
3.300%,
09/15/29
30,000‌
28,761‌
Smith
&
Nephew
PLC
5.150%,
03/20/27
50,000‌
50,605‌
Solventum
Corp.
5.450%,
03/13/31
50,000‌
52,037‌
Stryker
Corp.
1.950%,
06/15/30
50,000‌
45,247‌
4.250%,
09/11/29
35,000‌
35,170‌
Teleflex,
Inc.
4.625%,
11/15/27
50,000‌
49,721‌
Tenet
Healthcare
Corp.
4.250%,
06/01/29
14,000‌
13,671‌
4.375%,
01/15/30
150,000‌
146,402‌
5.125%,
11/01/27
150,000‌
149,970‌
6.125%,
06/15/30
100,000‌
101,832‌
Universal
Health
Services,
Inc.
2.650%,
10/15/30
50,000‌
45,373‌
2.650%,
01/15/32
30,000‌
26,225‌
4.625%,
10/15/29
50,000‌
50,116‌
Zimmer
Biomet
Holdings,
Inc.
2.600%,
11/24/31
50,000‌
45,030‌
5.050%,
02/19/30
5,000‌
5,139‌
Total
3,099,728‌
Healthcare
Insurance
0.5%
Centene
Corp.
2.500%,
03/01/31
75,000‌
64,585‌
3.375%,
02/15/30
80,000‌
73,649‌
4.625%,
12/15/29
135,000‌
130,973‌
Elevance
Health,
Inc.
4.101%,
03/01/28
40,000‌
39,956‌
Humana,
Inc.
1.350%,
02/03/27
85,000‌
82,073‌
Molina
Healthcare,
Inc.
4.375%,
06/15/28
(b)
100,000‌
97,602‌
Total
488,838‌
Healthcare
REIT
0.5%
Alexandria
Real
Estate
Equities,
Inc.
4.700%,
07/01/30
50,000‌
50,388‌
Healthcare
Realty
Holdings
LP
3.625%,
01/15/28
60,000‌
59,015‌
Healthpeak
OP
LLC
2.125%,
12/01/28
50,000‌
46,865‌
3.500%,
07/15/29
50,000‌
48,469‌
Omega
Healthcare
Investors,
Inc.
4.750%,
01/15/28
85,000‌
85,575‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Sabra
Health
Care
LP
3.200%,
12/01/31
50,000‌
45,336‌
3.900%,
10/15/29
50,000‌
48,583‌
Ventas
Realty
LP
2.500%,
09/01/31
25,000‌
22,401‌
Total
406,632‌
Home
Construction
0.4%
Century
Communities,
Inc.
3.875%,
08/15/29
(b)
50,000‌
46,915‌
Mattamy
Group
Corp.
4.625%,
03/01/30
(b)
50,000‌
48,530‌
MDC
Holdings,
Inc.
3.850%,
01/15/30
160,000‌
154,277‌
Millrose
Properties,
Inc.
6.375%,
08/01/30
(b)
25,000‌
25,356‌
Sekisui
House
US,
Inc.
2.500%,
01/15/31
50,000‌
44,345‌
Taylor
Morrison
Communities,
Inc.
5.125%,
08/01/30
(b)
50,000‌
49,886‌
Total
369,309‌
Independent
Energy
1.5%
APA
Corp.
Series
.,
4.250%,
01/15/30
6,000‌
5,855‌
Baytex
Energy
Corp.
8.500%,
04/30/30
(b)
30,000‌
30,718‌
California
Resources
Corp.
8.250%,
06/15/29
(b)
60,000‌
62,405‌
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
44,000‌
43,745‌
Civitas
Resources,
Inc.
8.375%,
07/01/28
(b)
100,000‌
103,277‌
Coterra
Energy,
Inc.
4.375%,
03/15/29
85,000‌
84,901‌
Devon
Energy
Corp.
4.500%,
01/15/30
50,000‌
50,093‌
7.875%,
09/30/31
25,000‌
28,913‌
Diamondback
Energy,
Inc.
3.125%,
03/24/31
60,000‌
55,804‌
5.150%,
01/30/30
50,000‌
51,337‌
EQT
Corp.
6.500%,
07/01/27
75,000‌
76,685‌
7.000%,
02/01/30
19,000‌
20,619‌
Expand
Energy
Corp.
4.750%,
02/01/32
75,000‌
73,762‌
Gulfport
Energy
Operating
Corp.
6.750%,
09/01/29
(b)
50,000‌
51,089‌
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
5.750%,
02/01/29
(b)
65,000‌
63,708‌
6.000%,
04/15/30
(b)
50,000‌
48,747‌
Matador
Resources
Co.
6.875%,
04/15/28
(b)
60,000‌
61,146‌
Occidental
Petroleum
Corp.
5.375%,
01/01/32
50,000‌
50,846‌
7.500%,
05/01/31
60,000‌
67,275‌
Ovintiv,
Inc.
7.375%,
11/01/31
50,000‌
55,666‌
8.125%,
09/15/30
50,000‌
56,980‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
12
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Permian
Resources
Operating
LLC
8.000%,
04/15/27
(b)
50,000‌
50,696‌
Range
Resources
Corp.
4.750%,
02/15/30
(b)
75,000‌
73,410‌
SM
Energy
Co.
6.750%,
08/01/29
(b)
100,000‌
99,777‌
Total
1,367,454‌
Leisure
0.3%
Carnival
Corp.
5.750%,
03/15/30
(b)
50,000‌
51,506‌
6.000%,
05/01/29
(b)
100,000‌
101,500‌
Live
Nation
Entertainment,
Inc.
3.750%,
01/15/28
(b)
60,000‌
58,697‌
Viking
Cruises
Ltd.
7.000%,
02/15/29
(b)
50,000‌
50,308‌
VOC
Escrow
Ltd.
5.000%,
02/15/28
(b)
50,000‌
49,901‌
Total
311,912‌
Life
Insurance
0.5%
APH
Somerset
Investor
2
LLC
/
APH2
Somerset
Investor
2
LLC
/
APH3
Somerset
Inves
7.875%,
11/01/29
(b)
35,000‌
36,059‌
Athene
Holding
Ltd.
3.500%,
01/15/31
25,000‌
23,667‌
4.125%,
01/12/28
19,000‌
18,936‌
Brighthouse
Financial,
Inc.
3.700%,
06/22/27
25,000‌
24,604‌
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
85,000‌
86,370‌
Corebridge
Financial,
Inc.
3.850%,
04/05/29
50,000‌
49,271‌
3.900%,
04/05/32
18,000‌
17,119‌
Global
Atlantic
Fin
Co.
4.700%,
(US
5
Year
CMT
T-Note
+
3.796%),
10/15/51
(b),(c)
50,000‌
48,721‌
Lincoln
National
Corp.
3.050%,
01/15/30
41,000‌
38,959‌
3.800%,
03/01/28
40,000‌
39,634‌
Prudential
Financial,
Inc.
5.125%,
(US
5
Year
CMT
T-Note
+
3.162%),
03/01/52
(c)
10,000‌
9,983‌
5.700%,
(3-month
USD
SOFRRATE
+
2.665%),
09/15/48
(c)
25,000‌
25,253‌
Sagicor
Financial
Co.
Ltd.
5.300%,
05/13/28
(b)
50,000‌
49,567‌
Total
468,143‌
Lodging
0.4%
Hilton
Domestic
Operating
Co.,
Inc.
3.750%,
05/01/29
(b)
119,000‌
115,034‌
5.875%,
04/01/29
(b)
50,000‌
51,059‌
Hyatt
Hotels
Corp.
4.375%,
09/15/28
85,000‌
85,162‌
Marriott
International,
Inc.
Series
HH,
2.850%,
04/15/31
60,000‌
55,260‌
Travel
+
Leisure
Co.
4.500%,
12/01/29
(b)
25,000‌
24,252‌
Total
330,767‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Media
and
Entertainment
1.0%
Applovin
Corp.
5.375%,
12/01/31
50,000‌
51,622‌
Discovery
Communications
LLC
3.625%,
05/15/30
50,000‌
46,373‌
3.950%,
03/20/28
50,000‌
49,046‌
4.125%,
05/15/29
50,000‌
48,423‌
Fox
Corp.
4.709%,
01/25/29
25,000‌
25,298‌
Interpublic
Group
of
Cos.,
Inc.
(The)
4.650%,
10/01/28
50,000‌
49,552‌
Lamar
Media
Corp.
4.000%,
02/15/30
40,000‌
38,401‌
Paramount
Global
2.900%,
01/15/27
50,000‌
49,087‌
4.200%,
05/19/32
50,000‌
46,280‌
6.375%,
(US
5
Year
CMT
T-Note
+
3.999%),
03/30/62
(c)
60,000‌
59,150‌
7.875%,
07/30/30
40,000‌
44,224‌
ROBLOX
Corp.
3.875%,
05/01/30
(b)
40,000‌
38,283‌
Sirius
XM
Radio
LLC
3.125%,
09/01/26
(b)
50,000‌
49,594‌
4.125%,
07/01/30
(b)
50,000‌
47,081‌
Take-Two
Interactive
Software,
Inc.
4.950%,
03/28/28
60,000‌
61,061‌
TEGNA,
Inc.
4.625%,
03/15/28
80,000‌
79,176‌
5.000%,
09/15/29
75,000‌
74,363‌
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
80,000‌
77,712‌
Total
934,726‌
Media
Cable
0.1%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
02/01/28
(b)
60,000‌
59,395‌
Metals
and
Mining
0.7%
Alcoa
Nederland
Holding
BV
4.125%,
03/31/29
(b)
38,000‌
36,978‌
AngloGold
Ashanti
Holdings
PLC
3.750%,
10/01/30
50,000‌
47,813‌
Cleveland-Cliffs,
Inc.
6.875%,
11/01/29
(b)
95,000‌
97,615‌
Fortescue
Treasury
Pty
Ltd.
