# EDGAR Filing Document

**Accession Number:** 0001551950
**File Stem:** 0001683863-25-005559
**Filing Date:** 2025-7
**Character Count:** 598784
**Document Hash:** 25542097cd6b10afe46f10d7a38c035d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-25-005559.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001683863-25-005559

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Columbia ETF Trust I
- **CENTRAL INDEX KEY:** 0001551950

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22736
- **FILM NUMBER:** 251098583

**BUSINESS ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 800-774-3768

**MAIL ADDRESS:**
- **STREET 1:** 290 CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Columbia International Equity Income ETF (Series ID: S000053878)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000169559 | Columbia International Equity Income ETF | INEQ            |

### Columbia U.S. Equity Income ETF (Series ID: S000053879)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000169560 | Columbia U.S. Equity Income ETF | EQIN            |

### Columbia Diversified Fixed Income Allocation ETF (Series ID: S000059078)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000193701 | Columbia Diversified Fixed Income Allocation ETF | DIAL            |

### Columbia Multi-Sector Municipal Income ETF (Series ID: S000062425)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000202583 | Columbia Multi-Sector Municipal Income ETF | MUST            |

### Columbia Research Enhanced Core ETF (Series ID: S000066076)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000213611 | Columbia Research Enhanced Core ETF | RECS            |

### Columbia Research Enhanced Value ETF (Series ID: S000066077)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000213612 | Columbia Research Enhanced Value ETF | REVS            |

### Columbia Short Duration Bond ETF (Series ID: S000073515)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000230513 | Columbia Short Duration Bond ETF | SBND            |

### Columbia Select Technology ETF (Series ID: S000075502)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000234649 | Columbia Select Technology ETF | SEMI            |

?xml version='1.0' encoding='ASCII'? Columbia ETF Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-22736</u>

<u>Columbia ETF Trust I</u>

(Exact name of registrant as specified in charter)

290 Congress Street

Boston, MA 02210

(Address of principal executive offices) (Zip code)

Daniel J. Beckman

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

Ryan C. Larrenaga, Esq.

c/o Columbia Management Investment Advisers, LLC

290 Congress Street

Boston, MA 02210

(Name and address of agent for service)

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

Date of fiscal year end: <u>Last Day of October</u>

Date of reporting period: <u>April 30, 2025</u>

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

#### Item 1. Reports to Stockholders.

------

Columbia International Equity Income ETF

INEQ \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia International Equity Income ETF (the Fund) for the period of November 1, 2024 to April 30, 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 International Equity Income ETF | $23 | 0.45%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $33014456 |
| Total number of portfolio holdings | 101 |
| Portfolio turnover for the reporting period | 44% |

---

Columbia International Equity Income ETF \| SSR271_00_(06/25) \| 1

# 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

---

| | |
|:---|:---|
| Iberdrola SA (Spain) | 4.7% |
| Siemens AG (Germany) | 4.2% |
| Shell PLC (United States) | 4.2% |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 4.1% |
| TotalEnergies SE (France) | 4.1% |
| Hitachi Ltd. (Japan) | 3.7% |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | 3.6% |
| Tokio Marine Holdings, Inc. (Japan) | 2.8% |
| Mitsubishi Corp. (Japan) | 2.6% |
| ITOCHU Corp. (Japan) | 2.6% |

---

# Sector Allocation
![Group By Sector Chart](i6a6d5445261e5283d656ca2a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.1% |
| Materials | 3.2% |
| Information Technology | 3.5% |
| Consumer Staples | 4.1% |
| Communication Services | 4.5% |
| Consumer Discretionary | 4.8% |
| Health Care | 5.0% |
| Utilities | 8.0% |
| Energy | 11.1% |
| Financials | 24.6% |
| Industrials | 26.9% |

---

# Geographic Allocation
![Group By Industry Chart](i62b02f37b1884d5df1d16b1a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 7.6% |
| Finland | 2.2% |
| Italy | 2.3% |
| United Kingdom | 2.4% |
| Netherlands | 2.6% |
| France | 4.4% |
| United States | 4.5% |
| Spain | 5.8% |
| Sweden | 8.5% |
| Germany | 10.2% |
| Japan | 48.6% |

---

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002454

Columbia International Equity Income ETF \| SSR271_00_(06/25) \| 2

Columbia U.S. Equity Income ETF

EQIN \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia U.S. Equity Income ETF (the Fund) for the period of November 1, 2024 to April 30, 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 U.S. Equity Income ETF | $17 | 0.35%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $182528911 |
| Total number of portfolio holdings | 101 |
| Portfolio turnover for the reporting period | 18% |

---

Columbia U.S. Equity Income ETF \| SSR272_00_(06/25) \| 1

# 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

---

| | |
|:---|:---|
| Coca-Cola Co. (The) | 5.0% |
| Exxon Mobil Corp. | 4.6% |
| Home Depot, Inc. (The) | 4.3% |
| Chevron Corp. | 3.9% |
| UnitedHealth Group, Inc. | 3.9% |
| International Business Machines Corp. | 3.5% |
| AT&T, Inc. | 3.2% |
| Accenture PLC Class A | 3.0% |
| Verizon Communications, Inc. | 2.9% |
| PepsiCo, Inc. | 3.0% |

---

# Asset Allocation
![Group By Sector Chart](i0f63c472be1b3cc8c8a5454b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.5% |
| Exchange-Traded Equity Funds | 0.8% |
| Common Stocks | 98.6% |

---

# Sector Allocation
![Group By Industry Chart](iec5d1cc96f4fe2b928b091c5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 0.8% |
| Health Care | 4.8% |
| Utilities | 8.2% |
| Communication Services | 8.3% |
| Consumer Discretionary | 8.3% |
| Consumer Staples | 12.1% |
| Financials | 12.9% |
| Information Technology | 13.3% |
| Energy | 13.9% |
| Industrials | 16.0% |

---

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002455

Columbia U.S. Equity Income ETF \| SSR272_00_(06/25) \| 2

Columbia Diversified Fixed Income Allocation ETF

DIAL \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia Diversified Fixed Income Allocation ETF (the Fund) for the period of November 1, 2024 to April 30, 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 | $14 | 0.28%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $346608635 |
| Total number of portfolio holdings | 571 |
| Portfolio turnover for the reporting period | 93% |
| Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 11% |

---

Columbia Diversified Fixed Income Allocation ETF \| SSR290_00_(06/25) \| 1

# 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 05/15/2055 5.500% | 4.7% |
| U.S. Treasury Bill 06/26/2025 4.331% | 4.3% |
| Uniform Mortgage-Backed Security TBA 05/15/2055 6.000% | 4.2% |
| U.S. Treasury Bill 05/29/2025 4.329% | 2.9% |
| Uniform Mortgage-Backed Security TBA 05/15/2055 5.000% | 2.5% |
| Uniform Mortgage-Backed Security TBA 05/15/2055 6.500% | 2.2% |
| U.S. Treasury Bond 08/15/2042 2.750% | 1.5% |
| Mexico Government International Bond 05/07/2036 6.000% | 1.2% |
| U.S. Treasury Bond 05/15/2042 3.250% | 1.2% |
| Dominican Republic International Bond 09/23/2032 4.875% | 1.0% |

---

# Asset Allocation
![Group By Sector Chart](i272a0ba24a9657ce440386cd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 6.9% |
| U.S. Treasury Obligations | 9.8% |
| Treasury Bills | 7.2% |
| Residential Mortgage-Backed Securities - Agency | 15.0% |
| Foreign Government Obligations | 29.8% |
| Corporate Bonds | 44.3% |

---

# Credit Quality Allocation
![Group By Industry Chart](idb92a8715c17db2c1283df73.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B rating | 11.3% |
| BB rating | 27.7% |
| BBB rating | 25.8% |
| A rating | 1.0% |
| AA rating | 33.8% |
| AAA rating | 6.4% |

---

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002460

Columbia Diversified Fixed Income Allocation ETF \| SSR290_00_(06/25) \| 2

# Columbia Multi-Sector Municipal Income ETF
MUST \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

## Semi-Annual Shareholder Report \| April 30, 2025
This semi-annual shareholder report contains important information about Columbia Multi-Sector Municipal Income ETF (the Fund) for the period of November 1, 2024 to April 30, 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 | $11 | 0.23%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $400854440 |
| Total number of portfolio holdings | 542 |
| Portfolio turnover for the reporting period | 8% |

---

Columbia Multi-Sector Municipal Income ETF \| SSR303_00_(06/25) \| 1

## 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 | 16.8% |
| Texas | 10.9% |
| New Jersey | 10.1% |
| Illinois | 7.9% |
| Pennsylvania | 5.9% |
| Florida | 5.5% |
| Colorado | 5.4% |
| Connecticut | 4.3% |
| Ohio | 3.4% |
| Georgia | 2.8% |

---

### Credit Quality 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](i49780eb9bd9dc3f885dddf6b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Rated | 0.1% |
| B rating | 0.5% |
| BB rating | 7.1% |
| BBB rating | 7.3% |
| A rating | 35.7% |
| AA rating | 38.4% |
| AAA rating | 9.3% |

---

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

## 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002459

Columbia Multi-Sector Municipal Income ETF \| SSR303_00_(06/25) \| 2

Columbia Research Enhanced Core ETF

RECS \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia Research Enhanced Core ETF (the Fund) for the period of November 1, 2024 to April 30, 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 | $7 | 0.15%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $2461868461 |
| Total number of portfolio holdings | 367 |
| Portfolio turnover for the reporting period | 19% |

---

Columbia Research Enhanced Core ETF \| SSR305_00_(06/25) \| 1

# 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

---

| | |
|:---|:---|
| Apple, Inc. | 8.1% |
| Microsoft Corp. | 7.6% |
| NVIDIA Corp. | 6.8% |
| Amazon.com, Inc. | 4.6% |
| Meta Platforms, Inc. Class A | 3.0% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. Class A | 2.5% |
| Philip Morris International, Inc. | 2.2% |
| Alphabet, Inc. Class A | 2.1% |
| Alphabet, Inc. Class C | 2.0% |

---

# Asset Allocation
![Group By Sector Chart](i64696ea624f4e841d46ad35c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.7% |
| Exchange-Traded Equity Funds | 2.1% |
| Common Stocks | 97.1% |

---

# Sector Allocation
![Group By Industry Chart](ie945a59a42b857138d28b413.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 2.2% |
| Utilities | 2.4% |
| Real Estate | 2.6% |
| Energy | 3.2% |
| Consumer Staples | 6.2% |
| Communication Services | 8.6% |
| Consumer Discretionary | 8.6% |
| Industrials | 9.1% |
| Health Care | 10.8% |
| Financials | 14.7% |
| Information Technology | 28.6% |

---

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002457

Columbia Research Enhanced Core ETF \| SSR305_00_(06/25) \| 2

Columbia Research Enhanced Value ETF

REVS \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia Research Enhanced Value ETF (the Fund) for the period of November 1, 2024 to April 30, 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 | $9 | 0.19%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $68616505 |
| Total number of portfolio holdings | 317 |
| Portfolio turnover for the reporting period | 27% |

---

Columbia Research Enhanced Value ETF \| SSR306_00_(06/25) \| 1

# 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

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 5.2% |
| Philip Morris International, Inc. | 3.6% |
| Cisco Systems, Inc. | 3.6% |
| Exxon Mobil Corp. | 2.7% |
| Medtronic PLC | 2.5% |
| Bristol-Myers Squibb Co. | 2.3% |
| Bank of America Corp. | 2.3% |
| Wells Fargo & Co. | 2.1% |
| RTX Corp. | 2.0% |
| Caterpillar, Inc. | 1.6% |

---

# Asset Allocation
![Group By Sector Chart](i78f65e7a1fab2923b8d737ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Exchange-Traded Equity Funds | 0.9% |
| Common Stocks | 98.4% |

---

# Sector Allocation
![Group By Industry Chart](i6ba7b2b9a36afb45697f7139.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 4.1% |
| Communication Services | 4.4% |
| Real Estate | 4.6% |
| Utilities | 4.9% |
| Consumer Discretionary | 5.8% |
| Energy | 6.3% |
| Consumer Staples | 8.9% |
| Information Technology | 8.9% |
| Industrials | 13.9% |
| Health Care | 14.4% |
| Financials | 22.0% |

---

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002458

Columbia Research Enhanced Value ETF \| SSR306_00_(06/25) \| 2

Columbia Short Duration Bond ETF

SBND \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia Short Duration Bond ETF (the Fund) for the period of November 1, 2024 to April 30, 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 | $12 | 0.24%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $54008960 |
| Total number of portfolio holdings | 575 |
| Portfolio turnover for the reporting period | 105% |
| Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 25% |

---

Columbia Short Duration Bond ETF \| SSR314_00_(06/25) \| 1

# 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 05/29/2025 4.329% | 3.7% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 5.000% | 2.6% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 4.500% | 1.9% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 4.000% | 1.7% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 5.500% | 1.6% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 3.500% | 1.2% |
| Uniform Mortgage-Backed Security TBA 05/15/2040 6.000% | 1.0% |
| Citigroup, Inc. 11/19/2034 5.592% | 0.6% |
| CVS Health Corp. 03/25/2028 4.300% | 0.6% |
| Boeing Co. (The) 05/01/2030 5.150% | 0.6% |

---

# Asset Allocation
![Group By Sector Chart](ic63c29aa3435b460005d88f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 5.8% |
| Treasury Bills | 3.7% |
| Residential Mortgage-Backed Securities - Agency | 10.0% |
| Foreign Government Obligations | 19.8% |
| Corporate Bonds | 49.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 10.0% |
| Asset-Backed Securities - Non-Agency | 10.1% |

---

# Credit Quality Allocation
![Group By Industry Chart](i7074ce532a80b529fc87e1a3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| B rating | 0.2% |
| BB rating | 28.4% |
| BBB rating | 41.8% |
| A rating | 1.4% |
| AA rating | 16.0% |
| AAA rating | 15.2% |

---

Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody's Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as "Not rated." Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002473

Columbia Short Duration Bond ETF \| SSR314_00_(06/25) \| 2

Columbia Select Technology ETF

SEMI \| NYSE Arca, Inc.

![Image](idc200d610d3463d95a1d97ca.jpg)

Semi-Annual Shareholder Report \| April 30, 2025

This semi-annual shareholder report contains important information about Columbia Select Technology ETF (the Fund) for the period of November 1, 2024 to April 30, 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 Select Technology ETF | $36 | 0.75%<sup>Footnote Reference(a)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Annualized. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $33319562 |
| Total number of portfolio holdings | 36 |
| Portfolio turnover for the reporting period | 58% |

---

Columbia Select Technology ETF \| SSR321_00_(06/25) \| 1

# 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

---

| | |
|:---|:---|
| NVIDIA Corp. | 15.5% |
| Microsoft Corp. | 11.0% |
| Apple, Inc. | 10.9% |
| Broadcom, Inc. | 8.4% |
| Amazon.com, Inc. | 4.1% |
| Alphabet, Inc. Class A | 3.7% |
| Meta Platforms, Inc. Class A | 3.4% |
| Lam Research Corp. | 3.2% |
| Visa, Inc. Class A | 3.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |

---

# Sector Allocation
![Group By Sector Chart](i30e684416d985b82af1bd754.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 1.2% |
| Consumer Discretionary | 4.9% |
| Financials | 5.4% |
| Communication Services | 9.4% |
| Information Technology | 77.7% |

---

# Sub-Industry Allocation
![Group By Industry Chart](id49ed2291a44f90b76a74409.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| IT Services | 1.9% |
| Communications Equipment | 2.6% |
| Technology Hardware, Storage & Peripherals | 10.9% |
| Software | 25.1% |
| Semiconductors & Semiconductor Equipment | 37.2% |

---

# 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](i62fb1d9a7e0a8f9620590777.jpg)

CET002456

Columbia Select Technology ETF \| SSR321_00_(06/25) \| 2

------

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

PORTFOLIO

OF

INVESTMENTS

Columbia

International

Equity

Income

ETF

April

30,

2025

(Unaudited)

(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

Common

Stocks

98.7%

Issuer

Shares

Value

($)

Austria 1.1%

Erste

Group

Bank

AG

4,153

280,659

Verbund

AG

928

71,417

Total

352,076

Brazil 0.2%

Yara

International

ASA

2,140

69,174

Denmark 1.4%

AP

Moller

-

Maersk

A/S

Class

B

97,540

Coloplast

A/S

Class

B

1,951

220,494

Pandora

A/S

1,058

156,667

Total

474,701

Finland 2.2%

Elisa

OYJ

1,917

102,464

Kesko

OYJ

Class

B

3,666

84,180

Nokia

OYJ

68,131

339,919

UPM-Kymmene

OYJ

7,109

188,453

Total

715,016

France 4.4%

Bouygues

SA

(a) 2,520

110,861

TotalEnergies

SE

23,039

1,339,860

Total

1,450,721

Germany 10.2%

Brenntag

SE

1,661

110,607

Continental

AG

1,463

113,820

Evonik

Industries

AG

3,059

68,677

Hannover

Rueck

SE

813

260,988

Knorr-Bremse

AG

895

88,717

Mercedes-Benz

Group

AG

10,194

608,025

Merck

KGaA

1,750

242,497

Rational

AG

59,023

RWE

AG

9,171

356,540

Siemens

AG

6,018

1,381,534

Talanx

AG

815

93,479

Total

3,383,907

Hong

Kong 2.1%

Hong

Kong

Exchanges

&

Clearing

Ltd.

16,128

708,786

Israel 0.8%

Bank

Hapoalim

BM

17,085

250,239

Italy 2.3%

Amplifon

SpA

1,672

31,940

Eni

SpA

29,666

428,280

Prysmian

SpA

3,829

208,665

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,327

78,214

Total

747,099

Japan 48.6%

Aisin

Corp.

6,353

80,682

Ajinomoto

Co.,

Inc.

11,315

231,313

Asahi

Group

Holdings

Ltd.

19,124

264,457

Asahi

Kasei

Corp.

15,439

107,588

Bridgestone

Corp.

7,411

311,268

Chubu

Electric

Power

Co.,

Inc.

8,704

113,010

Dai-ichi

Life

Holdings,

Inc.

46,781

336,001

Daiichi

Sankyo

Co.

Ltd.

22,538

575,774

Daikin

Industries

Ltd.

3,323

379,615

Daiwa

House

Industry

Co.

Ltd.

7,021

253,738

Denso

Corp.

23,419

303,327

ENEOS

Holdings,

Inc.

35,509

170,749

Hikari

Tsushin,

Inc.

65,208

Hitachi

Ltd.

49,759

1,227,231

ITOCHU

Corp.

16,518

843,270

Kansai

Electric

Power

Co.,

Inc.

(The)

11,473

141,160

Common

Stocks

(continued)

Issuer

Shares

Value

($)

KDDI

Corp.

38,562

682,215

Kirin

Holdings

Co.

Ltd.

10,472

158,504

Makita

Corp.

2,943

86,285

Mitsubishi

Chemical

Group

Corp.

17,274

83,682

Mitsubishi

Corp.

45,293

861,151

Mitsubishi

Estate

Co.

Ltd.

13,522

237,469

Mitsubishi

Heavy

Industries

Ltd.

41,031

804,425

Mitsubishi

UFJ

Financial

Group,

Inc.

106,814

1,350,526

Mitsui

Fudosan

Co.

Ltd.

33,285

328,790

Mizuho

Financial

Group,

Inc.

31,892

800,430

NIDEC

Corp.

10,853

192,728

Nippon

Sanso

Holdings

Corp.

2,240

71,688

Nitto

Denko

Corp.

9,231

161,821

Ono

Pharmaceutical

Co.

Ltd.

4,711

54,231

Osaka

Gas

Co.

Ltd.

4,530

114,870

Otsuka

Holdings

Co.

Ltd.

5,621

274,154

Ricoh

Co.

Ltd.

6,474

68,353

SCSK

Corp.

1,874

49,175

Seiko

Epson

Corp.

3,609

50,325

Shionogi

&

Co.

Ltd.

9,506

159,544

SoftBank

Corp.

380,322

575,656

Sompo

Holdings,

Inc.

11,516

375,013

Sumitomo

Corp.

14,685

360,124

Sumitomo

Metal

Mining

Co.

Ltd.

3,144

70,114

Sumitomo

Mitsui

Financial

Group,

Inc.

49,885

1,189,070

Sumitomo

Realty

&

Development

Co.

Ltd.

3,758

139,634

Tokio

Marine

Holdings,

Inc.

22,930

917,586

Tokyo

Gas

Co.

Ltd.

4,284

142,450

Toyota

Tsusho

Corp.

8,229

162,976

Trend

Micro,

Inc.

1,676

120,201

Total

16,047,581

Netherlands 2.5%

Akzo

Nobel

NV

2,311

145,958

Euronext

NV

(b) 1,165

194,674

Koninklijke

Ahold

Delhaize

NV

12,240

502,846

Total

843,478

Norway 1.4%

Aker

BP

ASA

4,146

89,237

Equinor

ASA

11,525

264,398

Orkla

ASA

10,106

112,658

Total

466,293

Spain 5.8%

Aena

SME

SA

(b) 936

235,569

Endesa

SA

4,286

129,111

Iberdrola

SA

86,176

1,557,085

Total

1,921,765

Sweden 8.5%

Alfa

Laval

AB

3,878

160,871

Assa

Abloy

AB

Class

B

13,146

397,451

Sagax

AB

Class

B

2,839

64,522

Sandvik

AB

13,954

289,500

Skandinaviska

Enskilda

Banken

AB

Class

A

21,192

334,967

SKF

AB

Class

B

5,774

113,476

Svenska

Cellulosa

AB

SCA

Class

B

7,869

102,229

Svenska

Handelsbanken

AB

Class

A

18,147

237,729

Telefonaktiebolaget

LM

Ericsson

Class

B

38,833

327,658

Telia

Co.

AB

31,382

117,623

Trelleborg

AB

Class

B

2,748

94,820

Volvo

AB

Class

B

20,494

557,986

Total

2,798,832

Switzerland 0.6%

Logitech

International

SA

2,010

151,750

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

Equity

Income

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Temenos

AG

796

57,151

Total

208,901

United

Kingdom 2.4%

Lloyds

Banking

Group

PLC

807,503

790,386

United

States 4.2%

Shell

PLC

42,147

1,373,900

Total

Common

Stocks

(Cost

$30,563,142)

32,602,855

Money

Market

Funds

0.4%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.169%

(c) 119,704

119,704

Total

Money

Market

Funds

(Cost

$119,704)

119,704

Total

Investments

in

Securities

(Cost

$30,682,846)

32,722,559

Other

Assets

&

Liabilities,

Net

291,897

Net

Assets

33,014,456

(a) Non-income

producing

investment.

(b) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

April

30,

2025,

the

total

value

of

these

securities

amounted

to

$430,243,

which

represents

1.30%

of

total

net

assets.

(c) The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

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

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

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

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Austria

352,076

–

–

352,076

Brazil

69,174

–

–

69,174

Denmark

474,701

–

–

474,701

Finland

715,016

–

–

715,016

France

1,450,721

–

–

1,450,721

Germany

3,383,907

–

–

3,383,907

Hong

Kong

708,786

–

–

708,786

Israel

250,239

–

–

250,239

Italy

747,099

–

–

747,099

Japan

16,047,581

–

–

16,047,581

Netherlands

843,478

–

–

843,478

Norway

466,293

–

–

466,293

Spain

1,921,765

–

–

1,921,765

Sweden

2,798,832

–

–

2,798,832

Switzerland

208,901

–

–

208,901

United

Kingdom

790,386

–

–

790,386

United

States

1,373,900

–

–

1,373,900

Total

Common

Stocks

32,602,855

–

–

32,602,855

Money

Market

Funds

119,704

–

–

119,704

Total

Investments

in

Securities

32,722,559

–

–

32,722,559

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

U.S.

Equity

Income

ETF

April

30,

2025

(Unaudited)

(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

Common

Stocks

98.6%

Issuer

Shares

Value

($)

Communication

Services 8.3%

Diversified

Telecommunication

Services

6.1%

AT&T,

Inc.

209,283

5,797,139

Verizon

Communications,

Inc.

122,884

5,414,269

Total

11,211,408

Media

2.2%

Comcast

Corp.

Class

A

109,339

3,739,394

Fox

Corp.

Class

B

3,784

174,972

Total

3,914,366

Total

Communication

Services

15,125,774

Consumer

Discretionary 8.3%

Household

Durables

0.9%

DR

Horton,

Inc.

8,119

1,025,754

Lennar

Corp.

Class

A

6,643

721,496

Total

1,747,250

Specialty

Retail

7.4%

Best

Buy

Co.,

Inc.

5,739

382,734

Dick's

Sporting

Goods,

Inc.

1,620

304,139

Home

Depot,

Inc.

(The)

21,559

7,771,804

Lowe's

Cos.,

Inc.

16,451

3,677,785

Tractor

Supply

Co.

15,548

787,040

Williams-Sonoma,

Inc.

3,455

533,694

Total

13,457,196

Total

Consumer

Discretionary

15,204,446

Consumer

Staples 12.1%

Beverages

9.1%

Coca-Cola

Co.

(The)

124,835

9,056,779

Constellation

Brands,

Inc.

Class

A

4,052

759,912

Keurig

Dr

Pepper,

Inc.

32,781

1,133,895

Molson

Coors

Beverage

Co.

Class

B

4,881

280,804

PepsiCo,

Inc.

39,917

5,411,947

Total

16,643,337

Consumer

Staples

Distribution

0.7%

Target

Corp.

13,348

1,290,752

Food

Products

2.3%

General

Mills,

Inc.

16,037

909,939

Kellanova

8,568

709,173

Mondelez

International,

Inc.

Class

A

37,666

2,566,185

Total

4,185,297

Total

Consumer

Staples

22,119,386

Energy 13.9%

Energy

Equipment

&

Services

1.0%

Halliburton

Co.

25,248

500,416

Schlumberger

NV

40,832

1,357,664

Total

1,858,080

Oil,

Gas

&

Consumable

Fuels

12.9%

Chevron

Corp.

52,450

7,136,347

ConocoPhillips

37,059

3,302,698

Exxon

Mobil

Corp.

78,854

8,329,348

Occidental

Petroleum

Corp.

27,321

1,076,721

Ovintiv,

Inc.

7,561

253,898

Phillips

12,022

1,251,009

Williams

Cos.,

Inc.

(The)

35,442

2,075,838

Total

23,425,859

Total

Energy

25,283,939

Financials 12.9%

Banks

1.0%

PNC

Financial

Services

Group,

Inc.

(The)

11,502

1,848,256

Capital

Markets

7.2%

Bank

of

New

York

Mellon

Corp.

(The)

20,900

1,680,569

Cboe

Global

Markets,

Inc.

3,004

666,287

Charles

Schwab

Corp.

(The)

44,194

3,597,392

Common

Stocks

(continued)

Issuer

Shares

Value

($)

CME

Group,

Inc.

10,487

2,905,738

Intercontinental

Exchange,

Inc.

16,644

2,795,693

Raymond

James

Financial,

Inc.

5,382

737,549

State

Street

Corp.

8,381

738,366

Total

13,121,594

Insurance

4.7%

Aflac,

Inc.

14,583

1,584,881

American

International

Group,

Inc.

17,282

1,408,829

Hartford

Financial

Services

Group,

Inc.

(The)

8,442

1,035,580

Marsh

&

McLennan

Cos.,

Inc.

14,332

3,231,436

Principal

Financial

Group,

Inc.

6,636

492,059

Willis

Towers

Watson

PLC

2,931

902,162

Total

8,654,947

Total

Financials

23,624,797

Health

Care 4.8%

Health

Care

Providers

&

Services

4.8%

Cardinal

Health,

Inc.

7,037

994,258

Quest

Diagnostics,

Inc.

3,251

579,393

UnitedHealth

Group,

Inc.

17,332

7,131,078

Total

8,704,729

Total

Health

Care

8,704,729

Industrials 16.0%

Aerospace

&

Defense

4.1%

General

Dynamics

Corp.

7,850

2,136,142

Lockheed

Martin

Corp.

6,872

3,283,098

Northrop

Grumman

Corp.

4,213

2,049,624

Total

7,468,864

Air

Freight

&

Logistics

0.4%

CH

Robinson

Worldwide,

Inc.

3,443

307,185

Expeditors

International

of

Washington,

Inc.

4,051

445,245

Total

752,430

Building

Products

2.2%

A

O

Smith

Corp.

3,382

229,502

Allegion

PLC

2,513

349,810

Fortune

Brands

Innovations,

Inc.

3,605

194,021

Masco

Corp.

6,065

367,600

Owens

Corning

2,488

361,780

Trane

Technologies

PLC

6,527

2,501,864

Total

4,004,577

Electrical

Equipment

0.3%

Hubbell,

Inc.

1,570

570,193

Machinery

6.3%

Caterpillar,

Inc.

13,931

4,308,440

CNH

Industrial

NV

23,638

273,492

Cummins,

Inc.

3,947

1,159,786

Deere

&

Co.

7,368

3,415,510

IDEX

Corp.

2,201

382,908

Otis

Worldwide

Corp.

11,570

1,113,844

Pentair

PLC

4,722

428,427

Snap-on,

Inc.

1,501

471,029

Total

11,553,436

Professional

Services

2.7%

Automatic

Data

Processing,

Inc.

11,858

3,564,515

Broadridge

Financial

Solutions,

Inc.

3,384

820,282

Leidos

Holdings,

Inc.

3,718

547,215

Total

4,932,012

Total

Industrials

29,281,512

Information

Technology 13.3%

Electronic

Equipment,

Instruments

&

Components

0.4%

CDW

Corp.

3,875

622,170

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

IT

Services

7.1%

Accenture

PLC

Class

A

18,213

5,448,419

Cognizant

Technology

Solutions

Corp.

Class

A

14,366

1,056,906

International

Business

Machines

Corp.

26,979

6,524,062

Total

13,029,387

Semiconductors

&

Semiconductor

Equipment

5.5%

Analog

Devices,

Inc.

14,446

2,815,814

Microchip

Technology,

Inc.

15,353

707,466

NXP

Semiconductors

NV

7,405

1,364,816

QUALCOMM,

Inc.

32,272

4,791,101

Skyworks

Solutions,

Inc.

4,680

300,831

Total

9,980,028

Technology

Hardware,

Storage

&

Peripherals

0.3%

Hewlett

Packard

Enterprise

Co.

38,125

618,388

Total

Information

Technology

24,249,973

Materials 0.8%

Containers

&

Packaging

0.8%

Avery

Dennison

Corp.

2,318

396,633

Crown

Holdings,

Inc.

3,456

332,916

International

Paper

Co.

15,094

689,494

Total

1,419,043

Total

Materials

1,419,043

Utilities 8.2%

Electric

Utilities

4.1%

Alliant

Energy

Corp.

7,474

456,213

American

Electric

Power

Co.,

Inc.

15,524

1,681,870

Edison

International

11,297

604,503

Entergy

Corp.

12,528

1,041,954

Evergy,

Inc.

6,623

457,649

Eversource

Energy

10,680

635,247

Exelon

Corp.

29,298

1,374,076

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Xcel

Energy,

Inc.

16,716

1,181,821

Total

7,433,333

Gas

Utilities

0.4%

Atmos

Energy

Corp.

4,615

741,307

Multi-Utilities

3.7%

Ameren

Corp.

7,852

779,232

Consolidated

Edison,

Inc.

10,090

1,137,648

DTE

Energy

Co.

6,034

826,658

NiSource,

Inc.

13,677

534,907

Public

Service

Enterprise

Group,

Inc.

14,527

1,161,143

Sempra

18,480

1,372,510

WEC

Energy

Group,

Inc.

9,254

1,013,498

Total

6,825,596

Total

Utilities

15,000,236

Total

Common

Stocks

(Cost

$181,550,909)

180,013,835

Exchange-Traded

Equity

Funds

0.8%

Issuer

Shares

Value

($)

Financials 0.8%

Vanguard

Financials

ETF

11,688

1,364,107

Total

Exchange-Traded

Equity

Funds

(Cost

$1,340,578)

1,364,107

Money

Market

Funds

0.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.169%

(a) 905,889

905,889

Total

Money

Market

Funds

(Cost

$905,889)

905,889

Total

Investments

in

Securities

(Cost

$183,797,376)

182,283,831

Other

Assets

&

Liabilities,

Net

245,080

Net

Assets

182,528,911

(a) The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Fair

Value

Measurements

(continued)

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment's

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

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

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3. These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

at

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

15,125,774

–

–

15,125,774

Consumer

Discretionary

15,204,446

–

–

15,204,446

Consumer

Staples

22,119,386

–

–

22,119,386

Energy

25,283,939

–

–

25,283,939

Financials

23,624,797

–

–

23,624,797

Health

Care

8,704,729

–

–

8,704,729

Industrials

29,281,512

–

–

29,281,512

Information

Technology

24,249,973

–

–

24,249,973

Materials

1,419,043

–

–

1,419,043

Utilities

15,000,236

–

–

15,000,236

Total

Common

Stocks

180,013,835

–

–

180,013,835

Exchange-Traded

Equity

Funds

1,364,107

–

–

1,364,107

Money

Market

Funds

905,889

–

–

905,889

Total

Investments

in

Securities

182,283,831

–

–

182,283,831

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$30,682,846

and

$183,797,376,

respectively)

$32,722,559

$182,283,831

Foreign

currency

(cost

$9,750

and

$–)

9,759

–

Receivable

for:

Dividends

235,043

256,670

Reclaims

receivable

59,150

–

Capital

shares

sold

–

6,518,890

Total

assets

33,026,511

189,059,391

Liabilities

Payable

for:

Investment

management

fees

12,055

44,653

Investments

purchased

–

6,485,827

Total

liabilities

12,055

6,530,480

Net

assets

applicable

to

outstanding

capital

stock

$33,014,456

$182,528,911

Represented

by:

Paid-in

capital

$29,912,737

$180,369,176

Total

distributable

earnings

(loss)

3,101,719

2,159,735

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$33,014,456

$182,528,911

Shares

outstanding

1,000,000

4,200,000

Net

asset

value

per

share

$33.01

$43.46

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$656,652

$1,822,740

Foreign

taxes

withheld

(85,143)

(1,523)

Total

income

571,509

1,821,217

Expenses:

Investment

management

fees

66,233

230,487

Total

expenses

66,233

230,487

Net

Investment

Income

505,276

1,590,730

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

497,996

2,240,139

In-kind

transactions

-

unaffiliated

issuers

201,796

1,375,484

Foreign

currency

translations

(23,751)

–

Net

realized

gain

676,041

3,615,623

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

1,847,237

(10,221,855)

Foreign

currency

translations

18,925

–

Net

change

in

unrealized

appreciation

(depreciation)

1,866,162

(10,221,855)

Net

realized

and

unrealized

gain

(loss)

2,542,203

(6,606,232)

Net

Increase

(Decrease)

in

net

assets

resulting

from

operations

$3,047,479

$(5,015,502)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$505,276

$408,892

$1,590,730

$1,384,215

Net

realized

gain

676,041

942,628

3,615,623

4,758,223

Net

change

in

unrealized

appreciation

(depreciation)

1,866,162

253,485

(10,221,855)

7,295,415

Net

increase

(decrease)

in

net

assets

resulting

from

operations

3,047,479

1,605,005

(5,015,502)

13,437,853

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(546,480)

(301,656)

(4,226,256)

(1,279,098)

Shareholder

transactions

Proceeds

from

shares

sold

5,962,512

18,421,780

99,167,657

51,625,885

Cost

of

shares

redeemed

(1,603,755)

–

(6,863,058)

(8,300,690)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

4,358,757

18,421,780

92,304,599

43,325,195

Increase

in

net

assets

6,859,756

19,725,129

83,062,841

55,483,950

Net

Assets:

Net

assets

beginning

of

period

26,154,700

6,429,571

99,466,070

43,982,120

Net

assets

at

end

of

period

$33,014,456

$26,154,700

$182,528,911

$99,466,070

Capital

stock

activity

Shares

outstanding,

beginning

of

period

850,000

250,000

2,150,000

1,200,000

Shares

sold

200,000

600,000

2,200,000

1,150,000

Shares

redeemed

(50,000)

–

(150,000)

(200,000)

Shares

outstanding,

end

of

period

1,000,000

850,000

4,200,000

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

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.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

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.

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$30.77

$25.72

$21.99

$26.94

$21.08

$25.78

Income

(loss)

from

investment

operations:

Net

investment

income

0.53 0.85 0.82 0.90 0.82 0.70 Net

realized

and

unrealized

gain

(loss)

2.35 4.84 3.73 (4.85)

5.83 (4.71)

Total

from

investment

operations

2.88 5.69 4.55 (3.95)

6.65 (4.01)

Less

distributions

to

shareholders:

Net

investment

income

(0.28)

(0.64)

(0.82)

(1.00)

(0.79)

(0.69)

Net

realized

gains

(0.36)

–

–

–

–

–

Total

distribution

to

shareholders

(0.64)

(0.64)

(0.82)

(1.00)

(0.79)

(0.69)

Net

asset

value,

end

of

period

$33.01

$30.77

$25.72

$21.99

$26.94

$21.08

Total

Return

at

NAV

9.56%

22.26%

20.70%

(14.97)%

31.60%

(15.68)%

Total

Return

at

Market

Price

9.94%

21.20%

21.46%

(15.76)%

32.24%

(15.02)%

Ratios

to

average

net

assets:

Total

gross

expenses

(a) 0.45%

0.46%

(b) 0.45%

(c) 0.45%

0.45%

(c) 0.45%

(c) Total

net

expenses

(a)(d) 0.45%

0.46%

(b) 0.45%

(c) 0.45%

0.45%

(c) 0.45%

(c) Net

investment

income

3.43%

2.81%

3.14%

3.60%

3.07%

3.08%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$33,014

$26,155

$6,430

$5,497

$5,389

$4,217

Portfolio

turnover

44%

92%

156%

177%

90%

98%

(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.

Active

ETFs

\|

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$46.26

$36.65

$36.28

$36.97

$25.42

$28.60

Income

(loss)

from

investment

operations:

Net

investment

income

0.54 0.98 0.97 1.00 0.86 0.78 Net

realized

and

unrealized

gain

(loss)

(1.83)

9.53 0.38 (0.57)

(a) 11.53 (3.15)

Total

from

investment

operations

(1.29)

10.51 1.35 0.43 12.39 (2.37)

Less

distributions

to

shareholders:

Net

investment

income

(0.47)

(0.90)

(0.98)

(0.88)

(0.84)

(0.74)

Net

realized

gains

(1.04)

–

–

(0.24)

–

(0.07)

Total

distribution

to

shareholders

(1.51)

(0.90)

(0.98)

(1.12)

(0.84)

(0.81)

Net

asset

value,

end

of

period

$43.46

$46.26

$36.65

$36.28

$36.97

$25.42

Total

Return

at

NAV

(2.82)%

28.84%

3.72%

1.22%

49.08%

(8.18)%

Total

Return

at

Market

Price

(2.88)%

29.14%

3.29%

1.27%

50.13%

(8.64)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b) 0.35%

0.35%

(c) 0.35%

(c) 0.35%

(c) 0.35%

0.35%

Total

net

expenses

(b)(d) 0.35%

0.35%

(c) 0.35%

(c) 0.35%

(c) 0.35%

0.35%

Net

investment

income

2.42%

2.25%

2.57%

2.73%

2.55%

2.98%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$182,529

$99,466

$43,982

$39,911

$5,545

$5,084

Portfolio

turnover

18%

42%

90%

167%

77%

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

April

30,

2025

(Unaudited)

Active

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

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)

April

30,

2025

(Unaudited)

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

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

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)

April

30,

2025

(Unaudited)

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.