4.500%,
09/15/27
(b)
70,000‌
69,672‌
Freeport-McMoRan,
Inc.
4.625%,
08/01/30
50,000‌
50,043‌
Mineral
Resources
Ltd.
9.250%,
10/01/28
(b)
100,000‌
104,874‌
Steel
Dynamics,
Inc.
3.250%,
01/15/31
50,000‌
47,329‌
5.000%,
12/15/26
50,000‌
50,080‌
Vale
Overseas
Ltd.
3.750%,
07/08/30
50,000‌
48,241‌
Yamana
Gold,
Inc.
2.630%,
08/15/31
40,000‌
35,724‌
Total
588,369‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Midstream
3.0%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
5.375%,
06/15/29
(b)
60,000‌
59,996‌
Boardwalk
Pipelines
LP
3.400%,
02/15/31
50,000‌
46,816‌
3.600%,
09/01/32
50,000‌
46,192‌
Buckeye
Partners
LP
3.950%,
12/01/26
85,000‌
84,260‌
6.750%,
02/01/30
(b)
50,000‌
52,257‌
Cheniere
Corpus
Christi
Holdings
LLC
3.700%,
11/15/29
50,000‌
48,712‌
5.125%,
06/30/27
40,000‌
40,411‌
Cheniere
Energy
Partners
LP
3.250%,
01/31/32
50,000‌
45,716‌
4.000%,
03/01/31
50,000‌
48,264‌
DCP
Midstream
Operating
LP
3.250%,
02/15/32
24,000‌
21,928‌
DT
Midstream,
Inc.
4.125%,
06/15/29
(b)
50,000‌
48,937‌
Enbridge,
Inc.
6.200%,
11/15/30
60,000‌
64,673‌
Energy
Transfer
LP
3.750%,
05/15/30
60,000‌
58,256‌
4.950%,
05/15/28
40,000‌
40,593‌
Hess
Midstream
Operations
LP
4.250%,
02/15/30
(b)
25,000‌
24,366‌
5.875%,
03/01/28
(b)
50,000‌
50,967‌
6.500%,
06/01/29
(b)
60,000‌
62,164‌
Kinder
Morgan,
Inc.
2.000%,
02/15/31
60,000‌
53,227‌
4.300%,
03/01/28
10,000‌
10,038‌
Series
GMTN,
7.750%,
01/15/32
25,000‌
28,930‌
Kinetik
Holdings
LP
6.625%,
12/15/28
(b)
60,000‌
61,543‌
MPLX
LP
2.650%,
08/15/30
36,000‌
33,141‌
4.800%,
02/15/31
50,000‌
50,427‌
National
Fuel
Gas
Co.
3.950%,
09/15/27
40,000‌
39,747‌
NuStar
Logistics
LP
5.625%,
04/28/27
110,000‌
110,933‌
ONEOK,
Inc.
3.100%,
03/15/30
76,000‌
71,948‌
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.550%,
12/15/29
50,000‌
48,394‌
3.800%,
09/15/30
55,000‌
53,155‌
Rockies
Express
Pipeline
LLC
4.950%,
07/15/29
(b)
100,000‌
98,986‌
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
60,000‌
60,215‌
5.000%,
03/15/27
40,000‌
40,236‌
Sunoco
LP
7.000%,
05/01/29
(b)
50,000‌
51,949‌
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
40,000‌
40,050‌
7.000%,
09/15/28
(b)
50,000‌
51,525‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%,
03/01/30
160,000‌
162,292‌
TC
PipeLines
LP
3.900%,
05/25/27
50,000‌
49,743‌
TransCanada
PipeLines
Ltd.
4.100%,
04/15/30
50,000‌
49,287‌
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(b)
100,000‌
94,719‌
6.250%,
01/15/30
(b)
125,000‌
127,466‌
Venture
Global
LNG,
Inc.
7.000%,
01/15/30
(b)
50,000‌
50,585‌
8.125%,
06/01/28
(b)
120,000‌
123,618‌
9.500%,
02/01/29
(b)
110,000‌
118,436‌
Western
Midstream
Operating
LP
4.050%,
02/01/30
36,000‌
35,114‌
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
125,000‌
124,253‌
Total
2,684,465‌
Natural
Gas
0.2%
NiSource,
Inc.
3.490%,
05/15/27
50,000‌
49,560‌
Sempra
3.400%,
02/01/28
40,000‌
39,255‌
6.375%,
(US
5
Year
CMT
T-Note
+
2.632%),
04/01/56
(c)
50,000‌
51,400‌
Southwest
Gas
Corp.
5.450%,
03/23/28
80,000‌
82,144‌
Total
222,359‌
Office
REIT
0.3%
Boston
Properties
LP
4.500%,
12/01/28
80,000‌
80,143‌
Cousins
Properties
LP
5.375%,
02/15/32
25,000‌
25,565‌
CubeSmart
LP
2.000%,
02/15/31
60,000‌
52,765‌
Highwoods
Realty
LP
3.050%,
02/15/30
55,000‌
51,045‌
Kilroy
Realty
LP
4.250%,
08/15/29
20,000‌
19,539‌
4.750%,
12/15/28
25,000‌
24,996‌
Piedmont
Operating
Partnership
LP
9.250%,
07/20/28
20,000‌
22,136‌
Total
276,189‌
Oil
Field
Services
0.4%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
04/01/28
(b)
50,000‌
50,157‌
Helmerich
&
Payne,
Inc.
4.850%,
12/01/29
50,000‌
50,047‌
Kodiak
Gas
Services
LLC
7.250%,
02/15/29
(b)
50,000‌
51,880‌
Noble
Finance
II
LLC
8.000%,
04/15/30
(b)
50,000‌
51,849‌
Patterson-UTI
Energy,
Inc.
5.150%,
11/15/29
50,000‌
50,187‌
Tidewater,
Inc.
9.125%,
07/15/30
(b)
50,000‌
53,360‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
14
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
WBI
Operating
LLC
6.250%,
10/15/30
(b)
50,000‌
49,859‌
Total
357,339‌
Other
Financial
Institutions
0.3%
Credit
Acceptance
Corp.
6.625%,
03/15/30
(b)
50,000‌
49,921‌
Encore
Capital
Group,
Inc.
9.250%,
04/01/29
(b)
50,000‌
52,720‌
HA
Sustainable
Infrastructure
Capital,
Inc.
6.150%,
01/15/31
50,000‌
51,245‌
Howard
Hughes
Corp.
(The)
4.125%,
02/01/29
(b)
100,000‌
96,112‌
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.250%,
05/15/26
8,000‌
7,997‌
Total
257,995‌
Other
Industry
0.2%
Dycom
Industries,
Inc.
4.500%,
04/15/29
(b)
20,000‌
19,586‌
Jacobs
Engineering
Group,
Inc.
6.350%,
08/18/28
50,000‌
52,708‌
Quanta
Services,
Inc.
2.900%,
10/01/30
40,000‌
37,418‌
Williams
Scotsman,
Inc.
6.625%,
06/15/29
(b)
65,000‌
66,896‌
Total
176,608‌
Other
REIT
0.8%
Americold
Realty
Operating
Partnership
LP
5.600%,
05/15/32
50,000‌
50,521‌
Brandywine
Operating
Partnership
LP
8.875%,
04/12/29
50,000‌
54,350‌
Digital
Realty
Trust
LP
3.700%,
08/15/27
50,000‌
49,648‌
4.450%,
07/15/28
40,000‌
40,239‌
EPR
Properties
3.600%,
11/15/31
35,000‌
32,335‌
Extra
Space
Storage
LP
5.900%,
01/15/31
60,000‌
63,756‌
Host
Hotels
&
Resorts
LP
Series
I,
3.500%,
09/15/30
25,000‌
23,561‌
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
4.750%,
06/15/29
(b)
95,000‌
93,233‌
Rexford
Industrial
Realty
LP
2.150%,
09/01/31
10,000‌
8,730‌
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
4.500%,
02/15/29
(b)
30,000‌
29,507‌
RLJ
Lodging
Trust
LP
3.750%,
07/01/26
(b)
50,000‌
49,630‌
Starwood
Property
Trust,
Inc.
6.500%,
07/01/30
(b)
50,000‌
52,039‌
7.250%,
04/01/29
(b)
35,000‌
36,860‌
WP
Carey,
Inc.
2.400%,
02/01/31
50,000‌
44,856‌
4.650%,
07/15/30
50,000‌
50,330‌
Total
679,595‌
Other
Utility
0.1%
American
Water
Capital
Corp.
2.300%,
06/01/31
45,000‌
40,516‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Essential
Utilities,
Inc.
3.566%,
05/01/29
25,000‌
24,433‌
Total
64,949‌
Packaging
0.5%
Amcor
Group
Finance
PLC
5.450%,
05/23/29
50,000‌
51,593‌
Avery
Dennison
Corp.
2.650%,
04/30/30
50,000‌
46,600‌
4.875%,
12/06/28
50,000‌
50,895‌
Ball
Corp.
2.875%,
08/15/30
75,000‌
68,584‌
6.000%,
06/15/29
60,000‌
61,468‌
Berry
Global,
Inc.
5.800%,
06/15/31
60,000‌
63,575‌
Sealed
Air
Corp./Sealed
Air
Corp.
US
6.125%,
02/01/28
(b)
100,000‌
101,187‌
Total
443,902‌
Paper
0.2%
Celulosa
Arauco
y
Constitucion
SA
3.875%,
11/02/27
85,000‌
84,264‌
Suzano
Austria
GmbH
3.750%,
01/15/31
60,000‌
56,685‌
Weyerhaeuser
Co.
4.000%,
04/15/30
25,000‌
24,640‌
Total
165,589‌
Pharmaceuticals
0.9%
Amgen,
Inc.
5.250%,
03/02/30
270,000‌
280,138‌
Biogen,
Inc.
2.250%,
05/01/30
20,000‌
18,303‌
CVS
Health
Corp.
7.000%,
(US
5
Year
CMT
T-Note
+
2.886%),
03/10/55
(c)
50,000‌
52,548‌
Mylan,
Inc.
4.550%,
04/15/28
60,000‌
59,733‌
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(b)
200,000‌
190,143‌
Royalty
Pharma
PLC
2.150%,
09/02/31
50,000‌
43,648‌
Shire
Acquisitions
Investments
Ireland
DAC
3.200%,
09/23/26
2,000‌
1,985‌
Takeda
Pharmaceutical
Co.
Ltd.
2.050%,
03/31/30
200,000‌
182,217‌
Zoetis,
Inc.
2.000%,
05/15/30
25,000‌
22,768‌
Total
851,483‌
Property
&
Casualty
0.7%
Aon
Corp.
2.800%,
05/15/30
110,000‌
103,417‌
Arthur
J
Gallagher
&
Co.
4.600%,
12/15/27
50,000‌
50,476‌
Assurant,
Inc.
4.900%,
03/27/28
40,000‌
40,475‌
AXIS
Specialty
Finance
LLC
3.900%,
07/15/29
15,000‌
14,789‌
Brown
&
Brown,
Inc.
4.200%,
03/17/32
25,000‌
24,145‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
15
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
CNA
Financial
Corp.
3.450%,
08/15/27
85,000‌
83,967‌
Enstar
Group
Ltd.
3.100%,
09/01/31
50,000‌
44,792‌
Fairfax
Financial
Holdings
Ltd.
4.850%,
04/17/28
95,000‌
96,211‌
Kemper
Corp.
2.400%,
09/30/30
50,000‌
44,559‌
Mercury
General
Corp.
4.400%,
03/15/27
25,000‌
24,934‌
Radian
Group,
Inc.
4.875%,
03/15/27
38,000‌
38,102‌
Stewart
Information
Services
Corp.
3.600%,
11/15/31
50,000‌
44,761‌
Willis
North
America,
Inc.
2.950%,
09/15/29
60,000‌
56,951‌
Total
667,579‌
Railroads
0.1%
Canadian
Pacific
Railway
Co.
2.050%,
03/05/30
25,000‌
22,806‌
2.450%,
12/02/31
50,000‌
44,561‌
Norfolk
Southern
Corp.
2.300%,
05/15/31
50,000‌
45,234‌
3.000%,
03/15/32
22,000‌
20,269‌
Total
132,870‌
Refining
0.3%
HF
Sinclair
Corp.
5.000%,
02/01/28
50,000‌
50,054‌
Marathon
Petroleum
Corp.
3.800%,
04/01/28
50,000‌
49,493‌
5.150%,
03/01/30
50,000‌
51,372‌
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
90,000‌
89,236‌
Phillips
66
2.150%,
12/15/30
25,000‌
22,348‌
3.900%,
03/15/28
40,000‌
39,732‌
Total
302,235‌
Restaurants
0.6%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
01/15/28
(b)
40,000‌
39,275‌
5.625%,
09/15/29
(b)
90,000‌
91,514‌
6.125%,
06/15/29
(b)
100,000‌
102,747‌
Darden
Restaurants,
Inc.
3.850%,
05/01/27
50,000‌
49,779‌
McDonald's
Corp.
Series
MTN,
3.800%,
04/01/28
80,000‌
79,594‌
Starbucks
Corp.
2.550%,
11/15/30
50,000‌
46,165‌
3.000%,
02/14/32
100,000‌
92,024‌
Yum!
Brands,
Inc.
4.750%,
01/15/30
(b)
50,000‌
49,846‌
Total
550,944‌
Retail
REIT
0.2%
Agree
LP
2.000%,
06/15/28
45,000‌
42,657‌
Brixmor
Operating
Partnership
LP
4.050%,
07/01/30
40,000‌
39,251‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Store
Capital
LLC
4.500%,
03/15/28
80,000‌
80,026‌
Total
161,934‌
Retailers
1.7%
Advance
Auto
Parts,
Inc.
7.000%,
08/01/30
(b)
100,000‌
101,207‌
Asbury
Automotive
Group,
Inc.
4.625%,
11/15/29
(b)
100,000‌
97,121‌
AutoZone,
Inc.
4.000%,
04/15/30
24,000‌
23,706‌
Belron
UK
Finance
PLC
5.750%,
10/15/29
(b)
50,000‌
50,677‌
Dick's
Sporting
Goods,
Inc.
3.150%,
01/15/32
50,000‌
45,905‌
Dollar
General
Corp.
3.500%,
04/03/30
50,000‌
48,083‌
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000‌
39,837‌
Gap,
Inc.
(The)
3.625%,
10/01/29
(b)
100,000‌
94,033‌
Genuine
Parts
Co.
6.500%,
11/01/28
50,000‌
52,675‌
Group
1
Automotive,
Inc.
6.375%,
01/15/30
(b)
100,000‌
102,145‌
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
85,000‌
83,565‌
3.750%,
04/01/32
25,000‌
23,858‌
Nordstrom,
Inc.
4.375%,
04/01/30
50,000‌
47,410‌
O'Reilly
Automotive,
Inc.
3.600%,
09/01/27
80,000‌
79,296‌
Parkland
Corp.
4.500%,
10/01/29
(b)
50,000‌
48,356‌
4.625%,
05/01/30
(b)
50,000‌
48,398‌
5.875%,
07/15/27
(b)
50,000‌
50,003‌
Rakuten
Group,
Inc.
11.250%,
02/15/27
(b)
200,000‌
216,202‌
Tapestry,
Inc.
5.100%,
03/11/30
50,000‌
51,202‌
Tractor
Supply
Co.
1.750%,
11/01/30
50,000‌
44,048‌
Under
Armour,
Inc.
3.250%,
06/15/26
60,000‌
59,466‌
VF
Corp.
2.950%,
04/23/30
50,000‌
43,895‌
Wayfair
LLC
7.250%,
10/31/29
(b)
50,000‌
51,706‌
Total
1,502,794‌
Supermarkets
0.5%
Ahold
Finance
USA
LLC
6.875%,
05/01/29
75,000‌
81,474‌
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
4.625%,
01/15/27
(b)
40,000‌
39,905‌
4.875%,
02/15/30
(b)
100,000‌
98,748‌
6.500%,
02/15/28
(b)
160,000‌
162,999‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
16
Indexed
ETF
|
2025
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kroger
Co.
(The)
4.500%,
01/15/29
40,000‌
40,436‌
Total
423,562‌
Technology
4.5%
Amdocs
Ltd.
2.538%,
06/15/30
100,000‌
91,811‌
Arrow
Electronics,
Inc.
2.950%,
02/15/32
100,000‌
89,518‌
Autodesk,
Inc.
2.400%,
12/15/31
25,000‌
22,175‌
Avnet,
Inc.
5.500%,
06/01/32
50,000‌
50,809‌
Block,
Inc.
2.750%,
06/01/26
35,000‌
34,603‌
5.625%,
08/15/30
(b)
50,000‌
50,751‌
Camelot
Finance
SA
4.500%,
11/01/26
(b)
6,000‌
5,958‌
CDW
LLC
/
CDW
Finance
Corp.
3.250%,
02/15/29
50,000‌
47,887‌
3.569%,
12/01/31
75,000‌
69,869‌
5.100%,
03/01/30
50,000‌
50,909‌
CGI,
Inc.
2.300%,
09/14/31
100,000‌
88,454‌
Crowdstrike
Holdings,
Inc.
3.000%,
02/15/29
25,000‌
23,851‌
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/01/29
60,000‌
61,937‌
Elastic
NV
4.125%,
07/15/29
(b)
50,000‌
48,248‌
Entegris,
Inc.
5.950%,
06/15/30
(b)
50,000‌
50,717‌
Equifax,
Inc.
3.100%,
05/15/30
60,000‌
56,639‌
Equinix,
Inc.
3.200%,
11/18/29
60,000‌
57,520‌
FactSet
Research
Systems,
Inc.
2.900%,
03/01/27
25,000‌
24,568‌
Fair
Isaac
Corp.
4.000%,
06/15/28
(b)
30,000‌
29,324‌
Fidelity
National
Information
Services,
Inc.
2.250%,
03/01/31
275,000‌
244,038‌
Fiserv,
Inc.
2.650%,
06/01/30
25,000‌
22,920‌
3.500%,
07/01/29
100,000‌
96,236‌
Fortinet,
Inc.
2.200%,
03/15/31
20,000‌
17,867‌
Gen
Digital,
Inc.
6.750%,
09/30/27
(b)
25,000‌
25,394‌
7.125%,
09/30/30
(b)
25,000‌
25,800‌
Global
Payments,
Inc.
2.900%,
05/15/30
10,000‌
9,226‌
5.400%,
08/15/32
25,000‌
25,298‌
Hewlett
Packard
Enterprise
Co.
4.550%,
10/15/29
50,000‌
50,269‌
HP,
Inc.
3.000%,
06/17/27
40,000‌
39,262‌
4.000%,
04/15/29
55,000‌
54,383‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Imola
Merger
Corp.
4.750%,
05/15/29
(b)
80,000‌
78,985‌
Intel
Corp.
3.900%,
03/25/30
130,000‌
127,347‌
4.875%,
02/10/28
50,000‌
50,693‌
Iron
Mountain,
Inc.
4.875%,
09/15/27
(b)
50,000‌
49,850‌
5.000%,
07/15/28
(b)
100,000‌
99,388‌
5.250%,
07/15/30
(b)
50,000‌
49,793‌
7.000%,
02/15/29
(b)
50,000‌
51,522‌
Jabil,
Inc.
3.600%,
01/15/30
50,000‌
48,302‌
Juniper
Networks,
Inc.
2.000%,
12/10/30
50,000‌
43,883‌
Keysight
Technologies,
Inc.
3.000%,
10/30/29
110,000‌
104,671‌
Leidos,
Inc.