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.

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)

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

At

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds'

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

six

months

ended

April

30,

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

six

months

ended

April

30,

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

six

months

ended

April

30,

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

24,

2024

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

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

International

Equity

Income

ETF

30,682,846

3,229,004

(1,189,291)

2,039,713

Columbia

U.S.

Equity

Income

ETF

183,797,376

8,755,281

(10,268,826)

(1,513,545)

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

International

Equity

Income

ETF

13,080,341

13,324,246

Columbia

U.S.

Equity

Income

ETF

24,798,295

27,552,895

Fund

Contributions

($)

Columbia

International

Equity

Income

ETF

5,895,311

Columbia

U.S.

Equity

Income

ETF

98,435,824

Fund

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

International

Equity

Income

ETF

1,360,947

1,562,743

201,796

Columbia

U.S.

Equity

Income

ETF

5,452,093

6,827,577

1,375,484

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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.

No

Fund

had

borrowings

during

the

six

months

ended

April

30,

2025. Note

8. Significant

risks

Active

management

risk

Each

Fund

is

actively

managed

and

its

performance

therefore

will

reflect,

in

part,

the

ability

of

the

portfolio

managers

to

make

investment

decisions

that

seek

to

achieve

the

Fund's

investment

objective.

Each

Fund

is

not

an

index

fund

(it

does

not

seek

to

track

the

performance

of

an

index).

Due

to

its

active

management,

each

Fund

could

underperform

its

benchmark

index

and/or

other

funds

with

similar

investment

objectives

and/or

strategies.

Active

trading

of

portfolio

securities

may

result

in

added

expenses,

a

lower

return

and

increased

tax

liability,

including

relative

to

other

ETFs.

Environmental,

social

and

governance

investment

research

tools

risk

The

Investment

Manager's

proprietary

ESGM

Ratings

system

and

screens

are

subjective

(based

on

the

Investment

Manager's

opinion)

research

tools

incorporated

into

the

investment

selection

process.

These

research

tools

may

not

operate

as

intended

and

may

cause

the

Fund

to

underperform

other

investment

strategies.

Fund

performance

will

depend

on

the

quality

and

accuracy

of

the

assumptions

and

framework

(which

may

be

amended

over

time)

on

which

these

research

tools

are

based.

Fund

performance

will

also

depend

on

the

accuracy

and

availability

of

data

that

the

research

tools

employ,

and

such

data

may

be

based

on

proprietary

research

based

on

third-party

research,

or

by

the

issuers

themselves

(which

also

may

be

based

upon

data

obtained

from

third

parties).

Any

errors

in

the

data

could

adversely

affect

these

research

tools

and

Fund

performance.

These

research

tools

depend,

in

part,

upon

subjective

selection

and

application

of

factors

and

data

inputs.

The

Investment

Manager

has

discretion

to

determine

the

data

collected

and

incorporated

into

these

research

tools,

as

well

as

in

interpreting

and

applying

the

data

used

in

these

research

tools.

It

is

not

practicable

for

these

research

tools

to

factor

in

all

available

data,

and

no

assurance

can

be

given

that

such

data

will

be

helpful

or

be

free

from

errors.

Information

the

Investment

Manager

deems

sufficient

to

calculate

a

company's

ESGM

Rating

may

not

be

available

for

certain

companies.

Financials

sector

risk

Columbia

International

Equity

Income

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

financials

sector.

Companies

in

the

financials

sector

are

subject

to

certain

risks,

including

the

risk

of

regulatory

change,

decreased

liquidity

in

credit

markets

and

unstable

interest

rates.

Such

companies

may

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Foreign

securities

and

emerging

market

countries

risk

Investing

in

foreign

securities

may

involve

heightened

risks

relative

to

investments

in

U.S.

securities.

Investing

in

foreign

securities

subjects

the

Fund

to

the

risks

associated

with

the

issuer's

country

of

organization

and

places

of

business

operations,

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic

and

other

conditions

or

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

events

occurring

in

the

country

or

region,

which

may

result

in

significant

market

volatility.

In

addition,

certain

foreign

securities

may

be

more

volatile

and

less

liquid

than

U.S.

securities.

Investing

in

emerging

markets

may

increase

these

risks

and

expose

the

Fund

to

elevated

risks

associated

with

increased

inflation,

deflation

or

currency

devaluation.

To

the

extent

that

Columbia

International

Equity

Income

ETF

concentrates

its

investment

exposure

to

any

one

or

a

few

specific

countries,

the

Fund

will

be

particularly

susceptible

to

the

risks

associated

with

the

conditions,

events

or

other

factors

impacting

those

countries

or

regions

and

may,

therefore,

have

a

greater

risk

than

that

of

a

fund

that

is

more

geographically

diversified.

The

financial

information

and

disclosure

made

available

by

issuers

of

emerging

market

securities

may

be

considerably

less

reliable

than

publicly

available

information

about

other

foreign

securities.

The

Public

Company

Accounting

Oversight

Board,

which

regulates

auditors

of

U.S.

public

companies,

is

unable

to

inspect

audit

work

papers

in

certain

foreign

countries.

Investors

in

foreign

countries

often

have

limited

rights

and

few

practical

remedies

to

pursue

shareholder

claims,

including

class

actions

or

fraud

claims,

and

the

ability

of

the

U.S.

Securities

and

Exchange

Commission,

the

U.S.

Department

of

Justice

and

other

authorities

to

bring

and

enforce

actions

against

foreign

issuers

or

foreign

persons

is

limited.

Geographic

focus

risk

Columbia

International

Equity

Income

ETF

may

be

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

within

the

specific

geographic

regions

in

which

the

Fund

invests.

The

Fund's

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

Europe.

Columbia

International

Equity

Income

ETF

is

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions,

including

acts

of

war

or

other

conflicts

in

the

region,

affecting

issuers

and

countries

in

Europe.

Countries

in

Europe

are

often

closely

connected

and

interdependent,

and

events

in

one

European

country

can

have

an

adverse

impact

on,

and

potentially

spread

to,

other

European

countries.

In

addition,

significant

private

or

public

debt

problems

in

a

single

European

Union

(EU)

country

can

pose

economic

risks

to

the

EU

as

a

whole.

As

a

result,

the

Fund's

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Europe

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

this

region

of

the

world.

Uncertainty

caused

by

the

departure

of

the

United

Kingdom

(UK)

from

the

EU,

which

occurred

in

January

2020,

could

have

negative

impacts

on

the

UK

and

EU,

as

well

as

other

European

economies

and

the

broader

global

economy.

These

could

include

negative

impacts

on

currencies

and

financial

markets

as

well

as

increased

volatility

and

illiquidity,

and

potentially

lower

economic

growth

in

markets

in

Europe,

which

could

adversely

affect

the

value

of

your

investment

in

the

Fund.

Japan

.

Columbia

International

Equity

Income

ETF

is

particularly

susceptible

to

the

social,

political,

economic,

regulatory

and

other

conditions

or

events

that

may

affect

Japan's

economy.

The

Japanese

economy

is

heavily

dependent

upon

international

trade,

including,

among

other

things,

the

export

of

finished

goods

and

the

import

of

oil

and

other

commodities

and

raw

materials.

Because

of

its

trade

dependence,

the

Japanese

economy

is

particularly

exposed

to

the

risks

of

currency

fluctuation,

foreign

trade

policy

and

regional

and

global

economic

disruption,

including

the

risk

of

increased

tariffs,

embargoes,

and

other

trade

limitations

or

factors.

Strained

relationships

between

Japan

and

its

neighboring

countries,

including

China,

South

Korea

and

North

Korea,

based

on

historical

grievances,

territorial

disputes,

and

defense

concerns,

may

also

cause

uncertainty

in

Japanese

markets.

As

a

result,

additional

tariffs,

other

trade

barriers,

or

boycotts

may

have

an

adverse

impact

on

the

Japanese

economy.

Japanese

government

policy

has

been

characterized

by

economic

regulation,

intervention,

protectionism

and

large

government

deficits.

The

Japanese

economy

is

also

challenged

by

an

unstable

financials

sector,

highly

leveraged

corporate

balance

sheets

and

extensive

cross-ownership

among

major

corporations.

Structural

social

and

labor

market

changes,

including

an

aging

workforce,

population

decline

and

traditional

aversion

to

labor

mobility

may

adversely

affect

Japan's

economic

competitiveness

and

growth

potential.

The

potential

for

natural

disasters,

such

as

earthquakes,

volcanic

eruptions,

typhoons

and

tsunamis,

could

also

have

significant

negative

effects

on

Japan's

economy.

As

a

result

of

the

Fund's

investment

in

Japanese

securities,

the

Fund's

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Japan

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

Japan.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETFs

\|

2025

Industrials

sector

risk

Columbia

International

Equity

Income

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

industrials

sector.

Companies

in

the

industrials

sector

are

subject

to

certain

risks,

including

changes

in

supply

and

demand

for

their

specific

product

or

service

and

for

industrial

sector

products

in

general,

including

decline

in

demand

for

such

products

due

to

rapid

technological

developments

and

frequent

new

product

introduction.

Performance

of

such

companies

may

be

affected

by

factors

including

government

regulation,

world

events,

economic

conditions

and

risks

for

environmental

damage

and

product

liability

claims.

Market

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds'

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds'

net

asset

value.

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

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.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR271_10_R01_(06/25)

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

PORTFOLIO

OF

INVESTMENTS

April

30,

2025

(Unaudited)

(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

Corporate

Bonds

&nbsp;&nbsp;&nbsp;&nbsp;44.3%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

6.528%,

05/01/34

530,000

570,469

L3Harris

Technologies,

Inc.

5.400%,

07/31/33

352,000

356,916

Northrop

Grumman

Corp.

4.900%,

06/01/34

250,000

248,028

RTX

Corp.

5.150%,

02/27/33

400,000

404,319

Spirit

AeroSystems

,

Inc.

9.375%,

11/30/29

(a) 274,000

292,211

Textron,

Inc.

6.100%,

11/15/33

100,000

104,185

TransDigm

,

Inc.

6.375%,

03/01/29

(a) 550,000

560,747

6.625%,

03/01/32

(a) 1,000,000

1,024,361

Total

3,561,236

Airlines

0.8%

Air

Canada

3.875%,

08/15/26

(a) 487,000

478,028

American

Airlines,

Inc./

AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(a) 256,667

255,075

5.750%,

04/20/29

(a) 1,028,000

996,348

Avianca

Midco

PLC

9.625%,

02/14/30

(a) 500,000

437,979

Jetblue

Airways

Corp.

/

Jetblue

Loyalty

LP

9.875%,

09/20/31

(a) 600,000

552,976

Total

2,720,406

Apartment

REIT

0.1%

American

Homes

Rent

LP

5.500%,

02/01/34

250,000

249,335

Essex

Portfolio

LP

3.000%,

01/15/30

167,000

154,393

Invitation

Homes

Operating

Partnership

LP

2.000%,

08/15/31

110,000

92,240

Total

495,968

Automotive

0.9%

Allison

Transmission,

Inc.

3.750%,

01/30/31

(a) 204,000

183,305

Ford

Motor

Co.

3.250%,

02/12/32

479,000

391,534

General

Motors

Financial

Co.,

Inc.

5.950%,

04/04/34

100,000

99,579

6.100%,

01/07/34

300,000

301,894

Goodyear

Tire

&

Rubber

Co.

(The)

5.000%,

07/15/29

286,000

272,163

Nissan

Motor

Co.

Ltd.

4.810%,

09/17/30

(a) 1,538,000

1,420,875

Tenneco,

Inc.

8.000%,

11/17/28

(a) 611,000

582,641

Total

3,251,991

Banking

1.6%

American

Express

Co.

5.625%,

07/28/34

123,000

123,774

Banco

Bilbao

Vizcaya

Argentaria

SA

6.033%,

(US

Year

CMT

T-Note

+

1.950%),

03/13/35

(b) 200,000

204,503

Banco

Santander

SA

6.350%,

03/14/34

200,000

203,992

6.921%,

08/08/33

200,000

213,130

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Barclays

6.224%,

05/09/34

500,000

520,527

Capital

One

Financial

Corp.

5.817%,

02/01/34

246,000

248,154

6.377%,

06/08/34

250,000

261,052

Citigroup,

Inc.

5.827%,

(SOFRRATE

+

2.056%),

02/13/35

(b) 250,000

247,935

6.020%,

(SOFRRATE

+

1.830%),

01/24/36

(b) 244,000

244,582

6.174%,

(SOFRRATE

+

2.661%),

05/25/34

(b) 250,000

255,470

Citizens

Financial

Group,

Inc.

2.638%,

09/30/32

78,000

63,283

6.645%,

04/25/35

150,000

158,205

Comerica,

Inc.

5.982%,

(SOFRRATE

+

2.155%),

01/30/30

(b) 58,000

58,702

Deutsche

Bank

AG/New

York

NY

7.079%,

(SOFRRATE

+

3.650%),

02/10/34

(b) 250,000

260,842

Discover

Financial

Services

7.964%,

(SOFRINDX

+

3.370%),

11/02/34

(b) 250,000

286,714

Fifth

Third

Bancorp

5.631%,

(SOFRRATE

+

1.840%),

01/29/32

(b) 250,000

255,823

HSBC

Holdings

PLC

6.547%,

(SOFRRATE

+

2.980%),

06/20/34

(b) 500,000

521,660

Huntington

Bancshares,

Inc.

2.487%,

08/15/36

200,000

164,402

KeyBank

NA/Cleveland

OH

5.000%,

01/26/33

250,000

241,125

Lloyds

Banking

Group

PLC

7.953%,

(US

Year

CMT

T-Note

+

3.750%),

11/15/33

(b) 200,000

227,541

M&T

Bank

Corp.

5.053%,

(SOFRRATE

+

1.850%),

01/27/34

(b) 275,000

264,784

Morgan

Stanley

5.297%,

04/20/37

400,000

390,063

Regions

Financial

Corp.

5.502%,

09/06/35

100,000

97,838

Santander

Holdings

USA,

Inc.

6.342%,

(SOFRRATE

+

2.138%),

05/31/35

(b) 125,000

127,591

Total

5,641,692

Brokerage/Asset

Managers/Exchanges

0.7%

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

100,000

92,927

Blue

Owl

Finance

LLC

6.250%,

04/18/34

200,000

202,007

CI

Financial

Corp.

3.200%,

12/17/30

78,000

68,072

Coinbase

Global,

Inc.

3.375%,

10/01/28

(a) 255,000

235,447

HA

Sustainable

Infrastructure

Capital,

Inc.

6.375%,

07/01/34

(a) 119,000

114,071

Jane

Street

Group

/

JSG

Finance,

Inc.

6.125%,

11/01/32

(a) 250,000

245,812

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

7.125%,

04/30/31

(a) 600,000

618,687

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

5.000%,

08/15/28

(a) 400,000

372,012

Jefferies

Financial

Group,

Inc.

6.200%,

04/14/34

200,000

202,650

LPL

Holdings,

Inc.

5.650%,

03/15/35

122,000

120,612

Nasdaq,

Inc.

1.650%,

01/15/31

123,000

105,200

Total

2,377,497

Building

Materials

1.2%

Beacon

Roofing

Supply,

Inc.

6.750%,

04/30/32

(a) 500,000

501,329

Builders

FirstSource

,

Inc.

4.250%,

02/01/32

(a) 265,000

238,894

6.375%,

03/01/34

(a) 450,000

447,238

CRH

America

Finance,

Inc.

5.500%,

01/09/35

250,000

253,797

Owens

Corning

5.700%,

06/15/34

200,000

205,133

Quikrete

Holdings,

Inc.

6.375%,

03/01/32

(a) 200,000

201,343

6.750%,

03/01/33

(a) 1,400,000

1,405,343

Standard

Industries,

Inc.

3.375%,

01/15/31

(a) 449,000

396,813

4.375%,

07/15/30

(a) 450,000

419,257

Total

4,069,147

Cable

and

Satellite

1.4%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%,

02/01/31

(a) 1,710,000

1,545,927

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.400%,

04/01/33

435,000

394,821

Connect

Finco

Sarl

/

Connect

US

Finco

LLC

9.000%,

09/15/29

(a) 710,000

663,963

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

10.000%,

02/15/31

(a) 500,000

475,006

Intelsat

Jackson

Holdings

SA

6.500%,

03/15/30

(a) 1,065,000

1,050,704

Sunrise

FinCo

I

BV

4.875%,

07/15/31

(a) 490,000

447,488

VZ

Secured

Financing

BV

5.000%,

01/15/32

(a) 465,000

405,566

Total

4,983,475

Chemicals

0.6%

Celanese

US

Holdings

LLC

6.629%,

07/15/32

400,000

393,225

6.750%,

04/15/33

400,000

375,124

Cerdia

Finanz

GmbH

9.375%,

10/03/31

(a) 200,000

200,785

Dow

Chemical

Co.

(The)

5.150%,

02/15/34

311,000

305,132

Eastman

Chemical

Co.

5.625%,

02/20/34

300,000

298,754

LYB

International

Finance

III

LLC

2.250%,

10/01/30

100,000

87,240

NewMarket

Corp.

2.700%,

03/18/31

26,000

22,857

Nutrien

Ltd.

5.400%,

06/21/34

75,000

75,267

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Tronox

,

Inc.

4.625%,

03/15/29

(a) 450,000

365,586

Total

2,123,970

Construction

Machinery

0.6%

H&E

Equipment

Services,

Inc.

3.875%,

12/15/28

(a) 480,000

478,320

Hertz

Corp.

(The)

12.625%,

07/15/29

(a) 450,000

437,798

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(a) 599,000

584,918

United

Rentals

North

America,

Inc.

3.875%,

02/15/31

785,000

717,856

Total

2,218,892

Consumer

Cyclical

Services

0.7%

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(a) 442,000

417,047

Arches

Buyer,

Inc.

4.250%,

06/01/28

(a) 300,000

282,359

CBRE

Services,

Inc.

5.950%,

08/15/34

250,000

258,663

Compass

Group

Diversified

Holdings

LLC

5.250%,

04/15/29

(a) 394,000

371,689

Expedia

Group,

Inc.

5.400%,

02/15/35

119,000

117,165

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(a) 352,000

336,435

Service

Corp

International

3.375%,

08/15/30

385,000

345,462

Uber

Technologies,

Inc.

4.800%,

09/15/34

200,000

194,068

Total

2,322,888

Consumer

Products

0.2%

Haleon

US

Capital

LLC

3.625%,

03/24/32

300,000

278,370

Opal

Bidco

SAS

6.500%,

03/31/32

(a) 350,000

350,402

Total

628,772

Diversified

Manufacturing

1.2%

Carrier

Global

Corp.

5.900%,

03/15/34

223,000

234,406

Chart

Industries,

Inc.

7.500%,

01/01/30

(a) 286,000

297,243

EMRLD

Borrower

LP

/

Emerald

Co.-Issuer,

Inc.

6.625%,

12/15/30

(a) 900,000

913,603

Ingersoll

Rand,

Inc.

5.450%,

06/15/34

150,000

151,156

5.700%,

08/14/33

250,000

256,886

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA

4.900%,

12/01/32

200,000

197,477

Regal

Rexnord

Corp.

6.400%,

04/15/33

200,000

203,773

TK

Elevator

US

Newco

,

Inc.

5.250%,

07/15/27

(a) 614,000

603,848

Trane

Technologies

Financing

Ltd.

5.100%,

06/13/34

250,000

250,833

Vertiv

Group

Corp.

4.125%,

11/15/28

(a) 300,000

289,581

WESCO

Distribution,

Inc.

7.250%,

06/15/28

(a) 789,000

799,287

Total

4,198,093

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Electric

2.5%

AES

Corp.

(The)

2.450%,

01/15/31

70,000

59,958

Alpha

Generation

LLC

6.750%,

10/15/32

(a) 250,000

255,151

American

Electric

Power

Co.,

Inc.

5.625%,

03/01/33

150,000

153,775

Arizona

Public

Service

Co.

5.700%,

08/15/34

112,000

113,573

Avangrid

,

Inc.

3.800%,

06/01/29

29,000

28,076

Black

Hills

Corp.

6.000%,

01/15/35

108,000

111,469

Calpine

Corp.

5.125%,

03/15/28

(a) 220,000

217,719

CenterPoint

Energy,

Inc.

Series

B,

6.850%,

(US

Year

CMT

T-Note

+

2.946%),

02/15/55

(b) 118,000

118,007

Clearway

Energy

Operating

LLC

3.750%,

02/15/31

(a) 660,000

588,209

CMS

Energy

Corp.

6.500%,

(US

Year

CMT

T-Note

+

1.961%),

06/01/55

(b) 119,000

116,216

Constellation

Energy

Generation

LLC

6.125%,

01/15/34

250,000

262,761

Dominion

Energy,

Inc.

Series

C,

2.250%,

08/15/31

94,000

80,566

5.375%,

11/15/32

290,000

293,348

DTE

Energy

Co.

5.850%,

06/01/34

240,000

247,643

Duke

Energy

Corp.

2.450%,

06/01/30

431,000

387,167

Eversource

Energy

Series

R,

1.650%,

08/15/30

190,000

162,375

Exelon

Corp.

5.300%,

03/15/33

250,000

253,183

Lightning

Power

LLC

7.250%,

08/15/32

(a) 500,000

518,424

National

Grid

PLC

5.418%,

01/11/34

250,000

252,902

NextEra

Energy

Capital

Holdings,

Inc.

6.375%,

(US

Year

CMT

T-Note

+

2.053%),

08/15/55

(b) 250,000

251,108

NRG

Energy,

Inc.

3.625%,

02/15/31

(a) 499,000

448,152

Pacific

Gas

and

Electric

Co.

2.500%,

02/01/31

196,000

169,262

4.550%,

07/01/30

165,000

160,546

PacifiCorp

7.375%,

(US

Year

CMT

T-Note

+

3.319%),

09/15/55

(b) 250,000

254,739

PG&E

Corp.

5.000%,

07/01/28

60,000

58,558

5.250%,

07/01/30

650,000

626,333

Public

Service

Enterprise

Group,

Inc.

1.600%,

08/15/30

110,000

93,918

Southern

Co.

(The)

Series

A,

3.700%,

04/30/30

189,000

181,450

5.700%,

03/15/34

100,000

103,481

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Series

2025,

6.375%,

(US

Year

CMT

T-Note

+

2.069%),

03/15/55

(b) 100,000

101,954

Talen

Energy

Supply

LLC

8.625%,

06/01/30

(a) 550,000

586,838

Vistra

Operations

Co.

LLC

5.000%,

07/31/27

(a) 818,000

811,052

Xcel

Energy,

Inc.

2.600%,

12/01/29

326,000

297,897

XPLR

Infrastructure

Operating

Partners

LP

8.375%,

01/15/31

(a) 130,000

130,510

8.625%,

03/15/33

(a) 250,000

249,877

Total

8,746,197

Finance

Companies

1.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

280,000

247,374

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/32

183,000

158,908

Aon

Corp.

2.800%,

05/15/30

64,000

58,706

Apollo

Debt

Solutions

BDC

6.550%,

03/15/32

(a) 250,000

251,461

Ares

Capital

Corp.

5.875%,

03/01/29

58,000

58,513

Ares

Strategic

Income

Fund

6.200%,

03/21/32

(a) 89,000

87,873

Blackstone

Private

Credit

Fund

6.000%,

11/22/34

(a) 250,000

238,934

Blue

Owl

Credit

Income

Corp.

6.600%,

09/15/29

(a) 91,000

92,072

Bread

Financial

Holdings,

Inc.

9.750%,

03/15/29

(a) 250,000

263,277

First

American

Financial

Corp.

4.000%,

05/15/30

100,000

94,486

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.500%,

05/01/28

(a) 610,000

598,768

Freedom

Mortgage

Holdings

LLC

9.250%,

02/01/29

(a) 300,000

305,993

GATX

Corp.

4.700%,

04/01/29

86,000

86,000

Global

Aircraft

Leasing

Co.

Ltd.

8.750%,

09/01/27

(a) 500,000

498,628

Midcap

Financial

Issuer

Trust

6.500%,

05/01/28

(a) 400,000

381,913

Nationstar

Mortgage

Holdings,

Inc.

7.125%,

02/01/32

(a) 490,000

508,289

OneMain

Finance

Corp.

4.000%,

09/15/30

653,000

578,444

Rocket

Mortgage

LLC

5.250%,

01/15/28

(a) 440,000

422,420

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

3.875%,

03/01/31

(a) 251,000

227,123

Sixth

Street

Specialty

Lending,

Inc.

5.625%,

08/15/30

127,000

125,636

Total

5,284,818

Food

and

Beverage

1.3%

BellRing

Brands,

Inc.

7.000%,

03/15/30

(a) 200,000

207,416

Constellation

Brands,

Inc.

4.900%,

05/01/33

125,000

121,867

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Darling

Ingredients,

Inc.

6.000%,

06/15/30

(a) 365,000

363,997

General

Mills,

Inc.

4.950%,

03/29/33

250,000

248,445

J

M

Smucker

Co.

(The)

6.200%,

11/15/33

250,000

266,410

Jbs

USA

Holding

Lux

Sarl

/

Jbs

USA

Food

Co./

Jbs

Lux

Co.

Sarl

6.750%,

03/15/34

300,000

325,342

Keurig

Dr

Pepper,

Inc.

5.300%,

03/15/34

300,000

304,888

Kraft

Heinz

Foods

Co.

5.400%,

03/15/35

201,000

202,357

Lamb

Weston

Holdings,

Inc.

4.125%,

01/31/30

(a) 350,000

328,529

Performance

Food

Group,

Inc.

4.250%,

08/01/29

(a) 250,000

236,601

6.125%,

09/15/32

(a) 250,000

250,926

Pilgrim's

Pride

Corp.

6.250%,

07/01/33

400,000

416,631

Post

Holdings,

Inc.

4.625%,

04/15/30

(a) 257,000

242,727

6.375%,

03/01/33

(a) 250,000

247,713

The

Campbell's

Company

5.400%,

03/21/34

250,000

251,802

US

Foods,

Inc.

4.750%,

02/15/29

(a) 260,000

252,610

Viking

Baked

Goods

Acquisition

Corp.

8.625%,

11/01/31

(a) 255,000

242,254

Total

4,510,515

Gaming

1.1%

Boyd

Gaming

Corp.

4.750%,

06/15/31

(a) 560,000

522,430

Caesars

Entertainment,

Inc.

7.000%,

02/15/30

(a) 1,093,000

1,119,954

Churchill

Downs,

Inc.

5.750%,

04/01/30

(a) 400,000

391,351

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

6.750%,

12/01/33

250,000

263,367

Las

Vegas

Sands

Corp.

6.200%,

08/15/34

60,000

58,897

MGM

Resorts

International

6.125%,

09/15/29

250,000

249,046

Studio

City

Finance

Ltd.

5.000%,

01/15/29

(a) 446,000

392,430

VICI

Properties

LP

5.125%,

05/15/32

169,000

165,798

Wynn

Macau

Ltd.

5.625%,

08/26/28

(a) 400,000

381,984

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%,

02/15/31

(a) 370,000

381,907

Total

3,927,164

Health

Care

2.9%

Avantor

Funding,

Inc.

4.625%,

07/15/28

(a) 586,000

565,203

Bausch

+

Lomb

Corp.

8.375%,

10/01/28

(a) 517,000

539,207

Becton

Dickinson

and

Co.

1.957%,

02/11/31

200,000

171,366

Cencora

,

Inc.

5.125%,

02/15/34

142,000

142,180

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Cigna

Group

(The)

5.250%,

02/15/34

250,000

252,022

CVS

Health

Corp.

5.250%,

02/21/33

400,000

396,295

DaVita,

Inc.

3.750%,

02/15/31

(a) 996,000

875,243

4.625%,

06/01/30

(a) 410,000

381,305

GE

HealthCare

Technologies,

Inc.

5.905%,

11/22/32

275,000

288,433

HCA,

Inc.

5.500%,

06/01/33

410,000

412,169

Hologic

,

Inc.

3.250%,

02/15/29

(a) 200,000

186,693

Laboratory

Corp.

of

America

Holdings

4.800%,

10/01/34

250,000

240,730

LifePoint

Health,

Inc.

11.000%,

10/15/30

(a) 373,000

408,505

Medline

Borrower

LP

3.875%,

04/01/29

(a) 1,786,000

1,666,025

5.250%,

10/01/29

(a) 315,000

299,319

Owens

&

Minor,

Inc.

10.000%,

04/15/30

(a) 300,000

309,266

Quest

Diagnostics,

Inc.

5.000%,

12/15/34

250,000

247,071

Smith

&

Nephew

PLC

2.032%,

10/14/30

76,000

65,918

Solventum

Corp.

5.600%,

03/23/34

301,000

304,453

Star

Parent,

Inc.

9.000%,

10/01/30

(a) 260,000

263,046

Stryker

Corp.

5.200%,

02/10/35

262,000

264,075

Tenet

Healthcare

Corp.

6.125%,

06/15/30

1,285,000

1,290,812

Universal

Health

Services,

Inc.

2.650%,

10/15/30

338,000

296,267

Zimmer

Biomet

Holdings,

Inc.

5.200%,

09/15/34

156,000

155,266

Total

10,020,869

Healthcare

Insurance

0.1%

Elevance

Health,

Inc.

4.750%,

02/15/33

220,000

216,365

Humana,

Inc.

2.150%,

02/03/32

254,000

209,026

Total

425,391

Healthcare

REIT

0.1%

DOC

DR

LLC

2.625%,

11/01/31

150,000

129,352

Ventas

Realty

LP

5.000%,

01/15/35

128,000

123,471

Total

252,823

Independent

Energy

1.6%

California

Resources

Corp.

8.250%,

06/15/29

(a) 490,000

467,235

Chesapeake

Energy

Corp.

6.750%,

04/15/29

(a) 180,000

181,646

Civitas

Resources,

Inc.

8.375%,

07/01/28

(a) 290,000

284,907

8.750%,

07/01/31

(a) 700,000

664,816

Comstock

Resources,

Inc.

5.875%,

01/15/30

(a) 665,000

602,576

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Coterra

Energy,

Inc.

5.400%,

02/15/35

200,000

193,194

Crescent

Energy

Finance

LLC

9.250%,

02/15/28

(a) 775,000

783,306

Devon

Energy

Corp.

4.500%,

01/15/30

220,000

214,957

Diamondback

Energy,

Inc.

6.250%,

03/15/33

350,000

365,633

EQT

Corp.

4.750%,

01/15/31

(a) 86,000

83,026

6.500%,

07/01/27

(a) 39,000

39,648

Occidental

Petroleum

Corp.

6.625%,

09/01/30

302,000

312,857

Permian

Resources

Operating

LLC

6.250%,

02/01/33

(a) 750,000

732,942

Vital

Energy,

Inc.

7.875%,

04/15/32

(a) 595,000

459,527

Woodside

Finance

Ltd.

5.100%,

09/12/34

140,000

133,837

Total

5,520,107

Leisure

1.0%

Carnival

Corp.

5.750%,

03/01/27

(a) 1,106,000

1,102,417

6.000%,

05/01/29

(a) 250,000

248,471

Live

Nation

Entertainment,

Inc.

6.500%,

05/15/27

(a) 374,000

378,297

NCL

Corp.

Ltd.

5.875%,

02/15/27

(a) 293,000

291,693

Royal

Caribbean

Cruises

Ltd.

5.500%,

04/01/28

(a) 314,000

313,652

6.000%,

02/01/33

(a) 750,000

752,060

Six

Flags

Entertainment

Corp.

/Six

Flags

Theme

Parks,

Inc./

Canada's

Wonderland

Co.

6.625%,

05/01/32

(a) 250,000

252,292

Total

3,338,882

Life

Insurance

0.4%

Athene

Holding

Ltd.

5.875%,

01/15/34

275,000

278,677

CNO

Financial

Group,

Inc.

6.450%,

06/15/34

83,000

85,609

Corebridge

Financial,

Inc.

3.900%,

04/05/32

480,000

441,589

Equitable

Holdings,

Inc.

6.700%,

(US

Year

CMT

T-Note

+

2.390%),

03/28/55

(b) 113,000

111,919

Globe

Life,

Inc.

2.150%,

08/15/30

26,000

22,578

MetLife,

Inc.

Series

G,

6.350%,

(US

Year

CMT

T-Note

+

2.078%),

03/15/55

(b) 118,000

117,304

Prudential

Financial,

Inc.

5.125%,

(US

Year

CMT

T-Note

+

3.162%),

03/01/52

(b) 200,000

187,765

Reinsurance

Group

of

America,

Inc.

6.650%,

(US

Year

CMT

T-Note

+

2.392%),

09/15/55

(b) 95,000

92,278

Total

1,337,719

Lodging

0.6%

Hilton

Domestic

Operating

Co.,

Inc.

3.625%,

02/15/32

(a) 990,000

876,416

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%,

01/15/32

(a) 530,000

520,355

Hyatt

Hotels

Corp.

5.750%,

03/30/32

113,000

113,217

Marriott

International,

Inc.

5.300%,

05/15/34

200,000

197,450

Marriott

International,

Inc./MD

5.500%,

04/15/37

200,000

195,087

Total

1,902,525

Media

and

Entertainment

1.4%

AppLovin

Corp.

5.500%,

12/01/34

250,000

249,681

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%,

04/01/30

(a) 275,000

275,277

Fox

Corp.

6.500%,

10/13/33

250,000

265,896

Gray

Media,

Inc.

10.500%,

07/15/29

(a) 450,000

461,965

NetFlix

,

Inc.

4.900%,

08/15/34

118,000

118,813

Nexstar

Media,

Inc.

4.750%,

11/01/28

(a) 435,000

409,447

Paramount

Global

6.375%,

03/30/62

300,000

288,398

ROBLOX

Corp.

3.875%,

05/01/30

(a) 349,000

322,730

RR

Donnelley

&

Sons

Co.

9.500%,

08/01/29

(a) 390,000

372,288

Snap,

Inc.

6.875%,

03/01/33

(a) 500,000

499,194

Stagwell

Global

LLC

5.625%,

08/15/29

(a) 400,000

377,875

Univision

Communications,

Inc.

4.500%,

05/01/29

(a) 504,000

432,717

6.625%,

06/01/27

(a) 440,000

426,022

Warnermedia

Holdings,

Inc.

4.279%,

03/15/32

590,000

505,251

Total

5,005,554

Media

Cable

0.7%

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(a) 1,264,000

1,222,050

LCPR

Senior

Secured

Financing

DAC

5.125%,

07/15/29

(a) 500,000

366,392

Sirius

XM

Radio,

Inc.

4.000%,

07/15/28

(a) 968,000

911,800

Total

2,500,242

Metals

and

Mining

0.7%

ArcelorMittal

SA

6.800%,

11/29/32

250,000

268,923

Cleveland-Cliffs,

Inc.

6.875%,

11/01/29

(a) 250,000

242,253

7.000%,

03/15/32

(a) 555,000

522,636

FMG

Resources

August

2006

Pty

Ltd.

4.375%,

04/01/31

(a) 593,000

536,591

Mineral

Resources

Ltd.

9.250%,

10/01/28

(a) 200,000

188,923

Newmont

Corp.

2.250%,

10/01/30

102,000

90,955

Newmont

Corp.

/

Newcrest

Finance

Pty

Ltd.

5.350%,

03/15/34

100,000

101,572

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Steel

Dynamics,

Inc.

5.250%,

05/15/35

145,000

143,525

Vale

Overseas

Ltd.

6.125%,

06/12/33

370,000

381,111

Total

2,476,489

Midstream

2.7%

Boardwalk

Pipelines

LP

3.400%,

02/15/31

60,000

54,524

Cheniere

Energy

Partners

LP

5.750%,

08/15/34

200,000

200,497

5.950%,

06/30/33

150,000

153,310

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%,

06/15/31

(a) 750,000

720,846

DT

Midstream,

Inc.

4.125%,

06/15/29

(a) 134,000

125,732

4.375%,

06/15/31

(a) 512,000

472,359

Enbridge,

Inc.

5.700%,

03/08/33

500,000

510,218

Energy

Transfer

LP

6.550%,

12/01/33

440,000

463,346

Kinder

Morgan,

Inc.

5.400%,

02/01/34

300,000

296,686

Kinetik

Holdings

LP

5.875%,

06/15/30

(a) 583,000

569,875

MPLX

LP

2.650%,

08/15/30

272,000

243,393

5.500%,

06/01/34

150,000

147,330

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

8.125%,

02/15/29

(a) 700,000

658,427

ONEOK,

Inc.

6.050%,

09/01/33

355,000

364,478

Plains

All

American

Pipeline

LP

5.950%,

06/15/35

193,000

193,114

South

Bow

USA

Infrastructure

Holdings

LLC

5.584%,

10/01/34

(a) 250,000

242,693

Targa

Resources

Corp.

6.500%,

03/30/34

300,000

315,651

TransCanada

PipeLines

Ltd.

7.000%,

(US

Year

CMT

T-Note

+

2.614%),

06/01/65

(b) 89,000

87,396

Venture

Global

Calcasieu

Pass

LLC

4.125%,

08/15/31

(a) 870,000

782,510

Venture

Global

LNG,

Inc.

8.125%,

06/01/28

(a) 250,000

248,412

9.500%,

02/01/29

(a) 1,300,000

1,347,019

Venture

Global

Plaquemines

LNG

LLC

7.500%,

05/01/33

(a) 400,000

410,587

7.750%,

05/01/35

(a) 400,000

410,751

Western

Midstream

Operating

LP

5.450%,

11/15/34

200,000

190,648

Williams

Cos.,

Inc.

(The)

2.600%,

03/15/31

280,000

247,407

Total

9,457,209

Natural

Gas

0.1%

NiSource,

Inc.

5.350%,

04/01/34

150,000

150,885

Sempra

5.500%,

08/01/33

250,000

251,272

Total

402,157

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Office

REIT

0.1%

Boston

Properties

LP

6.500%,

01/15/34

210,000

220,328

CubeSmart

LP

2.000%,

02/15/31

98,000

83,579

Total

303,907

Oil

Field

Services

0.6%

Noble

Finance

II

LLC

8.000%,

04/15/30

(a) 350,000

333,118

Transocean,

Inc.

8.750%,

02/15/30

(a) 276,000

269,338

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

7.125%,

03/15/29

(a) 160,000

161,510

Valaris

Ltd.

8.375%,

04/30/30

(a) 500,000

468,037

Weatherford

International

Ltd.

8.625%,

04/30/30

(a) 699,000

692,737

Total

1,924,740

Other

Financial

Institutions

0.1%

Nationstar

Mortgage

Holdings,

Inc.

5.500%,

08/15/28

(a) 370,000

367,436

Other

Industry

0.2%

Booz

Allen

Hamilton,

Inc.

5.950%,

04/15/35

156,000

155,200

Coherent

Corp.

5.000%,

12/15/29

(a) 266,000

255,109

Rexford

Industrial

Realty

LP

2.125%,

12/01/30

120,000

102,197

Total

512,506

Other

REIT

0.1%

Broadstone

Net

Lease

LLC

2.600%,

09/15/31

68,000

57,261

Extra

Space

Storage

LP

2.550%,

06/01/31

240,000

207,901

Host

Hotels

&

Resorts

LP

5.500%,

04/15/35

200,000

193,126

Total

458,288

Other

Utility

0.1%

American

Water

Capital

Corp.

4.450%,

06/01/32

150,000

146,018

Essential

Utilities,

Inc.

2.704%,

04/15/30

46,000

41,873

Total

187,891

Packaging

0.8%

Amcor

Finance

USA,

Inc.

5.625%,

05/26/33

250,000

256,649

Ball

Corp.

2.875%,

08/15/30

588,000

520,421

6.000%,

06/15/29

320,000

326,624

Berry

Global,

Inc.

5.650%,

01/15/34

160,000

161,524

Clydesdale

Acquisition

Holdings,

Inc.

6.750%,

04/15/32

(a) 350,000

358,056

Mauser

Packaging

Solutions

Holding

Co.

7.875%,

04/15/27

(a) 980,000

981,903

Total

2,605,177

Paper

0.1%

Mercer

International,

Inc.

5.125%,

02/01/29

150,000

123,241

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Smurfit

Kappa

Treasury

ULC

5.438%,

04/03/34

(a) 250,000

249,867

Total

373,108

Pharmaceuticals

1.3%

1261229

BC

Ltd.

10.000%,

04/15/32

(a) 1,000,000

979,881

Amgen,

Inc.

5.250%,

03/02/33

652,000

658,807

Cardinal

Health,

Inc.

5.350%,

11/15/34

250,000

250,946

CVS

Health

Corp.

7.000%,

03/10/55

750,000

758,808

Jazz

Securities

DAC

4.375%,

01/15/29

(a) 364,000

345,624

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(a) 600,000

565,963

5.125%,

04/30/31

(a) 940,000

788,582

Takeda

Pharmaceutical

Co.

Ltd.

5.300%,

07/05/34

200,000

201,877

Total

4,550,488

Property

&

Casualty

1.4%

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%,

04/15/28

(a) 500,000

503,121

7.000%,

01/15/31

(a) 450,000

456,486

AON

North

America,

Inc.

5.450%,

03/01/34

300,000

305,078

Arthur

J

Gallagher

&

Co.

5.150%,

02/15/35

250,000

248,212

Assurant,

Inc.

2.650%,

01/15/32

40,000

33,728

Brown

&

Brown,

Inc.

2.375%,

03/15/31

24,000

20,730

CNA

Financial

Corp.

5.125%,

02/15/34

250,000

246,282

Fairfax

Financial

Holdings

Ltd.

5.625%,

08/16/32

165,000

167,298

6.000%,

12/07/33

200,000

207,714

Fidelity

National

Financial,

Inc.

3.400%,

06/15/30

8,000

7,357

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.250%,

02/15/31

(a) 450,000

462,375

HUB

International

Ltd.

7.250%,

06/15/30

(a) 1,085,000

1,125,319

Markel

Group,

Inc.

3.350%,

09/17/29

44,000

42,013

Panther

Escrow

Issuer

LLC

7.125%,

06/01/31

(a) 964,000

989,445

Total

4,815,158

Railroads

0.1%

Norfolk

Southern

Corp.

3.000%,

03/15/32

250,000

223,954

Real

Estate

0.1%

Alexandria

Real

Estate

Equities,

Inc.

2.000%,

05/18/32

250,000

201,912

Refining

0.3%

HF

Sinclair

Corp.

6.250%,

01/15/35

200,000

192,421

Marathon

Petroleum

Corp.

5.700%,

03/01/35

195,000

190,710

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

539,000

476,805

Phillips

Co.

3.150%,

12/15/29

120,000

112,390

5.300%,

06/30/33

160,000

158,503

Valero

Energy

Corp.

4.350%,

06/01/28

21,000

20,904

Total

1,151,733

Restaurants

0.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.000%,

10/15/30

(a) 1,286,000

1,170,723

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%,

01/15/29

(a) 300,000

278,265

McDonald's

Corp.

4.950%,

08/14/33

192,000

193,902

Starbucks

Corp.

4.800%,

02/15/33

250,000

246,856

Yum!

Brands,

Inc.

3.625%,

03/15/31

302,000

272,644

4.625%,

01/31/32

285,000

268,489

Total

2,430,879

Retail

0.0%

Genuine

Parts

Co.

1.875%,

11/01/30

100,000

85,034

Retail

REIT

0.2%

Brixmor

Operating

Partnership

LP

5.500%,

02/15/34

300,000

299,528

Kimco

Realty

OP

LLC

4.600%,

02/01/33

250,000

240,794

NNN

REIT,

Inc.

5.500%,

06/15/34

100,000

100,243

Total

640,565

Retailers

1.2%

AutoZone,

Inc.

4.750%,

02/01/33

100,000

97,623

Bath

&

Body

Works,

Inc.

6.625%,

10/01/30

(a) 314,000

319,710

Belron

UK

Finance

PLC

5.750%,

10/15/29

(a) 250,000

249,465

Dollar

General

Corp.

5.450%,

07/05/33

210,000

211,898

LCM

Investments

Holdings

II

LLC

4.875%,

05/01/29

(a) 730,000

690,170

Lowe's

Cos.,

Inc.

5.000%,

04/15/33

240,000

239,154

5.150%,

07/01/33

100,000

100,413

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

4.750%,

02/15/28

(a) 500,000

477,306

Rakuten

Group,

Inc.

9.750%,

04/15/29

(a) 660,000

697,695

11.250%,

02/15/27

(a) 550,000

590,776

Tapestry,

Inc.

5.500%,

03/11/35

100,000

97,439

Tractor

Supply

Co.

5.250%,

05/15/33

200,000

200,705

Total

3,972,354

Ship

Building

0.0%

Huntington

Ingalls

Industries,

Inc.

5.749%,

01/15/35

59,000

60,129

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Supermarkets

0.2%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.500%,

03/15/29

(a) 491,000

458,397

Kroger

Co.

(The)

5.000%,

09/15/34

300,000

293,732

Total

752,129

Technology

4.3%

Amdocs

Ltd.

2.538%,

06/15/30

92,000

81,686

Arrow

Electronics,

Inc.

5.875%,

04/10/34

59,000

59,383

Block,

Inc.

3.500%,

06/01/31

679,000

606,648

6.500%,

05/15/32

(a) 200,000

204,539

Boost

Newco

Borrower

LLC

7.500%,

01/15/31

(a) 740,000

780,377

Broadcom,

Inc.

4.926%,

05/15/37

(a) 450,000

431,210

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/01/31

200,000

180,743

CGI,

Inc.

2.300%,

09/14/31

45,000

38,622

Clarivate

Science

Holdings

Corp.

3.875%,

07/01/28

(a) 146,000

137,873

4.875%,

07/01/29

(a) 500,000

455,018

Cloud

Software

Group,

Inc.

6.500%,

03/31/29

(a) 1,642,000

1,643,081

8.250%,

06/30/32

(a) 500,000

521,863

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/01/29

2,000

2,040

5.400%,

04/15/34

300,000

299,643

Entegris

,

Inc.

5.950%,

06/15/30

(a) 440,000

438,044

Equinix

Europe

Financing

Corp.

LLC

5.500%,

06/15/34

89,000

90,646

Fiserv,

Inc.

5.625%,

08/21/33

300,000

305,459

Gen

Digital,

Inc.

6.250%,

04/01/33

(a) 200,000

199,526

6.750%,

09/30/27

(a) 300,000

305,052

Global

Payments,

Inc.

5.400%,

08/15/32

200,000

199,092

Hewlett

Packard

Enterprise

Co.

5.000%,

10/15/34

360,000

347,545

HP,

Inc.

5.500%,

01/15/33

110,000

109,463

Imola

Merger

Corp.

4.750%,

05/15/29

(a) 676,000

646,777

Intel

Corp.

5.200%,

02/10/33

395,000

387,819

Iron

Mountain,

Inc.

5.250%,

07/15/30

(a) 792,000

769,524

Keysight

Technologies,

Inc.

4.950%,

10/15/34

150,000

145,678

Kyndryl

Holdings,

Inc.

3.150%,

10/15/31

92,000

80,803

Leidos

,

Inc.

2.300%,

02/15/31

60,000

51,819

Micron

Technology,

Inc.

2.703%,

04/15/32

250,000

212,004

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

6.050%,

11/01/35

100,000

101,466

Motorola

Solutions,

Inc.

5.400%,

04/15/34

250,000

252,620

NCR

Atleos

Corp.

9.500%,

04/01/29

(a) 500,000

538,416

Neptune

Bidco

US,

Inc.

9.290%,

04/15/29

(a) 822,000

731,235

NetApp,

Inc.

5.500%,

03/17/32

155,000

156,593

Oracle

Corp.

4.900%,

02/06/33

500,000

491,194

Paychex,

Inc.

5.600%,

04/15/35

250,000

253,904

Roper

Technologies,

Inc.

4.900%,

10/15/34

300,000

290,909

Sensata

Technologies

BV

4.000%,

04/15/29

(a) 320,000

294,406

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

6.750%,

08/15/32

(a) 308,000

312,389

Synopsys,

Inc.

5.150%,

04/01/35

500,000

501,623

UKG,

Inc.

6.875%,

02/01/31

(a) 900,000

926,600

Verisk

Analytics,

Inc.

5.250%,

06/05/34

158,000

159,068

Workday,

Inc.

3.800%,

04/01/32

80,000

73,970

Total

14,816,370

Tobacco

0.1%

Altria

Group,

Inc.

6.875%,

11/01/33

114,000

125,493

BAT

Capital

Corp

6.421%,

08/02/33

240,000

256,824

Total

382,317

Transportation

Services

0.1%

FedEx

Corp.

2.400%,

05/15/31

(a) 275,000

237,281

GXO

Logistics,

Inc.

2.650%,

07/15/31

100,000

84,443

Total

321,724

Wireless

1.1%

American

Tower

Corp.

1.875%,

10/15/30

250,000

215,155

Crown

Castle,

Inc.

5.800%,

03/01/34

150,000

153,316

Rogers

Communications,

Inc.

3.800%,

03/15/32

250,000

228,612

5.300%,

02/15/34

250,000

246,631

7.125%,

04/15/55

500,000

497,722

SBA

Communications

Corp.

3.125%,

02/01/29

748,000

692,846

3.875%,

02/15/27

172,000

168,445

T-Mobile

USA,

Inc.

5.200%,

01/15/33

469,000

471,342

Vmed

O2

UK

Financing

I

PLC

4.250%,

01/31/31

(a) 200,000

174,425

4.750%,

07/15/31

(a) 534,000

469,201

Vodafone

Group

PLC

4.125%,

(US

Year

CMT

T-Note

+

2.767%),

06/04/81

(b) 250,000

222,460

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Zegona

Finance

PLC

8.625%,

07/15/29

(a) 300,000

319,654

Total

3,859,809

Wirelines

1.4%

AT&T,

Inc.

5.400%,

02/15/34

299,000

305,202

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

5.100%,

05/11/33

250,000

247,308

6.875%,

09/15/55

500,000

501,053

Frontier

Communications

Holdings

LLC

5.000%,

05/01/28

(a) 766,000

758,541

Iliad

Holding

SASU

7.000%,

10/15/28

(a) 647,000

654,747

Level

Financing,

Inc.

11.000%,

11/15/29

(a) 800,000

894,947

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.500%,

02/15/28

(a) 886,000

940,935

Verizon

Communications,

Inc.

4.780%,

02/15/35

400,000

388,711

Total

4,691,444

Total

Corporate

Bonds

(Cost

$156,483,860)

153,391,740

Foreign

Government

Obligations

(c),(d)

&nbsp;&nbsp;&nbsp;&nbsp;29.8%

Principal

Amount

($)

Value

($)

Australia

1.0%

Australia

Government

Bond

Series

158,

1.250%,

05/21/32

AUD

675,000

363,018

Series

163,

1.000%,

11/21/31

AUD

5,437,000

2,922,330

Total

3,285,348

Brazil

1.6%

Brazilian

Government

International

Bond

6.000%,

10/20/33

1,961,000

1,936,643

6.625%,

03/15/35

2,150,000

2,148,019

Petrobras

Global

Finance

BV

6.500%,

07/03/33

1,069,000

1,080,365

6.000%,

01/13/35

300,000

284,102

Total

5,449,129

Canada

0.9%

Canadian

Government

Bond

3.000%,

06/01/34

CAD

4,350,000

3,139,109

Chile

0.6%

Corp

Nacional

del

Cobre

de

Chile

Series

REGS,

5.950%,

01/08/34

1,150,000

1,162,578

Series

REGS,

6.440%,

01/26/36

750,000

774,860

Total

1,937,438

Colombia

1.6%

Colombia

Government

International

Bond

3.125%,

04/15/31

300,000

241,719

7.500%,

02/02/34

2,732,000

2,664,127

Ecopetrol

SA

8.875%,

01/13/33

2,936,000

2,936,682

Total

5,842,528

Costa

Rica

0.6%

Costa

Rica

Government

International

Bond

Series

REGS,

6.550%,

04/03/34

2,000,000

2,040,858

Dominican

Republic

1.0%

Dominican

Republic

International

Bond

Series

REGS,

4.875%,

09/23/32

3,672,000

3,297,781

France

0.9%

Foreign

Government

Obligations

(c),(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

French

Republic

Government

Bond

OAT

Series

OAT,

1.250%,

05/25/34

(a) EUR

2,125,000

2,076,146

Series

OAT,

1.500%,

05/25/31

(a) EUR

980,000

1,046,887

Total

3,123,033

Germany

0.9%

Bundesrepublik

Deutschland

Bundesanleihe

2.300%,

02/15/33

EUR

2,773,000

3,159,007

Guatemala

0.4%

Guatemala

Government

Bond

Series

REGS,

6.600%,

06/13/36

1,250,000

1,249,807

Hungary

0.8%

Hungary

Government

International

Bond

Series

REGS,

2.125%,

09/22/31

1,802,000

1,463,484

Series

REGS,

5.500%,

03/26/36

1,500,000

1,418,169

Total

2,881,653

India

0.4%

Export-Import

Bank

of

India

Series

REGS,

2.250%,

01/13/31

1,700,000

1,471,196

Indonesia

1.4%

Indonesia

Government

International

Bond

Series

REGS,

7.750%,

01/17/38

2,260,000

2,714,164

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.700%,

06/06/32

2,000,000

1,963,022

Total

4,677,186

Italy

0.9%

Italy

Buoni

Poliennali

Del

Tesoro

Series

31Y,

5.000%,

08/01/34

(a) EUR

1,093,000

1,403,803

Series

31Y,

4.000%,

02/01/37

(a) EUR

1,470,000

1,732,850

Total

3,136,653

Ivory

Coast

0.6%

Ivory

Coast

Government

International

Bond

Series

REGS,

8.250%,

01/30/37

1,300,000

1,195,675

Series

REGS,

6.125%,

06/15/33

1,000,000

857,044

Total

2,052,719

Japan

1.0%

Japan

Government

Ten

Year

Bond

Series

368,

0.200%,

09/20/32

JPY

249,500,000

1,647,429

Series

366,

0.200%,

03/20/32

JPY

72,000,000

478,952

Series

371,

0.400%,

06/20/33

JPY

185,000,000

1,227,160

Total

3,353,541

Kazakhstan

0.3%

KazMunayGas

National

Co.

JSC

Series

REGS,

3.500%,

04/14/33

1,000,000

830,510

Series

REGS,

5.375%,

04/24/30

330,000

323,908

Total

1,154,418

Mexico

2.0%

Comision

Federalde

Electricidad

Series

REGS,

6.450%,

01/24/35

1,500,000

1,436,416

Mexico

Government

International

Bond

6.000%,

05/07/36

4,333,000

4,141,820

6.875%,

05/13/37

1,385,000

1,402,689

Total

6,980,925

Morocco

0.8%

Morocco

Government

International

Bond

Series

REGS,

6.500%,

09/08/33

1,225,000

1,265,742

OCP

SA

Series

REGS,

6.750%,

05/02/34

1,300,000

1,311,996

Total

2,577,738

New

Zealand

0.9%

New

Zealand

Government

Bond

Series

0531,

1.500%,

05/15/31

NZD

902,000

464,648

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Foreign

Government

Obligations

(c),(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Series

0433,

3.500%,

04/14/33

NZD

4,775,000

2,692,742

Total

3,157,390

Norway

0.9%

Norway

Government

Bond

Series

482,

1.375%,

08/19/30

(a) NOK

2,530,000

216,844

Series

486,

3.000%,

08/15/33

(a) NOK

25,650,000

2,329,590

Series

484,

2.125%,

05/18/32

(a) NOK

6,350,000

549,315

Total

3,095,749

Oman

0.6%

Oman

Government

International

Bond

Series

REGS,

6.250%,

01/25/31

1,800,000

1,887,033

Series

REGS,

7.375%,

10/28/32

200,000

223,927

Total

2,110,960

Panama

0.9%

Panama

Government

International

Bond

6.700%,

01/26/36

581,000

560,229

2.252%,

09/29/32

1,975,000

1,448,327

6.400%,

02/14/35

1,000,000

946,120

Total

2,954,676

Paraguay

0.3%

Paraguay

Government

International

Bond

Series

REGS,

4.950%,

04/28/31

348,000

342,528

Series

REGS,

2.739%,

01/29/33

1,000,000

840,481

Total

1,183,009

Peru

1.0%

Peruvian

Government

International

Bond

2.783%,

01/23/31

1,026,000

910,316

3.000%,

01/15/34

3,009,000

2,513,023

Total

3,423,339

Philippines

0.6%

Philippine

Government

International

Bond

9.500%,

02/02/30

1,122,000

1,357,420

6.375%,

10/23/34

390,000

425,720

3.950%,

01/20/40

400,000

340,035

Total

2,123,175

Romania

0.7%

Romanian

Government

International

Bond

Series

REGS,

6.375%,

01/30/34

2,000,000

1,888,539

5.750%,

03/24/35

250,000

221,370

Series

REGS,

7.125%,

01/17/33

420,000

423,618

Total

2,533,527

Serbia

0.5%

Serbia

International

Bond

Series

REGS,

6.000%,

06/12/34

500,000

494,355

Series

REGS,

6.500%,

09/26/33

1,150,000

1,185,824

Total

1,680,179

South

Africa

0.6%

Republic

of

South

Africa

Government

International

Bond

5.875%,

06/22/30

924,000

894,980

7.100%,

11/19/36

1,300,000

1,239,505

Total

2,134,485

Sweden

0.9%

Sweden

Government

Bond

Series

1062,

0.125%,

05/12/31

SEK

14,620,000

1,351,191

Series

1065,

1.750%,

11/11/33

SEK

18,000,000

1,796,866

Total

3,148,057

Switzerland

0.9%

Swiss

Confederation

Government

Bond

3.500%,

04/08/33

CHF

2,083,000

3,194,467

United

Arab

Emirates

1.4%

Foreign

Government

Obligations

(c),(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

DP

World

PLC

Series

REGS,

6.850%,

07/02/37

2,040,000

2,228,629

Finance

Department

Government

of

Sharjah

Series

REGS,

6.125%,

03/06/36

1,500,000

1,496,060

Sharjah

Sukuk

Program

Ltd.

3.234%,

10/23/29

1,400,000

1,294,892

Total

5,019,581

United

Kingdom

0.9%

United

Kingdom

Gilt

4.250%,

06/07/32

GBP

2,295,000

3,099,435

Uruguay

0.8%

Uruguay

Government

International

Bond

5.750%,

10/28/34

1,640,000

1,713,017

4.375%,

01/23/31

1,159,000

1,146,622

Total

2,859,639

Uzbekistan

0.2%

Republic

of

Uzbekistan

International

Bond

6.900%,

02/28/32

750,000

750,951

Total

Foreign

Government

Obligations

(Cost

$105,113,732)

103,278,686

Residential

Mortgage-Backed

Securities

-

Agency

&nbsp;&nbsp;&nbsp;&nbsp;15.0%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

14.3%

4.500%,

05/15/55

(e) 2,460,000

2,352,376

5.000%,

05/15/55

(e) 8,820,000

8,633,159

5.500%,

05/15/55

(e) 16,175,000

16,140,082

6.000%,

05/15/55

(e) 14,390,000

14,597,377

6.500%,

05/15/55

(e) 7,475,000

7,697,527

Total

49,420,521

Federal

National

Mortgage

Association

0.4%

3.500%,

04/01/49

39,420

36,024

3.500%,

08/01/49

114,576

104,622

3.500%,

09/01/49

216,764

197,933

3.500%,

09/01/49

129,450

118,177

3.500%,

10/01/49

136,956

125,015

3.500%,

12/01/49

155,974

142,326

3.500%,

02/01/50

157,601

143,391

4.000%,

09/01/47

168,155

158,909

4.000%,

03/01/48

306,038

289,219

4.000%,

05/01/49

32,865

30,967

Total

1,346,583

Federal

Home

Loan

Mortgage

Corporation

0.3%

3.500%,

08/01/47

383,091

352,080

3.500%,

08/01/49

110,869

101,249

3.500%,

09/01/49

133,582

121,963

3.500%,

10/01/49

149,458

136,294

3.500%,

11/01/49

145,682

133,011

3.500%,

02/01/50

163,115

148,669

4.000%,

08/01/49

112,374

105,885

4.000%,

09/01/49

145,888

137,463

Total

1,236,614

Total

Residential

Mortgage-Backed

Securities

-

Agency

(Cost

$52,058,695)

52,003,718

Treasury

Bills

&nbsp;&nbsp;&nbsp;&nbsp;7.2%

Principal

Amount

($)

Value

($)

United

States

7.2%

U.S.

Treasury

Bill

4.329%,

05/29/25

10,000,000

9,967,206

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Notes

to

Portfolio

of

Investments

Treasury

Bills

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.331%,

06/26/25

15,000,000

14,901,206

Total

24,868,412

Total

Treasury

Bills

(Cost

$24,868,239)

24,868,412

U.S.

Treasury

Obligations

&nbsp;&nbsp;&nbsp;&nbsp;9.8%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bond

7.5%

2.750%,

08/15/42

6,826,000

5,268,819

3.000%,

05/15/42

3,960,000

3,187,800

3.250%,

05/15/42

4,810,000

4,016,350

4.125%,

08/15/44

50,000

46,344

4.125%,

08/15/53

2,166,000

1,963,953

4.250%,

02/15/54

1,947,000

1,803,713

4.250%,

08/15/54

640,000

593,800

4.375%,

08/15/43

1,610,000

1,552,392

4.500%,

02/15/44

1,970,000

1,925,367

4.500%,

11/15/54

1,290,000

1,249,486

4.625%,

11/15/44

250,000

247,656

4.625%,

02/15/55

300,000

297,047

4.750%,

11/15/43

1,000,000

1,010,781

4.750%,

02/15/45

720,000

725,175

4.750%,

11/15/53

2,102,000

2,114,481

Total

26,003,164

U.S.

Treasury

Note

2.3%

3.500%,

02/15/33

828,000

800,055

3.875%,

08/15/33

2,197,000

2,169,194

4.000%,

02/15/34

1,619,000

1,607,110

4.250%,

11/15/34

400,000

403,188

4.375%,

05/15/34

874,000

890,934

4.500%,

11/15/33

1,678,000

1,729,913

4.625%,

02/15/35

505,000

524,016

Total

8,124,410

Total

U.S.

Treasury

Obligations

(Cost

$35,061,041)

34,127,574

Money

Market

Funds

6.9%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.150%

(f) 23,862,089

23,862,089

Total

Money

Market

Funds

(Cost

$23,862,089)

23,862,089

Total

Investments

in

Securities

(Cost

$397,447,656)

391,532,219

Other

Assets

&

Liabilities,

Net

(44,923,584)

Net

Assets

346,608,635

(a) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

April

30,

2025,

the

total

value

of

these

securities

amounted

to

$103,057,834,

which

represents

29.73%

of

total

net

assets.

(b) Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

April

30,

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.

(e) Represents

a

security

purchased

on

a

when-issued

basis.

(f) The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

2025. Abbreviation

Legend

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3. These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

at

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Corporate

Bonds

–

153,391,740

–

153,391,740

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Fair

Value

Measurements

(continued)

Level

($)

Level

($)

Level

($)

Total

($)

Foreign

Government

Obligations

–

103,278,686

–

103,278,686

Residential

Mortgage-Backed

Securities

-

Agency

–

52,003,718

–

52,003,718

Treasury

Bills

–

24,868,412

–

24,868,412

U.S.

Treasury

Obligations

–

34,127,574

–

34,127,574

Money

Market

Funds

23,862,089

–

–

23,862,089

Total

Investments

in

Securities

23,862,089

367,670,130

–

391,532,219

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$397,447,656)

$391,532,219

Cash

306,684

Receivable

for:

Investments

sold

7,209,538

Interest

3,998,867

Investments

sold

on

a

delayed

delivery

basis

297,827

Reclaims

receivable

129,181

Dividends

17,475

Total

assets

403,491,791

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

49,572,421

Investments

purchased

7,229,422

Investment

management

fees

79,916

Due

to

custodian

1,397

Total

liabilities

56,883,156

Net

assets

applicable

to

outstanding

capital

stock

$346,608,635

Represented

by:

Paid-in

c

apital

$456,827,480

Total

distributable

earnings

(loss)

(110,218,845)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$346,608,635

Shares

outstanding

19,350,000

Net

asset

value

per

share

$17.91

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Investment

Income:

Interest

$9,028,397

Dividends

-

unaffiliated

issuers

309,489

Foreign

taxes

withheld

(256) Total

income

9,337,630

Expenses:

Investment

management

fees

515,034

Total

expenses

515,034

Net

Investment

Income

8,822,596

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(4,195,254)

In-kind

transactions

-

unaffiliated

issuers

(1,739,650)

Foreign

currency

translations

(3,846)

Net

realized

loss

(5,938,750)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

5,583,514

Foreign

currency

translations

24,035

Net

change

in

unrealized

appreciation

5,607,549

Net

realized

and

unrealized

loss

(331,201)

Net

Increase

in

net

assets

resulting

from

operations

$8,491,395

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$8,822,596

$17,496,174

Net

realized

loss

(5,938,750)

(13,495,949)

Net

change

in

unrealized

appreciation

5,607,549

41,372,677

Net

increase

in

net

assets

resulting

from

operations

8,491,395

45,372,902

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(8,985,699)

(17,268,686)

Shareholder

transactions

Proceeds

from

shares

sold

33,956,839

96,035,165

Cost

of

shares

redeemed

(68,340,748)

(89,972,643)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

(34,383,909)

6,062,522

Increase

(decrease)

in

net

assets

(34,878,213)

34,166,738

Net

Assets:

Net

assets

beginning

of

period

381,486,848

347,320,110

Net

assets

at

end

of

period

$346,608,635

$381,486,848

Capital

stock

activity

Shares

outstanding,

beginning

of

period

21,300,000

21,050,000

Shares

sold

1,900,000

5,400,000

Shares

redeemed

(3,850,000)

(5,150,000)

Shares

outstanding,

end

of

period

19,350,000

21,300,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

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.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

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.

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$17.91

$16.50

$16.80

$21.29

$21.36

$20.78

Income

(loss)

from

investment

operations:

Net

investment

income

0.42 0.81 0.68 0.54 0.50 0.60 Net

realized

and

unrealized

gain

(loss)

0.01 (a) 1.40 (0.30)

(a) (4.48)

(0.04)

0.57 Total

from

investment

operations

0.43 2.21 0.38 (3.94)

0.46 1.17 Less

distributions

to

shareholders:

Net

investment

income

(0.43)

(0.80)

(0.68)

(0.55)

(0.53)

(0.59)

Total

distribution

to

shareholders

(0.43)

(0.80)

(0.68)

(0.55)

(0.53)

(0.59)

Net

asset

value,

end

of

period

$17.91

$17.91

$16.50

$16.80

$21.29

$21.36

Total

Return

at

NAV

2.43%

13.54%

2.10%

(18.80)%

2.16%

5.71%

Total

Return

at

Market

Price

2.49%

13.45%

2.22%

(18.87)%

1.97%

5.69%

Ratios

to

average

net

assets:

Total

gross

expenses

(b) 0.28%

0.28%

0.28%

(c) 0.28%

(c) 0.28%

0.28%

Total

net

expenses

(b)(d) 0.28%

0.28%

0.28%

(c) 0.28%

(c) 0.28%

0.28%

Net

investment

income

4.80%

4.56%

3.86%

2.78%

2.34%

2.87%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$346,609

$381,487

$347,320

$572,031

$1,215,511

$536,060

Portfolio

turnover

93%

187%

184%

198%

171%

156%

(a) Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

April

30,

2025

(Unaudited)

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

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

days

or

less

are

valued

primarily

at

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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)

April

30,

2025

(Unaudited)

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

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

397,447,656

3,818,133

(9,733,570)

(5,915,437)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

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

$353,920,740

and

$357,942,269,

respectively,

for

the

six

months

ended

April

30,

2025,

of

which

$316,005,701

and

$321,601,421,

respectively,

were

U.S.

government

securities.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

Note

6. In-kind

transactions

The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

six

months

ended

April

30,

2025,

the

cost

basis

of

securities

contributed

was

$26,081,840.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

six

months

ended

April

30,

2025,

the

in-kind

redemption

cost

basis

was

$58,278,902,

the

proceeds

from

sales

were

$56,539,252

and

the

net

realized

loss

was

$1,739,650.

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

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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

six

months

ended April

30,

2025. Note

8. Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund's

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

52,765,467

45,640,387

98,405,854

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

High-yield

investments

risk

Securities

and

other

debt

instruments

held

by

the

Fund

that

are

rated

below

investment

grade

(commonly

called

"high-

yield"

or

"junk"

bonds)

and

unrated

debt

instruments

of

comparable

quality

expose

the

Fund

to

a

greater

risk

of

loss

of

principal

and

income

than

a

fund

that

invests

solely

or

primarily

in

investment

grade

debt

instruments.

In

addition,

these

investments

have

greater

price

fluctuations,

are

less

liquid

and

are

more

likely

to

experience

a

default

than

higher-

rated

debt

instruments.

High-yield

debt

instruments

are

considered

to

be

predominantly

speculative

with

respect

to

the

issuer's

capacity

to

pay

interest

and

repay

principal.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Changes

in

the

value

of

a

debt

instrument

usually

will

not

affect

the

amount

of

income

the

Fund

receives

from

it

but

will

generally

affect

the

value

of

your

investment

in

the

Fund.

Changes

in

interest

rates

may

also

affect

the

liquidity

of

the

Fund's

investments

in

debt

instruments.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

instrument,

the

greater

its

sensitivity

to

changes

in

interest

rates.

For

example,

a

three-year

duration

means

a

bond

is

expected

to

decrease

in

value

by

3%

if

interest

rates

rise

1%

and

increase

in

value

by

3%

if

interest

rates

fall

1%.

Interest

rate

declines

also

may

increase

prepayments

of

debt

obligations,

which,

in

turn,

would

increase

prepayment

risk.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Such

actions

may

negatively

affect

the

value

of

debt

instruments

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund's

performance

and

NAV.

Any

interest

rate

increases

could

cause

the

value

of

the

Fund's

investments

in

debt

instruments

to

decrease.

Rising

interest

rates

may

prompt

redemptions

from

the

Fund,

which

may

force

the

Fund

to

sell

investments

at

a

time

when

it

is

not

advantageous

to

do

so,

which

could

result

in

losses.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

any

event,

circumstance,

or

characteristic

of

an

investment

or

market

that

negatively

impacts

the

Fund's

ability

to

sell,

or

realize

the

proceeds

from

the

sale

of,

an

investment

at

a

desirable

time

or

price.

Liquidity

risk

may

arise

because

of,

for

example,

a

lack

of

marketability

of

the

investment,

which

means

that

when

seeking

to

sell

its

portfolio

investments,

the

Fund

could

find

that

selling

is

more

difficult

than

anticipated,

especially

during

times

of

high

market

volatility.

Market

participants

attempting

to

sell

the

same

or

a

similar

instrument

at

the

same

time

as

the

Fund

could

exacerbate

the

Fund's

exposure

to

liquidity

risk.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

liquid

or

more

liquid

investments

that

it

might

otherwise

prefer

to

hold

(thereby

increasing

the

proportion

of

the

Fund's

investments

in

less

liquid

or

illiquid

securities),

or

forego

another

more

appealing

investment

opportunity.

The

liquidity

of

Fund

investments

may

change

significantly

over

time

and

certain

investments

that

were

liquid

when

purchased

by

the

Fund

may

later

become

illiquid,

particularly

in

times

of

overall

economic

distress.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

also

adversely

affect

the

liquidity

and

the

price

of

the

Fund's

investments.

Judgment

plays

a

larger

role

in

valuing

illiquid

or

less

liquid

investments

as

compared

to

valuing

liquid

or

more

liquid

investments.

Price

volatility

may

be

higher

for

illiquid

or

less

liquid

investments

as

a

result

of,

for

example,

the

relatively

less

frequent

pricing

of

such

securities

(as

compared

to

liquid

or

more

liquid

investments).

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

Overall

market

liquidity

and

other

factors

can

lead

to

an

increase

in

redemptions,

which

may

negatively

impact

Fund

performance

and

NAV,

including,

for

example,

if

the

Fund

is

forced

to

sell

investments

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund's

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund's

net

asset

value.

Passive

investment

risk

The

Fund

is

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

index's

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

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.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR290_10_R01_(06/25)

CET002279

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

PORTFOLIO

OF

INVESTMENTS

April

30,

2025

(Unaudited)

(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

Municipal

Bonds

&nbsp;&nbsp;&nbsp;&nbsp;98.4%

Issue

Description

Principal

Amount

($)

Value

($)

Alabama

0.4%

Health

Care

Authority

of

The

City

of

Huntsville

(The)

Series

B1

Revenue

Bonds

5.000%,

06/01/36

370,000

387,834

Hoover

Industrial

Development

Board

Revenue

Bonds

5.750%,

10/01/49

500,000

500,932

UAB

Medicine

Finance

Authority,

Series

B

Revenue

Bonds

5.000%,

09/01/35

235,000

237,605

4.000%,

09/01/36

525,000

504,726

Total

Alabama

1,631,097

Arizona

1.6%

Arizona

Industrial

Development

Authority

Revenue

Bonds

6.000%,

07/01/47

(a) 330,000

334,739

City

of

Phoenix

Civic

Improvement

Corp.

Series

D

Revenue

Bonds

5.000%,

07/01/36

1,500,000

1,542,823

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4.000%

01/01/38,

Series

A

1,720,000

1,643,320

5.000%

12/01/45,

Series

D

725,000

742,198

4.000%

10/15/47

(a) 1,000,000

822,231

Maricopa

County

Special

Health

Care

District

Series

D

5.000%,

07/01/32

875,000

947,839

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

5.000%,

06/15/44

(a) 325,000

311,646

Total

Arizona

6,344,796

Arkansas

0.2%

Arkansas

Development

Finance

Authority

Revenue

Bonds

4.500%,

09/01/49

(a) 1,000,000

881,242

Colorado

5.4%

Adams

Five

Star

Schools

Series

B

5.000%,

12/15/34

500,000

509,745

City

&

County

of

Denver

CO

Airport

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

12/01/27

160,000

165,059

5.000%,

12/01/29

555,000

572,106

5.000%,

11/15/30

2,700,000

2,845,280

5.000%,

12/01/30

150,000

157,534

5.000%,

11/15/32

950,000

1,005,371

5.000%,

11/15/37

1,000,000

1,040,798

City

of

Colorado

Springs

Co.