2.300%,
02/15/31
50,000‌
44,742‌
Marvell
Technology,
Inc.
2.950%,
04/15/31
50,000‌
46,210‌
Microchip
Technology,
Inc.
5.050%,
02/15/30
100,000‌
101,961‌
Micron
Technology,
Inc.
5.300%,
01/15/31
100,000‌
103,542‌
Moody's
Corp.
4.250%,
02/01/29
25,000‌
25,082‌
Motorola
Solutions,
Inc.
4.600%,
02/23/28
40,000‌
40,390‌
NetApp,
Inc.
5.500%,
03/17/32
15,000‌
15,617‌
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
2.500%,
05/11/31
150,000‌
135,030‌
ON
Semiconductor
Corp.
3.875%,
09/01/28
(b)
44,000‌
42,832‌
Open
Text
Corp.
3.875%,
02/15/28
(b)
60,000‌
58,388‌
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(b)
95,000‌
90,792‌
Oracle
Corp.
3.250%,
11/15/27
130,000‌
127,520‌
4.800%,
09/26/32
300,000‌
296,874‌
Paychex,
Inc.
5.350%,
04/15/32
60,000‌
62,215‌
PTC,
Inc.
4.000%,
02/15/28
(b)
17,000‌
16,729‌
Roper
Technologies,
Inc.
2.950%,
09/15/29
50,000‌
47,705‌
Sensata
Technologies
BV
5.875%,
09/01/30
(b)
50,000‌
50,576‌
Synopsys,
Inc.
5.000%,
04/01/32
125,000‌
127,726‌
TR
Finance
LLC
3.350%,
05/15/26
25,000‌
24,842‌
TTM
Technologies,
Inc.
4.000%,
03/01/29
(b)
50,000‌
48,303‌
Twilio,
Inc.
3.625%,
03/15/29
60,000‌
57,672‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
17
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
VMware
LLC
3.900%,
08/21/27
40,000‌
39,893‌
Western
Digital
Corp.
2.850%,
02/01/29
18,000‌
17,060‌
4.750%,
02/15/26
14,000‌
13,987‌
Western
Union
Co.
(The)
2.750%,
03/15/31
15,000‌
13,424‌
Workday,
Inc.
3.500%,
04/01/27
50,000‌
49,578‌
WULF
Compute
LLC
7.750%,
10/15/30
(b)
150,000‌
155,644‌
Total
4,125,009‌
Tobacco
0.2%
Altria
Group,
Inc.
3.400%,
05/06/30
85,000‌
81,550‌
BAT
Capital
Corp.
2.259%,
03/25/28
75,000‌
71,729‌
3.557%,
08/15/27
33,000‌
32,659‌
Total
185,938‌
Transportation
Services
0.4%
FedEx
Corp.
2.400%,
05/15/31
50,000‌
44,786‌
3.100%,
08/05/29
150,000‌
143,974‌
GXO
Logistics,
Inc.
2.650%,
07/15/31
50,000‌
44,678‌
Rand
Parent
LLC
8.500%,
02/15/30
(b)
30,000‌
30,663‌
Seaspan
Corp.
5.500%,
08/01/29
(b)
50,000‌
48,008‌
Triton
Container
International
Ltd.
/
Tal
International
Container
Corp.
3.250%,
03/15/32
50,000‌
44,788‌
Total
356,897‌
Wireless
1.3%
American
Tower
Corp.
1.875%,
10/15/30
70,000‌
62,028‌
2.900%,
01/15/30
50,000‌
47,222‌
Crown
Castle,
Inc.
2.250%,
01/15/31
50,000‌
44,538‌
3.800%,
02/15/28
60,000‌
59,350‌
Rogers
Communications,
Inc.
5.000%,
02/15/29
100,000‌
101,836‌
5.250%,
(US
5
Year
CMT
T-Note
+
3.590%),
03/15/82
(b),(c)
100,000‌
99,525‌
SBA
Communications
Corp.
3.125%,
02/01/29
101,000‌
95,469‌
3.875%,
02/15/27
52,000‌
51,411‌
Sprint
Capital
Corp.
6.875%,
11/15/28
25,000‌
26,862‌
8.750%,
03/15/32
100,000‌
121,660‌
T-Mobile
USA,
Inc.
2.550%,
02/15/31
330,000‌
300,006‌
Vodafone
Group
PLC
4.375%,
05/30/28
50,000‌
50,663‌
7.000%,
(USD
5
Year
Swap
+
4.873%),
04/04/79
(c)
50,000‌
52,784‌
7.875%,
02/15/30
50,000‌
57,048‌
Total
1,170,402‌
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wirelines
1.2%
AT&T,
Inc.
2.750%,
06/01/31
85,000‌
77,945‌
4.300%,
02/15/30
50,000‌
49,954‌
4.350%,
03/01/29
115,000‌
115,331‌
British
Telecommunications
PLC
5.125%,
12/04/28
85,000‌
87,012‌
Deutsche
Telekom
International
Finance
BV
8.750%,
06/15/30
60,000‌
70,630‌
Orange
SA
9.000%,
03/01/31
50,000‌
60,504‌
Telefonica
Europe
BV
8.250%,
09/15/30
120,000‌
138,290‌
TELUS
Corp.
3.700%,
09/15/27
50,000‌
49,565‌
Verizon
Communications,
Inc.
2.355%,
03/15/32
200,000‌
175,141‌
4.016%,
12/03/29
250,000‌
247,549‌
Total
1,071,921‌
Total
Corporate
Bonds
(Cost
$44,262,170)
44,835,163‌
Foreign
Government
Obligations
(d)
19.8%
Principal
Amount
($)
Value
($)
Brazil
1.9%
Brazilian
Government
International
Bond
4.625%,
01/13/28
200,000‌
200,790‌
4.500%,
05/30/29
200,000‌
199,110‌
3.875%,
06/12/30
220,000‌
211,062‌
3.750%,
09/12/31
200,000‌
185,629‌
6.250%,
03/18/31
200,000‌
210,334‌
5.500%,
11/06/30
200,000‌
204,045‌
Petrobras
Global
Finance
BV
5.999%,
01/27/28
200,000‌
204,523‌
5.125%,
09/10/30
200,000‌
197,246‌
Total
1,612,739‌
Canada
0.1%
CI
Financial
Corp.
3.200%,
12/17/30
50,000‌
45,043‌
Chile
0.2%
Corp
Nacional
del
Cobre
de
Chile
Series
REGS,
3.150%,
01/14/30
200,000‌
189,700‌
China
1.0%
CFAMC
III
Co.
Ltd.
Series
EMTN,
4.250%,
11/07/27
200,000‌
199,073‌
Charming
Light
Investments
Ltd.
Series
E,
4.375%,
12/21/27
200,000‌
199,891‌
China
Cinda
Finance
2017
I
Ltd.
Series
EMTN,
4.750%,
02/08/28
200,000‌
201,893‌
China
Construction
Bank
Corp.
2.850%,
(US
5
Year
CMT
T-Note
+
1.400%),
01/21/32
(c)
200,000‌
196,544‌
CNAC
HK
Finbridge
Co.
Ltd
3.000%,
09/22/30
200,000‌
188,369‌
Total
985,770‌
Colombia
1.1%
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
18
Indexed
ETF
|
2025
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Colombia
Government
International
Bond
3.000%,
01/30/30
200,000‌
181,220‌
3.125%,
04/15/31
200,000‌
176,028‌
7.375%,
04/25/30
200,000‌
214,712‌
Ecopetrol
SA
6.875%,
04/29/30
200,000‌
204,852‌
8.625%,
01/19/29
200,000‌
215,582‌
Total
992,394‌
Costa
Rica
0.3%
Costa
Rica
Government
International
Bond
6.125%,
02/19/31
200,000‌
209,111‌
Dominican
Republic
0.9%
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
02/22/29
300,000‌
305,049‌
Series
REGS,
5.950%,
01/25/27
172,000‌
174,386‌
Series
REGS,
4.500%,
01/30/30
200,000‌
195,428‌
Series
REGS,
7.050%,
02/03/31
150,000‌
161,566‌
Total
836,429‌
Hungary
0.9%
Hungary
Government
International
Bond
Series
REGS,
5.250%,
06/16/29
200,000‌
204,045‌
Series
REGS,
2.125%,
09/22/31
200,000‌
172,199‌
5.375%,
09/26/30
200,000‌
205,810‌
Magyar
Export-Import
Bank
Zrt
Series
REGS,
6.125%,
12/04/27
200,000‌
206,838‌
Total
788,892‌
India
0.4%
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
200,000‌
197,945‌
Series
REGS,
2.250%,
01/13/31
200,000‌
179,266‌
Total
377,211‌
Indonesia
2.4%
Indonesia
Asahan
Aluminium
Persero
PT
Series
REGS,
5.450%,
05/15/30
200,000‌
206,653‌
Indonesia
Government
International
Bond
2.850%,
02/14/30
200,000‌
189,444‌
3.850%,
10/15/30
200,000‌
196,831‌
1.850%,
03/12/31
200,000‌
176,307‌
4.350%,
01/08/27
200,000‌
200,807‌
Pertamina
Hulu
Energi
PT
5.250%,
05/21/30
200,000‌
204,372‌
Perusahaan
Penerbit
SBSN
Series
REGS,
5.000%,
05/25/30
200,000‌
206,080‌
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.150%,
03/29/27
200,000‌
200,313‌
Series
REGS,
4.450%,
02/20/29
200,000‌
201,624‌
Series
REGS,
2.800%,
06/23/30
200,000‌
187,443‌
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
5.450%,
05/21/28
200,000‌
205,421‌
Total
2,175,295‌
Israel
0.2%
Israel
Electric
Corp.
Ltd.
Series
GMTN,
4.250%,
08/14/28
(b)
200,000‌
197,903‌
Jordan
0.5%
Jordan
Government
International
Bond
Series
REGS,
5.850%,
07/07/30
200,000‌
202,042‌
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
7.500%,
01/13/29
200,000‌
211,792‌
Total
413,834‌
Kazakhstan
0.2%
KazMunayGas
National
Co.