Utilities

System

Revenue

Series

Revenue

Bonds

5.000%,

11/15/30

850,000

885,264

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000%

12/01/34,

Series

A

1,000,000

1,087,257

5.000%

08/01/35,

Series

500,000

519,700

4.000%

08/01/37,

Series

A

370,000

349,444

4.000%

08/01/38,

Series

500,000

467,055

4.000%

11/15/38

830,000

800,798

4.000%

11/01/39,

Series

A

280,000

258,701

5.000%

11/01/39,

Series

A

180,000

184,807

5.000%

11/15/41,

Series

A

250,000

260,729

4.000%

11/15/43,

Series

A

790,000

713,833

4.000%

08/01/44,

Series

1,190,000

1,075,020

5.000%

08/01/44,

Series

1,200,000

1,189,118

5.000%

11/01/44,

Series

A

700,000

706,154

4.000%

11/15/46,

Series

A

715,000

624,732

4.000%

08/01/49,

Series

A

500,000

431,669

5.000%

11/15/57,

Series

(Mandatory

Put

11/15/33)

1,000,000

1,095,538

Public

Highway

Authority

Series

A

Revenue

Bonds

0.000%,

09/01/34

(b) 140,000

95,447

State

of

Colorado

Revenue

Bonds

5.000%

12/15/29,

Series

A

1,000,000

1,055,968

5.000%

12/15/31,

Series

A

435,000

472,294

5.000%

12/15/33,

Series

A

1,000,000

1,076,093

4.000%

12/15/36,

Series

A

500,000

502,109

3.000%

12/15/37,

Series

A

250,000

221,076

4.000%

12/15/38,

Series

A

515,000

504,822

4.000%

03/15/46,

Series

S

1,000,000

906,771

Total

Colorado

21,780,292

Connecticut

4.3%

City

of

Hartford

CT

Revenue

Bonds

5.000%,

04/01/29

1,395,000

1,487,840

Connecticut

Housing

Finance

Authority

Series

Revenue

Bonds

4.200%,

11/15/39

1,000,000

976,808

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000%

07/01/32,

Series

A

1,740,000

1,806,162

5.000%

07/01/35,

Series

A

265,000

273,465

3.000%

07/01/39,

Series

A

345,000

275,280

5.000%

12/01/45

775,000

775,433

5.000%

09/01/46,

Series

A

(a) 500,000

456,635

State

of

Connecticut

5.000%

09/15/28,

Series

D

1,000,000

1,057,848

5.000%

09/15/30,

Series

D

650,000

707,611

5.000%

11/15/32,

Series

E

670,000

744,078

State

of

Connecticut

Special

Tax

Revenue

Revenue

Bonds

5.000%

10/01/31,

Series

B

510,000

535,033

5.000%

05/01/33,

Series

A

465,000

504,399

5.000%

05/01/35,

Series

A

950,000

1,022,651

4.000%

05/01/36,

Series

A

745,000

753,076

4.000%

09/01/36,

Series

A

750,000

739,133

4.000%

05/01/37,

Series

A

1,500,000

1,507,218

5.000%

10/01/37,

Series

B

1,000,000

1,038,196

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

05/01/38,

Series

A

1,000,000

997,932

4.000%

11/01/39,

Series

D

910,000

893,629

University

of

Connecticut

Series

A

Revenue

Bonds

5.000%,

11/15/43

650,000

653,199

Total

Connecticut

17,205,626

Delaware

0.6%

Delaware

State

Health

Facilities

Authority,

Series

A

Revenue

Bonds

4.000%,

07/01/40

600,000

563,532

5.000%,

10/01/40

715,000

739,450

5.000%,

10/01/45

1,205,000

1,227,699

Total

Delaware

2,530,681

District

of

Columbia

1.2%

District

of

Columbia

Revenue

Bonds

5.000%

04/01/33

470,000

479,858

4.000%

07/15/40

130,000

118,234

District

of

Columbia

5.000%

10/15/32,

Series

A

200,000

211,955

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Revenue

Bonds

5.000%

10/01/30

200,000

204,776

5.000%

10/01/30,

Series

A

750,000

791,224

5.000%

10/01/32,

Series

A

350,000

370,072

5.250%

10/01/45,

Series

A

1,000,000

1,024,442

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Revenue

Bonds

0.000%

10/01/30,

Series

B

(b) 130,000

106,097

0.000%

10/01/37,

Series

A

(b) 2,500,000

1,347,691

Total

District

of

Columbia

4,654,349

Florida

5.5%

Alachua

County

Health

Facilities

Authority,

Series

Revenue

Bonds

5.000%,

12/01/34

150,000

152,853

5.000%,

12/01/37

285,000

289,231

Brevard

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

04/01/42

1,500,000

1,548,392

Central

Florida

Expressway

Authority

Revenue

Bonds

5.000%

07/01/33,

Series

B

1,000,000

1,094,900

5.000%

07/01/34,

Series

D

645,000

690,315

City

of

Gainesville

FL

Utilities

System

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/32

385,000

398,014

City

Of

South

Miami

Health

Facilities

Authority,

Inc.

Revenue

Bonds

5.000%,

08/15/47

1,000,000

974,190

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

City

of

Tampa,

Series

B

Revenue

Bonds

4.000%,

07/01/38

175,000

166,616

4.000%,

07/01/39

500,000

468,685

County

of

Miami-Dade

Fl

Aviation

Revenue,

Series

A

Revenue

Bonds

5.000%,

10/01/34

1,000,000

1,053,753

5.000%,

10/01/36

2,000,000

2,089,066

County

of

Miami-Dade

Seaport

Department

Series

A

Revenue

Bonds

5.250%,

10/01/52

1,885,000

1,903,450

Escambia

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

08/15/45

600,000

511,223

Florida

Development

Finance

Corp.,

Series

A

Revenue

Bonds

4.000%,

06/01/36

(a) 400,000

347,623

4.000%,

06/01/41

(a) 200,000

159,166

Greater

Orlando

Aviation

Authority,

Series

A

Revenue

Bonds

4.000%,

10/01/37

1,400,000

1,303,753

5.000%,

10/01/38

400,000

408,496

JEA

Electric

System

Revenue,

Series

B

Revenue

Bonds

4.000%,

10/01/36

1,000,000

968,094

4.000%,

10/01/37

1,015,000

966,885

Martin

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

01/01/46

500,000

454,015

Miami

Beach

Health

Facilities

Authority

Series

B

Revenue

Bonds

4.000%,

11/15/46

1,000,000

871,228

Orange

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/39

200,000

200,363

Polk

County

School

District

Revenue

Bonds

5.000%,

10/01/33

435,000

460,777

Sarasota

County

Public

Hospital

District

Revenue

Bonds

4.000%,

07/01/48

1,000,000

860,981

School

District

of

Broward

County

Revenue

Bonds

5.000%

07/01/34,

Series

A

250,000

265,156

5.000%

07/01/35,

Series

B

1,000,000

1,072,505

South

Broward

Hospital

District

Revenue

Bonds

3.500%

05/01/39,

Series

A

370,000

312,791

4.000%

05/01/48

1,000,000

864,520

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

South

Florida

Water

Management

District

Revenue

Bonds

5.000%,

10/01/33

150,000

151,506

5.000%,

10/01/34

1,000,000

1,009,573

Total

Florida

22,018,120

Georgia

2.8%

Augusta

Ga

Water

&

Sewer

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/34

1,010,000

1,128,090

Brookhaven

Development

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/44

490,000

443,596

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

Series

D

Revenue

Bonds

4.000%,

07/01/37

1,000,000

956,811

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

Revenue

Bonds

5.750%,

11/01/28

1,000,000

1,088,315

5.750%,

11/01/29

785,000

870,557

Columbia

County

Hospital

Authority

Revenue

Bonds

5.000%,

04/01/48

875,000

896,710

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

4.000%,

02/15/45

400,000

357,697

Georgia

State

Road

&

Tollway

Authority

Revenue

Bonds

5.000%,

06/01/32

1,000,000

1,075,671

Griffin-Spalding

County

Hospital

Authority

Series

A

Revenue

Bonds

4.000%,

04/01/42

1,000,000

920,565

State

of

Georgia

5.000%

07/01/30,

Series

C

1,850,000

1,918,282

5.000%

07/01/32,

Series

545,000

600,955

5.000%

07/01/33,

Series

A

1,000,000

1,110,493

Total

Georgia

11,367,742

Hawaii

0.3%

State

of

Hawaii

5.000%

10/01/27,

Series

FH

325,000

332,094

5.000%

01/01/31

875,000

907,104

Total

Hawaii

1,239,198

Illinois

7.9%

Chicago

Board

of

Education

0.000%

12/01/31,

Series

(b) 220,000

163,381

5.000%

12/01/34,

Series

A

1,000,000

1,000,812

5.000%

12/01/35,

Series

A

250,000

249,516

4.000%

12/01/36,

Series

B

1,200,000

1,088,151

5.000%

12/01/36,

Series

A

300,000

298,234

5.000%

12/01/37,

Series

A

600,000

592,807

5.000%

12/01/38,

Series

A

1,800,000

1,769,083

5.250%

12/01/39,

Series

C

875,000

842,038

4.000%

12/01/41,

Series

B

1,000,000

858,447

5.000%

12/01/41,

Series

A

250,000

243,644

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

12/01/42,

Series

A

200,000

185,690

4.000%

12/01/43,

Series

A

1,500,000

1,267,467

5.000%

12/01/46,

Series

H

1,000,000

928,276

5.000%

12/01/47,

Series

A

2,000,000

1,890,435

Chicago

O'hare

International

Airport

Series

B

Revenue

Bonds

5.000%,

01/01/48

2,250,000

2,275,945

Chicago

O'Hare

International

Airport

Series

A

Revenue

Bonds

4.000%,

01/01/36

195,000

194,369

City

of

Chicago

Series

C

0.000%,

01/01/31

(b) 320,000

242,399

City

of

Chicago

IL

Wastewater

Transmission

Revenue

Series

B

Revenue

Bonds

5.000%,

01/01/30

300,000

318,519

City

of

Chicago

IL

Waterworks

Revenue

Revenue

Bonds

5.000%

11/01/30

1,315,000

1,339,132

5.000%

11/01/32,

Series

B

500,000

542,189

Cook

Kane

Lake

&

McHenry

Counties

Community

College

District

No

512

4.000%,

12/15/29

470,000

477,189

Illinois

Finance

Authority

Revenue

Bonds

5.000%

07/01/30

710,000

768,763

4.000%

08/15/37,

Series

A

900,000

844,659

4.125%

08/15/37,

Series

C

840,000

782,410

3.000%

10/01/37,

Series

A

625,000

536,495

4.125%

11/15/37,

Series

A

235,000

223,252

3.000%

07/15/40,

Series

A

400,000

322,027

4.000%

08/15/41,

Series

A

600,000

550,297

5.500%

08/01/43,

Series

A

(a) 500,000

517,939

4.125%

05/15/47,

Series

A

1,000,000

870,377

Illinois

Municipal

Electric

Agency

Series

A

Revenue

Bonds

4.000%,

02/01/35

1,000,000

947,662

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5.000%

01/01/31,

Series

C

150,000

161,309

4.000%

12/01/31,

Series

A

320,000

318,303

5.000%

01/01/36,

Series

A

705,000

768,524

5.000%

01/01/37,

Series

A

1,000,000

1,086,440

5.000%

01/01/38,

Series

A

1,000,000

1,080,212

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

0.000%

06/15/29

(b) 535,000

450,758

0.000%

12/15/29,

Series

A

(b) 160,000

131,970

0.000%

06/15/30

(b) 370,000

302,438

0.000%

06/15/30,

Series

A

(b) 415,000

334,907

0.000%

12/15/32,

Series

A

(b) 850,000

602,613

0.000%

06/15/36,

Series

A

(b) 1,540,000

930,732

0.000%

12/15/36,

Series

A

(b) 1,750,000

1,026,763

0.000%

12/15/41,

Series

B

(b) 280,000

123,185

5.000%

06/15/42,

Series

B

1,000,000

1,008,144

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Will

County

Community

High

School

District

No

Lincoln-Way

Series

B

0.000%,

01/01/31

(b) 300,000

241,829

Total

Illinois

31,699,731

Indiana

0.1%

City

of

Anderson

Revenue

Bonds

6.000%,

10/01/42

150,000

108,820

Indiana

Finance

Authority

Series

A

Revenue

Bonds

3.000%,

11/01/30

150,000

142,425

Total

Indiana

251,245

Iowa

0.4%

Iowa

Finance

Authority

Revenue

Bonds

5.000%

08/01/34,

Series

A

650,000

729,447

5.000%

05/15/43,

Series

A

160,000

156,411

4.000%

08/15/46,

Series

E

1,000,000

850,526

Total

Iowa

1,736,384

Kansas

0.2%

University

of

Kansas

Hospital

Authority

Series

A

Revenue

Bonds

5.000%,

03/01/47

650,000

646,709

Kentucky

0.5%

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

5.000%,

05/01/36

1,000,000

1,023,375

Louisville/Jefferson

County

Metropolitan

Government

Series

A

Revenue

Bonds

4.000%,

10/01/35

1,000,000

953,504

Total

Kentucky

1,976,879

Louisiana

1.0%

East

Baton

Rouge

Sewerage

Commission

Series

A

(Mandatory

Put

02/01/28)

Revenue

Bonds

1.300%,

02/01/41

725,000

660,098

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.500%,

09/01/54

1,000,000

1,019,038

State

of

Louisiana,

Series

E

5.000%,

09/01/30

1,000,000

1,086,030

5.000%,

09/01/33

1,000,000

1,112,005

Total

Louisiana

3,877,171

Maine

0.3%

Maine

Governmental

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

10/01/37

660,000

653,785

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Maine

Health

&

Higher

Educational

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/45

790,000

697,235

Total

Maine

1,351,020

Maryland

1.6%

County

of

Howard

Series

B

5.000%,

02/15/28

225,000

231,651

County

of

Montgomery

Series

A

5.000%,

08/01/30

300,000

327,221

Maryland

Community

Development

Administration

Series

C

Revenue

Bonds

2.200%,

09/01/36

350,000

266,948

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%

07/01/42

650,000

585,532

5.500%

01/01/46,

Series

A

750,000

755,206

Maryland

Stadium

Authority

Revenue

Bonds

5.000%,

05/01/34

565,000

584,284

State

of

Maryland

5.000%

03/01/31,

Series

A

415,000

456,939

5.000%

03/15/31,

Series

640,000

694,794

5.000%

08/01/31,

Series

465,000

499,075

5.000%

03/15/32,

Series

265,000

282,168

5.000%

03/01/33,

Series

A

250,000

272,720

State

of

Maryland

Department

of

Transportation

Series

A

Revenue

Bonds

5.250%,

08/01/44

1,400,000

1,461,099

Total

Maryland

6,417,637

Massachusetts

1.6%

Commonwealth

of

Massachusetts

5.000%

09/01/27,

Series

A

1,000,000

1,044,259

5.000%

05/01/31,

Series

A

510,000

560,409

4.000%

11/01/32,

Series

E

1,000,000

1,008,351

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000%

07/01/36,

Series

I

150,000

151,164

5.000%

10/01/38

400,000

378,654

4.000%

07/01/40

200,000

161,744

5.000%

07/01/43,

Series

J2

850,000

858,736

5.000%

07/01/44

530,000

523,481

5.000%

07/01/46

1,000,000

971,621

Massachusetts

Housing

Finance

Agency

Series

Revenue

Bonds

0.800%,

12/01/25

345,000

344,964

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

University

of

Massachusetts

Building

Authority

Series

Revenue

Bonds

4.000%,

11/01/46

500,000

455,687

Total

Massachusetts

6,459,070

Michigan

2.4%

Advanced

Technology

Academy

Revenue

Bonds

5.000%,

11/01/44

500,000

471,272

City

of

Detroit

5.000%

04/01/35

400,000

405,924

5.000%

04/01/46,

Series

A

725,000

726,628

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

C

Revenue

Bonds

5.000%,

07/01/31

1,565,000

1,588,948

5.250%,

07/01/33

1,075,000

1,093,382

Michigan

Finance

Authority

Revenue

Bonds

4.000%

10/01/30,

Series

B

1,000,000

1,007,657

3.125%

12/01/35,

Series

A

100,000

89,463

3.250%

11/15/42

150,000

113,475

4.000%

02/15/44,

Series

A

1,000,000

909,850

Michigan

State

Housing

Development

Authority

Series

B

Revenue

Bonds

4.500%,

12/01/38

1,000,000

1,005,862

State

of

Michigan

Trunk

Line

Revenue

Revenue

Bonds

5.000%,

11/15/46

2,000,000

2,080,293

Total

Michigan

9,492,754

Minnesota

0.6%

City

of

Apple

Valley

Series

A

Revenue

Bonds

4.250%,

01/01/37

260,000

217,555

City

of

Maple

Grove

Revenue

Bonds

4.000%,

05/01/37

210,000

195,800

City

of

Minneapolis

Series

A

Revenue

Bonds

5.000%,

11/15/33

200,000

204,288

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

A

Revenue

Bonds

5.000%,

03/01/33

665,000

742,740

Stillwater

Independent

School

District

No

834

Series

A

4.000%,

02/01/43

1,000,000

969,127

Total

Minnesota

2,329,510

Missouri

1.6%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

4.000%

05/15/42,

Series

A

950,000

863,382

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

11/15/42

500,000

463,180

4.000%

07/01/46,

Series

A

1,600,000

1,420,586

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

4.000%

03/01/36

1,000,000

926,620

5.000%

03/01/39,

Series

B

1,225,000

1,232,964

Lees

Summit

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/32

150,000

145,751

Missouri

Joint

Municipal

Electric

Utility

Commission

Series

A

Revenue

Bonds

4.000%,

12/01/32

200,000

199,803

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

Bonds

2.750%,

09/01/33

1,000,000

878,975

St

Louis

County

Industrial

Development

Authority

Revenue

Bonds

5.000%,

09/01/32

100,000

100,347

Total

Missouri

6,231,608

Nebraska

0.4%

Nebraska

Investment

Finance

Authority

Revenue

Bonds

2.350%

09/01/35,

Series

A

740,000

609,243

4.100%

09/01/38,

Series

C

1,000,000

965,985

Total

Nebraska

1,575,228

Nevada

0.3%

State

of

Nevada

Department

of

Business

&

Industry

Series

A

Revenue

Bonds

5.000%,

12/15/38

(a) 1,000,000

987,657

New

Jersey

10.1%

Cherry

Hill

Township

School

District

3.000%,

08/01/27

700,000

699,026

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.500%

09/01/27,

Series

120,000

125,985

5.000%

06/15/30,

Series

B

210,000

219,762

3.125%

07/01/31,

Series

A

145,000

136,482

5.000%

11/01/33

1,565,000

1,642,199

4.000%

06/15/34,

Series

QQQ

350,000

349,310

4.000%

07/01/34,

Series

A

1,065,000

1,039,800

5.000%

11/01/35

400,000

416,810

5.000%

11/01/36,

Series

A

675,000

717,834

4.000%

06/15/37,

Series

QQQ

700,000

679,929

5.000%

06/15/37

1,000,000

1,038,008

4.000%

06/15/44

1,000,000

893,935

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

4.000%

07/01/32,

Series

A

225,000

225,165

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

07/01/35

370,000

367,648

5.000%

10/01/36

1,325,000

1,354,013

5.000%

10/01/37

1,105,000

1,127,305

4.000%

07/01/44

435,000

394,412

4.000%

07/01/45,

Series

A

1,000,000

916,842

New

Jersey

Housing

&

Mortgage

Finance

Agency

Series

I

Revenue

Bonds

4.250%,

10/01/37

495,000

474,475

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

0.000%

12/15/27,

Series

A

(b) 300,000

273,597

5.000%

06/15/29,

Series

245,000

256,655

0.000%

12/15/29,

Series

A

(b) 850,000

716,477

5.000%

06/15/30,

Series

A

835,000

846,884

0.000%

12/15/30,

Series

C

(b) 220,000

178,474

5.000%

06/15/31,

Series

A

470,000

507,256

5.000%

06/15/32,

Series

A

1,000,000

1,087,857

0.000%

12/15/32,

Series

A

(b) 1,540,000

1,143,847

0.000%

12/15/32,

Series

C

(b) 2,205,000

1,649,253

5.000%

12/15/32,

Series

A

2,215,000

2,308,831

5.000%

06/15/33,

Series

A

1,000,000

1,068,532

0.000%

12/15/33,

Series

C

(b) 705,000

510,509

5.000%

06/15/34,

Series

2014

250,000

265,837

0.000%

12/15/34,

Series

A

(b) 945,000

640,169

0.000%

12/15/34,

Series

C

(b) 250,000

173,227

5.000%

12/15/34,

Series

A

1,075,000

1,110,979

4.000%

06/15/35,

Series

AA

400,000

395,717

5.000%

06/15/35,

Series

AA

2,000,000

2,140,053

0.000%

12/15/35,

Series

A

(b) 165,000

106,659

4.000%

06/15/36,

Series

A

850,000

835,868

4.000%

06/15/36,

Series

AA

1,510,000

1,481,078

5.000%

06/15/36,

Series

AA

945,000

1,003,937

4.000%

06/15/37,

Series

BB

250,000

241,391

5.000%

06/15/38,

Series

CC

500,000

532,239

0.000%

12/15/38,

Series

A

(b) 670,000

369,903

3.250%

06/15/39,

Series

BB

900,000

773,642

5.250%

06/15/39,

Series

A

1,000,000

1,082,060

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.000%

01/01/31,

Series

E

535,000

556,635

5.000%

01/01/32,

Series

B

255,000

264,535

5.000%

01/01/32,

Series

E

1,000,000

1,037,272

4.000%

01/01/33,

Series

G

225,000

225,376

5.000%

01/01/33,

Series

B

750,000

777,051

4.000%

01/01/35,

Series

G

1,000,000

999,777

5.000%

01/01/36,

Series

G

2,205,000

2,270,893

Total

New

Jersey

40,651,410

New

Mexico

0.3%

City

of

Santa

Fe

Revenue

Bonds

5.000%,

05/15/44

650,000

616,388

New

Mexico

Hospital

Equipment

Loan

Council

Series

A

Revenue

Bonds

5.000%,

08/01/46

400,000

400,428

Total

New

Mexico

1,016,816

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

New

York

16.8%

Brooklyn

Arena

Local

Development

Corp.,

Series

A

Revenue

Bonds

3.000%,

07/15/36

150,000

128,895

5.000%,

07/15/42

1,000,000

998,188

Broome

County

Local

Development

Corp.

Revenue

Bonds

3.000%,

04/01/45

200,000

142,344

City

of

New

York

5.000%

08/01/28,

Series

2008

820,000

867,494

5.000%

08/01/28,

Series

455,000

481,932

5.000%

08/01/28,

Series

C

420,000

432,140

5.000%

08/01/30,

Series

605,000

625,649

5.000%

04/01/31

1,065,000

1,130,951

5.000%

08/01/32,

Series

1,130,000

1,219,076

City

of

New

York

NY

Series

5.000%,

11/01/31

800,000

868,517

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

3.000%

07/01/36,

Series

B

320,000

272,249

5.000%

07/01/45,

Series

A

500,000

500,127

Long

Island

Power

Authority

Revenue

Bonds

5.000%

09/01/34

810,000

846,003

5.000%

09/01/35

1,200,000

1,250,171

4.000%

09/01/37,

Series

A

1,000,000

994,084

5.000%

09/01/37,

Series

A

250,000

265,197

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000%

11/15/31,

Series

560,000

579,391

5.000%

11/15/31,

Series

705,000

708,566

5.000%

11/15/32,

Series

D

1,590,000

1,644,188

4.000%

11/15/35,

Series

850,000

841,441

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2.650%

05/01/27,

Series

A

240,000

236,437

2.000%

11/01/35,

Series

D-1B

370,000

285,962

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.000%

06/15/27

1,000,000

1,041,580

5.000%

06/15/28,

Series

1,000,000

1,059,550

5.000%

06/15/28,

Series

880,000

906,180

5.000%

06/15/28,

Series

EE

775,000

821,149

5.000%

06/15/30,

Series

335,000

365,920

5.000%

06/15/30,

Series

EE

630,000

688,148

5.000%

06/15/31,

Series

DD

1,605,000

1,774,198

5.000%

06/15/33,

Series

1,000,000

1,123,440

5.000%

06/15/33,

Series

DD

755,000

827,115

5.000%

06/15/34,

Series

FF

750,000

785,437

5.000%

06/15/47,

Series

DD

1,000,000

997,974

New

York

Liberty

Development

Corp.,

Series

A

Revenue

Bonds

2.100%,

11/15/32

750,000

629,833

2.400%,

11/15/35

350,000

279,529

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

New

York

Power

Authority

Revenue

Bonds

4.000%,

11/15/37

305,000

307,428

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000%

10/01/30,

Series

A

340,000

346,229

3.000%

10/01/31,

Series

A

785,000

746,235

2.000%

07/01/33,

Series

1,060,000

890,817

5.000%

07/01/33,

Series

A

275,000

290,837

5.000%

10/01/33,

Series

A

1,490,000

1,534,825

4.000%

10/01/34,

Series

A

300,000

302,499

5.000%

10/01/34,

Series

A

2,115,000

2,222,012

4.000%

07/01/35,

Series

A

1,650,000

1,650,443

5.000%

10/01/35,

Series

A

870,000

927,360

5.000%

05/01/38,

Series

A

750,000

791,211

4.000%

07/01/38

500,000

493,027

5.000%

10/01/38,

Series

A

1,225,000

1,301,872

5.500%

11/01/47

500,000

516,882

5.250%

03/15/48,

Series

A

1,000,000

1,057,839

New

York

State

Environmental

Facilities

Corp.,

Series

A

Revenue

Bonds

5.000%,

06/15/27

250,000

260,852

5.000%,

06/15/32

660,000

682,921

New

York

State

Housing

Finance

Agency

Series

(Mandatory

Put

05/01/27)

Revenue

Bonds

1.100%,

11/01/61

1,335,000

1,249,078

New

York

State

Thruway

Authority

Revenue

Bonds

4.000%

01/01/36,

Series

O

250,000

253,360

4.000%

01/01/38,

Series

B

150,000

147,878

4.000%

01/01/41,

Series

O

1,000,000

957,471

New

York

Transportation

Development

Corp.

Revenue

Bonds

3.000%

08/01/31

250,000

231,308

5.000%

12/01/31

1,000,000

1,049,302

5.000%

12/01/32

1,015,000

1,066,098

5.000%

01/01/34

175,000

176,758

5.000%

12/01/34

400,000

415,867

5.000%

10/01/35

1,155,000

1,170,743

5.375%

08/01/36

1,000,000

1,026,219

5.625%

04/01/40

1,000,000

1,035,194

5.000%

10/01/40

1,000,000

1,001,790

4.000%

12/01/42,

Series

C

160,000

144,122

4.375%

10/01/45

2,750,000

2,488,911

Oneida

County

Local

Development

Corp.

Series

A

Revenue

Bonds

3.000%,

12/01/44

355,000

270,356

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.000%

03/15/30,

Series

300,000

300,302

5.000%

07/15/31,

Series

300,000

314,626

5.000%

09/15/31,

Series

500,000

509,009

5.000%

11/15/32

500,000

518,059

5.000%

11/15/33,

Series

835,000

862,890

5.000%

07/15/34,

Series

2,045,000

2,145,581

5.000%

07/15/35,

Series

870,000

928,630

5.000%

07/15/36

1,180,000

1,232,039

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

07/15/38,

Series

1,000,000

976,650

State

of

New

York

Mortgage

Agency

Series

Revenue

Bonds

2.200%,

04/01/36

840,000

641,987

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Revenue

Bonds

4.000%

04/01/31,

Series

500,000

488,675

2.400%

10/01/34,

Series

140,000

117,997

2.650%

10/01/34,

Series

250,000

217,069

2.200%

10/01/36,

Series

560,000

438,658

Triborough

Bridge

&

Tunnel

Authority,

Series

B

Revenue

Bonds

5.000%,

11/15/31

1,370,000

1,482,923

0.000%,

11/15/32

(b) 220,000

165,835

5.000%,

11/15/36

1,000,000

1,024,108

5.000%,

11/15/38

1,500,000

1,534,391

Total

New

York

67,526,228

North

Carolina

0.8%

City

of

Charlotte

Nc

Water

&

Sewer

System

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/31

805,000

889,756

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

3.850%

07/01/37,

Series

B

1,000,000

931,052

3.950%

07/01/38,

Series

A

515,000

483,048

State

of

North

Carolina

Revenue

Bonds

5.000%,

03/01/33

890,000

937,390

Total

North

Carolina

3,241,246

North

Dakota

0.2%

City

of

Grand

Forks

Series

A

Revenue

Bonds

3.000%,

12/01/39

1,000,000

821,457

Ohio

3.4%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

4.000%,

11/15/36

250,000

235,210

American

Municipal

Power,

Inc.

Revenue

Bonds

5.000%

02/15/33,

Series

C

830,000

881,051

5.000%

02/15/35,

Series

B

1,000,000

1,052,439

4.000%

02/15/36,

Series

A

385,000

380,049

County

of

Montgomery

Revenue

Bonds

4.000%,

08/01/41

635,000

587,689

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

5.000%,

12/01/44

200,000

186,903

Ohio

Turnpike

&

Infrastructure

Commission,

Series

Revenue

Bonds

5.700%,

02/15/34

285,000

318,345

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.750%,

02/15/35

150,000

167,526

Ohio

Water

Development

Authority

Revenue

Bonds

5.000%

06/01/29,

Series

A

1,545,000

1,649,309

5.000%

12/01/29

1,050,000

1,129,813

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds

5.000%

06/01/28,

Series

A

2,000,000

2,071,845

5.000%

12/01/33

2,235,000

2,509,368

Southeastern

Ohio

Port

Authority

Revenue

Bonds

5.500%,

12/01/43

135,000

134,997

State

of

Ohio,

Series

B

Revenue

Bonds

5.000%,

09/15/28

195,000

207,173

5.000%,

11/01/33

1,000,000

1,124,445

4.000%,

01/01/40

600,000

572,920

4.000%,

01/01/46

575,000

525,884

Total

Ohio

13,734,966

Oklahoma

0.2%

Grand

River

Dam

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/30

200,000

204,513

Oklahoma

Development

Finance

Authority

Series

B

Revenue

Bonds

5.000%,

08/15/38

500,000

502,455

Total

Oklahoma

706,968

Oregon

0.4%

Medford

Hospital

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/45

700,000

706,425

Oregon

Health

&

Science

University

Series

A

Revenue

Bonds

4.000%,

07/01/41

1,000,000

926,475

Total

Oregon

1,632,900

Pennsylvania

5.9%

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

4.000%

07/15/36

820,000

786,980

4.000%

07/15/39,

Series

A

1,000,000

907,703

4.000%

04/01/44,

Series

A

680,000

597,806

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000%,

05/01/42

(a) 1,000,000

927,377

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

4.250%

11/01/32

100,000

89,759

4.000%

09/01/41,

Series

A

440,000

399,121

Commonwealth

of

Pennsylvania

4.000%,

09/15/31

505,000

507,675

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

County

of

Lehigh

Series

A

Revenue

Bonds

4.000%,

07/01/35

3,000,000

2,851,193

Cumberland

County

Municipal

Authority

Revenue

Bonds

4.000%,

11/01/44

1,000,000

866,390

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

5.750%,

07/01/32

100,000

112,609

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000%,

07/01/33

100,000

101,409

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4.000%,

11/01/34

315,000

307,026

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.000%,

12/31/29

1,375,000

1,383,099

5.000%,

12/31/32

1,000,000

1,042,979

3.125%,

03/15/36

905,000

789,324

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%

08/15/42

915,000

846,752

4.000%

08/15/44

500,000

454,592

4.250%

11/01/48,

Series

500,000

459,748

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3.200%

10/01/32,

Series

124B

500,000

470,630

3.650%

10/01/32,

Series

135,000

133,669

3.550%

10/01/33,

Series

127B

360,000

346,598

2.070%

10/01/36,

Series

100,000

76,253

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.000%

06/01/28,

Series

320,000

330,567

5.000%

12/01/33

475,000

523,127

5.000%

06/01/36,

Series

B

1,000,000

1,012,125

4.000%

12/01/43,

Series

A

1,500,000

1,403,084

Philadelphia

Authority

For

Industrial

Development

Revenue

Bonds

5.000%

10/01/27

300,000

311,450

4.000%

05/01/42

1,000,000

654,785

5.000%

09/01/42,

Series

A

200,000

200,194

4.000%

07/01/49,

Series

A

1,000,000

895,051

Pittsburgh

Water

&

Sewer

Authority,

Series

B

Revenue

Bonds

5.000%,

09/01/31

1,050,000

1,150,490

5.000%,

09/01/33

1,130,000

1,253,729

State

Public

School

Building

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/33

1,425,000

1,436,820

Total

Pennsylvania

23,630,114

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Rhode

Island

0.3%

Rhode

Island

Commerce

Corp.

Series

B

Revenue

Bonds

5.000%,

06/15/31

865,000

876,564

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Series

76-A

Revenue

Bonds

2.350%,

10/01/36

500,000

390,863

Total

Rhode

Island

1,267,427

South

Carolina

1.7%

Piedmont

Municipal

Power

Agency

Series

Revenue

Bonds

0.000%,

01/01/29

(b) 120,000

104,033

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000%

11/01/34,

Series

A

500,000

543,821

5.000%

05/01/43,

Series

A

650,000

656,375

4.000%

12/01/44,

Series

A

950,000

829,145

4.250%

02/01/48

1,000,000

927,645

South

Carolina

Public

Service

Authority

Revenue

Bonds

5.000%

12/01/31,

Series

A

950,000

962,655

5.000%

12/01/33,

Series

A

1,125,000

1,137,728

5.000%

12/01/37,

Series

B

930,000

938,096

4.125%

12/01/44,

Series

B

1,000,000

883,187

Total

South

Carolina

6,982,685

South

Dakota

0.1%

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000%,

07/01/37

150,000

142,645

South

Dakota

Housing

Development

Authority

Series

B

Revenue

Bonds

3.400%,

11/01/32

355,000

348,461

Total

South

Dakota

491,106

Tennessee

0.7%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Series

Revenue

Bonds

4.000%,

08/01/36

105,000

100,439

Johnson

City

Health

&

Educational

Facilities

Board

Series

B

Revenue

Bonds

5.000%,

07/01/33

1,000,000

1,079,304

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Series

A

Revenue

Bonds

5.000%,

07/01/46

1,500,000

1,489,311

Total

Tennessee

2,669,054

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Texas

10.9%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.500%,

06/15/44

(a) 300,000

272,500

4.750%,

06/15/49

(a) 250,000

229,392

Austin

Convention

Enterprises,

Inc.

Series

B

Revenue

Bonds

5.000%,

01/01/32

250,000

246,577

Central

Texas

Turnpike

System,

Series

C

Revenue

Bonds

5.000%,

08/15/35

1,335,000

1,456,909

5.000%,

08/15/37

1,000,000

1,078,439

5.000%,

08/15/38

1,510,000

1,613,149

City

of

Austin

TX

Water

&

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

11/15/30

1,500,000

1,533,576

5.000%,

11/15/33

1,000,000

1,107,485

City

of

Dallas

Tx

Series

B

5.000%,

02/15/32

1,000,000

1,098,496

City

of

Garland

TX

Electric

Utility

System

Revenue

Revenue

Bonds

3.000%,

03/01/37

300,000

258,165

City

of

Houston

Tx

Airport

System

Revenue

Series

B

Revenue

Bonds

5.500%,

07/15/37

500,000

502,982

City

of

Houston

TX

Airport

System

Revenue

Revenue

Bonds

5.000%

07/01/29

500,000

500,183

5.000%

07/01/31,

Series

A

1,490,000

1,587,083

5.000%

07/01/32,

Series

A

1,000,000

1,053,450

5.500%

07/15/36,

Series

B

1,000,000

1,001,321

4.000%

07/15/41,

Series

1,450,000

1,302,306

4.500%

07/01/53,

Series

A

1,000,000

907,328

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

Revenue

Bonds

3.200%

02/01/30

1,000,000

977,354

4.000%

02/01/32,

Series

B

1,000,000

1,031,071

4.000%

02/01/36

750,000

727,055

5.000%

02/01/36

1,130,000

1,192,030

Clear

Creek

Independent

School

District

Series

A

5.000%,

02/15/33

1,000,000

1,111,667

County

of

Travis

Tx

Series

A

5.000%,

03/01/32

635,000

671,853

County

of

Williamson

5.000%,

02/15/27

1,500,000

1,551,266

Cypress-Fairbanks

Independent

School

District

Series

A

3.000%,

02/15/33

1,000,000

932,393

Dallas

College

5.000%,

02/15/33

1,455,000

1,493,798

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Dallas

County

Hospital

District

5.000%,

08/15/30

280,000

293,717

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4.000%

11/01/34

1,255,000

1,266,600

4.000%

11/01/35,

Series

A

1,350,000

1,348,563

Lower

Colorado

River

Authority

Revenue

Bonds

5.000%,

05/15/32

350,000

378,140

5.000%,

05/15/35

350,000

364,259

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%

12/01/39,

Series

115,000

115,327

4.000%

08/15/40,

Series

A

225,000

205,467

North

Texas

Tollway

Authority

Revenue

Bonds

5.000%

01/01/31,

Series

A

850,000

857,451

0.000%

01/01/34,

Series

D

(b) 410,000

289,860

4.000%

01/01/37,

Series

A

465,000

455,093

4.125%

01/01/40,

Series

A

1,000,000

951,824

Northeast

Higher

Education

Finance

Corp.

Series

B

Revenue

Bonds

5.000%,

08/15/40

105,000

101,386

Round

Rock

Independent

School

District

Series

A

4.000%,

08/01/32

535,000

542,684

San

Antonio

Water

System

Series

A

Revenue

Bonds

5.000%,

05/15/31

840,000

852,298

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

4.000%

11/15/35,

Series

A

1,000,000

968,636

5.000%

05/15/37

100,000

98,852

4.000%

10/01/47

485,000

429,619

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

Series

A

Revenue

Bonds

4.000%,

12/31/38

1,530,000

1,436,367

Texas

Water

Development

Board

Revenue

Bonds

5.000%

04/15/29,

Series

B

500,000

529,496

5.000%

08/01/30

750,000

817,559

5.000%

10/15/31,

Series

A

415,000

430,874

5.000%

04/15/32

260,000

278,844

5.000%

08/01/32

500,000

541,949

4.000%

10/15/33,

Series

A

805,000

808,236

4.000%

10/15/33,

Series

B

1,000,000

1,016,144

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

08/01/28

750,000

778,155

5.000%,

08/01/30

550,000

589,352

3.000%,

08/01/31

1,415,000

1,362,228

Total

Texas

43,546,808

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Utah

1.4%

City

of

Salt

Lake

City

Ut

Airport

Revenue

Series

A

Revenue

Bonds

5.250%,

07/01/39

1,060,000

1,115,704

City

of

Salt

Lake

City

UT

Airport

Revenue,

Series

A

Revenue

Bonds

5.000%,

07/01/30

100,000

103,198

5.000%,

07/01/35

500,000

505,175

5.000%,

07/01/37

1,515,000

1,522,310

Intermountain

Power

Agency,

Series

A

Revenue

Bonds

5.000%,

07/01/29

510,000

537,957

5.000%,

07/01/35

1,200,000

1,264,460

Utah

Charter

School

Finance

Authority

Revenue

Bonds

5.000%,

06/15/40

(a) 500,000

477,822

Total

Utah

5,526,626

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

4.000%,

01/01/37

250,000

236,591

4.000%,

01/01/38

1,000,000

935,675

Total

Virginia

1,172,266

Washington

1.6%

County

of

King

4.000%,

07/01/30

250,000

252,645

County

of

King

Wa

Sewer

Revenue

Series

A

Revenue

Bonds

5.000%,

01/01/34

1,225,000

1,370,763

Port

of

Seattle

Revenue

Bonds

5.000%,

04/01/36

200,000

203,644

State

of

Washington

4.000%

07/01/29,

Series

R-2022D

1,000,000

1,033,762

5.000%

08/01/30,

Series

R-2018C

555,000

573,707

5.000%

08/01/31,

Series

1,000,000

1,102,696

5.000%

08/01/31,

Series

R-2018C

750,000

772,693

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000%

08/01/38,

Series

150,000

154,639

5.000%

08/15/45,

Series

A

425,000

409,974

5.000%

09/01/45

300,000

299,806

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4.000%,

07/01/32

210,000

210,738

Washington

State

Housing

Finance

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/34

(a) 100,000

98,913

Total

Washington

6,483,980

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Notes

to

Portfolio

of

Investments

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Wisconsin

1.9%

Public

Finance

Authority

Revenue

Bonds

3.375%

10/01/39,

Series

A

455,000

376,205

4.000%

01/01/45,

Series

A

200,000

177,232

4.750%

07/01/45

(a) 500,000

450,691

State

of

Wisconsin

Series

5.000%,

11/01/28

655,000

677,129

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.250%

07/01/33,

Series

B

200,000

183,589

4.000%

04/01/39,

Series

A

1,450,000

1,355,362

4.000%

08/15/41

1,000,000

937,803

3.500%

02/15/46,

Series

A

690,000

534,256

4.000%

08/15/47

1,200,000

1,029,111

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

A

Revenue

Bonds

4.125%,

09/01/35

1,310,000

1,283,190

4.375%,

09/01/38

575,000

569,359

Total

Wisconsin

7,573,927

Wyoming

0.2%

County

of

Campbell

Wy

Series

A

Revenue

Bonds

3.625%,

07/15/39

1,000,000

873,095

Total

Municipal

Bonds

(Cost

$408,324,569)

394,234,825

Money

Market

Funds

0.3%

Shares

Value

($)

Blackrock

Liquid

MuniCash

Institutional

3.053%

(c) 1,372,366

1,372,503

Total

Money

Market

Funds

(Cost

$1,372,503)

1,372,503

Total

Investments

in

Securities

(Cost

$409,697,072)

395,607,328

Other

Assets

&

Liabilities,

Net

5,247,112

Net

Assets

400,854,440

(a) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

April

30,

2025,

the

total

value

of

these

securities

amounted

to

$7,275,573,

which

represents

1.82%

of

total

net

assets.