JSC
Series
REGS,
5.375%,
04/24/30
200,000‌
205,163‌
Mexico
2.1%
Eagle
Funding
Luxco
Sarl
5.500%,
08/17/30
200,000‌
203,159‌
Mexico
Government
International
Bond
8.300%,
08/15/31
100,000‌
120,275‌
3.750%,
01/11/28
200,000‌
198,227‌
4.500%,
04/22/29
200,000‌
201,041‌
3.250%,
04/16/30
200,000‌
189,736‌
2.659%,
05/24/31
300,000‌
269,215‌
4.750%,
03/22/31
200,000‌
199,060‌
Petroleos
Mexicanos
6.500%,
01/23/29
150,000‌
152,978‌
6.840%,
01/23/30
150,000‌
154,058‌
5.950%,
01/28/31
200,000‌
195,540‌
Total
1,883,289‌
Oman
1.1%
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
200,000‌
210,513‌
Series
REGS,
6.250%,
01/25/31
200,000‌
216,080‌
Series
REGS,
6.750%,
10/28/27
200,000‌
208,773‌
Series
REGS,
5.625%,
01/17/28
200,000‌
204,952‌
Oman
Sovereign
Sukuk
Co.
Series
REGS,
4.875%,
06/15/30
200,000‌
205,366‌
Total
1,045,684‌
Panama
0.4%
Panama
Government
International
Bond
3.875%,
03/17/28
200,000‌
196,944‌
3.160%,
01/23/30
200,000‌
187,438‌
Total
384,382‌
Peru
0.2%
Peruvian
Government
International
Bond
2.783%,
01/23/31
200,000‌
185,168‌
Philippines
1.0%
Philippine
Government
International
Bond
9.500%,
02/02/30
190,000‌
228,749‌
7.750%,
01/14/31
100,000‌
116,426‌
3.000%,
02/01/28
200,000‌
195,539‌
2.457%,
05/05/30
200,000‌
185,938‌
ROP
Sukuk
Trust
Series
REGS,
5.045%,
06/06/29
200,000‌
205,539‌
Total
932,191‌
Romania
0.9%
Romanian
Government
International
Bond
Series
REGS,
5.250%,
11/25/27
170,000‌
172,144‌
Series
REGS,
5.875%,
01/30/29
200,000‌
205,776‌
Series
REGS,
6.625%,
02/17/28
200,000‌
207,992‌
5.750%,
09/16/30
200,000‌
204,577‌
Total
790,489‌
Serbia
0.2%
Serbia
International
Bond
Series
REGS,
2.125%,
12/01/30
200,000‌
175,260‌
South
Africa
0.9%
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
19
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Eskom
Holdings
Series
REGS,
6.350%,
08/10/28
200,000‌
206,144‌
Republic
of
South
Africa
Government
International
Bond
Series
12Y,
4.300%,
10/12/28
200,000‌
198,529‌
Series
12Y,
5.875%,
06/22/30
200,000‌
206,843‌
Series
10Y,
4.850%,
09/30/29
200,000‌
199,840‌
Total
811,356‌
Turkey
2.1%
Hazine
Mustesarligi
Varlik
Kiralama
AS
6.500%,
04/26/30
200,000‌
207,067‌
Series
REGS,
6.750%,
09/01/30
200,000‌
207,970‌
Turkey
Government
International
Bond
Series
10Y,
6.000%,
03/25/27
200,000‌
203,792‌
Turkiye
Government
International
Bond
Series
10Y,
5.125%,
02/17/28
200,000‌
200,686‌
Series
11Y,
6.125%,
10/24/28
200,000‌
204,785‌
Series
10Y,
7.625%,
04/26/29
200,000‌
213,540‌
Series
5Y,
9.875%,
01/15/28
200,000‌
220,036‌
Series
6Y,
9.375%,
03/14/29
200,000‌
223,994‌
9.125%,
07/13/30
200,000‌
227,252‌
Total
1,909,122‌
United
Arab
Emirates
0.6%
DP
World
Crescent
Ltd.
Series
REGS,
4.848%,
09/26/28
200,000‌
202,284‌
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
200,000‌
189,783‌
Series
EMTN,
4.226%,
03/14/28
200,000‌
198,512‌
Total
590,579‌
Uruguay
0.2%
Uruguay
Government
International
Bond
4.375%,
01/23/31
200,000‌
202,339‌
Total
Foreign
Government
Obligations
(Cost
$17,520,787)
17,939,343‌
Residential
Mortgage-Backed
Securities
-
Agency
9.7%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
9.7%
4.000%,
11/15/40
(e)
611,000‌
601,251‌
4.500%,
11/15/40
(e)
1,633,300‌
1,630,299‌
5.000%,
11/15/40
(e)
3,232,000‌
3,263,412‌
5.500%,
11/15/40
(e)
2,264,400‌
2,312,835‌
6.000%,
11/15/40
(e)
995,000‌
1,027,593‌
Total
8,835,390‌
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$8,835,986)
8,835,390‌
Treasury
Bills
7.7%
Principal
Amount
($)
Value
($)
United
States
7.7%
U.S.
Treasury
Bill
3.939%,
12/26/25
2,000,000‌
1,988,503‌
Treasury
Bills
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.350%,
11/18/25
5,000,000‌
4,991,954‌
Total
6,980,457‌
Total
Treasury
Bills
(Cost
$6,978,356)
6,980,457‌
Money
Market
Funds
2.5%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
3.870%
(f)
2,285,656‌
2,285,656‌
Total
Money
Market
Funds
(Cost
$2,285,656)
2,285,656‌
Total
Investments
in
Securities
(Cost
$98,079,843)
99,136,608‌
Other
Assets
&
Liabilities,
Net
(8,311,970‌)
Net
Assets
90,824,638‌
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
20
Indexed
ETF
|
2025
Notes
to
Portfolio
of
Investments
(a)
Represents
a
variable
rate
security
with
a
step
coupon
where
the
rate
adjusts
according
to
a
schedule
for
a
series
of
periods,
typically
lower
for
an
initial
period
and
then
increasing
to
a
higher
coupon
rate
thereafter.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2025.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
October
31,
2025,
the
total
value
of
these
securities
amounted
to
$14,681,281,
which
represents
16.16%
of
total
net
assets.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
October
31,
2025.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
Abbreviation
Legend
SOFRRATE
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
21
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Asset-Backed
Securities
-
Non-Agency
–
9,148,371
–
9,148,371
Commercial
Mortgage-Backed
Securities
-
Non-Agency
–
9,112,228
–
9,112,228
Corporate
Bonds
–
44,835,163
–
44,835,163
Foreign
Government
Obligations
–
17,939,343
–
17,939,343
Residential
Mortgage-Backed
Securities
-
Agency
–
8,835,390
–
8,835,390
Treasury
Bills
–
6,980,457
–
6,980,457
Money
Market
Funds
2,285,656
–
–
2,285,656
Total
Investments
in
Securities
2,285,656
96,850,952
–
99,136,608
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
2
input
category
are
generally
valued
using
the
market
approach,
in
which
a
security's
value
is
determined
through
reference
to
prices
and
information
from
market
transactions
for
similar
or
identical
assets.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
22
Indexed
ETF
|
2025
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$98,079,843)
$99,136,608
Cash
220,297
Foreign
currency
(cost
$77)
77
Receivable
for:
Interest
831,864
Investments
sold
571,395
Dividends
5,988
Reimbursement
due
from
Investment
Manager
276
Total
assets
100,766,505
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
8,856,942
Investments
purchased
1,066,288
Investment
management
fees
18,637
Total
liabilities
9,941,867
Net
assets
applicable
to
outstanding
capital
stock
$90,824,638
Represented
by:
Paid-in
capital
$91,931,441
Total
distributable
earnings
(loss)
(1,106,803)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$90,824,638
Shares
outstanding
4,800,000
Net
asset
value
per
share
$18.92
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
23
Investment
Income:
Interest
$3,093,136
Dividends
-
unaffiliated
issuers
154,208
Total
income
3,247,344
Expenses:
Investment
management
fees
161,894
Total
expenses
161,894
Fees
waived
or
expenses
reimbursed
by
Investment
Manager
(6,444)
Total
net
expenses
155,450
Net
Investment
Income
3,091,894
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
76,584
In-kind
transactions
-
unaffiliated
issuers
(13,431)
Net
realized
gain
63,153
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,217,585
Net
change
in
unrealized
appreciation
1,217,585
Net
realized
and
unrealized
gain
1,280,738
Net
Increase
in
net
assets
resulting
from
operations
$4,372,632
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
24
Indexed
ETF
|
2025
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
$3,091,894
$2,394,119
Net
realized
gain
(loss)
63,153
(252,449)
Net
change
in
unrealized
appreciation
1,217,585
2,672,649
Net
increase
in
net
assets
resulting
from
operations
4,372,632
4,814,319
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(2,990,222)
(2,397,194)
Shareholder
transactions
Proceeds
from
shares
sold
44,956,092
1,862,581
Cost
of
shares
redeemed
(11,095,764)
–
Net
increase
in
net
assets
resulting
from
shareholder
transactions
33,860,328
1,862,581
Increase
in
net
assets
35,242,738
4,279,706
Net
Assets:
Net
assets
beginning
of
year
55,581,900
51,302,194
Net
assets
at
end
of
year
$90,824,638
$55,581,900
Capital
stock
activity
Shares
outstanding,
beginning
of
year
3,000,050
2,900,050
Shares
sold
2,400,000
100,000
Shares
redeemed
(600,050)
–
Shares
outstanding,
end
of
year
4,800,000
3,000,050
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
25
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
t
Year
Ended
October
31,
2021
(a)
2025
2024
2023
2022
Per
share
data
Net
asset
value,
beginning
of
period
$18.53‌
$17.69‌
$17.66‌
$19.86‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
0.89‌
0.82‌
0.67‌
0.44‌
0.03‌
Net
realized
and
unrealized
gain
(loss)
0.38‌
0.84‌
0.03‌
(2.20‌)
(0.17‌)
Total
from
investment
operations
1.27‌
1.66‌
0.70‌
(1.76‌)
(0.14‌)
Less
distributions
to
shareholders:
Net
investment
income
(0.88‌)
(0.82‌)
(0.67‌)
(0.44‌)
–‌
Total
distribution
to
shareholders
(0.88‌)
(0.82‌)
(0.67‌)
(0.44‌)
–‌
Net
asset
value,
end
of
period
$18.92‌
$18.53‌
$17.69‌
$17.66‌
$19.86‌
Total
Return
at
NAV
7.06‌%
9.56‌%
3.95‌%
(8.96‌)%
(0.70‌)%
Total
Return
at
Market
Price
7.10‌%
9.53‌%
4.36‌%
(9.25‌)%
(0.70‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.25‌%
0.25‌%
0.25‌%
0.25‌%
0.25‌%
Total
net
expenses
(c)
0.24‌%
0.24‌%
(b)
0.25‌%
(b)
0.25‌%
(b)
0.25‌%
(b)
Net
investment
income
4.77‌%
4.48‌%
3.75‌%
2.39‌%
1.44‌%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$90,825‌
$55,582‌
$51,302‌
$47,691‌
$19,858‌
Portfolio
turnover
192‌%
169‌%
154‌%
163‌%
11‌%
(a)
The
Fund
commenced
operations
on
September
21,
2021.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
October
31,
2025
26
Indexed
ETF
|
2025
Note
1.