(b) Zero

coupon

bond.

(c) The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment's

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

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

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3. These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

at

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Municipal

Bonds

–

394,234,825

–

394,234,825

Money

Market

Funds

1,372,503

–

–

1,372,503

Total

Investments

in

Securities

1,372,503

394,234,825

–

395,607,328

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$409,697,072)

$395,607,328

Receivable

for:

Interest

5,322,766

Total

assets

400,930,094

Liabilities

Payable

for:

Investment

management

fees

75,654

Total

liabilities

75,654

Net

assets

applicable

to

outstanding

capital

stock

$400,854,440

Represented

by:

Paid-in

capital

$422,925,907

Total

distributable

earnings

(loss)

(22,071,467)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$400,854,440

Shares

outstanding

20,100,000

Net

asset

value

per

share

$19.94

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Investment

Income:

Interest

$7,193,553

Dividends

-

unaffiliated

issuers

8,772

Total

income

7,202,325

Expenses:

Investment

management

fees

472,379

Total

expenses

472,379

Net

Investment

Income

6,729,946

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(1,084,151)

Net

realized

loss

(1,084,151)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(9,110,655)

Net

change

in

unrealized

depreciation

(9,110,655)

Net

realized

and

unrealized

loss

(10,194,806)

Net

Decrease

in

net

assets

resulting

from

operations

$(3,464,860)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$6,729,946

$12,094,084

Net

realized

loss

(1,084,151)

(4,082,133)

Net

change

in

unrealized

appreciation

(depreciation)

(9,110,655)

25,212,321

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(3,464,860)

33,224,272

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(6,775,900)

(11,883,422)

Shareholder

transactions

Proceeds

from

shares

sold

17,604,290

72,528,457

Cost

of

shares

redeemed

(14,308,216)

(29,951,667)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

3,296,074

42,576,790

Increase

(decrease)

in

net

assets

(6,944,686)

63,917,640

Net

Assets:

Net

assets

beginning

of

period

407,799,126

343,881,486

Net

assets

at

end

of

period

$400,854,440

$407,799,126

Capital

stock

activity

Shares

outstanding,

beginning

of

period

19,950,000

17,850,000

Shares

sold

850,000

3,550,000

Shares

redeemed

(700,000)

(1,450,000)

Shares

outstanding,

end

of

period

20,100,000

19,950,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

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.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

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.

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$20.44

$19.27

$19.27

$22.30

$21.83

$21.56

Income

(loss)

from

investment

operations:

Net

investment

income

0.33 0.62 0.51 0.34 0.37 0.51 Net

realized

and

unrealized

gain

(loss)

(0.50)

1.16 (0.02)

(3.03)

0.52 0.30 Total

from

investment

operations

(0.17)

1.78 0.49 (2.69)

0.89 0.81 Less

distributions

to

shareholders:

Net

investment

income

(0.33)

(0.61)

(0.49)

(0.32)

(0.38)

(0.51)

Net

realized

gains

–

–

–

(0.02)

(0.04)

(0.03)

Total

distribution

to

shareholders

(0.33)

(0.61)

(0.49)

(0.34)

(0.42)

(0.54)

Net

asset

value,

end

of

period

$19.94

$20.44

$19.27

$19.27

$22.30

$21.83

Total

Return

at

NAV

(0.84)%

9.30%

2.44%

(12.17)%

4.11%

3.82%

Total

Return

at

Market

Price

0.15%

9.09%

2.38%

(12.40)%

3.85%

4.18%

Ratios

to

average

net

assets:

Total

gross

expenses

(a) 0.23%

0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

Total

net

expenses

(a)(c) 0.23%

0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

Net

investment

income

3.28%

3.03%

2.53%

1.63%

1.65%

2.37%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$400,854

$407,799

$343,881

$223,585

$141,619

$56,769

Portfolio

turnover

8%

26%

11%

14%

6%

11%

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

April

30,

2025

(Unaudited)

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

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

days

or

less

are

valued

primarily

at

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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.

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

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.

Note

4. Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$34,119,636

and

$38,460,509,

respectively,

for

the

six

months

ended

April

30,

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

six

months

ended

April

30,

2025,

the

cost

basis

of

securities

contributed

was

$8,219,369.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

six

months

ended

April

30,

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

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

409,697,072

1,233,735

(15,323,479)

(14,089,744)

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

1,917,080

5,918,155

7,835,235

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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

six

months

ended

April

30,

2025. Note

8. Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund's

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Changes

in

the

value

of

a

debt

instrument

usually

will

not

affect

the

amount

of

income

the

Fund

receives

from

it

but

will

generally

affect

the

value

of

your

investment

in

the

Fund.

Changes

in

interest

rates

may

also

affect

the

liquidity

of

the

Fund's

investments

in

debt

instruments.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

instrument,

the

greater

its

sensitivity

to

changes

in

interest

rates.

For

example,

a

three-year

duration

means

a

bond

is

expected

to

decrease

in

value

by

3%

if

interest

rates

rise

1%

and

increase

in

value

by

3%

if

interest

rates

fall

1%.

Interest

rate

declines

also

may

increase

prepayments

of

debt

obligations,

which,

in

turn,

would

increase

prepayment

risk.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Such

actions

may

negatively

affect

the

value

of

debt

instruments

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund's

performance

and

NAV.

Any

interest

rate

increases

could

cause

the

value

of

the

Fund's

investments

in

debt

instruments

to

decrease.

Rising

interest

rates

may

prompt

redemptions

from

the

Fund,

which

may

force

the

Fund

to

sell

investments

at

a

time

when

it

is

not

advantageous

to

do

so,

which

could

result

in

losses.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

any

event,

circumstance,

or

characteristic

of

an

investment

or

market

that

negatively

impacts

the

Fund's

ability

to

sell,

or

realize

the

proceeds

from

the

sale

of,

an

investment

at

a

desirable

time

or

price.

Liquidity

risk

may

arise

because

of,

for

example,

a

lack

of

marketability

of

the

investment,

which

means

that

when

seeking

to

sell

its

portfolio

investments,

the

Fund

could

find

that

selling

is

more

difficult

than

anticipated,

especially

during

times

of

high

market

volatility.

Market

participants

attempting

to

sell

the

same

or

a

similar

instrument

at

the

same

time

as

the

Fund

could

exacerbate

the

Fund's

exposure

to

liquidity

risk.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

liquid

or

more

liquid

investments

that

it

might

otherwise

prefer

to

hold

(thereby

increasing

the

proportion

of

the

Fund's

investments

in

less

liquid

or

illiquid

securities),

or

forego

another

more

appealing

investment

opportunity.

The

liquidity

of

Fund

investments

may

change

significantly

over

time

and

certain

investments

that

were

liquid

when

purchased

by

the

Fund

may

later

become

illiquid,

particularly

in

times

of

overall

economic

distress.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

also

adversely

affect

the

liquidity

and

the

price

of

the

Fund's

investments.

Judgment

plays

a

larger

role

in

valuing

illiquid

or

less

liquid

investments

as

compared

to

valuing

liquid

or

more

liquid

investments.

Price

volatility

may

be

higher

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

for

illiquid

or

less

liquid

investments

as

a

result

of,

for

example,

the

relatively

less

frequent

pricing

of

such

securities

(as

compared

to

liquid

or

more

liquid

investments).

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

Overall

market

liquidity

and

other

factors

can

lead

to

an

increase

in

redemptions,

which

may

negatively

impact

Fund

performance

and

NAV,

including,

for

example,

if

the

Fund

is

forced

to

sell

investments

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund's

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund's

net

asset

value.

Municipal

securities

risk

Municipal

securities

are

debt

obligations

generally

issued

to

obtain

funds

for

various

public

purposes,

including

general

financing

for

state

and

local

governments,

or

financing

for

a

specific

project

or

public

facility,

and

include

obligations

of

the

governments

of

the

U.S.

territories,

commonwealths

and

possessions

such

as

Guam,

Puerto

Rico

and

the

U.S.

Virgin

Islands

to

the

extent

such

obligations

are

exempt

from

state

and

U.S.

federal

income

taxes.

The

value

of

municipal

securities

can

be

significantly

affected

by

actual

or

expected

political

and

legislative

changes

at

the

federal

or

state

level.

Municipal

securities

may

be

fully

or

partially

backed

by

the

taxing

authority

of

the

local

government,

by

the

credit

of

a

private

issuer,

by

the

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

or

by

domestic

or

foreign

entities

providing

credit

support,

such

as

letters

of

credit,

guarantees

or

insurance,

and

are

generally

classified

into

general

obligation

bonds

and

special

revenue

obligations.

Because

many

municipal

securities

are

issued

to

finance

projects

in

sectors

such

as

education,

health

care,

transportation

and

utilities,

conditions

in

those

sectors

can

affect

the

overall

municipal

market.

Issuers

in

a

state,

territory,

commonwealth

or

possession

in

which

the

Fund

invests

may

experience

significant

financial

difficulties

for

various

reasons,

including

as

the

result

of

events

that

cannot

be

reasonably

anticipated

or

controlled

such

as

economic

downturns

or

similar

periods

of

economic

stress,

social

conflict

or

unrest,

labor

disruption

and

natural

disasters.

Such

financial

difficulties

may

lead

to

credit

rating

downgrades

or

defaults

of

such

issuers

which

in

turn,

could

affect

the

market

values

and

marketability

of

many

or

all

municipal

obligations

of

issuers

in

such

state,

territory,

commonwealth

or

possession.

The

value

of

the

Fund's

shares

will

be

negatively

impacted

to

the

extent

it

invests

in

such

securities.

The

Fund's

annual

and

semiannual

reports

show

the

Fund's

investment

exposures

at

a

point

in

time.

The

risk

of

investing

in

the

Fund

is

directly

correlated

to

the

Fund's

investment

exposures.

Securities

issued

by

a

particular

state

and

its

instrumentalities

are

subject

to

the

risk

of

unfavorable

developments

in

such

state.

A

municipal

security

can

be

significantly

affected

by

adverse

tax,

legislative,

regulatory,

demographic

or

political

changes

as

well

as

changes

in

a

particular

state's

(state

and

its

instrumentalities')

financial,

economic

or

other

condition

and

prospects.

Passive

investment

risk

The

Fund

is

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

index's

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

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.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR303_10_R01_(06/25)

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Indexed

ETFs

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

(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

Common

Stocks

97.1%

Issuer

Shares

Value

($)

Communication

Services 8.6%

Diversified

Telecommunication

Services

0.9%

AT&T,

Inc.

433,440

12,006,288

Verizon

Communications,

Inc.

254,537

11,214,900

Total

23,221,188

Entertainment

0.3%

Electronic

Arts,

Inc.

17,065

2,475,961

Madison

Square

Garden

Sports

Corp.

(a) 953

183,519

Playtika

Holding

Corp.

4,836

25,486

Spotify

Technology

SA

(a) 8,842

5,428,811

Total

8,113,777

Interactive

Media

&

Services

7.2%

Alphabet,

Inc.

Class

A

321,742

51,092,630

Alphabet,

Inc.

Class

C

307,989

49,552,350

Meta

Platforms,

Inc.

Class

A

135,740

74,521,260

Pinterest,

Inc.

Class

A

(a) 37,243

942,993

Total

176,109,233

Media

0.2%

Fox

Corp.

Class

A

13,856

689,890

Fox

Corp.

Class

B

8,030

371,307

New

York

Times

Co.

(The)

Class

A

9,669

503,368

News

Corp.

Class

A

23,571

639,246

News

Corp.

Class

B

6,903

216,892

Nexstar

Media

Group,

Inc.

1,986

297,225

Trade

Desk,

Inc.

(The)

Class

A

(a) 27,171

1,457,181

Total

4,175,109

Total

Communication

Services

211,619,307

Consumer

Discretionary 8.6%

Automobile

Components

0.0%

BorgWarner,

Inc.

21,285

604,068

Lear

Corp.

5,433

465,880

Total

1,069,948

Automobiles

0.3%

Ford

Motor

Co.

359,268

3,596,272

General

Motors

Co.

91,807

4,153,349

Total

7,749,621

Broadline

Retail

4.6%

Amazon.com,

Inc.

(a) 607,638

112,060,600

Dillard's,

Inc.

Class

A

86,665

Etsy,

Inc.

(a) 10,823

470,584

Nordstrom,

Inc.

9,121

220,181

Total

112,838,030

Diversified

Consumer

Services

0.1%

ADT,

Inc.

30,468

244,353

Bright

Horizons

Family

Solutions,

Inc.

(a) 5,466

685,546

H&R

Block,

Inc.

12,533

756,617

Total

1,686,516

Hotels,

Restaurants

&

Leisure

1.4%

Aramark

24,215

809,507

Booking

Holdings,

Inc.

3,129

15,955,647

Boyd

Gaming

Corp.

6,276

433,923

Carnival

Corp.

(a) 93,508

1,714,937

DoorDash

,

Inc.

Class

A

(a) 32,069

6,185,789

Expedia

Group,

Inc.

11,852

1,859,934

Hilton

Worldwide

Holdings,

Inc.

22,981

5,181,756

Hyatt

Hotels

Corp.

Class

A

3,900

439,452

Norwegian

Cruise

Line

Holdings

Ltd.

(a) 39,930

640,078

Texas

Roadhouse,

Inc.

6,233

1,034,429

Travel

+

Leisure

Co.

6,182

271,575

Wendy's

Co.

(The)

15,861

198,263

Total

34,725,290

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Household

Durables

0.5%

DR

Horton,

Inc.

26,999

3,411,054

Lennar

Corp.

Class

A

21,655

2,351,949

Lennar

Corp.

Class

B

885

91,482

Mohawk

Industries,

Inc.

(a) 5,068

538,982

NVR,

Inc.

(a) 241

1,717,306

PulteGroup,

Inc.

19,187

1,968,202

Toll

Brothers,

Inc.

9,699

978,338

TopBuild

Corp.

(a) 3,014

891,421

Total

11,948,734

Specialty

Retail

1.2%

Carvana

Co.

(a) 9,838

2,403,915

Gap,

Inc.

(The)

18,868

413,209

Lowe's

Cos.,

Inc.

52,884

11,822,747

Murphy

USA,

Inc.

1,876

935,318

TJX

Cos.,

Inc.

(The)

105,099

13,524,139

Williams-Sonoma,

Inc.

11,171

1,725,585

Total

30,824,913

Textiles,

Apparel

&

Luxury

Goods

0.5%

Capri

Holdings

Ltd.

(a) 10,850

163,184

Columbia

Sportswear

Co.

2,978

185,142

Crocs,

Inc.

(a) 5,581

538,120

Deckers

Outdoor

Corp.

(a) 13,922

1,542,975

NIKE,

Inc.

Class

B

111,962

6,314,657

PVH

Corp.

5,251

362,214

Ralph

Lauren

Corp.

3,570

803,072

Tapestry,

Inc.

20,663

1,459,841

Total

11,369,205

Total

Consumer

Discretionary

212,212,257

Consumer

Staples 6.2%

Beverages

0.1%

Coca-Cola

Consolidated,

Inc.

1,112

1,507,661

Molson

Coors

Beverage

Co.

Class

B

35,516

2,043,235

Total

3,550,896

Consumer

Staples

Distribution

1.0%

Albertsons

Cos.,

Inc.

Class

A

78,570

1,726,969

Kroger

Co.

(The)

132,049

9,535,258

Maplebear

,

Inc.

(a) 34,723

1,385,100

Target

Corp.

94,040

9,093,668

US

Foods

Holding

Corp.

(a) 44,183

2,901,056

Total

24,642,051

Food

Products

1.1%

Archer-Daniels-Midland

Co.

96,845

4,624,349

Bunge

Global

SA

27,731

2,182,984

Conagra

Brands,

Inc.

94,163

2,326,768

General

Mills,

Inc.

108,964

6,182,618

Ingredion,

Inc.

13,026

1,730,113

Kraft

Heinz

Co.

(The)

176,793

5,144,676

Pilgrim's

Pride

Corp.

8,413

459,182

Tyson

Foods,

Inc.

Class

A

57,847

3,542,550

Total

26,193,240

Household

Products

1.0%

Colgate-Palmolive

Co.

162,454

14,976,634

Kimberly-Clark

Corp.

66,326

8,740,440

Reynolds

Consumer

Products,

Inc.

10,986

252,678

Spectrum

Brands

Holdings,

Inc.

5,455

344,211

Total

24,313,963

Tobacco

3.0%

Altria

Group,

Inc.

344,863

20,398,646

Philip

Morris

International,

Inc.

313,910

53,791,618

Total

74,190,264

Total

Consumer

Staples

152,890,414

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Energy 3.2%

Energy

Equipment

&

Services

0.1%

TechnipFMC

PLC

36,406

1,025,557

Weatherford

International

PLC

6,433

266,326

Total

1,291,883

Oil,

Gas

&

Consumable

Fuels

3.1%

Chevron

Corp.

141,738

19,284,872

Civitas

Resources,

Inc.

8,527

232,361

Coterra

Energy,

Inc.

63,253

1,553,494

EOG

Resources,

Inc.

48,537

5,355,087

Exxon

Mobil

Corp.

378,715

40,003,666

HF

Sinclair

Corp.

14,145

425,340

Marathon

Petroleum

Corp.

30,096

4,135,491

Occidental

Petroleum

Corp.

57,723

2,274,864

Ovintiv

,

Inc.

23,217

779,627

Valero

Energy

Corp.

27,947

3,244,367

Total

77,289,169

Total

Energy

78,581,052

Financials 14.7%

Banks

6.4%

Bank

of

America

Corp.

697,010

27,796,759

Bank

OZK

11,141

474,607

Citigroup,

Inc.

197,771

13,523,581

Columbia

Banking

System,

Inc.

21,570

483,599

East

West

Bancorp,

Inc.

14,598

1,248,859

Fifth

Third

Bancorp

69,769

2,507,498

First

Citizens

BancShares

,

Inc.

Class

A

1,145

2,037,115

JPMorgan

Chase

&

Co.

296,297

72,480,172

M&T

Bank

Corp.

17,267

2,931,246

PNC

Financial

Services

Group,

Inc.

(The)

40,976

6,584,433

Popular,

Inc.

6,967

664,791

Regions

Financial

Corp.

93,445

1,907,213

Wells

Fargo

&

Co.

358,102

25,428,823

Zions

Bancorp

NA

15,004

674,730

Total

158,743,426

Capital

Markets

2.6%

Bank

of

New

York

Mellon

Corp.

(The)

74,085

5,957,175

BlackRock,

Inc.

15,131

13,833,668

Cboe

Global

Markets,

Inc.

10,996

2,438,913

CME

Group,

Inc.

36,126

10,009,792

Janus

Henderson

Group

PLC

13,042

433,125

MarketAxess

Holdings,

Inc.

3,661

811,241

Moody's

Corp.

16,163

7,323,779

Morgan

Stanley

116,943

13,497,561

Northern

Trust

Corp.

20,222

1,900,464

Raymond

James

Financial,

Inc.

21,252

2,912,374

SEI

Investments

Co.

9,984

781,647

State

Street

Corp.

30,263

2,666,170

Stifel

Financial

Corp.

10,067

862,641

Virtu

Financial,

Inc.

Class

A

8,428

329,956

Total

63,758,506

Consumer

Finance

0.7%

American

Express

Co.

56,530

15,060,157

SLM

Corp.

21,344

617,055

Synchrony

Financial

40,226

2,089,741

Total

17,766,953

Financial

Services

3.5%

Fidelity

National

Information

Services,

Inc.

57,206

4,512,409

Fiserv,

Inc.

(a) 57,973

10,700,077

Jack

Henry

&

Associates,

Inc.

7,141

1,238,464

MGIC

Investment

Corp.

26,022

648,208

PayPal

Holdings,

Inc.

(a) 103,965

6,845,055

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Visa,

Inc.

Class

A

175,026

60,471,483

Voya

Financial,

Inc.

10,110

598,512

Western

Union

Co.

(The)

34,937

346,226

Total

85,360,434

Insurance

1.5%

Allstate

Corp.

(The)

26,430

5,243,448

Assurant,

Inc.

5,313

1,024,028

Axis

Capital

Holdings

Ltd.

8,004

770,945

Brighthouse

Financial,

Inc.

(a) 6,089

354,502

CNA

Financial

Corp.

2,329

112,165

Everest

Group

Ltd.

4,121

1,478,738

Globe

Life,

Inc.

8,485

1,046,540

Hartford

Financial

Services

Group,

Inc.

(The)

30,024

3,683,044

Marsh

&

McLennan

Cos.,

Inc.

50,171

11,312,055

MetLife,

Inc.

57,023

4,297,823

Prudential

Financial,

Inc.

36,389

3,737,514

Reinsurance

Group

of

America,

Inc.

6,532

1,223,509

RenaissanceRe

Holdings

Ltd.

5,386

1,303,035

Unum

Group

18,480

1,435,157

Total

37,022,503

Total

Financials

362,651,822

Health

Care 10.8%

Biotechnology

1.9%

AbbVie,

Inc.

84,371

16,460,782

Alnylam

Pharmaceuticals,

Inc.

(a) 6,165

1,622,875

Amgen,

Inc.

25,870

7,526,100

Apellis

Pharmaceuticals,

Inc.

(a) 5,315

102,101

Biogen,

Inc.

(a) 7,057

854,462

BioMarin

Pharmaceutical,

Inc.

(a) 8,946

569,771

Exact

Sciences

Corp.

(a) 8,922

407,200

Exelixis

,

Inc.

(a) 13,898

544,107

Gilead

Sciences,

Inc.

59,552

6,344,670

GRAIL,

Inc.

(a) 988

34,081

Incyte

Corp.

(a) 8,118

508,674

Ionis

Pharmaceuticals,

Inc.

(a) 7,884

242,118

Mirati

Therapeutics,

Inc.

(a),(b),(c),(d)

Moderna

,

Inc.

(a) 15,582

444,710

Natera

,

Inc.

(a) 5,470

825,587

Neurocrine

Biosciences,

Inc.

(a) 4,961

534,250

Regeneron

Pharmaceuticals,

Inc.

5,348

3,202,168

Roivant

Sciences

Ltd.

(a) 20,396

237,001

Sarepta

Therapeutics,

Inc.

(a) 4,186

261,206

Ultragenyx

Pharmaceutical,

Inc.

(a) 4,770

185,935

United

Therapeutics

Corp.

(a) 2,208

669,223

Vertex

Pharmaceuticals,

Inc.

(a) 12,316

6,275,002

Viking

Therapeutics,

Inc.

(a) 5,328

153,819

Total

48,006,091

Health

Care

Equipment

&

Supplies

2.8%

Baxter

International,

Inc.

137,260

4,278,394

DENTSPLY

SIRONA,

Inc.

53,152

738,813

Envista

Holdings

Corp.

(a) 47,740

767,659

GE

HealthCare

Technologies,

Inc.

122,324

8,603,047

Globus

Medical,

Inc.

Class

A

(a) 29,719

2,132,933

Hologic

,

Inc.

(a) 60,056

3,495,259

Medtronic

PLC

339,907

28,810,517

ResMed

,

Inc.

39,395

9,320,463

Solventum

Corp.

(a) 36,847

2,436,324

Teleflex,

Inc.

12,547

1,719,567

Zimmer

Biomet

Holdings,

Inc.

53,947

5,559,238

Total

67,862,214

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Health

Care

Providers

&

Services

3.0%

Amedisys

,

Inc.

(a) 8,510

807,599

Cardinal

Health,

Inc.

63,669

8,995,793

Cencora

,

Inc.

45,481

13,310,924

DaVita,

Inc.

(a) 13,311

1,884,172

HCA

Healthcare,

Inc.

50,050

17,271,254

McKesson

Corp.

33,404

23,810,037

Premier,

Inc.

Class

A

27,064

550,752

Tenet

Healthcare

Corp.

(a) 25,864

3,697,259

Universal

Health

Services,

Inc.

Class

B

15,270

2,703,859

Total

73,031,649

Life

Sciences

Tools

&

Services

0.3%

Charles

River

Laboratories

International,

Inc.

(a) 13,868

1,645,022

Fortrea

Holdings,

Inc.

(a) 23,071

143,732

QIAGEN

NV

(a) 57,994

2,479,244

Revvity

,

Inc.

32,248

3,012,931

Total

7,280,929

Pharmaceuticals

2.8%

Bristol-Myers

Squibb

Co.

542,850

27,251,070

Elanco

Animal

Health,

Inc.

(a) 134,364

1,273,771

Jazz

Pharmaceuticals

PLC

(a) 15,486

1,811,243

Organon

&

Co.

69,368

896,928

Pfizer,

Inc.

1,473,510

35,968,379

Viatris

,

Inc.

315,470

2,656,257

Total

69,857,648

Total

Health

Care

266,038,531

Industrials 9.1%

Aerospace

&

Defense

1.4%

Curtiss-Wright

Corp.

4,813

1,659,956

Lockheed

Martin

Corp.

26,106

12,472,141

RTX

Corp.

157,251

19,834,069

Total

33,966,166

Air

Freight

&

Logistics

0.6%

Expeditors

International

of

Washington,

Inc.

17,032

1,871,987

FedEx

Corp.

26,324

5,536,727

United

Parcel

Service,

Inc.

Class

B

87,141

8,304,537

Total

15,713,251

Building

Products

1.1%

A

O

Smith

Corp.

14,489

983,224

Allegion

PLC

10,760

1,497,792

Builders

FirstSource

,

Inc.

(a) 14,677

1,755,809

Carlisle

Cos.,

Inc.

5,641

2,140,647

Hayward

Holdings,

Inc.

(a) 17,157

228,703

Johnson

Controls

International

PLC

80,108

6,721,061

Masco

Corp.

26,509

1,606,710

Owens

Corning

10,773

1,566,502

Trane

Technologies

PLC

27,038

10,363,936

Total

26,864,384

Commercial

Services

&

Supplies

0.4%

Cintas

Corp.

41,296

8,741,537

Vestis

Corp.

14,117

123,665

Total

8,865,202

Construction

&

Engineering

0.3%

AECOM

16,008

1,579,189

Comfort

Systems

USA,

Inc.

4,088

1,625,184

EMCOR

Group,

Inc.

5,625

2,253,938

Everus

Construction

Group,

Inc.

(a) 6,017

242,124

MasTec

,

Inc.

(a) 7,249

922,943

Valmont

Industries,

Inc.

2,483

728,065

Total

7,351,443

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Electrical

Equipment

0.4%

Acuity

Brands,

Inc.

3,626

883,330

Emerson

Electric

Co.

68,555

7,205,816

Generac

Holdings,

Inc.

(a) 6,932

792,882

nVent

Electric

PLC

19,946

1,095,235

Total

9,977,263

Ground

Transportation

1.8%

CSX

Corp.

235,318

6,605,376

Lyft,

Inc.

Class

A

(a) 47,539

589,484

Ryder

System,

Inc.

5,170

711,754

Uber

Technologies,

Inc.

(a) 244,349

19,794,712

Union

Pacific

Corp.

72,318

15,596,100

Total

43,297,426

Machinery

1.4%

Allison

Transmission

Holdings,

Inc.

10,047

926,735

Caterpillar,

Inc.

59,000

18,246,930

Dover

Corp.

16,157

2,757,192

Flowserve

Corp.

15,723

711,151

Fortive

Corp.

42,609

2,969,421

Middleby

Corp.

(The)

(a) 6,527

870,376

Pentair

PLC

20,193

1,832,111

Snap-on,

Inc.

6,152

1,930,559

Stanley

Black

&

Decker,

Inc.

18,457

1,107,789

Westinghouse

Air

Brake

Technologies

Corp.

21,243

3,924,432

Total

35,276,696

Marine

Transportation

0.0%

Kirby

Corp.

(a) 6,690

644,715

Passenger

Airlines

0.2%

Delta

Air

Lines,

Inc.

79,044

3,290,602

United

Airlines

Holdings,

Inc.

(a) 40,805

2,808,200

Total

6,098,802

Professional

Services

1.4%

Automatic

Data

Processing,

Inc.

49,872

14,991,523

Booz

Allen

Hamilton

Holding

Corp.

15,273

1,833,066

Broadridge

Financial

Solutions,

Inc.

14,216

3,445,958

Dun

&

Bradstreet

Holdings,

Inc.

36,208

324,786

FTI

Consulting,

Inc.

(a) 4,019

668,279

Genpact

Ltd.

20,931

1,051,992

KBR,

Inc.

15,928

841,158

Leidos

Holdings,

Inc.

15,944

2,346,638

Paychex,

Inc.

38,494

5,663,237

Science

Applications

International

Corp.

6,027

729,448

SS&C

Technologies

Holdings,

Inc.

25,983

1,964,315

Total

33,860,400

Trading

Companies

&

Distributors

0.1%

Core

&

Main,

Inc.

Class

A

(a) 23,247

1,224,652

MSC

Industrial

Direct

Co.,

Inc.

Class

A

5,580

426,758

WESCO

International,

Inc.

5,437

886,014

Total

2,537,424

Total

Industrials

224,453,172

Information

Technology 28.6%

Communications

Equipment

1.0%

Arista

Networks,

Inc.

(a) 62,455

5,138,173

Cisco

Systems,

Inc.

257,212

14,848,849

F5,

Inc.

(a) 3,546

938,768

Motorola

Solutions,

Inc.

10,839

4,773,387

Ubiquiti,

Inc.

72,798

Total

25,771,975

Electronic

Equipment,

Instruments

&

Components

0.1%

Arrow

Electronics,

Inc.

(a) 3,377

376,063

Zebra

Technologies

Corp.

Class

A

(a) 3,210

803,527

Total

1,179,590

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

IT

Services

0.2%

DXC

Technology

Co.

(a) 11,481

178,185

EPAM

Systems,

Inc.

(a) 3,547

556,560

GoDaddy

,

Inc.

Class

A

(a) 9,027

1,700,055

Okta

,

Inc.

(a) 10,267

1,151,546

VeriSign,

Inc.

(a) 5,515

1,555,892

Total

5,142,238

Semiconductors

&

Semiconductor

Equipment

8.0%

Allegro

MicroSystems

,

Inc.

(a) 7,236

137,991

Applied

Materials,

Inc.

52,025

7,840,688

Cirrus

Logic,

Inc.

(a) 3,303

317,220

Lam

Research

Corp.

84,843

6,080,698

MKS

Instruments,

Inc.

4,086

286,592

Monolithic

Power

Systems,

Inc.

3,045

1,805,989

NVIDIA

Corp.

1,540,304

167,769,912

Qorvo

,

Inc.

(a) 5,883

421,635

QUALCOMM,

Inc.

71,505

10,615,632

Skyworks

Solutions,

Inc.

9,858

633,672

Universal

Display

Corp.

2,937

368,975

Total

196,279,004

Software

11.0%

Appfolio

,

Inc.

Class

A

(a) 1,228

253,607

Autodesk,

Inc.

(a) 14,003

3,840,323

BILL

Holdings,

Inc.

(a) 6,549

298,438

Crowdstrike

Holdings,

Inc.

Class

A

(a) 14,309

6,136,701

DocuSign,

Inc.

(a) 12,634

1,032,829

Dropbox,

Inc.

Class

A

(a) 14,563

415,774

Fortinet,

Inc.

(a) 39,901

4,140,128

Gen

Digital,

Inc.

34,323

887,936

Intuit,

Inc.

17,739

11,130,690

Manhattan

Associates,

Inc.

(a) 3,744

664,148

Microsoft

Corp.

473,651

187,215,294

Nutanix

,

Inc.

Class

A

(a) 15,085

1,036,340

Palantir

Technologies,

Inc.

Class

A

(a) 124,219

14,712,498

Palo

Alto

Networks,

Inc.

(a) 39,503

7,384,296

Pegasystems

,

Inc.

2,887

265,835

Salesforce,

Inc.

59,634

16,024,252

ServiceNow

,

Inc.

(a) 13,285

12,687,308

Uipath

,

Inc.

Class

A

(a) 29,500

352,230

Zoom

Communications,

Inc.

(a) 17,384

1,347,955

Zscaler

,

Inc.

(a) 6,067

1,372,173

Total

271,198,755

Technology

Hardware,

Storage

&

Peripherals

8.3%

Apple,

Inc.

942,999

200,387,287

Hewlett

Packard

Enterprise

Co.

83,577

1,355,619

HP,

Inc.

60,331

1,542,664

NetApp,

Inc.

12,804

1,149,159

Total

204,434,729

Total

Information

Technology

704,006,291

Materials 2.2%

Chemicals

0.8%

Ashland,

Inc.

9,394

510,940

CF

Industries

Holdings,

Inc.

35,829

2,807,919

Eastman

Chemical

Co.

22,933

1,765,841

FMC

Corp.

25,902

1,085,812

LyondellBasell

Industries

NV

Class

A

51,404

2,992,227

Mosaic

Co.

(The)

62,004

1,884,922

NewMarket

Corp.

1,114

685,444

Olin

Corp.

23,234

502,319

PPG

Industries,

Inc.

45,135

4,913,396

RPM

International,

Inc.

24,919

2,660,103

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Scotts

Miracle-

Gro

Co.

(The)

8,354

420,874

Total

20,229,797

Construction

Materials

0.6%

CRH

PLC

135,386

12,918,532

Eagle

Materials,

Inc.

6,538

1,480,138

Total

14,398,670

Containers

&

Packaging

0.2%

Crown

Holdings,

Inc.

23,069

2,222,237

Packaging

Corp.

of

America

17,480

3,244,463

Total

5,466,700

Metals

&

Mining

0.6%

Nucor

Corp.

51,261

6,119,025

Reliance,

Inc.

11,758

3,389,008

Steel

Dynamics,

Inc.

31,160

4,041,764

Total

13,549,797

Paper

&

Forest

Products

0.0%

Louisiana-Pacific

Corp.

12,926

1,115,643

Total

Materials

54,760,607

Real

Estate 2.6%

Diversified

REITs

0.1%

WP

Carey,

Inc.

34,837

2,175,222

Health

Care

REITs

0.2%

Healthpeak

Properties,

Inc.

117,392

2,094,273

Omega

Healthcare

Investors,

Inc.

39,948

1,559,970

Total

3,654,243

Industrial

REITs

0.0%

STAG

Industrial,

Inc.

29,800

984,294

Office

REITs

0.1%

Cousins

Properties,

Inc.

25,200

694,008

Highwoods

Properties,

Inc.

17,047

484,817

Kilroy

Realty

Corp.

18,681

588,638

Total

1,767,463

Real

Estate

Management

&

Development

0.4%

CBRE

Group,

Inc.

Class

A

(a) 50,434

6,162,026

Jones

Lang

LaSalle,

Inc.

(a) 8,105

1,843,158

Zillow

Group,

Inc.

Class

A

(a) 8,072

532,591

Zillow

Group,

Inc.

Class

C

(a) 26,707

1,798,182

Total

10,335,957

Residential

REITs

0.3%

American

Homes

Rent

Class

A

56,119

2,098,289

Camden

Property

Trust

17,166

1,953,491

Essex

Property

Trust,

Inc.

10,205

2,848,726

Total

6,900,506

Retail

REITs

0.4%

Brixmor

Property

Group,

Inc.

49,211

1,225,846

NNN

REIT,

Inc.

29,707

1,221,255

Simon

Property

Group,

Inc.

52,040

8,190,055

Total

10,637,156

Specialized

REITs

1.1%

American

Tower

Corp.

77,653

17,503,763

EPR

Properties

12,091

598,384

Gaming

and

Leisure

Properties,

Inc.

42,282

2,023,616

Lamar

Advertising

Co.

Class

A

14,479

1,647,855

Millrose

Properties,

Inc.

Class

A

11,709

293,193

SBA

Communications

Corp.

17,804

4,333,494

Total

26,400,305

Total

Real

Estate

62,855,146

Utilities 2.5%

Electric

Utilities

1.6%

American

Electric

Power

Co.,

Inc.

96,970

10,505,730

Edison

International

68,493

3,665,060

Entergy

Corp.

76,845

6,391,199

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Evergy

,

Inc.

40,212

2,778,649

Exelon

Corp.

180,059

8,444,767

PG&E

Corp.

395,314

6,530,587

Total

38,315,992

Gas

Utilities

0.1%

MDU

Resources

Group,

Inc.

36,885

632,209

National

Fuel

Gas

Co.

16,044

1,231,858

Total

1,864,067

Independent

Power

and

Renewable

Electricity

Producers

0.1%

AES

Corp.

(The)

130,090

1,300,900

Clearway

Energy,

Inc.

Class

A

6,297

172,223

Clearway

Energy,

Inc.

Class

C

15,070

442,154

Total

1,915,277

Multi-Utilities

0.7%

Ameren

Corp.

48,024

4,765,902

Dominion

Energy,

Inc.

152,084

8,270,328

DTE

Energy

Co.

37,045

5,075,165

Total

18,111,395

Total

Utilities

60,206,731

Total

Common

Stocks

(Cost

$2,410,321,989)

2,390,275,330

Exchange-Traded

Equity

Funds

2.1%

Issuer

Shares

Value

($)

Communication

Services 0.3%

Communication

Services

Select

Sector

SPDR

Fund

77,238

7,371,595

Consumer

Discreationary

&nbsp;&nbsp;&nbsp;&nbsp;1.8%

Consumer

Discretionary

Select

Sector

SPDR

Fund

118,581

23,391,288

Vanguard

Consumer

Discretionary

ETF

70,742

23,032,888

Total

46,424,176

Total

Exchange-Traded

Equity

Funds

(Cost

$56,685,823)

53,795,771

Money

Market

Funds

0.7%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.169%

(e) 16,276,945

16,276,945

Total

Money

Market

Funds

(Cost

$16,276,945)

16,276,945

Total

Investments

in

Securities

(Cost

$2,483,284,757)

2,460,348,046

Other

Assets

&

Liabilities,

Net

1,520,415

Net

Assets

2,461,868,461

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

—

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

April

30,

2025,

the

value

of

these

securities

amounted

to

$249,

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

April

30,

2025,

the

total

market

value

of

these

securities

amounted

to

$249,

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

April

30,

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

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

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

211,619,307

–

–

211,619,307

Consumer

Discretionary

212,212,257

–

–

212,212,257

Consumer

Staples

152,890,414

–

–

152,890,414

Energy

78,581,052

–

–

78,581,052

Financials

362,651,822

–

–

362,651,822

Health

Care

266,038,282

–

266,038,531

Industrials

224,453,172

–

–

224,453,172

Information

Technology

704,006,291

–

–

704,006,291

Materials

54,760,607

–

–

54,760,607

Real

Estate

62,855,146

–

–

62,855,146

Utilities

60,206,731

–

–

60,206,731

Total

Common

Stocks

2,390,275,081

–

2,390,275,330

Exchange-Traded

Equity

Funds

53,795,771

–

–

53,795,771

Money

Market

Funds

16,276,945

–

–

16,276,945

Total

Investments

in

Securities

2,460,347,797

–

2,460,348,046

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

April

30,

2025

(Unaudited)

(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

Common

Stocks

98.4%

Issuer

Shares

Value

($)

Communication

Services 4.5%

Diversified

Telecommunication

Services

2.2%

AT&T,

Inc.

28,107

778,564

Verizon

Communications,

Inc.

16,490

726,549

Total

1,505,113

Entertainment

1.2%

Electronic

Arts,

Inc.

1,098

159,309

Madison

Square

Garden

Sports

Corp.

(a) 70

13,480

Playtika

Holding

Corp.

1,602

Walt

Disney

Co.

(The)

7,320

665,754

Total

840,145

Interactive

Media

&

Services

0.1%

Match

Group,

Inc.

989

29,334

Media

1.0%

Comcast

Corp.

Class

A

14,877

508,794

Fox

Corp.

Class

A

886

44,114

Fox

Corp.

Class

B

514

23,767

New

York

Times

Co.

(The)

Class

A

638

33,214

News

Corp.

Class

A

1,520

41,222

News

Corp.

Class

B

14,359

Nexstar

Media

Group,

Inc.

11,225

Total

676,695

Total

Communication

Services

3,051,287

Consumer

Discretionary 5.8%

Automobile

Components

0.1%

BorgWarner,

Inc.

1,715

48,672

Lear

Corp.

36,958

Total

85,630

Automobiles

0.4%

Ford

Motor

Co.

28,906

289,349

Broadline

Retail

0.1%

Dillard's,

Inc.

Class

A

7,627

Etsy,

Inc.

(a) 301

13,087

Nordstrom,

Inc.

740

17,864

Total

38,578

Diversified

Consumer

Services

0.2%

ADT,

Inc.

2,464

19,761

Bright

Horizons

Family

Solutions,

Inc.

(a) 365

45,778

H&R

Block,

Inc.

816

49,262

Total

114,801

Hotels,

Restaurants

&

Leisure

0.9%

Aramark

1,949

65,155

Booking

Holdings,

Inc.

76,489

Boyd

Gaming

Corp.

513

35,469

Carnival

Corp.

(a) 7,535

138,192

DoorDash,

Inc.

Class

A

(a) 327

63,075

Hilton

Worldwide

Holdings,

Inc.

894

201,579

Hyatt

Hotels

Corp.

Class

A

30,987

Travel

+

Leisure

Co.

21,789

Wendy's

Co.

(The)

656

8,200

Total

640,935

Household

Durables

1.0%

Lennar

Corp.

Class

A

1,756

190,719

Lennar

Corp.

Class

B

8,890

Mohawk

Industries,

Inc.

(a) 399

42,434

NVR,

Inc.

(a) 21

149,641

PulteGroup,

Inc.

1,562

160,230

Toll

Brothers,

Inc.

790

79,687

TopBuild

Corp.

(a) 224

66,250

Total

697,851

Specialty

Retail

2.4%

Carvana

Co.

(a) 526

128,528

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Gap,

Inc.

(The)

1,535

33,616

Lowe's

Cos.,

Inc.

4,244

948,789

TJX

Cos.,

Inc.

(The)

3,463

445,619

Williams-Sonoma,

Inc.

55,609

Total

1,612,161

Textiles,

Apparel

&

Luxury

Goods

0.7%

Capri

Holdings

Ltd.

(a) 861

12,949

Columbia

Sportswear

Co.

14,797

Crocs,

Inc.

(a) 362

34,904

NIKE,

Inc.

Class

B

3,451

194,636

PVH

Corp.

28,627

Ralph

Lauren

Corp.

67,260

Tapestry,

Inc.

1,661

117,350

Total

470,523

Total

Consumer

Discretionary

3,949,828

Consumer

Staples 8.9%

Beverages

0.3%

Coca-Cola

Consolidated,

Inc.

77,281

Molson

Coors

Beverage

Co.

Class

B

1,642

94,464

Total

171,745

Consumer

Staples

Distribution

1.0%

Albertsons

Cos.,

Inc.

Class

A

3,634

79,875

Maplebear,

Inc.

(a) 1,595

63,625

Target

Corp.

4,358

421,419

US

Foods

Holding

Corp.

(a) 2,035

133,618

Total

698,537

Food

Products

1.8%

Archer-Daniels-Midland

Co.

4,485

214,159

Bunge

Global

SA

1,282

100,919

Conagra

Brands,

Inc.

4,364

107,834

General

Mills,

Inc.

5,044

286,196

Ingredion,

Inc.

607

80,622

Kraft

Heinz

Co.

(The)

8,166

237,631

Pilgrim's

Pride

Corp.

18,939

Tyson

Foods,

Inc.

Class

A

2,682

164,246

Total

1,210,546

Household

Products

0.8%

Colgate-Palmolive

Co.

3,381

311,694

Kimberly-Clark

Corp.

1,807

238,126

Reynolds

Consumer

Products,

Inc.

11,408

Spectrum

Brands

Holdings,

Inc.

15,523

Total

576,751

Tobacco

5.0%

Altria

Group,

Inc.

15,935

942,555

Philip

Morris

International,

Inc.

14,496

2,484,035

Total

3,426,590

Total

Consumer

Staples

6,084,169

Energy 6.4%

Energy

Equipment

&

Services

0.1%

TechnipFMC

PLC

1,720

48,452

Oil,

Gas

&

Consumable

Fuels

6.3%

Chevron

Corp.

6,689

910,105

Civitas

Resources,

Inc.

7,984

ConocoPhillips

5,351

476,881

Coterra

Energy,

Inc.

2,985

73,312

EOG

Resources,

Inc.

2,293

252,987

Exxon

Mobil

Corp.

17,877

1,888,348

HF

Sinclair

Corp.

662

19,906

Marathon

Petroleum

Corp.

1,425

195,809

Occidental

Petroleum

Corp.

2,729

107,550

Ovintiv,

Inc.

1,093

36,703

Phillips

1,718

178,775

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Valero

Energy

Corp.

1,329

154,284

Total

4,302,644

Total

Energy

4,351,096

Financials 22.0%

Banks

11.9%

Bank

of

America

Corp.

40,120

1,599,985

Bank

OZK

636

27,093

Citigroup,

Inc.

11,381

778,233

Columbia

Banking

System,

Inc.

1,247

27,958

East

West

Bancorp,

Inc.

832

71,178

Fifth

Third

Bancorp

4,026

144,694

First

Citizens

BancShares,

Inc.

Class

A

126,319

JPMorgan

Chase

&

Co.

14,459

3,536,960

M&T

Bank

Corp.

989

167,893

Popular,

Inc.

34,924

Regions

Financial

Corp.

5,385

109,908

Wells

Fargo

&

Co.

20,618

1,464,084

Zions

Bancorp

NA

867

38,989

Total

8,128,218

Capital

Markets

4.5%

Bank

of

New

York

Mellon

Corp.

(The)

4,257

342,305

BlackRock,

Inc.

875

799,977

Cboe

Global

Markets,

Inc.

627

139,069

CME

Group,

Inc.

2,076

575,218

Janus

Henderson

Group

PLC

763

25,339

MarketAxess

Holdings,

Inc.

48,307

Morgan

Stanley

6,331

730,724

Raymond

James

Financial,

Inc.

1,229

168,422

SEI

Investments

Co.

583

45,643

State

Street

Corp.

1,740

153,294

Stifel

Financial

Corp.

588

50,386

Virtu

Financial,

Inc.

Class

A

18,675

Total

3,097,359

Consumer

Finance

1.0%

American

Express

Co.

2,030

540,812

SLM

Corp.

1,233

35,646

Synchrony

Financial

2,331

121,096

Total

697,554

Financial

Services

1.7%

Fidelity

National

Information

Services,

Inc.

3,292

259,673

Fiserv,

Inc.

(a) 2,280

420,820

MGIC

Investment

Corp.

1,486

37,016

PayPal

Holdings,

Inc.

(a) 5,973

393,263

Voya

Financial,

Inc.

591

34,987

Western

Union

Co.

(The)

1,652

16,371

Total

1,162,130

Insurance

2.9%

Allstate

Corp.

(The)

1,276

253,146

Assurant,

Inc.

58,208

Axis

Capital

Holdings

Ltd.

43,440

Brighthouse

Financial,

Inc.

(a) 350

20,377

CNA

Financial

Corp.

6,068

Everest

Group

Ltd.

74,995

Globe

Life,

Inc.

59,327

Hartford

Financial

Services

Group,

Inc.

(The)

1,725

211,606

Marsh

&

McLennan

Cos.,

Inc.

2,484

560,067

MetLife,

Inc.

3,281

247,289

Prudential

Financial,

Inc.

2,102

215,896

Reinsurance

Group

of

America,

Inc.

70,803

RenaissanceRe

Holdings

Ltd.

74,273

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Unum

Group

1,064

82,630

Total

1,978,125

Total

Financials

15,063,386

Health

Care 14.4%

Biotechnology

2.3%

AbbVie,

Inc.

2,854

556,815

Alnylam

Pharmaceuticals,

Inc.

(a) 38

10,003

Amgen,

Inc.

98,331

Biogen,

Inc.

(a) 433

52,428

BioMarin

Pharmaceutical,

Inc.

(a) 535

34,074

Exact

Sciences

Corp.

(a) 322

14,696

Exelixis,

Inc.

(a) 134

5,246

Gilead

Sciences,

Inc.

3,540

377,152

GRAIL,

Inc.

(a) 73

2,518

Incyte

Corp.

(a) 447

28,009

Ionis

Pharmaceuticals,

Inc.

(a) 29

891

Mirati

Therapeutics,

Inc.

(a),(b),(c),(d)

Moderna,

Inc.

(a) 932

26,599

Regeneron

Pharmaceuticals,

Inc.

173,640

Roivant

Sciences

Ltd.

(a) 1,211

14,072

United

Therapeutics

Corp.

(a) 122

36,977

Vertex

Pharmaceuticals,

Inc.

(a) 366

186,477

Total

1,617,968

Health

Care

Equipment

&

Supplies

5.5%

Baxter

International,

Inc.

8,085

252,010

DENTSPLY

SIRONA,

Inc.

3,127

43,465

Envista

Holdings

Corp.

(a) 2,812

45,217

GE

HealthCare

Technologies,

Inc.

6,527

459,044

Globus

Medical,

Inc.

Class

A

(a) 1,753

125,813

Hologic,

Inc.

(a) 3,534

205,679

Medtronic

PLC

20,045

1,699,014

ResMed,

Inc.

1,691

400,074

Solventum

Corp.

(a) 2,177

143,943

Teleflex,

Inc.

749

102,650

Zimmer

Biomet

Holdings,

Inc.

3,177

327,390

Total

3,804,299

Health

Care

Providers

&

Services

3.3%

Amedisys,

Inc.

(a) 493

46,786

Cardinal

Health,

Inc.

1,530

216,174

HCA

Healthcare,

Inc.

2,223

767,113

McKesson

Corp.

1,123

800,463

Premier,

Inc.

Class

A

1,594

32,438

Tenet

Healthcare

Corp.

(a) 1,509

215,711

Universal

Health

Services,

Inc.

Class

B

903

159,894

Total

2,238,579

Life

Sciences

Tools

&

Services

0.4%

Charles

River

Laboratories

International,

Inc.

(a) 804

95,370

Fortrea

Holdings,

Inc.

(a) 1,216

7,576

QIAGEN

NV

(a) 3,425

146,419

Total

249,365

Pharmaceuticals

2.9%

Bristol-Myers

Squibb

Co.

31,987

1,605,748

Elanco

Animal

Health,

Inc.

(a) 7,911

74,996

Jazz

Pharmaceuticals

PLC

(a) 916

107,135

Organon

&

Co.

4,090

52,884

Viatris,

Inc.

18,598

156,595

Total

1,997,358

Total

Health

Care

9,907,569

Industrials 13.9%

Aerospace

&

Defense

3.0%

Curtiss-Wright

Corp.

110,710

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Lockheed

Martin

Corp.

1,226

585,722

RTX

Corp.

10,933

1,378,979

Total

2,075,411

Air

Freight

&

Logistics

0.7%

Expeditors

International

of

Washington,

Inc.

983

108,041

FedEx

Corp.

1,818

382,380

Total

490,421

Building

Products

2.3%

A

O

Smith

Corp.

1,001

67,928

Allegion

PLC

729

101,477

Builders

FirstSource,

Inc.

(a) 921

110,179

Carlisle

Cos.,

Inc.

127,126

Hayward

Holdings,

Inc.

(a) 1,179

15,716

Johnson

Controls

International

PLC

5,549

465,561

Masco

Corp.

1,832

111,037

Owens

Corning

738

107,313

Trane

Technologies

PLC

1,238

474,538

Total

1,580,875

Commercial

Services

&

Supplies

0.0%

Cintas

Corp.

30,270

Vestis

Corp.

973

8,524

Total

38,794

Construction

&

Engineering

0.5%

AECOM

1,124

110,882

EMCOR

Group,

Inc.

93,363

Everus

Construction

Group,

Inc.

(a) 421

16,941

MasTec,

Inc.

(a) 522

66,461

Valmont

Industries,

Inc.

47,502

Total

335,149

Electrical

Equipment

1.0%

Acuity

Brands,

Inc.

62,608

Emerson

Electric

Co.

4,753

499,588

Generac

Holdings,

Inc.

(a) 249

28,480

nVent

Electric

PLC

1,370

75,227

Total

665,903

Ground

Transportation

0.9%

Lyft,

Inc.

Class

A

(a) 1,024

12,698

Ryder

System,

Inc.

47,909

Union

Pacific

Corp.

2,616

564,166

Total

624,773

Machinery

3.3%

Allison

Transmission

Holdings,

Inc.

708

65,306

Caterpillar,

Inc.

3,503

1,083,373

Dover

Corp.

1,135

193,688

Flowserve

Corp.

1,103

49,889

Fortive

Corp.

2,963

206,491

Middleby

Corp.

(The)

(a) 459

61,207

Pentair

PLC

1,389

126,024

Snap-on,

Inc.

135,252

Stanley

Black

&

Decker,

Inc.

1,283

77,006

Westinghouse

Air

Brake

Technologies

Corp.

1,477

272,861

Total

2,271,097

Marine

Transportation

0.1%

Kirby

Corp.

(a) 471

45,390

Passenger

Airlines

0.6%

Delta

Air

Lines,

Inc.

5,502

229,048

United

Airlines

Holdings,

Inc.

(a) 2,819

194,004

Total

423,052

Professional

Services

1.3%

Automatic

Data

Processing,

Inc.

73,947

Dun

&

Bradstreet

Holdings,

Inc.

2,521

22,613

FTI

Consulting,

Inc.

(a) 295

49,053

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Genpact

Ltd.

1,453

73,028

KBR,

Inc.

1,021

53,919

Leidos

Holdings,

Inc.

1,119

164,694

Paychex,

Inc.

1,708

251,281

Science

Applications

International

Corp.

50,954

SS&C

Technologies

Holdings,

Inc.

1,793

135,551

Total

875,040

Trading

Companies

&

Distributors

0.2%

Core

&

Main,

Inc.

Class

A

(a) 552

29,080

MSC

Industrial

Direct

Co.,

Inc.

Class

A

28,986

WESCO

International,

Inc.

59,969

Total

118,035

Total

Industrials

9,543,940

Information

Technology 8.9%

Communications

Equipment

4.4%

Cisco

Systems,

Inc.

42,920

2,477,772

F5,

Inc.

(a) 604

159,903

Motorola

Solutions,

Inc.

928

408,682

Ubiquiti,

Inc.

7,182

Total

3,053,539

Electronic

Equipment,

Instruments

&

Components

0.5%

Arrow

Electronics,

Inc.

(a) 574

63,921

Jabil,

Inc.

1,025

150,224

Zebra

Technologies

Corp.

Class

A

(a) 428

107,137

Total

321,282

IT

Services

0.7%

DXC

Technology

Co.

(a) 1,903

29,535

EPAM

Systems,

Inc.

(a) 569

89,282

Okta,

Inc.

(a) 972

109,019

VeriSign,

Inc.

(a) 852

240,366

Total

468,202

Semiconductors

&

Semiconductor

Equipment

0.8%

Allegro

MicroSystems,

Inc.

(a) 1,238

23,609

Applied

Materials,

Inc.

703

105,949

Cirrus

Logic,

Inc.

(a) 561

53,878

MKS

Instruments,

Inc.

672

47,134

Qorvo,

Inc.

(a) 982

70,380

QUALCOMM,

Inc.

743

110,306

Skyworks

Solutions,

Inc.

1,673

107,540

Universal

Display

Corp.

30,277

Total

549,073

Software

1.7%

BILL

Holdings,

Inc.

(a) 830

37,823

Dropbox,

Inc.

Class

A

(a) 1,682

48,021

Fair

Isaac

Corp.

(a) 39

77,597

Fortinet,

Inc.

(a) 1,232

127,832

Gen

Digital,

Inc.

5,765

149,141

Nutanix,

Inc.

Class

A

(a) 1,805

124,003

Salesforce,

Inc.

1,508

405,215

Uipath,

Inc.

Class

A

(a) 691

8,251

Zoom

Communications,

Inc.

(a) 2,889

224,013

Total

1,201,896

Technology

Hardware,

Storage

&

Peripherals

0.8%

Hewlett

Packard

Enterprise

Co.

13,953

226,317

HP,

Inc.

7,640

195,355

NetApp,

Inc.

1,197

107,431

Total

529,103

Total

Information

Technology

6,123,095

Materials 4.1%

Chemicals

1.6%

Ashland,

Inc.

516

28,065

CF

Industries

Holdings,

Inc.

1,934

151,568

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Eastman

Chemical

Co.

1,230

94,710

FMC

Corp.

1,387

58,143

LyondellBasell

Industries

NV

Class

A

2,785

162,115

Mosaic

Co.

(The)

3,345

101,688

NewMarket

Corp.

45,532

Olin

Corp.

1,248

26,982

PPG

Industries,

Inc.

2,444

266,054

RPM

International,

Inc.

1,047

111,767

Scotts

Miracle-Gro

Co.

(The)

22,469

Total

1,069,093

Construction

Materials

1.0%

CRH

PLC

7,322

698,665

Eagle

Materials,

Inc.

20,149

Total

718,814

Containers

&

Packaging

0.4%

Crown

Holdings,

Inc.

1,238

119,256

Packaging

Corp.

of

America

937

173,917

Total

293,173

Metals

&

Mining

1.1%

Nucor

Corp.

2,777

331,490

Reliance,

Inc.

637

183,603

Steel

Dynamics,

Inc.

1,693

219,599

Total

734,692

Paper

&

Forest

Products

0.0%

Louisiana-Pacific

Corp.

18,557

Total

Materials

2,834,329

Real

Estate 4.6%

Diversified

REITs

0.2%

WP

Carey,

Inc.

2,549

159,159

Health

Care

REITs

0.4%

Healthpeak

Properties,

Inc.

8,629

153,942

Omega

Healthcare

Investors,

Inc.

2,947

115,080

Total

269,022

Industrial

REITs

0.2%

First

Industrial

Realty

Trust,

Inc.

1,571

74,748

STAG

Industrial,

Inc.

2,184

72,138

Total

146,886

Office

REITs

0.2%

Cousins

Properties,

Inc.

1,871

51,528

Highwoods

Properties,

Inc.

1,241

35,294

Kilroy

Realty

Corp.

1,379

43,452

Total

130,274

Real

Estate

Management

&

Development

1.0%

CBRE

Group,

Inc.

Class

A

(a) 3,701

452,188

Jones

Lang

LaSalle,

Inc.

(a) 407

92,556

Zillow

Group,

Inc.

Class

A

(a) 580

38,268

Zillow

Group,

Inc.

Class

C

(a) 1,956

131,698

Total

714,710

Residential

REITs

0.8%

American

Homes

Rent

Class

A

4,110

153,673

Camden

Property

Trust

1,250

142,250

Essex

Property

Trust,

Inc.

767

214,108

Total

510,031

Retail

REITs

0.9%

Brixmor

Property

Group,

Inc.

3,630

90,423

NNN

REIT,

Inc.

2,176

89,455

Simon

Property

Group,

Inc.

2,852

448,848

Total

628,726

Specialized

REITs

0.9%

EPR

Properties

891

44,096

Gaming

and

Leisure

Properties,

Inc.

3,115

149,084

Lamar

Advertising

Co.

Class

A

791

90,024

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Millrose

Properties,

Inc.

Class

A

935

23,412

SBA

Communications

Corp.

1,310

318,854

Total

625,470

Total

Real

Estate

3,184,278

Utilities 4.9%

Electric

Utilities

3.1%

American

Electric

Power

Co.,

Inc.

5,453

590,778

Edison

International

3,841

205,532

Entergy

Corp.

4,303

357,880

Evergy,

Inc.

2,269

156,788

Exelon

Corp.

10,117

474,487

PG&E

Corp.

22,205

366,827

Total

2,152,292

Gas

Utilities

0.1%

MDU

Resources

Group,

Inc.

2,077

35,600

National

Fuel

Gas

Co.

911

69,947

Total

105,547

Independent

Power

and

Renewable

Electricity

Producers

0.2%

AES

Corp.

(The)

7,318

73,180

Clearway

Energy,

Inc.

Class

A

9,709

Clearway

Energy,

Inc.

Class

C

852

24,998

Total

107,887

Multi-Utilities

1.5%

Ameren

Corp.

2,698

267,749

Dominion

Energy,

Inc.

8,536

464,188

DTE

Energy

Co.

2,095

287,015

Total

1,018,952

Total

Utilities

3,384,678

Total

Common

Stocks

(Cost

$64,661,582)

67,477,655

Exchange-Traded

Equity

Funds

0.9%

Issuer

Shares

Value

($)

Financials 0.9%

Financial

Select

Sector

SPDR

Fund

12,848

626,468

Total

Exchange-Traded

Equity

Funds

(Cost

$610,328)

626,468

Money

Market

Funds

0.6%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.169%

(e) 443,781

443,781

Total

Money

Market

Funds

(Cost

$443,781)

443,781

Total

Investments

in

Securities

(Cost

$65,715,691)

68,547,904

Other

Assets

&

Liabilities,

Net

68,601

Net

Assets

68,616,505

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

—

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

April

30,

2025,

the

value

of

these

securities

amounted

to

$40,

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

April

30,

2025,

the

total

market

value

of

these

securities

amounted

to

$40,

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

April

30,

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

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

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

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

3,051,287

–

–

3,051,287

Consumer

Discretionary

3,949,828

–

–

3,949,828

Consumer

Staples

6,084,169

–

–

6,084,169

Energy

4,351,096

–

–

4,351,096

Financials

15,063,386

–

–

15,063,386

Health

Care

9,907,529

–

9,907,569

Industrials

9,543,940

–

–

9,543,940

Information

Technology

6,123,095

–

–

6,123,095

Materials

2,834,329

–

–

2,834,329

Real

Estate

3,184,278

–

–

3,184,278

Utilities

3,384,678

–

–

3,384,678

Total

Common

Stocks

67,477,615

–

67,477,655

Exchange-Traded

Equity

Funds

626,468

–

–

626,468

Money

Market

Funds

443,781

–

–

443,781

Total

Investments

in

Securities

68,547,864

–

68,547,904

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

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$2,483,284,757

and

$65,715,691,

respectively)

$2,460,348,046

$68,547,904

Receivable

for:

Capital

shares

sold

11,473,421

–

Dividends

1,479,354

78,895

Reclaims

receivable

–

Total

assets

2,473,301,081

68,626,799

Liabilities

Payable

for:

Investments

purchased

11,154,286

–

Investment

management

fees

278,334

10,294

Total

liabilities

11,432,620

10,294

Net

assets

applicable

to

outstanding

capital

stock

$2,461,868,461

$68,616,505

Represented

by:

Paid-in

capital

$2,455,066,960

$65,798,149

Total

distributable

earnings

(loss)

6,801,501

2,818,356

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$2,461,868,461

$68,616,505

Shares

outstanding

75,100,000

2,825,000

Net

asset

value

per

share

$32.78

$24.29

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$14,204,945

$855,476

Foreign

taxes

withheld

(631) (36) Total

income

14,204,314

855,440

Expenses:

Investment

management

fees

1,336,863

61,112

Total

expenses

1,336,863

61,112

Net

Investment

Income

12,867,451

794,328

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(319,253)

165,720

In-kind

transactions

-

unaffiliated

issuers

23,044,097

791,378

Net

realized

gain

22,724,844

957,098

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(122,778,373)

(3,567,571)

Net

change

in

unrealized

depreciation

(122,778,373)

(3,567,571)

Net

realized

and

unrealized

loss

(100,053,529)

(2,610,473)

Net

Decrease

in

net

assets

resulting

from

operations

$(87,186,078)

$(1,816,145)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$12,867,451

$7,708,168

$794,328

$960,401

Net

realized

gain

22,724,844

30,965,538

957,098

1,485,567

Net

change

in

unrealized

appreciation

(depreciation)

(122,778,373)

113,437,315

(3,567,571)

7,617,886

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(87,186,078)

152,111,021

(1,816,145)

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

1,413,576,005

1,027,556,148

9,461,407

43,970,901

Cost

of

shares

redeemed

(102,054,712)

(152,605,178)

(3,931,519)

(6,172,944)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

1,311,521,293

874,950,970

5,529,888

37,797,957

Increase

in

net

assets

1,207,814,273

1,024,172,252

2,570,401

47,377,116

Net

Assets:

Net

assets

beginning

of

period

1,254,054,188

229,881,936

66,046,104

18,668,988

Net

assets

at

end

of

period

$2,461,868,461

$1,254,054,188

$68,616,505

$66,046,104

Capital

stock

activity

Shares

outstanding,

beginning

of

period

36,925,000

9,350,000

2,600,000

950,000

Shares

sold

41,225,000

32,675,000

375,000

1,925,000

Shares

redeemed

(3,050,000)

(5,100,000)

(150,000)

(275,000)

Shares

outstanding,

end

of

period

75,100,000

36,925,000

2,825,000

2,600,000

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Core

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

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.

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$33.96

$24.59

$22.98

$31.23

$21.79

$20.31

Income

(loss)

from

investment

operations:

Net

investment

income

0.24 0.41 0.39 0.39 0.41 0.37 Net

realized

and

unrealized

gain

(loss)

(1.04)

9.24 1.54 (3.08)

9.30 1.22 Total

from

investment

operations

(0.80)

9.65 1.93 (2.69)

9.71 1.59 Less

distributions

to

shareholders:

Net

investment

income

(0.24)

(0.28)

(0.32)

(0.78)

(0.25)

(0.11)

Net

realized

gains

(0.14)

–

–

(4.78)

(0.02)

(0.00)

(a) Total

distribution

to

shareholders

(0.38)

(0.28)

(0.32)

(5.56)

(0.27)

(0.11)

Net

asset

value,

end

of

period

$32.78

$33.96

$24.59

$22.98

$31.23

$21.79

Total

Return

at

NAV

(2.41)%

39.49%

8.53%

(10.57)%

44.90%

7.82%

Total

Return

at

Market

Price

(2.41)%

39.49%

8.37%

(10.32)%

45.27%

7.46%

Ratios

to

average

net

assets:

Total

gross

expenses

(b) 0.15%

0.15%

0.15%

(c) 0.15%

0.15%

0.15%

Total

net

expenses

(b)(d) 0.15%

0.15%

0.15%

(c) 0.15%

0.15%

0.15%

Net

investment

income

1.44%

1.32%

1.57%

1.63%

1.58%

1.73%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$2,461,868

$1,254,054

$229,882

$78,699

$28,107

$72,448

Portfolio

turnover

19%

49%

45%

65%

49%

41%

(a) Rounds

to

zero.

(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.

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Value

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

period

$25.40

$19.65

$19.74

$20.96

$18.46

$20.24

Income

(loss)

from

investment

operations:

Net

investment

income

0.31 0.53 0.49 0.47 0.43 0.56 Net

realized

and

unrealized

gain

(loss)

(0.95)

5.76 (0.10)

(1.44)

6.74 (2.19)

Total

from

investment

operations

(0.64)

6.29 0.39 (0.97)

7.17 (1.63)

Less

distributions

to

shareholders:

Net

investment

income

(0.47)

(0.54)

(0.48)

(0.12)

(4.16)

(0.15)

Net

realized

gains

–

–

–

(0.13)

(0.51)

(0.00)

(a) Total

distribution

to

shareholders

(0.47)

(0.54)

(0.48)

(0.25)

(4.67)

(0.15)

Net

asset

value,

end

of

period

$24.29

$25.40

$19.65

$19.74

$20.96

$18.46

Total

Return

at

NAV

(2.55)%

32.50%

2.02%

(4.66)%

45.48%

(8.16)%

Total

Return

at

Market

Price

(2.58)%

33.21%

1.55%

(4.46)%

45.90%

(8.50)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b) 0.19%

0.19%

(c) 0.19%

(c) 0.19%

0.19%

0.19%

Total

net

expenses

(b)(d) 0.19%

0.19%

(c) 0.19%

(c) 0.19%

0.19%

0.19%

Net

investment

income

2.47%

2.26%

2.43%

2.30%

2.14%

2.93%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$68,617

$66,046

$18,669

$17,276

$11,003

$462

Portfolio

turnover

27%

62%

76%

99%

84%

95%

(a) Rounds

to

zero.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

April

30,

2025

(Unaudited)

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)

April

30,

2025

(Unaudited)

Indexed

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.

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)

April

30,

2025

(Unaudited)

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)

April

30,

2025

(Unaudited)

Indexed

ETFs

\|

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

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

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Fund

Effective

investment

management

fee

rate

(%)

Columbia

Research

Enhanced

Core

ETF

0.15 Columbia

Research

Enhanced

Value

ETF

0.19 NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

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,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds'

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

six

months

ended

April

30,

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

six

months

ended

April

30,

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

six

months

ended

April

30,

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

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Funds

and

certain

other

funds

managed

by

the

Investment

Manager

or

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

2,483,284,757

87,825,381

(110,762,092)

(22,936,711)

Columbia

Research

Enhanced

Value

ETF

65,715,691

6,693,518

(3,861,305)

2,832,213

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Columbia

Research

Enhanced

Core

ETF

-

-

-

Columbia

Research

Enhanced

Value

ETF

589,198

777,123

1,366,321

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

Research

Enhanced

Core

ETF

369,781,997

344,694,945

Columbia

Research

Enhanced

Value

ETF

17,959,775

18,077,803

Fund

Contributions

($)

Columbia

Research

Enhanced

Core

ETF

1,370,401,551

Columbia

Research

Enhanced

Value

ETF

8,845,504

Fund

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

Research

Enhanced

Core

ETF

75,845,686

98,889,783

23,044,097

Columbia

Research

Enhanced

Value

ETF

2,865,423

3,656,801

791,378

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETFs

\|

2025

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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.

No

Fund

had

borrowings

during

the

six

months

ended

April

30,

2025. Note

8. Significant

risks

Financial

sector

risk

Columbia

Research

Enhanced

Value

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

financials

sector.

Companies

in

the

financials

sector

are

subject

to

certain

risks,

including

the

risk

of

regulatory

change,

decreased

liquidity

in

credit

markets

and

unstable

interest

rates.

Such

companies

may

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Information

technology

sector

risk

Columbia

Research

Enhanced

Core

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector.

Companies

in

the

information

technology

sector

are

subject

to

certain

risks,

including

the

risk

that

new

services,

equipment

or

technologies

will

not

be

accepted

by

consumers

and

businesses

or

will

become

rapidly

obsolete.

Performance

of

such

companies

may

be

affected

by

factors

including

obtaining

and

protecting

patents

(or

the

failure

to

do

so)

and

significant

competitive

pressures,

including

aggressive

pricing

of

their

products

or

services,

new

market

entrants,

competition

for

market

share

and

short

product

cycles

due

to

an

accelerated

rate

of

technological

developments.

Such

competitive

pressures

may

lead

to

limited

earnings

and/or

falling

profit

margins.

As

a

result,

the

value

of

their

securities

may

fall

or

fail

to

rise.

In

addition,

many

information

technology

sector

companies

have

limited

operating

histories

and

prices

of

these

companies'

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Some

companies

in

the

information

technology

sector

are

facing

increased

government

and

regulatory

scrutiny

and

may

be

subject

to

adverse

government

or

regulatory

action,

which

could

negatively

impact

the

value

of

their

securities.

Market

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds'

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETFs

\|

2025

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds'

net

asset

value.

The

large-scale

invasion

of

Ukraine

by

Russia

in

February

2022

has

resulted

in

sanctions

and

market

disruptions,

including

declines

in

regional

and

global

stock

markets,

unusual

volatility

in

global

commodity

markets

and

significant

devaluations

of

Russian

currency.

The

extent

and

duration

of

the

military

action

are

impossible

to

predict

but

could

continue

to

be

significant.

Market

disruption

caused

by

the

Russian

military

action,

and

any

countermeasures

or

responses

thereto

(including

international

sanctions,

a

downgrade

in

a

country's

credit

rating,

purchasing

and

financing

restrictions,

boycotts,

tariffs,

changes

in

consumer

or

purchaser

preferences,

cyberattacks

and

espionage)

could

continue

to

have

severe

adverse

impacts

on

regional

and/or

global

securities

and

commodities

markets,

including

markets

for

oil

and

natural

gas.

These

impacts

may

include

reduced

market

liquidity,

distress

in

credit

markets,

further

disruption

of

global

supply

chains,

increased

risk

of

inflation,

restricted

cross-border

payments

and

limited

access

to

investments

and/

or

assets

in

certain

international

markets

and/or

issuers.

These

developments

and

other

related

events

could

negatively

impact

Fund

performance.

Passive

investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

index's

investment

exposure.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

index

regardless

of

their

investment

merits.

The

Funds

do

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

a

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

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.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR305_10_R01_(06/25)

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

PORTFOLIO

OF

INVESTMENTS

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

(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

Asset-Backed

Securities

-

Non-Agency

&nbsp;&nbsp;&nbsp;&nbsp;10.1%

Issue

Description

Principal

Amount

($)

Value

($)

American

Airlines

Pass

Through

Trust

Series

A,

3.700%,

10/01/26

92,123

88,994

BMW

Vehicle

Owner

Trust

2023-A

Class

A4,

Series

2023-A,

5.250%,

11/26/29

125,000

127,044

Bridgecrest

Lending

Auto

Securitization

Trust

2024-1

Class

D,

Series

2024-1,

6.030%,

11/15/29

200,000

203,040

Capital

One

Prime

Auto

Receivables

Trust

Class

A4,

Series

2023-1,

4.760%,

08/15/28

100,000

101,005

Carmax

Auto

Owner

Trust

Class

C,

Series

2022-1,

2.200%,

11/15/27

100,000

97,718

Class

C,

Series

2024-1,

5.470%,

08/15/29

200,000

202,770

Carvana

Auto

Receivables

Trust

Class

C,

Series

2022-P1,

3.300%,

04/10/28

300,000

292,189

Exeter

Automobile

Receivables

Trust

2024-4

Class

D,

Series

2024-4A,

5.810%,

12/16/30

100,000

100,993

Ford

Credit

Auto

Lease

Trust

Class

C,

Series

2023-B,

6.430%,

04/15/27

100,000

101,078

Ford

Credit

Auto

Lease

Trust

2025-A

Class

A3,

Series

2025-A,

4.720%,

06/15/28

200,000

201,381

Ford

Credit

Auto

Owner

Trust

Class

A4,

Series

2023-A,

4.560%,

12/15/28

150,000

150,763

Ford

Credit

Auto

Owner

Trust

2023-B

Class

A4,

Series

2023-B,

5.060%,

02/15/29

150,000

152,264

Ford

Credit

Floorplan

Master

Owner

Trust

A

Class

A,

Series

2018-4,

4.060%,

11/15/30

100,000

99,010

Gm

Financial

Automobile

Leasing

Trust

2024-2

Class

A3,

Series

2024-2,

5.390%,

07/20/27

125,000

126,240

GM

Financial

Consumer

Automobile

Receivables

Trust

Class

A4,

Series

2022-2,

3.250%,

04/17/28

150,000

148,391

Class

A4,

Series

2022-3,

3.710%,

12/16/27

150,000

148,797

Gm

Financial

Consumer

Automobile

Receivables

Trust

2024-3

Class

A4,

Series

2024-3,

5.090%,

11/16/29

100,000

101,073

Harley-Davidson

Motorcycle

Trust

2024-A

Class

A3,

Series

2024-A,

5.370%,

03/15/29

150,000

152,120

Honda

Auto

Receivables

2024-4

Owner

Trust

Class

A3,

Series

2024-4,

4.330%,

05/15/29

150,000

150,557

Honda

Auto

Receivables

Owner

Trust

Class

A4,

Series

2023-4,

5.660%,

02/21/30

250,000

255,618

Asset-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hyundai

Auto

Receivables

Trust

2024-B

Class

A3,

Series

2024-B,

4.840%,

03/15/29

125,000

126,377

Class

B,

Series

2024-B,

5.040%,

09/16/30

100,000

101,760

Mercedes-Benz

Auto

Lease

Trust

2024-A

Class

A4,

Series

2024-A,

5.320%,

02/15/30

225,000

229,084

Mercedes-Benz

Auto

Receivables

Trust

2024-1

Class

A3,

Series

2024-1,

4.800%,

04/16/29

100,000

100,428

Mercedes-Benz

Auto

Receivables

Trust

2025-1

Class

A4,

Series

2025-1,

4.920%,

04/15/31

150,000

153,431

Nissan

Auto

Receivables

2024-A

Owner

Trust

Class

A4,

Series

2024-A,

5.180%,

04/15/31

175,000

178,918

Santander

Drive

Auto

Receivables

Trust

Class

C,

Series

2023-6,

6.400%,

03/17/31

125,000

129,169

Class

C,

Series

2023-1,

5.090%,

05/15/30

100,000

100,319

Santander

Drive

Auto

Receivables

Trust

2023-5

Class

B,

Series

2023-5,

6.160%,

12/17/29

225,000

229,694

Class

C,

Series

2023-5,

6.430%,

02/18/31

225,000

233,774

Santander

Drive

Auto

Receivables

Trust

2023-6

Class

B,

Series

2023-6,

5.980%,

04/16/29

100,000

101,799

Toyota

Auto

Receivables

Owner

Trust

Class

A4,

Series

2022-C,

3.770%,

02/15/28

150,000

149,086

Volkswagen

Auto

Loan

Enhanced

Trust

Class

A4,

Series

2023-2,

5.570%,

04/22/30

100,000

102,782

Volkswagen

Auto

Loan

Enhanced

Trust

2024-1

Class

A3,

Series

2024-1,

4.630%,

07/20/29

125,000

126,074

World

Omni

Auto

Receivables

Trust

Class

A4,

Series

2022-A,

1.900%,

03/15/28

150,000

146,925

World

Omni

Auto

Receivables

Trust

2024-B

Class

A4,

Series

2024-B,

5.230%,

07/15/30

100,000

101,705

World

Omni

Select

Auto

Trust

Class

B,

Series

2023-A,

5.870%,

08/15/28

135,000

136,340

Total

Asset-Backed

Securities

-

Non-

Agency

(Cost

$5,431,094)

5,448,710

Commercial

Mortgage-Backed

Securities

-

Non-Agency

&nbsp;&nbsp;&nbsp;&nbsp;10.0%

Principal

Amount

($)

Value

($)

Bank

Class

A2,

Series

2019-BN18,

3.474%,

05/15/62

125,000

124,732

Class

A2,

Series

2019-BN16,

3.933%,

02/15/52

56,261

55,598

Class

AS,

Subordinated

Series

2017-BNK9,

3.829%,

11/15/54

(a) 100,000

96,020

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

A3,

Series

2018-BN12,

3.990%,

05/15/61

100,000

98,404

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Class

A3,

Series

2017-BNK3,

3.311%,

02/15/50

98,956

96,947

BANK5

2024-5YR10

Class

A3,

Series

2024-5YR10,

5.302%,

10/15/57

100,000

102,374

BANK5

2024-5YR12

Class

A3,

Series

2024-5YR12,

5.902%,

12/15/57

(a) 225,000

235,786

Bank5

2024-5yr8

Class

A3,

Series

2024-5YR8,

5.884%,

08/15/57

200,000

208,900

Barclays

Commercial

Mortgage

Trust

Class

A4,

Series

2019-C5,

3.063%,

11/15/52

100,000

93,960

BBCMS

Mortgage

Trust

Class

A3,

Series

2023-5C23,

6.675%,

12/15/56

(a) 125,000

132,666

Class

A2B,

Series

2023-C19,

5.753%,

04/15/56

175,000

178,104

BBCMS

Mortgage

Trust

2020-C6

Class

A4,

Series

2020-C6,

2.639%,

02/15/53

225,000

205,195

BBCMS

Mortgage

Trust

2024-5c29

Class

A2,

Series

2024-5C29,

4.738%,

09/15/57

225,000

226,017

BBCMS

Mortgage

Trust

2024-C30

Class

A2,

Series

2024-C30,

6.128%,

11/15/57

100,000

104,032

Benchmark

2024-V7

Mortgage

Trust

Class

A3,

Series

2024-V7,

6.228%,

05/15/56

200,000

210,456

Benchmark

2024-V8

Mortgage

Trust

Class

A3,

Series

2024-V8,

6.189%,

07/15/57

200,000

210,457

Cantor

Commercial

Real

Estate

Lending

Class

A4,

Series

2019-CF2,

2.624%,

11/15/52

193,671

179,976

Class

A5,

Series

2019-CF1,

3.786%,

05/15/52

100,000

95,936

CD

Mortgage

Trust

Class

ASB,

Series

2017-CD6,

3.332%,

11/13/50

48,691

47,986

Class

A3,

Series

2017-CD4,

3.248%,

05/10/50

138,285

134,666

CFCRE

Commercial

Mortgage

Trust

Class

AM,

Subordinated

Series

2016-C6,

3.502%,

11/10/49

(a) 50,000

48,300

CGMS

Commercial

Mortgage

Trust

Class

A3,

Series

2017-B1,

3.197%,

08/15/50

95,869

93,017

Class

A4,

Series

2017-B1,

3.458%,

08/15/50

125,000

121,657

Citigroup

Commercial

Mortgage

Trust

Class

A3,

Series

2018-C5,

3.963%,

06/10/51

170,270

167,197

Class

AS,

Subordinated

Series

2016-P6,

4.032%,

12/10/49

(a) 100,000

94,198

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

B,

Subordinated

Series

2015-P1,

4.466%,

09/15/48

(a) 100,000

98,542

Class

B,

Series

2017-P7,

4.137%,

04/14/50

(a) 150,000

139,145

Class

A2,

Series

2020-GC46,

2.708%,

02/15/53

34,487

33,817

COMM

Mortgage

Trust

Class

D,

Series

2015-CR26,

3.636%,

10/10/48

(a) 56,000

45,047

Class

A3,

Series

2017-COR2,

3.510%,

09/10/50

100,000

96,948

Class

C,

Series

2013-CR13,

5.109%,

11/10/46

(a) 19,817

18,528

GS

Mortgage

Securities

Trust

Class

C,

Subordinated

Series

2016-GS3,

4.102%,

10/10/49

(a) 75,000

69,660

JPMBB

Commercial

Mortgage

Securities

Trust

Class

AS,

Series

2016-C2,

3.484%,

06/15/49

100,000

93,407

Class

B,

Series

2017-C5,

4.009%,

03/15/50

(a) 150,000

120,788

JPMCC

Commercial

Mortgage

Securities

Trust

Class

A3,

Series

2019-COR4,

3.763%,

03/10/52

100,000

96,638

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Class

C,

Subordinated

Series

2016-C31,

4.396%,

11/15/49

(a) 50,000

43,437

Class

ASB,

Series

2017-C34,

3.354%,

11/15/52

43,988

43,360

Morgan

Stanley

Capital

I

Class

A3,

Series

2017-HR2,

3.330%,

12/15/50

123,798

120,633

Morgan

Stanley

Capital

I

Trust

Class

A4,

Series

2016-UB12,

3.596%,

12/15/49

150,000

146,146

Morgan

Stanley

Capital

I

Trust

2019-H7

Class

A4,

Series

2019-H7,

3.261%,

07/15/52

200,000

188,866

SG

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-C5,

3.055%,

10/10/48

150,000

146,344

Wells

Fargo

Commercial

Mortgage

Trust

Class

C,

Series

2017-C39,

4.118%,

09/15/50

100,000

92,029

Class

A4,

Series

2017-C41,

3.472%,

11/15/50

100,000

97,269

Class

ASB,

Series

2021-C61,

2.525%,

11/15/54

100,000

92,640

Wells

Fargo

Commercial

Mortgage

Trust

2019-C54

Class

A4,

Series

2019-C54,

3.146%,

12/15/52

250,000

234,590

Total

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(Cost

$5,406,997)

5,380,415

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

&nbsp;&nbsp;&nbsp;&nbsp;49.4%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.5%

AAR

Escrow

Issuer

LLC

6.750%,

03/15/29

(b) 50,000

51,152

Boeing

Co.

(The)

5.150%,

05/01/30

300,000

302,849

Howmet

Aerospace,

Inc.

5.900%,

02/01/27

50,000

51,253

Huntington

Ingalls

Industries,

Inc.

2.043%,

08/16/28

85,000

78,175

L3Harris

Technologies,

Inc.

4.400%,

06/15/28

40,000

39,867

Northrop

Grumman

Corp.

3.250%,

01/15/28

60,000

58,393

TransDigm,

Inc.

6.375%,

03/01/29

(b) 200,000

203,908

Total

785,597

Airlines

0.9%

American

Airlines

Pass

Through

Trust

Class

A,

Series

2015-1,

3.375%,

05/01/27

44,598

43,035

Class

AA,

Series

AA,

3.575%,

01/15/28

29,784

28,608

American

Airlines,

Inc.

7.250%,

02/15/28

(b) 220,000

217,231

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(b) 40,000

39,752

Delta

Air

Lines,

Inc.

4.375%,

04/19/28

50,000

49,110

Southwest

Airlines

Co.

2.625%,

02/10/30

60,000

53,651

United

Airlines

Pass

Through

Trust

Class

A,

Series

2013-1,

4.300%,

08/15/25

40,669

40,522

United

Airlines,

Inc.

4.625%,

04/15/29

(b) 33,000

31,001

Total

502,910

Apartment

REIT

0.1%

Essex

Portfolio

LP

3.000%,

01/15/30

60,000

55,471

Automotive

1.0%

Benteler

International

AG

10.500%,

05/15/28

(b) 50,000

51,021

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.750%,

05/15/28

(b) 60,000

61,008

Ford

Motor

Credit

Co.

LLC

4.000%,

11/13/30

120,000

106,799

General

Motors

Financial

Co.,

Inc.

5.550%,

07/15/29

50,000

50,432

Jaguar

Land

Rover

Automotive

PLC

5.875%,

01/15/28

(b) 80,000

78,880

Nissan

Motor

Acceptance

Co.

LLC

2.750%,

03/09/28

(b) 125,000

114,126

7.050%,

09/15/28

(b) 75,000

76,690

Total

538,956

Banking

2.6%

Ally

Financial,

Inc.

2.200%,

11/02/28

100,000

90,675

Bank

of

Montreal

3.088%,

(H15T5Y

+

1.400%),

01/10/37

(c) 40,000

33,832

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Capital

One

Financial

Corp.

Series

.,

7.624%,

(SOFRRATE

+

3.070%),

10/30/31

(c) 60,000

66,850

Citigroup,

Inc.

5.592%,

11/19/34

350,000

351,582

Comerica,

Inc.

4.000%,

02/01/29

90,000

86,218

Deutsche

Bank

AG/New

York

NY

6.819%,

(SOFRRATE

+

2.510%),

11/20/29

(c) 150,000

159,335

Discover

Financial

Services

4.100%,

02/09/27

100,000

99,111

Fifth

Third

Bancorp

5.631%,

(SOFRRATE

+

1.840%),

01/29/32

(c) 60,000

61,398

Goldman

Sachs

Group,

Inc.

(The)

5.950%,

01/15/27

80,000

82,185

KeyCorp

Series

MTN,

2.550%,

10/01/29

60,000

54,466

Morgan

Stanley

3.950%,

04/23/27

100,000

99,161

Regions

Financial

Corp.

1.800%,

08/12/28

40,000

36,488

Synchrony

Financial

3.950%,

12/01/27

85,000

82,668

Synovus

Financial

Corp.

6.168%,

(SOFRRATE

+

2.347%),

11/01/30

(c) 15,000

15,114

Webster

Financial

Corp.

4.100%,

03/25/29

85,000

82,137

Total

1,401,220

Brokerage

0.3%

Nomura

Holdings,

Inc.

3.103%,

01/16/30

200,000

184,954

Brokerage/Asset

Managers/Exchanges

0.1%

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

50,000

46,463

Building

Materials

0.5%

Martin

Marietta

Materials,

Inc.

3.500%,

12/15/27

40,000

39,030

Masco

Corp.

2.000%,

02/15/31

30,000

25,435

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(b) 60,000

58,589

Standard

Industries,

Inc.

4.750%,

01/15/28

(b) 60,000

58,746

5.000%,

02/15/27

(b) 50,000

49,641

Vulcan

Materials

Co.

4.950%,

12/01/29

50,000

50,474

Total

281,915

Cable

and

Satellite

1.4%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%,

05/01/27

(b) 190,000

187,325

6.375%,

09/01/29

(b) 116,000

117,047

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.800%,

04/01/31

87,000

75,445

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(b) 150,000

145,022

Sirius

XM

Radio

LLC

4.000%,

07/15/28

(b) 100,000

94,194

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%,

08/01/27

(b) 90,000

88,996

Viasat,

Inc.

5.625%,

04/15/27

(b) 20,000

19,570

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(b) 50,000

48,159

Total

775,758

Chemicals

1.0%

Axalta

Coating

Systems

LLC

3.375%,

02/15/29

(b) 60,000

55,643

Celanese

US

Holdings

LLC

6.415%,

07/15/27

32,000

32,250

6.600%,

11/15/28

85,000

85,864

Dow

Chemical

Co.

(The)

2.100%,

11/15/30

60,000

52,060

DuPont

de

Nemours,

Inc.

4.725%,

11/15/28

100,000

101,012

Ingevity

Corp.

3.875%,

11/01/28

(b) 50,000

46,278

Nutrien

Ltd.

4.200%,

04/01/29

60,000

59,274

Olin

Corp.

5.000%,

02/01/30

50,000

46,971

Sherwin-Williams

Co.

(The)

3.450%,

06/01/27

40,000

39,285

Total

518,637

Construction

Machinery

0.5%

CNH

Industrial

Capital

LLC

5.100%,

04/20/29

50,000

50,658

Herc

Holdings,

Inc.

6.625%,

06/15/29

(b) 60,000

59,269

Oshkosh

Corp.

4.600%,

05/15/28

50,000

49,874

United

Rentals

North

America,

Inc.

3.875%,

11/15/27

100,000

96,567

Total

256,368

Consumer

Cyclical

Services

0.7%

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(b) 50,000

47,177

Brink's

Co.

(The)

4.625%,

10/15/27

(b) 20,000

19,691

eBay,

Inc.

1.400%,

05/10/26

40,000

38,753

Expedia

Group,

Inc.

3.250%,

02/15/30

90,000

84,014

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

5.250%,

12/01/27

(b) 50,000

49,568

Match

Group

Holdings

II

LLC

4.625%,

06/01/28

(b) 50,000

48,116

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(b) 40,000

38,231

Service

Corp.

International

5.125%,

06/01/29

40,000

39,619

Total

365,169

Consumer

Products

0.5%

Clorox

Co.

(The)

3.100%,

10/01/27

40,000

38,988

Edgewell

Personal

Care

Co.

4.125%,

04/01/29

(b) 50,000

46,818

Haleon

US

Capital

LLC

3.375%,

03/24/29

60,000

57,714

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hasbro,

Inc.

3.900%,

11/19/29

30,000

28,534

Newell

Brands,

Inc.

6.625%,

09/15/29

50,000

47,150

Somnigroup

International,

Inc.

4.000%,

04/15/29

(b) 50,000

46,425

Whirlpool

Corp.

2.400%,

05/15/31

18,000

14,612

Total

280,241

Diversified

Manufacturing

0.9%

Carrier

Global

Corp.

2.493%,

02/15/27

90,000

87,341

Ingersoll

Rand,

Inc.

5.314%,

06/15/31

50,000

51,244

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA

1.750%,

09/15/30

60,000

51,813

Otis

Worldwide

Corp.

2.565%,

02/15/30

60,000

54,815

Regal

Rexnord

Corp.

6.300%,

02/15/30

31,000

32,006

RTX

Corp.

4.125%,

11/16/28

60,000

59,520

Trane

Technologies

Global

Holding

Co.

Ltd.

3.750%,

08/21/28

40,000

39,312

WESCO

Distribution,

Inc.

6.375%,

03/15/29

(b) 75,000

76,094

Westinghouse

Air

Brake

Technologies

Corp.

4.700%,

09/15/28

60,000

60,199

Total

512,344

Electric

3.3%

American

Electric

Power

Co.,

Inc.

Subordinated

3.875%,

(US

Year

CMT

T-Note

+

2.675%),

02/15/62

(c) 35,000

32,976

Black

Hills

Corp.

3.050%,

10/15/29

100,000

92,944

Calpine

Corp.

4.500%,

02/15/28

(b) 50,000

48,893

Clearway

Energy

Operating

LLC

4.750%,

03/15/28

(b) 70,000

68,333

Dominion

Energy,

Inc.

Series

C,

3.375%,

04/01/30

83,000

78,049

DTE

Energy

Co.

Series

C,

3.400%,

06/15/29

60,000

57,162

Duke

Energy

Corp.

4.300%,

03/15/28

60,000

59,977

Edison

International

6.950%,

11/15/29

60,000

62,511

Emera

US

Finance

LP

3.550%,

06/15/26

80,000

78,735

Enel

Americas

SA

4.000%,

10/25/26

85,000

84,010

Eversource

Energy

Series

R,

1.650%,

08/15/30

100,000

85,461

FirstEnergy

Corp.

Series

B,

2.250%,

09/01/30

60,000

52,473

2.650%,

03/01/30

50,000

45,382

Series

B,

3.900%,

07/15/27

30,000

29,661

IPALCO

Enterprises,

Inc.

4.250%,

05/01/30

10,000

9,536

NextEra

Energy

Capital

Holdings,

Inc.

3.550%,

05/01/27

40,000

39,381

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

NRG

Energy,

Inc.

5.750%,

01/15/28

50,000

50,151

5.750%,

07/15/29

(b) 50,000

49,798

Pacific

Gas

and

Electric

Co.

2.100%,

08/01/27

85,000

80,069

3.750%,

07/01/28

80,000

77,488

PG&E

Corp.

5.000%,

07/01/28

50,000

48,798

PPL

Capital

Funding,

Inc.

4.125%,

04/15/30

50,000

49,035

Public

Service

Enterprise

Group,

Inc.

5.850%,

11/15/27

60,000

62,086

Puget

Energy,

Inc.

2.379%,

06/15/28

50,000

46,919

Southern

Co.

(The)

5.500%,

03/15/29

60,000

62,275

TerraForm

Power

Operating

LLC

4.750%,

01/15/30

(b) 50,000

47,051

Vistra

Operations

Co.

LLC

5.500%,

09/01/26

(b) 205,000

204,324

XPLR

Infrastructure

Operating

Partners

LP

4.500%,

09/15/27

(b) 50,000

47,294

7.250%,

01/15/29

(b) 35,000

34,693

Total

1,785,465

Environmental

0.2%

GFL

Environmental,

Inc.

4.750%,

06/15/29

(b) 50,000

48,443

Republic

Services,

Inc.

1.450%,

02/15/31

60,000

50,479

Total

98,922

Finance

Companies

2.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

150,000

132,522

Apollo

Debt

Solutions

BDC

6.900%,

04/13/29

50,000

51,423

Ares

Capital

Corp.

2.150%,

07/15/26

40,000

38,544

Barings

BDC,

Inc.

7.000%,

02/15/29

50,000

51,233

Blackstone

Private

Credit

Fund

4.000%,

01/15/29

60,000

56,688

Blackstone

Secured

Lending

Fund

2.850%,

09/30/28

50,000

45,808

Blue

Owl

Capital

Corp.

2.875%,

06/11/28

25,000

22,827

Blue

Owl

Credit

Income

Corp.

7.950%,

06/13/28

50,000

52,689

Equitable

Holdings,

Inc.

4.350%,

04/20/28

120,000

119,479

FirstCash,

Inc.

5.625%,

01/01/30

(b) 50,000

49,131

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.500%,

05/01/28

(b) 60,000

58,895

FS

KKR

Capital

Corp.

3.125%,

10/12/28

50,000

45,153

GGAM

Finance

Ltd.

8.000%,

06/15/28

(b) 50,000

52,321

Global

Aircraft

Leasing

Co.

Ltd.

8.750%,

09/01/27

(b) 50,000

49,863

Golub

Capital

BDC,

Inc.

6.000%,

07/15/29

60,000

60,152

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Morgan

Stanley

Direct

Lending

Fund

6.150%,

05/17/29

50,000

50,930

Navient

Corp.

5.500%,

03/15/29

100,000

94,731

Nuveen

Churchill

Direct

Lending

Corp.

6.650%,

03/15/30

5,000

5,076

Oaktree

Strategic

Credit

Fund

8.400%,

11/14/28

50,000

53,791

OneMain

Finance

Corp.

3.500%,

01/15/27

115,000

110,093

3.875%,

09/15/28

60,000

55,521

6.625%,

05/15/29

50,000

50,198

Pennymac

Financial

Services,

Inc.

7.875%,

12/15/29

(b) 50,000

52,127

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

2.875%,

10/15/26

(b) 50,000

48,269

Sixth

Street

Lending

Partners

6.125%,

07/15/30

(b) 50,000

50,183

SLM

Corp.

3.125%,

11/02/26

35,000

33,886

Total

1,491,533

Food

and

Beverage

1.5%

Bunge

Ltd.

Finance

Corp.

3.250%,

08/15/26

40,000

39,361

Conagra

Brands,

Inc.

4.850%,

11/01/28

60,000

60,360

Constellation

Brands,

Inc.

4.350%,

05/09/27

85,000

84,820

General

Mills,

Inc.

2.875%,

04/15/30

60,000

55,383

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

5.500%,

01/15/30

60,000

60,984

Kellanova

Series

B,

7.450%,

04/01/31

50,000

56,724

Keurig

Dr

Pepper,

Inc.

3.200%,

05/01/30

75,000

70,211

Lamb

Weston

Holdings,

Inc.

4.875%,

05/15/28

(b) 50,000

49,354

McCormick

&

Co.,

Inc.

1.850%,

02/15/31

50,000

42,533

Mondelez

International,

Inc.

2.750%,

04/13/30

60,000

55,250

Sysco

Corp.

3.300%,

07/15/26

100,000

98,620

The

Campbell's

Company

2.375%,

04/24/30

60,000

53,830

Tyson

Foods,

Inc.

4.350%,

03/01/29

60,000

59,487

Total

786,917

Gaming

0.9%

Caesars

Entertainment,

Inc.

7.000%,

02/15/30

(b) 50,000

51,233

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.300%,

01/15/29

40,000

39,972

Las

Vegas

Sands

Corp.

6.000%,

08/15/29

50,000

50,422

Melco

Resorts

Finance

Ltd.

Series

REGS,

5.250%,

04/26/26

85,000

83,738

MGM

Resorts

International

6.125%,

09/15/29

50,000

49,809

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

VICI

Properties

LP

5.125%,

11/15/31

25,000

24,761

Wynn

Macau

Ltd.

5.125%,

12/15/29

(b) 200,000

183,623

Total

483,558

Health

Care

3.4%

AMN

Healthcare,

Inc.

4.625%,

10/01/27

(b) 50,000

47,855

Avantor

Funding,

Inc.

3.875%,

11/01/29

(b) 40,000

36,938

4.625%,

07/15/28

(b) 40,000

38,580

Baxter

International,

Inc.

1.915%,

02/01/27

85,000

81,325

Becton

Dickinson

&

Co.

4.693%,

02/13/28

30,000

30,205

Cardinal

Health,

Inc.

3.410%,

06/15/27

30,000

29,478

Cencora,

Inc.

3.450%,

12/15/27

40,000

39,128

Cigna

Group

(The)

3.400%,

03/01/27

50,000

49,182

4.375%,

10/15/28

50,000

49,893

CVS

Health

Corp.

4.300%,

03/25/28

330,000

327,651

7.000%,

03/10/55

50,000

50,587

Encompass

Health

Corp.

4.750%,

02/01/30

50,000

48,640

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/27

100,000

102,846

HCA,

Inc.

3.500%,

09/01/30

20,000

18,676

5.450%,

04/01/31

94,000

95,846

IQVIA,

Inc.

5.000%,

05/15/27

(b) 70,000

69,445

6.250%,

02/01/29

25,000

26,015

Laboratory

Corp.

of

America

Holdings

1.550%,

06/01/26

40,000

38,778

Medline

Borrower

LP

3.875%,

04/01/29

(b) 255,000

237,870

Revvity,

Inc.

3.300%,

09/15/29

30,000

28,261

Solventum

Corp.

5.450%,

03/13/31

50,000

51,071

Stryker

Corp.

1.950%,

06/15/30

50,000

44,209

Teleflex,

Inc.

4.625%,

11/15/27

50,000

48,950

Tenet

Healthcare

Corp.

4.250%,

06/01/29

14,000

13,345

4.375%,

01/15/30

100,000

94,820

5.125%,

11/01/27

100,000

99,194

Universal

Health

Services,

Inc.

2.650%,

01/15/32

30,000

24,805

Zimmer

Biomet

Holdings,

Inc.

5.050%,

02/19/30

5,000

5,077

Total

1,828,670

Healthcare

Insurance

0.5%

Centene

Corp.

3.375%,

02/15/30

80,000

72,972

4.625%,

12/15/29

60,000

57,858

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Elevance

Health,

Inc.

4.101%,

03/01/28

40,000

39,751

Humana,

Inc.

1.350%,

02/03/27

85,000

80,387

Total

250,968

Healthcare

REIT

0.3%

Healthcare

Realty

Holdings

LP

3.625%,

01/15/28

60,000

58,144

Omega

Healthcare

Investors,

Inc.

4.750%,

01/15/28

85,000

85,093

Ventas

Realty

LP

2.500%,

09/01/31

25,000

21,839

Total

165,076

Home

Construction

0.3%

Century

Communities,

Inc.

3.875%,

08/15/29

(b) 50,000

44,733

Mattamy

Group

Corp.

4.625%,

03/01/30

(b) 50,000

45,815

MDC

Holdings,

Inc.

3.850%,

01/15/30

60,000

57,254

Total

147,802

Independent

Energy

1.4%

APA

Corp.

4.250%,

01/15/30

(b) 6,000

5,605

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

8.250%,

12/31/28

(b) 15,000

15,152

California

Resources

Corp.

8.250%,

06/15/29

(b) 60,000

57,212

Canadian

Natural

Resources

Ltd.

3.850%,

06/01/27

44,000

43,419

Civitas

Resources,

Inc.

8.375%,

07/01/28

(b) 50,000

49,122

Coterra

Energy,

Inc.

4.375%,

03/15/29

85,000

83,616

Crescent

Energy

Finance

LLC

9.250%,

02/15/28

(b) 50,000

50,536

Devon

Energy

Corp.

4.500%,

01/15/30

50,000

48,854

Diamondback

Energy,

Inc.

3.125%,

03/24/31

60,000

54,256

EQT

Corp.

6.500%,

07/01/27

(b) 75,000

76,246

7.000%,

02/01/30

19,000

20,268

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

5.750%,

02/01/29

(b) 65,000

60,777

Matador

Resources

Co.

6.875%,

04/15/28

(b) 60,000

59,663

Occidental

Petroleum

Corp.

7.500%,

05/01/31

60,000

64,337

Permian

Resources

Operating

LLC

8.000%,

04/15/27

(b) 50,000

50,851

Total

739,914

Leisure

0.8%

Carnival

Corp.

6.000%,

05/01/29

(b) 200,000

198,777

Live

Nation

Entertainment,

Inc.

3.750%,

01/15/28

(b) 60,000

57,550

NCL

Corp.

Ltd.

8.125%,

01/15/29

(b) 50,000

52,274

Royal

Caribbean

Cruises

Ltd.

5.375%,

07/15/27

(b) 50,000

49,932

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.500%,

04/01/28

(b) 100,000

99,889

Total

458,422

Life

Insurance

0.6%

CNO

Financial

Group,

Inc.

5.250%,

05/30/29

85,000

85,074

Corebridge

Financial,

Inc.

3.850%,

04/05/29

50,000

48,463

Global

Atlantic

Fin

Co.

4.700%,

10/15/51

(b) 50,000

47,574

Lincoln

National

Corp.

3.050%,

01/15/30

50,000

46,426

3.800%,

03/01/28

40,000

39,184

Sagicor

Financial

Co.

Ltd.

5.300%,

05/13/28

(b) 50,000

49,004

Total

315,725

Lodging

0.5%

Hilton

Domestic

Operating

Co.,

Inc.

3.750%,

05/01/29

(b) 69,000

65,058

5.375%,

05/01/25

(b) 53,000

53,000

Hyatt

Hotels

Corp.

4.375%,

09/15/28

85,000

83,683

Marriott

International,

Inc.

Series

HH,

2.850%,

04/15/31

60,000

53,699

Travel

+

Leisure

Co.

4.500%,

12/01/29

(b) 25,000

23,464

6.625%,

07/31/26

(b) 15,000

15,099

Total

294,003

Media

and

Entertainment

1.3%

AMC

Networks,

Inc.

10.250%,

01/15/29

(b) 30,000

31,019

Interpublic

Group

of

Cos.,

Inc.

(The)

4.650%,

10/01/28

50,000

50,204

Netflix,

Inc.

6.375%,

05/15/29

60,000

64,593

Paramount

Global

6.375%,

03/30/62

60,000

57,680

7.875%,

07/30/30

40,000

43,837

Take-Two

Interactive

Software,

Inc.

4.950%,

03/28/28

60,000

61,027

TEGNA,

Inc.

4.625%,

03/15/28

80,000

76,459

5.000%,

09/15/29

25,000

23,339

Warnermedia

Holdings,

Inc.

4.054%,

03/15/29

290,000

271,194

Total

679,352

Media

Cable

0.1%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.000%,

02/01/28

(b) 60,000

58,531

Metals

and

Mining

1.0%

Alcoa

Nederland

Holding

BV

4.125%,

03/31/29

(b) 145,000

134,706

AngloGold

Ashanti

Holdings

PLC

3.750%,

10/01/30

50,000

46,681

Cleveland-Cliffs,

Inc.

6.875%,

11/01/29

(b) 50,000

48,451

FMG

Resources

August

2006

Pty

Ltd.

4.500%,

09/15/27

(b) 70,000

67,925

Mineral

Resources

Ltd.

9.250%,

10/01/28

(b) 100,000

94,462

Novelis

Corp.

3.250%,

11/15/26

(b) 80,000

77,649

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Vale

Overseas

Ltd.

3.750%,

07/08/30

50,000

46,649

Yamana

Gold,

Inc.

2.630%,

08/15/31

40,000

34,677

Total

551,200

Midstream

3.1%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

5.375%,

06/15/29

(b) 60,000

58,582

5.750%,

01/15/28

(b) 50,000

49,678

Buckeye

Partners

LP

3.950%,

12/01/26

85,000

82,868

Cheniere

Corpus

Christi

Holdings

LLC

5.125%,

06/30/27

40,000

40,445

Cheniere

Energy

Partners

LP

3.250%,

01/31/32

50,000

43,830

DCP

Midstream

Operating

LP

3.250%,

02/15/32

24,000

20,643

Enbridge,

Inc.

6.200%,

11/15/30

60,000

63,601

Energy

Transfer

LP

3.750%,

05/15/30

60,000

56,687

4.950%,

05/15/28

40,000

40,337

Hess

Midstream

Operations

LP

6.500%,

06/01/29

(b) 60,000

60,932

Kinder

Morgan,

Inc.

2.000%,

02/15/31

60,000

51,190

Kinetik

Holdings

LP

6.625%,

12/15/28

(b) 60,000

60,445

MPLX

LP

2.650%,

08/15/30

11,000

9,843

National

Fuel

Gas

Co.

3.950%,

09/15/27

40,000

39,428

NuStar

Logistics

LP

5.625%,

04/28/27

60,000

59,801

6.000%,

06/01/26

10,000

10,001

ONEOK,

Inc.

3.100%,

03/15/30

50,000

46,116

4.150%,

06/01/25

16,000

15,969

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.800%,

09/15/30

55,000

51,895

Rockies

Express

Pipeline

LLC

4.950%,

07/15/29

(b) 50,000

47,825

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

60,000

59,178

5.000%,

03/15/27

40,000

40,285

Sunoco

LP

7.000%,

05/01/29

(b) 50,000

51,406

Sunoco

LP

/

Sunoco

Finance

Corp.

6.000%,

04/15/27

40,000

39,847

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%,

03/01/30

60,000

59,878

TC

PipeLines

LP

3.900%,

05/25/27

50,000

49,306

Venture

Global

Calcasieu

Pass

LLC

3.875%,

08/15/29

(b) 100,000

91,730

Venture

Global

LNG,

Inc.

7.000%,

01/15/30

(b) 50,000

47,111

8.125%,

06/01/28

(b) 120,000

119,238

9.500%,

02/01/29

(b) 60,000

62,170

Western

Midstream

Operating

LP

4.050%,

02/01/30

36,000

34,213

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Williams

Cos.,

Inc.

(The)

3.750%,

06/15/27

125,000

123,127

Total

1,687,605

Natural

Gas

0.2%

Sempra

3.400%,

02/01/28

40,000

38,850

Southwest

Gas

Corp.

5.450%,

03/23/28

80,000

81,864

Total

120,714

Office

REIT

0.3%

Alexandria

Real

Estate

Equities,

Inc.

3.950%,

01/15/27

40,000

39,732

Boston

Properties

LP

4.500%,

12/01/28

80,000

78,660

CubeSmart

LP

2.000%,

02/15/31

60,000

51,171

Piedmont

Operating

Partnership

LP

9.250%,

07/20/28

20,000

21,642

Total

191,205

Oil

Field

Services

0.2%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.250%,

04/01/28

(b) 50,000

49,852

Weatherford

International

Ltd.

8.625%,

04/30/30

(b) 50,000

49,552

Total

99,404

Other

Financial

Institutions

0.4%

Howard

Hughes

Corp.

(The)

4.125%,

02/01/29

(b) 100,000

91,642

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

5.250%,

05/15/27

100,000

94,727

6.250%,

05/15/26

24,000

23,906

Total

210,275

Other

Industry

0.3%

AECOM

5.125%,

03/15/27

50,000

49,834

Dycom

Industries,

Inc.

4.500%,

04/15/29

(b) 20,000

18,875

Quanta

Services,

Inc.

2.900%,

10/01/30

40,000

36,241

Williams

Scotsman,

Inc.

6.625%,

06/15/29

(b) 65,000

65,964

Total

170,914

Other

REIT

0.7%

Digital

Realty

Trust

LP

4.450%,

07/15/28

40,000

39,887

EPR

Properties

3.600%,

11/15/31

35,000

30,958

Extra

Space

Storage

LP

5.900%,

01/15/31

60,000

62,496

Host

Hotels

&

Resorts

LP

Series

I,

3.500%,

09/15/30

25,000

22,756

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

4.750%,

06/15/29

(b) 45,000

43,089

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.500%,

02/15/29

(b) 30,000

28,716

Starwood

Property

Trust,

Inc.

7.250%,

04/01/29

(b) 110,000

114,168

WP

Carey,

Inc.

2.400%,

02/01/31

50,000

43,606

Total

385,676

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Other

Utility

0.1%

American

Water

Capital

Corp.

2.300%,

06/01/31

45,000

39,231

Packaging

0.7%

Amcor

Group

Finance

PLC

5.450%,

05/23/29

50,000

50,997

Avery

Dennison

Corp.

4.875%,

12/06/28

50,000

50,408

Ball

Corp.

6.000%,

06/15/29

60,000

61,242

Berry

Global,

Inc.

5.800%,

06/15/31

60,000

62,853

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

4.750%,

02/01/26

40,000

39,766

Sealed

Air

Corp./Sealed

Air

Corp.

US

6.125%,

02/01/28

(b) 100,000

100,648

Total

365,914

Paper

0.3%

Celulosa

Arauco

y

Constitucion

SA

3.875%,

11/02/27

85,000

82,665

Suzano

Austria

GmbH

3.750%,

01/15/31

60,000

54,333

Weyerhaeuser

Co.

4.000%,

04/15/30

25,000

24,193

Total

161,191

Pharmaceuticals

0.8%

Amgen,

Inc.

5.250%,

03/02/30

120,000

123,381

Biogen,

Inc.

2.250%,

05/01/30

20,000

17,782

Mylan,

Inc.

4.550%,

04/15/28

60,000

58,676

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(b) 200,000

188,655

Royalty

Pharma

PLC

2.150%,

09/02/31

50,000

42,052

Shire

Acquisitions

Investments

Ireland

DAC

3.200%,

09/23/26

2,000

1,970

Total

432,516

Property

&

Casualty

0.7%

Aon

Corp.

2.800%,

05/15/30

110,000

100,900

Assurant,

Inc.

4.900%,

03/27/28

40,000

40,136

CNA

Financial

Corp.

3.450%,

08/15/27

85,000

83,153

Enstar

Group

Ltd.

3.100%,

09/01/31

50,000

43,548

Fairfax

Financial

Holdings

Ltd.

4.850%,

04/17/28

45,000

45,361

Willis

North

America,

Inc.

2.950%,

09/15/29

60,000

55,876

Total

368,974

Railroads

0.1%

Canadian

Pacific

Railway

Co.

2.450%,

12/02/31

50,000

43,469

Refining

0.5%

HF

Sinclair

Corp.

5.000%,

02/01/28

50,000

49,461

Marathon

Petroleum

Corp.

3.800%,

04/01/28

50,000

49,123

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.150%,

03/01/30

50,000

50,423

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

90,000

79,615

Phillips

3.900%,

03/15/28

40,000

39,450

Total

268,072

Restaurants

0.6%

1011778

Bc

Ulc

/

New

Red

Finance,

Inc.

5.625%,

09/15/29

(b) 90,000

89,812

1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.875%,

01/15/28

(b) 40,000

38,456

McDonald's

Corp.

Series

MTN,

3.800%,

04/01/28

80,000

79,360

Starbucks

Corp.

2.550%,

11/15/30

50,000

44,818

Yum!

Brands,

Inc.

4.750%,

01/15/30

(b) 50,000

48,566

Total

301,012

Retail

REIT

0.4%

Agree

LP

2.000%,

06/15/28

45,000

41,824

Brixmor

Operating

Partnership

LP

4.050%,

07/01/30

40,000

38,397

Kimco

Realty

OP

LLC

2.250%,

12/01/31

25,000

21,354

Regency

Centers

LP

3.700%,

06/15/30

40,000

38,416

Store

Capital

LLC

4.500%,

03/15/28

80,000

78,782

Total

218,773

Retailers

1.4%

Belron

UK

Finance

PLC

5.750%,

10/15/29

(b) 50,000

49,893

Dick's

Sporting

Goods,

Inc.

3.150%,

01/15/32

50,000

43,863

Dollar

Tree,

Inc.

4.200%,

05/15/28

40,000

39,455

Genuine

Parts

Co.

6.500%,

11/01/28

50,000

52,902

Group

Automotive,

Inc.

6.375%,

01/15/30

(b) 50,000

50,611

Lowe's

Cos.,

Inc.

3.650%,

04/05/29

85,000

82,477

O'Reilly

Automotive,

Inc.

3.600%,

09/01/27

80,000

78,624

Parkland

Corp.

4.500%,

10/01/29

(b) 50,000

47,247

Rakuten

Group,

Inc.

11.250%,

02/15/27

(b) 200,000

214,828

Tapestry,

Inc.

5.100%,

03/11/30

50,000

50,181

Under

Armour,

Inc.

3.250%,

06/15/26

60,000

58,193

Total

768,274

Supermarkets

0.5%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.250%,

03/15/26

(b) 50,000

49,062

4.625%,

01/15/27

(b) 40,000

39,577

6.500%,

02/15/28

(b) 160,000

162,577

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Kroger

Co.

(The)

4.500%,

01/15/29

40,000

40,232

Total

291,448

Technology

4.3%

Amdocs

Ltd.

2.538%,

06/15/30

50,000

44,394

Autodesk,

Inc.

2.400%,

12/15/31

25,000

21,616

Block,

Inc.

2.750%,

06/01/26

35,000

34,159

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

3.875%,

01/15/27

125,000

124,085

Camelot

Finance

SA

4.500%,

11/01/26

(b) 50,000

49,284

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/01/31

25,000

22,593

CGI,

Inc.

2.300%,

09/14/31

100,000

85,827

Dell

International

LLC

/

EMC

Corp.

4.900%,

10/01/26

40,000

40,168

5.300%,

10/01/29

60,000

61,225

Elastic

NV

4.125%,

07/15/29

(b) 50,000

47,070

Equifax,

Inc.

3.100%,

05/15/30

60,000

55,397

Equinix,

Inc.

3.200%,

11/18/29

60,000

56,470

Fair

Isaac

Corp.

4.000%,

06/15/28

(b) 30,000

28,813

Fiserv,

Inc.

3.200%,

07/01/26

40,000

39,462

3.500%,

07/01/29

100,000

95,318

Fortinet,

Inc.

2.200%,

03/15/31

20,000

17,442

Hewlett

Packard

Enterprise

Co.

4.550%,

10/15/29

50,000

49,559

HP,

Inc.

3.000%,

06/17/27

40,000

38,717

Imola

Merger

Corp.

4.750%,

05/15/29

(b) 80,000

76,542

Intel

Corp.

3.900%,

03/25/30

50,000

47,755

4.875%,

02/10/28

50,000

50,438

Iron

Mountain,

Inc.

4.875%,

09/15/27

(b) 50,000

49,290

5.000%,

07/15/28

(b) 100,000

97,642

Jabil,

Inc.

3.600%,

01/15/30

50,000

47,068

Keysight

Technologies,

Inc.

3.000%,

10/30/29

60,000

55,700

Leidos,

Inc.

2.300%,

02/15/31

50,000

43,182

Marvell

Technology,

Inc.

2.950%,

04/15/31

50,000

44,917

Micron

Technology,

Inc.

6.750%,

11/01/29

50,000

53,408

Motorola

Solutions,

Inc.

4.600%,

02/23/28

40,000

40,190

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

2.500%,

05/11/31

150,000

129,345

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

ON

Semiconductor

Corp.

3.875%,

09/01/28

(b) 44,000

41,634

Open

Text

Corp.

3.875%,

02/15/28

(b) 60,000

57,324

Oracle

Corp.

2.650%,

07/15/26

85,000

83,210

3.250%,

11/15/27

80,000

77,976

PTC,

Inc.

4.000%,

02/15/28

(b) 17,000

16,441

Roper

Technologies,

Inc.

2.950%,

09/15/29

50,000

46,742

Seagate

HDD

Cayman

4.875%,

06/01/27

36,000

35,625

Skyworks

Solutions,

Inc.

1.800%,

06/01/26

38,000

36,760

Synopsys,

Inc.

5.000%,

04/01/32

75,000

75,507

TD

SYNNEX

Corp.

1.750%,

08/09/26

57,000

54,455

TTM

Technologies,

Inc.

4.000%,

03/01/29

(b) 50,000

46,546

VMware

LLC

1.400%,

08/15/26

60,000

57,616

3.900%,

08/21/27

40,000

39,393

Western

Digital

Corp.

2.850%,

02/01/29

18,000

16,427

4.750%,

02/15/26

14,000

13,897

Total

2,346,629

Tobacco

0.3%

Altria

Group,

Inc.

3.400%,

05/06/30

85,000

79,952

BAT

Capital

Corp.

2.259%,

03/25/28

75,000

70,524

3.557%,

08/15/27

33,000

32,391

Total

182,867

Transportation

Services

0.1%

GXO

Logistics,

Inc.

1.650%,

07/15/26

50,000

47,912

Wireless

1.5%

American

Tower

Corp.

2.900%,

01/15/30

50,000

46,261

Crown

Castle,

Inc.

3.800%,

02/15/28

60,000

58,601

Rogers

Communications,

Inc.

5.000%,

02/15/29

100,000

100,846

5.250%,

03/15/82

(b) 50,000

48,723

SBA

Communications

Corp.

3.125%,

02/01/29

80,000

74,101

3.875%,

02/15/27

20,000

19,587

Sprint

Capital

Corp.

6.875%,

11/15/28

25,000

26,736

T-Mobile

USA,

Inc.

2.550%,

02/15/31

330,000

292,519

Vodafone

Group

PLC

3.250%,

06/04/81

80,000

76,937

Zegona

Finance

PLC

8.625%,

07/15/29

(b) 50,000

53,276

Total

797,587

Wirelines

1.0%

AT&T,

Inc.

2.750%,

06/01/31

85,000

76,287

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.350%,

03/01/29

85,000

84,943

British

Telecommunications

PLC

5.125%,

12/04/28

85,000

87,005

Deutsche

Telekom

International

Finance

BV

8.750%,

06/15/30

60,000

70,640

Verizon

Communications,

Inc.

4.016%,

12/03/29

250,000

245,401

Total

564,276

Total

Corporate

Bonds

(Cost

$26,608,953)

26,705,999

Foreign

Government

Obligations

(d) &nbsp;&nbsp;&nbsp;&nbsp;19.8%

Principal

Amount

($)

Value

($)

Brazil

1.5%

Brazilian

Government

International

Bond

4.625%,

01/13/28

200,000

198,573

3.875%,

06/12/30

220,000

205,434

6.250%,

03/18/31

200,000

206,200

Petrobras

Global

Finance

BV

5.999%,

01/27/28

200,000

203,561

Total

813,768

Chile

0.3%

Corp

Nacional

del

Cobre

de

Chile

Series

REGS,

3.150%,

01/14/30

200,000

183,328

China

1.2%

CFAMC

III

Co.

Ltd.

Series

EMTN,

4.250%,

11/07/27

200,000

194,863

China

Cinda

Finance

2017

I

Ltd.

Series

EMTN,

4.750%,

02/08/28

200,000

200,291

China

Construction

Bank

Corp.

2.850%,

01/21/32

200,000

194,909

Total

590,063

Colombia

1.3%

Colombia

Government

International

Bond

3.875%,

04/25/27

200,000

195,202

3.000%,

01/30/30

200,000

169,006

3.125%,

04/15/31

200,000

161,146

Ecopetrol

SA

6.875%,

04/29/30

200,000

194,227

Total

719,581

Dominican

Republic

1.2%

Dominican

Republic

International

Bond

Series

REGS,

5.500%,

02/22/29

150,000

147,959

Series

REGS,

5.950%,

01/25/27

172,000

172,764

Series

REGS,

4.500%,

01/30/30

200,000

186,428

Series

REGS,

7.050%,

02/03/31

150,000

154,919

Total

662,070

Hungary

0.8%

Hungary

Government

International

Bond

Series

REGS,

5.250%,

06/16/29

200,000

199,822

Magyar

Export-Import

Bank

Zrt

Series

REGS,

6.125%,

12/04/27

200,000

203,701

Total

403,523

India

0.7%

Export-Import

Bank

of

India

Series

REGS,

3.875%,

02/01/28

200,000

195,860

Series

REGS,

2.250%,

01/13/31

200,000

173,082

Total

368,942

Indonesia

1.8%

Indonesia

Government

International

Bond

4.750%,

02/11/29

200,000

201,836

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Foreign

Government

Obligations

(d) (continued)

Issue

Description

Principal

Amount

($)

Value

($)

1.850%,

03/12/31

200,000

170,051

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.450%,

02/20/29

200,000

199,500

Series

REGS,

2.800%,

06/23/30

200,000

182,447

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

5.450%,

05/21/28

200,000

202,965

Total

956,799

Israel

0.3%

Israel

Electric

Corp.

Ltd.

Series

GMTN,

4.250%,

08/14/28

(b) 200,000

194,342

Jordan

0.3%

Jordan

Government

International

Bond

Series

REGS,

5.850%,

07/07/30

200,000

184,486

Kazakhstan

0.4%

KazMunayGas

National

Co.

JSC

Series

REGS,

5.375%,

04/24/30

200,000

196,308

Kuwait

0.4%

EQUATE

Petrochemical

Co.

KSC

Series

REGS,

4.250%,

11/03/26

200,000

197,996

Mexico

1.7%

Comision

Federal

de

Electricidad

Series

REGS,

4.688%,

05/15/29

200,000

192,659

Mexico

Government

International

Bond

4.500%,

04/22/29

200,000

195,729

3.250%,

04/16/30

200,000

182,045

5.000%,

05/07/29

200,000

199,393

6.000%,

05/13/30

200,000

205,576

Total

975,402

Oman

1.5%

Oman

Government

International

Bond

Series

REGS,

6.000%,

08/01/29

200,000

206,074

Series

REGS,

6.250%,

01/25/31

200,000

209,670

Series

REGS,

6.750%,

10/28/27

200,000

207,366

Oman

Sovereign

Sukuk

Co.

Series

REGS,

4.875%,

06/15/30

200,000

198,357

Total

821,467

Panama

0.7%

Panama

Government

International

Bond

3.875%,

03/17/28

200,000

191,383

3.160%,

01/23/30

200,000

175,432

Total

366,815

Peru

0.3%

Peruvian

Government

International

Bond

2.783%,

01/23/31

200,000

177,450

Philippines

1.4%

Philippine

Government

International

Bond

9.500%,

02/02/30

190,000

229,866

7.750%,

01/14/31

100,000

115,858

2.457%,

05/05/30

200,000

182,315

ROP

Sukuk

Trust

Series

REGS,

5.045%,

06/06/29

200,000

203,588

Total

731,627

Romania

1.0%

Romanian

Government

International

Bond

Series

REGS,

5.250%,

11/25/27

170,000

168,712

Series

REGS,

5.875%,

01/30/29

200,000

198,245

Series

REGS,

6.625%,

02/17/28

200,000

204,641

Total

571,598

Serbia

0.3%

Foreign

Government

Obligations

(d) (continued)

Issue

Description

Principal

Amount

($)

Value

($)

Serbia

International

Bond

Series

REGS,

2.125%,

12/01/30

200,000

167,131

South

Africa

1.1%

Eskom

Holdings

SOC

Ltd.

Series

REGS,

6.350%,

08/10/28

200,000

197,733

Republic

of

South

Africa

Government

International

Bond

4.300%,

10/12/28

200,000

188,932

4.850%,

09/30/29

200,000

188,055

Total

574,720

United

Arab

Emirates

1.1%

DP

World

Salaam

6.000%,

(US

Year

CMT

T-Note

+

5.750%),

01/01/74

(c) 200,000

199,320

Sharjah

Sukuk

Program

Ltd.

3.234%,

10/23/29

200,000

184,985

Series

EMTN,

4.226%,

03/14/28

200,000

195,413

Total

579,718

United

States

0.1%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.750%,

03/01/30

(b) 50,000

47,248

Uruguay

0.4%

Uruguay

Government

International

Bond

4.375%,

01/23/31

200,000

197,864

Total

Foreign

Government

Obligations

(Cost

$10,582,309)

10,682,246

Residential

Mortgage-Backed

Securities

-

Agency

&nbsp;&nbsp;&nbsp;&nbsp;10.0%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

10.0%

3.500%,

05/15/40

(e) 687,600

662,398

4.000%,

05/15/40

(e) 919,000

897,531

4.500%,

05/15/40

(e) 1,040,300

1,032,534

5.000%,

05/15/40

(e) 1,378,000

1,385,339

5.500%,

05/15/40

(e) 879,400

893,379

6.000%,

05/15/40

(e) 508,000

521,790

Total

5,392,971

Total

Residential

Mortgage-Backed

Securities

-

Agency

(Cost

$5,340,941)

5,392,971

Treasury

Bills

&nbsp;&nbsp;&nbsp;&nbsp;3.7%

Principal

Amount

($)

Value

($)

United

States

3.7%

U.S.

Treasury

Bill

4.329%,

05/29/25

2,000,000

1,993,441

Total

Treasury

Bills

(Cost

$1,993,389)

1,993,441

Money

Market

Funds

5.8%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.150%

(f) 3,151,400

3,151,400

Total

Money

Market

Funds

(Cost

$3,151,400)

3,151,400

Total

Investments

in

Securities

(Cost

$58,515,083)

58,755,182

Other

Assets

&

Liabilities,

Net

(4,746,222)

Net

Assets

54,008,960

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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

April

30,

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

April

30,

2025,

the

total

value

of

these

securities

amounted

to

$8,735,042,

which

represents

16.17%

of

total

net

assets.

(c) Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

April

30,

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

April

30,

2025. Abbreviation

Legend

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

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

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

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

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Asset-Backed

Securities

-

Non-Agency

–

5,448,710

–

5,448,710

Commercial

Mortgage-Backed

Securities

-

Non-Agency

–

5,380,415

–

5,380,415

Corporate

Bonds

–

26,705,999

–

26,705,999

Foreign

Government

Obligations

–

10,682,246

–

10,682,246

Residential

Mortgage-Backed

Securities

-

Agency

–

5,392,971

–

5,392,971

Treasury

Bills

–

1,993,441

–

1,993,441

Money

Market

Funds

3,151,400

–

–

3,151,400

Total

Investments

in

Securities

3,151,400

55,603,782

–

58,755,182

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$58,515,083)

$58,755,182

Cash

Foreign

currency

(cost

$8)

Receivable

for:

Investments

sold

1,152,849

Investments

sold

on

a

delayed

delivery

basis

848,147

Interest

509,158

Dividends

5,942

Reimbursement

due

from

Investment

Manager

Total

assets

61,271,700

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

6,198,106

Investments

purchased

1,052,298

Investment

management

fees

12,336

Total

liabilities

7,262,740

Net

assets

applicable

to

outstanding

capital

stock

$54,008,960

Represented

by:

Paid-in

capital

$56,212,581

Total

distributable

earnings

(loss)

(2,203,621)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$54,008,960

Shares

outstanding

2,900,000

Net

asset

value

per

share

$18.62

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Investment

Income:

Interest

$1,434,156

Dividends

-

unaffiliated

issuers

74,537

Total

income

1,508,693

Expenses:

Investment

management

fees

74,463

Total

expenses

74,463

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(3,091)

Total

net

expenses

71,372

Net

Investment

Income

1,437,321

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(92,227)

In-kind

transactions

-

unaffiliated

issuers

(13,431)

Net

realized

loss

(105,658)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

400,919

Net

change

in

unrealized

appreciation

400,919

Net

realized

and

unrealized

gain

295,261

Net

Increase

in

net

assets

resulting

from

operations

$1,732,582

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$1,437,321

$2,394,119

Net

realized

loss

(105,658)

(252,449)

Net

change

in

unrealized

appreciation

400,919

2,672,649

Net

increase

in

net

assets

resulting

from

operations

1,732,582

4,814,319

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(1,429,696)

(2,397,194)

Shareholder

transactions

Proceeds

from

shares

sold

9,219,938

1,862,581

Cost

of

shares

redeemed

(11,095,764)

–

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

(1,875,826)

1,862,581

Increase

(decrease)

in

net

assets

(1,572,940)

4,279,706

Net

Assets:

Net

assets

beginning

of

period

55,581,900

51,302,194

Net

assets

at

end

of

period

$54,008,960

$55,581,900

Capital

stock

activity

Shares

outstanding,

beginning

of

period

3,000,050

2,900,050

Shares

sold

500,000

100,000

Shares

redeemed

(600,050)

–

Shares

outstanding,

end

of

period

2,900,000

3,000,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

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

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.

t

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2021

(a) 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

0.44 0.82 0.67 0.44 0.03 Net

realized

and

unrealized

gain

(loss)

0.10 0.84 0.03 (2.20)

(0.17)

Total

from

investment

operations

0.54 1.66 0.70 (1.76)

(0.14)

Less

distributions

to

shareholders:

Net

investment

income

(0.45)

(0.82)

(0.67)

(0.44)

–

Total

distribution

to

shareholders

(0.45)

(0.82)

(0.67)

(0.44)

–

Net

asset

value,

end

of

period

$18.62

$18.53

$17.69

$17.66

$19.86

Total

Return

at

NAV

2.93%

9.56%

3.95%

(8.96)%

(0.70)%

Total

Return

at

Market

Price

2.65%

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

4.83%

4.48%

3.75%

2.39%

1.44%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$54,009

$55,582

$51,302

$47,691

$19,858

Portfolio

turnover

105%

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

April

30,

2025

(Unaudited)

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

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

days

or

less

are

valued

primarily

at

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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

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

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

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)

April

30,

2025

(Unaudited)

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:

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

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$61,737,192

and

$61,486,177,

respectively,

for

the

six

months

ended

April

30,

2025,

of

which

$46,935,682

and

$47,139,480

respectively,

were

U.S.

government

securities.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

58,515,083

608,180

(368,081)

240,099

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

1,541,953

978,121

2,520,074

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

Note

6. In-kind

transactions

The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

six

months

ended

April

30,

2025,

the

cost

basis

of

securities

contributed

was

$5,730,676.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

six

months

ended

April

30,

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

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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

six

months

ended

April

30,

2025. Note

8. Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund's

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

High-yield

investments

risk

Securities

and

other

debt

instruments

held

by

the

Fund

that

are

rated

below

investment

grade

(commonly

called

"high-

yield"

or

"junk"

bonds)

and

unrated

debt

instruments

of

comparable

quality

expose

the

Fund

to

a

greater

risk

of

loss

of

principal

and

income

than

a

fund

that

invests

solely

or

primarily

in

investment

grade

debt

instruments.

In

addition,

these

investments

have

greater

price

fluctuations,

are

less

liquid

and

are

more

likely

to

experience

a

default

than

higher-

rated

debt

instruments.

High-yield

debt

instruments

are

considered

to

be

predominantly

speculative

with

respect

to

the

issuer's

capacity

to

pay

interest

and

repay

principal.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Changes

in

the

value

of

a

debt

instrument

usually

will

not

affect

the

amount

of

income

the

Fund

receives

from

it

but

will

generally

affect

the

value

of

your

investment

in

the

Fund.

Changes

in

interest

rates

may

also

affect

the

liquidity

of

the

Fund's

investments

in

debt

instruments.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

instrument,

the

greater

its

sensitivity

to

changes

in

interest

rates.

For

example,

a

three-year

duration

means

a

bond

is

expected

to

decrease

in

value

by

3%

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

if

interest

rates

rise

1%

and

increase

in

value

by

3%

if

interest

rates

fall

1%.

Interest

rate

declines

also

may

increase

prepayments

of

debt

obligations,

which,

in

turn,

would

increase

prepayment

risk.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Such

actions

may

negatively

affect

the

value

of

debt

instruments

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund's

performance

and

NAV.

Any

interest

rate

increases

could

cause

the

value

of

the

Fund's

investments

in

debt

instruments

to

decrease.

Rising

interest

rates

may

prompt

redemptions

from

the

Fund,

which

may

force

the

Fund

to

sell

investments

at

a

time

when

it

is

not

advantageous

to

do

so,

which

could

result

in

losses.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

any

event,

circumstance,

or

characteristic

of

an

investment

or

market

that

negatively

impacts

the

Fund's

ability

to

sell,

or

realize

the

proceeds

from

the

sale

of,

an

investment

at

a

desirable

time

or

price.

Liquidity

risk

may

arise

because

of,

for

example,

a

lack

of

marketability

of

the

investment,

which

means

that

when

seeking

to

sell

its

portfolio

investments,

the

Fund

could

find

that

selling

is

more

difficult

than

anticipated,

especially

during

times

of

high

market

volatility.

Market

participants

attempting

to

sell

the

same

or

a

similar

instrument

at

the

same

time

as

the

Fund

could

exacerbate

the

Fund's

exposure

to

liquidity

risk.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

liquid

or

more

liquid

investments

that

it

might

otherwise

prefer

to

hold

(thereby

increasing

the

proportion

of

the

Fund's

investments

in

less

liquid

or

illiquid

securities),

or

forego

another

more

appealing

investment

opportunity.

The

liquidity

of

Fund

investments

may

change

significantly

over

time

and

certain

investments

that

were

liquid

when

purchased

by

the

Fund

may

later

become

illiquid,

particularly

in

times

of

overall

economic

distress.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

also

adversely

affect

the

liquidity

and

the

price

of

the

Fund's

investments.

Judgment

plays

a

larger

role

in

valuing

illiquid

or

less

liquid

investments

as

compared

to

valuing

liquid

or

more

liquid

investments.

Price

volatility

may

be

higher

for

illiquid

or

less

liquid

investments

as

a

result

of,

for

example,

the

relatively

less

frequent

pricing

of

such

securities

(as

compared

to

liquid

or

more

liquid

investments).

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

Overall

market

liquidity

and

other

factors

can

lead

to

an

increase

in

redemptions,

which

may

negatively

impact

Fund

performance

and

NAV,

including,

for

example,

if

the

Fund

is

forced

to

sell

investments

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund's

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund's

net

asset

value.

Mortgage-

and

other

asset-backed

securities

risk

The

value

of

any

mortgage-backed

and

other

asset-backed

securities

including

collateralized

debt

obligations,

if

any,

held

by

the

Fund

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in:

interest

rates;

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgages

or

other

assets;

the

creditworthiness

of

the

entities

that

provide

any

supporting

letters

of

credit,

surety

bonds

or

other

credit

enhancements;

or

the

market's

assessment

of

the

quality

of

underlying

assets.

Payment

of

principal

and

interest

on

some

mortgage-backed

securities

(but

not

the

market

value

of

the

securities

themselves)

may

be

guaranteed

by

the

full

faith

and

credit

of

a

particular

U.S.

Government

agency,

authority,

enterprise

or

instrumentality,

and

some,

but

not

all,

are

also

insured

or

guaranteed

by

the

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Indexed

ETF

\|

2025

U.S.

Government.

Mortgage-backed

securities

issued

by

non-governmental

issuers

(such

as

commercial

banks,

savings

and

loan

institutions,

private

mortgage

insurance

companies,

mortgage

bankers

and

other

secondary

market

issuers)

may

entail

greater

risk

than

obligations

guaranteed

by

the

U.S.

Government.

Mortgage-

and

other

asset-backed

securities

are

subject

to

liquidity

risk

and

prepayment

risk.

A

decline

or

flattening

of

housing

values

may

cause

delinquencies

in

mortgages

(especially

sub-prime

or

non-prime

mortgages)

underlying

mortgage-backed

securities

and

thereby

adversely

affect

the

ability

of

the

mortgage-backed

securities

issuer

to

make

principal

and/or

interest

payments

to

mortgage-

backed

securities

holders,

including

the

Fund.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

mortgage-

and

other

asset-backed

securities,

making

their

prices

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Passive

investment

risk

The

Fund

is

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

index's

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9. Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10. Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

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.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR314_10_R01_(06/25)

CET002282

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

Semiannual

Financial

Statements

and

Additional

Information

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Results

of

Meeting

of

Shareholders

PORTFOLIO

OF

INVESTMENTS

April

30,

2025

(Unaudited)

(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

Notes

to

Portfolio

of

Investments

Common

Stocks

98.6%

Issuer

Shares

Value

($)

Communication

Services 9.4%

Entertainment

2.3%

Netflix,

Inc.

(a) 664

751,462

Interactive

Media

&

Services

7.1%

Alphabet,

Inc.

Class

A

7,909

1,255,949

Meta

Platforms,

Inc.

Class

A

2,054

1,127,646

Total

2,383,595

Total

Communication

Services

3,135,057

Consumer

Discretionary 4.9%

Broadline

Retail

4.1%

Amazon.com,

Inc.

(a) 7,359

1,357,147

Hotels,

Restaurants

&

Leisure

0.8%

Booking

Holdings,

Inc.

280,460

Total

Consumer

Discretionary

1,637,607

Financials 5.4%

Financial

Services

5.4%

Mastercard

,

Inc.

Class

A

1,473

807,292

Visa,

Inc.

Class

A

2,885

996,768

Total

1,804,060

Total

Financials

1,804,060

Industrials 1.2%

Ground

Transportation

1.2%

Uber

Technologies,

Inc.

(a) 4,912

397,921

Total

Industrials

397,921

Information

Technology 77.7%

Communications

Equipment

2.6%

Arista

Networks,

Inc.

(a) 3,170

260,796

Cisco

Systems,

Inc.

5,324

307,354

Motorola

Solutions,

Inc.

643

283,171

Total

851,321

IT

Services

1.9%

Accenture

PLC

Class

A

1,150

344,023

Shopify,

Inc.

Class

A

(a) 3,162

300,390

Total

644,413

Semiconductors

&

Semiconductor

Equipment

37.2%

Analog

Devices,

Inc.

1,819

354,559

Applied

Materials,

Inc.

3,525

531,253

Common

Stocks

(continued)

Issuer

Shares

Value

($)

ASML

Holding

NV

1,041

695,471

Broadcom,

Inc.

14,493

2,789,468

Lam

Research

Corp.

15,147

1,085,586

Marvell

Technology,

Inc.

4,604

268,735

Micron

Technology,

Inc.

2,852

219,461

NVIDIA

Corp.

47,539

5,177,948

NXP

Semiconductors

NV

1,615

297,661

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

5,921

986,972

Total

12,407,114

Software

25.1%

Adobe,

Inc.

(a) 705

264,361

Cadence

Design

Systems,

Inc.

(a) 1,053

313,520

Crowdstrike

Holdings,

Inc.

Class

A

(a) 1,499

642,876

Intuit,

Inc.

837

525,192

Microsoft

Corp.

9,269

3,663,665

Oracle

Corp.

3,265

459,451

Palo

Alto

Networks,

Inc.

(a) 1,925

359,840

Salesforce,

Inc.

1,644

441,759

SAP

SE

ADR

1,173

342,739

ServiceNow

,

Inc.

(a) 542

517,616

Synopsys,

Inc.

(a) 1,830

839,988

Total

8,371,007

Technology

Hardware,

Storage

&

Peripherals

10.9%

Apple,

Inc.

17,016

3,615,900

Total

Information

Technology

25,889,755

Total

Common

Stocks

(Cost

$30,001,618)

32,864,400

Money

Market

Funds

1.4%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.169%

(b) 468,610

468,610

Total

Money

Market

Funds

(Cost

$468,610)

468,610

Total

Investments

in

Securities

(Cost

$30,470,228)

33,333,010

Other

Assets

&

Liabilities,

Net

(13,448)

Net

Assets

33,319,562

(a) Non-income

producing

investment.

(b) The

rate

shown

is

the

seven-day

current

annualized

yield

at

April

30,

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

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

PORTFOLIO

OF

INVESTMENTS

(continued)

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

Fair

Value

Measurements

(continued)

Level

—

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

investments.

Level

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

—

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

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

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3. These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

at

April

30,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

3,135,057

–

–

3,135,057

Consumer

Discretionary

1,637,607

–

–

1,637,607

Financials

1,804,060

–

–

1,804,060

Industrials

397,921

–

–

397,921

Information

Technology

25,889,755

–

–

25,889,755

Total

Common

Stocks

32,864,400

–

–

32,864,400

Money

Market

Funds

468,610

–

–

468,610

Total

Investments

in

Securities

33,333,010

–

–

33,333,010

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$30,470,228)

$33,333,010

Receivable

for:

Investments

sold

32,689

Dividends

6,445

Reimbursement

due

from

Investment

Manager

Total

assets

33,372,220

Liabilities

Payable

for:

Investments

purchased

33,594

Investment

management

fees

19,064

Total

liabilities

52,658

Net

assets

applicable

to

outstanding

capital

stock

$33,319,562

Represented

by:

Paid-in

capital

$28,069,025

Total

distributable

earnings

(loss)

5,250,537

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$33,319,562

Shares

outstanding

1,475,000

Net

asset

value

per

share

$22.59

STATEMENT

OF

OPERATIONS

Six

Months

Ended

April

30,

2025

(Unaudited)

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

Investment

Income:

Dividends

-

unaffiliated

issuers

$147,597

Foreign

taxes

withheld

(4,037)

Total

income

143,560

Expenses:

Investment

management

fees

136,344

Total

expenses

136,344

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(900) Total

net

expenses

135,444

Net

Investment

Income

8,116

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

1,824,109

In-kind

transactions

-

unaffiliated

issuers

1,001,458

Net

realized

gain

2,825,567

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

(6,006,522)

Net

change

in

unrealized

depreciation

(6,006,522)

Net

realized

and

unrealized

loss

(3,180,955)

Net

Decrease

in

net

assets

resulting

from

operations

$(3,172,839)

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2024

Operations

Net

investment

income

$8,116

$72,100

Net

realized

gain

2,825,567

952,496

Net

change

in

unrealized

appreciation

(depreciation)

(6,006,522)

9,717,536

Net

increase

(decrease)

in

net

assets

resulting

from

operations

(3,172,839)

10,742,132

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(377,129)

(273,443)

Shareholder

transactions

Proceeds

from

shares

sold

1,837,067

5,436,460

Cost

of

shares

redeemed

(3,193,081)

(1,761,176)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

(1,356,014)

3,675,284

Increase

(decrease)

in

net

assets

(4,905,982)

14,143,973

Net

Assets:

Net

assets

beginning

of

period

38,225,544

24,081,571

Net

assets

at

end

of

period

$33,319,562

$38,225,544

Capital

stock

activity

Shares

outstanding,

beginning

of

period

1,525,050

1,375,050

Shares

sold

75,000

225,000

Shares

redeemed

(125,050)

(75,000)

Shares

outstanding,

end

of

period

1,475,000

1,525,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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

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.

Six

Months

Ended

April

30,

2025

(Unaudited)

Year

Ended

October

31,

2022

(a) 2024

2023

Per

share

data

Net

asset

value,

beginning

of

period

$25.07

$17.51

$14.88

$20.00

Income

(loss)

from

investment

operations:

Net

investment

income

0.01 0.05 0.05 0.00 (b) Net

realized

and

unrealized

gain

(loss)

(2.24)

7.71 2.69 (5.12)

Total

from

investment

operations

(2.23)

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

period

$22.59

$25.07

$17.51

$14.88

Total

Return

at

NAV

(9.02)%

44.43%

18.45%

(25.60)%

Total

Return

at

Market

Price

(9.38)%

44.90%

19.03%

(25.80)%

Ratios

to

average

net

assets:

Total

gross

expenses

(c) 0.75%

0.75%

0.75%

0.75%

Total

net

expenses

(d) 0.75%

0.74%

(c) 0.75%

(c) 0.75%

(c) Net

investment

income

0.04%

0.20%

0.29%

0.09%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$33,320

$38,226

$24,082

$12,278

Portfolio

turnover

58%

60%

26%

19%

(a) The

Fund

commenced

operations

on

March

29,

2022. Per

share

data

and

total

return

reflect

activity

from

that

date.

(b) Rounds

to

zero.

(c) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

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.

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)

April

30,

2025

(Unaudited)

Active

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

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

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.

Note

4. Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

April

30,

2025,

the

approximate

cost

of

all

investments

for

federal

income

tax

purposes

and

the

aggregate

gross

approximate

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

30,470,228

4,338,753

(1,475,971)

2,862,782

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

The

following

capital

loss

carryforwards,

determined

at

October

31,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Note

5. Portfolio

information

The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$20,686,548

and

$20,677,817,

respectively,

for

the

six

months

ended

April

30,

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

six

months

ended

April

30,

2025,

the

cost

basis

of

securities

contributed

was

$1,644,769.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

six

months

ended

April

30,

2025,

the

in-kind

redemption

cost

basis

was

$1,521,484,

the

proceeds

from

sales

were

$2,522,942

and

the

net

realized

gain

was

$1,001,458.

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

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

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

24,

2024

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

six

months

ended

April

30,

2025. Note

8. Significant

risks

Active

management

risk

The

Fund

is

actively

managed

and

its

performance

therefore

will

reflect,

in

part,

the

ability

of

the

portfolio

managers

to

make

investment

decisions

that

seek

to

achieve

the

Fund's

investment

objective.

The

Fund

is

not

an

index

fund

(it

does

not

seek

to

track

the

performance

of

an

index).

Due

to

its

active

management,

the

Fund

could

underperform

its

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

201,682

-

201,682

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

benchmark

index

and/or

other

funds

with

similar

investment

objectives

and/or

strategies.

Active

trading

of

portfolio

securities

may

result

in

added

expenses,

a

lower

return

and

increased

tax

liability,

including

relative

to

other

ETFs.

Information

technology

sector

risk

The

Fund

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector.

Companies

in

the

information

technology

sector

are

subject

to

certain

risks,

including

the

risk

that

new

services,

equipment

or

technologies

will

not

be

accepted

by

consumers

and

businesses

or

will

become

rapidly

obsolete.

Performance

of

such

companies

may

be

affected

by

factors

including

obtaining

and

protecting

patents

(or

the

failure

to

do

so)

and

significant

competitive

pressures,

including

aggressive

pricing

of

their

products

or

services,

new

market

entrants,

competition

for

market

share

and

short

product

cycles

due

to

an

accelerated

rate

of

technological

developments.

Such

competitive

pressures

may

lead

to

limited

earnings

and/or

falling

profit

margins.

As

a

result,

the

value

of

their

securities

may

fall

or

fail

to

rise.

In

addition,

many

information

technology

sector

companies

have

limited

operating

histories

and

prices

of

these

companies'

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Some

companies

in

the

information

technology

sector

are

facing

increased

government

and

regulatory

scrutiny

and

may

be

subject

to

adverse

government

or

regulatory

action,

which

could

negatively

impact

the

value

of

their

securities.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund's

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund's

net

asset

value.

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Semiconductor

and

semiconductor

equipment

industry

risk

The

Fund

will

concentrate

(have

at

least

25%

of

its

assets)

in

companies

in

the

semiconductor

and

semiconductor

equipment

industry

as

categorized

by

GICS®.

Companies

in

the

same

or

related

industries

may

be

similarly

affected

by

economic,

regulatory,

political

or

market

events

or

conditions,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

Generally,

the

more

broadly

a

fund

invests,

the

more

it

spreads

risk

and

potentially

reduces

the

risks

of

loss

and

volatility.

The

Fund

is

sensitive

to,

and

its

performance

may

depend

to

a

greater

extent

on,

the

overall

condition

of

the

semiconductor

and

semiconductor

equipment

industry.

The

risks

of

investments

in

the

industry

include:

intense

competition,

both

domestically

and

internationally,

including

competition

from

subsidized

foreign

competitors

with

lower

production

costs;

wide

fluctuations

in

securities

prices

due

to

risks

of

rapid

obsolescence

of

products

and

related

technology;

economic

performance

of

the

customers

of

semiconductor

and

related

companies;

their

research

costs

and

the

risks

that

their

products

may

not

prove

commercially

successful;

and

thin

capitalization

and

limited

product

lines,

markets,

financial

resources

or

quality

management

and

personnel.

These

companies

rely

on

a

combination

of

patents,

trade

secret

laws

and

contractual

provisions

to

protect

their

technologies.

The

industry

is

characterized

by

frequent

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

April

30,

2025

(Unaudited)

Active

ETF

\|

2025

litigation

regarding

patent

and

other

intellectual

property

rights,

which

may

require

such

companies

to

defend

against

competitors'

assertions

of

intellectual

property

infringement

or

misappropriation.

The

international

operations

of

many

companies

expose

them

to

the

risks

associated

with

instability

and

changes

in

economic

and

political

conditions,

foreign

currency

fluctuations,

changes

in

foreign

regulations,

tariffs,

and

trade

disputes.

Business

conditions

in

this

industry

can

change

rapidly

from

periods

of

strong

demand

to

periods

of

weak

demand.

Any

future

downturn

in

the

industry

could

harm

the

business

and

operating

results

of

these

companies.

The

stock

prices

of

companies

in

the

industry

have

been

and

will

likely

continue

to

be

volatile

relative

to

the

overall

market.

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.

Following

the

period

end,

authorized

participants

of

the

Fund

redeemed

$14,927,398,

which

represented

approximately

44.8%

of

the

Fund's

net

assets

as

of

April

30,

2025. 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.

RESULTS

OF

MEETING

OF

SHAREHOLDERS

(Unaudited)

Active

ETF

\|

2025

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

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

SAR321_10_R01_(06/25)

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

------

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy Disclosures for Open-End Management Investment Companies is included in Item 7 of this Form N- CSR.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Columbia Management Investment Advisers, LLC, the funds' investment advisor, is responsible for bearing expenses associated with Independent Trustees' compensation pursuant to the management fee arrangement with each Fund. Refer to the Registrant's financial statements included on Item 7 of this Form N-CSR for further detail.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

**Item 16. Controls and Procedures.**

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

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

[(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.](f42362d2.htm)

[(b)Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.](f42362d3.htm)

------

**SIGNATURES**

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

---

| | |
|:---|:---|
| (registrant) | <u>Columbia ETF Trust I</u> |
| By (Signature and Title) | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date | June 18, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date | June 18, 2025 |
| By (Signature and Title) | &nbsp;&nbsp;<u>/s/ Michael G. Clarke</u> |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice President |
| Date | June 18, 2025 |
| By (Signature and Title) | <u>/s/ Marybeth Pilat</u> |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |
| Date | June 18, 2025 |

---

------

## Ex-99.Cert

I, Daniel J. Beckman, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 18, 2025 | /s/ Daniel J. Beckman |
|  | Daniel J. Beckman, President and Principal |
|  | Executive Officer |

---

I, Michael G. Clarke, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 18, 2025 | /s/ Michael G. Clarke |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice |
|  | President |

---

I, Marybeth Pilat, certify that:

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | over financial reporting to be designed under our supervision, to provide reasonable |
|  | assurance regarding the reliability of financial reporting and the preparation of financial |
|  | statements for external purposes in accordance with generally accepted accounting |
|  | principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and |
|  | presented in this report our conclusions about the effectiveness of the disclosure controls |
|  | and procedures, as of a date within 90 days prior to the filing date of this report based on |
|  | such evaluation; and |

---

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

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

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

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

---

| | |
|:---|:---|
| Date: June 18, 2025 | /s/ Marybeth Pilat |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia ETF Trust I (the "Trust") on Form N- CSR for the period ending April 30, 2025 as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to his knowledge:

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

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

---

| | |
|:---|:---|
| Date: June 18, 2025 | <u>/s/ Daniel J. Beckman</u> |
|  | Daniel J. Beckman, President and Principal Executive Officer |
| Date: June 18, 2025 | &nbsp;&nbsp;<u>/s/ Michael G. Clarke</u> |
|  | Michael G. Clarke, Chief Financial Officer, |
|  | Principal Financial Officer and Senior Vice President |
| Date: June 18, 2025 | &nbsp;&nbsp;<u>/s/ Marybeth Pilat</u> |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |

---

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

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