Organization
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
27
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Asset–
and
mortgage-backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
28
Indexed
ETF
|
2025
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
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,
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
29
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.25%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
30
Indexed
ETF
|
2025
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
28,
2026,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.25%
as
a
percentage
of
the
Fund’s
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
brokerage
commissions,
interest,
taxes,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
capital
loss
carryforwards,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind
and
principal
and/or
interest
of
fixed
income
securities.
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
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
(loss)
($)
Paid-in
capital
($)
23,628
(6,334)
(17,294)
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
2,990,222
-
2,990,222
2,397,194
-
2,397,194
Undistributed
ordinary
income
($)
Undistributed
long-
term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
depreciation
($)
343,830
-
(2,497,813)
1,047,180
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
31
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$135,406,124
and
$124,055,970
respectively,
for
the
year
ended
October
31,
2025,
of
which
$103,046,805
and
$99,848,817
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
$29,760,349.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2025,
the
in-kind
redemption
cost
basis
was
$7,668,763,
the
proceeds
from
sales
were
$7,655,332
and
the
net
realized
loss
was
$13,431.
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
23,
2025
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
$750
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
1.00%
in
each
case.
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
fees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
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
$900
million.
Interest
was
charged
to
each
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
depreciation
($)
98,089,428
1,296,966
(249,786)
1,047,180
No
expiration
short-term
($)
No
expiration
long-
term
($)
Total
($)
Utilized
($)
(1,447,722)
(1,050,091)
(2,497,813)
22,261
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
32
Indexed
ETF
|
2025
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
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund’s
holdings
and
the
Fund’s
net
asset
value
may
go
down.
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.
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.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Fund
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Fund,
including
fund
accounting
and
financial
reporting
services.
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Indexed
ETF
|
2025
33
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
34
Indexed
ETF
|
2025
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Short
Duration
Bond
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Short
Duration
Bond
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2025
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
four
years
in
the
period
ended
October
31,
2025
and
for
the
period
September
21,
2021
(commencement
of
operations)
through
October
31,
2021
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
Indexed
ETF
|
2025
35
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Short
Duration
Bond
ETF
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Fund’s
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board’s
consideration
of
advisory
agreements
and
the
Board’s
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
36
Indexed
ETF
|
2025
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
Fund’s
performance
relative
to
peers
and
benchmarks,
(iii)
the
net
assets
of
the
Fund
and
(iv)
index
tracking
error
data
of
the
Fund.
The
Board
observed
the
Fund’s
tracking
error
versus
its
performance
was
within
the
range
of
management’s
expectations.
The
Board
also
reviewed
a
description
of
the
methodology
for
identifying
the
Fund’s
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Indexed
ETF
|
2025
37
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
“pricing
philosophy”
such
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
was
slightly
below
the
peer
universe’s
median
expense
ratio
shown
in
the
reports.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels,
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN314_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Select
Technology
ETF
Annual
Financial
Statements
and
Additional
Information
October
31,
2025
Active
ETF
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
5
Statement
of
Operations
6
Statement
of
Changes
in
Net
Assets
7
Financial
Highlights
8
Notes
to
Financial
Statements
9
Report
of
Independent
Registered
Public
Accounting
Firm
16
Federal
Income
Tax
Information
17
Approval
of
Investment
Management
Services
Agreement
18
Results
of
Meeting
of
Shareholders
21
PORTFOLIO
OF
INVESTMENTS
October
31,
2025
(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.
Active
ETF
|
2025
3
Notes
to
Portfolio
of
Investments
Common
Stocks
98.7%
Issuer
Shares
Value
($)
Communication
Services  8.8%
Entertainment
1.5%
Netflix,
Inc.
(a)
466
521,389
Interactive
Media
&
Services
7.3%
Alphabet,
Inc.
Class
A
5,497
1,545,702
Meta
Platforms,
Inc.
Class
A
1,424
923,250
Total
2,468,952
Total
Communication
Services
2,990,341
Consumer
Discretionary  4.2%
Broadline
Retail
3.7%
Amazon.com,
Inc.
(a)
5,109
1,247,720
Hotels,
Restaurants
&
Leisure
0.5%
Booking
Holdings,
Inc.
37
187,876
Total
Consumer
Discretionary
1,435,596
Financials  4.5%
Capital
Markets
0.8%
Robinhood
Markets,
Inc.
Class
A
(a)
1,962
287,982
Financial
Services
3.7%
Mastercard,
Inc.
Class
A
1,023
564,686
Visa,
Inc.
Class
A
2,003
682,502
Total
1,247,188
Total
Financials
1,535,170
Industrials  1.0%
Ground
Transportation
1.0%
Uber
Technologies,
Inc.
(a)
3,418
329,837
Total
Industrials
329,837
Information
Technology  80.2%
Communications
Equipment
2.3%
Arista
Networks,
Inc.
(a)
2,198
346,603
Cisco
Systems,
Inc.
3,704
270,799
Motorola
Solutions,
Inc.
454
184,646
Total
802,048
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.
Class
A
1,912
266,418
IT
Services
1.2%
Shopify,
Inc.
Class
A
(a)
2,433
423,001
Semiconductors
&
Semiconductor
Equipment
46.6%
Analog
Devices,
Inc.
1,261
295,238
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Applied
Materials,
Inc.
2,445
569,929
ASML
Holding
NV
712
754,172
Broadcom,
Inc.
10,032
3,708,128
Lam
Research
Corp.
10,410
1,639,159
Marvell
Technology,
Inc.
2,375
222,633
Micron
Technology,
Inc.
2,163
484,015
NVIDIA
Corp.
33,005
6,683,182
NXP
Semiconductors
NV
1,134
237,142
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
4,126
1,239,574
Total
15,833,172
Software
19.9%
Cadence
Design
Systems,
Inc.
(a)
729
246,905
Crowdstrike
Holdings,
Inc.
Class
A
(a)
1,054
572,333
Intuit,
Inc.
585
390,517
Microsoft
Corp.
6,412
3,320,198
Oracle
Corp.
2,280
598,751
Palo
Alto
Networks,
Inc.
(a)
1,326
292,038
Salesforce,
Inc.
776
202,078
SAP
SE
ADR
813
211,388
ServiceNow,
Inc.
(a)
380
349,326
Synopsys,
Inc.
(a)
1,272
577,259
Total
6,760,793
Technology
Hardware,
Storage
&
Peripherals
9.4%
Apple,
Inc.
11,769
3,181,985
Total
Information
Technology
27,267,417
Total
Common
Stocks
(Cost
$23,099,559)
33,558,361
Money
Market
Funds
1.3%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.878%
(b)
428,833
428,833
Total
Money
Market
Funds
(Cost
$428,833)
428,833
Total
Investments
in
Securities
(Cost
$23,528,392)
33,987,194
Other
Assets
&
Liabilities,
Net
974
Net
Assets
33,988,168
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
October
31,
2025.
Abbreviation
Legend
ADR
American
Depositary
Receipts
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
PORTFOLIO
OF
INVESTMENTS
(continued)
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Active
ETF
|
2025
Fair
Value
Measurements
(continued)
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,
if
any,
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
October
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
2,990,341
–
–
2,990,341
Consumer
Discretionary
1,435,596
–
–
1,435,596
Financials
1,535,170
–
–
1,535,170
Industrials
329,837
–
–
329,837
Information
Technology
27,267,417
–
–
27,267,417
Total
Common
Stocks
33,558,361
–
–
33,558,361
Money
Market
Funds
428,833
–
–
428,833
Total
Investments
in
Securities
33,987,194
–
–
33,987,194
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETF
|
2025
5
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$23,528,392)
$33,987,194
Receivable
for:
Investments
sold
16,689
Dividends
2,745
Reclaims
receivable
351
Reimbursement
due
from
Investment
Manager
49
Total
assets
34,007,028
Liabilities
Payable
for:
Investment
management
fees
18,860
Total
liabilities
18,860
Net
assets
applicable
to
outstanding
capital
stock
$33,988,168
Represented
by:
Paid-in
capital
$22,176,785
Total
distributable
earnings
(loss)
11,811,383
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$33,988,168
Shares
outstanding
1,025,000
Net
asset
value
per
share
$33.16
STATEMENT
OF
OPERATIONS
Year
Ended
October
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Active
ETF
|
2025
Investment
Income:
Dividends
-
unaffiliated
issuers
$226,740
Foreign
taxes
withheld
(6,396)
Total
income
220,344
Expenses:
Investment
management
fees
245,249
Total
expenses
245,249
Fees
waived
or
expenses
reimbursed
by
Investment
Manager
(1,225)
Total
net
expenses
244,024
Net
Investment
Loss
(23,680)
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
1,732,087
In-kind
transactions
-
unaffiliated
issuers
5,027,659
Net
realized
gain
6,759,746
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,589,498
Net
change
in
unrealized
appreciation
1,589,498
Net
realized
and
unrealized
gain
8,349,244
Net
Increase
in
net
assets
resulting
from
operations
$8,325,564
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Active
ETF
|
2025
7
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Operations
Net
investment
income
(loss)
$(23,680)
$72,100
Net
realized
gain
6,759,746
952,496
Net
change
in
unrealized
appreciation
1,589,498
9,717,536
Net
increase
in
net
assets
resulting
from
operations
8,325,564
10,742,132
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(377,129)
(273,443)
Shareholder
transactions
Proceeds
from
shares
sold
6,688,963
5,436,460
Cost
of
shares
redeemed
(18,874,774)
(1,761,176)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(12,185,811)
3,675,284
Increase
(decrease)
in
net
assets
(4,237,376)
14,143,973
Net
Assets:
Net
assets
beginning
of
year
38,225,544
24,081,571
Net
assets
at
end
of
year
$33,988,168
$38,225,544
Capital
stock
activity
Shares
outstanding,
beginning
of
year
1,525,050
1,375,050
Shares
sold
225,000
225,000
Shares
redeemed
(725,050)
(75,000)
Shares
outstanding,
end
of
year
1,025,000
1,525,050

FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Active
ETF
|
2025
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
ratios
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.
A
zero
balance
may
reflect
an
amount
rounding
to
less
than
$0.01
or
0.01%.
Year
Ended
October
31,
2022
(a)
2025
2024
2023
Per
share
data
Net
asset
value,
beginning
of
year
$25.07‌
$17.51‌
$14.88‌
$20.00‌
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
(0.02‌)
0.05‌
0.05‌
0.00‌
Net
realized
and
unrealized
gain
(loss)
8.36‌
7.71‌
2.69‌
(5.12‌)
Total
from
investment
operations
8.34‌
7.76‌
2.74‌
(5.12‌)
Less
distributions
to
shareholders:
Net
investment
income
(0.05‌)
(0.05‌)
(0.03‌)
–‌
Net
realized
gains
(0.20‌)
(0.15‌)
(0.08‌)
–‌
Total
distribution
to
shareholders
(0.25‌)
(0.20‌)
(0.11‌)
–‌
Net
asset
value,
end
of
year
$33.16‌
$25.07‌
$17.51‌
$14.88‌
Total
Return
at
NAV
33.55‌%
44.43‌%
18.45‌%
(25.60‌)%
Total
Return
at
Market
Price
32.87‌%
44.90‌%
19.03‌%
(25.80‌)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.75‌%
0.75‌%
0.75‌%
0.75‌%
Total
net
expenses
(c)
0.75‌%
0.74‌%
(b)
0.75‌%
(b)
0.75‌%
(b)
Net
investment
income
(loss)
(0.07‌)%
0.20‌%
0.29‌%
0.09‌%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$33,988‌
$38,226‌
$24,082‌
$12,278‌
Portfolio
turnover
65‌%
60‌%
26‌%
19‌%
(a)
The
Fund
commenced
operations
on
March
29,
2022.
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
October
31,
2025
Active
ETF
|
2025
9
Note
1.
Organization
Columbia
Select
Technology
ETF
(formerly
known
as
Columbia
Semiconductor
and
Technology
ETF)
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Effective
February
28,
2025,
Columbia
Semiconductor
and
Technology
ETF
was
renamed
Columbia
Select
Technology
ETF.
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
25,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
10
Active
ETF
|
2025
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time. 
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Fund
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETF
|
2025
11
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.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
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
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
12
Active
ETF
|
2025
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.75%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
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.
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
28,
2026,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.75%
as
a
percentage
of
the
Fund’s
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund's
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
taxes,
brokerage
commissions,
interest,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund's
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETF
|
2025
13
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
October
31,
2025,
these
differences
are
primarily
due
to
differing
treatments
for
deferral/reversal
of
wash
sale
losses,
reversal
of
capital
gains
(losses)
on
a
redemption-in-kind,
late-year
ordinary
losses
and
capital
loss
carryforwards.
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
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
October
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
October
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2025,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
In
addition,
for
the
year
ended
October
31,
2025,
capital
loss
carryforwards
utilized,
if
any,
were
as
follows:
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
($)
Paid
in
capital
($)
(7)
(4,937,550)
4,937,557
Year
Ended
October
31,
2025
Year
Ended
October
31,
2024
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
377,129
-
377,129
270,807
2,636
273,443
Undistributed
ordinary
income
($)
Undistributed
long-
term
capital
gains
($)
Capital
loss
carryforwards
($)
Net
unrealized
appreciation
($)
-
1,456,214
(92,146)
10,447,315
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
23,539,879
10,458,802
(11,487)
10,447,315
No
expiration
short-term
($)
No
expiration
long-
term
($)
Total
($)
Utilized
($)
(92,146)
-
(92,146)
109,536
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
14
Active
ETF
|
2025
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
$21,279,684
and
$21,409,912,
respectively,
for
the
year
ended
October
31,
2025.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
October
31,
2025,
the
cost
basis
of
securities
contributed
was
$6,442,389.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended
October
31,
2025,
the
in-kind
redemption
cost
basis
was
$12,990,183
the
proceeds
from
sales
were
$18,017,842
and
the
net
realized
gain
was
$5,027,659.
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
23,
2025
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
$750
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
1.00%
in
each
case.
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
fees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
23,
2025
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
$900
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
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
year
ended October
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund’s
holdings
and
the
Fund’s
net
asset
value
may
go
down.
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.
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.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
October
31,
2025
Active
ETF
|
2025
15
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
Fund’s
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
The
Board
of
Trustees
of
the
Fund
approved
a
custody
agreement
with
State
Street
Bank
and
Trust
Company
(State
Street).
The
transition
of
custody
services
to
State
Street
is
expected
to
be
completed
by
December
2026.
In
addition,
the
Board
approved
the
engagement
by
the
Investment
Manager
of
State
Street
as
sub-administrator.
In
such
capacity,
and
subject
to
the
supervision
and
direction
of
the
Investment
Manager,
State
Street
will
provide
certain
sub-
administration
services
to
the
Fund,
including
fund
accounting
and
financial
reporting
services.
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
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
16
Active
ETF
|
2025
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Select
Technology
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Select
Technology
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
October
31,
2025,
the
related
statement
of
operations
for
the
year
ended
October
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2025
and
for
the
period
March
29,
2022
(commencement
of
operations)
through
October
31,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
October
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
October
31,
2025
and
the
financial
highlights
for
each
of
the
three
years
in
the
period
ended
October
31,
2025
and
for
the
period
March
29,
2022
(commencement
of
operations)
through
October
31,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2025
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
December
19,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Active
ETF
|
2025
17
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
October
31,
2025
.
Shareholders
will
be
notified
in
early
2026
of
the
amounts
for
use
in
preparing
2025
income
tax
returns.
For
Federal
income
tax
purposes,
dividends
from
short-term
capital
gains
are
classified
as
ordinary
income.
The
percentages
of
ordinary
income
distributions
qualifying
for
the
corporate
dividends
received
deduction
(DRD),
and
the
individual
qualified
dividend
income
rate
(QDI)
are
presented
below.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
below,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Fund
DRD
QDI
Columbia
Select
Technology
ETF
62.34%
72.22%
Fund
Columbia
Select
Technology
ETF
$1,586,754
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(Unaudited)
18
Active
ETF
|
2025
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager,
and
together
with
its
domestic
and
global
affiliates,
Columbia
Threadneedle
Investments),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial),
serves
as
the
investment
manager
to
Columbia
Select
Technology
ETF
(formerly,
Columbia
Semiconductor
and
Technology
ETF
and
prior
to
that
Columbia
Seligman
Semiconductor
and
Technology
ETF)
(the
Fund).
Under
an
investment
management
services
agreement
(the
IMS
Agreement),
the
Investment
Manager
provides
investment
advice
and
other
services
to
the
Fund
and
other
funds
in
the
Columbia
Fund
family
(collectively,
the
Columbia
Funds).
On
an
annual
basis,
the
Fund’s
Board
of
Trustees
(the
Board),
including
the
independent
Board
members
(the
Independent
Trustees),
considers
renewal
of
the
IMS
Agreement.
The
Investment
Manager
prepared
detailed
reports
for
the
Board
and
its
Contracts
Committee
(including
its
Contracts
Subcommittee)
in
March,
April
and
June
2025,
including
reports
providing
the
results
of
analyses
performed
by
a
third-party
data
provider,
Broadridge
Financial
Solutions,
Inc.
(Broadridge),
and
comprehensive
responses
by
the
Investment
Manager
to
written
requests
for
information
by
independent
legal
counsel
to
the
Independent
Trustees
(Independent
Legal
Counsel),
to
assist
the
Board
in
making
this
determination.
In
addition,
throughout
the
year,
the
Board
(or
its
committees
or
subcommittees)
regularly
meets
with
portfolio
management
teams
and
senior
management
personnel
and
reviews
information
prepared
by
the
Investment
Manager
addressing
the
services
the
Investment
Manager
provides
and
Fund
performance.
The
Board
also
accords
appropriate
weight
to
the
work,
deliberations
and
conclusions
of
the
various
committees
(including
their
subcommittees),
such
as
the
Contracts
Committee,
the
Investment
Review
Committee,
the
Audit
Committee
and
the
Compliance
Committee
in
determining
whether
to
continue
the
IMS
Agreement.
The
Board,
at
its
June
26,
2025
Board
meeting
(the
June
Meeting),
considered
the
renewal
of
the
IMS
Agreement
for
an
additional
one-year
term.
At
the
June
Meeting,
Independent
Legal
Counsel
reviewed
with
the
Independent
Trustees
various
factors
relevant
to
the
Board's
consideration
of
advisory
agreements
and
the
Board's
legal
responsibilities
related
to
such
consideration.
The
Independent
Trustees
considered
such
information
as
they,
their
legal
counsel
or
the
Investment
Manager
believed
reasonably
necessary
to
evaluate
and
to
approve
the
continuation
of
the
IMS
Agreement.
Among
other
things,
the
information
and
factors
considered
included
the
following:
Information
on
the
investment
performance
of
the
Fund
relative
to
the
performance
of
a
group
of
funds
determined
to
be
comparable
to
the
Fund
by
Broadridge,
as
well
as
performance
relative
to
one
or
more
benchmarks;
Information
on
the
Fund’s
management
fees
and
total
expenses,
including
information
comparing
the
Fund’s
expenses
to
those
of
a
group
of
comparable
funds,
as
determined
by
Broadridge;
Terms
of
the
IMS
Agreement;
Descriptions
of
various
services
performed
by
the
Investment
Manager
under
the
IMS
Agreement,
including
portfolio
management
and
portfolio
trading
practices;
Information
regarding
any
recently
negotiated
management
fees
of
similarly-managed
portfolios
of
other
institutional
clients
of
the
Investment
Manager;
Information
regarding
the
resources
of
the
Investment
Manager,
including
information
regarding
senior
management,
portfolio
managers
and
other
personnel;
Information
regarding
the
capabilities
of
the
Investment
Manager
with
respect
to
compliance
monitoring
services;
and
The
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund.
Following
an
analysis
and
discussion
of
the
foregoing,
and
the
factors
identified
below,
the
Board,
including
all
of
the
Independent
Trustees,
approved
the
renewal
of
the
IMS
Agreement.
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
Active
ETF
|
2025
19
Nature,
extent
and
quality
of
services
provided
by
the
Investment
Manager
The
Board
analyzed
various
reports
and
presentations
it
had
received
detailing
the
services
performed
by
the
Investment
Manager,
as
well
as
its
history,
expertise,
resources
and
relative
capabilities,
and
the
qualifications
of
its
personnel.
The
Board
specifically
considered
the
many
developments
during
recent
years
concerning
the
services
provided
by
the
Investment
Manager.
Among
other
things,
the
Board
noted
the
organization
and
depth
of
the
equity
and
credit
research
departments.
The
Board
further
observed
the
enhancements
to
the
investment
risk
management
department’s
processes,
systems
and
oversight
over
the
past
several
years.
The
Board
also
took
into
account
the
broad
scope
of
services
provided
by
the
Investment
Manager
to
the
Fund,
including,
among
other
services,
investment,
risk
and
compliance
oversight.
The
Board
also
took
into
account
the
information
it
received
concerning
the
Investment
Manager’s
ability
to
attract
and
retain
key
portfolio
management
personnel
and
that
it
has
sufficient
resources
to
provide
competitive
and
adequate
compensation
to
investment
personnel.
The
Board
also
considered
the
oversight
of
the
administrative
and
transfer
agency
services
provided
by
The
Bank
of
New
York
Mellon
(BNYM).
The
Board
observed
that
the
Investment
Manager
currently
oversees
the
relationship
with
BNYM,
as
BNYM
also
provides
administrative
and
transfer
agency
services
to
certain
existing
Funds
under
substantially
identical
agreements.
In
evaluating
the
quality
of
services
provided
under
the
IMS
Agreement,
the
Board
also
took
into
account
the
organization
and
strength
of
the
Fund’s
and
its
service
providers’
compliance
programs.
The
Board
also
reviewed
the
financial
condition
of
the
Investment
Manager
and
its
affiliates
and
each
entity’s
ability
to
carry
out
its
responsibilities
under
the
IMS
Agreement
and
the
Fund’s
other
service
agreements.
In
addition,
the
Board
discussed
the
acceptability
of
the
terms
of
the
IMS
Agreement,
noting
that
no
changes
were
proposed
from
the
form
of
agreement
previously
approved.
The
Board
also
noted
the
wide
array
of
legal
and
compliance
services
provided
to
the
Fund
under
the
IMS
Agreement.
After
reviewing
these
and
related
factors
(including
investment
performance
as
discussed
below),
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
under
the
IMS
Agreement
supported
the
continuation
of
the
IMS
Agreement.
Investment
performance
The
Board
carefully
reviewed
the
investment
performance
of
the
Fund,
including
detailed
reports
providing
the
results
of
analyses
performed
by
the
Investment
Manager
and
Broadridge
collectively
showing,
for
various
periods
(including
since
manager
inception):
(i)
the
performance
of
the
Fund,
(ii)
the
Fund’s
performance
relative
to
peers
and
benchmarks
and,
(iii)
the
net
assets
of
the
Fund.
The
Board
observed
that
Fund
performance
was
within
the
range
of
that
of
its
peers.
The
Board
also
reviewed
a
description
of
the
third-party
data
provider's
methodology
for
identifying
the
Fund's
peer
groups
for
purposes
of
performance
and
expense
comparisons.
The
Board
also
considered
the
Investment
Manager’s
performance
and
reputation
generally.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
performance
of
the
Fund
and
the
Investment
Manager,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
Comparative
fees,
costs
of
services
provided
and
the
profits
realized
by
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
The
Board
reviewed
comparative
fees
and
the
costs
of
services
provided
under
the
IMS
Agreement.
The
Board
considered
the
unitary
fee
structure
utilized
by
the
Fund,
observing
that
many
of
the
competitors
of
the
Fund
have
adopted
similar
unitary
fee
structures,
as
well
as
data
showing
the
Fund’s
contribution
to
the
Investment
Manager’s
profitability.
The
Board
accorded
particular
weight
to
the
notion
that
a
primary
objective
of
the
level
of
fees
is
to
achieve
a
rational
pricing
model
applied
consistently
across
the
various
product
lines
in
the
Fund
family,
while
assuring
that
the
overall
fees
for
each
Columbia
Fund
(with
certain
exceptions)
are
generally
in
line
with
the
current
"pricing
philosophy"
such
APPROVAL
OF
INVESTMENT
MANAGEMENT
SERVICES
AGREEMENT
(continued)
(Unaudited)
20
Active
ETF
|
2025
that
Fund
total
expense
ratios,
in
general,
approximate
or
are
lower
than
the
median
expense
ratios
of
funds
in
the
same
Lipper
comparison
universe.
The
Board
took
into
account
that
the
Fund’s
total
expense
ratio
(after
considering
proposed
expense
caps/waivers)
approximated
the
peer
universe’s
median
expense
ratio.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
levels
of
management
fees
and
expenses
of
the
Fund,
in
light
of
other
considerations,
supported
the
continuation
of
the
IMS
Agreement.
The
Board
also
considered
the
profitability
of
the
Investment
Manager
and
its
affiliates
in
connection
with
the
Investment
Manager
providing
management
services
to
the
Fund.
With
respect
to
the
profitability
of
the
Investment
Manager
and
its
affiliates,
the
Independent
Trustees
referred
to
information
discussing
the
profitability
to
the
Investment
Manager
and
Ameriprise
Financial
from
managing
the
Columbia
Funds.
The
Board
considered
that
the
profitability
generated
by
the
Investment
Manager
in
2024
had
increased
from
2023
levels
due
to
a
variety
of
factors,
including
the
increased
assets
under
management
of
the
Funds.
It
also
took
into
account
the
indirect
economic
benefits
flowing
to
the
Investment
Manager
or
its
affiliates
in
connection
with
managing
the
Columbia
Funds,
such
as
the
enhanced
ability
to
offer
various
other
financial
products
to
Ameriprise
Financial
customers,
soft
dollar
benefits
and
overall
reputational
advantages.
The
Board
noted
that
the
fees
paid
by
the
Fund
should
permit
the
Investment
Manager
to
offer
competitive
compensation
to
its
personnel,
make
necessary
investments
in
its
business
and
earn
an
appropriate
profit.
After
reviewing
these
and
related
factors,
the
Board
concluded,
within
the
context
of
their
overall
conclusions,
that
the
costs
of
services
provided
and
the
profitability
to
the
Investment
Manager
and
its
affiliates
from
their
relationships
with
the
Fund
supported
the
continuation
of
the
IMS
Agreement.
Economies
of
scale
The
Board
considered
that
the
IMS
Agreement
provides
for
a
unitary
fee
level
that
does
not
include
pre-established
breakpoints,
and
management’s
observation
that
ETF
fee
structures
often
do
not
include
breakpoints
due
to
the
more
volatile
nature
of
their
inflows/outflows.
Conclusion
The
Board
reviewed
all
of
the
above
considerations
in
reaching
its
decision
to
approve
the
continuation
of
the
IMS
Agreement.
In
reaching
its
conclusions,
no
single
factor
was
determinative.
On
June
26,
2025,
the
Board,
including
all
of
the
Independent
Trustees,
determined
that
fees
payable
under
the
IMS
Agreement
were
fair
and
reasonable
in
light
of
the
extent
and
quality
of
services
provided
and
approved
the
renewal
of
the
IMS
Agreement.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
Active
ETF
|
2025
21
During
the
period,
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
solicited
approval
of
a
proposal
to
change
Columbia
Select
Technology
ETF’s
fundamental
policy
regarding
industry
concentration
(the
Proposal).
At
a
Joint
Special
Meeting
of
Shareholders
held
on
January
30,
2025,
Columbia
Select
Technology
ETF’s
shareholders
approved
the
Proposal.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
18,793,349.991
148,143.673
8,743.810
0
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN321_10_R01_(12/25)
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.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs