# EDGAR Filing Document

**Accession Number:** 0001551950
**File Stem:** 0001193125-26-000621
**Filing Date:** 2026-1
**Character Count:** 797747
**Document Hash:** d77c1346ed88c583daef3f05635e83ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000621.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000621

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22736
- **FILM NUMBER:** 26501298

**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 811-22736

## Columbia ETF Trust I

#### (Exact name of registrant as specified in charter)

#### 290 Congress Street

#### Boston, Massachusetts 02210

#### (Address of principal executive offices) (Zip code)

#### Michael G. Clarke

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, Massachusetts 02210

#### Ryan C. Larrenaga, Esq.

#### c/o Columbia Management Investment Advisers, LLC

#### 290 Congress Street

#### Boston, Massachusetts 02210

#### (Name and address of agent for service)

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

#### Date of fiscal year end: Last Day of October

#### Date of reporting period: October 31, 2025
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](g38986i4bb5cf6935494240a2a3.jpg)

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

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the industrials and health care sectors boosted the Fund's performance relative to the benchmark most during the annual period.

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

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

### Top Performance Detractors
**Stock selection**\| Selections in the communication services and information technology sectors hurt the Fund's performance relative to the benchmark during the annual period.

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i234074961210e2acdb7f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia International Equity Income ETF—Net Asset Value (22601)** | **Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR) (24596)** | **MSCI EAFE Value Index (Net) (22359)** | **MSCI EAFE Index (Net) (21753)** |
| **06/13/16** | 10000 | 10000 | 10000 | 10000 |
| **10/16** | 10427 | 10500 | 10511 | 10231 |
| **10/17** | 13048 | 13026 | 12950 | 12629 |
| **10/18** | 11972 | 12049 | 11953 | 11763 |
| **10/19** | 12696 | 12859 | 12612 | 13062 |
| **10/20** | 10705 | 10768 | 10289 | 12165 |
| **10/21** | 14087 | 15351 | 14231 | 16324 |
| **10/22** | 11978 | 12640 | 11905 | 12569 |
| **10/23** | 14456 | 15040 | 14061 | 14379 |
| **10/24** | 17674 | 18764 | 17260 | 17682 |
| **10/25** | 22601 | 24596 | 22359 | 21753 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia International Equity Income ETF—Net Asset Value<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 27.87 | 16.12 | 9.07 |
| Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR) | 31.08 | 17.96 | 10.05 |
| MSCI EAFE Value Index (Net) | 29.55 | 16.79 | 8.94 |
| MSCI EAFE Index (Net) | 23.03 | 12.33 | 8.62 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp; Effective September 2, 2025, the Fund compares its performance to that of the Solactive GFS Developed Markets ex NA Large & Mid Cap Value Style USD Index (Net) (TR). Prior to September 2, 2025, the Fund compared its performance to that of the MSCI EAFE Value Index. The returns of the MSCI EAFE Value Index will be shown for a one-year transition period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;The Fund's performance prior to September 2, 2025, reflects returns achieved according to different principal investment strategies. If the Fund's strategies effective September 2, 2025 had been in place for the prior periods, results shown may have been different. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $43605993 |
| Total number of portfolio holdings | 101 |
| Investment management fees (represents 0.45% of Fund average net assets) | $159151 |
| Portfolio turnover for the reporting period | 139% |

---

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

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

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i337a9cd110b6a3b6c627.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.7% |
| Real Estate | 1.1% |
| Materials | 1.2% |
| Information Technology | 3.6% |
| Consumer Staples | 5.1% |
| Communication Services | 6.3% |
| Consumer Discretionary | 6.8% |
| Energy | 10.7% |
| Health Care | 14.5% |
| Financials | 24.0% |
| Industrials | 25.2% |

---

### Top Holdings

---

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

---

### Geographic Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986iee865e57d1ef7b0336f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 4.1% |
| Netherlands | 1.2% |
| Spain | 1.2% |
| Austria | 1.8% |
| Italy | 2.2% |
| United Kingdom | 6.4% |
| Sweden | 7.4% |
| France | 8.9% |
| United States | 12.4% |
| Germany | 13.9% |
| Japan | 40.1% |

---

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

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

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia U.S. Equity Income ETF
EQIN \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Not having exposure to the real estate sector boosted the Fund's performance relative to benchmark most during the annual period.

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

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

### Top Performance Detractors
**Stock selection**\| Selections in the health care and information technology sectors hurt the Fund's relative performance during the annual period.

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i3d240b1ad1c04594608f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia U.S. Equity Income ETF—Net Asset Value (28429)** | **Solactive GFS United States Large & Mid Cap Value Style USD Index (TR) (26540)** | **MSCI USA Value Index (24899)** | **Russell 3000<sup>®</sup> Index (36638)** |
| **06/13/16** | 10000 | 10000 | 10000 | 10000 |
| **10/16** | 10547 | 10310 | 10285 | 10228 |
| **10/17** | 12801 | 12350 | 12265 | 12680 |
| **10/18** | 13357 | 12643 | 12701 | 13516 |
| **10/19** | 14585 | 14185 | 14107 | 15340 |
| **10/20** | 13391 | 12682 | 12919 | 16896 |
| **10/21** | 19964 | 18584 | 18438 | 24314 |
| **10/22** | 20208 | 17969 | 17606 | 20298 |
| **10/23** | 20960 | 17863 | 17364 | 21999 |
| **10/24** | 27004 | 23634 | 22886 | 30326 |
| **10/25** | 28429 | 26540 | 24899 | 36638 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia U.S. Equity Income ETF—Net Asset Value<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 5.27 | 16.25 | 11.77 |
| Solactive GFS United States Large & Mid Cap Value Style USD Index (TR) | 12.30 | 15.92 | 10.95 |
| MSCI USA Value Index | 8.79 | 14.02 | 10.19 |
| Russell 3000<sup>®</sup> Index | 20.81 | 16.74 | 14.82 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective September 2, 2025, the Fund compares its performance to that of the Solactive GFS United States Large & Mid Cap Value Style USD Index (TR). Prior to September 2, 2025, the Fund compared its performance to that of the MSCI USA Value Index. The returns of the MSCI USA Value Index will be shown for a one-year transition period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;The Fund's performance prior to September 2, 2025, reflects returns achieved according to different principal investment strategies. If the Fund's strategies effective September 2, 2025 had been in place for the prior periods, results shown may have been different. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $242314438 |
| Total number of portfolio holdings | 101 |
| Investment management fees (represents 0.35% of Fund average net assets) | $631381 |
| Portfolio turnover for the reporting period | 53% |

---

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

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

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i876e7819ccd98ea6d2fa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.5% |
| Exchange-Traded Equity Funds | 0.5% |
| Common Stocks | 98.9% |

---

### Top Holdings

---

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

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986if3287181151e6a770775.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.2% |
| Communication Services | 4.2% |
| Utilities | 5.5% |
| Health Care | 5.8% |
| Consumer Discretionary | 7.5% |
| Information Technology | 10.5% |
| Consumer Staples | 11.0% |
| Energy | 13.1% |
| Industrials | 13.6% |
| Financials | 26.5% |

---

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

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

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia Diversified Fixed Income Allocation ETF
DIAL \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

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

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

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

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

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986ib567a9ae7815038c4783.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Diversified Fixed Income Allocation ETF—Net Asset Value (12217)** | **Beta Advantage<sup>®</sup> Multi-Sector Bond Index (12366)** | **Bloomberg U.S. Aggregate Bond Index (11467)** |
| **10/12/17** | 10000 | 10000 | 10000 |
| **10/17** | 9970 | 9996 | 10005 |
| **10/18** | 9738 | 9757 | 9799 |
| **10/19** | 11122 | 11132 | 10927 |
| **10/20** | 11757 | 11833 | 11603 |
| **10/21** | 12012 | 12113 | 11548 |
| **10/22** | 9754 | 9774 | 9737 |
| **10/23** | 9959 | 10022 | 9772 |
| **10/24** | 11307 | 11410 | 10802 |
| **10/25** | 12217 | 12366 | 11467 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia Diversified Fixed Income Allocation ETF—Net Asset Value | 8.05 | 0.77 | 2.52 |
| Beta Advantage<sup>®</sup> Multi-Sector Bond Index | 8.38 | 0.89 | 2.67 |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | -0.24 | 1.71 |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $414862521 |
| Total number of portfolio holdings | 661 |
| Investment management fees (represents 0.28% of Fund average net assets) | $1045090 |
| Portfolio turnover for the reporting period | 199% |
| Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 32% |

---

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

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

### Top Holdings

---

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

---

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i0a6fbaee5d007704556d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 5.9% |
| U.S. Treasury Obligations | 9.8% |
| Treasury Bills | 8.4% |
| Residential Mortgage-Backed Securities - Agency | 15.0% |
| Foreign Government Obligations | 29.7% |
| Corporate Bonds | 44.4% |

---

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

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

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i2a2ee8edbcfef42db085.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Multi-Sector Municipal Income ETF—Net Asset Value (12277)** | **Beta Advantage<sup>®</sup> Multi-Sector Municipal Bond Index (12372)** | **Bloomberg Municipal Bond Index (12020)** |
| **10/10/18** | 10000 | 10000 | 10000 |
| **10/18** | 10010 | 10006 | 10008 |
| **10/19** | 11053 | 11035 | 10951 |
| **10/20** | 11475 | 11402 | 11344 |
| **10/21** | 11946 | 11869 | 11643 |
| **10/22** | 10492 | 10423 | 10248 |
| **10/23** | 10748 | 10745 | 10519 |
| **10/24** | 11747 | 11809 | 11539 |
| **10/25** | 12277 | 12372 | 12020 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia Multi-Sector Municipal Income ETF—Net Asset Value | 4.51 | 1.36 | 2.95 |
| Beta Advantage<sup>®</sup> Multi-Sector Municipal Bond Index | 4.77 | 1.65 | 3.06 |
| Bloomberg Municipal Bond Index | 4.17 | 1.16 | 2.64 |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $504299920 |
| Total number of portfolio holdings | 578 |
| Investment management fees (represents 0.23% of Fund average net assets) | $997358 |
| Portfolio turnover for the reporting period | 21% |

---

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

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

### Top States

---

| | |
|:---|:---|
| &nbsp;&nbsp;New York | &nbsp;&nbsp;16.0% |
| &nbsp;&nbsp;Texas | &nbsp;&nbsp;10.9% |
| &nbsp;&nbsp;New Jersey | &nbsp;&nbsp;9.9% |
| &nbsp;&nbsp;Illinois | &nbsp;&nbsp;6.8% |
| &nbsp;&nbsp;Florida | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Pennsylvania | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Colorado | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Ohio | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Massachusetts | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Michigan | &nbsp;&nbsp;2.8% |

---

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i045a64f9a11e9fb603ac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.4% |
| Municipal Bonds | 98.2% |

---

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia Research Enhanced Core ETF
RECS \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the information technology, financials and health care sectors boosted the Fund's relative results most during the annual period.

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

### Top Performance Detractors
**Stock selection**\| Selection within the consumer discretionary and industrials sectors detracted most from relative performance.

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i6dced32c9d2ecc5d8924.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Columbia Research Enhanced Core ETF—Net Asset Value (26487)** | **Beta Advantage<sup>®</sup> Research Enhanced U.S. Equity Index (27080)** | **Russell 1000<sup>®</sup> Index (24960)** |
| **09/25/19** | 10000 | 10000 | 10000 |
| **10/19** | 10252 | 10256 | 10246 |
| **10/20** | 11054 | 11073 | 11359 |
| **10/21** | 16017 | 16097 | 16301 |
| **10/22** | 14324 | 14420 | 13631 |
| **10/23** | 15546 | 15674 | 14924 |
| **10/24** | 21685 | 21949 | 20606 |
| **10/25** | 26487 | 27080 | 24960 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia Research Enhanced Core ETF—Net Asset Value | 22.15 | 19.10 | 17.31 |
| Beta Advantage<sup>®</sup> Research Enhanced U.S. Equity Index | 23.37 | 19.58 | 17.72 |
| Russell 1000<sup>®</sup> Index | 21.14 | 17.05 | 16.16 |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $4294881676 |
| Total number of portfolio holdings | 376 |
| Investment management fees (represents 0.15% of Fund average net assets) | $3835522 |
| Portfolio turnover for the reporting period | 32% |

---

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

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

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i08936d9c9a2b28be48a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.3% |
| Exchange-Traded Equity Funds | 1.6% |
| Common Stocks | 98.0% |

---

### Top Holdings

---

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

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986ib7c252af983b9cc377f4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.0% |
| Materials | 2.2% |
| Utilities | 2.3% |
| Energy | 2.8% |
| Consumer Staples | 4.2% |
| Health Care | 8.8% |
| Industrials | 8.9% |
| Communication Services | 9.1% |
| Consumer Discretionary | 10.1% |
| Financials | 12.8% |
| Information Technology | 34.7% |

---

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia Research Enhanced Value ETF
REVS \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selection within the materials, financials and communication services sectors boosted the Fund's relative performance most during the annual period.

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

### Top Performance Detractors
**Stock selection**\| Selection within the industrials and energy sectors detracted most from the Fund's relative performance.

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i5348ca90980d37bf5c30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Research Enhanced Value ETF—Net Asset Value (19712)** | **Beta Advantage<sup>®</sup> Research Enhanced U.S. Value Index (20046)** | **Russell 1000<sup>®</sup> Value Index (18325)** | **Russell 1000<sup>®</sup> Index (24960)** |
| **09/25/19** | 10000 | 10000 | 10000 | 10000 |
| **10/19** | 10202 | 10206 | 10172 | 10246 |
| **10/20** | 9370 | 9390 | 9403 | 11359 |
| **10/21** | 13631 | 13652 | 13517 | 16301 |
| **10/22** | 12996 | 13048 | 12571 | 13631 |
| **10/23** | 13258 | 13333 | 12588 | 14924 |
| **10/24** | 17567 | 17759 | 16487 | 20606 |
| **10/25** | 19712 | 20046 | 18325 | 24960 |

---

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | 5 years | Since Fund Inception |
| Columbia Research Enhanced Value ETF—Net Asset Value | 12.21 | 16.04 | 11.77 |
| Beta Advantage<sup>®</sup> Research Enhanced U.S. Value Index | 12.87 | 16.38 | 12.06 |
| Russell 1000<sup>®</sup> Value Index | 11.15 | 14.28 | 10.43 |
| Russell 1000<sup>®</sup> Index | 21.14 | 17.05 | 16.16 |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $90191207 |
| Total number of portfolio holdings | 312 |
| Investment management fees (represents 0.19% of Fund average net assets) | $136651 |
| Portfolio turnover for the reporting period | 69% |

---

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

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

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986if3c3831cdbb10b998e88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 0.6% |
| Exchange-Traded Equity Funds | 3.3% |
| Common Stocks | 96.0% |

---

### Top Holdings

---

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

---

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986i896eb3c6abe60e95df3b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 3.9% |
| Materials | 4.5% |
| Utilities | 4.6% |
| Energy | 5.9% |
| Consumer Staples | 6.8% |
| Consumer Discretionary | 7.9% |
| Communication Services | 8.5% |
| Information Technology | 10.9% |
| Health Care | 11.4% |
| Industrials | 13.6% |
| Financials | 18.0% |

---

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia Short Duration Bond ETF
SBND \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

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

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

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

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

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986idc0ac5ed00a3cfc1a675.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Short Duration Bond ETF—Net Asset Value (11022)** | **Beta Advantage<sup>®</sup> Short Term Bond Index (11000)** | **Bloomberg U.S. 1-5 Year Credit Index (10989)** | **Bloomberg U.S. Aggregate Bond Index (9822)** |
| **09/21/21** | 10000 | 10000 | 10000 | 10000 |
| **10/21** | 9930 | 9943 | 9930 | 9890 |
| **10/22** | 9040 | 8934 | 9171 | 8339 |
| **10/23** | 9397 | 9310 | 9534 | 8369 |
| **10/24** | 10295 | 10252 | 10339 | 9252 |
| **10/25** | 11022 | 11000 | 10989 | 9822 |

---

---

| | | |
|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | Since Fund Inception |
| Columbia Short Duration Bond ETF—Net Asset Value | 7.06 | 2.40 |
| Beta Advantage<sup>®</sup> Short Term Bond Index | 7.30 | 2.34 |
| Bloomberg U.S. 1-5 Year Credit Index | 6.28 | 2.32 |
| Bloomberg U.S. Aggregate Bond Index | 6.16 | -0.44 |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $90824638 |
| Total number of portfolio holdings | 906 |
| Investment management fees (represents 0.25% of Fund average net assets) | $161894 |
| Portfolio turnover for the reporting period | 192% |
| Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 37% |

---

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

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

### Top Holdings

---

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

---

### Asset Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986ie943744f1617f58e1a4f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 2.5% |
| Treasury Bills | 7.7% |
| Residential Mortgage-Backed Securities - Agency | 9.7% |
| Foreign Government Obligations | 19.8% |
| Corporate Bonds | 49.4% |
| Commercial Mortgage-Backed Securities - Non-Agency | 10.0% |
| Asset-Backed Securities - Non-Agency | 10.1% |

---

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

# Columbia Select Technology ETF
SEMI \| NYSE Arca, Inc.

![Image](g38986i4bb5cf6935494240a2a3.jpg)

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

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

## What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)

---

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

---

## Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.

### Top Performance Contributors
**Stock selection** \| Selections in the IT services, electronic equipment and communications equipment industries boosted the Fund's relative performance most during the annual period.

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

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

### Top Performance Detractors
**Stock selection**\| Selections in the semiconductor and semiconductor equipment and software industries hurt the Fund's relative performance during the annual period.

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

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

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

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

### Growth of $10,000
![Growth of 10K Chart](g38986i24875b4a4daf0de2501b.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Columbia Select Technology ETF—Net Asset Value (16998)** | **S&P Global 1200 Information Technology Index (Net) (20945)** | **MSCI ACWI Index (Net) (14994)** | **PHLX Semiconductor Sector Index (21227)** |
| **03/29/22** | 10000 | 10000 | 10000 | 10000 |
| **10/22** | 7440 | 7839 | 8332 | 6779 |
| **10/23** | 8812 | 10103 | 9207 | 9268 |
| **10/24** | 12728 | 15101 | 12226 | 14396 |
| **10/25** | 16998 | 20945 | 14994 | 21227 |

---

---

| | | |
|:---|:---|:---|
| Average Annual Total Return (%) | 1 year | Since Fund Inception |
| Columbia Select Technology ETF—Net Asset Value<sup>Footnote Reference(a)</sup><sup>Footnote Reference(b)</sup> | 33.55 | 15.90 |
| S&P Global 1200 Information Technology Index (Net) | 38.70 | 22.82 |
| MSCI ACWI Index (Net) | 22.64 | 11.92 |
| PHLX Semiconductor Sector Index | 47.45 | 23.27 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Effective February 28, 2025, the Fund compares its performance to that of the S&P Global 1200 Information Technology Index (Net) and the MSCI ACWI (Net) (collectively, the New Indexes). Prior to February 28, 2025, the Fund compared its performance to that of the PHLX Semiconductor Sector Index (the Former Index). The Fund's investment manager believes the New Indexes provide a more appropriate basis for comparing the Fund's performance in light of the changes made to the Fund's Principal Investment Strategies. The returns of the former Index will be shown for a one-year transition period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;The Fund's performance prior to February 28, 2025, reflects returns achieved according to different Principal Investment Strategies. If the strategy change had been in place for the prior periods, results shown may have been different. |

---

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

## Key Fund Statistics

---

| | |
|:---|:---|
| Fund net assets | $33988168 |
| Total number of portfolio holdings | 36 |
| Investment management fees (represents 0.75% of Fund average net assets) | $245249 |
| Portfolio turnover for the reporting period | 65% |

---

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

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

### Sector Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986ibd223bc5450d155545f3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 1.0% |
| Consumer Discretionary | 4.2% |
| Financials | 4.5% |
| Communication Services | 8.8% |
| Information Technology | 80.2% |

---

### Top Holdings

---

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

---

### Sub-Industry Allocation
![Bar chart of the Fund's holdings as a percentage of net assets grouped by applicable category Ex: Asset Type, Sector, Country, or Credit Rating](g38986ic42b8060852991dad0a8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Electronic Equipment, Instruments & Components | 0.8% |
| IT Services | 1.2% |
| Communications Equipment | 2.3% |
| Technology Hardware, Storage & Peripherals | 9.4% |
| Software | 19.9% |
| Semiconductors & Semiconductor Equipment | 46.6% |

---

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

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

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

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

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

Columbia Threadneedle Investments<sup>®</sup> (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](g38986i812176f7f0c0f55d29b9.jpg)

CET002622

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

------

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. A copy of the Code is attached hereto.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR. Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount billed to the registrant ($)** | **Amount billed to the registrant ($)** | **Amount billed to the registrant's<br>investment advisor ($)** | **Amount billed to the registrant's<br>investment advisor ($)** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
|  Audit fees <sup>(a)</sup> | 134814 | 130272 | 0 | 0 |
|  Audit-related fees<sup>b)</sup> | 4000 | 9000 | 0 | 0 |
|  Tax fees <sup>(c)</sup> | 61705 | 56280 | 0 | 0 |
|  All other fees <sup>(d)</sup> | 0 | 0 | 0 | 0 |
|  Non-audit fees <sup>(g)</sup> | 0 | 0 | 0 | 0 |

---

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

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

(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.

(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1 reviews.

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

------

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

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

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

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

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

(f) Not applicable.

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

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

(i) Not applicable.

(j) Not applicable.

------

#### Item 5. Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of such Act. The members of such committee are J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager.

#### Item 6. Investments.
(a) The registrant's "Schedule I – Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.

(b) Not applicable.

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

------

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Active

ETFs

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Federal

Income

Tax

Information

Approval

of

Investment

Management

Services

Agreement

PORTFOLIO

OF

INVESTMENTS

Columbia

International

Equity

Income

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Common

#### Stocks

#### 99.3%
Issuer

Shares

Value

($)

#### Austria 1.8%
Erste

Group

Bank

AG

4,403

456,105

OMV

AG

2,049

112,241

Raiffeisen

Bank

International

AG

2,011

75,064

Verbund

AG

989

76,424

voestalpine

AG

1,494

53,249

#### Total

#### 773,083

#### Belgium 0.1%
Solvay

SA

953

29,325

#### Denmark 0.3%
Pandora

A/S

1,101

147,650

#### Finland 0.7%
Kesko

OYJ

Class

B

3,807

80,411

Wartsila

OYJ

Abp

6,612

216,508

#### Total

#### 296,919

#### France 8.9%
Airbus

SE

8,405

2,070,207

Bouygues

SA

2,701

121,988

TotalEnergies

SE

27,131

1,689,424

#### Total

#### 3,881,619

#### Germany 13.9%
Continental

AG

1,555

117,522

Deutsche

Post

AG

13,600

624,746

Deutsche

Telekom

AG

47,862

1,485,468

Fresenius

Medical

Care

AG

3,018

162,186

Fresenius

SE

&

Co.

KGaA

5,922

341,896

Mercedes-Benz

Group

AG

11,136

722,478

Merck

KGaA

1,858

243,294

Siemens

AG

7,007

1,985,883

Vonovia

SE

12,025

361,555

#### Total

#### 6,045,028

#### Israel 0.9%
Bank

Hapoalim

BM

17,807

362,794

ZIM

Integrated

Shipping

Services

Ltd.

1,714

26,361

#### Total

#### 389,155

#### Italy 2.1%
Eni

SpA

28,102

517,149

Prysmian

SpA

4,078

422,768

#### Total

#### 939,917

#### Japan 40.1%
Aisin

Corp.

6,617

119,171

Asahi

Group

Holdings

Ltd.

20,527

221,319

Bridgestone

Corp.

7,549

331,449

Canon,

Inc.

11,842

340,759

Chubu

Electric

Power

Co.,

Inc.

9,277

129,169

Chugai

Pharmaceutical

Co.

Ltd.

9,053

414,233

Dai-ichi

Life

Holdings,

Inc.

49,673

349,844

Daito

Trust

Construction

Co.

Ltd.

4,136

77,227

Electric

Power

Development

Co.

Ltd.

2,020

38,425

Fast

Retailing

Co.

Ltd.

2,526

929,039

Fukuoka

Financial

Group,

Inc.

2,112

61,487

Hikari

Tsushin,

Inc.

81,836

Hoya

Corp.

4,872

793,315

ITOCHU

Corp.

17,824

1,033,307

Japan

Tobacco,

Inc.

15,708

547,035

KDDI

Corp.

22,881

365,594

Mazda

Motor

Corp.

8,089

56,288

Mitsubishi

Corp.

49,245

1,186,573

Mitsubishi

UFJ

Financial

Group,

Inc.

128,810

1,948,183

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Mitsui

&

Co.

Ltd.

37,761

931,922

Mizuho

Financial

Group,

Inc.

33,940

1,134,381

MS&AD

Insurance

Group

Holdings,

Inc.

16,904

349,590

Nexon

Co.

Ltd.

5,605

114,607

NH

Foods

Ltd.

1,104

40,704

Niterra

Co.

Ltd.

2,112

86,945

Nitto

Denko

Corp.

9,461

236,686

Nomura

Research

Institute

Ltd.

5,517

215,946

Otsuka

Holdings

Co.

Ltd.

6,058

329,296

SCREEN

Holdings

Co.

Ltd.

1,104

105,237

SCSK

Corp.

2,020

74,359

Seiko

Epson

Corp.

3,952

50,190

Seven

&

i

Holdings

Co.

Ltd.

28,845

368,110

Shionogi

&

Co.

Ltd.

11,337

189,864

Subaru

Corp.

7,905

168,460

Sumitomo

Corp.

15,708

457,409

Sumitomo

Metal

Mining

Co.

Ltd.

3,308

109,018

Sumitomo

Mitsui

Financial

Group,

Inc.

53,013

1,432,561

Sumitomo

Rubber

Industries

Ltd.

2,480

29,121

Suntory

Beverage

&

Food

Ltd.

1,815

54,925

T&D

Holdings,

Inc.

6,511

140,359

Takeda

Pharmaceutical

Co.

Ltd.

22,053

594,503

Tohoku

Electric

Power

Co.,

Inc.

6,341

43,466

Tokio

Marine

Holdings,

Inc.

24,535

920,849

Toyota

Tsusho

Corp.

8,825

270,212

#### Total

#### 17,472,973

#### Netherlands 1.2%
Koninklijke

Ahold

Delhaize

NV

12,826

525,682

#### Norway 1.2%
Aker

BP

ASA

4,382

113,871

Equinor

ASA

11,969

286,301

Orkla

ASA

10,726

108,883

#### Total

#### 509,055

#### Spain 1.2%
Aena

SME

SA

(a) 9,944

270,292

Telefonica

SA

52,631

266,496

#### Total

#### 536,788

#### Sweden 7.4%
Assa

Abloy

AB

Class

B

13,968

527,819

Axfood

AB

1,541

42,046

Castellum

AB

4,802

54,558

Essity

AB

Class

B

8,433

231,780

Evolution

AB

(a) 1,979

132,427

H

&

M

Hennes

&

Mauritz

AB

Class

B

6,795

129,064

Hexagon

AB

Class

B

29,659

364,156

Holmen

AB

Class

B

1,228

46,468

Skandinaviska

Enskilda

Banken

AB

Class

A

21,695

414,588

SSAB

AB

Class

B

Series

B

8,217

51,159

Swedbank

AB

Class

A

14,140

430,493

Tele2

AB

Class

B

7,936

125,780

Telefonaktiebolaget

LM

Ericsson

Class

B

41,275

416,555

Telia

Co.

AB

33,341

130,940

Trelleborg

AB

Class

B

2,862

119,847

#### Total

#### 3,217,680

#### Switzerland 0.9%
Kuehne

+

Nagel

International

AG

675

129,493

Swisscom

AG

268,772

#### Total

#### 398,265
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

Equity

Income

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Notes

to

Portfolio

of

Investments

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### United

#### Kingdom 6.4%
Ashtead

Group

PLC

5,812

387,456

Lloyds

Banking

Group

PLC

842,682

986,259

NatWest

Group

PLC

114,169

876,008

Standard

Chartered

PLC

26,411

541,149

#### Total

#### 2,790,872

#### United

#### States 12.2%
AP

Moller

-

Maersk

A/S

Class

B

113,536

GSK

PLC

56,605

1,324,170

Novartis

AG

15,683

1,939,397

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Shell

PLC

52,274

1,955,673

#### Total

#### 5,332,776

#### Total

#### Common

#### Stocks

#### (Cost

#### $39,780,712)

#### 43,286,787

#### Money

#### Market

#### Funds

#### 0.1%
Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

3.878%

(b) 58,035

58,035

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $58,035)

#### 58,035

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $39,838,747)

#### 43,344,822

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 261,171

#### Net

#### Assets

#### 43,605,993
(a) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

October

31,

2025,

the

total

value

of

these

securities

amounted

to

$402,719,

which

represents

0.92%

of

total

net

assets.

(b) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

October

31,

2025

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Common

Stocks

Austria

773,083

–

–

773,083

Belgium

29,325

–

–

29,325

Denmark

147,650

–

–

147,650

Finland

296,919

–

–

296,919

France

3,881,619

–

–

3,881,619

Germany

6,045,028

–

–

6,045,028

Israel

389,155

–

–

389,155

Italy

939,917

–

–

939,917

Japan

17,472,973

–

–

17,472,973

Netherlands

525,682

–

–

525,682

Norway

509,055

–

–

509,055

Spain

536,788

–

–

536,788

Sweden

3,217,680

–

–

3,217,680

Switzerland

398,265

–

–

398,265

United

Kingdom

2,790,872

–

–

2,790,872

United

States

5,332,776

–

–

5,332,776

Total

Common

Stocks

43,286,787

–

–

43,286,787

Money

Market

Funds

58,035

–

–

58,035

Total

Investments

in

Securities

43,344,822

–

–

43,344,822

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

PORTFOLIO

OF

INVESTMENTS

Columbia

U.S.

Equity

Income

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Common

#### Stocks

#### 98.9%
Issuer

Shares

Value

($)

#### Communication

#### Services 4.2%

#### Diversified

#### Telecommunication

#### Services

#### 1.9%
Verizon

Communications,

Inc.

116,070

4,612,622

#### Media

#### 1.3%
Comcast

Corp.

Class

A

100,660

2,801,871

Fox

Corp.

Class

A

5,729

370,380

#### Total

#### 3,172,251

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
T-Mobile

US,

Inc.

11,583

2,433,009

#### Total

#### Communication

#### Services

#### 10,217,882

#### Consumer

#### Discretionary 7.5%

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.8%
Domino's

Pizza,

Inc.

929

370,169

Marriott

International,

Inc.

Class

A

6,177

1,609,603

#### Total

#### 1,979,772

#### Household

#### Durables

#### 0.5%
DR

Horton,

Inc.

7,246

1,080,234

#### Specialty

#### Retail

#### 6.2%
Home

Depot,

Inc.

(The)

26,417

10,027,629

Lowe's

Cos.,

Inc.

15,418

3,671,488

Ross

Stores,

Inc.

8,809

1,399,926

#### Total

#### 15,099,043

#### Total

#### Consumer

#### Discretionary

#### 18,159,049

#### Consumer

#### Staples 11.0%

#### Beverages

#### 2.5%
Constellation

Brands,

Inc.

Class

A

4,284

562,832

PepsiCo,

Inc.

37,580

5,490,062

#### Total

#### 6,052,894

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.4%
Kroger

Co.

(The)

18,067

1,149,603

Sysco

Corp.

13,322

989,558

Target

Corp.

12,482

1,157,331

#### Total

#### 3,296,492

#### Food

#### Products

#### 1.7%
Archer-Daniels-Midland

Co.

13,140

795,364

General

Mills,

Inc.

14,881

693,604

Hershey

Co.

(The)

4,002

678,859

Mondelez

International,

Inc.

Class

A

35,572

2,043,967

#### Total

#### 4,211,794

#### Household

#### Products

#### 5.4%
Church

&

Dwight

Co.,

Inc.

6,694

586,997

Colgate-Palmolive

Co.

22,221

1,712,128

Kimberly-Clark

Corp.

9,120

1,091,755

Procter

&

Gamble

Co.

(The)

64,473

9,694,805

#### Total

#### 13,085,685

#### Total

#### Consumer

#### Staples

#### 26,646,865

#### Energy 13.1%

#### Energy

#### Equipment

#### &

#### Services

#### 0.6%
SLB

Ltd.

41,243

1,487,223

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 12.5%
Chevron

Corp.

56,060

8,841,783

ConocoPhillips

34,367

3,053,852

EOG

Resources,

Inc.

15,003

1,587,917

Exxon

Mobil

Corp.

96,732

11,062,272

Marathon

Petroleum

Corp.

8,351

1,627,693

Occidental

Petroleum

Corp.

27,015

1,113,018

Phillips

11,116

1,513,332

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Valero

Energy

Corp.

8,510

1,442,956

#### Total

#### 30,242,823

#### Total

#### Energy

#### 31,730,046

#### Financials 26.5%

#### Banks

#### 15.4%
Bank

of

America

Corp.

203,616

10,883,275

Citigroup,

Inc.

50,549

5,117,075

JPMorgan

Chase

&

Co.

35,354

10,999,336

M&T

Bank

Corp.

4,286

788,067

PNC

Financial

Services

Group,

Inc.

(The)

10,801

1,971,723

Wells

Fargo

&

Co.

88,076

7,659,970

#### Total

#### 37,419,446

#### Capital

#### Markets

#### 4.3%
Bank

of

New

York

Mellon

Corp.

(The)

19,375

2,091,144

Goldman

Sachs

Group,

Inc.

(The)

8,292

6,545,456

Raymond

James

Financial,

Inc.

4,944

784,464

State

Street

Corp.

7,769

898,563

#### Total

#### 10,319,627

#### Consumer

#### Finance

#### 3.2%
American

Express

Co.

19,142

6,905,094

Synchrony

Financial

10,200

758,676

#### Total

#### 7,663,770

#### Insurance

#### 3.6%
Aflac,

Inc.

13,204

1,415,337

American

International

Group,

Inc.

15,212

1,201,139

Cincinnati

Financial

Corp.

4,225

653,143

Hartford

Financial

Services

Group,

Inc.

(The)

7,714

957,924

Marsh

&

McLennan

Cos.,

Inc.

13,529

2,410,191

Principal

Financial

Group,

Inc.

6,090

511,804

Travelers

Cos.,

Inc.

(The)

6,174

1,658,460

#### Total

#### 8,807,998

#### Total

#### Financials

#### 64,210,841

#### Health

#### Care 5.8%

#### Health

#### Care

#### Providers

#### &

#### Services

#### 5.8%
Cardinal

Health,

Inc.

6,559

1,251,260

Cigna

Group

(The)

7,241

1,769,773

Elevance

Health,

Inc.

6,191

1,963,785

Quest

Diagnostics,

Inc.

3,064

539,111

UnitedHealth

Group,

Inc.

24,874

8,495,964

#### Total

#### 14,019,893

#### Total

#### Health

#### Care

#### 14,019,893

#### Industrials 13.6%

#### Aerospace

#### &

#### Defense

#### 3.9%
General

Dynamics

Corp.

7,364

2,539,843

L3Harris

Technologies,

Inc.

5,136

1,484,818

Lockheed

Martin

Corp.

6,425

3,160,329

Northrop

Grumman

Corp.

3,935

2,295,876

#### Total

#### 9,480,866

#### Air

#### Freight

#### &

#### Logistics

#### 0.8%
Expeditors

International

of

Washington,

Inc.

3,712

452,493

FedEx

Corp.

5,943

1,508,452

#### Total

#### 1,960,945

#### Commercial

#### Services

#### &

#### Supplies

#### 0.5%
Republic

Services,

Inc.

5,561

1,158,023

#### Machinery

#### 6.5%
Caterpillar,

Inc.

12,875

7,432,223

Cummins,

Inc.

3,736

1,635,172

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Notes

to

Portfolio

of

Investments

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Deere

&

Co.

6,906

3,188,017

Illinois

Tool

Works,

Inc.

7,999

1,951,116

Otis

Worldwide

Corp.

10,798

1,001,622

Snap-on,

Inc.

1,405

471,448

#### Total

#### 15,679,598

#### Passenger

#### Airlines

#### 0.4%
Delta

Air

Lines,

Inc.

17,916

1,028,020

#### Professional

#### Services

#### 1.5%
Automatic

Data

Processing,

Inc.

11,140

2,899,742

Broadridge

Financial

Solutions,

Inc.

3,208

707,043

#### Total

#### 3,606,785

#### Total

#### Industrials

#### 32,914,237

#### Information

#### Technology 10.5%

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
CDW

Corp.

3,594

572,776

#### IT

#### Services

#### 3.8%
Amdocs

Ltd.

3,048

256,824

Cognizant

Technology

Solutions

Corp.

Class

A

13,395

976,228

International

Business

Machines

Corp.

25,630

7,878,918

#### Total

#### 9,111,970

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 5.6%
Analog

Devices,

Inc.

13,628

3,190,724

Applied

Materials,

Inc.

22,045

5,138,690

QUALCOMM,

Inc.

29,687

5,370,378

#### Total

#### 13,699,792

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.9%
Dell

Technologies,

Inc.

Class

C

8,539

1,383,403

HP,

Inc.

25,816

714,329

#### Total

#### 2,097,732

#### Total

#### Information

#### Technology

#### 25,482,270

#### Materials 1.2%

#### Chemicals

#### 0.7%
DuPont

de

Nemours,

Inc.

11,501

939,056

PPG

Industries,

Inc.

6,205

606,539

#### Total

#### 1,545,595

#### Containers

#### &

#### Packaging

#### 0.4%
International

Paper

Co.

14,398

556,339

Packaging

Corp.

of

America

2,420

473,739

#### Total

#### 1,030,078

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Metals

#### &

#### Mining

#### 0.1%
Southern

Copper

Corp.

2,265

314,382

#### Total

#### Materials

#### 2,890,055

#### Utilities 5.5%

#### Electric

#### Utilities

#### 2.3%
American

Electric

Power

Co.,

Inc.

14,686

1,766,138

Edison

International

10,583

586,087

Eversource

Energy

10,193

752,345

Exelon

Corp.

27,795

1,281,905

Xcel

Energy,

Inc.

16,253

1,319,256

#### Total

#### 5,705,731

#### Gas

#### Utilities

#### 0.3%
Atmos

Energy

Corp.

4,401

755,740

#### Multi-Utilities

#### 2.6%
Ameren

Corp.

7,417

756,682

Consolidated

Edison,

Inc.

9,912

965,528

DTE

Energy

Co.

5,695

771,900

Public

Service

Enterprise

Group,

Inc.

13,725

1,105,686

Sempra

17,953

1,650,599

WEC

Energy

Group,

Inc.

8,850

988,811

#### Total

#### 6,239,206

#### Water

#### Utilities

#### 0.3%
American

Water

Works

Co.,

Inc.

5,553

713,172

#### Total

#### Utilities

#### 13,413,849

#### Total

#### Common

#### Stocks

#### (Cost

#### $227,594,842)

#### 239,684,987

#### Exchange-Traded

#### Equity

#### Funds

#### 0.5%

#### Issuer

#### Shares

#### Value

#### ($)

#### Financials 0.5%
Vanguard

Financials

ETF

9,272

1,182,366

#### Total

#### Exchange-Traded

#### Equity

#### Funds

#### (Cost

#### $1,048,618)

#### 1,182,366

#### Money

#### Market

#### Funds

#### 0.5%

#### Issuer

#### Shares

#### Value

#### ($)
Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

3.878%

(a) 1,237,650

1,237,650

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $1,237,650)

#### 1,237,650

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $229,881,110)

#### 242,105,003

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 209,435

#### Net

#### Assets

#### 242,314,438
(a) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Common

Stocks

Communication

Services

10,217,882

–

–

10,217,882

Consumer

Discretionary

18,159,049

–

–

18,159,049

Consumer

Staples

26,646,865

–

–

26,646,865

Energy

31,730,046

–

–

31,730,046

Financials

64,210,841

–

–

64,210,841

Health

Care

14,019,893

–

–

14,019,893

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Fair

#### Value

#### Measurements
(continued)

Level

($)

Level

($)

Level

($)

Total

($)

Common

Stocks

(continued)

Industrials

32,914,237

–

–

32,914,237

Information

Technology

25,482,270

–

–

25,482,270

Materials

2,890,055

–

–

2,890,055

Utilities

13,413,849

–

–

13,413,849

Total

Common

Stocks

239,684,987

–

–

239,684,987

Exchange-Traded

Equity

Funds

1,182,366

–

–

1,182,366

Money

Market

Funds

1,237,650

–

–

1,237,650

Total

Investments

in

Securities

242,105,003

–

–

242,105,003

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Columbia

#### International

#### Equity

#### Income

#### ETF

#### Columbia

#### U.S.

#### Equity

#### Income

#### ETF

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$39,838,747

and

$229,881,110,

respectively)

$43,344,822

$242,105,003

Foreign

currency

(cost

$248

and

$–)

–

Receivable

for:

Dividends

207,022

303,416

Reclaims

receivable

70,632

–

Investments

sold

–

4,639,188

Total

assets

43,622,722

247,047,607

#### Liabilities
Payable

for:

Investment

management

fees

16,729

73,276

Capital

shares

redeemed

–

4,659,893

Total

liabilities

16,729

4,733,169

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $43,605,993

#### $242,314,438

#### Represented

#### by:
Paid-in

capital

$36,271,802

$233,582,952

Total

distributable

earnings

(loss)

7,334,191

8,731,486

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $43,605,993

#### $242,314,438
Shares

outstanding

1,150,000

5,200,000

Net

asset

value

per

share

$37.92

$46.60

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Columbia

#### International

#### Equity

#### Income

#### ETF

#### Columbia

#### U.S.

#### Equity

#### Income

#### ETF

#### Investment

#### Income:
Dividends

-

unaffiliated

issuers

$1,394,762

$4,690,968

Foreign

taxes

withheld

(172,430)

(2,832)

Total

income

1,222,332

4,688,136

Expenses:

Investment

management

fees

159,151

631,381

Total

expenses

159,151

631,381

#### Net

#### Investment

#### Income
1,063,181

4,056,755

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

3,595,675

(3,698,936)

In-kind

transactions

-

unaffiliated

issuers

1,282,601

8,565,650

Foreign

currency

translations

(63,019)

–

Net

realized

gain

4,815,257

4,866,714

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

3,313,599

3,515,583

Foreign

currency

translations

892

–

Net

change

in

unrealized

appreciation

3,314,491

3,515,583

Net

realized

and

unrealized

gain

8,129,748

8,382,297

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $9,192,929

#### $12,439,052
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

#### Columbia

#### International

#### Equity

#### Income

#### ETF

#### Columbia

#### U.S.

#### Equity

#### Income

#### ETF

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

$1,063,181

$408,892

$4,056,755

$1,384,215

Net

realized

gain

4,815,257

942,628

4,866,714

4,758,223

Net

change

in

unrealized

appreciation

3,314,491

253,485

3,515,583

7,295,415

Net

increase

in

net

assets

resulting

from

operations

9,192,929

1,605,005

12,439,052

13,437,853

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(1,191,239)

(301,656)

(6,576,539)

(1,279,098)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

18,573,949

18,421,780

203,564,883

51,625,885

Cost

of

shares

redeemed

(9,124,346)

–

(66,579,028)

(8,300,690)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

9,449,603

18,421,780

136,985,855

43,325,195

Increase

in

net

assets

17,451,293

19,725,129

142,848,368

55,483,950

#### Net

#### Assets:
Net

assets

beginning

of

year

26,154,700

6,429,571

99,466,070

43,982,120

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $43,605,993

#### $26,154,700

#### $242,314,438

#### $99,466,070

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

850,000

250,000

2,150,000

1,200,000

Shares

sold

550,000

600,000

4,500,000

1,150,000

Shares

redeemed

(250,000)

–

(1,450,000)

(200,000)

Shares

outstanding,

end

of

year

1,150,000

850,000

5,200,000

2,150,000

FINANCIAL

HIGHLIGHTS

Columbia

International

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

The

following

tables

are

intended

to

help

you

understand

each

Fund's

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratios

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund's

portfolio

turnover

rate

may

be

higher.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$30.77

$25.72

$21.99

$26.94

$21.08

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

1.01 0.85 0.82 0.90 0.82 Net

realized

and

unrealized

gain

(loss)

7.34 4.84 3.73 (4.85)

5.83 Total

from

investment

operations

8.35 5.69 4.55 (3.95)

6.65 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.84)

(0.64)

(0.82)

(1.00)

(0.79)

Net

realized

gains

(0.36)

–

–

–

–

Total

distribution

to

shareholders

(1.20)

(0.64)

(0.82)

(1.00)

(0.79)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$37.92

$30.77

$25.72

$21.99

$26.94

Total

Return

at

NAV

27.87%

22.26%

20.70%

(14.97)%

31.60%

Total

Return

at

Market

Price

28.07%

21.20%

21.46%

(15.76)%

32.24%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(a) 0.45%

0.46%

(b) 0.45%

(c) 0.45%

0.45%

(c) Total

net

expenses

(a)(d) 0.45%

0.46%

(b) 0.45%

(c) 0.45%

0.45%

(c) Net

investment

income

3.01%

2.81%

3.14%

3.60%

3.07%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$43,606

$26,155

$6,430

$5,497

$5,389

Portfolio

turnover

139%

92%

156%

177%

90%

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

Columbia

U.S.

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

\|

2025

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$46.26

$36.65

$36.28

$36.97

$25.42

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

1.01 0.98 0.97 1.00 0.86 Net

realized

and

unrealized

gain

(loss)

1.31 9.53 0.38 (0.57)

(a) 11.53 Total

from

investment

operations

2.32 10.51 1.35 0.43 12.39 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.94)

(0.90)

(0.98)

(0.88)

(0.84)

Net

realized

gains

(1.04)

–

–

(0.24)

–

Total

distribution

to

shareholders

(1.98)

(0.90)

(0.98)

(1.12)

(0.84)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$46.60

$46.26

$36.65

$36.28

$36.97

Total

Return

at

NAV

5.27%

28.84%

3.72%

1.22%

49.08%

Total

Return

at

Market

Price

5.09%

29.14%

3.29%

1.27%

50.13%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(b) 0.35%

0.35%

(c) 0.35%

(c) 0.35%

(c) 0.35%

Total

net

expenses

(b)(d)

0.35%

0.35%

(c) 0.35%

(c) 0.35%

(c) 0.35%

Net

investment

income

2.25%

2.25%

2.57%

2.73%

2.55%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$242,314

$99,466

$43,982

$39,911

$5,545

Portfolio

turnover

53%

42%

90%

167%

77%

(a) Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Active

ETFs

\|

2025

#### Note
1. #### Organization
Columbia

ETF

Trust

I

(the

Trust)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

statutory

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Information

presented

in

these

financial

statements

pertains

to

the

following

series

of

the

Trust

(each,

a

Fund

and

collectively,

the

Funds):

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF.

Each

Fund

is

diversified.

Fund

Shares

The

market

prices

of

each

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

each

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

a

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Funds'

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

their

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Funds

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Funds

have

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

each

Fund's

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Funds'

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London's

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds'

Portfolio

of

Investments.

Foreign

currency

transactions

and

translations

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

The

Funds

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

securities,

return

of

capital

is

recorded

as

a

realized

gain.

With

respect

to

REITs,

to

the

extent

actual

information

has

not

yet

been

reported,

estimates

for

return

of

capital

are

made

by

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial).

The

Investment

Manager's

estimates

are

subsequently

adjusted

when

the

actual

character

of

the

distributions

is

disclosed

by

the

REITs,

which

could

result

in

a

proportionate

change

in

return

of

capital

to

shareholders.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Funds

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

each

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

a

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

For

federal

income

tax

purposes,

each

Fund

is

treated

as

a

separate

entity.

The

Funds

intend

to

qualify

each

year

as

separate

regulated

investment

companies

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

their

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

their

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Funds

intend

to

distribute

in

each

calendar

year

substantially

all

of

their

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Funds

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

each

calendar

quarter.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Funds'

contracts

with

their

service

providers

contain

general

indemnification

clauses.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

*Accounting* 

*Standards* 

*Update* 

*2023-09* 

*Income* 

*Taxes* 

*(Topic* 

*740)*

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

each

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

each

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund's

average

daily

net

assets

as

follows:

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Funds.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Funds

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Funds,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Funds.

The

Funds

have

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Funds

are

authorized

to

pay

distribution

and

service

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

each

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Funds

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Expenses

waived/reimbursed

by

the

Investment

Manager

The

Investment

Manager

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

(excluding

certain

fees

and

expenses

described

below),

through

February

28,

2026

for

Columbia

International

Equity

Income

ETF,

unless

sooner

terminated

at

the

sole

discretion

of

the

Board

of

Trustees,

so

that

the

Fund's

net

operating

expenses,

after

giving

effect

#### Fund

#### Effective

#### investment

#### management

#### fee

#### rate

#### (%)
Columbia

International

Equity

Income

ETF

0.45 Columbia

U.S.

Equity

Income

ETF

0.35 NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

to

fees

waived/expenses

reimbursed

and

any

balance

credits

and/or

overdraft

charges

from

the

Fund's

custodian,

do

not

exceed

the

annual

rate

of

0.45%

as

a

percentage

of

the

Fund's

average

daily

net

assets.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

the

Fund's

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

taxes,

brokerage

commissions,

interest,

infrequent

and/or

unusual

expenses

and

any

other

expenses

the

exclusion

of

which

is

specifically

approved

by

the

Fund's

Board.

This

agreement

may

be

modified

or

amended

only

with

approval

from

all

parties.

Any

fees

waived

and/

or

expenses

reimbursed

under

the

expense

reimbursement

arrangements

described

above

are

not

recoverable

by

the

Investment

Manager

in

future

periods.

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

capital

loss

carryforwards,

re-characterization

of

distributions

from

investments,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind,

foreign

currency

transactions

and

passive

foreign

investment

company

(PFIC)

holdings.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

#### Fund

#### Undistributed

#### net

#### investment

#### income

#### ($)

#### Accumulated

#### net

#### realized

#### gain
(loss)

#### ($)

#### Paid-in

#### capital

#### ($)
Columbia

International

Equity

Income

ETF

113,964

(1,382,183)

1,268,219

Columbia

U.S.

Equity

Income

ETF

(16,021)

(8,516,499)

8,532,520

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Fund

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
Columbia

International

Equity

Income

ETF

1,191,239

-

1,191,239

301,656

-

301,656

Columbia

U.S.

Equity

Income

ETF

5,618,975

957,564

6,576,539

1,279,098

-

1,279,098

#### Fund

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### long-term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
Columbia

International

Equity

Income

ETF

2,864,266

1,007,404

-

3,468,178

Columbia

U.S.

Equity

Income

ETF

392,795

-

(3,826,523)

12,165,214

#### Fund

#### Tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized

#### depreciation

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
Columbia

International

Equity

Income

ETF

39,876,644

4,499,797

(1,031,619)

3,468,178

Columbia

U.S.

Equity

Income

ETF

229,939,789

20,833,115

(8,667,901)

12,165,214

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds'

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

October

31,

2025,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Funds

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

as

follows:

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Funds.

For

the

year

ended

October

31,

2025,

the

in-kind

redemptions

were

as

follows:

#### Note
7. #### Line

#### of

#### credit
Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

each

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Funds

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

#### Fund

#### No

#### expiration

#### short-

#### term

#### ($)

#### No

#### expiration

#### long-

#### term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
Columbia

International

Equity

Income

ETF

-

-

-

-

Columbia

U.S.

Equity

Income

ETF

(3,826,523)

-

(3,826,523)

-

#### Fund

#### Purchases

#### ($)

#### Proceeds

#### from

#### sales

#### ($)
Columbia

International

Equity

Income

ETF

50,311,210

48,813,006

Columbia

U.S.

Equity

Income

ETF

97,039,005

100,204,471

#### Funds

#### Contributions

#### ($)
Columbia

International

Equity

Income

ETF

16,669,621

Columbia

U.S.

Equity

Income

ETF

202,714,056

#### Funds

#### Cost

#### basis

#### ($)

#### Proceeds

#### from

#### sales

#### ($)

#### Net

#### realized

#### gain
(loss)

#### ($)
Columbia

International

Equity

Income

ETF

7,756,655

9,039,256

1,282,601

Columbia

U.S.

Equity

Income

ETF

57,627,768

66,193,418

8,565,650

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

the

date

of

borrowing.

Each

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

each

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

each

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Funds

had

no

borrowings

during

the

year

ended

October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Funds

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

each

Fund's

holdings

and

each

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

each

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

each

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

Additional

risk

factors

of

each

Fund

are

described

more

fully

in

the

Fund's

respective

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Funds

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Funds,

including

fund

accounting

and

financial

reporting

services.

#### Note
10. #### Information

#### regarding

#### pending

#### and

#### settled

#### legal

#### proceedings
Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Funds

are

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Funds

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Funds.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETFs

\|

2025

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Funds.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Funds

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Funds,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

estimate

the

amount

of

any

loss

that

may

result

from

such

matters.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief,

and

may

lead

to

further

claims,

examinations,

adverse

publicity

or

reputational

damage,

each

of

which

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

or

financial

condition

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Funds.

Active

ETFs

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

*Opinions* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

(two

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2025,

the

related

statements

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinions*

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Active

ETFs

\|

2025

The

Funds

hereby

designate

the

following

tax

attributes

for

the

ﬁscal

year

ended

October

31,

2025

.

Shareholders

will

be

notiﬁed

in

early

2026

of

the

amounts

for

use

in

preparing

2025

income

tax

returns.

For

Federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

percentages

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

(DRD),

and

the

individual

qualified

dividend

income

rate

(QDI)

are

presented

below.

Foreign

Tax

Credit

The

following

Fund

makes

the

election

to

pass

through

to

shareholders

the

foreign

taxes

paid.

Eligible

shareholders

may

claim

a

foreign

tax

credit.

These

taxes,

and

the

corresponding

foreign

source

income,

are

provided.

The

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

#### Fund

#### DRD

#### QDI
Columbia

International

Equity

Income

ETF

0.53%

41.11%

Columbia

U.S.

Equity

Income

ETF

81.31%

81.83%

#### Columbia

#### International

#### Equity

#### Income

#### ETF
Foreign

Taxes

Paid

$172,429

Foreign

Taxes

Paid

Per

Share

0.15 Foreign

Source

Income

1,385,970

Foreign

Source

Income

Per

Share

1.21 #### Fund
Columbia

International

Equity

Income

ETF

$1,057,773

Columbia

U.S.

Equity

Income

ETF

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Active

ETFs

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

(each,

a

Fund,

and

together,

the

Funds).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

each

of

the

Funds

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Funds'

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement

for

each

Fund.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Funds

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Funds

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Funds'

management

fees

and

total

expenses,

including

information

comparing

the

Funds'

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement

for

each

Fund.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Active

ETFs

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Funds,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Funds'

and

their

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

each

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Funds

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Funds,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

each

Fund,

(ii) each

Fund's

performance

relative

to

peers

and

benchmarks

and,

(iii) the

net

assets

of

the

Funds.

The

Board

observed

that

each

Fund's

performance

was

within

the

range

of

that

of

its

peers.

The

Board

also

reviewed

a

description

of

the

third-party

data

provider's

methodology

for

identifying

the

Funds'

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Funds

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

each

Fund,

observing

that

many

of

the

competitors

of

the

Funds

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Funds'

contribution

to

the

Investment

Manager's

profitability.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Active

ETFs

\|

2025

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

Columbia

International

Equity

Income

ETF's

total

expense

ratio

(after

considering

proposed

expense

caps/waivers)

was

below

the

peer

universe's

median

expense

ratio

shown

in

the

reports.

The

Board

took

into

account

that

Columbia

U.S.

Equity

Income

ETF's

total

expense

ratio

was

slightly

below

the

peer

universe's

median

expense

ratio

shown

in

the

reports.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Funds,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Funds.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Columbia

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Funds

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement

for

each

Fund.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

ANN271_10_R01_(12/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.©

2025

Columbia

Management

Investment

Advisers,

LLC. columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Columbia

Diversified

Fixed

Income

Allocation

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Indexed

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Approval

of

Investment

Management

Services

Agreement

PORTFOLIO

OF

INVESTMENTS

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds

#### 44.4%

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 0.9%
Axon

Enterprise,

Inc.

6.125%,

03/15/30

(a) 300,000

309,272

Boeing

Co.

(The)

6.528%,

05/01/34

530,000

586,472

L3Harris

Technologies,

Inc.

5.400%,

07/31/33

352,000

366,951

Northrop

Grumman

Corp.

4.900%,

06/01/34

250,000

253,563

RTX

Corp.

5.150%,

02/27/33

400,000

414,698

Spirit

AeroSystems

,

Inc.

9.375%,

11/30/29

(a) 274,000

287,887

Textron,

Inc.

6.100%,

11/15/33

100,000

108,138

TransDigm

,

Inc.

6.375%,

03/01/29

(a) 550,000

564,775

6.625%,

03/01/32

(a) 1,000,000

1,033,941

#### Total

#### 3,925,697

#### Airlines

#### 0.7%
American

Airlines,

Inc.

8.500%,

05/15/29

(a) 250,000

260,789

American

Airlines,

Inc./

AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(a) 128,333

128,551

5.750%,

04/20/29

(a) 1,028,000

1,035,412

Avianca

Midco

PLC

9.625%,

02/14/30

(a) 700,000

693,999

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

9.875%,

09/20/31

(a) 696,000

683,903

#### Total

#### 2,802,654

#### Apartment

#### REIT

#### 0.2%
American

Homes

Rent

LP

5.500%,

02/01/34

250,000

258,169

Essex

Portfolio

LP

5.500%,

04/01/34

100,000

104,073

Invitation

Homes

Operating

Partnership

LP

2.000%,

08/15/31

310,000

268,532

4.950%,

01/15/33

100,000

100,478

#### Total

#### 731,252

#### Automotive

#### 1.2%
Allison

Transmission,

Inc.

3.750%,

01/30/31

(a) 204,000

188,250

American

Axle

&

Manufacturing,

Inc.

6.375%,

10/15/32

(a) 300,000

301,125

7.750%,

10/15/33

(a) 550,000

550,797

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.750%,

02/15/30

(a) 300,000

311,402

Ford

Motor

Credit

Co.

LLC

6.125%,

03/08/34

300,000

303,176

7.122%,

11/07/33

100,000

107,544

General

Motors

Financial

Co.,

Inc.

5.950%,

04/04/34

100,000

104,677

6.100%,

01/07/34

500,000

528,282

Goodyear

Tire

&

Rubber

Co.

(The)

5.000%,

07/15/29

286,000

272,111

JB

Poindexter

&

Co.,

Inc.

8.750%,

12/15/31

(a) 250,000

261,615

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Nissan

Motor

Co.

Ltd.

4.810%,

09/17/30

(a) 701,000

656,328

8.125%,

07/17/35

(a) 250,000

265,861

Tenneco,

Inc.

8.000%,

11/17/28

(a) 711,000

709,414

ZF

North

America

Capital,

Inc.

7.500%,

03/24/31

(a) 600,000

572,399

#### Total

#### 5,132,981

#### Banking

#### 1.6%
Ally

Financial,

Inc.

6.184%,

(SOFRRATE

+

2.290%),

07/26/35

(b) 240,000

248,139

American

Express

Co.

5.625%,

(SOFRRATE

+

1.930%),

07/28/34

(b) 123,000

128,958

Banco

Bilbao

Vizcaya

Argentaria

SA

6.033%,

(US

Year

CMT

T-Note

+

1.950%),

03/13/35

(b) 400,000

425,703

Banco

Santander

SA

6.350%,

03/14/34

200,000

215,115

6.921%,

08/08/33

200,000

221,960

Barclays

6.224%,

(SOFRRATE

+

2.980%),

05/09/34

(b) 500,000

538,153

Capital

One

Financial

Corp.

5.817%,

(SOFRRATE

+

2.600%),

02/01/34

(b) 246,000

257,844

6.377%,

(SOFRRATE

+

2.860%),

06/08/34

(b) 250,000

270,565

Citigroup,

Inc.

5.827%,

(SOFRRATE

+

2.056%),

02/13/35

(b) 250,000

259,729

6.020%,

(SOFRRATE

+

1.830%),

01/24/36

(b) 244,000

255,332

6.174%,

(SOFRRATE

+

2.661%),

05/25/34

(b) 350,000

371,724

Citizens

Financial

Group,

Inc.

6.645%,

(SOFRRATE

+

2.325%),

04/25/35

(b) 300,000

328,650

Deutsche

Bank

AG/New

York

NY

5.403%,

(SOFRRATE

+

2.050%),

09/11/35

(b) 200,000

203,377

7.079%,

(SOFRRATE

+

3.650%),

02/10/34

(b) 200,000

219,294

Fifth

Third

Bancorp

5.631%,

(SOFRRATE

+

1.840%),

01/29/32

(b) 300,000

313,695

HSBC

Holdings

PLC

6.547%,

(SOFRRATE

+

2.980%),

06/20/34

(b) 500,000

541,151

Huntington

Bancshares,

Inc.

2.487%,

(US

Year

CMT

T-Note

+

1.170%),

08/15/36

(b) 194,000

166,306

Huntington

Bancshares,

Inc./OH

6.141%,

(US

Year

CMT

T-Note

+

1.700%),

11/18/39

(b) 200,000

207,042

KeyBank

NA/Cleveland

OH

5.000%,

01/26/33

250,000

251,380

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Lloyds

Banking

Group

PLC

6.068%,

(US

Year

CMT

T-Note

+

1.600%),

06/13/36

(b) 200,000

209,421

M&T

Bank

Corp.

5.053%,

(SOFRRATE

+

1.850%),

01/27/34

(b) 275,000

275,491

Morgan

Stanley

5.942%,

(US

Year

CMT

T-Note

+

1.800%),

02/07/39

(b) 250,000

262,328

5.948%,

(US

Year

CMT

T-Note

+

2.430%),

01/19/38

(b) 250,000

262,385

Regions

Financial

Corp.

5.502%,

(SOFRRATE

+

2.060%),

09/06/35

(b) 100,000

102,406

Santander

Holdings

USA,

Inc.

6.342%,

(SOFRRATE

+

2.138%),

05/31/35

(b) 125,000

132,751

#### Total

#### 6,668,899

#### Brokerage/Asset

#### Managers/Exchanges

#### 0.8%
Blue

Owl

Finance

LLC

6.250%,

04/18/34

200,000

207,536

Coinbase

Global,

Inc.

3.375%,

10/01/28

(a) 355,000

338,370

Focus

Financial

Partners

LLC

6.750%,

09/15/31

(a) 300,000

309,468

Jane

Street

Group

/

JSG

Finance,

Inc.

6.125%,

11/01/32

(a) 500,000

508,819

6.750%,

05/01/33

(a) 500,000

521,329

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

5.000%,

08/15/28

(a) 400,000

378,821

Jefferies

Financial

Group,

Inc.

6.200%,

04/14/34

200,000

209,879

LPL

Holdings,

Inc.

5.650%,

03/15/35

122,000

124,317

Nasdaq,

Inc.

5.550%,

02/15/34

200,000

209,647

Nomura

Holdings,

Inc.

5.783%,

07/03/34

200,000

211,930

TPG

Operating

Group

II

LP

5.875%,

03/05/34

250,000

262,562

#### Total

#### 3,282,678

#### Building

#### Materials

#### 1.3%
Amrize

Finance

US

LLC

5.400%,

04/07/35

(a) 100,000

103,213

Builders

FirstSource

,

Inc.

4.250%,

02/01/32

(a) 215,000

203,571

6.375%,

03/01/34

(a) 450,000

466,128

Carlisle

Cos.,

Inc.

5.550%,

09/15/40

200,000

202,884

CRH

America

Finance,

Inc.

5.500%,

01/09/35

250,000

260,808

Martin

Marietta

Materials,

Inc.

5.150%,

12/01/34

100,000

102,272

Owens

Corning

5.700%,

06/15/34

200,000

210,255

Quikrete

Holdings,

Inc.

6.375%,

03/01/32

(a) 450,000

467,130

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
6.750%,

03/01/33

(a) 1,400,000

1,455,909

QXO

Building

Products,

Inc.

6.750%,

04/30/32

(a) 750,000

777,955

Standard

Building

Solutions,

Inc.

6.250%,

08/01/33

(a) 450,000

459,475

6.500%,

08/15/32

(a) 500,000

514,267

Vulcan

Materials

Co.

5.350%,

12/01/34

100,000

103,308

#### Total

#### 5,327,175

#### Cable

#### and

#### Satellite

#### 1.0%
CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%,

01/15/34

(a) 1,250,000

1,050,118

4.500%,

05/01/32

600,000

533,827

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

5.850%,

12/01/35

250,000

248,971

6.550%,

06/01/34

150,000

157,856

Connect

Finco

Sarl

/

Connect

US

Finco

LLC

9.000%,

09/15/29

(a) 710,000

752,255

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

10.000%,

02/15/31

(a) 700,000

699,986

Sunrise

FinCo

I

BV

4.875%,

07/15/31

(a) 365,000

348,463

VZ

Secured

Financing

BV

5.000%,

01/15/32

(a) 465,000

422,854

#### Total

#### 4,214,330

#### Chemicals

#### 0.7%
Celanese

US

Holdings

LLC

6.750%,

04/15/33

650,000

640,521

6.879%,

07/15/32

200,000

200,912

Cerdia

Finanz

GmbH

9.375%,

10/03/31

(a) 200,000

209,028

Dow

Chemical

Co.

(The)

5.150%,

02/15/34

161,000

161,389

Eastman

Chemical

Co.

5.625%,

02/20/34

300,000

309,302

LYB

International

Finance

III

LLC

2.250%,

10/01/30

100,000

89,342

Nutrien

Ltd.

5.400%,

06/21/34

75,000

77,416

Qnity

Electronics,

Inc.

5.750%,

08/15/32

(a) 250,000

254,294

Sherwin-Williams

Co.

(The)

5.150%,

08/15/35

200,000

203,553

Solstice

Advanced

Materials,

Inc.

5.625%,

09/30/33

(a) 500,000

499,505

Tronox

,

Inc.

4.625%,

03/15/29

(a) 550,000

338,328

#### Total

#### 2,983,590

#### Construction

#### Machinery

#### 0.6%
Herc

Holdings,

Inc.

7.250%,

06/15/33

(a) 890,000

938,581

Hertz

Corp.

(The)

12.625%,

07/15/29

(a) 450,000

445,856

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(a) 699,000

696,199

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
United

Rentals

North

America,

Inc.

3.875%,

02/15/31

325,000

308,047

#### Total

#### 2,388,683

#### Consumer

#### Cyclical

#### Services

#### 0.4%
ADT

Security

Corp

(The)

5.875%,

10/15/33

(a) 300,000

304,228

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(a) 292,000

282,866

Arches

Buyer,

Inc.

4.250%,

06/01/28

(a) 300,000

293,234

CBRE

Services,

Inc.

5.950%,

08/15/34

250,000

267,029

Expedia

Group,

Inc.

5.400%,

02/15/35

119,000

121,922

Uber

Technologies,

Inc.

4.800%,

09/15/34

200,000

200,061

4.800%,

09/15/35

150,000

148,899

#### Total

#### 1,618,239

#### Consumer

#### Products

#### 0.2%
Newell

Brands,

Inc.

8.500%,

06/01/28

(a) 375,000

385,900

Opal

Bidco

SAS

6.500%,

03/31/32

(a) 350,000

360,556

#### Total

#### 746,456

#### Diversified

#### Manufacturing

#### 0.9%
Carrier

Global

Corp.

5.900%,

03/15/34

223,000

240,034

Chart

Industries,

Inc.

7.500%,

01/01/30

(a) 305,000

317,984

EMRLD

Borrower

LP

/

Emerald

Co.-Issuer,

Inc.

6.625%,

12/15/30

(a) 1,100,000

1,130,477

Ingersoll

Rand,

Inc.

5.450%,

06/15/34

150,000

156,158

5.700%,

08/14/33

250,000

265,617

Otis

Worldwide

Corp.

5.131%,

09/04/35

140,000

142,104

Regal

Rexnord

Corp.

6.400%,

04/15/33

200,000

214,192

Trane

Technologies

Financing

Ltd.

5.100%,

06/13/34

250,000

257,007

Vertiv

Group

Corp.

4.125%,

11/15/28

(a) 400,000

394,085

WESCO

Distribution,

Inc.

6.625%,

03/15/32

(a) 500,000

522,549

Westinghouse

Air

Brake

Technologies

Corp.

5.500%,

05/29/35

200,000

207,683

#### Total

#### 3,847,890

#### Electric

#### 2.9%
AES

Corp

(The)

7.600%,

(US

Year

CMT

T-Note

+

3.201%),

01/15/55

(b) 250,000

254,618

AES

Corp.

(The)

2.450%,

01/15/31

245,000

221,885

Alliant

Energy

Corp.

5.750%,

(US

Year

CMT

T-Note

+

2.077%),

04/01/56

(b) 150,000

150,626

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Alpha

Generation

LLC

6.750%,

10/15/32

(a) 350,000

359,741

American

Electric

Power

Co.,

Inc.

5.625%,

03/01/33

150,000

157,874

Series

D,

6.050%,

(US

Year

CMT

T-Note

+

1.940%),

03/15/56

(b) 100,000

101,330

Arizona

Public

Service

Co.

5.700%,

08/15/34

192,000

201,817

Black

Hills

Corp.

6.000%,

01/15/35

108,000

114,875

Calpine

Corp.

5.000%,

02/01/31

(a) 250,000

250,284

5.125%,

03/15/28

(a) 220,000

219,993

CenterPoint

Energy,

Inc.

Series

B,

6.850%,

(US

Year

CMT

T-Note

+

2.946%),

02/15/55

(b) 118,000

126,279

Clearway

Energy

Operating

LLC

3.750%,

02/15/31

(a) 535,000

495,758

CMS

Energy

Corp.

6.500%,

(US

Year

CMT

T-Note

+

1.961%),

06/01/55

(b) 119,000

123,934

Constellation

Energy

Generation

LLC

6.125%,

01/15/34

250,000

272,002

Dominion

Energy,

Inc.

5.375%,

11/15/32

390,000

405,599

DTE

Energy

Co.

5.850%,

06/01/34

240,000

255,581

Duke

Energy

Corp.

2.450%,

06/01/30

481,000

444,196

Eversource

Energy

Series

R,

1.650%,

08/15/30

190,000

167,196

Exelon

Corp.

5.300%,

03/15/33

250,000

259,817

Lightning

Power

LLC

7.250%,

08/15/32

(a) 500,000

529,948

National

Grid

PLC

5.418%,

01/11/34

350,000

363,468

NextEra

Energy

Capital

Holdings,

Inc.

6.375%,

(US

Year

CMT

T-Note

+

2.053%),

08/15/55

(b) 250,000

260,826

NRG

Energy,

Inc.

5.750%,

01/15/34

(a) 500,000

503,280

6.000%,

01/15/36

(a) 500,000

508,431

Pacific

Gas

and

Electric

Co.

2.500%,

02/01/31

296,000

264,762

4.550%,

07/01/30

165,000

163,784

PacifiCorp

7.375%,

(US

Year

CMT

T-Note

+

3.319%),

09/15/55

(b) 250,000

262,750

PG&E

Corp.

5.000%,

07/01/28

135,000

133,968

7.375%,

(US

Year

CMT

T-Note

+

3.883%),

03/15/55

(b) 250,000

257,293

Public

Service

Enterprise

Group,

Inc.

1.600%,

08/15/30

110,000

96,697

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Sierra

Pacific

Power

Co.

6.200%,

(US

Year

CMT

T-Note

+

2.549%),

12/15/55

(b) 150,000

150,139

Southern

Co.

(The)

Series

A,

3.700%,

04/30/30

189,000

184,703

5.700%,

03/15/34

200,000

211,160

Series

2025,

6.375%,

(US

Year

CMT

T-Note

+

2.069%),

03/15/55

(b) 175,000

187,314

Talen

Energy

Supply

LLC

6.500%,

02/01/36

(a) 250,000

258,830

8.625%,

06/01/30

(a) 550,000

583,681

Vistra

Operations

Co.

LLC

5.000%,

07/31/27

(a) 868,000

868,335

VoltaGrid

LLC

7.375%,

11/01/30

(a)(e)

750,000

762,713

Xcel

Energy,

Inc.

2.600%,

12/01/29

241,000

225,561

XPLR

Infrastructure

Operating

Partners

LP

8.375%,

01/15/31

(a) 130,000

136,058

8.625%,

03/15/33

(a) 500,000

524,316

#### Total

#### 12,021,422

#### Environmental

#### 0.1%
GFL

Environmental,

Inc.

6.750%,

01/15/31

(a) 525,000

548,522

#### Finance

#### Companies

#### 1.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

280,000

258,588

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/32

183,000

163,807

Apollo

Debt

Solutions

BDC

6.550%,

03/15/32

(a) 250,000

259,854

Ares

Capital

Corp.

Series

.,

5.800%,

03/08/32

300,000

302,880

Ares

Strategic

Income

Fund

5.150%,

01/15/31

(a) 200,000

196,116

6.200%,

03/21/32

89,000

90,948

Blackstone

Private

Credit

Fund

6.000%,

11/22/34

350,000

354,936

CrossCountry

Intermediate

HoldCo

LLC

6.500%,

10/01/30

(a) 300,000

302,926

Freedom

Mortgage

Holdings

LLC

9.250%,

02/01/29

(a) 300,000

315,062

FTAI

Aviation

Investors

LLC

5.500%,

05/01/28

(a) 298,000

298,090

GATX

Corp.

5.500%,

06/15/35

100,000

102,706

6.050%,

03/15/34

50,000

53,420

Global

Aircraft

Leasing

Co.

Ltd.

8.750%,

09/01/27

(a) 329,000

338,266

Midcap

Financial

Issuer

Trust

6.500%,

05/01/28

(a) 400,000

392,848

OneMain

Finance

Corp.

4.000%,

09/15/30

772,000

717,837

PennyMac

Financial

Services,

Inc.

6.875%,

02/15/33

(a) 505,000

522,765

Rocket

Cos.,

Inc.

6.125%,

08/01/30

(a) 150,000

154,822

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
6.375%,

08/01/33

(a) 750,000

782,042

7.125%,

02/01/32

(a) 361,000

378,783

UWM

Holdings

LLC

6.250%,

03/15/31

(a) 300,000

299,592

#### Total

#### 6,286,288

#### Food

#### and

#### Beverage

#### 1.5%
BellRing

Brands,

Inc.

7.000%,

03/15/30

(a) 200,000

206,274

Bunge

Ltd.

Finance

Corp.

5.150%,

08/04/35

200,000

202,615

Conagra

Brands,

Inc.

5.750%,

08/01/35

100,000

102,284

Constellation

Brands,

Inc.

4.900%,

05/01/33

125,000

125,850

Darling

Ingredients,

Inc.

6.000%,

06/15/30

(a) 415,000

419,669

General

Mills,

Inc.

4.950%,

03/29/33

250,000

253,585

J

M

Smucker

Co.

(The)

6.200%,

11/15/33

250,000

271,087

Jbs

USA

Holding

Lux

Sarl

/

Jbs

USA

Food

Co./

Jbs

Lux

Co.

Sarl

6.750%,

03/15/34

350,000

386,196

Keurig

Dr

Pepper,

Inc.

5.300%,

03/15/34

300,000

305,066

Kraft

Heinz

Foods

Co.

5.400%,

03/15/35

301,000

308,264

Lamb

Weston

Holdings,

Inc.

4.125%,

01/31/30

(a) 389,000

375,610

McCormick

&

Co.,

Inc./MD

4.700%,

10/15/34

100,000

98,242

Mondelez

International,

Inc.

5.125%,

05/06/35

100,000

102,196

Performance

Food

Group,

Inc.

4.250%,

08/01/29

(a) 295,000

287,879

6.125%,

09/15/32

(a) 534,000

548,368

Pilgrim's

Pride

Corp.

6.250%,

07/01/33

250,000

266,590

Post

Holdings,

Inc.

6.375%,

03/01/33

(a) 800,000

812,358

SYSCO

Corp.

5.400%,

03/23/35

100,000

103,435

The

Campbell's

Company

5.400%,

03/21/34

250,000

256,270

Tyson

Foods,

Inc.

5.700%,

03/15/34

100,000

105,129

US

Foods,

Inc.

4.750%,

02/15/29

(a) 260,000

257,300

Viking

Baked

Goods

Acquisition

Corp.

8.625%,

11/01/31

(a) 405,000

406,570

#### Total

#### 6,200,837

#### Gaming

#### 1.2%
Boyd

Gaming

Corp.

4.750%,

06/15/31

(a) 393,000

378,524

Caesars

Entertainment,

Inc.

6.500%,

02/15/32

(a) 250,000

252,113

7.000%,

02/15/30

(a) 993,000

1,022,204

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Churchill

Downs,

Inc.

5.750%,

04/01/30

(a) 400,000

400,701

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

6.750%,

12/01/33

300,000

324,133

Las

Vegas

Sands

Corp.

6.200%,

08/15/34

60,000

63,001

Light

&

Wonder

International,

Inc.

6.250%,

10/01/33

(a) 250,000

249,136

MGM

Resorts

International

6.125%,

09/15/29

265,000

269,787

Studio

City

Finance

Ltd.

5.000%,

01/15/29

(a) 446,000

426,690

VICI

Properties

LP

5.125%,

05/15/32

169,000

170,335

5.625%,

04/01/35

100,000

101,823

Voyager

Parent

LLC

9.250%,

07/01/32

(a) 550,000

576,998

Wynn

Macau

Ltd.

5.625%,

08/26/28

(a) 400,000

399,078

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%,

02/15/31

(a) 370,000

397,040

#### Total

#### 5,031,563

#### Health

#### Care

#### 2.5%
Bausch

+

Lomb

Corp.

8.375%,

10/01/28

(a) 517,000

540,265

Cencora

,

Inc.

5.125%,

02/15/34

242,000

248,218

Cigna

Group

(The)

5.250%,

02/15/34

250,000

257,086

5.250%,

01/15/36

120,000

121,845

CVS

Health

Corp.

5.250%,

02/21/33

450,000

462,325

DaVita,

Inc.

3.750%,

02/15/31

(a) 246,000

226,030

6.875%,

09/01/32

(a) 500,000

518,059

GE

HealthCare

Technologies,

Inc.

5.500%,

06/15/35

140,000

145,032

5.905%,

11/22/32

275,000

295,768

Global

Medical

Response,

Inc.

7.375%,

10/01/32

(a) 250,000

261,648

HCA,

Inc.

5.500%,

06/01/33

510,000

531,039

IQVIA,

Inc.

6.250%,

06/01/32

(a) 500,000

520,401

Laboratory

Corp.

of

America

Holdings

4.800%,

10/01/34

250,000

247,573

LifePoint

Health,

Inc.

11.000%,

10/15/30

(a) 373,000

411,197

Medline

Borrower

LP

3.875%,

04/01/29

(a) 1,786,000

1,735,072

5.250%,

10/01/29

(a) 515,000

512,846

Prime

Healthcare

Services,

Inc.

9.375%,

09/01/29

(a) 620,000

652,414

Quest

Diagnostics,

Inc.

5.000%,

12/15/34

250,000

252,397

Solventum

Corp.

5.600%,

03/23/34

401,000

417,056

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Star

Parent,

Inc.

9.000%,

10/01/30

(a) 360,000

384,410

Stryker

Corp.

5.200%,

02/10/35

262,000

269,936

Tenet

Healthcare

Corp.

4.375%,

01/15/30

500,000

488,007

6.125%,

06/15/30

645,000

656,819

Zimmer

Biomet

Holdings,

Inc.

5.200%,

09/15/34

156,000

159,739

#### Total

#### 10,315,182

#### Healthcare

#### Insurance

#### 0.2%
Elevance

Health,

Inc.

4.750%,

02/15/33

220,000

220,867

5.200%,

02/15/35

100,000

101,962

Humana,

Inc.

2.150%,

02/03/32

58,000

49,949

5.950%,

03/15/34

250,000

263,307

#### Total

#### 636,085

#### Healthcare

#### REIT

#### 0.1%
DOC

DR

LLC

2.625%,

11/01/31

130,000

115,878

Healthpeak

OP

LLC

5.375%,

02/15/35

100,000

102,287

Ventas

Realty

LP

5.000%,

01/15/35

128,000

128,115

#### Total

#### 346,280

#### Home

#### Construction

#### 0.1%
Millrose

Properties,

Inc.

6.375%,

08/01/30

(a) 350,000

354,980

#### Independent

#### Energy

#### 1.4%
Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.

7.500%,

10/01/29

(a) 300,000

311,309

California

Resources

Corp.

8.250%,

06/15/29

(a) 269,000

279,782

Canadian

Natural

Resources

Ltd.

5.400%,

12/15/34

(a) 100,000

101,958

Civitas

Resources,

Inc.

8.375%,

07/01/28

(a) 290,000

299,504

8.750%,

07/01/31

(a) 694,000

713,085

Coterra

Energy,

Inc.

5.400%,

02/15/35

250,000

251,811

Devon

Energy

Corp.

5.200%,

09/15/34

200,000

198,807

Diamondback

Energy,

Inc.

6.250%,

03/15/33

385,000

414,611

EQT

Corp

4.750%,

01/15/31

236,000

236,267

Expand

Energy

Corp.

5.700%,

01/15/35

170,000

175,014

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

7.250%,

02/15/35

(a) 500,000

481,250

Matador

Resources

Co.

6.500%,

04/15/32

(a) 270,000

272,400

Occidental

Petroleum

Corp.

5.550%,

10/01/34

325,000

329,229

Permian

Resources

Operating

LLC

6.250%,

02/01/33

(a) 750,000

763,695

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Viper

Energy

Partners

LLC

5.700%,

08/01/35

200,000

203,717

Vital

Energy,

Inc.

7.875%,

04/15/32

(a) 399,000

377,668

Woodside

Finance

Ltd.

5.100%,

09/12/34

140,000

138,757

6.000%,

05/19/35

175,000

182,973

#### Total

#### 5,731,837

#### Leisure

#### 0.6%
Carnival

Corp.

5.750%,

08/01/32

(a) 1,425,000

1,464,037

6.000%,

05/01/29

(a) 250,000

253,750

Royal

Caribbean

Cruises

Ltd.

5.375%,

01/15/36

200,000

201,310

Six

Flags

Entertainment

Corp.

/Six

Flags

Theme

Parks,

Inc./

Canada's

Wonderland

Co.

6.625%,

05/01/32

(a) 250,000

253,560

Viking

Cruises

Ltd.

5.875%,

10/15/33

(a) 500,000

507,665

#### Total

#### 2,680,322

#### Life

#### Insurance

#### 0.4%
American

National

Group,

Inc.

6.000%,

07/15/35

150,000

152,512

Athene

Holding

Ltd.

5.875%,

01/15/34

375,000

389,295

CNO

Financial

Group,

Inc.

6.450%,

06/15/34

83,000

87,899

Corebridge

Financial,

Inc.

3.900%,

04/05/32

300,000

285,315

Equitable

Holdings,

Inc.

6.700%,

(US

Year

CMT

T-Note

+

2.390%),

03/28/55

(b) 113,000

118,540

MetLife,

Inc.

Series

G,

6.350%,

(US

Year

CMT

T-Note

+

2.078%),

03/15/55

(b) 118,000

125,319

Prudential

Financial,

Inc.

5.125%,

(US

Year

CMT

T-Note

+

3.162%),

03/01/52

(b) 200,000

199,656

Reinsurance

Group

of

America,

Inc.

5.750%,

09/15/34

100,000

104,226

6.650%,

(US

Year

CMT

T-Note

+

2.392%),

09/15/55

(b) 95,000

99,366

#### Total

#### 1,562,128

#### Lodging

#### 0.5%
Hilton

Domestic

Operating

Co.,

Inc.

3.625%,

02/15/32

(a) 993,000

915,845

Hilton

Grand

Vacations

Borrower

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%,

01/15/32

(a) 630,000

639,824

Hyatt

Hotels

Corp.

5.750%,

03/30/32

163,000

170,074

Marriott

International,

Inc.

5.300%,

05/15/34

200,000

205,304

Marriott

International,

Inc./MD

5.500%,

04/15/37

200,000

205,170

#### Total

#### 2,136,217

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Media

#### and

#### Entertainment

#### 1.8%
AMC

Networks,

Inc.

10.250%,

01/15/29

(a) 250,000

262,550

AppLovin

Corp.

5.500%,

12/01/34

250,000

256,979

Clear

Channel

Outdoor

Holdings,

Inc.

7.125%,

02/15/31

(a) 250,000

257,803

7.500%,

03/15/33

(a) 550,000

575,615

Fox

Corp.

6.500%,

10/13/33

250,000

274,484

Gray

Media,

Inc.

10.500%,

07/15/29

(a) 460,000

495,432

McGraw-Hill

Education,

Inc.

5.750%,

08/01/28

(a) 350,000

349,325

Paramount

Global

6.375%,

(US

Year

CMT

T-Note

+

3.999%),

03/30/62

(b) 300,000

295,751

ROBLOX

Corp.

3.875%,

05/01/30

(a) 349,000

334,015

RR

Donnelley

&

Sons

Co.

9.500%,

08/01/29

(a) 490,000

502,587

Sinclair

Television

Group,

Inc.

8.125%,

02/15/33

(a) 450,000

459,122

Snap,

Inc.

6.875%,

03/01/33

(a) 500,000

511,829

Stagwell

Global

LLC

5.625%,

08/15/29

(a) 400,000

381,100

Univision

Communications,

Inc.

4.500%,

05/01/29

(a) 554,000

520,834

9.375%,

08/01/32

(a) 500,000

527,719

Versant

Media

Group,

Inc.

7.250%,

01/30/31

(a) 300,000

305,907

Warnermedia

Holdings,

Inc.

4.054%,

03/15/29

425,000

412,845

4.279%,

03/15/32

993,000

910,389

#### Total

#### 7,634,286

#### Media

#### Cable

#### 0.4%
Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(a) 569,000

568,636

Sirius

XM

Radio,

Inc.

4.000%,

07/15/28

(a) 1,088,000

1,057,679

#### Total

#### 1,626,315

#### Metals

#### and

#### Mining

#### 0.7%
ArcelorMittal

SA

6.800%,

11/29/32

250,000

278,595

Cleveland-Cliffs,

Inc.

6.875%,

11/01/29

(a) 250,000

256,882

7.000%,

03/15/32

(a) 545,000

557,235

Fortescue

Treasury

Pty

Ltd.

4.375%,

04/01/31

(a) 332,000

321,502

Mineral

Resources

Ltd.

9.250%,

10/01/28

(a) 300,000

314,621

Newmont

Corp.

/

Newcrest

Finance

Pty

Ltd.

5.350%,

03/15/34

100,000

104,450

Steel

Dynamics,

Inc.

5.250%,

05/15/35

245,000

250,896

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Vale

Overseas

Ltd.

6.125%,

06/12/33

370,000

396,864

Vallourec

SACA

7.500%,

04/15/32

(a) 245,000

260,428

#### Total

#### 2,741,473

#### Midstream

#### 3.0%
AltaGas

Ltd.

7.200%,

(US

Year

CMT

T-Note

+

3.573%),

10/15/54

(a),(b)

250,000

257,379

Cheniere

Energy

Partners

LP

5.750%,

08/15/34

200,000

208,031

5.950%,

06/30/33

250,000

263,910

Cheniere

Energy,

Inc.

5.650%,

04/15/34

205,000

212,283

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%,

06/15/31

(a) 500,000

495,254

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

8.625%,

03/15/29

(a) 250,000

260,714

Enbridge,

Inc.

5.700%,

03/08/33

500,000

527,253

Energy

Transfer

LP

6.500%,

(US

Year

CMT

T-Note

+

2.676%),

02/15/56

(b) 250,000

248,805

6.550%,

12/01/33

440,000

480,827

Kinder

Morgan,

Inc.

5.400%,

02/01/34

300,000

308,871

Kinetik

Holdings

LP

5.875%,

06/15/30

(a) 583,000

587,397

6.625%,

12/15/28

(a) 50,000

51,286

MPLX

LP

5.400%,

09/15/35

250,000

251,158

5.500%,

06/01/34

150,000

152,921

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

8.125%,

02/15/29

(a) 500,000

511,229

8.375%,

02/15/32

(a) 250,000

255,558

ONEOK,

Inc.

6.050%,

09/01/33

455,000

482,286

Plains

All

American

Pipeline

LP

5.950%,

06/15/35

293,000

305,990

South

Bow

USA

Infrastructure

Holdings

LLC

5.584%,

10/01/34

250,000

250,869

Summit

Midstream

Holdings

LLC

8.625%,

10/31/29

(a) 285,000

289,993

Sunoco

LP

5.625%,

03/15/31

(a) 250,000

250,129

6.250%,

07/01/33

(a) 390,000

398,281

Targa

Resources

Corp.

6.500%,

03/30/34

300,000

327,458

Venture

Global

Calcasieu

Pass

LLC

4.125%,

08/15/31

(a) 920,000

850,927

Venture

Global

LNG,

Inc.

8.125%,

06/01/28

(a) 269,000

277,110

9.500%,

02/01/29

(a) 1,844,000

1,985,419

Venture

Global

Plaquemines

LNG

LLC

6.500%,

01/15/34

(a) 750,000

785,628

6.750%,

01/15/36

(a) 575,000

609,202

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Western

Midstream

Operating

LP

5.450%,

11/15/34

200,000

199,433

Williams

Cos,

Inc.(The)

5.150%,

03/15/34

150,000

152,374

5.600%,

03/15/35

150,000

155,701

#### Total

#### 12,393,676

#### Natural

#### Gas

#### 0.1%
NiSource,

Inc.

5.350%,

04/01/34

150,000

154,381

5.350%,

07/15/35

150,000

152,962

Sempra

5.500%,

08/01/33

250,000

261,283

#### Total

#### 568,626

#### Office

#### REIT

#### 0.1%
Boston

Properties

LP

6.500%,

01/15/34

210,000

226,391

CubeSmart

LP

2.000%,

02/15/31

98,000

86,183

#### Total

#### 312,574

#### Oil

#### Field

#### Services

#### 0.6%
Crescent

Energy

Finance

LLC

7.375%,

01/15/33

(a) 350,000

330,594

7.625%,

04/01/32

(a) 250,000

242,229

Noble

Finance

II

LLC

8.000%,

04/15/30

(a) 350,000

362,946

Transocean

International

Ltd.

8.750%,

02/15/30

(a) 258,750

271,353

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

7.125%,

03/15/29

(a) 160,000

165,256

Valaris

Ltd.

8.375%,

04/30/30

(a) 329,000

343,090

WBI

Operating

LLC

6.250%,

10/15/30

(a) 300,000

299,155

Weatherford

International

Ltd.

6.750%,

10/15/33

(a) 400,000

408,778

#### Total

#### 2,423,401

#### Other

#### Financial

#### Institutions

#### 0.1%
HA

Sustainable

Infrastructure

Capital,

Inc.

6.375%,

07/01/34

169,000

170,634

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

10.000%,

11/15/29

(a) 250,000

250,952

#### Total

#### 421,586

#### Other

#### Industry

#### 0.3%
AECOM

6.000%,

08/01/33

(a) 250,000

256,759

Albion

Financing

SARL

/

Aggreko

Holdings,

Inc.

7.000%,

05/21/30

(a) 420,000

435,039

Booz

Allen

Hamilton,

Inc.

5.950%,

04/15/35

256,000

265,058

Coherent

Corp.

5.000%,

12/15/29

(a) 266,000

263,355

#### Total

#### 1,220,211

#### Other

#### REIT

#### 0.2%
Extra

Space

Storage

LP

2.550%,

06/01/31

240,000

216,278

Host

Hotels

&

Resorts

LP

5.500%,

04/15/35

200,000

201,733

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

6.500%,

04/01/32

(a) 400,000

411,377

#### Total

#### 829,388

#### Other

#### Utility

#### 0.0%
American

Water

Capital

Corp.

4.450%,

06/01/32

150,000

149,860

#### Packaging

#### 0.6%
Amcor

Finance

USA,

Inc.

5.625%,

05/26/33

250,000

261,183

Ball

Corp.

2.875%,

08/15/30

200,000

182,889

6.000%,

06/15/29

320,000

327,829

Berry

Global,

Inc.

5.650%,

01/15/34

160,000

167,084

Clydesdale

Acquisition

Holdings,

Inc.

6.750%,

04/15/32

(a) 550,000

551,828

Mauser

Packaging

Solutions

Holding

Co.

7.875%,

04/15/27

(a) 805,000

807,553

#### Total

#### 2,298,366

#### Paper

#### 0.3%
Mercer

International,

Inc.

5.125%,

02/01/29

150,000

96,989

Smurfit

Kappa

Treasury

ULC

5.438%,

04/03/34

450,000

465,193

Suzano

Netherlands

BV

5.500%,

01/15/36

200,000

199,155

Veritiv

Operating

Co.

10.500%,

11/30/30

(a) 315,000

327,945

#### Total

#### 1,089,282

#### Pharmaceuticals

#### 1.1%
Amgen,

Inc.

5.250%,

03/02/33

652,000

675,065

Biogen,

Inc.

5.750%,

05/15/35

100,000

104,897

Cardinal

Health,

Inc.

5.350%,

11/15/34

250,000

257,331

CVS

Health

Corp.

7.000%,

(US

Year

CMT

T-Note

+

2.886%),

03/10/55

(b) 750,000

788,222

Endo

Finance

Holdings,

Inc.

8.500%,

04/15/31

(a) 400,000

423,996

Jazz

Securities

DAC

4.375%,

01/15/29

(a) 364,000

356,542

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(a) 600,000

570,429

5.125%,

04/30/31

(a) 813,000

624,210

Royalty

Pharma

PLC

4.450%,

03/25/31

100,000

99,279

5.200%,

09/25/35

100,000

100,261

Takeda

Pharmaceutical

Co.

Ltd.

5.300%,

07/05/34

200,000

206,013

Takeda

US

Financing,

Inc.

5.200%,

07/07/35

200,000

203,531

#### Total

#### 4,409,776

#### Property

#### &

#### Casualty

#### 1.5%
Acrisure

LLC

/

Acrisure

Finance,

Inc.

7.500%,

11/06/30

(a) 350,000

362,355

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%,

04/15/28

(a) 291,000

296,173

7.000%,

01/15/31

(a) 550,000

568,651

Allstate

Corp

(The)

5.250%,

03/30/33

100,000

103,511

American

Financial

Group

.

Inc

,/OH

5.000%,

09/23/35

100,000

98,103

American

International

Group,

Inc.

5.450%,

05/07/35

100,000

104,039

AON

North

America,

Inc.

5.450%,

03/01/34

300,000

312,234

Arthur

J

Gallagher

&

Co.

5.150%,

02/15/35

250,000

252,541

Assurant,

Inc.

2.650%,

01/15/32

40,000

35,215

Brown

&

Brown,

Inc.

2.375%,

03/15/31

24,000

21,392

5.550%,

06/23/35

250,000

257,498

CNA

Financial

Corp.

5.125%,

02/15/34

250,000

251,252

Fairfax

Financial

Holdings

Ltd.

6.000%,

12/07/33

200,000

212,645

Fidelity

National

Financial,

Inc.

3.400%,

06/15/30

8,000

7,603

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

PLC

/

Howden

US

Refinance

LLC

7.250%,

02/15/31

(a) 550,000

566,565

HUB

International

Ltd.

7.250%,

06/15/30

(a) 1,085,000

1,133,268

Panther

Escrow

Issuer

LLC

7.125%,

06/01/31

(a) 964,000

996,309

Ryan

Specialty

LLC

5.875%,

08/01/32

(a) 360,000

366,088

Willis

North

America,

Inc.

5.350%,

05/15/33

100,000

103,286

#### Total

#### 6,048,728

#### Railroads

#### 0.1%
Norfolk

Southern

Corp.

3.000%,

03/15/32

250,000

230,325

#### Real

#### Estate

#### 0.0%
Alexandria

Real

Estate

Equities,

Inc.

2.000%,

05/18/32

250,000

210,696

#### Refining

#### 0.2%
HF

Sinclair

Corp.

6.250%,

01/15/35

300,000

313,643

Marathon

Petroleum

Corp.

5.700%,

03/01/35

195,000

201,670

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

239,000

236,970

Phillips

Co.

5.300%,

06/30/33

160,000

164,720

#### Total

#### 917,003

#### Restaurants

#### 0.5%
1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.000%,

10/15/30

(a) 586,000

554,105

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

4.625%,

01/15/29

(a) 300,000

286,953

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
McDonald's

Corp.

4.950%,

08/14/33

192,000

197,873

Starbucks

Corp.

4.800%,

02/15/33

250,000

253,293

Yum!

Brands,

Inc.

3.625%,

03/15/31

496,000

465,618

4.625%,

01/31/32

285,000

278,086

#### Total

#### 2,035,928

#### Retail

#### 0.0%
Genuine

Parts

Co.

1.875%,

11/01/30

100,000

87,525

#### Retail

#### REIT

#### 0.2%
Agree

LP

5.600%,

06/15/35

100,000

104,416

Brixmor

Operating

Partnership

LP

5.500%,

02/15/34

100,000

102,997

Kimco

Realty

OP

LLC

4.600%,

02/01/33

250,000

248,831

Kite

Realty

Group

LP

5.500%,

03/01/34

100,000

103,149

NNN

REIT,

Inc.

5.500%,

06/15/34

100,000

103,596

Phillips

Edison

Grocery

Center

Operating

Partnership

I

LP

4.950%,

01/15/35

100,000

98,682

#### Total

#### 761,671

#### Retailers

#### 1.2%
Advance

Auto

Parts,

Inc.

7.000%,

08/01/30

(a) 425,000

430,130

7.375%,

08/01/33

(a) 450,000

455,555

AutoZone,

Inc.

4.750%,

02/01/33

100,000

100,066

Belron

UK

Finance

PLC

5.750%,

10/15/29

(a) 250,000

253,387

Dollar

General

Corp.

5.450%,

07/05/33

210,000

217,041

EG

Global

Finance

PLC

12.000%,

11/30/28

(a) 230,000

251,997

LCM

Investments

Holdings

II

LLC

4.875%,

05/01/29

(a) 555,000

540,660

Lowe's

Cos.,

Inc.

5.000%,

04/15/33

240,000

245,123

5.150%,

07/01/33

100,000

102,943

PetSmart

LLC

/

PetSmart

Finance

Corp

7.500%,

09/15/32

(a) 650,000

649,821

Rakuten

Group,

Inc.

9.750%,

04/15/29

(a) 660,000

739,481

11.250%,

02/15/27

(a) 610,000

659,417

Tapestry,

Inc.

5.500%,

03/11/35

300,000

305,226

Tractor

Supply

Co.

5.250%,

05/15/33

200,000

206,852

#### Total

#### 5,157,699

#### Ship

#### Building

#### 0.0%
Huntington

Ingalls

Industries,

Inc.

5.749%,

01/15/35

59,000

62,221

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Supermarkets

#### 0.1%
Kroger

Co.

(The)

5.000%,

09/15/34

300,000

302,490

#### Technology

#### 5.1%
Amdocs

Ltd.

2.538%,

06/15/30

92,000

84,466

Amentum

Holdings,

Inc.

7.250%,

08/01/32

(a) 350,000

364,193

Arrow

Electronics,

Inc.

5.875%,

04/10/34

59,000

61,581

Block,

Inc.

5.625%,

08/15/30

(a) 850,000

862,773

6.500%,

05/15/32

200,000

207,568

Boost

Newco

Borrower

LLC

7.500%,

01/15/31

(a) 740,000

784,430

Broadcom,

Inc.

4.926%,

05/15/37

(a) 500,000

499,013

CACI

International,

Inc.

6.375%,

06/15/33

(a) 500,000

519,839

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/01/31

200,000

186,318

CGI,

Inc.

2.300%,

09/14/31

45,000

39,804

Clarivate

Science

Holdings

Corp.

3.875%,

07/01/28

(a) 146,000

140,711

4.875%,

07/01/29

(a) 600,000

560,120

Cloud

Software

Group,

Inc.

6.500%,

03/31/29

(a) 1,642,000

1,654,590

8.250%,

06/30/32

(a) 500,000

525,591

CoreWeave

,

Inc.

9.000%,

02/01/31

(a) 500,000

501,675

9.250%,

06/01/30

(a) 750,000

756,228

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/01/29

2,000

2,064

5.400%,

04/15/34

400,000

411,983

Entegris

,

Inc.

5.950%,

06/15/30

(a) 440,000

446,308

Equinix

Europe

Financing

Corp.

LLC

5.500%,

06/15/34

89,000

92,256

Fair

Isaac

Corp.

6.000%,

05/15/33

(a) 650,000

663,688

Fiserv,

Inc.

5.625%,

08/21/33

300,000

309,182

Gen

Digital,

Inc.

6.250%,

04/01/33

(a) 200,000

205,751

6.750%,

09/30/27

(a) 300,000

304,730

Hewlett

Packard

Enterprise

Co.

5.000%,

10/15/34

360,000

356,813

HP,

Inc.

5.500%,

01/15/33

110,000

113,405

Imola

Merger

Corp.

4.750%,

05/15/29

(a) 695,000

686,185

Intel

Corp.

5.200%,

02/10/33

395,000

402,957

ION

Platform

Finance

US,

Inc.

7.875%,

09/30/32

(a) 300,000

292,668

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Iron

Mountain,

Inc.

5.250%,

07/15/30

(a) 617,000

614,446

Keysight

Technologies,

Inc.

4.950%,

10/15/34

150,000

151,069

Kioxia

Holdings

Corp.

6.250%,

07/24/30

(a) 250,000

258,223

6.625%,

07/24/33

(a) 300,000

313,294

Kyndryl

Holdings,

Inc.

3.150%,

10/15/31

150,000

136,668

Leidos

,

Inc.

2.300%,

02/15/31

60,000

53,691

Marvell

Technology,

Inc.

5.450%,

07/15/35

250,000

256,313

Micron

Technology,

Inc.

2.703%,

04/15/32

250,000

222,853

6.050%,

11/01/35

100,000

107,089

Motorola

Solutions,

Inc.

5.400%,

04/15/34

250,000

258,650

MSCI,

Inc.

5.250%,

09/01/35

100,000

100,319

NCR

Atleos

Corp.

9.500%,

04/01/29

(a) 500,000

539,825

Neptune

Bidco

US,

Inc.

9.290%,

04/15/29

(a) 1,022,000

1,009,177

NetApp,

Inc.

5.500%,

03/17/32

230,000

239,454

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA

Inc

5.250%,

08/19/35

150,000

151,381

Oracle

Corp.

4.900%,

02/06/33

519,000

515,491

5.200%,

09/26/35

125,000

123,012

Paychex,

Inc.

5.600%,

04/15/35

400,000

417,583

Roper

Technologies,

Inc.

4.900%,

10/15/34

250,000

249,284

Sensata

Technologies

BV

4.000%,

04/15/29

(a) 355,000

345,905

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

6.750%,

08/15/32

(a) 558,000

576,521

Synopsys,

Inc.

5.150%,

04/01/35

500,000

507,789

UKG,

Inc.

6.875%,

02/01/31

(a) 900,000

926,260

Verisk

Analytics,

Inc.

5.250%,

06/05/34

158,000

162,461

WULF

Compute

LLC

7.750%,

10/15/30

(a) 1,000,000

1,037,624

#### Total

#### 21,311,272

#### Tobacco

#### 0.1%
Altria

Group,

Inc.

6.875%,

11/01/33

114,000

128,058

BAT

Capital

Corp

6.421%,

08/02/33

340,000

373,332

#### Total

#### 501,390

#### Transportation

#### Services

#### 0.2%
FedEx

Corp.

2.400%,

05/15/31

325,000

291,111

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GXO

Logistics,

Inc.

2.650%,

07/15/31

100,000

89,356

Rand

Parent

LLC

8.500%,

02/15/30

(a) 355,000

362,841

#### Total

#### 743,308

#### Wireless

#### 0.9%
American

Tower

Corp.

5.550%,

07/15/33

250,000

261,490

Crown

Castle,

Inc.

5.800%,

03/01/34

150,000

157,923

Rogers

Communications,

Inc.

3.800%,

03/15/32

450,000

424,338

5.300%,

02/15/34

250,000

253,016

7.000%,

(US

Year

CMT

T-Note

+

2.653%),

04/15/55

(b) 150,000

157,047

7.125%,

(US

Year

CMT

T-Note

+

2.620%),

04/15/55

(b) 500,000

535,409

SBA

Communications

Corp.

3.125%,

02/01/29

500,000

472,616

T-Mobile

USA,

Inc.

5.200%,

01/15/33

469,000

482,893

Vmed

O2

UK

Financing

I

PLC

4.750%,

07/15/31

(a) 434,000

401,918

6.750%,

01/15/33

(a) 250,000

250,374

Vodafone

Group

PLC

4.125%,

(US

Year

CMT

T-Note

+

2.767%),

06/04/81

(b) 300,000

281,646

Zegona

Finance

PLC

8.625%,

07/15/29

(a) 200,000

212,684

#### Total

#### 3,891,354

#### Wirelines

#### 1.5%
AT&T,

Inc.

5.375%,

08/15/35

150,000

153,727

5.400%,

02/15/34

399,000

412,998

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

5.100%,

05/11/33

250,000

253,877

6.875%,

(US

Year

CMT

T-Note

+

2.390%),

09/15/55

(b) 500,000

522,775

7.000%,

(US

Year

CMT

T-Note

+

2.363%),

09/15/55

(b) 170,000

178,423

Frontier

Communications

Holdings

LLC

5.000%,

05/01/28

(a) 916,000

914,970

Iliad

Holding

SASU

7.000%,

10/15/28

(a) 647,000

656,670

Level

Financing,

Inc.

6.875%,

06/30/33

(a) 300,000

307,496

7.000%,

03/31/34

(a) 1,000,000

1,027,740

Verizon

Communications,

Inc.

4.780%,

02/15/35

400,000

392,359

5.250%,

04/02/35

250,000

252,804

Windstream

Services

LLC

7.500%,

10/15/33

(a) 800,000

798,321

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

8.250%,

10/01/31

(a) 500,000

510,722

#### Total

#### 6,382,882

#### Total
Corporate

Bonds

#### (Cost

#### $181,712,014)

#### 184,285,499
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Foreign

#### Government

#### Obligations

#### (c),(d)

#### 29.7%

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Australia

#### 0.9%
Australia

Government

Bond

Series

158,

1.250%,

05/21/32

AUD

675,000

373,309

Series

165,

1.750%,

11/21/32

AUD

784,000

442,190

Series

163,

1.000%,

11/21/31

AUD

5,337,000

2,953,639

#### Total

#### 3,769,138

#### Brazil

#### 1.5%
Brazilian

Government

International

Bond

6.000%,

10/20/33

1,561,000

1,596,615

6.125%,

03/15/34

500,000

510,129

6.625%,

03/15/35

2,650,000

2,759,546

Petrobras

Global

Finance

BV

6.500%,

07/03/33

1,069,000

1,111,997

6.000%,

01/13/35

300,000

296,490

#### Total

#### 6,274,777

#### Canada

#### 0.9%
Canadian

Government

Bond

3.000%,

06/01/34

CAD

3,513,000

2,499,462

3.250%,

06/01/35

CAD

1,980,000

1,428,432

#### Total

#### 3,927,894

#### Chile

#### 0.6%
Corp

Nacional

del

Cobre

de

Chile

Series

REGS,

5.950%,

01/08/34

1,505,000

1,581,658

Series

REGS,

6.440%,

01/26/36

750,000

816,583

#### Total

#### 2,398,241

#### Colombia

#### 1.7%
Colombia

Government

International

Bond

7.500%,

02/02/34

3,382,000

3,596,611

Ecopetrol

SA

8.875%,

01/13/33

3,136,000

3,394,657

#### Total

#### 6,991,268

#### Costa

#### Rica

#### 0.5%
Costa

Rica

Government

International

Bond

Series

REGS,

6.550%,

04/03/34

2,000,000

2,156,586

#### Dominican

#### Republic

#### 0.9%
Dominican

Republic

International

Bond

Series

REGS,

4.875%,

09/23/32

3,672,000

3,519,604

#### France

#### 0.9%
French

Republic

Government

Bond

Series

OAT,

1.250%,

05/25/34

(a) EUR

3,853,000

3,797,128

#### Germany

#### 0.9%
Bundesrepublik

Deutschland

Bundesanleihe

Series

TWIN,

2.300%,

02/15/33

EUR

3,240,000

3,707,632

#### Guatemala

#### 0.3%
Guatemala

Government

Bond

Series

REGS,

6.600%,

06/13/36

1,250,000

1,346,712

#### Hungary

#### 0.8%
Hungary

Government

International

Bond

Series

REGS,

2.125%,

09/22/31

1,802,000

1,551,511

Series

REGS,

5.500%,

03/26/36

1,820,000

1,836,215

#### Total

#### 3,387,726

#### India

#### 0.4%
Export-Import

Bank

of

India

Series

REGS,

2.250%,

01/13/31

1,700,000

1,523,763

#### Indonesia

#### 1.1%
Indonesia

Government

International

Bond

Series

REGS,

7.750%,

01/17/38

2,460,000

3,076,795

#### Foreign

#### Government

#### Obligations

#### (c),(d)
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.700%,

06/06/32

1,800,000

1,822,960

#### Total

#### 4,899,755

#### Italy

#### 0.9%
Italy

Buoni

Poliennali

Del

Tesoro

Series

31Y,

5.000%,

08/01/34

(a) EUR

1,043,000

1,370,290

Series

31Y,

4.000%,

02/01/37

(a) EUR

1,976,000

2,401,746

#### Total

#### 3,772,036

#### Ivory

#### Coast

#### 0.5%
Ivory

Coast

Government

International

Bond

Series

REGS,

8.250%,

01/30/37

1,800,000

1,911,338

8.075%,

04/01/36

200,000

210,028

#### Total

#### 2,121,366

#### Japan

#### 0.8%
Japan

Government

Ten

Year

Bond

Series

368,

0.200%,

09/20/32

JPY

249,500,000

1,492,626

Series

366,

0.200%,

03/20/32

JPY

67,000,000

404,550

Series

371,

0.400%,

06/20/33

JPY

234,000,000

1,402,892

#### Total

#### 3,300,068

#### Kazakhstan

#### 0.2%
Kazakhstan

Government

International

Bond

Series

REGS,

4.714%,

04/09/35

800,000

788,599

#### Mexico

#### 2.1%
Comision

Federalde

Electricidad

Series

REGS,

6.450%,

01/24/35

800,000

818,964

Mexico

Government

International

Bond

6.000%,

05/07/36

2,558,000

2,628,053

6.875%,

05/13/37

1,585,000

1,717,397

Petroleos

Mexicanos

6.625%,

06/15/35

1,900,000

1,818,235

5.950%,

01/28/31

1,650,000

1,613,202

#### Total

#### 8,595,851

#### Morocco

#### 0.9%
Morocco

Government

International

Bond

Series

REGS,

6.500%,

09/08/33

1,475,000

1,613,471

OCP

SA

Series

REGS,

6.750%,

05/02/34

1,900,000

2,063,124

#### Total

#### 3,676,595

#### New

#### Zealand

#### 0.9%
New

Zealand

Government

Bond

Series

0531,

1.500%,

05/15/31

NZD

852,000

439,454

Series

0433,

3.500%,

04/14/33

NZD

5,691,000

3,194,713

#### Total

#### 3,634,167

#### Norway

#### 0.9%
Norway

Government

Bond

Series

482,

1.375%,

08/19/30

(a) NOK

1,780,000

156,921

Series

486,

3.000%,

08/15/33

(a) NOK

33,770,000

3,126,783

Series

484,

2.125%,

05/18/32

(a) NOK

6,350,000

563,476

#### Total

#### 3,847,180

#### Oman

#### 0.5%
Oman

Government

International

Bond

Series

REGS,

6.250%,

01/25/31

1,800,000

1,944,719

Series

REGS,

7.375%,

10/28/32

200,000

232,898

#### Total

#### 2,177,617

#### Panama

#### 0.9%
Panama

Government

International

Bond

6.700%,

01/26/36

826,000

887,891

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Foreign

#### Government

#### Obligations

#### (c),(d)
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
2.252%,

09/29/32

1,506,000

1,242,169

6.400%,

02/14/35

1,500,000

1,581,954

#### Total

#### 3,712,014

#### Paraguay

#### 0.2%
Paraguay

Government

International

Bond

Series

REGS,

2.739%,

01/29/33

1,000,000

884,221

#### Peru

#### 0.8%
Peruvian

Government

International

Bond

3.000%,

01/15/34

2,484,000

2,163,856

5.500%,

03/30/36

1,124,000

1,155,127

#### Total

#### 3,318,983

#### Philippines

#### 0.8%
Philippine

Government

International

Bond

9.500%,

02/02/30

867,000

1,043,819

6.375%,

10/23/34

590,000

665,834

3.950%,

01/20/40

1,600,000

1,436,747

#### Total

#### 3,146,400

#### Romania

#### 0.7%
Romanian

Government

International

Bond

Series

REGS,

6.375%,

01/30/34

2,000,000

2,050,738

5.750%,

03/24/35

500,000

488,256

Series

REGS,

7.125%,

01/17/33

320,000

344,905

#### Total

#### 2,883,899

#### Serbia

#### 0.4%
Serbia

International

Bond

Series

REGS,

6.000%,

06/12/34

1,550,000

1,628,565

#### South

#### Africa

#### 0.6%
Republic

of

South

Africa

Government

International

Bond

Series

10Y,

5.875%,

04/20/32

500,000

515,459

7.100%,

11/19/36

1,700,000

1,828,809

#### Total

#### 2,344,268

#### Sweden

#### 0.9%
Sweden

Government

Bond

Series

1062,

0.125%,

05/12/31

SEK

14,120,000

1,327,794

Series

1065,

1.750%,

11/11/33

SEK

21,460,000

2,150,884

Series

1066,

2.250%,

05/11/35

SEK

4,000,000

411,006

#### Total

#### 3,889,684

#### Switzerland

#### 0.9%
Swiss

Confederation

Government

Bond

3.500%,

04/08/33

CHF

2,385,000

3,729,898

#### Turkey

#### 1.1%
Turkiye

Government

International

Bond

Series

10Y,

7.625%,

05/15/34

2,000,000

2,134,376

6.500%,

01/03/35

2,650,000

2,618,466

#### Total

#### 4,752,842

#### United

#### Arab

#### Emirates

#### 1.3%
DP

World

PLC

Series

REGS,

6.850%,

07/02/37

2,040,000

2,350,959

Finance

Department

Government

of

Sharjah

Series

REGS,

6.125%,

03/06/36

1,500,000

1,578,734

Sharjah

Sukuk

Program

Ltd.

Series

EMTN,

6.092%,

03/19/34

1,000,000

1,075,822

#### Total

#### 5,005,515

#### United

#### Kingdom

#### 0.9%
United

Kingdom

Gilt

4.250%,

06/07/32

GBP

2,408,000

3,205,256

#### Foreign

#### Government

#### Obligations

#### (c),(d)
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
0.875%,

07/31/33

GBP

318,000

326,542

4.500%,

03/07/35

GBP

150,000

198,496

#### Total

#### 3,730,294

#### Uruguay

#### 0.8%
Uruguay

Government

International

Bond

5.750%,

10/28/34

2,080,000

2,235,920

4.375%,

01/23/31

1,159,000

1,172,557

#### Total

#### 3,408,477

#### Uzbekistan

#### 0.3%
Republic

of

Uzbekistan

International

Bond

6.900%,

02/28/32

950,000

1,028,853

#### Total

#### Foreign

#### Government

#### Obligations

#### (Cost

#### $120,073,040)

#### 123,077,616

#### Residential

#### Mortgage-Backed

#### Securities

#### -

#### Agency

#### 15.0%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Uniform

#### Mortgage-Backed

#### Security

#### TBA

#### 14.4%
4.500%,

11/15/55

(e) 2,360,000

2,300,107

5.000%,

11/15/55

(e) 9,070,000

9,023,625

5.500%,

11/15/55

(e) 18,325,000

18,513,686

6.000%,

11/15/55

(e) 20,120,000

20,573,846

6.500%,

11/15/55

(e) 8,875,000

9,189,927

#### Total

#### 59,601,191

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corporation

#### 0.3%
3.500%,

08/01/47

365,789

344,858

3.500%,

08/01/49

105,096

98,018

3.500%,

09/01/49

126,930

118,356

3.500%,

10/01/49

143,265

133,430

3.500%,

11/01/49

138,779

129,419

3.500%,

02/01/50

155,755

145,166

4.000%,

08/01/49

105,833

101,758

4.000%,

09/01/49

139,969

134,835

#### Total

#### 1,205,840

#### Federal

#### National

#### Mortgage

#### Association

#### 0.3%
3.500%,

04/01/49

37,454

34,959

3.500%,

08/01/49

108,516

101,197

3.500%,

09/01/49

205,733

191,857

3.500%,

09/01/49

122,879

114,565

3.500%,

10/01/49

130,482

121,641

3.500%,

12/01/49

147,349

137,334

3.500%,

02/01/50

149,394

138,822

4.000%,

09/01/47

159,605

154,416

4.000%,

03/01/48

291,132

282,114

4.000%,

05/01/49

30,827

29,744

#### Total

#### 1,306,649

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### -

#### Agency

#### (Cost

#### $62,279,866)

#### 62,113,680

#### Treasury

#### Bills

#### 8.4%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
United

States

8.4%

U.S.

Treasury

Bill

3.939%,

12/26/25

10,000,000

9,942,513

3.941%,

12/18/25

10,000,000

9,951,666

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Notes

to

Portfolio

of

Investments

#### Treasury

#### Bills
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
4.235%,

11/25/25

5,000,000

4,988,175

4.350%,

11/18/25

10,000,000

9,983,909

#### Total

#### 34,866,263

#### Total

#### Treasury

#### Bills

#### (Cost

#### $34,856,391)

#### 34,866,263

#### U.S.

#### Treasury

#### Obligations

#### 9.8%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### U.S.

#### Treasury

#### Bond

#### 7.4%
2.750%,

08/15/42

7,456,000

5,847,135

2.750%,

08/15/47

550,000

403,047

3.000%,

05/15/42

3,960,000

3,237,300

4.250%,

02/15/54

2,407,000

2,243,399

4.250%,

08/15/54

575,000

536,188

4.375%,

08/15/43

1,610,000

1,566,228

4.500%,

02/15/44

1,970,000

1,941,989

4.500%,

11/15/54

1,368,000

1,330,380

4.625%,

11/15/44

250,000

249,688

4.625%,

02/15/55

300,000

297,797

4.750%,

11/15/43

1,000,000

1,018,906

4.750%,

02/15/45

720,000

730,125

4.750%,

05/15/55

5,000,000

5,065,625

4.750%,

08/15/55

1,690,000

1,712,973

4.875%,

08/15/45

80,000

82,400

5.000%,

05/15/45

4,130,000

4,322,303

#### Total

#### 30,585,483

#### U.S.

#### Treasury

#### Note

#### 2.4%
3.875%,

08/15/33

2,197,000

2,186,701

4.000%,

02/15/34

2,169,000

2,170,694

4.250%,

05/15/35

1,500,000

1,520,391

4.250%,

08/15/35

530,000

536,625

4.375%,

05/15/34

874,000

897,216

4.500%,

11/15/33

1,678,000

1,739,614

4.625%,

02/15/35

1,155,000

1,204,990

#### Total

#### 10,256,231

#### Total

#### U.S.

#### Treasury

#### Obligations

#### (Cost

#### $40,343,005)

#### 40,841,714

#### Money

#### Market

#### Funds

#### 5.9%

#### Shares

#### Value

#### ($)
Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

3.870%

(f) 24,366,572

24,366,572

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $24,366,572)

#### 24,366,572

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $463,630,888)

#### 469,551,344

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### (54,688,823)

#### Net

#### Assets

#### 414,862,521
(a) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

October

31,

2025,

the

total

value

of

these

securities

amounted

to

$123,678,219,

which

represents

29.81%

of

total

net

assets.

(b) Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2025. (c) Principal

amounts

are

shown

in

United

States

Dollars

unless

otherwise

noted.

(d) Principal

and

interest

may

not

be

guaranteed

by

a

governmental

entity.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

(e) Represents

a

security

purchased

on

a

when-issued

basis.

(f) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Abbreviation

#### Legend
CMT

Constant

Maturity

Treasury

SOFRRATE

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

#### Currency

#### Legend
AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

Pound

Sterling

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

#### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

Diversified

Fixed

Income

Allocation

ETF

October

31,

2025

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Corporate

Bonds

–

184,285,499

–

184,285,499

Foreign

Government

Obligations

–

123,077,616

–

123,077,616

Residential

Mortgage-Backed

Securities

-

Agency

–

62,113,680

–

62,113,680

Treasury

Bills

–

34,866,263

–

34,866,263

U.S.

Treasury

Obligations

–

40,841,714

–

40,841,714

Money

Market

Funds

24,366,572

–

–

24,366,572

Total

Investments

in

Securities

24,366,572

445,184,772

–

469,551,344

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$463,630,888)

$469,551,344

Cash

25,453

Foreign

currency

(cost

$29)

Receivable

for:

Interest

4,967,626

Investments

sold

2,211,448

Reclaims

receivable

149,357

Total

assets

476,905,257

#### Liabilities
Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

60,418,782

Investments

purchased

1,504,872

Investment

management

fees

96,054

Other

accrued

expenses

23,028

Total

liabilities

62,042,736

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $414,862,521

#### Represented

#### by:
Paid-in

capital

$512,361,138

Total

distributable

earnings

(loss)

(97,498,617)

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $414,862,521
Shares

outstanding

22,500,000

Net

asset

value

per

share

$18.44

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Investment

#### Income:
Interest

$19,069,416

Total

income

19,069,416

Expenses:

Investment

management

fees

1,045,090

Total

expenses

1,045,090

#### Net

#### Investment

#### Income
18,024,326

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(5,407,080)

In-kind

transactions

-

unaffiliated

issuers

(1,678,167)

Foreign

currency

translations

7,246

Net

realized

loss

(7,078,001)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

17,419,407

Foreign

currency

translations

14,062

Net

change

in

unrealized

appreciation

17,433,469

Net

realized

and

unrealized

gain

10,355,468

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $28,379,794
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

$18,024,326

$17,496,174

Net

realized

loss

(7,078,001)

(13,495,949)

Net

change

in

unrealized

appreciation

17,433,469

41,372,677

Net

increase

in

net

assets

resulting

from

operations

28,379,794

45,372,902

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(17,982,099)

(17,268,686)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

96,750,304

96,035,165

Cost

of

shares

redeemed

(73,772,326)

(89,972,643)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

22,977,978

6,062,522

Increase

in

net

assets

33,375,673

34,166,738

#### Net

#### Assets:
Net

assets

beginning

of

year

381,486,848

347,320,110

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $414,862,521

#### $381,486,848

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

21,300,000

21,050,000

Shares

sold

5,350,000

5,400,000

Shares

redeemed

(4,150,000)

(5,150,000)

Shares

outstanding,

end

of

year

22,500,000

21,300,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

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.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$17.91

$16.50

$16.80

$21.29

$21.36

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

0.87 0.81 0.68 0.54 0.50 Net

realized

and

unrealized

gain

(loss)

0.53 1.40 (0.30)

(a) (4.48)

(0.04)

Total

from

investment

operations

1.40 2.21 0.38 (3.94)

0.46 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.87)

(0.80)

(0.68)

(0.55)

(0.53)

Total

distribution

to

shareholders

(0.87)

(0.80)

(0.68)

(0.55)

(0.53)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$18.44

$17.91

$16.50

$16.80

$21.29

Total

Return

at

NAV

8.05%

13.54%

2.10%

(18.80)%

2.16%

Total

Return

at

Market

Price

8.04%

13.45%

2.22%

(18.87)%

1.97%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(b) 0.28%

0.28%

0.28%

(c) 0.28%

(c) 0.28%

Total

net

expenses

(b)(d) 0.28%

0.28%

0.28%

(c) 0.28%

(c) 0.28%

Net

investment

income

4.83%

4.56%

3.86%

2.78%

2.34%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$414,863

$381,487

$347,320

$572,031

$1,215,511

Portfolio

turnover

199%

187%

184%

198%

171%

(a) Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Indexed

ETF

\|

2025

#### Note
1. #### Organization
Columbia

Diversified

Fixed

Income

Allocation

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund's shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Fund

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

To

be

announced

securities

The

Fund

may

trade

securities

on

a

To

Be

Announced

(TBA)

basis.

As

with

other

delayed-delivery

transactions,

a

seller

agrees

to

issue

a

TBA

security

at

a

future

date.

However,

the

seller

does

not

specify

the

particular

securities

to

be

delivered.

Instead,

the

Fund

agrees

to

accept

any

security

that

meets

specified

terms.

In

some

cases,

Master

Securities

Forward

Transaction

Agreements

(MSFTAs)

may

be

used

to

govern

transactions

of

certain

forward-settling

agency

mortgage-backed

securities,

such

as

delayed-delivery

and

TBAs,

between

the

Fund

and

counterparty.

The

MSFTA

maintains

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral

relating

to

such

transactions.

Mortgage

dollar

roll

transactions

The

Fund

may

enter

into

mortgage

"dollar

rolls"

in

which

the

Fund

sells

securities

for

delivery

in

the

current

month

and

simultaneously

contracts

with

the

same

counterparty

to

repurchase

similar

but

not

identical

securities

(same

type,

coupon

and

maturity)

on

a

specified

future

date.

These

transactions

may

increase

the

Fund's

portfolio

turnover

rate.

During

the

roll

period,

the

Fund

loses

the

right

to

receive

principal

and

interest

paid

on

the

securities

sold.

However,

the

Fund

may

benefit

because

it

receives

negotiated

amounts

in

the

form

of

reductions

of

the

purchase

price

for

the

future

purchase

plus

the

interest

earned

on

the

cash

proceeds

of

the

securities

sold

until

the

settlement

date

of

the

forward

purchase.

The

Fund

records

the

incremental

difference

between

the

forward

purchase

and

sale

of

each

forward

roll

as

a

realized

gain

or

loss.

Unless

any

realized

gains

exceed

the

income,

capital

appreciation,

and

gain

or

loss

due

to

mortgage

prepayments

that

would

have

been

realized

on

the

securities

sold

as

part

of

the

mortgage

dollar

roll,

the

use

of

this

technique

may

diminish

the

investment

performance

of

the

Fund

compared

to

what

the

performance

would

have

been

without

the

use

of

mortgage

dollar

rolls.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

the

Fund

is

obligated

to

repurchase

may

decline

below

the

repurchase

price,

or

that

the

counterparty

may

default

on

its

obligations.

All

cash

proceeds

will

be

invested

in

instruments

that

are

permissible

investments

for

the

Fund.

The

Fund

identifies

cash

or

liquid

securities

in

an

amount

equal

to

the

forward

purchase

price.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

"when-issued"

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

adjustments

to

interest

income.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

The

value

of

additional

securities

received

as

an

income

payment

through

a

payment-in-kind,

if

any,

is

recorded

as

interest

income

and

increases

the

cost

basis

of

such

securities.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

Foreign

taxes

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund's

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.28%

of

the

Fund's

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

capital

loss

carryforwards,

principal

and/or

interest

of

fixed

income

securities,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind

and

foreign

currency

transactions.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

#### Undistributed

#### net

#### investment

#### income

#### ($)

#### Accumulated

#### net

#### realized

#### gain
(loss)

#### ($)

#### Paid-in

#### capital

#### ($)
80,941

1,747,288

(1,828,229)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$762,520,590

and

$754,543,231,

respectively,

for

the

year

ended

October

31,

2025,

of

which

$655,832,213

and

$651,655,018,

respectively,

were

U.S.

government

securities.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

$76,188,668.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2025,

the

in-kind

redemption

cost

basis

was

$63,547,056,

the

proceeds

from

sales

were

$61,868,889

and

the

net

realized

loss

was

$1,678,167.

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
17,982,099

-

17,982,099

17,268,686

-

17,268,686

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### long-

#### term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### appreciation

#### ($)
761,593

-

(104,055,595)

5,782,356

#### Federal

#### tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized

#### depreciation

#### ($)

#### Net

#### unrealized

#### appreciation

#### ($)
463,768,988

10,044,742

(4,262,386)

5,782,356

#### No

#### expiration

#### short-term

#### ($)

#### No

#### expiration

#### long-

#### term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
(52,471,307)

(51,584,288)

(104,055,595)

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

#### Note
7. #### Line

#### of

#### credit
The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Fund

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

the

Fund's

holdings

and

the

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

the

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

the

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

Additional

risk

factors

of

the

Fund

are

described

more

fully

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Fund

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Fund,

including

fund

accounting

and

financial

reporting

services.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

#### 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.

Indexed

ETF

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Diversified

Fixed

Income

Allocation

ETF

*Opinion* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Diversified

Fixed

Income

Allocation

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinion*

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Indexed

ETF

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Diversified

Fixed

Income

Allocation

ETF

(the

Fund).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

the

Fund

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Fund's

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Fund

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Fund

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Fund's

management

fees

and

total

expenses,

including

information

comparing

the

Fund's

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund's

and

its

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

the

Fund,

(ii) the

Fund's

performance

relative

to

peers

and

benchmarks,

(iii) the

net

assets

of

the

Fund

and

(iv) index

tracking

error

data

of

the

Fund.

The

Board

observed

the

Fund's

tracking

error

versus

its

performance

was

within

the

range

of

management's

expectations.

The

Board

also

reviewed

a

description

of

the

methodology

for

identifying

the

Fund's

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund's

contribution

to

the

Investment

Manager's

profitability.

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

the

Fund's

total

expense

ratio

approximated

the

peer

universe's

median

expense

ratio.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Fund,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Fund.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels,

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Fund

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

supported

the

continuation

of

the

IMS

Agreement.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

ANN290_10_R01_(12/25)

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Columbia

Multi-Sector

Municipal

Income

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

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

Report

of

Independent

Registered

Public

Accounting

Firm

Federal

Income

Tax

Information

Approval

of

Investment

Management

Services

Agreement

PORTFOLIO

OF

INVESTMENTS

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds

#### 98.2%

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Alabama

#### 0.5%
Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

AL

Revenue

Bonds

5.250%,

06/01/50

755,000

801,102

Baldwin

County

Industrial

Development

Authority

Series

A

(Mandatory

Put

06/01/32)

Revenue

Bonds

5.000%,

06/01/55

(a) 1,000,000

1,029,362

Health

Care

Authority

of

The

City

of

Huntsville

(The)

Series

B1

Revenue

Bonds

5.000%,

06/01/36

370,000

395,435

Hoover

Industrial

Development

Board

Revenue

Bonds

5.750%,

10/01/49

500,000

507,116

#### Total

#### Alabama

#### 2,733,015

#### Alaska

#### 0.2%
Alaska

Housing

Finance

Corp.

Series

A

Revenue

Bonds

5.000%,

06/01/31

1,000,000

1,099,532

#### Arizona

#### 1.2%
Arizona

Industrial

Development

Authority

Revenue

Bonds

6.000%,

07/01/47

(a) 330,000

335,727

City

of

Phoenix

Civic

Improvement

Corp.

Series

D

Revenue

Bonds

5.000%,

07/01/36

1,500,000

1,539,345

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

5.000%

12/01/45

,

Series

D

725,000

751,573

4.000%

10/15/47

(a) 1,000,000

849,959

Maricopa

County

Special

Health

Care

District

5.000%

07/01/31

,

Series

C

1,280,000

1,351,541

5.000%

07/01/32

,

Series

D

875,000

972,253

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

5.000%,

06/15/44

(a) 325,000

312,873

#### Total

#### Arizona

#### 6,113,271

#### Arkansas

#### 0.6%
Arkansas

Development

Finance

Authority

Revenue

Bonds

4.500%,

09/01/49

(a) 2,000,000

1,868,624

4.750%,

09/01/49

(a) 1,000,000

968,836

#### Total

#### Arkansas

#### 2,837,460

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Colorado

#### 4.1%
City

&

County

of

Denver

CO

Airport

System

Revenue

,

Series

A

Revenue

Bonds

5.000%,

11/15/30

2,700,000

2,956,341

5.000%,

12/01/30

150,000

164,025

5.000%,

11/15/32

950,000

1,067,903

5.000%,

11/15/37

1,000,000

1,087,536

City

of

Colorado

Springs

CO.

Utilities

System

Revenue

Series

Revenue

Bonds

5.000%,

11/15/30

850,000

884,236

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000%

12/01/34

,

Series

A

1,000,000

1,125,566

4.000%

08/01/37

,

Series

A

370,000

376,720

4.000%

08/01/38

,

Series

500,000

505,743

4.000%

11/15/38

1,030,000

1,039,798

4.000%

11/01/39

,

Series

A

280,000

277,119

5.000%

11/01/39

,

Series

A

180,000

188,132

5.000%

12/01/39

1,000,000

1,088,794

5.000%

11/15/41

,

Series

A

250,000

268,793

4.000%

11/15/43

,

Series

A

790,000

743,722

4.000%

08/01/44

,

Series

1,190,000

1,077,622

5.000%

08/01/44

,

Series

1,200,000

1,218,569

5.000%

11/01/44

,

Series

A

700,000

713,509

4.000%

11/15/46

,

Series

A

715,000

666,648

4.000%

08/01/49

,

Series

A

500,000

436,179

Public

Highway

Authority

Series

A

Revenue

Bonds

0.000%,

09/01/34

(b) 140,000

105,520

State

of

Colorado

Revenue

Bonds

5.000%

12/15/29

,

Series

A

1,000,000

1,068,249

5.000%

12/15/31

,

Series

A

435,000

484,503

5.000%

12/15/33

,

Series

A

1,000,000

1,106,672

4.000%

12/15/36

,

Series

A

500,000

516,519

3.000%

12/15/37

,

Series

A

250,000

233,023

4.000%

12/15/38

,

Series

A

515,000

522,465

4.000%

03/15/46

,

Series

S

1,000,000

939,605

#### Total

#### Colorado

#### 20,863,511

#### Connecticut

#### 2.8%
City

of

Hartford

CT

Revenue

Bonds

5.000%,

04/01/29

1,395,000

1,508,612

Connecticut

Housing

Finance

Authority

Series

Revenue

Bonds

4.200%,

11/15/39

1,000,000

1,014,382

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Series

A

Revenue

Bonds

5.000%,

07/01/32

1,740,000

1,837,693

3.000%,

07/01/39

345,000

277,742

5.000%,

09/01/46

(a) 500,000

479,865

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
State

of

Connecticut

5.000%

09/15/28

,

Series

D

1,000,000

1,067,375

5.000%

09/15/30

,

Series

D

650,000

722,221

5.000%

11/15/32

,

Series

E

670,000

771,102

State

of

Connecticut

Special

Tax

Revenue

Revenue

Bonds

5.000%

07/01/34

1,100,000

1,291,726

4.000%

05/01/37

,

Series

A

1,500,000

1,545,906

5.000%

07/01/37

,

Series

850,000

978,083

4.000%

05/01/38

,

Series

A

1,000,000

1,029,568

4.000%

11/01/39

,

Series

D

910,000

928,830

University

of

Connecticut

Series

A

Revenue

Bonds

5.000%,

11/15/43

650,000

673,157

#### Total

#### Connecticut

#### 14,126,262

#### Delaware

#### 0.5%
Delaware

State

Health

Facilities

Authority

,

Series

A

Revenue

Bonds

4.000%,

07/01/40

600,000

595,712

5.000%,

10/01/40

715,000

756,890

5.000%,

10/01/45

1,205,000

1,233,027

#### Total

#### Delaware

#### 2,585,629

#### District

#### of

#### Columbia

#### 0.9%
District

of

Columbia

5.000%

10/15/32

,

Series

A

200,000

213,945

District

of

Columbia

Revenue

Bonds

5.000%

04/01/33

470,000

477,981

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

,

Series

A

Revenue

Bonds

5.000%,

10/01/30

750,000

815,716

5.000%,

10/01/32

350,000

384,030

5.250%,

10/01/45

1,000,000

1,057,025

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Revenue

Bonds

0.000%

10/01/30

,

Series

B

(b) 130,000

111,369

0.000%

10/01/37

,

Series

A

(b) 2,500,000

1,441,200

#### Total

#### District

#### of

#### Columbia

#### 4,501,266

#### Florida

#### 6.3%
Alachua

County

Health

Facilities

Authority

Series

Revenue

Bonds

5.000%,

12/01/37

285,000

300,505

Brevard

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

04/01/42

1,500,000

1,574,255

Central

Florida

Expressway

Authority

Revenue

Bonds

5.000%

07/01/33

,

Series

B

1,000,000

1,145,536

5.000%

07/01/34

,

Series

D

645,000

713,941

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
City

of

Gainesville

FL

Utilities

System

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/32

385,000

397,857

City

Of

South

Miami

Health

Facilities

Authority,

Inc.

Revenue

Bonds

5.000%,

08/15/47

1,000,000

1,009,753

City

of

Tampa

,

Series

B

Revenue

Bonds

4.000%,

07/01/38

175,000

173,192

4.000%,

07/01/39

500,000

489,049

City

of

Tampa

FL

Revenue

Bonds

5.000%,

07/01/50

935,000

943,886

County

of

Miami-Dade

FL

5.000%,

07/01/34

1,000,000

1,169,231

County

of

Miami-Dade

Fl

Aviation

Revenue

,

Series

A

Revenue

Bonds

5.000%,

10/01/34

1,000,000

1,127,784

5.000%,

10/01/36

3,000,000

3,331,322

County

of

Miami-Dade

Seaport

Department

Series

A

Revenue

Bonds

5.250%,

10/01/52

1,885,000

1,925,851

County

of

Palm

Beach

FL

Revenue

Bonds

5.500%,

10/01/45

(a) 1,000,000

1,024,172

Escambia

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

08/15/45

600,000

524,054

Florida

Development

Finance

Corp.

,

Series

A

Revenue

Bonds

4.000%,

06/01/36

(a) 400,000

366,897

4.000%,

06/01/41

(a) 200,000

168,136

Greater

Orlando

Aviation

Authority

,

Series

A

Revenue

Bonds

4.000%,

10/01/37

1,400,000

1,401,431

5.000%,

10/01/38

400,000

421,248

Hillsborough

County

Industrial

Development

Authority

Revenue

Bonds

5.250%,

11/15/49

2,000,000

2,129,483

JEA

Electric

System

Revenue

Revenue

Bonds

5.000%

10/01/34

310,000

362,834

4.000%

10/01/36

,

Series

B

1,000,000

1,010,800

4.000%

10/01/37

,

Series

B

1,015,000

1,019,247

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Marion

County

School

Board

Revenue

Bonds

5.000%,

06/01/38

500,000

555,389

Martin

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

01/01/46

845,000

789,673

Miami

Beach

Health

Facilities

Authority

Series

B

Revenue

Bonds

4.000%,

11/15/46

1,000,000

917,596

Palm

Beach

County

Health

Facilities

Authority

Revenue

Bonds

5.000%,

11/15/42

1,035,000

1,051,824

Palm

Beach

County

School

District

Revenue

Bonds

5.000%,

08/01/38

1,500,000

1,658,287

Polk

County

School

District

Revenue

Bonds

5.000%,

10/01/33

435,000

470,952

Sarasota

County

Public

Hospital

District

Revenue

Bonds

4.000%,

07/01/48

1,000,000

896,217

School

District

of

Broward

County

Revenue

Bonds

5.000%

07/01/34

,

Series

A

250,000

272,182

5.000%

07/01/35

,

Series

B

1,000,000

1,112,443

South

Broward

Hospital

District

Revenue

Bonds

3.500%

05/01/39

,

Series

A

370,000

337,125

4.000%

05/01/48

1,000,000

910,865

South

Florida

Water

Management

District

Revenue

Bonds

5.000%,

10/01/33

150,000

150,850

#### Total

#### Florida

#### 31,853,867

#### Georgia

#### 2.3%
Augusta

GA

Water

&

Sewer

Revenue

Series

A

Revenue

Bonds

5.000%,

10/01/34

1,010,000

1,183,084

Brookhaven

Development

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/44

490,000

468,076

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

Series

D

Revenue

Bonds

4.000%,

07/01/37

1,000,000

997,323

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

Revenue

Bonds

5.750%,

11/01/28

1,000,000

1,096,416

5.750%,

11/01/29

785,000

884,301

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Columbia

County

Hospital

Authority

Revenue

Bonds

5.000%,

04/01/48

875,000

908,622

Development

Authority

for

Fulton

County

Series

A

Revenue

Bonds

4.000%,

07/01/49

1,000,000

901,138

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

4.000%,

02/15/45

1,140,000

1,070,275

Georgia

State

Road

&

Tollway

Authority

Revenue

Bonds

5.000%,

06/01/32

1,000,000

1,097,708

Griffin-Spalding

County

Hospital

Authority

Series

A

Revenue

Bonds

4.000%,

04/01/42

1,000,000

959,187

State

of

Georgia

5.000%

07/01/32

,

Series

545,000

615,806

5.000%

07/01/33

,

Series

A

1,000,000

1,146,948

#### Total

#### Georgia

#### 11,328,884

#### Hawaii

#### 0.2%
State

of

Hawaii

5.000%,

01/01/31

875,000

912,287

#### Idaho

#### 0.6%
Idaho

Health

Facilities

Authority

Revenue

Bonds

5.000%

03/01/44

1,000,000

1,060,482

5.250%

03/01/50

,

Series

A

1,345,000

1,424,960

Idaho

Housing

&

Finance

Association

Series

A

Revenue

Bonds

4.050%,

01/01/39

335,000

332,679

#### Total

#### Idaho

#### 2,818,121

#### Illinois

#### 6.8%
Chicago

Board

of

Education

0.000%

12/01/31

,

Series

(b) 220,000

175,650

5.000%

12/01/34

,

Series

A

1,000,000

1,022,534

5.000%

12/01/35

,

Series

A

250,000

253,316

4.000%

12/01/36

,

Series

B

1,200,000

1,114,899

5.000%

12/01/36

,

Series

A

300,000

302,207

5.000%

12/01/37

,

Series

A

600,000

600,791

5.000%

12/01/38

,

Series

A

1,800,000

1,790,960

5.250%

12/01/39

,

Series

C

875,000

862,076

4.000%

12/01/41

,

Series

B

1,000,000

849,480

5.000%

12/01/41

,

Series

A

250,000

240,729

5.000%

12/01/42

,

Series

A

200,000

188,881

4.000%

12/01/43

,

Series

A

1,500,000

1,246,061

5.000%

12/01/46

,

Series

H

1,000,000

907,381

5.000%

12/01/47

,

Series

A

2,000,000

1,826,655

Chicago

O'hare

International

Airport

Series

B

Revenue

Bonds

5.000%,

01/01/48

2,250,000

2,286,443

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Chicago

O'Hare

International

Airport

Series

A

Revenue

Bonds

4.000%,

01/01/36

195,000

200,640

City

of

Chicago

IL

Wastewater

Transmission

Revenue

Series

B

Revenue

Bonds

5.000%,

01/01/30

300,000

326,024

City

of

Chicago

IL

Waterworks

Revenue

Revenue

Bonds

5.000%

11/01/30

1,315,000

1,335,488

5.000%

11/01/32

,

Series

B

785,000

879,483

City

of

Springfield

IL

Electric

Revenue

Revenue

Bonds

5.000%,

03/01/39

1,000,000

1,097,471

Cook

Kane

Lake

&

McHenry

Counties

Community

College

District

No

512

4.000%,

12/15/29

470,000

485,123

Illinois

Finance

Authority

Revenue

Bonds

5.000%

07/01/30

710,000

785,153

4.000%

08/15/37

,

Series

A

900,000

904,260

3.000%

10/01/37

,

Series

A

625,000

567,291

4.125%

11/15/37

,

Series

A

235,000

227,018

3.000%

07/15/40

,

Series

A

725,000

640,972

4.000%

08/15/41

,

Series

A

600,000

577,115

5.500%

08/01/43

,

Series

A

(a) 500,000

522,436

4.125%

05/15/47

,

Series

A

1,000,000

913,128

Illinois

Housing

Development

Authority

Series

K

Revenue

Bonds

4.950%,

10/01/38

265,000

282,082

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5.000%

01/01/31

,

Series

C

150,000

163,431

5.000%

01/01/36

,

Series

A

705,000

806,780

5.000%

01/01/37

,

Series

A

1,000,000

1,132,729

5.000%

01/01/38

,

Series

A

2,120,000

2,382,576

5.000%

01/01/39

605,000

671,264

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

0.000%

06/15/29

(b) 535,000

477,693

0.000%

12/15/29

,

Series

A

(b) 160,000

140,647

0.000%

06/15/30

(b) 370,000

315,034

0.000%

06/15/30

,

Series

A

(b) 415,000

359,105

0.000%

12/15/32

,

Series

A

(b) 850,000

662,355

0.000%

06/15/36

,

Series

A

(b) 1,540,000

1,021,123

0.000%

12/15/36

,

Series

A

(b) 1,750,000

1,134,053

0.000%

12/15/41

,

Series

B

(b) 280,000

135,350

5.000%

06/15/42

,

Series

B

1,000,000

1,037,134

Will

County

Community

High

School

District

No

Lincoln-Way

Series

B

0.000%,

01/01/31

(b) 300,000

257,019

#### Total

#### Illinois

#### 34,108,040

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Indiana

#### 0.6%
City

of

Anderson

Revenue

Bonds

6.000%,

10/01/42

150,000

89,767

Indiana

Finance

Authority

Revenue

Bonds

5.000%

10/01/32

,

Series

S

1,000,000

1,123,656

5.000%

10/01/41

760,000

829,372

4.250%

03/01/49

1,300,000

1,196,510

#### Total

#### Indiana

#### 3,239,305

#### Iowa

#### 0.7%
Iowa

Finance

Authority

Revenue

Bonds

5.000%

08/01/34

,

Series

A

2,035,000

2,390,628

5.000%

05/15/43

,

Series

A

160,000

157,842

4.000%

08/15/46

,

Series

E

1,000,000

916,664

#### Total

#### Iowa

#### 3,465,134

#### Kansas

#### 0.1%
University

of

Kansas

Hospital

Authority

Series

A

Revenue

Bonds

5.000%,

03/01/47

650,000

652,887

#### Kentucky

#### 0.7%
Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

5.000%

09/01/33

(c) 1,000,000

1,149,994

5.000%

05/01/36

1,000,000

1,038,932

4.000%

11/01/37

,

Series

A

1,185,000

1,202,590

#### Total

#### Kentucky

#### 3,391,516

#### Louisiana

#### 1.0%
East

Baton

Rouge

Sewerage

Commission

Series

A

(Mandatory

Put

02/01/28)

Revenue

Bonds

1.300%,

02/01/41

725,000

680,867

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.000%

10/15/36

,

Series

A

1,145,000

1,271,947

5.500%

09/01/54

1,000,000

1,026,400

State

of

Louisiana

,

Series

E

5.000%,

09/01/30

1,000,000

1,112,317

5.000%,

09/01/33

1,000,000

1,164,461

#### Total

#### Louisiana

#### 5,255,992

#### Maine

#### 0.7%
Maine

Governmental

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

10/01/37

660,000

667,806

Maine

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

5.000%

10/01/38

,

Series

B

645,000

727,231

5.000%

07/01/43

,

Series

A

1,430,000

1,459,182

4.000%

07/01/45

,

Series

A

790,000

743,532

#### Total

#### Maine

#### 3,597,751
PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Maryland

#### 1.7%
County

of

Howard

Series

B

5.000%,

02/15/28

225,000

231,353

County

of

Montgomery

Series

A

5.000%,

08/01/30

300,000

333,619

Maryland

Community

Development

Administration

Series

C

Revenue

Bonds

2.200%,

09/01/36

350,000

291,184

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%

07/01/42

650,000

616,778

5.500%

01/01/46

,

Series

A

750,000

758,764

Maryland

Stadium

Authority

Revenue

Bonds

5.000%,

05/01/34

565,000

590,285

State

of

Maryland

5.000%

03/01/31

,

Series

A

415,000

466,823

5.000%

03/15/31

,

Series

640,000

704,331

5.000%

08/01/31

,

Series

465,000

505,405

5.000%

03/15/32

,

Series

265,000

284,119

5.000%

03/01/33

,

Series

A

1,000,000

1,117,680

5.000%

06/01/34

1,000,000

1,179,691

State

of

Maryland

Department

of

Transportation

Series

A

Revenue

Bonds

5.250%,

08/01/44

1,400,000

1,501,714

#### Total

#### Maryland

#### 8,581,746

#### Massachusetts

#### 3.0%
Commonwealth

of

Massachusetts

5.000%

05/01/31

,

Series

A

915,000

1,032,596

4.000%

11/01/32

,

Series

E

1,000,000

1,024,486

5.000%

07/01/34

,

Series

A

1,000,000

1,178,460

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000%

07/01/35

1,000,000

1,178,353

5.000%

10/01/38

400,000

391,235

5.000%

10/01/39

1,425,000

1,570,888

4.000%

07/01/40

200,000

174,224

5.250%

08/15/41

,

Series

A

500,000

540,088

5.000%

07/01/43

,

Series

J2

850,000

871,610

5.000%

07/01/44

1,000,000

996,782

5.250%

08/15/44

,

Series

A

1,000,000

1,050,982

5.250%

08/15/45

,

Series

A

1,000,000

1,041,570

5.000%

07/01/46

1,000,000

982,942

5.000%

07/01/47

1,080,000

1,129,693

Massachusetts

Transportation

Trust

Fund

Metropolitan

Highway

System

Revenue

Revenue

Bonds

5.000%,

01/01/31

1,125,000

1,215,725

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Massachusetts

Water

Resources

Authority

Revenue

Bonds

5.250%,

08/01/32

250,000

293,866

University

of

Massachusetts

Building

Authority

Series

Revenue

Bonds

4.000%,

11/01/46

500,000

477,881

#### Total

#### Massachusetts

#### 15,151,381

#### Michigan

#### 2.8%
Advanced

Technology

Academy

Revenue

Bonds

5.000%,

11/01/44

500,000

478,196

City

of

Detroit

5.000%

04/01/35

400,000

409,869

5.000%

04/01/46

,

Series

A

725,000

733,278

Great

Lakes

Water

Authority

Sewage

Disposal

System

Revenue

Revenue

Bonds

5.000%,

07/01/33

1,000,000

1,154,808

Great

Lakes

Water

Authority

Water

Supply

System

Revenue

,

Series

A

Revenue

Bonds

5.000%,

07/01/31

1,500,000

1,686,747

5.000%,

07/01/32

1,000,000

1,140,501

Michigan

Finance

Authority

Revenue

Bonds

4.000%

10/01/30

,

Series

B

1,000,000

1,008,994

3.125%

12/01/35

,

Series

A

455,000

435,716

5.000%

04/15/37

,

Series

A

335,000

368,476

3.250%

11/15/42

150,000

121,494

4.000%

02/15/44

,

Series

A

1,000,000

934,246

3.000%

12/01/49

,

Series

A

1,350,000

958,819

Michigan

State

Housing

Development

Authority

Revenue

Bonds

3.750%

06/01/32

,

Series

A

1,730,000

1,773,376

4.500%

12/01/38

,

Series

B

1,000,000

1,030,925

State

of

Michigan

Trunk

Line

Revenue

Revenue

Bonds

5.000%,

11/15/46

2,000,000

2,116,260

#### Total

#### Michigan

#### 14,351,705

#### Minnesota

#### 0.5%
City

of

Maple

Grove

Revenue

Bonds

4.000%,

05/01/37

210,000

206,335

City

of

Woodbury

MN

Series

A

Revenue

Bonds

6.000%,

07/01/65

500,000

495,043

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

A

Revenue

Bonds

5.000%,

03/01/33

665,000

771,290

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Stillwater

Independent

School

District

No

834

Series

A

4.000%,

02/01/43

1,000,000

1,005,804

#### Total

#### Minnesota

#### 2,478,472

#### Missouri

#### 1.6%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Series

A

Revenue

Bonds

4.000%,

05/15/42

950,000

920,773

4.000%,

07/01/46

1,600,000

1,499,846

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

4.000%

03/01/36

1,000,000

1,001,507

4.000%

03/01/37

2,000,000

1,992,378

5.000%

03/01/39

,

Series

B

1,225,000

1,261,576

Lees

Summit

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/32

150,000

151,472

Missouri

Joint

Municipal

Electric

Utility

Commission

Revenue

Bonds

5.000%,

12/01/38

365,000

409,800

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

Bonds

2.750%,

09/01/33

1,000,000

960,198

St

Louis

County

Industrial

Development

Authority

Revenue

Bonds

5.000%,

09/01/32

100,000

101,085

#### Total

#### Missouri

#### 8,298,635

#### Nebraska

#### 0.6%
Nebraska

Investment

Finance

Authority

Revenue

Bonds

2.350%

09/01/35

,

Series

A

740,000

643,672

4.100%

09/01/38

,

Series

C

1,000,000

1,006,512

Public

Power

Generation

Agency

Revenue

Bonds

5.000%,

01/01/34

1,000,000

1,156,911

#### Total

#### Nebraska

#### 2,807,095

#### Nevada

#### 0.2%
State

of

Nevada

Department

of

Business

&

Industry

Series

A

Revenue

Bonds

5.000%,

12/15/38

(a) 1,000,000

999,954

#### New

#### Jersey

#### 9.9%
New

Jersey

Economic

Development

Authority

Revenue

Bonds

3.125%

07/01/31

,

Series

A

145,000

143,170

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
5.000%

11/01/33

1,565,000

1,684,654

4.000%

06/15/34

,

Series

QQQ

350,000

364,098

4.000%

07/01/34

,

Series

A

1,065,000

1,075,456

5.000%

11/01/35

400,000

429,163

5.000%

11/01/36

,

Series

A

675,000

751,058

5.000%

06/01/37

715,000

727,970

4.000%

06/15/37

,

Series

QQQ

700,000

713,598

5.000%

06/15/37

1,000,000

1,067,617

4.000%

06/15/44

1,000,000

954,895

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

4.000%

07/01/35

370,000

378,597

5.000%

10/01/36

1,325,000

1,374,002

5.000%

10/01/37

1,105,000

1,148,159

4.000%

07/01/44

435,000

413,171

4.000%

07/01/45

,

Series

A

1,000,000

966,306

New

Jersey

Housing

&

Mortgage

Finance

Agency

Series

I

Revenue

Bonds

4.250%,

10/01/37

495,000

506,159

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

0.000%

12/15/30

,

Series

C

(b) 220,000

189,446

5.000%

06/15/31

,

Series

A

470,000

526,064

5.000%

06/15/32

,

Series

A

1,000,000

1,136,289

0.000%

12/15/32

,

Series

A

(b) 1,540,000

1,219,437

0.000%

12/15/32

,

Series

C

(b) 2,205,000

1,775,563

5.000%

12/15/32

,

Series

A

2,215,000

2,342,999

5.000%

06/15/33

,

Series

A

1,000,000

1,109,366

0.000%

12/15/33

,

Series

C

(b) 1,705,000

1,319,512

5.000%

06/15/34

,

Series

2014

250,000

276,801

0.000%

12/15/34

,

Series

A

(b) 945,000

686,639

0.000%

12/15/34

,

Series

C

(b) 250,000

185,754

5.000%

12/15/34

,

Series

A

1,075,000

1,140,755

4.000%

06/15/35

,

Series

AA

400,000

414,308

5.000%

06/15/35

,

Series

AA

2,000,000

2,244,971

0.000%

12/15/35

,

Series

A

(b) 165,000

114,701

4.000%

06/15/36

,

Series

A

850,000

875,719

4.000%

06/15/36

,

Series

AA

2,390,000

2,442,230

5.000%

06/15/36

,

Series

AA

1,445,000

1,630,677

4.000%

06/15/37

,

Series

BB

250,000

252,842

5.000%

06/15/37

,

Series

A

1,000,000

1,132,818

5.000%

06/15/37

,

Series

CC

725,000

821,838

5.000%

06/15/38

,

Series

CC

1,705,000

1,917,275

0.000%

12/15/38

,

Series

A

(b) 670,000

402,253

3.250%

06/15/39

,

Series

BB

900,000

840,833

5.000%

06/15/39

,

Series

AA

1,000,000

1,128,355

5.250%

06/15/39

,

Series

A

1,000,000

1,139,218

4.000%

06/15/40

465,000

468,328

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.000%

01/01/31

,

Series

B

2,000,000

2,229,822

5.000%

01/01/33

1,000,000

1,151,942

5.000%

01/01/34

,

Series

B

2,570,000

2,986,868

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
4.000%

01/01/35

,

Series

G

1,000,000

1,019,436

5.000%

01/01/36

,

Series

G

2,205,000

2,287,596

#### Total

#### New

#### Jersey

#### 50,108,728

#### New

#### Mexico

#### 0.2%
City

of

Santa

Fe

Revenue

Bonds

5.000%,

05/15/44

650,000

631,236

New

Mexico

Hospital

Equipment

Loan

Council

Series

A

Revenue

Bonds

5.000%,

08/01/46

400,000

402,525

#### Total

#### New

#### Mexico

#### 1,033,761

#### New

#### York

#### 16.0%
Broome

County

Local

Development

Corp.

Revenue

Bonds

3.000%,

04/01/45

200,000

158,786

Build

NYC

Resource

Corp

Revenue

Bonds

5.250%,

10/15/50

(a) 1,000,000

991,767

City

of

New

York

5.000%

08/01/28

,

Series

2008

820,000

871,859

5.000%

08/01/30

,

Series

605,000

625,425

5.000%

04/01/31

1,065,000

1,140,342

5.000%

08/01/32

,

Series

1,130,000

1,237,106

City

of

New

York

NY

5.000%

08/01/29

,

Series

A

1,000,000

1,084,830

5.000%

11/01/31

,

Series

800,000

885,456

Dutchess

County

Local

Development

Corp.

Series

A

Revenue

Bonds

5.000%,

07/01/45

500,000

499,036

Long

Island

Power

Authority

Revenue

Bonds

5.000%

09/01/34

810,000

853,873

5.000%

09/01/35

1,200,000

1,262,699

4.000%

09/01/37

,

Series

A

2,500,000

2,588,569

5.000%

09/01/37

,

Series

A

250,000

273,748

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000%

11/15/31

,

Series

560,000

587,570

5.000%

11/15/32

,

Series

D

1,590,000

1,670,333

5.000%

11/15/33

690,000

790,626

5.000%

11/15/34

1,000,000

1,154,390

4.000%

11/15/35

,

Series

850,000

866,188

5.000%

11/15/35

,

Series

A

725,000

836,035

New

York

City

Housing

Development

Corp.

Series

D-1B

Revenue

Bonds

2.000%,

11/01/35

370,000

308,066

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.000%

06/15/28

,

Series

1,000,000

1,064,756

5.000%

06/15/28

,

Series

880,000

901,906

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
5.000%

06/15/28

,

Series

EE

775,000

825,186

5.000%

06/15/30

,

Series

EE

630,000

700,536

5.000%

06/15/31

,

Series

DD

1,605,000

1,818,390

5.000%

06/15/33

,

Series

2,000,000

2,336,602

5.000%

06/15/33

,

Series

DD

755,000

848,520

5.000%

06/15/34

,

Series

FF

750,000

788,824

5.000%

06/15/35

745,000

884,164

New

York

Liberty

Development

Corp.

,

Series

A

Revenue

Bonds

2.100%,

11/15/32

750,000

673,052

2.400%,

11/15/35

350,000

303,734

New

York

Power

Authority

Revenue

Bonds

4.000%,

11/15/37

305,000

317,448

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000%

10/01/30

,

Series

A

340,000

346,192

3.000%

10/01/31

,

Series

A

785,000

785,453

2.000%

07/01/33

,

Series

1,060,000

952,809

5.000%

07/01/33

,

Series

A

275,000

297,204

5.000%

10/01/33

,

Series

A

3,965,000

4,431,517

4.000%

10/01/34

,

Series

A

300,000

313,047

5.000%

10/01/34

,

Series

A

2,115,000

2,264,505

4.000%

07/01/35

,

Series

A

2,660,000

2,703,929

5.000%

10/01/35

,

Series

A

870,000

954,514

5.000%

07/01/36

1,000,000

1,165,295

5.000%

10/01/37

,

Series

A

640,000

716,195

5.000%

05/01/38

,

Series

A

750,000

816,349

4.000%

07/01/38

500,000

504,798

5.000%

10/01/38

,

Series

A

1,225,000

1,365,740

5.500%

11/01/47

500,000

524,129

5.250%

03/15/48

,

Series

A

1,000,000

1,064,809

New

York

State

Environmental

Facilities

Corp.

Series

A

Revenue

Bonds

5.000%,

06/15/32

660,000

681,375

New

York

State

Housing

Finance

Agency

Series

(Mandatory

Put

05/01/27)

Revenue

Bonds

1.100%,

11/01/61

1,295,000

1,236,277

New

York

State

Thruway

Authority

Revenue

Bonds

4.000%

01/01/36

,

Series

O

250,000

262,583

5.000%

01/01/36

,

Series

B

265,000

286,288

4.000%

01/01/37

,

Series

B

635,000

647,907

4.000%

01/01/38

,

Series

B

150,000

151,957

4.000%

01/01/41

,

Series

O

1,000,000

1,008,434

New

York

Transportation

Development

Corp.

Revenue

Bonds

3.000%

08/01/31

250,000

236,592

5.000%

12/01/31

1,000,000

1,078,485

5.000%

12/01/32

1,015,000

1,102,171

5.000%

01/01/34

175,000

177,704

5.000%

12/01/34

400,000

432,834

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
5.000%

10/01/35

1,155,000

1,208,215

5.375%

08/01/36

1,975,000

2,062,436

5.625%

04/01/40

1,000,000

1,050,044

5.000%

10/01/40

1,000,000

1,019,994

4.000%

12/01/42

,

Series

C

160,000

150,810

4.375%

10/01/45

2,750,000

2,570,619

Oneida

County

Local

Development

Corp.

Series

A

Revenue

Bonds

3.000%,

12/01/44

355,000

269,395

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.000%

03/15/30

,

Series

300,000

305,199

5.000%

07/15/31

,

Series

300,000

317,426

5.000%

09/15/31

,

Series

500,000

517,659

5.000%

11/15/32

500,000

522,117

5.000%

11/15/33

,

Series

835,000

872,969

5.000%

07/15/34

,

Series

2,045,000

2,283,082

5.000%

07/15/35

,

Series

870,000

955,746

5.000%

07/15/36

1,180,000

1,293,902

4.000%

07/15/38

,

Series

1,000,000

1,023,291

5.000%

07/15/40

515,000

576,451

State

of

New

York

Mortgage

Agency

Series

Revenue

Bonds

2.200%,

04/01/36

840,000

701,291

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Revenue

Bonds

4.000%

04/01/31

,

Series

500,000

505,058

2.400%

10/01/34

,

Series

140,000

124,197

2.650%

10/01/34

,

Series

250,000

226,169

2.200%

10/01/36

,

Series

560,000

463,589

Triborough

Bridge

&

Tunnel

Authority

Revenue

Bonds

5.000%

11/15/31

,

Series

B

1,370,000

1,512,617

0.000%

11/15/32

,

Series

B

(b) 220,000

178,691

5.000%

11/15/36

,

Series

B

1,000,000

1,029,609

5.000%

11/15/37

510,000

523,944

5.000%

11/15/38

,

Series

B

1,500,000

1,537,659

#### Total

#### New

#### York

#### 80,461,093

#### North

#### Carolina

#### 0.8%
City

of

Charlotte

NC

Water

&

Sewer

System

Revenue

Series

A

Revenue

Bonds

5.000%,

07/01/31

805,000

911,662

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

2.000%

07/01/35

1,010,000

846,980

3.850%

07/01/37

,

Series

B

1,000,000

992,189

3.950%

07/01/38

,

Series

A

515,000

501,955

State

of

North

Carolina

Revenue

Bonds

5.000%,

03/01/33

890,000

949,656

#### Total

#### North

#### Carolina

#### 4,202,442

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### North

#### Dakota

#### 0.2%
City

of

Grand

Forks

Series

A

Revenue

Bonds

3.000%,

12/01/39

1,000,000

886,977

#### Ohio

#### 3.7%
American

Municipal

Power,

Inc.

Revenue

Bonds

5.000%

02/15/33

,

Series

C

830,000

898,179

5.000%

02/15/35

,

Series

B

1,000,000

1,077,335

4.000%

02/15/36

,

Series

A

385,000

395,913

4.000%

02/15/37

300,000

306,950

County

of

Allen

OH

Hospital

Facilities

Revenue

Revenue

Bonds

4.000%,

08/01/47

1,000,000

897,302

County

of

Lucas

OH

Revenue

Bonds

5.250%,

11/15/48

1,000,000

980,571

County

of

Montgomery

Revenue

Bonds

4.000%,

08/01/41

635,000

616,403

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

5.000%,

12/01/44

200,000

199,192

Ohio

Turnpike

&

Infrastructure

Commission

,

Series

Revenue

Bonds

5.700%,

02/15/34

285,000

324,974

5.750%,

02/15/35

150,000

171,284

Ohio

Water

Development

Authority

Revenue

Bonds

5.000%

06/01/29

,

Series

A

1,545,000

1,665,943

5.000%

12/01/29

2,630,000

2,867,322

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds

5.000%

06/01/28

,

Series

A

2,000,000

2,068,746

5.000%

12/01/33

2,235,000

2,600,316

Southeastern

Ohio

Port

Authority

Revenue

Bonds

5.500%,

12/01/43

135,000

119,445

State

of

Ohio

Revenue

Bonds

4.000%

01/01/40

,

Series

B

1,600,000

1,597,271

4.000%

01/01/46

545,000

516,860

State

of

Ohio

5.000%

09/15/28

,

Series

B

195,000

208,505

5.000%

11/01/33

,

Series

B

1,000,000

1,170,434

#### Total

#### Ohio

#### 18,682,945

#### Oklahoma

#### 0.6%
Grand

River

Dam

Authority

Revenue

Bonds

5.000%

06/01/30

,

Series

A

200,000

203,657

5.000%

06/01/39

645,000

710,574

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Oklahoma

County

Finance

Authority

Revenue

Bonds

4.000%,

09/01/38

1,000,000

1,013,829

Oklahoma

Development

Finance

Authority

,

Series

B

Revenue

Bonds

5.000%,

08/15/38

500,000

505,347

5.250%,

08/15/48

615,000

615,054

#### Total

#### Oklahoma

#### 3,048,461

#### Oregon

#### 0.6%
Medford

Hospital

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/45

700,000

709,703

Oregon

Health

&

Science

University

Series

A

Revenue

Bonds

4.000%,

07/01/41

1,000,000

1,000,244

State

of

Oregon

5.000%,

05/01/34

1,000,000

1,152,008

#### Total

#### Oregon

#### 2,861,955

#### Pennsylvania

#### 5.9%
Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

4.000%

07/15/36

820,000

825,329

4.000%

07/15/39

,

Series

A

1,000,000

972,886

4.000%

04/01/44

,

Series

A

680,000

626,582

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000%,

05/01/42

(a) 1,000,000

1,000,205

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

4.250%

11/01/32

100,000

92,333

4.000%

09/01/41

,

Series

A

440,000

430,602

Commonwealth

of

Pennsylvania

5.000%,

08/15/28

340,000

362,128

4.000%,

03/01/35

1,000,000

1,024,426

County

of

Lehigh

Series

A

Revenue

Bonds

4.000%,

07/01/35

2,000,000

2,001,196

Cumberland

County

Municipal

Authority

Revenue

Bonds

4.000%,

11/01/44

1,000,000

932,475

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

5.750%,

07/01/32

100,000

116,617

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4.000%,

11/01/34

315,000

317,568

5.000%,

08/15/49

1,000,000

1,034,921

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.000%,

12/31/32

1,000,000

1,077,679

3.125%,

03/15/36

905,000

834,836

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

3.000%

08/15/41

,

Series

C

765,000

637,392

4.000%

08/15/42

915,000

887,760

4.000%

08/15/44

500,000

472,393

4.250%

11/01/48

,

Series

500,000

475,679

5.250%

11/01/48

,

Series

1,435,000

1,523,489

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3.200%

10/01/32

,

Series

124B

500,000

493,958

3.550%

10/01/33

,

Series

127B

1,360,000

1,357,770

2.070%

10/01/36

,

Series

100,000

81,489

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.000%

06/01/33

545,000

623,351

5.000%

12/01/33

475,000

541,077

5.000%

12/01/33

,

Series

A

1,050,000

1,198,753

5.000%

06/01/36

,

Series

B

1,000,000

1,007,695

5.000%

12/01/38

480,000

539,907

4.000%

12/01/43

,

Series

A

1,500,000

1,463,101

Philadelphia

Authority

for

Industrial

Development

Revenue

Bonds

5.250%,

07/01/49

1,000,000

1,077,315

Philadelphia

Authority

For

Industrial

Development

Revenue

Bonds

5.000%

10/01/27

300,000

312,181

4.000%

05/01/42

1,000,000

641,498

4.000%

07/01/49

,

Series

A

1,000,000

933,350

Pittsburgh

Water

&

Sewer

Authority

,

Series

B

Revenue

Bonds

5.000%,

09/01/31

1,050,000

1,176,620

5.000%,

09/01/33

1,130,000

1,297,248

State

Public

School

Building

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/33

1,425,000

1,450,067

#### Total

#### Pennsylvania

#### 29,841,876

#### Rhode

#### Island

#### 0.1%
Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Series

76-A

Revenue

Bonds

2.350%,

10/01/36

500,000

416,968

#### South

#### Carolina

#### 1.6%
Piedmont

Municipal

Power

Agency

Series

Revenue

Bonds

0.000%,

01/01/29

(b) 120,000

107,878

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000%

05/01/43

,

Series

A

650,000

664,652

4.000%

12/01/44

,

Series

A

950,000

891,626

5.500%

11/01/45

815,000

885,760

4.250%

02/01/48

1,000,000

984,431

5.000%

05/01/48

1,000,000

1,004,265

5.500%

11/01/48

455,000

491,271

South

Carolina

Public

Service

Authority

Revenue

Bonds

5.000%

12/01/31

,

Series

A

950,000

958,801

5.000%

12/01/37

,

Series

B

930,000

943,312

4.125%

12/01/44

,

Series

B

1,000,000

964,469

#### Total

#### South

#### Carolina

#### 7,896,465

#### South

#### Dakota

#### 0.1%
South

Dakota

Housing

Development

Authority

Series

B

Revenue

Bonds

3.400%,

11/01/32

355,000

355,465

#### Tennessee

#### 0.3%
Chattanooga

Health

Educational

&

Housing

Facility

Board

Series

Revenue

Bonds

4.000%,

08/01/36

105,000

105,991

Metropolitan

Government

of

Nashville

&

Davidson

County

TN

Water

&

Sewer

Revenue

Revenue

Bonds

5.000%,

07/01/34

1,000,000

1,175,840

#### Total

#### Tennessee

#### 1,281,831

#### Texas

#### 10.9%
Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.500%,

06/15/44

(a) 1,130,000

1,035,862

4.750%,

06/15/49

(a) 250,000

226,780

Austin

Convention

Enterprises,

Inc.

Series

B

Revenue

Bonds

5.000%,

01/01/32

250,000

250,748

Central

Texas

Turnpike

System

Revenue

Bonds

5.000%

08/15/35

,

Series

C

1,335,000

1,519,194

5.000%

08/15/37

,

Series

C

1,000,000

1,115,399

5.000%

08/15/38

,

Series

A

770,000

851,110

5.000%

08/15/38

,

Series

C

1,510,000

1,671,316

City

of

Austin

TX

Water

&

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

11/15/30

1,500,000

1,529,181

5.000%,

11/15/33

1,000,000

1,158,920

City

of

Dallas

Tx

Series

B

5.000%,

02/15/32

1,000,000

1,133,193

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
City

of

Garland

TX

Electric

Utility

System

Revenue

Revenue

Bonds

3.000%,

03/01/37

300,000

274,808

City

of

Houston

TX

5.000%,

03/01/33

510,000

584,270

City

of

Houston

Tx

Airport

System

Revenue

Series

B

Revenue

Bonds

5.500%,

07/15/37

500,000

535,061

City

of

Houston

TX

Airport

System

Revenue

Revenue

Bonds

5.000%

07/01/29

400,000

400,246

5.000%

07/01/31

,

Series

A

1,490,000

1,638,592

5.000%

07/01/32

,

Series

A

1,000,000

1,106,844

5.500%

07/15/36

,

Series

B

1,500,000

1,611,687

4.000%

07/15/41

,

Series

1,450,000

1,309,088

4.500%

07/01/53

,

Series

A

1,000,000

966,510

City

of

Houston

TX

Combined

Utility

System

Revenue

Series

A

Revenue

Bonds

5.000%,

11/15/34

1,000,000

1,155,738

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

Revenue

Bonds

4.000%

02/01/32

,

Series

B

1,000,000

1,065,039

4.000%

02/01/36

750,000

751,976

5.000%

02/01/36

1,130,000

1,214,849

5.000%

02/01/40

,

Series

A

1,385,000

1,537,805

Clear

Creek

Independent

School

District

Series

A

5.000%,

02/15/33

1,000,000

1,147,699

Collin

County

Community

College

District

,

Series

A

5.000%,

08/15/32

700,000

755,389

5.000%,

08/15/33

490,000

528,037

County

of

Travis

TX

Series

A

5.000%,

03/01/32

635,000

677,719

Cypress-Fairbanks

Independent

School

District

3.000%

02/15/33

,

Series

A

1,000,000

969,177

5.000%

02/15/33

540,000

608,998

Dallas

College

5.000%,

02/15/33

1,455,000

1,501,170

Dallas

County

Hospital

District

5.000%,

08/15/30

280,000

295,356

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

5.000%

11/01/32

,

Series

B

1,000,000

1,143,638

4.000%

11/01/34

1,255,000

1,309,849

4.000%

11/01/35

,

Series

A

1,350,000

1,403,932

5.000%

11/01/39

1,215,000

1,356,483

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Lower

Colorado

River

Authority

Revenue

Bonds

5.000%,

05/15/32

350,000

387,083

5.000%,

05/15/33

400,000

440,987

5.000%,

05/15/35

350,000

372,434

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.250%

01/01/40

(c) 1,000,000

1,048,742

4.000%

08/15/40

,

Series

A

225,000

217,711

5.500%

08/15/49

1,000,000

1,095,378

North

Texas

Municipal

Water

District

Water

System

Revenue

Revenue

Bonds

5.000%,

09/01/35

1,000,000

1,164,786

North

Texas

Tollway

Authority

Revenue

Bonds

0.000%

01/01/34

,

Series

D

(b) 410,000

317,782

4.000%

01/01/37

,

Series

A

465,000

466,912

5.000%

01/01/39

(c) 675,000

758,930

4.125%

01/01/40

,

Series

A

1,000,000

1,016,115

Northeast

Higher

Education

Finance

Corp.

Series

B

Revenue

Bonds

5.000%,

08/15/40

100,000

99,966

Round

Rock

Independent

School

District

Series

A

4.000%,

08/01/32

535,000

555,595

State

of

Texas

Series

B

5.000%,

10/01/31

1,535,000

1,598,817

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%,

05/15/37

100,000

98,632

5.000%,

12/01/43

1,000,000

1,077,828

4.000%,

10/01/47

485,000

442,003

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

,

Series

A

Revenue

Bonds

4.000%,

12/31/38

1,530,000

1,496,848

Texas

Water

Development

Board

Revenue

Bonds

5.000%

04/15/29

,

Series

B

500,000

532,573

5.000%

10/15/31

,

Series

A

415,000

431,053

5.000%

04/15/32

260,000

281,924

4.000%

10/15/33

,

Series

A

805,000

821,803

4.000%

10/15/33

,

Series

B

1,000,000

1,027,974

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

08/01/28

750,000

776,304

5.000%,

08/01/30

550,000

592,956

3.000%,

08/01/31

1,415,000

1,399,034

#### Total

#### Texas

#### 54,861,833

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Utah

#### 1.5%
City

of

Salt

Lake

City

UT

Airport

Revenue

Series

A

Revenue

Bonds

5.250%,

07/01/39

1,060,000

1,146,800

City

of

Salt

Lake

City

UT

Airport

Revenue

,

Series

A

Revenue

Bonds

5.000%,

07/01/30

100,000

104,907

5.000%,

07/01/35

500,000

507,792

5.000%,

07/01/37

1,515,000

1,544,009

Intermountain

Power

Agency

Revenue

Bonds

5.000%

07/01/29

,

Series

A

510,000

550,855

5.000%

07/01/35

,

Series

A

1,200,000

1,320,710

5.000%

07/01/37

,

Series

A

500,000

543,716

5.000%

07/01/38

1,355,000

1,476,589

Utah

Charter

School

Finance

Authority

Revenue

Bonds

5.000%,

06/15/40

(a) 500,000

500,448

#### Total

#### Utah

#### 7,695,826

#### Virginia

#### 0.7%
Henrico

County

Economic

Development

Authority

Revenue

Bonds

5.000%

11/01/35

1,000,000

1,147,749

5.000%

11/01/48

,

Series

A

1,000,000

1,036,663

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

4.000%,

01/01/37

250,000

248,083

4.000%,

01/01/38

1,000,000

981,302

#### Total

#### Virginia

#### 3,413,797

#### Washington

#### 1.7%
County

of

King

4.000%,

07/01/30

250,000

254,575

County

of

King

Wa

Sewer

Revenue

Series

A

Revenue

Bonds

5.000%,

01/01/34

1,225,000

1,426,842

Port

of

Seattle

Revenue

Bonds

5.000%,

04/01/36

200,000

207,849

State

of

Washington

4.000%

07/01/29

,

Series

R-2022D

1,000,000

1,051,073

5.000%

08/01/30

,

Series

R-2018C

555,000

574,836

5.000%

08/01/31

,

Series

1,000,000

1,131,593

5.000%

08/01/31

,

Series

R-2018C

750,000

775,524

5.000%

08/01/33

1,000,000

1,163,461

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000%

08/01/38

,

Series

150,000

154,460

5.000%

09/01/45

300,000

306,836

5.250%

09/01/50

1,000,000

1,043,679

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Notes

to

Portfolio

of

Investments

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4.000%,

07/01/32

210,000

215,208

Washington

State

Housing

Finance

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/34

(a) 100,000

100,964

#### Total

#### Washington

#### 8,406,900

#### Wisconsin

#### 2.0%
Public

Finance

Authority

Revenue

Bonds

3.375%

10/01/39

,

Series

A

455,000

409,147

5.000%

10/01/44

,

Series

A

1,000,000

1,017,659

4.000%

01/01/45

,

Series

A

200,000

181,731

4.750%

07/01/45

(a) 500,000

464,947

State

of

Wisconsin

Series

5.000%,

11/01/28

655,000

676,232

State

of

Wisconsin

Environmental

Improvement

Fund

Revenue

Series

A

Revenue

Bonds

5.000%,

06/01/34

1,000,000

1,179,120

#### Municipal

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.250%

07/01/33

,

Series

B

200,000

193,306

4.000%

04/01/39

,

Series

A

1,450,000

1,449,312

4.000%

08/15/41

1,000,000

979,240

3.500%

02/15/46

,

Series

A

690,000

567,783

4.000%

08/15/47

1,200,000

1,072,283

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue

,

Series

A

Revenue

Bonds

4.125%,

09/01/35

1,310,000

1,343,773

4.375%,

09/01/38

575,000

589,219

#### Total

#### Wisconsin

#### 10,123,752

#### Wyoming

#### 0.2%
County

of

Campbell

WY

Series

A

Revenue

Bonds

3.625%,

07/15/39

1,270,000

1,191,125

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $491,999,475)

#### 494,924,918

#### Money

#### Market

#### Funds

#### 1.4%

#### Shares

#### Value

#### ($)
Blackrock

Liquid

MuniCash

Institutional

3.015%

(d) 7,116,791

7,117,503

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $7,117,503)

#### 7,117,503

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $499,116,978)

#### 502,042,421

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 2,257,499

#### Net

#### Assets

#### 504,299,920
(a) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

October

31,

2025,

the

total

value

of

these

securities

amounted

to

$13,247,814,

which

represents

2.63%

of

total

net

assets.

(b) Zero

coupon

bond.

(c) Represents

a

security

purchased

on

a

when-issued

basis.

(d) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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.

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Fair

#### Value

#### Measurements
(continued)

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Municipal

Bonds

–

494,924,918

–

494,924,918

Money

Market

Funds

7,117,503

–

–

7,117,503

Total

Investments

in

Securities

7,117,503

494,924,918

–

502,042,421

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$499,116,978)

$502,042,421

Receivable

for:

Interest

6,466,104

Total

assets

508,508,525

#### Liabilities
Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

2,937,701

Investments

purchased

1,174,835

Investment

management

fees

96,069

Total

liabilities

4,208,605

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $504,299,920

#### Represented

#### by:
Paid-in

capital

$509,473,667

Total

distributable

earnings

(loss)

(5,173,747)

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $504,299,920
Shares

outstanding

24,400,000

Net

asset

value

per

share

$20.67

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Investment

#### Income:
Interest

$15,383,934

Dividends

-

unaffiliated

issuers

39,485

Total

income

15,423,419

Expenses:

Investment

management

fees

997,358

Total

expenses

997,358

#### Net

#### Investment

#### Income
14,426,061

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(1,503,032)

Net

realized

loss

(1,503,032)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

7,904,532

Net

change

in

unrealized

appreciation

7,904,532

Net

realized

and

unrealized

gain

6,401,500

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $20,827,561
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

$14,426,061

$12,094,084

Net

realized

loss

(1,503,032)

(4,082,133)

Net

change

in

unrealized

appreciation

7,904,532

25,212,321

Net

increase

in

net

assets

resulting

from

operations

20,827,561

33,224,272

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(14,170,601)

(11,883,422)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

106,153,601

72,528,457

Cost

of

shares

redeemed

(16,309,767)

(29,951,667)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

89,843,834

42,576,790

Increase

in

net

assets

96,500,794

63,917,640

#### Net

#### Assets:
Net

assets

beginning

of

year

407,799,126

343,881,486

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $504,299,920

#### $407,799,126

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

19,950,000

17,850,000

Shares

sold

5,250,000

3,550,000

Shares

redeemed

(800,000)

(1,450,000)

Shares

outstanding,

end

of

year

24,400,000

19,950,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

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.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$20.44

$19.27

$19.27

$22.30

$21.83

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

0.67 0.62 0.51 0.34 0.37 Net

realized

and

unrealized

gain

(loss)

0.23 1.16 (0.02)

(3.03)

0.52 Total

from

investment

operations

0.90 1.78 0.49 (2.69)

0.89 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.67)

(0.61)

(0.49)

(0.32)

(0.38)

Net

realized

gains

–

–

–

(0.02)

(0.04)

Total

distribution

to

shareholders

(0.67)

(0.61)

(0.49)

(0.34)

(0.42)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$20.67

$20.44

$19.27

$19.27

$22.30

Total

Return

at

NAV

4.51%

9.30%

2.44%

(12.17)%

4.11%

Total

Return

at

Market

Price

4.77%

9.09%

2.38%

(12.40)%

3.85%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(a) 0.23%

0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

(b) Total

net

expenses

(a)(c) 0.23%

0.23%

(b) 0.23%

(b) 0.23%

(b) 0.23%

(b) Net

investment

income

3.33%

3.03%

2.53%

1.63%

1.65%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$504,300

$407,799

$343,881

$223,585

$141,619

Portfolio

turnover

21%

26%

11%

14%

6%

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Indexed

ETF

\|

2025

#### Note
1. #### Organization
Columbia

Multi-Sector

Municipal

Income

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund's shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Fund

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

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.

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

"when-issued"

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

net

tax-exempt

and

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund's

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.23%

of

the

Fund's

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatment

for

capital

loss

carryforwards

and

principal

and/or

interest

of

fixed

income

securities.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

Fund

did

not

have

any

permanent

differences;

therefore,

no

reclassifications

were

made.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Ordinary

#### income

#### ($)

#### Tax-exempt

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Tax-exempt

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
187,376

13,983,225

-

14,170,601

192,710

11,690,712

-

11,883,422

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### tax-exempt

#### income

#### ($)

#### Undistributed

#### long-term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
-

1,237,250

-

(9,338,267)

2,927,270

#### Federal

#### tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized
(depreciation)

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
499,115,151

8,508,518

(5,581,248)

2,927,270

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$155,263,730

and

$91,762,777,

respectively,

for

the

year

ended

October

31,

2025. The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

$26,137,428.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2025,

the

Fund

did

not

have

in-kind

redemptions.

#### Note
7. #### Line

#### of

#### credit
The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended

October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Fund

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

the

Fund's

holdings

and

the

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

#### No

#### expiration

#### short-

#### term

#### ($)

#### No

#### expiration

#### long-

#### term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
(2,001,319)

(7,336,948)

(9,338,267)

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

the

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

the

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

Additional

risk

factors

of

the

Fund

are

described

more

fully

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Fund

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Fund,

including

fund

accounting

and

financial

reporting

services.

#### Note
10. #### Information

#### regarding

#### pending

#### and

#### settled

#### legal

#### proceedings
Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

estimate

the

amount

of

any

loss

that

may

result

from

such

matters.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief,

and

may

lead

to

further

claims,

examinations,

adverse

publicity

or

reputational

damage,

each

of

which

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

or

financial

condition

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

Indexed

ETF

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Multi-Sector

Municipal

Income

ETF

*Opinion* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Multi-Sector

Municipal

Income

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinion*

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December 19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Indexed

ETF

\|

2025

The

Fund

hereby

designates

the

following

tax

attributes

for

the

ﬁscal

year

ended

October

31,

2025

.

Shareholders

will

be

notiﬁed

in

early

2026

of

the

amounts

for

use

in

preparing

2025

income

tax

returns.

Exempt-interest

dividends.

The

percentage

of

net

investment

income

distributed

during

the

fiscal

year

that

qualifies

as

exempt-interest

dividends

for

federal

income

tax

purposes.

A

portion

of

the

income

may

be

subject

to

federal

alternative

minimum

tax.

#### Exempt-

#### interest

#### dividends
98.70%

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Indexed

ETF

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Multi-Sector

Municipal

Income

ETF

(the

Fund).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

the

Fund

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Fund's

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Fund

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Fund

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Fund's

management

fees

and

total

expenses,

including

information

comparing

the

Fund's

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund's

and

its

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

the

Fund,

(ii) the

Fund's

performance

relative

to

peers

and

benchmarks,

(iii) the

net

assets

of

the

Fund

and

(iv) index

tracking

error

data

of

the

Fund.

The

Board

observed

the

Fund's

tracking

error

versus

its

performance

was

within

the

range

of

management's

expectations.

The

Board

also

reviewed

a

description

of

the

third-party

data

provider's

methodology

for

identifying

the

Fund's

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund's

contribution

to

the

Investment

Manager's

profitability.

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

the

Fund's

total

expense

ratio

was

somewhat

higher

than

the

median

ratio.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Fund,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Fund.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Fund

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

supported

the

continuation

of

the

IMS

Agreement.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

ANN303_10_R01_(12/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.©

2025

Columbia

Management

Investment

Advisers,

LLC. columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Indexed

ETFs

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Federal

Income

Tax

Information

Approval

of

Investment

Management

Services

Agreement

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks

#### 98.0%
Issuer

Shares

Value

($)

#### Communication

#### Services 9.1%

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

586,414

14,513,746

Liberty

Global

Ltd.

Class

A

(a) 13,980

153,780

Liberty

Global

Ltd.

Class

C

(a) 11,672

130,143

Verizon

Communications,

Inc.

357,153

14,193,260

#### Total

#### 28,990,929

#### Entertainment

#### 0.5%
Electronic

Arts,

Inc.

20,946

4,190,457

Walt

Disney

Co.

(The)

152,492

17,173,649

#### Total

#### 21,364,106

#### Interactive

#### Media

#### &

#### Services

#### 7.6%
Alphabet,

Inc.

Class

A

307,159

86,370,039

Alphabet,

Inc.

Class

C

416,938

117,501,467

Match

Group,

Inc.

20,470

662,000

Meta

Platforms,

Inc.

Class

A

186,646

121,011,934

Reddit

,

Inc.

Class

A

(a) 8,737

1,825,596

#### Total

#### 327,371,036

#### Media

#### 0.3%
Comcast

Corp.

Class

A

309,185

8,606,165

DoubleVerify

Holdings,

Inc.

(a) 11,569

131,655

Fox

Corp.

Class

A

17,536

1,133,702

Fox

Corp.

Class

B

12,406

724,634

New

York

Times

Co.

(The)

Class

A

13,587

774,323

Nexstar

Media

Group,

Inc.

2,483

485,998

Trade

Desk,

Inc.

(The)

Class

A

(a) 38,092

1,915,266

#### Total

#### 13,771,743

#### Wireless

#### Telecommunication

#### Services

#### 0.0%
Millicom

International

Cellular

SA

9,016

424,744

#### Total

#### Communication

#### Services

#### 391,922,558

#### Consumer

#### Discretionary 10.1%

#### Automobile

#### Components

#### 0.3%
Aptiv

PLC

(a) 75,897

6,155,247

BorgWarner,

Inc.

75,119

3,227,112

Lear

Corp.

18,224

1,907,141

#### Total

#### 11,289,500

#### Automobiles

#### 0.9%
Ford

Motor

Co.

1,326,553

17,417,641

General

Motors

Co.

329,878

22,791,271

#### Total

#### 40,208,912

#### Broadline

#### Retail

#### 0.3%
Dillard's,

Inc.

Class

A

925

555,074

eBay,

Inc.

156,115

12,693,711

#### Total

#### 13,248,785

#### Diversified

#### Consumer

#### Services

#### 0.2%
ADT,

Inc.

175,383

1,550,386

Bright

Horizons

Family

Solutions,

Inc.

(a) 19,580

2,138,723

Grand

Canyon

Education,

Inc.

(a) 9,241

1,740,080

H&R

Block,

Inc.

45,013

2,238,947

#### Total

#### 7,668,136

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 2.7%
Aramark

88,833

3,364,994

Booking

Holdings,

Inc.

11,191

56,824,988

Boyd

Gaming

Corp.

18,542

1,443,866

Carnival

Corp.

(a) 367,412

10,592,488

Darden

Restaurants,

Inc.

39,243

7,069,626

Expedia

Group,

Inc.

41,022

9,024,840

Royal

Caribbean

Cruises

Ltd.

83,457

23,937,971

Travel

+

Leisure

Co.

20,923

1,313,546

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Wynn

Resorts

Ltd.

28,036

3,336,004

#### Total

#### 116,908,323

#### Household

#### Durables

#### 1.0%
DR

Horton,

Inc.

89,660

13,366,513

Garmin

Ltd.

56,123

12,006,955

NVR,

Inc.

(a) 937

6,756,538

PulteGroup,

Inc.

67,215

8,057,062

Toll

Brothers,

Inc.

33,182

4,477,911

#### Total

#### 44,664,979

#### Leisure

#### Products

#### 0.1%
Mattel,

Inc.

(a) 110,192

2,025,329

#### Specialty

#### Retail

#### 3.5%
Bath

&

Body

Works,

Inc.

66,054

1,617,002

Chewy,

Inc.

Class

A

(a) 71,680

2,417,050

Five

Below,

Inc.

(a) 18,516

2,912,011

GameStop

Corp.

Class

A

(a) 138,023

3,076,533

Gap,

Inc.

(The)

77,102

1,761,781

Lowe's

Cos.,

Inc.

192,853

45,924,085

O'Reilly

Automotive,

Inc.

(a) 283,808

26,802,827

TJX

Cos.,

Inc.

(The)

381,330

53,439,586

Ulta

Beauty,

Inc.

(a) 15,381

7,996,274

Wayfair,

Inc.

Class

A

(a) 31,640

3,275,056

#### Total

#### 149,222,205

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.1%
Birkenstock

Holding

PLC

(a) 18,502

738,415

Crocs,

Inc.

(a) 19,287

1,575,555

Deckers

Outdoor

Corp.

(a) 50,925

4,150,388

NIKE,

Inc.

Class

B

405,902

26,217,210

Ralph

Lauren

Corp.

13,102

4,188,185

Sensata

Technologies

Holding

PLC

Class

A

(a) 75,141

2,791,488

Tapestry,

Inc.

70,124

7,701,018

#### Total

#### 47,362,259

#### Total

#### Consumer

#### Discretionary

#### 432,598,428

#### Consumer

#### Staples 4.2%

#### Beverages

#### 0.3%
Boston

Beer

Co.,

Inc.

(The)

Class

A

(a) 3,636

752,616

Coca-Cola

Consolidated,

Inc.

22,171

2,890,655

Constellation

Brands,

Inc.

Class

A

62,402

8,198,375

Molson

Coors

Beverage

Co.

Class

B

74,677

3,264,878

#### Total

#### 15,106,524

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 1.1%
Albertsons

Cos.,

Inc.

Class

A

172,140

3,045,157

Kroger

Co.

(The)

239,481

15,238,176

Maplebear

,

Inc.

(a) 74,508

2,746,365

Target

Corp.

199,664

18,512,846

US

Foods

Holding

Corp.

(a) 99,393

7,217,920

Walgreens

Boots

Alliance,

Inc.

(b),(c),(d)

270,639

135,319

#### Total

#### 46,895,783

#### Food

#### Products

#### 0.8%
Conagra

Brands,

Inc.

205,952

3,540,315

General

Mills,

Inc.

238,301

11,107,210

Ingredion,

Inc.

27,740

3,201,473

Kraft

Heinz

Co.

(The)

367,687

9,092,899

Pilgrim's

Pride

Corp.

17,898

681,914

Smithfield

Foods,

Inc.

20,009

443,399

Tyson

Foods,

Inc.

Class

A

121,575

6,250,171

#### Total

#### 34,317,381
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Household

#### Products

#### 1.1%
Colgate-Palmolive

Co.

355,513

27,392,277

Kimberly-Clark

Corp.

145,858

17,460,661

Reynolds

Consumer

Products,

Inc.

23,616

577,175

#### Total

#### 45,430,113

#### Tobacco

#### 0.9%
Altria

Group,

Inc.

715,113

40,318,071

#### Total

#### Consumer

#### Staples

#### 182,067,872

#### Energy 2.8%

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.8%
Antero

Midstream

Corp.

33,314

574,666

Chevron

Corp.

188,842

29,784,160

Chord

Energy

Corp.

5,705

517,558

Civitas

Resources,

Inc.

9,344

269,387

ConocoPhillips

128,070

11,380,300

EOG

Resources,

Inc.

54,130

5,729,119

Exxon

Mobil

Corp.

427,881

48,932,471

HF

Sinclair

Corp.

15,788

814,661

Kinder

Morgan,

Inc.

193,321

5,063,077

Marathon

Petroleum

Corp.

30,405

5,926,239

Permian

Resources

Corp.

67,586

848,880

Valero

Energy

Corp.

30,560

5,181,754

Williams

Cos.,

Inc.

(The)

120,080

6,949,030

#### Total

#### 121,971,302

#### Total

#### Energy

#### 121,971,302

#### Financials 12.8%

#### Banks

#### 4.8%
Bank

OZK

19,546

879,375

Citigroup,

Inc.

333,759

33,786,424

Columbia

Banking

System,

Inc.

54,646

1,464,513

Huntington

Bancshares,

Inc.

281,664

4,348,892

JPMorgan

Chase

&

Co.

501,418

156,001,168

Popular,

Inc.

12,252

1,365,731

Regions

Financial

Corp.

160,892

3,893,586

Synovus

Financial

Corp.

24,991

1,115,598

Western

Alliance

Bancorp

19,629

1,518,303

Wintrust

Financial

Corp.

11,964

1,555,559

Zions

Bancorp

NA

26,119

1,361,061

#### Total

#### 207,290,210

#### Capital

#### Markets

#### 3.0%
Affiliated

Managers

Group,

Inc.

4,981

1,185,279

Bank

of

New

York

Mellon

Corp.

(The)

128,132

13,829,287

BlackRock,

Inc.

28,334

30,680,338

Brookfield

Asset

Management

Ltd.

Class

A

70,857

3,830,529

Cboe

Global

Markets,

Inc.

19,292

4,738,887

CME

Group,

Inc.

64,308

17,073,131

Franklin

Resources,

Inc.

56,216

1,271,044

Houlihan

Lokey

,

Inc.

9,766

1,748,895

Invesco

Ltd.

66,913

1,585,838

Janus

Henderson

Group

PLC

22,779

992,253

Morgan

Stanley

208,645

34,217,780

Raymond

James

Financial,

Inc.

33,468

5,310,368

SEI

Investments

Co.

19,480

1,570,283

State

Street

Corp.

50,755

5,870,323

T

Rowe

Price

Group,

Inc.

40,324

4,134,420

Virtu

Financial,

Inc.

Class

A

14,201

494,763

#### Total

#### 128,533,418

#### Consumer

#### Finance

#### 0.1%
SLM

Corp.

38,598

1,036,357

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Synchrony

Financial

67,085

4,989,782

#### Total

#### 6,026,139

#### Financial

#### Services

#### 3.5%
Corpay

,

Inc.

(a) 13,059

3,399,911

Equitable

Holdings,

Inc.

54,839

2,709,047

Fidelity

National

Information

Services,

Inc.

97,481

6,094,512

Fiserv,

Inc.

(a) 100,259

6,686,273

Global

Payments,

Inc.

45,048

3,502,932

Jack

Henry

&

Associates,

Inc.

13,415

1,998,030

MGIC

Investment

Corp.

42,623

1,168,723

PayPal

Holdings,

Inc.

(a) 181,083

12,543,619

Visa,

Inc.

Class

A

328,171

111,820,986

#### Total

#### 149,924,033

#### Insurance

#### 1.3%
Allstate

Corp.

(The)

49,580

9,495,562

Assurant,

Inc.

9,381

1,986,145

Axis

Capital

Holdings

Ltd.

13,898

1,301,687

Brighthouse

Financial,

Inc.

(a) 10,228

583,712

CNA

Financial

Corp.

3,928

174,992

Globe

Life,

Inc.

15,372

2,021,572

Hanover

Insurance

Group,

Inc.

(The)

6,797

1,161,471

Hartford

Financial

Services

Group,

Inc.

(The)

51,350

6,376,643

Kemper

Corp.

11,410

513,336

Lincoln

National

Corp.

31,154

1,308,468

Marsh

&

McLennan

Cos.,

Inc.

90,917

16,196,863

MetLife,

Inc.

102,069

8,147,148

Old

Republic

International

Corp.

41,917

1,654,045

RenaissanceRe

Holdings

Ltd.

8,570

2,177,551

Unum

Group

30,738

2,256,784

#### Total

#### 55,355,979

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.1%
Annaly

Capital

Management,

Inc.

118,355

2,505,575

Rithm

Capital

Corp.

97,678

1,071,528

#### Total

#### 3,577,103

#### Total

#### Financials

#### 550,706,882

#### Health

#### Care 8.8%

#### Biotechnology

#### 1.8%
AbbVie,

Inc.

121,020

26,387,201

Alnylam

Pharmaceuticals,

Inc.

(a) 8,262

3,767,802

Amgen,

Inc.

36,548

10,907,020

Apellis

Pharmaceuticals,

Inc.

(a) 7,487

160,746

Biogen,

Inc.

(a) 9,835

1,517,245

BioMarin

Pharmaceutical,

Inc.

(a) 12,857

688,750

Exact

Sciences

Corp.

(a) 12,428

803,967

Exelixis

,

Inc.

(a) 17,941

693,778

Gilead

Sciences,

Inc.

84,284

10,096,380

Halozyme

Therapeutics,

Inc.

(a) 8,302

541,207

Incyte

Corp.

(a) 11,069

1,034,730

Insmed

,

Inc.

(a) 12,251

2,322,790

Ionis

Pharmaceuticals,

Inc.

(a) 9,577

711,571

Mirati

Therapeutics,

Inc.

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

Moderna

,

Inc.

(a) 23,751

645,077

Natera

,

Inc.

(a) 8,422

1,675,388

Neurocrine

Biosciences,

Inc.

(a) 6,536

936,021

Regeneron

Pharmaceuticals,

Inc.

7,213

4,701,433

Revolution

Medicines,

Inc.

(a) 11,621

683,780

Roivant

Sciences

Ltd.

(a) 25,022

500,190

Sarepta

Therapeutics,

Inc.

(a) 6,599

158,442

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Summit

Therapeutics,

Inc.

(a) 7,596

143,640

Ultragenyx

Pharmaceutical,

Inc.

(a) 5,781

200,023

United

Therapeutics

Corp.

(a) 3,044

1,355,889

Vertex

Pharmaceuticals,

Inc.

(a) 17,372

7,393,002

Viking

Therapeutics,

Inc.

(a) 7,572

288,342

#### Total

#### 78,314,572

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.6%
Align

Technology,

Inc.

(a) 24,314

3,352,414

Baxter

International,

Inc.

185,234

3,421,272

DENTSPLY

SIRONA,

Inc.

72,559

914,969

Envista

Holdings

Corp.

(a) 59,317

1,207,101

Globus

Medical,

Inc.

Class

A

(a) 40,317

2,434,744

Inspire

Medical

Systems,

Inc.

(a) 9,825

708,186

Solventum

Corp.

(a) 52,775

3,643,586

STERIS

PLC

35,193

8,294,990

Teleflex,

Inc.

15,995

1,990,898

#### Total

#### 25,968,160

#### Health

#### Care

#### Providers

#### &

#### Services

#### 3.2%
Cardinal

Health,

Inc.

83,528

15,934,637

Cencora

,

Inc.

64,077

21,645,851

Cigna

Group

(The)

92,719

22,661,451

CVS

Health

Corp.

448,469

35,047,852

DaVita,

Inc.

(a) 13,240

1,575,825

McKesson

Corp.

44,291

35,935,060

Universal

Health

Services,

Inc.

Class

B

19,167

4,159,431

#### Total

#### 136,960,107

#### Health

#### Care

#### Technology

#### 0.4%
Veeva

Systems,

Inc.

Class

A

(a) 52,960

15,421,952

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.6%
Charles

River

Laboratories

International,

Inc.

(a) 17,510

3,153,026

IQVIA

Holdings,

Inc.

(a) 61,363

13,282,635

Medpace

Holdings,

Inc.

(a) 7,716

4,513,165

QIAGEN

NV

76,066

3,563,692

#### Total

#### 24,512,518

#### Pharmaceuticals

#### 2.2%
Bristol-Myers

Squibb

Co.

745,108

34,327,125

Elanco

Animal

Health,

Inc.

(a) 180,075

3,988,661

Jazz

Pharmaceuticals

PLC

(a) 20,912

2,878,328

Perrigo

Co.

PLC

48,486

1,005,600

Pfizer,

Inc.

2,036,285

50,194,425

Viatris

,

Inc.

418,855

4,339,338

#### Total

#### 96,733,477

#### Total

#### Health

#### Care

#### 377,910,786

#### Industrials 9.0%

#### Air

#### Freight

#### &

#### Logistics

#### 0.3%
FedEx

Corp.

40,259

10,218,539

#### Building

#### Products

#### 1.1%
A

O

Smith

Corp.

21,642

1,428,155

Allegion

PLC

15,949

2,643,866

Builders

FirstSource

,

Inc.

(a) 19,800

2,300,166

Hayward

Holdings,

Inc.

(a) 38,011

645,047

Johnson

Controls

International

PLC

125,769

14,386,716

Masco

Corp.

40,337

2,612,224

Owens

Corning

16,416

2,089,921

Trane

Technologies

PLC

42,213

18,938,862

#### Total

#### 45,044,957

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
Cintas

Corp.

65,391

11,984,209

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Construction

#### &

#### Engineering

#### 0.5%
AECOM

25,427

3,416,117

API

Group

Corp.

(a) 65,399

2,407,991

Comfort

Systems

USA,

Inc.

6,677

6,447,178

EMCOR

Group,

Inc.

8,270

5,588,701

MasTec

,

Inc.

(a) 11,680

2,384,589

Valmont

Industries,

Inc.

3,826

1,581,783

#### Total

#### 21,826,359

#### Electrical

#### Equipment

#### 0.9%
Acuity

Brands,

Inc.

5,517

2,013,981

AMETEK,

Inc.

43,276

8,746,512

Emerson

Electric

Co.

105,305

14,697,419

Generac

Holdings,

Inc.

(a) 10,967

1,842,675

nVent

Electric

PLC

30,321

3,467,206

Rockwell

Automation,

Inc.

21,255

7,829,492

Sensata

Technologies

Holding

PLC

27,501

875,357

#### Total

#### 39,472,642

#### Ground

#### Transportation

#### 1.5%
Lyft,

Inc.

Class

A

(a) 76,346

1,562,039

Ryder

System,

Inc.

7,465

1,263,302

Uber

Technologies,

Inc.

(a) 381,348

36,800,082

Union

Pacific

Corp.

112,623

24,818,731

#### Total

#### 64,444,154

#### Machinery

#### 2.8%
Allison

Transmission

Holdings,

Inc.

16,478

1,360,259

Caterpillar,

Inc.

86,900

50,163,894

CNH

Industrial

NV

166,207

1,743,511

Fortive

Corp.

64,160

3,229,814

Gates

Industrial

Corp.

PLC

(a) 47,371

1,045,952

Graco

,

Inc.

31,139

2,546,236

Illinois

Tool

Works,

Inc.

55,401

13,513,412

Lincoln

Electric

Holdings,

Inc.

10,090

2,365,600

Middleby

Corp.

(The)

(a) 9,453

1,174,346

Mueller

Industries,

Inc.

20,422

2,162,077

Otis

Worldwide

Corp.

75,511

7,004,400

Parker-Hannifin

Corp.

24,408

18,863,235

Pentair

PLC

30,522

3,246,015

Snap-on,

Inc.

9,627

3,230,340

Stanley

Black

&

Decker,

Inc.

29,348

1,987,447

Toro

Co.

(The)

18,098

1,352,464

Westinghouse

Air

Brake

Technologies

Corp.

32,297

6,602,799

#### Total

#### 121,591,801

#### Passenger

#### Airlines

#### 0.4%
Alaska

Air

Group,

Inc.

(a) 22,132

923,568

American

Airlines

Group,

Inc.

(a) 124,867

1,639,504

Delta

Air

Lines,

Inc.

127,244

7,301,261

Southwest

Airlines

Co.

90,313

2,736,484

United

Airlines

Holdings,

Inc.

(a) 64,026

6,021,005

#### Total

#### 18,621,822

#### Professional

#### Services

#### 1.1%
Automatic

Data

Processing,

Inc.

76,287

19,857,506

Booz

Allen

Hamilton

Holding

Corp.

23,348

2,035,012

Broadridge

Financial

Solutions,

Inc.

21,858

4,817,503

ExlService

Holdings,

Inc.

(a) 32,518

1,271,454

Genpact

Ltd.

32,603

1,243,804

Leidos

Holdings,

Inc.

23,874

4,547,281

Paychex,

Inc.

62,079

7,265,105

Paycom

Software,

Inc.

9,985

1,868,094

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Paylocity

Holding

Corp.

(a) 8,408

1,187,798

Science

Applications

International

Corp.

8,828

827,272

SS&C

Technologies

Holdings,

Inc.

40,147

3,409,283

#### Total

#### 48,330,112

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
Applied

Industrial

Technologies,

Inc.

7,306

1,878,299

MSC

Industrial

Direct

Co.,

Inc.

Class

A

8,301

704,838

#### Total

#### 2,583,137

#### Total

#### Industrials

#### 384,117,732

#### Information

#### Technology 34.7%

#### Communications

#### Equipment

#### 1.6%
Arista

Networks,

Inc.

(a) 142,025

22,395,922

Cisco

Systems,

Inc.

490,745

35,878,367

F5,

Inc.

(a) 7,375

1,866,244

Motorola

Solutions,

Inc.

20,870

8,488,038

Ubiquiti,

Inc.

383,356

#### Total

#### 69,011,927

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
Arrow

Electronics,

Inc.

(a) 6,682

745,377

Avnet,

Inc.

10,691

517,979

Flex

Ltd.

(a) 44,623

2,789,830

Keysight

Technologies,

Inc.

(a) 21,783

3,985,418

Ralliant

Corp.

21,385

939,229

Zebra

Technologies

Corp.

Class

A

(a) 6,520

1,755,510

#### Total

#### 10,733,343

#### IT

#### Services

#### 0.2%
GoDaddy

,

Inc.

Class

A

(a) 17,406

2,317,261

Okta

,

Inc.

(a) 20,574

1,883,138

VeriSign,

Inc.

10,731

2,573,294

#### Total

#### 6,773,693

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 15.8%
Advanced

Micro

Devices,

Inc.

(a) 198,022

50,717,395

Cirrus

Logic,

Inc.

(a) 6,556

869,653

Enphase

Energy,

Inc.

(a) 20,412

622,770

GLOBALFOUNDRIES,

Inc.

(a) 12,840

457,104

Marvell

Technology,

Inc.

103,507

9,702,746

MKS,

Inc.

8,627

1,239,786

NVIDIA

Corp.

2,875,499

582,259,793

ON

Semiconductor

Corp.

(a) 53,757

2,692,151

Onto

Innovation,

Inc.

(a) 6,066

818,667

QUALCOMM,

Inc.

139,677

25,267,569

Skyworks

Solutions,

Inc.

18,499

1,437,742

Teradyne,

Inc.

20,451

3,717,174

#### Total

#### 679,802,550

#### Software

#### 5.5%
Adobe,

Inc.

(a) 56,803

19,330,629

AppLovin

Corp.

Class

A

(a) 33,933

21,626,519

Autodesk,

Inc.

(a) 26,626

8,023,479

BILL

Holdings,

Inc.

(a) 11,306

561,456

Datadog

,

Inc.

Class

A

(a) 36,912

6,009,643

DocuSign,

Inc.

(a) 25,244

1,846,346

Dropbox,

Inc.

Class

A

(a) 23,317

676,193

Fair

Isaac

Corp.

(a) 3,060

5,078,162

Fortinet,

Inc.

(a) 80,958

6,997,200

Intuit,

Inc.

34,312

22,904,976

Manhattan

Associates,

Inc.

(a) 7,799

1,419,964

Nutanix

,

Inc.

Class

A

(a) 31,861

2,269,778

Palantir

Technologies,

Inc.

Class

A

(a) 280,832

56,298,391

Palo

Alto

Networks,

Inc.

(a) 81,352

17,916,965

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Pegasystems

,

Inc.

21,809

1,388,143

PTC,

Inc.

(a) 15,519

3,081,142

Rubrik

,

Inc.

Class

A

(a) 15,708

1,182,341

Salesforce,

Inc.

117,940

30,712,755

ServiceNow

,

Inc.

(a) 26,548

24,405,045

Uipath

,

Inc.

Class

A

(a) 51,355

814,490

Zoom

Communications,

Inc.

(a) 32,822

2,863,063

#### Total

#### 235,406,680

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 11.4%
Apple,

Inc.

1,796,741

485,784,864

NetApp,

Inc.

25,292

2,978,892

#### Total

#### 488,763,756

#### Total

#### Information

#### Technology

#### 1,490,491,949

#### Materials 2.2%

#### Chemicals

#### 0.4%
Axalta

Coating

Systems

Ltd.

(a) 53,774

1,530,946

CF

Industries

Holdings,

Inc.

39,055

3,252,891

Eastman

Chemical

Co.

28,877

1,718,759

LyondellBasell

Industries

NV

Class

A

65,268

3,029,740

NewMarket

Corp.

1,272

976,769

PPG

Industries,

Inc.

55,142

5,390,130

Scotts

Miracle-

Gro

Co.

(The)

10,819

579,033

#### Total

#### 16,478,268

#### Construction

#### Materials

#### 0.5%
CRH

PLC

168,509

20,069,422

Eagle

Materials,

Inc.

7,856

1,667,986

#### Total

#### 21,737,408

#### Containers

#### &

#### Packaging

#### 0.2%
Crown

Holdings,

Inc.

27,634

2,685,472

Packaging

Corp.

of

America

21,610

4,230,374

Sealed

Air

Corp.

36,673

1,228,912

Silgan

Holdings,

Inc.

21,574

833,188

#### Total

#### 8,977,946

#### Metals

#### &

#### Mining

#### 1.1%
Anglogold

Ashanti

PLC

126,217

8,582,756

Newmont

Corp.

265,373

21,487,252

Nucor

Corp.

54,437

8,168,272

Reliance,

Inc.

12,695

3,585,449

Steel

Dynamics,

Inc.

35,883

5,626,454

#### Total

#### 47,450,183

#### Paper

#### &

#### Forest

#### Products

#### 0.0%
Louisiana-Pacific

Corp.

15,705

1,368,063

#### Total

#### Materials

#### 96,011,868

#### Real

#### Estate 2.0%

#### Diversified

#### REITs

#### 0.1%
WP

Carey,

Inc.

34,993

2,309,538

#### Health

#### Care

#### REITs

#### 0.1%
Alexandria

Real

Estate

Equities,

Inc.

28,656

1,668,352

Healthpeak

Properties,

Inc.

113,705

2,041,005

Omega

Healthcare

Investors,

Inc.

45,919

1,929,976

#### Total

#### 5,639,333

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%
Host

Hotels

&

Resorts,

Inc.

112,170

1,796,964

Park

Hotels

&

Resorts,

Inc.

32,770

337,203

#### Total

#### 2,134,167

#### Industrial

#### REITs

#### 0.0%
STAG

Industrial,

Inc.

30,196

1,155,601

#### Office

#### REITs

#### 0.0%
Kilroy

Realty

Corp.

19,614

828,691

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.3%
CBRE

Group,

Inc.

Class

A

(a) 48,909

7,455,199

Howard

Hughes

Holdings,

Inc.

(a) 5,067

401,712

Jones

Lang

LaSalle,

Inc.

(a) 7,846

2,393,736

Zillow

Group,

Inc.

Class

A

(a) 8,530

610,151

Zillow

Group,

Inc.

Class

C

(a) 27,837

2,087,218

#### Total

#### 12,948,016

#### Residential

#### REITs

#### 0.1%
Invitation

Homes,

Inc.

99,281

2,794,760

#### Retail

#### REITs

#### 0.3%
Brixmor

Property

Group,

Inc.

49,075

1,283,802

NNN

REIT,

Inc.

30,174

1,220,840

Simon

Property

Group,

Inc.

53,368

9,379,960

#### Total

#### 11,884,602

#### Specialized

#### REITs

#### 1.1%
American

Tower

Corp.

75,686

13,546,280

EPR

Properties

11,873

582,014

Equinix

,

Inc.

16,161

13,672,368

Gaming

and

Leisure

Properties,

Inc.

43,563

1,945,524

Public

Storage

26,154

7,285,458

SBA

Communications

Corp.

17,560

3,362,389

VICI

Properties,

Inc.

172,193

5,164,068

#### Total

#### 45,558,101

#### Total

#### Real

#### Estate

#### 85,252,809

#### Utilities 2.3%

#### Electric

#### Utilities

#### 1.7%
American

Electric

Power

Co.,

Inc.

170,964

20,560,131

Edison

International

118,258

6,549,128

Entergy

Corp.

143,588

13,797,371

Evergy

,

Inc.

73,611

5,654,061

Exelon

Corp.

322,910

14,892,609

PG&E

Corp.

685,665

10,943,213

#### Total

#### 72,396,513

#### Gas

#### Utilities

#### 0.1%
MDU

Resources

Group,

Inc.

65,619

1,258,572

National

Fuel

Gas

Co.

28,082

2,215,951

UGI

Corp.

67,704

2,263,345

#### Total

#### 5,737,868

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.1%
AES

Corp.

(The)

249,412

3,459,344

Clearway

Energy,

Inc.

Class

A

11,318

339,427

Clearway

Energy,

Inc.

Class

C

26,253

838,258

#### Total

#### 4,637,029

#### Multi-Utilities

#### 0.4%
Ameren

Corp.

86,337

8,808,101

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

NiSource,

Inc.

149,572

6,298,477

#### Total

#### 15,106,578

#### Total

#### Utilities

#### 97,877,988

#### Total

#### Common

#### Stocks

#### (Cost

#### $3,701,212,703)

#### 4,210,930,174

#### Exchange-Traded

#### Equity

#### Funds

#### 1.6%

#### Issuer

#### Shares

#### Value

#### ($)

#### Communication

#### Services 1.0%
Communication

Services

Select

Sector

SPDR

Fund

390,609

44,845,819

#### Equity

#### Funds 0.6%
VanEck

Semiconductor

ETF

35,225

12,787,379

Vanguard

Communication

Services

ETF

69,070

12,891,916

#### Total

#### 25,679,295

#### Total

#### Exchange-Traded

#### Equity

#### Funds

#### (Cost

#### $70,026,706)

#### 70,525,114

#### Money

#### Market

#### Funds

#### 0.3%

#### Issuer

#### Shares

#### Value

#### ($)
Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

3.878%

(e) 11,078,911

11,078,911

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $11,078,911)

#### 11,078,911

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $3,782,318,320)

#### 4,292,534,199

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 2,347,477

#### Net

#### Assets

#### 4,294,881,676
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

—

Walgreens

Boots

Alliance,

Inc.

08/29/2025

270,639

—

135,319

—

135,477

Notes

to

Portfolio

of

Investments

(a) Non-income

producing

investment.

(b) Represents

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

At

October

31,

2025,

the

value

of

these

securities

amounted

to

$135,477,

which

represents

less

than

0.01%

of

net

assets.

(c) Denotes

a

restricted

security,

which

is

subject

to

legal

or

contractual

restrictions

on

resale

under

federal

securities

laws.

Disposal

of

a

restricted

investment

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Private

placement

securities

are

generally

considered

to

be

restricted,

although

certain

of

those

securities

may

be

traded

between

qualified

institutional

investors

under

the

provisions

of

Section

4(a)(2)

and

Rule

144A.

The

Fund

will

not

incur

any

registration

costs

upon

such

a

trade.

These

securities

are

valued

at

fair

value

determined

in

good

faith

under

consistently

applied

procedures

approved

by

the

Fund's

Board

of

Trustees.

At

October

31,

2025,

the

total

market

value

of

these

securities

amounted

to

$135,477,

which

represents

less

than

0.01%

of

total

net

assets.

Additional

information

on

these

securities

is

as

follows:

(d) Valuation

based

on

significant

unobservable

inputs.

(e) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

October

31,

2025

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Common

Stocks

Communication

Services

391,922,558

–

–

391,922,558

Consumer

Discretionary

432,598,428

–

–

432,598,428

Consumer

Staples

181,932,553

–

135,319

182,067,872

Energy

121,971,302

–

–

121,971,302

Financials

550,706,882

–

–

550,706,882

Health

Care

377,910,628

–

377,910,786

Industrials

384,117,732

–

–

384,117,732

Information

Technology

1,490,491,949

–

–

1,490,491,949

Materials

96,011,868

–

–

96,011,868

Real

Estate

85,252,809

–

–

85,252,809

Utilities

97,877,988

–

–

97,877,988

Total

Common

Stocks

4,210,794,697

–

135,477

4,210,930,174

Exchange-Traded

Equity

Funds

70,525,114

–

–

70,525,114

Money

Market

Funds

11,078,911

–

–

11,078,911

Total

Investments

in

Securities

4,292,398,722

–

135,477

4,292,534,199

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund

does

not

hold

any

significant

investments

(greater

than

one

percent

of

net

assets)

categorized

as

Level

3. PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks

#### 96.0%
Issuer

Shares

Value

($)

#### Communication

#### Services 8.5%

#### Diversified

#### Telecommunication

#### Services

#### 1.4%
AT&T,

Inc.

25,183

623,279

Liberty

Global

Ltd.

Class

A

(a) 610

6,710

Liberty

Global

Ltd.

Class

C

(a) 499

5,564

Verizon

Communications,

Inc.

15,339

609,572

#### Total

#### 1,245,125

#### Entertainment

#### 1.0%
Electronic

Arts,

Inc.

900

180,054

Walt

Disney

Co.

(The)

6,556

738,337

#### Total

#### 918,391

#### Interactive

#### Media

#### &

#### Services

#### 5.5%
Alphabet,

Inc.

Class

A

7,805

2,194,688

Alphabet,

Inc.

Class

C

6,348

1,788,993

Match

Group,

Inc.

879

28,427

Meta

Platforms,

Inc.

Class

A

1,427

925,195

#### Total

#### 4,937,303

#### Media

#### 0.6%
Comcast

Corp.

Class

A

13,271

369,398

DoubleVerify

Holdings,

Inc.

(a) 255

2,902

Fox

Corp.

Class

A

758

49,005

Fox

Corp.

Class

B

530

30,957

New

York

Times

Co.

(The)

Class

A

593

33,795

Nexstar

Media

Group,

Inc.

18,790

#### Total

#### 504,847

#### Wireless

#### Telecommunication

#### Services

#### 0.0%
Millicom

International

Cellular

SA

18,373

#### Total

#### Communication

#### Services

#### 7,624,039

#### Consumer

#### Discretionary 7.9%

#### Automobile

#### Components

#### 0.4%
Aptiv

PLC

(a) 2,644

214,429

BorgWarner,

Inc.

2,607

111,997

Lear

Corp.

639

66,871

#### Total

#### 393,297

#### Automobiles

#### 0.9%
General

Motors

Co.

11,459

791,702

#### Broadline

#### Retail

#### 0.5%
Dillard's,

Inc.

Class

A

19,202

eBay,

Inc.

5,428

441,351

#### Total

#### 460,553

#### Diversified

#### Consumer

#### Services

#### 0.2%
ADT,

Inc.

6,098

53,906

Grand

Canyon

Education,

Inc.

(a) 235

44,251

H&R

Block,

Inc.

1,296

64,463

#### Total

#### 162,620

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
Aramark

3,090

117,049

Booking

Holdings,

Inc.

116,788

Boyd

Gaming

Corp.

650

50,616

Carnival

Corp.

(a) 8,832

254,627

Darden

Restaurants,

Inc.

13,331

Travel

+

Leisure

Co.

30,825

#### Total

#### 583,236

#### Household

#### Durables

#### 1.5%
DR

Horton,

Inc.

3,119

464,981

Garmin

Ltd.

1,954

418,039

PulteGroup,

Inc.

2,335

279,896

Toll

Brothers,

Inc.

1,152

155,462

#### Total

#### 1,318,378

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Leisure

#### Products

#### 0.1%
Mattel,

Inc.

(a) 3,837

70,524

#### Specialty

#### Retail

#### 2.4%
Bath

&

Body

Works,

Inc.

2,294

56,157

Five

Below,

Inc.

(a) 649

102,068

Gap,

Inc.

(The)

2,687

61,398

Lowe's

Cos.,

Inc.

6,702

1,595,947

O'Reilly

Automotive,

Inc.

(a) 796

75,174

Ulta

Beauty,

Inc.

(a) 396

205,873

Wayfair,

Inc.

Class

A

(a) 898

92,952

#### Total

#### 2,189,569

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.3%
Birkenstock

Holding

PLC

(a) 460

18,358

Crocs,

Inc.

(a) 662

54,079

NIKE,

Inc.

Class

B

14,108

911,236

Ralph

Lauren

Corp.

134,257

Tapestry,

Inc.

22,623

#### Total

#### 1,140,553

#### Total

#### Consumer

#### Discretionary

#### 7,110,432

#### Consumer

#### Staples 6.8%

#### Beverages

#### 0.6%
Boston

Beer

Co.,

Inc.

(The)

Class

A

(a) 146

30,221

Constellation

Brands,

Inc.

Class

A

2,573

338,041

Molson

Coors

Beverage

Co.

Class

B

3,077

134,526

#### Total

#### 502,788

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 2.1%
Albertsons

Cos.,

Inc.

Class

A

7,097

125,546

Kroger

Co.

(The)

9,881

628,728

Maplebear

,

Inc.

(a) 3,070

113,160

Target

Corp.

8,228

762,900

US

Foods

Holding

Corp.

(a) 4,096

297,452

Walgreens

Boots

Alliance,

Inc.

(b),(c),(d)

11,629

5,814

#### Total

#### 1,933,600

#### Food

#### Products

#### 1.1%
Conagra

Brands,

Inc.

8,495

146,029

Ingredion,

Inc.

1,139

131,452

Kraft

Heinz

Co.

(The)

15,160

374,907

Pilgrim's

Pride

Corp.

745

28,384

Smithfield

Foods,

Inc.

817

18,105

Tyson

Foods,

Inc.

Class

A

5,014

257,770

#### Total

#### 956,647

#### Household

#### Products

#### 1.2%
Colgate-Palmolive

Co.

7,711

594,133

Kimberly-Clark

Corp.

3,847

460,524

Reynolds

Consumer

Products,

Inc.

972

23,756

#### Total

#### 1,078,413

#### Tobacco

#### 1.8%
Altria

Group,

Inc.

29,482

1,662,195

#### Total

#### Consumer

#### Staples

#### 6,133,643

#### Energy 5.9%

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 5.9%
Chevron

Corp.

8,280

1,305,922

Civitas

Resources,

Inc.

11,878

ConocoPhillips

5,614

498,860

EOG

Resources,

Inc.

2,368

250,629

Exxon

Mobil

Corp.

18,771

2,146,652

HF

Sinclair

Corp.

622

32,095

Kinder

Morgan,

Inc.

8,483

222,170

Marathon

Petroleum

Corp.

1,334

260,010

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Permian

Resources

Corp.

2,967

37,265

Valero

Energy

Corp.

1,352

229,245

Williams

Cos.,

Inc.

(The)

4,984

288,424

#### Total

#### 5,283,150

#### Total

#### Energy

#### 5,283,150

#### Financials 18.0%

#### Banks

#### 7.4%
Bank

OZK

943

42,426

Citigroup,

Inc.

13,384

1,354,862

Columbia

Banking

System,

Inc.

2,673

71,636

Huntington

Bancshares,

Inc.

13,757

212,408

JPMorgan

Chase

&

Co.

14,459

4,498,484

Popular,

Inc.

541

60,305

Regions

Financial

Corp.

7,865

190,333

Synovus

Financial

Corp.

1,225

54,684

Western

Alliance

Bancorp

754

58,322

Wintrust

Financial

Corp.

586

76,192

Zions

Bancorp

NA

1,281

66,753

#### Total

#### 6,686,405

#### Capital

#### Markets

#### 5.8%
Affiliated

Managers

Group,

Inc.

59,014

BlackRock,

Inc.

1,382

1,496,443

Brookfield

Asset

Management

Ltd.

Class

A

2,270

122,716

Cboe

Global

Markets,

Inc.

931

228,691

CME

Group,

Inc.

3,143

834,435

Houlihan

Lokey

,

Inc.

53,008

Invesco

Ltd.

3,263

77,333

Janus

Henderson

Group

PLC

1,124

48,961

Morgan

Stanley

10,184

1,670,176

Raymond

James

Financial,

Inc.

1,638

259,902

SEI

Investments

Co.

940

75,773

State

Street

Corp.

2,478

286,606

Virtu

Financial,

Inc.

Class

A

708

24,667

#### Total

#### 5,237,725

#### Consumer

#### Finance

#### 0.3%
SLM

Corp.

1,633

43,846

Synchrony

Financial

3,277

243,743

#### Total

#### 287,589

#### Financial

#### Services

#### 1.6%
Fidelity

National

Information

Services,

Inc.

4,766

297,970

Fiserv,

Inc.

(a) 3,548

236,616

Global

Payments,

Inc.

2,194

170,605

Jack

Henry

&

Associates,

Inc.

658

98,003

MGIC

Investment

Corp.

2,083

57,116

PayPal

Holdings,

Inc.

(a) 8,850

613,040

#### Total

#### 1,473,350

#### Insurance

#### 2.7%
Allstate

Corp.

(The)

2,420

463,478

Axis

Capital

Holdings

Ltd.

682

63,876

Brighthouse

Financial,

Inc.

(a) 509

29,049

CNA

Financial

Corp.

8,732

Hanover

Insurance

Group,

Inc.

(The)

56,219

Hartford

Financial

Services

Group,

Inc.

(The)

2,519

312,809

Kemper

Corp.

548

24,654

Lincoln

National

Corp.

1,532

64,344

Marsh

&

McLennan

Cos.,

Inc.

3,904

695,498

MetLife,

Inc.

4,995

398,701

Old

Republic

International

Corp.

2,048

80,814

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

RenaissanceRe

Holdings

Ltd.

105,956

Unum

Group

1,511

110,938

#### Total

#### 2,415,068

#### Mortgage

#### Real

#### Estate

#### Investment

#### Trusts
(REITs)

#### 0.2%
Annaly

Capital

Management,

Inc.

5,788

122,532

Rithm

Capital

Corp.

4,776

52,393

#### Total

#### 174,925

#### Total

#### Financials

#### 16,275,062

#### Health

#### Care 11.4%

#### Biotechnology

#### 1.1%
Amgen,

Inc.

128,623

Biogen,

Inc.

(a) 460

70,964

BioMarin

Pharmaceutical,

Inc.

(a) 591

31,660

Exact

Sciences

Corp.

(a) 532

34,415

Exelixis

,

Inc.

(a) 155

5,994

Gilead

Sciences,

Inc.

2,808

336,370

Incyte

Corp.

(a) 370

34,588

Insmed

,

Inc.

(a) 32

6,067

Ionis

Pharmaceuticals,

Inc.

(a) 29

2,155

Mirati

Therapeutics,

Inc.

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

Moderna

,

Inc.

(a) 1,071

29,088

Neurocrine

Biosciences,

Inc.

(a) 38

5,442

Regeneron

Pharmaceuticals,

Inc.

213,790

Revolution

Medicines,

Inc.

(a) 524

30,832

Roivant

Sciences

Ltd.

(a) 1,140

22,789

Sarepta

Therapeutics,

Inc.

(a) 50

1,201

United

Therapeutics

Corp.

(a) 133

59,242

Viking

Therapeutics,

Inc.

(a) 320

12,186

#### Total

#### 1,025,432

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.6%
Align

Technology,

Inc.

(a) 1,039

143,257

Baxter

International,

Inc.

7,957

146,966

DENTSPLY

SIRONA,

Inc.

3,118

39,318

Envista

Holdings

Corp.

(a) 2,551

51,913

Globus

Medical,

Inc.

Class

A

(a) 1,719

103,810

Teleflex,

Inc.

680

84,640

#### Total

#### 569,904

#### Health

#### Care

#### Providers

#### &

#### Services

#### 4.2%
Cardinal

Health,

Inc.

1,784

340,334

Cigna

Group

(The)

3,660

894,540

CVS

Health

Corp.

19,243

1,503,840

Humana,

Inc.

1,793

498,795

McKesson

Corp.

116,833

Tenet

Healthcare

Corp.

(a) 1,287

265,753

Universal

Health

Services,

Inc.

Class

B

811

175,995

#### Total

#### 3,796,090

#### Health

#### Care

#### Technology

#### 0.2%
Veeva

Systems,

Inc.

Class

A

(a) 467

135,990

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 1.0%
Charles

River

Laboratories

International,

Inc.

(a) 756

136,133

IQVIA

Holdings,

Inc.

(a) 2,622

567,558

QIAGEN

NV

3,263

152,872

#### Total

#### 856,563

#### Pharmaceuticals

#### 4.3%
Bristol-Myers

Squibb

Co.

25,818

1,189,435

Elanco

Animal

Health,

Inc.

(a) 7,728

171,175

Jazz

Pharmaceuticals

PLC

(a) 898

123,601

Perrigo

Co.

PLC

2,072

42,973

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Pfizer,

Inc.

87,374

2,153,769

Viatris

,

Inc.

17,980

186,273

#### Total

#### 3,867,226

#### Total

#### Health

#### Care

#### 10,251,205

#### Industrials 13.6%

#### Air

#### Freight

#### &

#### Logistics

#### 0.5%
FedEx

Corp.

1,903

483,020

#### Building

#### Products

#### 1.3%
Allegion

PLC

754

124,991

Builders

FirstSource

,

Inc.

(a) 930

108,038

Hayward

Holdings,

Inc.

(a) 1,804

30,614

Johnson

Controls

International

PLC

5,960

681,764

Masco

Corp.

1,907

123,497

Owens

Corning

776

98,793

#### Total

#### 1,167,697

#### Construction

#### &

#### Engineering

#### 0.7%
AECOM

1,203

161,623

API

Group

Corp.

(a) 3,092

113,847

EMCOR

Group,

Inc.

173,000

MasTec

,

Inc.

(a) 430

87,789

Valmont

Industries,

Inc.

72,350

#### Total

#### 608,609

#### Electrical

#### Equipment

#### 2.1%
Acuity

Brands,

Inc.

97,468

AMETEK,

Inc.

2,059

416,145

Emerson

Electric

Co.

4,998

697,571

Generac

Holdings,

Inc.

(a) 512

86,026

nVent

Electric

PLC

1,440

164,664

Rockwell

Automation,

Inc.

926

341,101

Sensata

Technologies

Holding

PLC

1,294

41,188

#### Total

#### 1,844,163

#### Ground

#### Transportation

#### 1.3%
Lyft,

Inc.

Class

A

(a) 3,048

62,362

Ryder

System,

Inc.

59,569

Union

Pacific

Corp.

4,914

1,082,898

#### Total

#### 1,204,829

#### Machinery

#### 5.8%
Allison

Transmission

Holdings,

Inc.

648

53,492

Caterpillar,

Inc.

3,608

2,082,754

CNH

Industrial

NV

7,872

82,577

Fortive

Corp.

3,052

153,638

Gates

Industrial

Corp.

PLC

(a) 2,258

49,857

Graco

,

Inc.

1,491

121,919

Illinois

Tool

Works,

Inc.

1,773

432,470

Lincoln

Electric

Holdings,

Inc.

114,646

Middleby

Corp.

(The)

(a) 459

57,021

Mueller

Industries,

Inc.

971

102,800

Otis

Worldwide

Corp.

3,583

332,359

Parker-Hannifin

Corp.

1,154

891,846

Pentair

PLC

1,450

154,207

Snap-on,

Inc.

156,702

Stanley

Black

&

Decker,

Inc.

1,394

94,402

Toro

Co.

(The)

868

64,866

Westinghouse

Air

Brake

Technologies

Corp.

1,527

312,180

#### Total

#### 5,257,736

#### Passenger

#### Airlines

#### 0.8%
Alaska

Air

Group,

Inc.

(a) 875

36,514

American

Airlines

Group,

Inc.

(a) 5,543

72,779

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Delta

Air

Lines,

Inc.

6,042

346,690

United

Airlines

Holdings,

Inc.

(a) 3,046

286,446

#### Total

#### 742,429

#### Professional

#### Services

#### 1.0%
Automatic

Data

Processing,

Inc.

68,459

Broadridge

Financial

Solutions,

Inc.

21,599

Genpact

Ltd.

1,542

58,827

Leidos

Holdings,

Inc.

1,128

214,850

Paychex,

Inc.

2,023

236,752

Paycom

Software,

Inc.

41,534

Paylocity

Holding

Corp.

(a) 30

4,238

Science

Applications

International

Corp.

39,171

SS&C

Technologies

Holdings,

Inc.

1,898

161,178

#### Total

#### 846,608

#### Trading

#### Companies

#### &

#### Distributors

#### 0.1%
Applied

Industrial

Technologies,

Inc.

88,696

MSC

Industrial

Direct

Co.,

Inc.

Class

A

33,370

#### Total

#### 122,066

#### Total

#### Industrials

#### 12,277,157

#### Information

#### Technology 10.9%

#### Communications

#### Equipment

#### 3.1%
Cisco

Systems,

Inc.

32,351

2,365,181

F5,

Inc.

(a) 482

121,970

Motorola

Solutions,

Inc.

794

322,928

#### Total

#### 2,810,079

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.8%
Arrow

Electronics,

Inc.

(a) 425

47,409

Avnet,

Inc.

688

33,334

Flex

Ltd.

(a) 2,934

183,434

Jabil,

Inc.

58,315

Keysight

Technologies,

Inc.

(a) 1,440

263,462

Ralliant

Corp.

1,017

44,667

Zebra

Technologies

Corp.

Class

A

(a) 414

111,469

#### Total

#### 742,090

#### IT

#### Services

#### 0.3%
Okta

,

Inc.

(a) 816

74,688

VeriSign,

Inc.

690

165,462

#### Total

#### 240,150

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.8%
Advanced

Micro

Devices,

Inc.

(a) 5,420

1,388,170

Cirrus

Logic,

Inc.

(a) 417

55,315

GLOBALFOUNDRIES,

Inc.

(a) 853

30,367

MKS,

Inc.

566

81,340

ON

Semiconductor

Corp.

(a) 3,544

177,484

Onto

Innovation,

Inc.

(a) 327

44,132

QUALCOMM,

Inc.

7,107

1,285,656

Skyworks

Solutions,

Inc.

1,235

95,984

Teradyne,

Inc.

1,340

243,558

#### Total

#### 3,402,006

#### Software

#### 2.8%
BILL

Holdings,

Inc.

(a) 740

36,748

DocuSign,

Inc.

(a) 405

29,622

Dropbox,

Inc.

Class

A

(a) 1,124

32,596

Fair

Isaac

Corp.

(a) 31

51,445

Nutanix

,

Inc.

Class

A

(a) 1,572

111,989

Pegasystems

,

Inc.

970

61,741

PTC,

Inc.

(a) 898

178,289

Salesforce,

Inc.

6,912

1,799,954

Uipath

,

Inc.

Class

A

(a) 3,388

53,734

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Zoom

Communications,

Inc.

(a) 2,161

188,504

#### Total

#### 2,544,622

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
NetApp,

Inc.

1,011

119,076

#### Total

#### Information

#### Technology

#### 9,858,023

#### Materials 4.5%

#### Chemicals

#### 0.8%
Axalta

Coating

Systems

Ltd.

(a) 2,296

65,367

CF

Industries

Holdings,

Inc.

1,674

139,428

Eastman

Chemical

Co.

1,237

73,626

LyondellBasell

Industries

NV

Class

A

2,785

129,280

NewMarket

Corp.

50,681

PPG

Industries,

Inc.

2,355

230,201

Scotts

Miracle-

Gro

Co.

(The)

24,566

#### Total

#### 713,149

#### Construction

#### Materials

#### 1.0%
CRH

PLC

7,204

857,996

Eagle

Materials,

Inc.

65,395

#### Total

#### 923,391

#### Containers

#### &

#### Packaging

#### 0.4%
Crown

Holdings,

Inc.

1,172

113,895

Packaging

Corp.

of

America

924

180,882

Sealed

Air

Corp.

1,561

52,309

Silgan

Holdings,

Inc.

923

35,647

#### Total

#### 382,733

#### Metals

#### &

#### Mining

#### 2.2%
Anglogold

Ashanti

PLC

4,743

322,524

Newmont

Corp.

11,343

918,443

Nucor

Corp.

2,325

348,866

Reliance,

Inc.

541

152,795

Steel

Dynamics,

Inc.

1,382

216,697

#### Total

#### 1,959,325

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
Louisiana-Pacific

Corp.

664

57,841

#### Total

#### Materials

#### 4,036,439

#### Real

#### Estate 3.9%

#### Diversified

#### REITs

#### 0.1%
WP

Carey,

Inc.

1,867

123,222

#### Health

#### Care

#### REITs

#### 0.3%
Alexandria

Real

Estate

Equities,

Inc.

1,517

88,320

Healthpeak

Properties,

Inc.

6,027

108,184

Omega

Healthcare

Investors,

Inc.

2,432

102,217

#### Total

#### 298,721

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
Host

Hotels

&

Resorts,

Inc.

5,934

95,062

Park

Hotels

&

Resorts,

Inc.

1,737

17,874

#### Total

#### 112,936

#### Industrial

#### REITs

#### 0.1%
STAG

Industrial,

Inc.

1,610

61,615

#### Office

#### REITs

#### 0.0%
Kilroy

Realty

Corp.

1,031

43,560

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.7%
CBRE

Group,

Inc.

Class

A

(a) 2,301

350,741

Howard

Hughes

Holdings,

Inc.

(a) 272

21,564

Jones

Lang

LaSalle,

Inc.

(a) 298

90,917

Zillow

Group,

Inc.

Class

A

(a) 458

32,761

Zillow

Group,

Inc.

Class

C

(a) 1,462

109,621

#### Total

#### 605,604

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

#### Residential

#### REITs

#### 0.2%
Invitation

Homes,

Inc.

5,253

147,872

#### Retail

#### REITs

#### 0.6%
Brixmor

Property

Group,

Inc.

2,591

67,781

NNN

REIT,

Inc.

1,609

65,100

Simon

Property

Group,

Inc.

2,194

385,617

#### Total

#### 518,498

#### Specialized

#### REITs

#### 1.8%
EPR

Properties

626

30,687

Equinix

,

Inc.

857

725,031

Gaming

and

Leisure

Properties,

Inc.

2,317

103,477

Public

Storage

1,204

335,386

SBA

Communications

Corp.

932

178,459

VICI

Properties,

Inc.

9,124

273,629

#### Total

#### 1,646,669

#### Total

#### Real

#### Estate

#### 3,558,697

#### Utilities 4.6%

#### Electric

#### Utilities

#### 3.4%
American

Electric

Power

Co.,

Inc.

7,236

870,201

Edison

International

5,014

277,675

Entergy

Corp.

6,085

584,708

Evergy

,

Inc.

3,108

238,726

Exelon

Corp.

13,677

630,783

PG&E

Corp.

29,036

463,415

#### Total

#### 3,065,508

#### Gas

#### Utilities

#### 0.3%
MDU

Resources

Group,

Inc.

2,778

53,282

National

Fuel

Gas

Co.

1,182

93,272

UGI

Corp.

2,868

95,877

#### Total

#### 242,431

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
AES

Corp.

(The)

10,557

146,426

Clearway

Energy,

Inc.

Class

A

14,305

Clearway

Energy,

Inc.

Class

C

1,121

35,793

#### Total

#### 196,524

#### Multi-Utilities

#### 0.7%
Ameren

Corp.

3,646

371,965

NiSource,

Inc.

6,328

266,472

#### Total

#### 638,437

#### Total

#### Utilities

#### 4,142,900

#### Total

#### Common

#### Stocks

#### (Cost

#### $78,148,769)

#### 86,550,747

#### Exchange-Traded

#### Equity

#### Funds

#### 3.3%

#### Issuer

#### Shares

#### Value

#### ($)

#### Financials 3.3%
Financial

Select

Sector

SPDR

Fund

28,229

1,478,353

iShares

U.S.

Financials

ETF

12,219

1,498,049

#### Total

#### 2,976,402

#### Total

#### Exchange-Traded

#### Equity

#### Funds

#### (Cost

#### $2,885,233)

#### 2,976,402
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Money

#### Market

#### Funds

#### 0.6%

#### Issuer

#### Shares

#### Value

#### ($)
Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

3.878%

(e) 555,341

555,341

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $555,341)

#### 555,341

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $81,589,343)

#### 90,082,490

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 108,717

#### Net

#### Assets

#### 90,191,207
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

—

Walgreens

Boots

Alliance,

Inc.

08/29

/2025

11,629

—

5,814

—

5,840

Notes

to

Portfolio

of

Investments

(a) Non-income

producing

investment.

(b) Represents

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

At

October

31,

2025,

the

value

of

these

securities

amounted

to

$5,840,

which

represents

less

than

0.01%

of

net

assets.

(c) Denotes

a

restricted

security,

which

is

subject

to

legal

or

contractual

restrictions

on

resale

under

federal

securities

laws.

Disposal

of

a

restricted

investment

may

involve

time-consuming

negotiations

and

expenses,

and

prompt

sale

at

an

acceptable

price

may

be

difficult

to

achieve.

Private

placement

securities

are

generally

considered

to

be

restricted,

although

certain

of

those

securities

may

be

traded

between

qualified

institutional

investors

under

the

provisions

of

Section

4(a)(2)

and

Rule

144A.

The

Fund

will

not

incur

any

registration

costs

upon

such

a

trade.

These

securities

are

valued

at

fair

value

determined

in

good

faith

under

consistently

applied

procedures

approved

by

the

Fund's

Board

of

Trustees.

At

October

31,

2025,

the

total

market

value

of

these

securities

amounted

to

$5,840,

which

represents

less

than

0.01%

of

total

net

assets.

Additional

information

on

these

securities

is

as

follows:

(d) Valuation

based

on

significant

unobservable

inputs.

(e) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

October

31,

2025

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Common

Stocks

Communication

Services

7,624,039

–

–

7,624,039

Consumer

Discretionary

7,110,432

–

–

7,110,432

Consumer

Staples

6,127,829

–

5,814

6,133,643

Energy

5,283,150

–

–

5,283,150

Financials

16,275,062

–

–

16,275,062

Health

Care

10,251,179

–

10,251,205

Industrials

12,277,157

–

–

12,277,157

Information

Technology

9,858,023

–

–

9,858,023

Materials

4,036,439

–

–

4,036,439

Real

Estate

3,558,697

–

–

3,558,697

Utilities

4,142,900

–

–

4,142,900

Total

Common

Stocks

86,544,907

–

5,840

86,550,747

Exchange-Traded

Equity

Funds

2,976,402

–

–

2,976,402

Money

Market

Funds

555,341

–

–

555,341

Total

Investments

in

Securities

90,076,650

–

5,840

90,082,490

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund

does

not

hold

any

significant

investments

(greater

than

one

percent

of

net

assets)

categorized

as

Level

3. STATEMENT

OF

ASSETS

AND

LIABILITIES

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Columbia

#### Research

#### Enhanced

#### Core

#### ETF

#### Columbia

#### Research

#### Enhanced

#### Value

#### ETF

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$3,782,318,320

and

$81,589,343,

respectively)

$4,292,534,199

$90,082,490

Receivable

for:

Capital

shares

sold

10,257,659

2,097,470

Dividends

2,843,043

92,434

Reclaims

receivable

–

Total

assets

4,305,635,161

92,272,394

#### Liabilities
Payable

for:

Investments

purchased

10,236,337

2,067,709

Investment

management

fees

517,148

13,478

Total

liabilities

10,753,485

2,081,187

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $4,294,881,676

#### $90,191,207

#### Represented

#### by:
Paid-in

capital

$3,738,684,232

$78,958,385

Total

distributable

earnings

(loss)

556,197,444

11,232,822

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $4,294,881,676

#### $90,191,207
Shares

outstanding

104,675,000

3,225,000

Net

asset

value

per

share

$41.03

$27.97

STATEMENT

OF

OPERATIONS

Year

Ended

October

31, 2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Columbia

#### Research

#### Enhanced

#### Core

#### ETF

#### Columbia

#### Research

#### Enhanced

#### Value

#### ETF

#### Investment

#### Income:
Dividends

-

unaffiliated

issuers

$39,073,142

$1,783,453

Foreign

taxes

withheld

(12,482)

(618) Total

income

39,060,660

1,782,835

Expenses:

Investment

management

fees

3,835,522

136,651

Total

expenses

3,835,522

136,651

#### Net

#### Investment

#### Income
35,225,138

1,646,184

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

16,222,912

2,832,523

In-kind

transactions

-

unaffiliated

issuers

160,919,942

2,381,388

Net

realized

gain

177,142,854

5,213,911

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

410,374,217

2,093,363

Net

change

in

unrealized

appreciation

410,374,217

2,093,363

Net

realized

and

unrealized

gain

587,517,071

7,307,274

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $622,742,209

#### $8,953,458
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

#### Columbia

#### Research

#### Enhanced

#### Core

#### ETF

#### Columbia

#### Research

#### Enhanced

#### Value

#### ETF

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

$35,225,138

$7,708,168

$1,646,184

$960,401

Net

realized

gain

177,142,854

30,965,538

5,213,911

1,485,567

Net

change

in

unrealized

appreciation

410,374,217

113,437,315

2,093,363

7,617,886

Net

increase

in

net

assets

resulting

from

operations

622,742,209

152,111,021

8,953,458

10,063,854

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(16,520,942)

(2,889,739)

(1,143,342)

(484,695)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

3,272,761,785

1,027,556,148

30,679,660

43,970,901

Cost

of

shares

redeemed

(838,155,564)

(152,605,178)

(14,344,673)

(6,172,944)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

2,434,606,221

874,950,970

16,334,987

37,797,957

Increase

in

net

assets

3,040,827,488

1,024,172,252

24,145,103

47,377,116

#### Net

#### Assets:
Net

assets

beginning

of

year

1,254,054,188

229,881,936

66,046,104

18,668,988

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $4,294,881,676

#### $1,254,054,188

#### $90,191,207

#### $66,046,104

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

36,925,000

9,350,000

2,600,000

950,000

Shares

sold

90,575,000

32,675,000

1,175,000

1,925,000

Shares

redeemed

(22,825,000)

(5,100,000)

(550,000)

(275,000)

Shares

outstanding,

end

of

year

104,675,000

36,925,000

3,225,000

2,600,000

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Core

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

The

following

tables

are

intended

to

help

you

understand

each

Fund's

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratios

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund's

portfolio

turnover

rate

may

be

higher.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$33.96

$24.59

$22.98

$31.23

$21.79

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

0.50 0.41 0.39 0.39 0.41 Net

realized

and

unrealized

gain

(loss)

6.95 9.24 1.54 (3.08)

9.30 Total

from

investment

operations

7.45 9.65 1.93 (2.69)

9.71 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.24)

(0.28)

(0.32)

(0.78)

(0.25)

Net

realized

gains

(0.14)

–

–

(4.78)

(0.02)

Total

distribution

to

shareholders

(0.38)

(0.28)

(0.32)

(5.56)

(0.27)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$41.03

$33.96

$24.59

$22.98

$31.23

Total

Return

at

NAV

22.15%

39.49%

8.53%

(10.57)%

44.90%

Total

Return

at

Market

Price

21.97%

39.49%

8.37%

(10.32)%

45.27%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(a) 0.15%

0.15%

0.15%

(b) 0.15%

0.15%

Total

net

expenses

(a)(c) 0.15%

0.15%

0.15%

(b) 0.15%

0.15%

Net

investment

income

1.38%

1.32%

1.57%

1.63%

1.58%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$4,294,882

$1,254,054

$229,882

$78,699

$28,107

Portfolio

turnover

32%

49%

45%

65%

49%

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Value

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

\|

2025

Year

Ended

October

31,

2025

2024

2023

2022

2021

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$25.40

$19.65

$19.74

$20.96

$18.46

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

0.60 0.53 0.49 0.47 0.43 Net

realized

and

unrealized

gain

(loss)

2.44 5.76 (0.10)

(1.44)

6.74 Total

from

investment

operations

3.04 6.29 0.39 (0.97)

7.17 #### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.47)

(0.54)

(0.48)

(0.12)

(4.16)

Net

realized

gains

–

–

–

(0.13)

(0.51)

Total

distribution

to

shareholders

(0.47)

(0.54)

(0.48)

(0.25)

(4.67)

#### Net

#### asset

#### value,

#### end

#### of

#### year
$27.97

$25.40

$19.65

$19.74

$20.96

Total

Return

at

NAV

12.21%

32.50%

2.02%

(4.66)%

45.48%

Total

Return

at

Market

Price

11.98%

33.21%

1.55%

(4.46)%

45.90%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(a) 0.19%

0.19%

(b) 0.19%

(b) 0.19%

0.19%

Total

net

expenses

(a)(c) 0.19%

0.19%

(b) 0.19%

(b) 0.19%

0.19%

Net

investment

income

2.29%

2.26%

2.43%

2.30%

2.14%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$90,191

$66,046

$18,669

$17,276

$11,003

Portfolio

turnover

69%

62%

76%

99%

84%

(a) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(b) The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Indexed

ETFs

\|

2025

#### Note
1. #### Organization
Columbia

ETF

Trust

I

(the

Trust)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

statutory

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Information

presented

in

these

financial

statements

pertains

to

the

following

series

of

the

Trust

(each,

a

Fund

and

collectively,

the

Funds):

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF.

Each

Fund

is

diversified.

Fund

Shares

The

market

prices

of

each

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

each

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

25,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

a

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's

principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Funds'

shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

Each

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Funds

in

the

preparation

of

their

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Funds

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Funds'

financial

position

or

their

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Funds

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Funds

have

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Funds

as

a

whole

and

the

Funds'

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

each

Fund's

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Funds'

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Funds'

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London's

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds'

Portfolio

of

Investments.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

The

Funds

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

securities,

return

of

capital

is

recorded

as

a

realized

gain.

With

respect

to

REITs,

to

the

extent

actual

information

has

not

yet

been

reported,

estimates

for

return

of

capital

are

made

by

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial).

The

Investment

Manager's

estimates

are

subsequently

adjusted

when

the

actual

character

of

the

distributions

is

disclosed

by

the

REITs,

which

could

result

in

a

proportionate

change

in

return

of

capital

to

shareholders.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Funds

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

a

Fund

are

charged

to

that

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

each

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

a

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

For

federal

income

tax

purposes,

each

Fund

is

treated

as

a

separate

entity.

The

Funds

intend

to

qualify

each

year

as

separate

regulated

investment

companies

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

their

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

their

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Funds

intend

to

distribute

in

each

calendar

year

substantially

all

of

their

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Funds

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provisions

are

recorded.

Foreign

taxes

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

annually.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Funds'

contracts

with

their

service

providers

contain

general

indemnification

clauses.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Funds

cannot

be

determined,

and

the

Funds

have

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

each

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

each

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

a

percentage

of

each

Fund's

average

daily

net

assets

as

follows:

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Funds.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

Each

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Funds

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Funds,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Funds

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.,

(the

Distributor)

serves

as

the

distributor

for

the

Funds.

The

Funds

have

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Funds

are

authorized

to

pay

distribution

and

service

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

each

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Funds

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

re-characterization

of

distributions

from

investments,

capital

loss

carryforwards,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind

and

passive

foreign

investment

company

(PFIC)

holdings.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

#### Fund

#### Effective

#### investment

#### management

#### fee

#### rate

#### (%)
Columbia

Research

Enhanced

Core

ETF

0.15 Columbia

Research

Enhanced

Value

ETF

0.19 NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Funds

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Funds

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Funds'

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Fund

#### Undistributed

#### net

#### investment

#### income

#### ($)

#### Accumulated

#### net

#### realized

#### gain
(loss)

#### ($)

#### Paid-in

#### capital

#### ($)
Columbia

Research

Enhanced

Core

ETF

(153,000)

(160,379,344)

160,532,344

Columbia

Research

Enhanced

Value

ETF

(17,280)

(2,337,857)

2,355,137

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Fund

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
Columbia

Research

Enhanced

Core

ETF

16,520,942

-

16,520,942

2,889,739

-

2,889,739

Columbia

Research

Enhanced

Value

ETF

1,143,342

-

1,143,342

484,695

-

484,695

#### Fund

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### long-

#### term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
Columbia

Research

Enhanced

Core

ETF

43,607,219

4,211,040

-

508,379,185

Columbia

Research

Enhanced

Value

ETF

2,903,203

150,598

(236,677)

8,415,700

#### Fund

#### Federal

#### Tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized
(depreciation)

#### ($)

#### Net

#### unrealized

#### appreciation
(depreciation)

#### ($)
Columbia

Research

Enhanced

Core

ETF

3,784,155,014

657,426,561

(149,047,376)

508,379,185

Columbia

Research

Enhanced

Value

ETF

81,666,790

8,499,828

(84,128)

8,415,700

#### Fund

#### No

#### expiration

#### short-term

#### ($)

#### No

#### expiration

#### long-term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
Columbia

Research

Enhanced

Core

ETF

-

-

-

-

Columbia

Research

Enhanced

Value

ETF

(236,677)

-

(236,677)

1,128,683

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

for

the

year

ended

October

31,

2025,

were

as

follows:

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Funds

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

as

follows:

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Funds.

For

the

year

ended

October

31,

2025,

the

in-kind

redemptions

were

as

follows:

#### Note
7. #### Line

#### of

#### credit
Each

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

each

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Funds

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

the

date

of

borrowing.

Each

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

each

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

each

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Funds

had

no

borrowings

during

the

year

ended

October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Funds

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

each

Fund's

holdings

and

each

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

#### Fund

#### Purchases

#### ($)

#### Proceeds

#### from

#### sales

#### ($)
Columbia

Research

Enhanced

Core

ETF

885,029,857

818,858,732

Columbia

Research

Enhanced

Value

ETF

51,656,156

50,288,786

#### Fund

#### Contributions

#### ($)
Columbia

Research

Enhanced

Core

ETF

3,200,693,707

Columbia

Research

Enhanced

Value

ETF

28,531,148

#### Fund

#### Cost

#### basis

#### ($)

#### Proceeds

#### from

#### sales

#### ($)

#### Net

#### realized

#### gain
(loss)

#### ($)
Columbia

Research

Enhanced

Core

ETF

659,532,393

820,452,335

160,919,942

Columbia

Research

Enhanced

Value

ETF

10,941,137

13,322,525

2,381,388

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETFs

\|

2025

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

each

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

each

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

Additional

risk

factors

of

each

Fund

are

described

more

fully

in

the

respective

Fund's

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Funds

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Funds,

including

fund

accounting

and

financial

reporting

services.

#### Note
10. #### Information

#### regarding

#### pending

#### and

#### settled

#### legal

#### proceedings
Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Funds

are

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Funds

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Funds.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Funds.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Funds

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Funds,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

estimate

the

amount

of

any

loss

that

may

result

from

such

matters.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief,

and

may

lead

to

further

claims,

examinations,

adverse

publicity

or

reputational

damage,

each

of

which

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

or

financial

condition

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Funds.

Indexed

ETFs

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

*Opinions* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

(two

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2025,

the

related

statements

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2025,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinions*

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

broker;

when

replies

were

not

received

from

the

broker,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Indexed

ETFs

\|

2025

The

Funds

hereby

designate

the

following

tax

attributes

for

the

ﬁscal

year

ended

October

31,

2025

.

Shareholders

will

be

notiﬁed

in

early

of

the

amounts

for

use

in

preparing

2025

income

tax

returns.

For

Federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

percentages

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

(DRD),

and

the

individual

qualified

dividend

income

rate

(QDI)

are

presented

below.

The

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

#### Fund

#### DRD

#### QDI
Columbia

Research

Enhanced

Core

ETF

54.45%

60.13%

Columbia

Research

Enhanced

Value

ETF

76.06%

84.33%

#### Fund
Columbia

Research

Enhanced

Core

ETF

$4,421,592

Columbia

Research

Enhanced

Value

ETF

158,128

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Indexed

ETFs

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Research

Enhanced

Core

ETF

and

Columbia

Research

Enhanced

Value

ETF

(each,

a

Fund,

and

together,

the

Funds).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

each

of

the

Funds

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Funds'

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement

for

each

Fund.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Funds

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Funds

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Funds'

management

fees

and

total

expenses,

including

information

comparing

the

Funds'

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement

for

each

Fund.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETFs

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Funds,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Columbia

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Funds'

and

their

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

each

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Funds

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Funds

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Funds,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

each

Fund,

(ii) each

Fund's

performance

relative

to

peers

and

benchmarks,

(iii) the

net

assets

of

the

Funds

and

(iv) index

tracking

error

data

of

the

Funds.

The

Board

observed

that

each

Fund's

tracking

error

versus

its

performance

was

within

the

range

of

management's

expectations.

The

Board

also

reviewed

a

description

of

the

third-party

data

provider's

methodology

for

identifying

the

Funds'

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Funds

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

each

Fund,

observing

that

many

of

the

competitors

of

the

Funds

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Funds'

contribution

to

the

Investment

Manager's

profitability.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETFs

\|

2025

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

Columbia

Research

Enhanced

Value

ETF's

total

expense

ratio

was

slightly

below

the

peer

universe's

median

expense

ratio

shown

in

the

reports.

The

Board

took

into

account

that

Columbia

Research

Enhanced

Core

ETF's

total

expense

ratio

approximated

the

peer

universe's

median

expense

ratio.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Funds,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Funds.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Columbia

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Funds

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Funds

supported

the

continuation

of

the

IMS

Agreement

for

each

Fund.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement

for

each

Fund.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

ANN305_10_R01_(12/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.©

2025

Columbia

Management

Investment

Advisers,

LLC. columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Columbia

Short

Duration

Bond

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Indexed

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Approval

of

Investment

Management

Services

Agreement

PORTFOLIO

OF

INVESTMENTS

Columbia

Short

Duration

Bond

ETF

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Asset-Backed

#### Securities

#### -

#### Non-Agency

#### 10.1%

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Ally

Auto

Receivables

Trust

2024-1

Class

A4,

Series

2024-1,

4.940%,

10/15/29

200,000

203,038

American

Airlines

Pass

Through

Trust

Series

A,

3.700%,

10/01/26

87,826

87,165

AmeriCredit

Automobile

Receivables

Trust

2023-2

Class

B,

Series

2023-2,

5.840%,

07/18/29

250,000

255,059

BMW

Vehicle

Owner

Trust

2023-A

Class

A4,

Series

2023-A,

5.250%,

11/26/29

125,000

126,759

BMW

Vehicle

Owner

Trust

2024-A

Class

A4,

Series

2024-A,

5.040%,

04/25/31

160,000

163,333

Bridgecrest

Lending

Auto

Securitization

Trust

2024-1

Class

D,

Series

2024-1,

6.030%,

11/15/29

200,000

202,376

Capital

One

Prime

Auto

Receivables

Trust

Class

A4,

Series

2023-1,

4.760%,

08/15/28

100,000

100,715

CarMax

Auto

Owner

Trust

Class

C,

Series

2022-1,

2.200%,

11/15/27

100,000

99,087

Class

C,

Series

2024-1,

5.470%,

08/15/29

200,000

203,416

CarMax

Auto

Owner

Trust

2024-4

Class

A3,

Series

2024-4,

4.600%,

10/15/29

250,000

252,128

CarMax

Auto

Owner

Trust

2025-2

Class

A4,

Series

2025-2,

4.650%,

11/15/30

175,000

177,606

CarMax

Select

Receivables

Trust

2025-A

Class

A3,

Series

2025-A,

4.770%,

09/17/29

200,000

201,533

Carvana

Auto

Receivables

Trust

Class

C,

Series

2022-P1,

3.300%,

04/10/28

300,000

294,581

Drive

Auto

Receivables

Trust

2024-2

Class

D,

Series

2024-2,

4.940%,

05/17/32

100,000

99,622

Drive

Auto

Receivables

Trust

2025-1

Class

A3,

Series

2025-1,

4.730%,

09/15/32

150,000

150,706

Drive

Auto

Receivables

Trust

2025-2

Class

C,

Series

2025-2,

4.390%,

09/15/32

150,000

149,494

Exeter

Automobile

Receivables

Trust

2024-4

Class

D,

Series

2024-4A,

5.810%,

12/16/30

100,000

101,306

Ford

Credit

Auto

Lease

Trust

2024-B

Class

A4,

Series

2024-B,

4.990%,

01/15/28

275,000

277,902

Ford

Credit

Auto

Lease

Trust

2025-A

Class

A3,

Series

2025-A,

4.720%,

06/15/28

200,000

201,728

#### Asset-Backed

#### Securities

#### -

#### Non-Agency
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Ford

Credit

Auto

Owner

Trust

Class

A4,

Series

2023-A,

4.560%,

12/15/28

250,000

251,355

Ford

Credit

Auto

Owner

Trust

2023-B

Class

A4,

Series

2023-B,

5.060%,

02/15/29

150,000

151,879

Ford

Credit

Auto

Owner

Trust

2023-C

Class

A4,

Series

2023-C,

5.490%,

05/15/29

175,000

178,762

Ford

Credit

Floorplan

Master

Owner

Trust

A

Class

A,

Series

2018-4,

4.060%,

11/15/30

200,000

199,767

Class

A1,

Series

2025-1,

4.630%,

04/15/30

100,000

101,570

GM

Financial

Automobile

Leasing

Trust

Class

A3,

Series

2025-1,

4.660%,

02/21/28

125,000

126,069

GM

Financial

Consumer

Automobile

Receivables

Trust

Class

A3,

Series

2025-2,

4.280%,

04/16/30

250,000

251,564

Class

A4,

Series

2024-3,

5.090%,

11/16/29

300,000

305,870

Harley-Davidson

Motorcycle

Trust

Class

A4,

Series

2025-A,

4.790%,

02/15/33

200,000

204,433

Honda

Auto

Receivables

Owner

Trust

Class

A4,

Series

2023-2,

4.910%,

09/17/29

250,000

252,016

Class

A4,

Series

2023-4,

5.660%,

02/21/30

250,000

255,170

Class

A3,

Series

2024-4,

4.330%,

05/15/29

150,000

150,589

Hyundai

Auto

Receivables

Trust

Class

A3,

Series

2024-B,

4.840%,

03/15/29

150,000

151,399

Class

B,

Series

2024-B,

5.040%,

09/16/30

180,000

183,461

Mercedes-Benz

Auto

Lease

Trust

Class

A4,

Series

2024-A,

5.320%,

02/15/30

225,000

228,785

Mercedes-Benz

Auto

Receivables

Trust

Class

A4,

Series

2025-1,

4.920%,

04/15/31

150,000

153,485

Nissan

Auto

Lease

Trust

Class

C,

Series

2025-A,

5.110%,

06/15/29

280,000

283,329

Nissan

Auto

Receivables

Owner

Trust

Class

A4,

Series

2024-A,

5.180%,

04/15/31

175,000

178,759

Santander

Drive

Auto

Receivables

Trust

Class

C,

Series

2023-5,

6.430%,

02/18/31

225,000

233,292

Class

C,

Series

2023-6,

6.400%,

03/17/31

125,000

129,027

Class

B,

Series

2024-5,

4.630%,

08/15/29

100,000

100,238

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Asset-Backed

#### Securities

#### -

#### Non-Agency
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Class

D,

Series

2024-5,

5.140%,

02/17/32

300,000

300,512

Toyota

Auto

Receivables

Owner

Trust

Class

A4,

Series

2023-C,

5.010%,

02/15/29

125,000

126,906

Class

A3,

Series

2025-B,

4.340%,

11/15/29

250,000

251,760

Class

A4,

Series

2024-D,

4.430%,

04/15/30

200,000

202,132

Volkswagen

Auto

Lease

Trust

Class

A4,

Series

2025-A,

4.560%,

03/20/30

310,000

313,002

Volkswagen

Auto

Loan

Enhanced

Trust

Class

A4,

Series

2023-2,

5.570%,

04/22/30

100,000

102,356

Class

A3,

Series

2024-1,

4.630%,

07/20/29

125,000

126,288

World

Omni

Auto

Receivables

Trust

Class

A4,

Series

2024-B,

5.230%,

07/15/30

100,000

102,138

Class

A4,

Series

2025-A,

4.860%,

11/15/30

200,000

204,904

#### Total

#### Asset-Backed

#### Securities

#### -

#### Non-

#### Agency

#### (Cost

#### $9,129,318)

#### 9,148,371

#### Commercial

#### Mortgage-Backed

#### Securities

#### -

#### Non-Agency

#### 10.0%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
BANK

Class

A3,

Series

2018-BN15,

4.138%,

11/15/61

105,048

104,589

Class

A3,

Series

2023-5YR4,

6.500%,

12/15/56

86,561

91,185

Class

A2,

Series

2019-BN18,

3.474%,

05/15/62

125,000

121,873

Class

A2,

Series

2019-BN16,

3.933%,

02/15/52

56,261

55,763

Class

AS,

Subordinated

Series

2017-BNK9,

3.829%,

11/15/54

(a) 100,000

95,735

Class

A3,

Series

2018-BN12,

3.990%,

05/15/61

100,000

99,222

Class

A4,

Series

2018-BN12,

4.255%,

05/15/61

(a) 300,000

299,224

Class

A3,

Series

2024-5YR8,

5.884%,

08/15/57

300,000

314,585

Class

A3,

Series

2024-5YR10,

5.302%,

10/15/57

250,000

257,727

Class

A2,

Series

2024-5YR12,

5.422%,

12/15/57

385,000

398,643

Class

A3,

Series

2024-5YR12,

5.902%,

12/15/57

(a) 225,000

236,893

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Class

A3,

Series

2017-BNK3,

3.311%,

02/15/50

94,807

93,782

#### Commercial

#### Mortgage-Backed

#### Securities

#### -

#### Non-Agency
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Barclays

Commercial

Mortgage

Trust

Class

A4,

Series

2019-C5,

3.063%,

11/15/52

100,000

95,221

BBCMS

Mortgage

Trust

Class

A4,

Series

2020-C6,

2.639%,

02/15/53

225,000

208,794

Class

A3,

Series

2023-5C23,

6.675%,

12/15/56

(a) 125,000

132,713

Class

A2,

Series

2024-C30,

6.128%,

11/15/57

100,000

104,444

Class

A2B,

Series

2023-C19,

5.753%,

04/15/56

225,000

228,572

Class

A2,

Series

2024-5C29,

4.738%,

09/15/57

225,000

227,570

Class

A4,

Series

2025-5C33,

5.839%,

03/15/58

300,000

316,696

Class

A3,

Series

2025-5C34,

5.659%,

05/15/58

325,000

340,650

Benchmark

Mortgage

Trust

Class

A3,

Series

2024-V7,

6.228%,

05/15/56

(a) 200,000

211,058

Class

A3,

Series

2025-V14,

5.176%,

04/15/57

275,000

282,617

Class

A3,

Series

2025-V16,

5.439%,

08/15/58

(a) 150,000

156,056

Class

A3,

Series

2024-V8,

6.189%,

07/15/57

(a) 200,000

211,373

Class

A3,

Series

2024-V6,

5.926%,

03/15/57

200,000

208,991

Cantor

Commercial

Real

Estate

Lending

Class

A4,

Series

2019-CF2,

2.624%,

11/15/52

190,247

180,229

Class

A5,

Series

2019-CF1,

3.786%,

05/15/52

100,000

97,823

CD

Mortgage

Trust

Class

A3,

Series

2017-CD4,

3.248%,

05/10/50

135,568

133,835

CFCRE

Commercial

Mortgage

Trust

Class

AM,

Subordinated

Series

2016-C6,

3.502%,

11/10/49

(a) 50,000

48,603

CGMS

Commercial

Mortgage

Trust

Class

A3,

Series

2017-B1,

3.197%,

08/15/50

95,159

93,377

Class

A4,

Series

2017-B1,

3.458%,

08/15/50

300,000

295,140

Citigroup

Commercial

Mortgage

Trust

Class

A3,

Series

2018-C5,

3.963%,

06/10/51

167,046

165,672

Class

AS,

Subordinated

Series

2016-P6,

4.032%,

12/10/49

(a) 100,000

95,291

Class

B,

Series

2017-P7,

4.137%,

04/14/50

(a) 150,000

142,249

Class

A2,

Series

2020-GC46,

2.708%,

02/15/53

34,487

33,081

Citigroup

Commercial

Mortgage

Trust

2019-C7

Class

A3,

Series

2019-C7,

2.860%,

12/15/72

84,139

79,664

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Commercial

#### Mortgage-Backed

#### Securities

#### -

#### Non-Agency
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
COMM

Mortgage

Trust

Class

D,

Series

2015-CR26,

3.391%,

10/10/48

(a) 56,000

45,447

Class

A3,

Series

2017-COR2,

3.510%,

09/10/50

200,000

196,834

Class

C,

Series

2013-CR13,

4.944%,

11/10/46

(a) 4,887

4,805

GS

Mortgage

Securities

Trust

Class

C,

Subordinated

Series

2016-

GS3,

3.967%,

10/10/49

(a) 75,000

71,538

JPMBB

Commercial

Mortgage

Securities

Trust

Class

AS,

Series

2016-C2,

3.484%,

06/15/49

100,000

93,738

Class

B,

Series

2017-C5,

4.009%,

03/15/50

(a) 150,000

126,077

JPMCC

Commercial

Mortgage

Securities

Trust

Class

A3,

Series

2019-COR4,

3.763%,

03/10/52

100,000

98,260

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Class

C,

Subordinated

Series

2016-

C31,

4.245%,

11/15/49

(a) 50,000

44,785

Morgan

Stanley

Capital

I

Class

A3,

Series

2017-HR2,

3.330%,

12/15/50

123,768

121,813

Morgan

Stanley

Capital

I

Trust

Class

A4,

Series

2016-UB12,

3.596%,

12/15/49

150,000

148,003

Class

A3,

Series

2021-L6,

2.196%,

06/15/54

(a) 200,000

181,108

Class

A4,

Series

2019-H7,

3.261%,

07/15/52

200,000

191,861

SG

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-C5,

3.055%,

10/10/48

150,000

147,956

Wells

Fargo

Commercial

Mortgage

Trust

Class

C,

Series

2017-C39,

4.118%,

09/15/50

100,000

90,619

Class

A4,

Series

2017-C41,

3.472%,

11/15/50

100,000

98,202

Class

A4,

Series

2019-C54,

3.146%,

12/15/52

250,000

237,768

Class

ASB,

Series

2021-C61,

2.525%,

11/15/54

325,000

307,376

Class

A2,

Series

2024-5C2,

5.439%,

11/15/57

325,000

333,639

Class

A3,

Series

2025-5C5,

5.590%,

07/15/58

300,000

313,459

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### -

#### Non-Agency

#### (Cost

#### $9,067,570)

#### 9,112,228

#### Corporate

#### Bonds

#### 49.4%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Aerospace

#### &

#### Defense

#### 1.1%
AAR

Escrow

Issuer

LLC

6.750%,

03/15/29

(b) 50,000

51,625

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Axon

Enterprise,

Inc.

6.125%,

03/15/30

(b) 50,000

51,545

Boeing

Co.

(The)

5.150%,

05/01/30

300,000

308,303

Howmet

Aerospace,

Inc.

5.900%,

02/01/27

50,000

51,060

Huntington

Ingalls

Industries,

Inc.

2.043%,

08/16/28

85,000

80,016

L3Harris

Technologies,

Inc.

4.400%,

06/15/28

40,000

40,205

5.050%,

06/01/29

25,000

25,692

Northrop

Grumman

Corp.

3.250%,

01/15/28

60,000

59,036

Spirit

AeroSystems,

Inc.

9.375%,

11/30/29

(b) 85,000

89,308

Textron,

Inc.

3.650%,

03/15/27

25,000

24,805

TransDigm,

Inc.

6.375%,

03/01/29

(b) 200,000

205,373

#### Total

#### 986,968

#### Airlines

#### 0.6%
Allegiant

Travel

Co.

7.250%,

08/15/27

(b) 57,000

57,643

American

Airlines

Pass

Through

Trust

Class

A,

Series

2015-1,

3.375%,

05/01/27

67,435

66,342

Class

AA,

Series

AA,

3.575%,

01/15/28

28,597

28,105

American

Airlines,

Inc.

7.250%,

02/15/28

(b) 120,000

122,762

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(b) 15,000

15,025

5.750%,

04/20/29

(b) 50,000

50,361

Delta

Air

Lines,

Inc.

3.750%,

10/28/29

25,000

24,333

4.375%,

04/19/28

50,000

50,036

4.950%,

07/10/28

25,000

25,352

Southwest

Airlines

Co.

2.625%,

02/10/30

80,000

73,714

United

Airlines,

Inc.

4.625%,

04/15/29

(b) 33,000

32,683

#### Total

#### 546,356

#### Apartment

#### REIT

#### 0.1%
American

Homes

Rent

LP

2.375%,

07/15/31

50,000

44,356

Essex

Portfolio

LP

3.000%,

01/15/30

60,000

56,830

Invitation

Homes

Operating

Partnership

LP

4.150%,

04/15/32

25,000

24,171

#### Total

#### 125,357

#### Automotive

#### 1.3%
Adient

Global

Holdings

Ltd.

7.000%,

04/15/28

(b) 50,000

51,189

Allison

Transmission,

Inc.

5.875%,

06/01/29

(b) 50,000

50,396

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.750%,

05/15/28

(b) 60,000

61,364

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Ford

Motor

Co.

3.250%,

02/12/32

50,000

43,572

Ford

Motor

Credit

Co.

LLC

4.000%,

11/13/30

120,000

112,627

5.800%,

03/08/29

50,000

50,849

General

Motors

Financial

Co.,

Inc.

5.550%,

07/15/29

100,000

103,593

Jaguar

Land

Rover

Automotive

PLC

5.875%,

01/15/28

(b) 80,000

80,098

Lear

Corp.

3.500%,

05/30/30

25,000

23,992

4.250%,

05/15/29

25,000

24,865

Nissan

Motor

Acceptance

Co.

LLC

2.750%,

03/09/28

(b) 75,000

70,287

7.050%,

09/15/28

(b) 125,000

129,330

Nissan

Motor

Co.

Ltd.

4.345%,

09/17/27

(b) 200,000

195,812

ZF

North

America

Capital,

Inc.

6.875%,

04/14/28

(b) 150,000

150,885

#### Total

#### 1,148,859

#### Banking

#### 2.6%
Ally

Financial,

Inc.

2.200%,

11/02/28

100,000

93,346

American

Express

Co.

4.989%,

(SOFRRATE

+

2.255%),

05/26/33

(c) 25,000

25,570

Bank

of

Montreal

3.088%,

(US

Year

CMT

T-Note

+

1.400%),

01/10/37

(c) 40,000

35,733

3.803%,

(USD

Year

Swap

+

1.432%),

12/15/32

(c) 25,000

24,567

Barclays

PLC

5.367%,

(SOFRRATE

+

1.230%),

02/25/31

(c) 200,000

206,135

Capital

One

Financial

Corp.

4.100%,

02/09/27

100,000

99,829

Series

.,

7.624%,

(SOFRRATE

+

3.070%),

10/30/31

(c) 60,000

67,670

Citigroup,

Inc.

5.592%,

(US

Year

CMT

T-Note

+

1.280%),

11/19/34

(c) 350,000

358,174

Citizens

Financial

Group,

Inc.

5.253%,

(SOFRRATE

+

1.259%),

03/05/31

(c) 30,000

30,647

Comerica,

Inc.

4.000%,

02/01/29

90,000

89,026

Deutsche

Bank

AG/New

York

NY

6.819%,

(SOFRRATE

+

2.510%),

11/20/29

(c) 150,000

160,091

Fifth

Third

Bancorp

5.631%,

(SOFRRATE

+

1.840%),

01/29/32

(c) 60,000

62,739

FNB

Corp./Pa

5.722%,

(SOFRINDX

+

1.930%),

12/11/30

(c) 50,000

50,923

Goldman

Sachs

Group,

Inc.

(The)

5.950%,

01/15/27

80,000

81,785

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Huntington

Bancshares,

Inc./Oh

2.550%,

02/04/30

65,000

60,217

KeyCorp

Series

MTN,

2.550%,

10/01/29

60,000

56,253

M&T

Bank

Corp.

5.179%,

(SOFRRATE

+

1.400%),

07/08/31

(c) 50,000

51,043

Morgan

Stanley

2.484%,

(SOFRRATE

+

1.360%),

09/16/36

(c) 250,000

217,869

3.950%,

04/23/27

100,000

99,748

Regions

Financial

Corp.

1.800%,

08/12/28

40,000

37,494

Santander

Holdings

USA,

Inc.

5.353%,

(SOFRRATE

+

1.940%),

09/06/30

(c) 50,000

50,941

Santander

UK

Group

Holdings

PLC

4.858%,

(SOFRINDX

+

1.554%),

09/11/30

(c) 200,000

202,394

Southstate

Corp.

7.000%,

(SOFRRATE

+

3.190%),

06/13/35

(c) 55,000

57,395

Synchrony

Financial

3.950%,

12/01/27

85,000

84,288

Synovus

Financial

Corp.

6.168%,

(SOFRRATE

+

2.347%),

11/01/30

(c) 15,000

15,502

Webster

Financial

Corp.

4.100%,

03/25/29

85,000

83,524

#### Total

#### 2,402,903

#### Brokerage

#### 0.2%
Nomura

Holdings,

Inc.

3.103%,

01/16/30

200,000

189,284

#### Brokerage/Asset

#### Managers/Exchanges

#### 0.4%
Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

50,000

47,544

BGC

Group,

Inc.

6.600%,

06/10/29

25,000

26,024

Coinbase

Global,

Inc.

3.375%,

10/01/28

(b) 50,000

47,658

Jane

Street

Group

/

JSG

Finance,

Inc.

4.500%,

11/15/29

(b) 100,000

97,421

Jefferies

Financial

Group,

Inc.

2.625%,

10/15/31

100,000

87,762

Nasdaq,

Inc.

1.650%,

01/15/31

50,000

43,905

Nuveen

Churchill

Direct

Lending

Corp.

6.650%,

03/15/30

5,000

5,142

#### Total

#### 355,456

#### Building

#### Materials

#### 0.7%
Amrize

Finance

US

LLC

4.600%,

04/07/27

(b) 25,000

25,149

Builders

FirstSource,

Inc.

5.000%,

03/01/30

(b) 50,000

49,508

CRH

Smw

Finance

Dac

5.200%,

05/21/29

50,000

51,542

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Martin

Marietta

Materials,

Inc.

2.400%,

07/15/31

25,000

22,455

3.500%,

12/15/27

40,000

39,531

Masco

Corp.

2.000%,

02/15/31

30,000

26,378

3.500%,

11/15/27

25,000

24,665

Owens

Corning

3.875%,

06/01/30

25,000

24,478

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(b) 60,000

59,760

Standard

Industries,

Inc.

4.375%,

07/15/30

(b) 25,000

24,119

4.750%,

01/15/28

(b) 93,000

92,642

Stanley

Black

&

Decker,

Inc.

2.300%,

03/15/30

25,000

22,764

4.250%,

11/15/28

25,000

24,969

6.000%,

03/06/28

50,000

51,851

Vulcan

Materials

Co.

4.950%,

12/01/29

50,000

51,283

#### Total

#### 591,094

#### Cable

#### and

#### Satellite

#### 1.4%
CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.500%,

08/15/30

(b) 150,000

140,334

4.750%,

03/01/30

(b) 200,000

189,846

5.125%,

05/01/27

(b) 190,000

188,917

6.375%,

09/01/29

(b) 116,000

117,119

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.800%,

04/01/31

87,000

78,093

5.050%,

03/30/29

50,000

50,467

Paramount

Global

4.950%,

01/15/31

25,000

24,515

Sirius

XM

Radio

LLC

4.000%,

07/15/28

(b) 100,000

97,213

5.000%,

08/01/27

(b) 90,000

89,879

Viasat,

Inc.

5.625%,

04/15/27

(b) 70,000

69,955

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(b) 250,000

245,288

#### Total

#### 1,291,626

#### Chemicals

#### 1.2%
Albemarle

Corp.

5.050%,

06/01/32

50,000

49,735

Axalta

Coating

Systems

LLC

3.375%,

02/15/29

(b) 60,000

57,068

Celanese

US

Holdings

LLC

6.665%,

07/15/27

32,000

32,819

6.830%,

07/15/29

100,000

102,252

6.850%,

11/15/28

175,000

180,955

Dow

Chemical

Co.

(The)

2.100%,

11/15/30

60,000

53,197

7.375%,

11/01/29

25,000

27,649

DuPont

de

Nemours

Inc

4.725%,

11/15/28

(b) 100,000

101,726

Eastman

Chemical

Co.

5.000%,

08/01/29

70,000

71,290

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Huntsman

International

LLC

4.500%,

05/01/29

75,000

69,333

INEOS

Finance

PLC

7.500%,

04/15/29

(b) 25,000

23,172

Ingevity

Corp.

3.875%,

11/01/28

(b) 50,000

48,182

Methanex

Corp.

5.250%,

12/15/29

50,000

49,763

Mosaic

Co.

(The)

4.050%,

11/15/27

50,000

49,889

Nutrien

Ltd.

4.200%,

04/01/29

60,000

59,893

Olin

Corp.

5.000%,

02/01/30

50,000

48,559

RPM

International,

Inc.

3.750%,

03/15/27

50,000

49,642

Sherwin-Williams

Co.

(The)

3.450%,

06/01/27

40,000

39,626

#### Total

#### 1,114,750

#### Construction

#### Machinery

#### 0.5%
CNH

Industrial

Capital

LLC

5.100%,

04/20/29

50,000

51,185

Herc

Holdings,

Inc.

6.625%,

06/15/29

(b) 60,000

61,980

7.000%,

06/15/30

(b) 75,000

78,528

Oshkosh

Corp.

4.600%,

05/15/28

50,000

50,388

RB

Global

Holdings,

Inc.

6.750%,

03/15/28

(b) 50,000

51,096

United

Rentals

North

America,

Inc.

3.875%,

11/15/27

150,000

148,081

4.875%,

01/15/28

50,000

49,954

#### Total

#### 491,212

#### Consumer

#### Cyclical

#### Services

#### 1.1%
ADT

Security

Corp.

(The)

4.125%,

08/01/29

(b) 100,000

96,872

Block

Financial

LLC

3.875%,

08/15/30

50,000

48,265

5.375%,

09/15/32

100,000

101,476

Brink's

Co.

(The)

4.625%,

10/15/27

(b) 70,000

69,535

CBRE

Services,

Inc.

5.500%,

04/01/29

25,000

25,905

Cushman

&

Wakefield

US

Borrower

LLC

6.750%,

05/15/28

(b) 50,000

50,348

Expedia

Group,

Inc.

3.250%,

02/15/30

90,000

85,898

GEO

Group,

Inc.

(The)

8.625%,

04/15/29

50,000

52,771

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

5.250%,

12/01/27

(b) 100,000

99,932

Match

Group

Holdings

II

LLC

4.625%,

06/01/28

(b) 50,000

49,286

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(b) 90,000

87,557

Service

Corp.

International

3.375%,

08/15/30

100,000

92,934

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
5.125%,

06/01/29

40,000

40,103

Uber

Technologies,

Inc.

4.150%,

01/15/31

75,000

74,391

#### Total

#### 975,273

#### Consumer

#### Products

#### 0.3%
Brunswick

Corp./de

5.850%,

03/18/29

25,000

25,813

Clorox

Co.

(The)

3.100%,

10/01/27

40,000

39,357

Edgewell

Personal

Care

Co.

4.125%,

04/01/29

(b) 50,000

47,518

Haleon

US

Capital

LLC

3.375%,

03/24/29

60,000

58,444

Hasbro,

Inc.

3.900%,

11/19/29

30,000

29,329

Somnigroup

International,

Inc.

4.000%,

04/15/29

(b) 50,000

48,142

Whirlpool

Corp.

2.400%,

05/15/31

50,000

41,607

#### Total

#### 290,210

#### Diversified

#### Manufacturing

#### 1.2%
Carrier

Global

Corp.

2.493%,

02/15/27

90,000

88,206

Chart

Industries,

Inc.

7.500%,

01/01/30

(b) 50,000

52,129

Dover

Corp.

2.950%,

11/04/29

50,000

47,669

Flowserve

Corp.

3.500%,

10/01/30

50,000

47,618

Hubbell,

Inc.

2.300%,

03/15/31

25,000

22,559

3.150%,

08/15/27

50,000

49,135

Ingersoll

Rand,

Inc.

5.314%,

06/15/31

50,000

52,189

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA

1.750%,

09/15/30

60,000

53,314

Leggett

&

Platt,

Inc.

4.400%,

03/15/29

50,000

49,230

Nordson

Corp.

5.600%,

09/15/28

50,000

51,787

Otis

Worldwide

Corp.

2.565%,

02/15/30

60,000

55,944

Regal

Rexnord

Corp.

6.300%,

02/15/30

31,000

32,804

RTX

Corp.

4.125%,

11/16/28

160,000

160,147

Timken

Co.

(The)

4.500%,

12/15/28

50,000

50,181

Trane

Technologies

Global

Holding

Co.

Ltd.

3.750%,

08/21/28

40,000

39,744

Vertiv

Group

Corp.

4.125%,

11/15/28

(b) 50,000

49,261

Vontier

Corp.

2.400%,

04/01/28

50,000

47,665

WESCO

Distribution,

Inc.

6.375%,

03/15/29

(b) 95,000

98,007

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Westinghouse

Air

Brake

Technologies

Corp.

4.700%,

09/15/28

60,000

60,698

#### Total

#### 1,108,287

#### Electric

#### 2.9%
AES

Corp.

(The)

2.450%,

01/15/31

100,000

90,565

5.450%,

06/01/28

50,000

50,860

American

Electric

Power

Co.,

Inc.

Subordinated

3.875%,

(US

Year

CMT

T-Note

+

2.675%),

02/15/62

(c) 35,000

34,041

5.200%,

01/15/29

20,000

20,624

Avangrid,

Inc.

3.800%,

06/01/29

50,000

49,183

Black

Hills

Corp.

3.050%,

10/15/29

100,000

95,157

Calpine

Corp.

4.500%,

02/15/28

(b) 50,000

49,847

Clearway

Energy

Operating

LLC

4.750%,

03/15/28

(b) 80,000

79,526

ContourGlobal

Power

Holdings

SA

6.750%,

02/28/30

(b) 50,000

51,500

Dominion

Energy,

Inc.

Series

C,

3.375%,

04/01/30

83,000

79,763

DTE

Energy

Co.

Series

C,

3.400%,

06/15/29

60,000

58,147

5.200%,

04/01/30

50,000

51,567

Duke

Energy

Corp.

4.300%,

03/15/28

60,000

60,197

Edison

International

5.250%,

11/15/28

50,000

50,328

5.250%,

03/15/32

50,000

49,486

6.950%,

11/15/29

60,000

63,716

Evergy

Kansas

Central,

Inc.

4.700%,

03/13/28

50,000

50,500

Eversource

Energy

Series

R,

1.650%,

08/15/30

100,000

87,998

Exelon

Corp.

4.050%,

04/15/30

50,000

49,544

FirstEnergy

Corp.

Series

B,

2.250%,

09/01/30

60,000

54,175

2.650%,

03/01/30

50,000

46,410

Series

B,

3.900%,

07/15/27

30,000

29,810

IPALCO

Enterprises,

Inc.

4.250%,

05/01/30

10,000

9,786

NextEra

Energy

Capital

Holdings,

Inc.

1.900%,

06/15/28

50,000

47,376

2.250%,

06/01/30

45,000

41,230

3.550%,

05/01/27

40,000

39,697

NRG

Energy,

Inc.

5.750%,

01/15/28

50,000

50,191

5.750%,

07/15/29

(b) 50,000

50,219

Pacific

Gas

and

Electric

Co.

2.100%,

08/01/27

85,000

81,723

2.500%,

02/01/31

75,000

67,085

3.750%,

07/01/28

80,000

78,620

PG&E

Corp.

5.000%,

07/01/28

50,000

49,618

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
5.250%,

07/01/30

200,000

197,971

7.375%,

(US

Year

CMT

T-Note

+

3.883%),

03/15/55

(c) 50,000

51,459

PPL

Capital

Funding,

Inc.

4.125%,

04/15/30

50,000

49,657

Public

Service

Enterprise

Group,

Inc.

5.850%,

11/15/27

60,000

62,021

Puget

Energy,

Inc.

2.379%,

06/15/28

50,000

47,612

Southern

Co.

(The)

5.500%,

03/15/29

60,000

62,388

TerraForm

Power

Operating

LLC

4.750%,

01/15/30

(b) 50,000

47,965

5.000%,

01/31/28

(b) 50,000

49,833

Vistra

Operations

Co.

LLC

4.375%,

05/01/29

(b) 75,000

73,666

WEC

Energy

Group,

Inc.

5.150%,

10/01/27

25,000

25,460

Wisconsin

Power

And

Light

Co.

3.000%,

07/01/29

20,000

19,193

XPLR

Infrastructure

Operating

Partners

LP

4.500%,

09/15/27

(b) 50,000

48,911

7.250%,

01/15/29

(b) 160,000

164,584

#### Total

#### 2,669,209

#### Environmental

#### 0.1%
GFL

Environmental,

Inc.

4.375%,

08/15/29

(b) 50,000

48,842

4.750%,

06/15/29

(b) 50,000

49,497

#### Total

#### 98,339

#### Finance

#### Companies

#### 3.3%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

300,000

277,058

Air

Lease

Corp.

3.125%,

12/01/30

135,000

124,764

5.300%,

02/01/28

50,000

50,813

Apollo

Debt

Solutions

BDC

6.900%,

04/13/29

50,000

52,328

Ares

Capital

Corp.

Series

.,

5.800%,

03/08/32

100,000

100,960

Bain

Capital

Specialty

Finance,

Inc.

5.950%,

03/15/30

25,000

24,913

Barings

BDC,

Inc.

7.000%,

02/15/29

50,000

51,659

Barings

Private

Credit

Corp.

6.150%,

06/11/30

(b) 25,000

24,823

Blackstone

Private

Credit

Fund

4.000%,

01/15/29

60,000

58,306

Blackstone

Secured

Lending

Fund

2.850%,

09/30/28

50,000

47,179

Blue

Owl

Capital

Corp.

2.875%,

06/11/28

25,000

23,607

6.200%,

07/15/30

75,000

76,663

Blue

Owl

Credit

Income

Corp.

7.950%,

06/13/28

80,000

84,957

Bread

Financial

Holdings,

Inc.

9.750%,

03/15/29

(b) 50,000

53,365

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Equitable

Holdings,

Inc.

4.350%,

04/20/28

40,000

40,099

FirstCash,

Inc.

4.625%,

09/01/28

(b) 25,000

24,668

5.625%,

01/01/30

(b) 100,000

100,142

Franklin

BSP

Capital

Corp.

7.200%,

06/15/29

25,000

25,768

FS

KKR

Capital

Corp.

3.125%,

10/12/28

75,000

69,201

3.250%,

07/15/27

50,000

48,026

6.875%,

08/15/29

50,000

50,720

FTAI

Aviation

Investors

LLC

5.500%,

05/01/28

(b) 60,000

60,018

GATX

Corp.

3.500%,

06/01/32

50,000

46,405

4.700%,

04/01/29

40,000

40,508

GGAM

Finance

Ltd.

8.000%,

06/15/28

(b) 50,000

53,081

Global

Aircraft

Leasing

Co.

Ltd.

8.750%,

09/01/27

(b) 50,000

51,408

goeasy

Ltd.

7.625%,

07/01/29

(b) 90,000

90,752

Golub

Capital

BDC,

Inc.

6.000%,

07/15/29

60,000

60,927

HPS

Corporate

Lending

Fund

5.950%,

04/14/32

50,000

50,254

Main

Street

Capital

Corp.

5.400%,

08/15/28

25,000

24,983

Morgan

Stanley

Direct

Lending

Fund

6.150%,

05/17/29

50,000

51,397

Navient

Corp.

5.500%,

03/15/29

92,000

90,271

New

Mountain

Finance

Corp.

6.875%,

02/01/29

25,000

25,422

Oaktree

Specialty

Lending

Corp.

2.700%,

01/15/27

25,000

24,233

Oaktree

Strategic

Credit

Fund

8.400%,

11/14/28

50,000

53,908

OneMain

Finance

Corp.

3.500%,

01/15/27

115,000

113,122

3.875%,

09/15/28

60,000

57,912

4.000%,

09/15/30

25,000

23,246

6.125%,

05/15/30

50,000

50,581

6.625%,

05/15/29

50,000

51,462

PennyMac

Financial

Services,

Inc.

7.875%,

12/15/29

(b) 50,000

53,127

Rocket

Cos.,

Inc.

6.125%,

08/01/30

(b) 150,000

154,822

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

2.875%,

10/15/26

(b) 100,000

98,206

Sixth

Street

Lending

Partners

6.125%,

07/15/30

(b) 50,000

51,336

SLM

Corp.

3.125%,

11/02/26

35,000

34,390

6.500%,

01/31/30

25,000

25,928

United

Wholesale

Mortgage

LLC

5.500%,

04/15/29

(b) 75,000

73,846

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
UWM

Holdings

LLC

6.625%,

02/01/30

(b) 50,000

50,979

#### Total

#### 2,972,543

#### Food

#### and

#### Beverage

#### 1.4%
Bunge

Ltd.

Finance

Corp.

4.200%,

09/17/29

50,000

49,941

Conagra

Brands,

Inc.

4.850%,

11/01/28

60,000

60,650

Constellation

Brands,

Inc.

4.350%,

05/09/27

85,000

85,243

Darling

Ingredients,

Inc.

5.250%,

04/15/27

(b) 50,000

49,932

Flowers

Foods,

Inc.

2.400%,

03/15/31

50,000

44,358

General

Mills,

Inc.

2.875%,

04/15/30

60,000

56,530

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc.

12.250%,

04/15/29

(b) 20,000

21,720

Ingredion,

Inc.

2.900%,

06/01/30

25,000

23,431

J

M

Smucker

Co.

(The)

5.900%,

11/15/28

35,000

36,686

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co

Sarl

3.000%,

05/15/32

29,000

25,953

Kellanova

Series

B,

7.450%,

04/01/31

100,000

114,814

Keurig

Dr

Pepper,

Inc.

3.200%,

05/01/30

75,000

70,946

Kraft

Heinz

Foods

Co.

4.250%,

03/01/31

100,000

98,504

Lamb

Weston

Holdings,

Inc.

4.875%,

05/15/28

(b) 50,000

50,048

McCormick

&

Co.,

Inc.

1.850%,

02/15/31

50,000

43,939

McCormick

&

Co.,

Inc./Md

3.400%,

08/15/27

25,000

24,700

Mondelez

International,

Inc.

2.750%,

04/13/30

60,000

56,311

Pilgrim's

Pride

Corp.

3.500%,

03/01/32

25,000

22,892

The

Campbell's

Company

2.375%,

04/24/30

60,000

54,911

Tyson

Foods,

Inc.

3.550%,

06/02/27

25,000

24,749

4.350%,

03/01/29

60,000

60,059

US

Foods,

Inc.

4.750%,

02/15/29

(b) 50,000

49,481

6.875%,

09/15/28

(b) 100,000

103,164

#### Total

#### 1,228,962

#### Gaming

#### 1.1%
Boyd

Gaming

Corp.

4.750%,

12/01/27

25,000

24,901

Brightstar

Lottery

PLC

5.250%,

01/15/29

(b) 50,000

49,823

Caesars

Entertainment,

Inc.

7.000%,

02/15/30

(b) 100,000

102,941

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.300%,

01/15/29

40,000

40,767

Las

Vegas

Sands

Corp.

6.000%,

08/15/29

50,000

52,059

Melco

Resorts

Finance

Ltd.

5.375%,

12/04/29

(b) 200,000

196,196

MGM

Resorts

International

5.500%,

04/15/27

50,000

50,265

6.125%,

09/15/29

50,000

50,903

VICI

Properties

LP

4.950%,

02/15/30

25,000

25,263

5.125%,

05/15/32

25,000

25,198

5.125%,

11/15/31

25,000

25,296

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

5.250%,

05/15/27

(b) 50,000

50,090

Wynn

Macau

Ltd.

5.125%,

12/15/29

(b) 200,000

196,909

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

5.125%,

10/01/29

(b) 100,000

100,033

#### Total

#### 990,644

#### Health

#### Care

#### 3.4%
Agilent

Technologies,

Inc.

2.100%,

06/04/30

10,000

9,092

Avantor

Funding,

Inc.

3.875%,

11/01/29

(b) 40,000

37,985

4.625%,

07/15/28

(b) 90,000

88,526

Baxter

International,

Inc.

1.915%,

02/01/27

110,000

106,883

Becton

Dickinson

&

Co.

1.957%,

02/11/31

25,000

22,100

4.693%,

02/13/28

30,000

30,329

Cardinal

Health,

Inc.

3.410%,

06/15/27

30,000

29,695

Cencora,

Inc.

3.450%,

12/15/27

40,000

39,484

4.625%,

12/15/27

25,000

25,279

Charles

River

Laboratories

International,

Inc.

3.750%,

03/15/29

(b) 50,000

47,947

Cigna

Group

(The)

3.400%,

03/01/27

50,000

49,561

4.375%,

10/15/28

150,000

150,906

CVS

Health

Corp.

4.300%,

03/25/28

330,000

330,497

DaVita,

Inc.

4.625%,

06/01/30

(b) 150,000

144,744

DENTSPLY

SIRONA,

Inc.

3.250%,

06/01/30

50,000

46,396

Encompass

Health

Corp.

4.750%,

02/01/30

50,000

49,418

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/27

100,000

102,918

HCA,

Inc.

3.625%,

03/15/32

250,000

235,271

Hologic,

Inc.

3.250%,

02/15/29

(b) 50,000

49,347

IQVIA,

Inc.

5.000%,

05/15/27

(b) 70,000

69,998

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
6.250%,

02/01/29

25,000

26,352

6.500%,

05/15/30

(b) 25,000

25,938

Laboratory

Corp.

of

America

Holdings

4.550%,

04/01/32

50,000

49,749

Medline

Borrower

LP

3.875%,

04/01/29

(b) 355,000

344,877

National

Health

Investors,

Inc.

3.000%,

02/01/31

50,000

45,067

Quest

Diagnostics,

Inc.

2.800%,

06/30/31

50,000

45,973

4.200%,

06/30/29

50,000

50,097

Revvity,

Inc.

3.300%,

09/15/29

30,000

28,761

Smith

&

Nephew

PLC

5.150%,

03/20/27

50,000

50,605

Solventum

Corp.

5.450%,

03/13/31

50,000

52,037

Stryker

Corp.

1.950%,

06/15/30

50,000

45,247

4.250%,

09/11/29

35,000

35,170

Teleflex,

Inc.

4.625%,

11/15/27

50,000

49,721

Tenet

Healthcare

Corp.

4.250%,

06/01/29

14,000

13,671

4.375%,

01/15/30

150,000

146,402

5.125%,

11/01/27

150,000

149,970

6.125%,

06/15/30

100,000

101,832

Universal

Health

Services,

Inc.

2.650%,

10/15/30

50,000

45,373

2.650%,

01/15/32

30,000

26,225

4.625%,

10/15/29

50,000

50,116

Zimmer

Biomet

Holdings,

Inc.

2.600%,

11/24/31

50,000

45,030

5.050%,

02/19/30

5,000

5,139

#### Total

#### 3,099,728

#### Healthcare

#### Insurance

#### 0.5%
Centene

Corp.

2.500%,

03/01/31

75,000

64,585

3.375%,

02/15/30

80,000

73,649

4.625%,

12/15/29

135,000

130,973

Elevance

Health,

Inc.

4.101%,

03/01/28

40,000

39,956

Humana,

Inc.

1.350%,

02/03/27

85,000

82,073

Molina

Healthcare,

Inc.

4.375%,

06/15/28

(b) 100,000

97,602

#### Total

#### 488,838

#### Healthcare

#### REIT

#### 0.5%
Alexandria

Real

Estate

Equities,

Inc.

4.700%,

07/01/30

50,000

50,388

Healthcare

Realty

Holdings

LP

3.625%,

01/15/28

60,000

59,015

Healthpeak

OP

LLC

2.125%,

12/01/28

50,000

46,865

3.500%,

07/15/29

50,000

48,469

Omega

Healthcare

Investors,

Inc.

4.750%,

01/15/28

85,000

85,575

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Sabra

Health

Care

LP

3.200%,

12/01/31

50,000

45,336

3.900%,

10/15/29

50,000

48,583

Ventas

Realty

LP

2.500%,

09/01/31

25,000

22,401

#### Total

#### 406,632

#### Home

#### Construction

#### 0.4%
Century

Communities,

Inc.

3.875%,

08/15/29

(b) 50,000

46,915

Mattamy

Group

Corp.

4.625%,

03/01/30

(b) 50,000

48,530

MDC

Holdings,

Inc.

3.850%,

01/15/30

160,000

154,277

Millrose

Properties,

Inc.

6.375%,

08/01/30

(b) 25,000

25,356

Sekisui

House

US,

Inc.

2.500%,

01/15/31

50,000

44,345

Taylor

Morrison

Communities,

Inc.

5.125%,

08/01/30

(b) 50,000

49,886

#### Total

#### 369,309

#### Independent

#### Energy

#### 1.5%
APA

Corp.

Series

.,

4.250%,

01/15/30

6,000

5,855

Baytex

Energy

Corp.

8.500%,

04/30/30

(b) 30,000

30,718

California

Resources

Corp.

8.250%,

06/15/29

(b) 60,000

62,405

Canadian

Natural

Resources

Ltd.

3.850%,

06/01/27

44,000

43,745

Civitas

Resources,

Inc.

8.375%,

07/01/28

(b) 100,000

103,277

Coterra

Energy,

Inc.

4.375%,

03/15/29

85,000

84,901

Devon

Energy

Corp.

4.500%,

01/15/30

50,000

50,093

7.875%,

09/30/31

25,000

28,913

Diamondback

Energy,

Inc.

3.125%,

03/24/31

60,000

55,804

5.150%,

01/30/30

50,000

51,337

EQT

Corp.

6.500%,

07/01/27

75,000

76,685

7.000%,

02/01/30

19,000

20,619

Expand

Energy

Corp.

4.750%,

02/01/32

75,000

73,762

Gulfport

Energy

Operating

Corp.

6.750%,

09/01/29

(b) 50,000

51,089

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

5.750%,

02/01/29

(b) 65,000

63,708

6.000%,

04/15/30

(b) 50,000

48,747

Matador

Resources

Co.

6.875%,

04/15/28

(b) 60,000

61,146

Occidental

Petroleum

Corp.

5.375%,

01/01/32

50,000

50,846

7.500%,

05/01/31

60,000

67,275

Ovintiv,

Inc.

7.375%,

11/01/31

50,000

55,666

8.125%,

09/15/30

50,000

56,980

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Permian

Resources

Operating

LLC

8.000%,

04/15/27

(b) 50,000

50,696

Range

Resources

Corp.

4.750%,

02/15/30

(b) 75,000

73,410

SM

Energy

Co.

6.750%,

08/01/29

(b) 100,000

99,777

#### Total

#### 1,367,454

#### Leisure

#### 0.3%
Carnival

Corp.

5.750%,

03/15/30

(b) 50,000

51,506

6.000%,

05/01/29

(b) 100,000

101,500

Live

Nation

Entertainment,

Inc.

3.750%,

01/15/28

(b) 60,000

58,697

Viking

Cruises

Ltd.

7.000%,

02/15/29

(b) 50,000

50,308

VOC

Escrow

Ltd.

5.000%,

02/15/28

(b) 50,000

49,901

#### Total

#### 311,912

#### Life

#### Insurance

#### 0.5%
APH

Somerset

Investor

LLC

/

APH2

Somerset

Investor

LLC

/

APH3

Somerset

Inves

7.875%,

11/01/29

(b) 35,000

36,059

Athene

Holding

Ltd.

3.500%,

01/15/31

25,000

23,667

4.125%,

01/12/28

19,000

18,936

Brighthouse

Financial,

Inc.

3.700%,

06/22/27

25,000

24,604

CNO

Financial

Group,

Inc.

5.250%,

05/30/29

85,000

86,370

Corebridge

Financial,

Inc.

3.850%,

04/05/29

50,000

49,271

3.900%,

04/05/32

18,000

17,119

Global

Atlantic

Fin

Co.

4.700%,

(US

Year

CMT

T-Note

+

3.796%),

10/15/51

(b),(c)

50,000

48,721

Lincoln

National

Corp.

3.050%,

01/15/30

41,000

38,959

3.800%,

03/01/28

40,000

39,634

Prudential

Financial,

Inc.

5.125%,

(US

Year

CMT

T-Note

+

3.162%),

03/01/52

(c) 10,000

9,983

5.700%,

(3-month

USD

SOFRRATE

+

2.665%),

09/15/48

(c) 25,000

25,253

Sagicor

Financial

Co.

Ltd.

5.300%,

05/13/28

(b) 50,000

49,567

#### Total

#### 468,143

#### Lodging

#### 0.4%
Hilton

Domestic

Operating

Co.,

Inc.

3.750%,

05/01/29

(b) 119,000

115,034

5.875%,

04/01/29

(b) 50,000

51,059

Hyatt

Hotels

Corp.

4.375%,

09/15/28

85,000

85,162

Marriott

International,

Inc.

Series

HH,

2.850%,

04/15/31

60,000

55,260

Travel

+

Leisure

Co.

4.500%,

12/01/29

(b) 25,000

24,252

#### Total

#### 330,767

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Media

#### and

#### Entertainment

#### 1.0%
Applovin

Corp.

5.375%,

12/01/31

50,000

51,622

Discovery

Communications

LLC

3.625%,

05/15/30

50,000

46,373

3.950%,

03/20/28

50,000

49,046

4.125%,

05/15/29

50,000

48,423

Fox

Corp.

4.709%,

01/25/29

25,000

25,298

Interpublic

Group

of

Cos.,

Inc.

(The)

4.650%,

10/01/28

50,000

49,552

Lamar

Media

Corp.

4.000%,

02/15/30

40,000

38,401

Paramount

Global

2.900%,

01/15/27

50,000

49,087

4.200%,

05/19/32

50,000

46,280

6.375%,

(US

Year

CMT

T-Note

+

3.999%),

03/30/62

(c) 60,000

59,150

7.875%,

07/30/30

40,000

44,224

ROBLOX

Corp.

3.875%,

05/01/30

(b) 40,000

38,283

Sirius

XM

Radio

LLC

3.125%,

09/01/26

(b) 50,000

49,594

4.125%,

07/01/30

(b) 50,000

47,081

Take-Two

Interactive

Software,

Inc.

4.950%,

03/28/28

60,000

61,061

TEGNA,

Inc.

4.625%,

03/15/28

80,000

79,176

5.000%,

09/15/29

75,000

74,363

Warnermedia

Holdings,

Inc.

4.054%,

03/15/29

80,000

77,712

#### Total

#### 934,726

#### Media

#### Cable

#### 0.1%
CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.000%,

02/01/28

(b) 60,000

59,395

#### Metals

#### and

#### Mining

#### 0.7%
Alcoa

Nederland

Holding

BV

4.125%,

03/31/29

(b) 38,000

36,978

AngloGold

Ashanti

Holdings

PLC

3.750%,

10/01/30

50,000

47,813

Cleveland-Cliffs,

Inc.

6.875%,

11/01/29

(b) 95,000

97,615

Fortescue

Treasury

Pty

Ltd.

4.500%,

09/15/27

(b) 70,000

69,672

Freeport-McMoRan,

Inc.

4.625%,

08/01/30

50,000

50,043

Mineral

Resources

Ltd.

9.250%,

10/01/28

(b) 100,000

104,874

Steel

Dynamics,

Inc.

3.250%,

01/15/31

50,000

47,329

5.000%,

12/15/26

50,000

50,080

Vale

Overseas

Ltd.

3.750%,

07/08/30

50,000

48,241

Yamana

Gold,

Inc.

2.630%,

08/15/31

40,000

35,724

#### Total

#### 588,369
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Midstream

#### 3.0%
Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

5.375%,

06/15/29

(b) 60,000

59,996

Boardwalk

Pipelines

LP

3.400%,

02/15/31

50,000

46,816

3.600%,

09/01/32

50,000

46,192

Buckeye

Partners

LP

3.950%,

12/01/26

85,000

84,260

6.750%,

02/01/30

(b) 50,000

52,257

Cheniere

Corpus

Christi

Holdings

LLC

3.700%,

11/15/29

50,000

48,712

5.125%,

06/30/27

40,000

40,411

Cheniere

Energy

Partners

LP

3.250%,

01/31/32

50,000

45,716

4.000%,

03/01/31

50,000

48,264

DCP

Midstream

Operating

LP

3.250%,

02/15/32

24,000

21,928

DT

Midstream,

Inc.

4.125%,

06/15/29

(b) 50,000

48,937

Enbridge,

Inc.

6.200%,

11/15/30

60,000

64,673

Energy

Transfer

LP

3.750%,

05/15/30

60,000

58,256

4.950%,

05/15/28

40,000

40,593

Hess

Midstream

Operations

LP

4.250%,

02/15/30

(b) 25,000

24,366

5.875%,

03/01/28

(b) 50,000

50,967

6.500%,

06/01/29

(b) 60,000

62,164

Kinder

Morgan,

Inc.

2.000%,

02/15/31

60,000

53,227

4.300%,

03/01/28

10,000

10,038

Series

GMTN,

7.750%,

01/15/32

25,000

28,930

Kinetik

Holdings

LP

6.625%,

12/15/28

(b) 60,000

61,543

MPLX

LP

2.650%,

08/15/30

36,000

33,141

4.800%,

02/15/31

50,000

50,427

National

Fuel

Gas

Co.

3.950%,

09/15/27

40,000

39,747

NuStar

Logistics

LP

5.625%,

04/28/27

110,000

110,933

ONEOK,

Inc.

3.100%,

03/15/30

76,000

71,948

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.550%,

12/15/29

50,000

48,394

3.800%,

09/15/30

55,000

53,155

Rockies

Express

Pipeline

LLC

4.950%,

07/15/29

(b) 100,000

98,986

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

60,000

60,215

5.000%,

03/15/27

40,000

40,236

Sunoco

LP

7.000%,

05/01/29

(b) 50,000

51,949

Sunoco

LP

/

Sunoco

Finance

Corp.

6.000%,

04/15/27

40,000

40,050

7.000%,

09/15/28

(b) 50,000

51,525

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%,

03/01/30

160,000

162,292

TC

PipeLines

LP

3.900%,

05/25/27

50,000

49,743

TransCanada

PipeLines

Ltd.

4.100%,

04/15/30

50,000

49,287

Venture

Global

Calcasieu

Pass

LLC

3.875%,

08/15/29

(b) 100,000

94,719

6.250%,

01/15/30

(b) 125,000

127,466

Venture

Global

LNG,

Inc.

7.000%,

01/15/30

(b) 50,000

50,585

8.125%,

06/01/28

(b) 120,000

123,618

9.500%,

02/01/29

(b) 110,000

118,436

Western

Midstream

Operating

LP

4.050%,

02/01/30

36,000

35,114

Williams

Cos.,

Inc.

(The)

3.750%,

06/15/27

125,000

124,253

#### Total

#### 2,684,465

#### Natural

#### Gas

#### 0.2%
NiSource,

Inc.

3.490%,

05/15/27

50,000

49,560

Sempra

3.400%,

02/01/28

40,000

39,255

6.375%,

(US

Year

CMT

T-Note

+

2.632%),

04/01/56

(c) 50,000

51,400

Southwest

Gas

Corp.

5.450%,

03/23/28

80,000

82,144

#### Total

#### 222,359

#### Office

#### REIT

#### 0.3%
Boston

Properties

LP

4.500%,

12/01/28

80,000

80,143

Cousins

Properties

LP

5.375%,

02/15/32

25,000

25,565

CubeSmart

LP

2.000%,

02/15/31

60,000

52,765

Highwoods

Realty

LP

3.050%,

02/15/30

55,000

51,045

Kilroy

Realty

LP

4.250%,

08/15/29

20,000

19,539

4.750%,

12/15/28

25,000

24,996

Piedmont

Operating

Partnership

LP

9.250%,

07/20/28

20,000

22,136

#### Total

#### 276,189

#### Oil

#### Field

#### Services

#### 0.4%
Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.250%,

04/01/28

(b) 50,000

50,157

Helmerich

&

Payne,

Inc.

4.850%,

12/01/29

50,000

50,047

Kodiak

Gas

Services

LLC

7.250%,

02/15/29

(b) 50,000

51,880

Noble

Finance

II

LLC

8.000%,

04/15/30

(b) 50,000

51,849

Patterson-UTI

Energy,

Inc.

5.150%,

11/15/29

50,000

50,187

Tidewater,

Inc.

9.125%,

07/15/30

(b) 50,000

53,360

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
WBI

Operating

LLC

6.250%,

10/15/30

(b) 50,000

49,859

#### Total

#### 357,339

#### Other

#### Financial

#### Institutions

#### 0.3%
Credit

Acceptance

Corp.

6.625%,

03/15/30

(b) 50,000

49,921

Encore

Capital

Group,

Inc.

9.250%,

04/01/29

(b) 50,000

52,720

HA

Sustainable

Infrastructure

Capital,

Inc.

6.150%,

01/15/31

50,000

51,245

Howard

Hughes

Corp.

(The)

4.125%,

02/01/29

(b) 100,000

96,112

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

6.250%,

05/15/26

8,000

7,997

#### Total

#### 257,995

#### Other

#### Industry

#### 0.2%
Dycom

Industries,

Inc.

4.500%,

04/15/29

(b) 20,000

19,586

Jacobs

Engineering

Group,

Inc.

6.350%,

08/18/28

50,000

52,708

Quanta

Services,

Inc.

2.900%,

10/01/30

40,000

37,418

Williams

Scotsman,

Inc.

6.625%,

06/15/29

(b) 65,000

66,896

#### Total

#### 176,608

#### Other

#### REIT

#### 0.8%
Americold

Realty

Operating

Partnership

LP

5.600%,

05/15/32

50,000

50,521

Brandywine

Operating

Partnership

LP

8.875%,

04/12/29

50,000

54,350

Digital

Realty

Trust

LP

3.700%,

08/15/27

50,000

49,648

4.450%,

07/15/28

40,000

40,239

EPR

Properties

3.600%,

11/15/31

35,000

32,335

Extra

Space

Storage

LP

5.900%,

01/15/31

60,000

63,756

Host

Hotels

&

Resorts

LP

Series

I,

3.500%,

09/15/30

25,000

23,561

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

4.750%,

06/15/29

(b) 95,000

93,233

Rexford

Industrial

Realty

LP

2.150%,

09/01/31

10,000

8,730

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.500%,

02/15/29

(b) 30,000

29,507

RLJ

Lodging

Trust

LP

3.750%,

07/01/26

(b) 50,000

49,630

Starwood

Property

Trust,

Inc.

6.500%,

07/01/30

(b) 50,000

52,039

7.250%,

04/01/29

(b) 35,000

36,860

WP

Carey,

Inc.

2.400%,

02/01/31

50,000

44,856

4.650%,

07/15/30

50,000

50,330

#### Total

#### 679,595

#### Other

#### Utility

#### 0.1%
American

Water

Capital

Corp.

2.300%,

06/01/31

45,000

40,516

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Essential

Utilities,

Inc.

3.566%,

05/01/29

25,000

24,433

#### Total

#### 64,949

#### Packaging

#### 0.5%
Amcor

Group

Finance

PLC

5.450%,

05/23/29

50,000

51,593

Avery

Dennison

Corp.

2.650%,

04/30/30

50,000

46,600

4.875%,

12/06/28

50,000

50,895

Ball

Corp.

2.875%,

08/15/30

75,000

68,584

6.000%,

06/15/29

60,000

61,468

Berry

Global,

Inc.

5.800%,

06/15/31

60,000

63,575

Sealed

Air

Corp./Sealed

Air

Corp.

US

6.125%,

02/01/28

(b) 100,000

101,187

#### Total

#### 443,902

#### Paper

#### 0.2%
Celulosa

Arauco

y

Constitucion

SA

3.875%,

11/02/27

85,000

84,264

Suzano

Austria

GmbH

3.750%,

01/15/31

60,000

56,685

Weyerhaeuser

Co.

4.000%,

04/15/30

25,000

24,640

#### Total

#### 165,589

#### Pharmaceuticals

#### 0.9%
Amgen,

Inc.

5.250%,

03/02/30

270,000

280,138

Biogen,

Inc.

2.250%,

05/01/30

20,000

18,303

CVS

Health

Corp.

7.000%,

(US

Year

CMT

T-Note

+

2.886%),

03/10/55

(c) 50,000

52,548

Mylan,

Inc.

4.550%,

04/15/28

60,000

59,733

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(b) 200,000

190,143

Royalty

Pharma

PLC

2.150%,

09/02/31

50,000

43,648

Shire

Acquisitions

Investments

Ireland

DAC

3.200%,

09/23/26

2,000

1,985

Takeda

Pharmaceutical

Co.

Ltd.

2.050%,

03/31/30

200,000

182,217

Zoetis,

Inc.

2.000%,

05/15/30

25,000

22,768

#### Total

#### 851,483

#### Property

#### &

#### Casualty

#### 0.7%
Aon

Corp.

2.800%,

05/15/30

110,000

103,417

Arthur

J

Gallagher

&

Co.

4.600%,

12/15/27

50,000

50,476

Assurant,

Inc.

4.900%,

03/27/28

40,000

40,475

AXIS

Specialty

Finance

LLC

3.900%,

07/15/29

15,000

14,789

Brown

&

Brown,

Inc.

4.200%,

03/17/32

25,000

24,145

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
CNA

Financial

Corp.

3.450%,

08/15/27

85,000

83,967

Enstar

Group

Ltd.

3.100%,

09/01/31

50,000

44,792

Fairfax

Financial

Holdings

Ltd.

4.850%,

04/17/28

95,000

96,211

Kemper

Corp.

2.400%,

09/30/30

50,000

44,559

Mercury

General

Corp.

4.400%,

03/15/27

25,000

24,934

Radian

Group,

Inc.

4.875%,

03/15/27

38,000

38,102

Stewart

Information

Services

Corp.

3.600%,

11/15/31

50,000

44,761

Willis

North

America,

Inc.

2.950%,

09/15/29

60,000

56,951

#### Total

#### 667,579

#### Railroads

#### 0.1%
Canadian

Pacific

Railway

Co.

2.050%,

03/05/30

25,000

22,806

2.450%,

12/02/31

50,000

44,561

Norfolk

Southern

Corp.

2.300%,

05/15/31

50,000

45,234

3.000%,

03/15/32

22,000

20,269

#### Total

#### 132,870

#### Refining

#### 0.3%
HF

Sinclair

Corp.

5.000%,

02/01/28

50,000

50,054

Marathon

Petroleum

Corp.

3.800%,

04/01/28

50,000

49,493

5.150%,

03/01/30

50,000

51,372

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

90,000

89,236

Phillips

2.150%,

12/15/30

25,000

22,348

3.900%,

03/15/28

40,000

39,732

#### Total

#### 302,235

#### Restaurants

#### 0.6%
1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.875%,

01/15/28

(b) 40,000

39,275

5.625%,

09/15/29

(b) 90,000

91,514

6.125%,

06/15/29

(b) 100,000

102,747

Darden

Restaurants,

Inc.

3.850%,

05/01/27

50,000

49,779

McDonald's

Corp.

Series

MTN,

3.800%,

04/01/28

80,000

79,594

Starbucks

Corp.

2.550%,

11/15/30

50,000

46,165

3.000%,

02/14/32

100,000

92,024

Yum!

Brands,

Inc.

4.750%,

01/15/30

(b) 50,000

49,846

#### Total

#### 550,944

#### Retail

#### REIT

#### 0.2%
Agree

LP

2.000%,

06/15/28

45,000

42,657

Brixmor

Operating

Partnership

LP

4.050%,

07/01/30

40,000

39,251

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Store

Capital

LLC

4.500%,

03/15/28

80,000

80,026

#### Total

#### 161,934

#### Retailers

#### 1.7%
Advance

Auto

Parts,

Inc.

7.000%,

08/01/30

(b) 100,000

101,207

Asbury

Automotive

Group,

Inc.

4.625%,

11/15/29

(b) 100,000

97,121

AutoZone,

Inc.

4.000%,

04/15/30

24,000

23,706

Belron

UK

Finance

PLC

5.750%,

10/15/29

(b) 50,000

50,677

Dick's

Sporting

Goods,

Inc.

3.150%,

01/15/32

50,000

45,905

Dollar

General

Corp.

3.500%,

04/03/30

50,000

48,083

Dollar

Tree,

Inc.

4.200%,

05/15/28

40,000

39,837

Gap,

Inc.

(The)

3.625%,

10/01/29

(b) 100,000

94,033

Genuine

Parts

Co.

6.500%,

11/01/28

50,000

52,675

Group

Automotive,

Inc.

6.375%,

01/15/30

(b) 100,000

102,145

Lowe's

Cos.,

Inc.

3.650%,

04/05/29

85,000

83,565

3.750%,

04/01/32

25,000

23,858

Nordstrom,

Inc.

4.375%,

04/01/30

50,000

47,410

O'Reilly

Automotive,

Inc.

3.600%,

09/01/27

80,000

79,296

Parkland

Corp.

4.500%,

10/01/29

(b) 50,000

48,356

4.625%,

05/01/30

(b) 50,000

48,398

5.875%,

07/15/27

(b) 50,000

50,003

Rakuten

Group,

Inc.

11.250%,

02/15/27

(b) 200,000

216,202

Tapestry,

Inc.

5.100%,

03/11/30

50,000

51,202

Tractor

Supply

Co.

1.750%,

11/01/30

50,000

44,048

Under

Armour,

Inc.

3.250%,

06/15/26

60,000

59,466

VF

Corp.

2.950%,

04/23/30

50,000

43,895

Wayfair

LLC

7.250%,

10/31/29

(b) 50,000

51,706

#### Total

#### 1,502,794

#### Supermarkets

#### 0.5%
Ahold

Finance

USA

LLC

6.875%,

05/01/29

75,000

81,474

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

4.625%,

01/15/27

(b) 40,000

39,905

4.875%,

02/15/30

(b) 100,000

98,748

6.500%,

02/15/28

(b) 160,000

162,999

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Kroger

Co.

(The)

4.500%,

01/15/29

40,000

40,436

#### Total

#### 423,562

#### Technology

#### 4.5%
Amdocs

Ltd.

2.538%,

06/15/30

100,000

91,811

Arrow

Electronics,

Inc.

2.950%,

02/15/32

100,000

89,518

Autodesk,

Inc.

2.400%,

12/15/31

25,000

22,175

Avnet,

Inc.

5.500%,

06/01/32

50,000

50,809

Block,

Inc.

2.750%,

06/01/26

35,000

34,603

5.625%,

08/15/30

(b) 50,000

50,751

Camelot

Finance

SA

4.500%,

11/01/26

(b) 6,000

5,958

CDW

LLC

/

CDW

Finance

Corp.

3.250%,

02/15/29

50,000

47,887

3.569%,

12/01/31

75,000

69,869

5.100%,

03/01/30

50,000

50,909

CGI,

Inc.

2.300%,

09/14/31

100,000

88,454

Crowdstrike

Holdings,

Inc.

3.000%,

02/15/29

25,000

23,851

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/01/29

60,000

61,937

Elastic

NV

4.125%,

07/15/29

(b) 50,000

48,248

Entegris,

Inc.

5.950%,

06/15/30

(b) 50,000

50,717

Equifax,

Inc.

3.100%,

05/15/30

60,000

56,639

Equinix,

Inc.

3.200%,

11/18/29

60,000

57,520

FactSet

Research

Systems,

Inc.

2.900%,

03/01/27

25,000

24,568

Fair

Isaac

Corp.

4.000%,

06/15/28

(b) 30,000

29,324

Fidelity

National

Information

Services,

Inc.

2.250%,

03/01/31

275,000

244,038

Fiserv,

Inc.

2.650%,

06/01/30

25,000

22,920

3.500%,

07/01/29

100,000

96,236

Fortinet,

Inc.

2.200%,

03/15/31

20,000

17,867

Gen

Digital,

Inc.

6.750%,

09/30/27

(b) 25,000

25,394

7.125%,

09/30/30

(b) 25,000

25,800

Global

Payments,

Inc.

2.900%,

05/15/30

10,000

9,226

5.400%,

08/15/32

25,000

25,298

Hewlett

Packard

Enterprise

Co.

4.550%,

10/15/29

50,000

50,269

HP,

Inc.

3.000%,

06/17/27

40,000

39,262

4.000%,

04/15/29

55,000

54,383

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Imola

Merger

Corp.

4.750%,

05/15/29

(b) 80,000

78,985

Intel

Corp.

3.900%,

03/25/30

130,000

127,347

4.875%,

02/10/28

50,000

50,693

Iron

Mountain,

Inc.

4.875%,

09/15/27

(b) 50,000

49,850

5.000%,

07/15/28

(b) 100,000

99,388

5.250%,

07/15/30

(b) 50,000

49,793

7.000%,

02/15/29

(b) 50,000

51,522

Jabil,

Inc.

3.600%,

01/15/30

50,000

48,302

Juniper

Networks,

Inc.

2.000%,

12/10/30

50,000

43,883

Keysight

Technologies,

Inc.

3.000%,

10/30/29

110,000

104,671

Leidos,

Inc.

2.300%,

02/15/31

50,000

44,742

Marvell

Technology,

Inc.

2.950%,

04/15/31

50,000

46,210

Microchip

Technology,

Inc.

5.050%,

02/15/30

100,000

101,961

Micron

Technology,

Inc.

5.300%,

01/15/31

100,000

103,542

Moody's

Corp.

4.250%,

02/01/29

25,000

25,082

Motorola

Solutions,

Inc.

4.600%,

02/23/28

40,000

40,390

NetApp,

Inc.

5.500%,

03/17/32

15,000

15,617

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

2.500%,

05/11/31

150,000

135,030

ON

Semiconductor

Corp.

3.875%,

09/01/28

(b) 44,000

42,832

Open

Text

Corp.

3.875%,

02/15/28

(b) 60,000

58,388

Open

Text

Holdings,

Inc.

4.125%,

02/15/30

(b) 95,000

90,792

Oracle

Corp.

3.250%,

11/15/27

130,000

127,520

4.800%,

09/26/32

300,000

296,874

Paychex,

Inc.

5.350%,

04/15/32

60,000

62,215

PTC,

Inc.

4.000%,

02/15/28

(b) 17,000

16,729

Roper

Technologies,

Inc.

2.950%,

09/15/29

50,000

47,705

Sensata

Technologies

BV

5.875%,

09/01/30

(b) 50,000

50,576

Synopsys,

Inc.

5.000%,

04/01/32

125,000

127,726

TR

Finance

LLC

3.350%,

05/15/26

25,000

24,842

TTM

Technologies,

Inc.

4.000%,

03/01/29

(b) 50,000

48,303

Twilio,

Inc.

3.625%,

03/15/29

60,000

57,672

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
VMware

LLC

3.900%,

08/21/27

40,000

39,893

Western

Digital

Corp.

2.850%,

02/01/29

18,000

17,060

4.750%,

02/15/26

14,000

13,987

Western

Union

Co.

(The)

2.750%,

03/15/31

15,000

13,424

Workday,

Inc.

3.500%,

04/01/27

50,000

49,578

WULF

Compute

LLC

7.750%,

10/15/30

(b) 150,000

155,644

#### Total

#### 4,125,009

#### Tobacco

#### 0.2%
Altria

Group,

Inc.

3.400%,

05/06/30

85,000

81,550

BAT

Capital

Corp.

2.259%,

03/25/28

75,000

71,729

3.557%,

08/15/27

33,000

32,659

#### Total

#### 185,938

#### Transportation

#### Services

#### 0.4%
FedEx

Corp.

2.400%,

05/15/31

50,000

44,786

3.100%,

08/05/29

150,000

143,974

GXO

Logistics,

Inc.

2.650%,

07/15/31

50,000

44,678

Rand

Parent

LLC

8.500%,

02/15/30

(b) 30,000

30,663

Seaspan

Corp.

5.500%,

08/01/29

(b) 50,000

48,008

Triton

Container

International

Ltd.

/

Tal

International

Container

Corp.

3.250%,

03/15/32

50,000

44,788

#### Total

#### 356,897

#### Wireless

#### 1.3%
American

Tower

Corp.

1.875%,

10/15/30

70,000

62,028

2.900%,

01/15/30

50,000

47,222

Crown

Castle,

Inc.

2.250%,

01/15/31

50,000

44,538

3.800%,

02/15/28

60,000

59,350

Rogers

Communications,

Inc.

5.000%,

02/15/29

100,000

101,836

5.250%,

(US

Year

CMT

T-Note

+

3.590%),

03/15/82

(b),(c)

100,000

99,525

SBA

Communications

Corp.

3.125%,

02/01/29

101,000

95,469

3.875%,

02/15/27

52,000

51,411

Sprint

Capital

Corp.

6.875%,

11/15/28

25,000

26,862

8.750%,

03/15/32

100,000

121,660

T-Mobile

USA,

Inc.

2.550%,

02/15/31

330,000

300,006

Vodafone

Group

PLC

4.375%,

05/30/28

50,000

50,663

7.000%,

(USD

Year

Swap

+

4.873%),

04/04/79

(c) 50,000

52,784

7.875%,

02/15/30

50,000

57,048

#### Total

#### 1,170,402

#### Corporate

#### Bonds
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Wirelines

#### 1.2%
AT&T,

Inc.

2.750%,

06/01/31

85,000

77,945

4.300%,

02/15/30

50,000

49,954

4.350%,

03/01/29

115,000

115,331

British

Telecommunications

PLC

5.125%,

12/04/28

85,000

87,012

Deutsche

Telekom

International

Finance

BV

8.750%,

06/15/30

60,000

70,630

Orange

SA

9.000%,

03/01/31

50,000

60,504

Telefonica

Europe

BV

8.250%,

09/15/30

120,000

138,290

TELUS

Corp.

3.700%,

09/15/27

50,000

49,565

Verizon

Communications,

Inc.

2.355%,

03/15/32

200,000

175,141

4.016%,

12/03/29

250,000

247,549

#### Total

#### 1,071,921

#### Total
Corporate

Bonds

#### (Cost

#### $44,262,170)

#### 44,835,163

#### Foreign

#### Government

#### Obligations
(d) #### 19.8%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Brazil

#### 1.9%
Brazilian

Government

International

Bond

4.625%,

01/13/28

200,000

200,790

4.500%,

05/30/29

200,000

199,110

3.875%,

06/12/30

220,000

211,062

3.750%,

09/12/31

200,000

185,629

6.250%,

03/18/31

200,000

210,334

5.500%,

11/06/30

200,000

204,045

Petrobras

Global

Finance

BV

5.999%,

01/27/28

200,000

204,523

5.125%,

09/10/30

200,000

197,246

#### Total

#### 1,612,739

#### Canada

#### 0.1%
CI

Financial

Corp.

3.200%,

12/17/30

50,000

45,043

#### Chile

#### 0.2%
Corp

Nacional

del

Cobre

de

Chile

Series

REGS,

3.150%,

01/14/30

200,000

189,700

#### China

#### 1.0%
CFAMC

III

Co.

Ltd.

Series

EMTN,

4.250%,

11/07/27

200,000

199,073

Charming

Light

Investments

Ltd.

Series

E,

4.375%,

12/21/27

200,000

199,891

China

Cinda

Finance

2017

I

Ltd.

Series

EMTN,

4.750%,

02/08/28

200,000

201,893

China

Construction

Bank

Corp.

2.850%,

(US

Year

CMT

T-Note

+

1.400%),

01/21/32

(c) 200,000

196,544

CNAC

HK

Finbridge

Co.

Ltd

3.000%,

09/22/30

200,000

188,369

#### Total

#### 985,770

#### Colombia

#### 1.1%
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Foreign

#### Government

#### Obligations
(d) (continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Colombia

Government

International

Bond

3.000%,

01/30/30

200,000

181,220

3.125%,

04/15/31

200,000

176,028

7.375%,

04/25/30

200,000

214,712

Ecopetrol

SA

6.875%,

04/29/30

200,000

204,852

8.625%,

01/19/29

200,000

215,582

#### Total

#### 992,394

#### Costa

#### Rica

#### 0.3%
Costa

Rica

Government

International

Bond

6.125%,

02/19/31

200,000

209,111

#### Dominican

#### Republic

#### 0.9%
Dominican

Republic

International

Bond

Series

REGS,

5.500%,

02/22/29

300,000

305,049

Series

REGS,

5.950%,

01/25/27

172,000

174,386

Series

REGS,

4.500%,

01/30/30

200,000

195,428

Series

REGS,

7.050%,

02/03/31

150,000

161,566

#### Total

#### 836,429

#### Hungary

#### 0.9%
Hungary

Government

International

Bond

Series

REGS,

5.250%,

06/16/29

200,000

204,045

Series

REGS,

2.125%,

09/22/31

200,000

172,199

5.375%,

09/26/30

200,000

205,810

Magyar

Export-Import

Bank

Zrt

Series

REGS,

6.125%,

12/04/27

200,000

206,838

#### Total

#### 788,892

#### India

#### 0.4%
Export-Import

Bank

of

India

Series

REGS,

3.875%,

02/01/28

200,000

197,945

Series

REGS,

2.250%,

01/13/31

200,000

179,266

#### Total

#### 377,211

#### Indonesia

#### 2.4%
Indonesia

Asahan

Aluminium

Persero

PT

Series

REGS,

5.450%,

05/15/30

200,000

206,653

Indonesia

Government

International

Bond

2.850%,

02/14/30

200,000

189,444

3.850%,

10/15/30

200,000

196,831

1.850%,

03/12/31

200,000

176,307

4.350%,

01/08/27

200,000

200,807

Pertamina

Hulu

Energi

PT

5.250%,

05/21/30

200,000

204,372

Perusahaan

Penerbit

SBSN

Series

REGS,

5.000%,

05/25/30

200,000

206,080

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.150%,

03/29/27

200,000

200,313

Series

REGS,

4.450%,

02/20/29

200,000

201,624

Series

REGS,

2.800%,

06/23/30

200,000

187,443

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

5.450%,

05/21/28

200,000

205,421

#### Total

#### 2,175,295

#### Israel

#### 0.2%
Israel

Electric

Corp.

Ltd.

Series

GMTN,

4.250%,

08/14/28

(b) 200,000

197,903

#### Jordan

#### 0.5%
Jordan

Government

International

Bond

Series

REGS,

5.850%,

07/07/30

200,000

202,042

#### Foreign

#### Government

#### Obligations
(d) (continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
7.500%,

01/13/29

200,000

211,792

#### Total

#### 413,834

#### Kazakhstan

#### 0.2%
KazMunayGas

National

Co.

JSC

Series

REGS,

5.375%,

04/24/30

200,000

205,163

#### Mexico

#### 2.1%
Eagle

Funding

Luxco

Sarl

5.500%,

08/17/30

200,000

203,159

Mexico

Government

International

Bond

8.300%,

08/15/31

100,000

120,275

3.750%,

01/11/28

200,000

198,227

4.500%,

04/22/29

200,000

201,041

3.250%,

04/16/30

200,000

189,736

2.659%,

05/24/31

300,000

269,215

4.750%,

03/22/31

200,000

199,060

Petroleos

Mexicanos

6.500%,

01/23/29

150,000

152,978

6.840%,

01/23/30

150,000

154,058

5.950%,

01/28/31

200,000

195,540

#### Total

#### 1,883,289

#### Oman

#### 1.1%
Oman

Government

International

Bond

Series

REGS,

6.000%,

08/01/29

200,000

210,513

Series

REGS,

6.250%,

01/25/31

200,000

216,080

Series

REGS,

6.750%,

10/28/27

200,000

208,773

Series

REGS,

5.625%,

01/17/28

200,000

204,952

Oman

Sovereign

Sukuk

Co.

Series

REGS,

4.875%,

06/15/30

200,000

205,366

#### Total

#### 1,045,684

#### Panama

#### 0.4%
Panama

Government

International

Bond

3.875%,

03/17/28

200,000

196,944

3.160%,

01/23/30

200,000

187,438

#### Total

#### 384,382

#### Peru

#### 0.2%
Peruvian

Government

International

Bond

2.783%,

01/23/31

200,000

185,168

#### Philippines

#### 1.0%
Philippine

Government

International

Bond

9.500%,

02/02/30

190,000

228,749

7.750%,

01/14/31

100,000

116,426

3.000%,

02/01/28

200,000

195,539

2.457%,

05/05/30

200,000

185,938

ROP

Sukuk

Trust

Series

REGS,

5.045%,

06/06/29

200,000

205,539

#### Total

#### 932,191

#### Romania

#### 0.9%
Romanian

Government

International

Bond

Series

REGS,

5.250%,

11/25/27

170,000

172,144

Series

REGS,

5.875%,

01/30/29

200,000

205,776

Series

REGS,

6.625%,

02/17/28

200,000

207,992

5.750%,

09/16/30

200,000

204,577

#### Total

#### 790,489

#### Serbia

#### 0.2%
Serbia

International

Bond

Series

REGS,

2.125%,

12/01/30

200,000

175,260

#### South

#### Africa

#### 0.9%
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Foreign

#### Government

#### Obligations
(d) (continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
Eskom

Holdings

Series

REGS,

6.350%,

08/10/28

200,000

206,144

Republic

of

South

Africa

Government

International

Bond

Series

12Y,

4.300%,

10/12/28

200,000

198,529

Series

12Y,

5.875%,

06/22/30

200,000

206,843

Series

10Y,

4.850%,

09/30/29

200,000

199,840

#### Total

#### 811,356

#### Turkey

#### 2.1%
Hazine

Mustesarligi

Varlik

Kiralama

AS

6.500%,

04/26/30

200,000

207,067

Series

REGS,

6.750%,

09/01/30

200,000

207,970

Turkey

Government

International

Bond

Series

10Y,

6.000%,

03/25/27

200,000

203,792

Turkiye

Government

International

Bond

Series

10Y,

5.125%,

02/17/28

200,000

200,686

Series

11Y,

6.125%,

10/24/28

200,000

204,785

Series

10Y,

7.625%,

04/26/29

200,000

213,540

Series

5Y,

9.875%,

01/15/28

200,000

220,036

Series

6Y,

9.375%,

03/14/29

200,000

223,994

9.125%,

07/13/30

200,000

227,252

#### Total

#### 1,909,122

#### United

#### Arab

#### Emirates

#### 0.6%
DP

World

Crescent

Ltd.

Series

REGS,

4.848%,

09/26/28

200,000

202,284

Sharjah

Sukuk

Program

Ltd.

3.234%,

10/23/29

200,000

189,783

Series

EMTN,

4.226%,

03/14/28

200,000

198,512

#### Total

#### 590,579

#### Uruguay

#### 0.2%
Uruguay

Government

International

Bond

4.375%,

01/23/31

200,000

202,339

#### Total

#### Foreign

#### Government

#### Obligations

#### (Cost

#### $17,520,787)

#### 17,939,343

#### Residential

#### Mortgage-Backed

#### Securities

#### -

#### Agency

#### 9.7%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)

#### Uniform

#### Mortgage-Backed

#### Security

#### TBA

#### 9.7%
4.000%,

11/15/40

(e) 611,000

601,251

4.500%,

11/15/40

(e) 1,633,300

1,630,299

5.000%,

11/15/40

(e) 3,232,000

3,263,412

5.500%,

11/15/40

(e) 2,264,400

2,312,835

6.000%,

11/15/40

(e) 995,000

1,027,593

#### Total

#### 8,835,390

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### -

#### Agency

#### (Cost

#### $8,835,986)

#### 8,835,390

#### Treasury

#### Bills

#### 7.7%

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
United

States

7.7%

U.S.

Treasury

Bill

3.939%,

12/26/25

2,000,000

1,988,503

#### Treasury

#### Bills
(continued)

#### Issue

#### Description

#### Principal

#### Amount

#### ($)

#### Value

#### ($)
4.350%,

11/18/25

5,000,000

4,991,954

#### Total

#### 6,980,457

#### Total

#### Treasury

#### Bills

#### (Cost

#### $6,978,356)

#### 6,980,457

#### Money

#### Market

#### Funds

#### 2.5%

#### Shares

#### Value

#### ($)
Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

3.870%

(f) 2,285,656

2,285,656

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $2,285,656)

#### 2,285,656

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $98,079,843)

#### 99,136,608

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### (8,311,970)

#### Net

#### Assets

#### 90,824,638
PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

Notes

to

Portfolio

of

Investments

(a) Represents

a

variable

rate

security

with

a

step

coupon

where

the

rate

adjusts

according

to

a

schedule

for

a

series

of

periods,

typically

lower

for

an

initial

period

and

then

increasing

to

a

higher

coupon

rate

thereafter.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2025. (b) Represents

privately

placed

and

other

securities

and

instruments

exempt

from

Securities

and

Exchange

Commission

registration

(collectively,

private

placements),

such

as

Section

4(a)(2)

and

Rule

144A

eligible

securities,

which

are

often

sold

only

to

qualified

institutional

buyers.

At

October

31,

2025,

the

total

value

of

these

securities

amounted

to

$14,681,281,

which

represents

16.16%

of

total

net

assets.

(c) Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2025. (d) Principal

and

interest

may

not

be

guaranteed

by

a

governmental

entity.

(e) Represents

a

security

purchased

on

a

when-issued

basis.

(f) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Abbreviation

#### Legend
SOFRRATE

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

#### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

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

October

31,

2025

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Asset-Backed

Securities

-

Non-Agency

–

9,148,371

–

9,148,371

Commercial

Mortgage-Backed

Securities

-

Non-Agency

–

9,112,228

–

9,112,228

Corporate

Bonds

–

44,835,163

–

44,835,163

Foreign

Government

Obligations

–

17,939,343

–

17,939,343

Residential

Mortgage-Backed

Securities

-

Agency

–

8,835,390

–

8,835,390

Treasury

Bills

–

6,980,457

–

6,980,457

Money

Market

Funds

2,285,656

–

–

2,285,656

Total

Investments

in

Securities

2,285,656

96,850,952

–

99,136,608

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund's

assets

assigned

to

the

Level

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$98,079,843)

$99,136,608

Cash

220,297

Foreign

currency

(cost

$77)

Receivable

for:

Interest

831,864

Investments

sold

571,395

Dividends

5,988

Reimbursement

due

from

Investment

Manager

Total

assets

100,766,505

#### Liabilities
Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

8,856,942

Investments

purchased

1,066,288

Investment

management

fees

18,637

Total

liabilities

9,941,867

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $90,824,638

#### Represented

#### by:
Paid-in

capital

$91,931,441

Total

distributable

earnings

(loss)

(1,106,803)

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $90,824,638
Shares

outstanding

4,800,000

Net

asset

value

per

share

$18.92

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Investment

#### Income:
Interest

$3,093,136

Dividends

-

unaffiliated

issuers

154,208

Total

income

3,247,344

Expenses:

Investment

management

fees

161,894

Total

expenses

161,894

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(6,444)

Total

net

expenses

155,450

#### Net

#### Investment

#### Income
3,091,894

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

76,584

In-kind

transactions

-

unaffiliated

issuers

(13,431)

Net

realized

gain

63,153

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

1,217,585

Net

change

in

unrealized

appreciation

1,217,585

Net

realized

and

unrealized

gain

1,280,738

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $4,372,632
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

$3,091,894

$2,394,119

Net

realized

gain

(loss)

63,153

(252,449)

Net

change

in

unrealized

appreciation

1,217,585

2,672,649

Net

increase

in

net

assets

resulting

from

operations

4,372,632

4,814,319

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(2,990,222)

(2,397,194)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

44,956,092

1,862,581

Cost

of

shares

redeemed

(11,095,764)

–

Net

increase

in

net

assets

resulting

from

shareholder

transactions

33,860,328

1,862,581

Increase

in

net

assets

35,242,738

4,279,706

#### Net

#### Assets:
Net

assets

beginning

of

year

55,581,900

51,302,194

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $90,824,638

#### $55,581,900

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

3,000,050

2,900,050

Shares

sold

2,400,000

100,000

Shares

redeemed

(600,050)

–

Shares

outstanding,

end

of

year

4,800,000

3,000,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

\|

2025

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.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

t

Year

Ended

October

31,

2021

(a) 2025

2024

2023

2022

#### Per

#### share

#### data
Net

asset

value,

beginning

of

period

$18.53

$17.69

$17.66

$19.86

$20.00

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

0.89 0.82 0.67 0.44 0.03 Net

realized

and

unrealized

gain

(loss)

0.38 0.84 0.03 (2.20)

(0.17)

Total

from

investment

operations

1.27 1.66 0.70 (1.76)

(0.14)

#### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.88)

(0.82)

(0.67)

(0.44)

–

Total

distribution

to

shareholders

(0.88)

(0.82)

(0.67)

(0.44)

–

#### Net

#### asset

#### value,

#### end

#### of

#### period
$18.92

$18.53

$17.69

$17.66

$19.86

Total

Return

at

NAV

7.06%

9.56%

3.95%

(8.96)%

(0.70)%

Total

Return

at

Market

Price

7.10%

9.53%

4.36%

(9.25)%

(0.70)%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(b) 0.25%

0.25%

0.25%

0.25%

0.25%

Total

net

expenses

(c) 0.24%

0.24%

(b) 0.25%

(b) 0.25%

(b) 0.25%

(b) Net

investment

income

4.77%

4.48%

3.75%

2.39%

1.44%

#### Supplemental

#### data
Net

assets,

end

of

period

(in

thousands)

$90,825

$55,582

$51,302

$47,691

$19,858

Portfolio

turnover

192%

169%

154%

163%

11%

(a) The

Fund

commenced

operations

on

September

21,

2021. Per

share

data

and

total

return

reflect

activity

from

that

date.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Indexed

ETF

\|

2025

#### Note
1. #### Organization
Columbia

Short

Duration

Bond

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund's shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Fund

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

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.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

purchase

plus

the

interest

earned

on

the

cash

proceeds

of

the

securities

sold

until

the

settlement

date

of

the

forward

purchase.

The

Fund

records

the

incremental

difference

between

the

forward

purchase

and

sale

of

each

forward

roll

as

a

realized

gain

or

loss.

Unless

any

realized

gains

exceed

the

income,

capital

appreciation,

and

gain

or

loss

due

to

mortgage

prepayments

that

would

have

been

realized

on

the

securities

sold

as

part

of

the

mortgage

dollar

roll,

the

use

of

this

technique

may

diminish

the

investment

performance

of

the

Fund

compared

to

what

the

performance

would

have

been

without

the

use

of

mortgage

dollar

rolls.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

the

Fund

is

obligated

to

repurchase

may

decline

below

the

repurchase

price,

or

that

the

counterparty

may

default

on

its

obligations.

All

cash

proceeds

will

be

invested

in

instruments

that

are

permissible

investments

for

the

Fund.

The

Fund

identifies

cash

or

liquid

securities

in

an

amount

equal

to

the

forward

purchase

price.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

"when-issued"

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

adjustments

to

interest

income.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

monthly.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund's

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.25%

of

the

Fund's

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Expenses

waived/reimbursed

by

the

Investment

Manager

The

Investment

Manager

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

(excluding

certain

fees

and

expenses

described

below),

through

February

28,

2026,

unless

sooner

terminated

at

the

sole

discretion

of

the

Board

of

Trustees,

so

that

the

Fund's

net

operating

expenses,

after

giving

effect

to

fees

waived/expenses

reimbursed

and

any

balance

credits

and/or

overdraft

charges

from

the

Fund's

custodian,

do

not

exceed

the

annual

rate

of

0.25%

as

a

percentage

of

the

Fund's

average

daily

net

assets.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

the

Fund's

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

brokerage

commissions,

interest,

taxes,

infrequent

and/or

unusual

expenses

and

any

other

expenses

the

exclusion

of

which

is

specifically

approved

by

the

Fund's

Board.

This

agreement

may

be

modified

or

amended

only

with

approval

from

all

parties.

Any

fees

waived

and/

or

expenses

reimbursed

under

the

expense

reimbursement

arrangements

described

above

are

not

recoverable

by

the

Investment

Manager

in

future

periods.

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

capital

loss

carryforwards,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind

and

principal

and/or

interest

of

fixed

income

securities.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

#### Undistributed

#### net

#### investment

#### income

#### ($)

#### Accumulated

#### net

#### realized

#### gain
(loss)

#### ($)

#### Paid-in

#### capital

#### ($)
23,628

(6,334)

(17,294)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
2,990,222

-

2,990,222

2,397,194

-

2,397,194

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### long-

#### term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### depreciation

#### ($)
343,830

-

(2,497,813)

1,047,180

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$135,406,124

and

$124,055,970

respectively,

for

the

year

ended

October

31,

2025,

of

which

$103,046,805

and

$99,848,817

respectively,

were

U.S.

government

securities.

The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

$29,760,349.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2025,

the

in-kind

redemption

cost

basis

was

$7,668,763,

the

proceeds

from

sales

were

$7,655,332

and

the

net

realized

loss

was

$13,431.

#### Note
7. #### Line

#### of

#### credit
The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

#### Federal

#### tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized

#### depreciation

#### ($)

#### Net

#### unrealized

#### depreciation

#### ($)
98,089,428

1,296,966

(249,786)

1,047,180

#### No

#### expiration

#### short-term

#### ($)

#### No

#### expiration

#### long-

#### term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
(1,447,722)

(1,050,091)

(2,497,813)

22,261

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Fund

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

the

Fund's

holdings

and

the

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

the

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

the

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

Additional

risk

factors

of

the

Fund

are

described

more

fully

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Fund

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Fund,

including

fund

accounting

and

financial

reporting

services.

#### Note
10. #### Information

#### regarding

#### pending

#### and

#### settled

#### legal

#### proceedings
Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Indexed

ETF

\|

2025

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.

Indexed

ETF

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Short

Duration

Bond

ETF

*Opinion* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Short

Duration

Bond

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

for

the

period

September

21,

2021

(commencement

of

operations)

through

October

31,

2021

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

four

years

in

the

period

ended

October

31,

2025

and

for

the

period

September

21,

2021

(commencement

of

operations)

through

October

31,

2021

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinion*

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Indexed

ETF

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Short

Duration

Bond

ETF

(the

Fund).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

the

Fund

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Fund's

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Fund

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Fund

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Fund's

management

fees

and

total

expenses,

including

information

comparing

the

Fund's

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund's

and

its

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

the

Fund,

(ii) the

Fund's

performance

relative

to

peers

and

benchmarks,

(iii) the

net

assets

of

the

Fund

and

(iv) index

tracking

error

data

of

the

Fund.

The

Board

observed

the

Fund's

tracking

error

versus

its

performance

was

within

the

range

of

management's

expectations.

The

Board

also

reviewed

a

description

of

the

methodology

for

identifying

the

Fund's

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund's

contribution

to

the

Investment

Manager's

profitability.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETF

\|

2025

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

the

Fund's

total

expense

ratio

(after

considering

proposed

expense

caps/waivers)

was

slightly

below

the

peer

universe's

median

expense

ratio

shown

in

the

reports.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Fund,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Fund.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels,

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Fund

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

supported

the

continuation

of

the

IMS

Agreement.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

Congress

Street

Boston,

MA

02210

ANN314_10_R01_(12/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.©

2025

Columbia

Management

Investment

Advisers,

LLC. columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Columbia

Select

Technology

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2025

Active

ETF

\|

2025

TABLE

OF

CONTENTS

Portfolio

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statement

of

Changes

in

Net

Assets

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Federal

Income

Tax

Information

Approval

of

Investment

Management

Services

Agreement

Results

of

Meeting

of

Shareholders

PORTFOLIO

OF

INVESTMENTS

October

31,

2025

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

Notes

to

Portfolio

of

Investments

#### Common

#### Stocks

#### 98.7%
Issuer

Shares

Value

($)

#### Communication

#### Services 8.8%

#### Entertainment

#### 1.5%
Netflix,

Inc.

(a) 466

521,389

#### Interactive

#### Media

#### &

#### Services

#### 7.3%
Alphabet,

Inc.

Class

A

5,497

1,545,702

Meta

Platforms,

Inc.

Class

A

1,424

923,250

#### Total

#### 2,468,952

#### Total

#### Communication

#### Services

#### 2,990,341

#### Consumer

#### Discretionary 4.2%

#### Broadline

#### Retail

#### 3.7%
Amazon.com,

Inc.

(a) 5,109

1,247,720

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
Booking

Holdings,

Inc.

187,876

#### Total

#### Consumer

#### Discretionary

#### 1,435,596

#### Financials 4.5%

#### Capital

#### Markets

#### 0.8%
Robinhood

Markets,

Inc.

Class

A

(a) 1,962

287,982

#### Financial

#### Services

#### 3.7%
Mastercard,

Inc.

Class

A

1,023

564,686

Visa,

Inc.

Class

A

2,003

682,502

#### Total

#### 1,247,188

#### Total

#### Financials

#### 1,535,170

#### Industrials 1.0%

#### Ground

#### Transportation

#### 1.0%
Uber

Technologies,

Inc.

(a) 3,418

329,837

#### Total

#### Industrials

#### 329,837

#### Information

#### Technology 80.2%

#### Communications

#### Equipment

#### 2.3%
Arista

Networks,

Inc.

(a) 2,198

346,603

Cisco

Systems,

Inc.

3,704

270,799

Motorola

Solutions,

Inc.

184,646

#### Total

#### 802,048

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.8%
Amphenol

Corp.

Class

A

1,912

266,418

#### IT

#### Services

#### 1.2%
Shopify,

Inc.

Class

A

(a) 2,433

423,001

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 46.6%
Analog

Devices,

Inc.

1,261

295,238

#### Common

#### Stocks
(continued)

Issuer

Shares

Value

($)

Applied

Materials,

Inc.

2,445

569,929

ASML

Holding

NV

712

754,172

Broadcom,

Inc.

10,032

3,708,128

Lam

Research

Corp.

10,410

1,639,159

Marvell

Technology,

Inc.

2,375

222,633

Micron

Technology,

Inc.

2,163

484,015

NVIDIA

Corp.

33,005

6,683,182

NXP

Semiconductors

NV

1,134

237,142

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

4,126

1,239,574

#### Total

#### 15,833,172

#### Software

#### 19.9%
Cadence

Design

Systems,

Inc.

(a) 729

246,905

Crowdstrike

Holdings,

Inc.

Class

A

(a) 1,054

572,333

Intuit,

Inc.

585

390,517

Microsoft

Corp.

6,412

3,320,198

Oracle

Corp.

2,280

598,751

Palo

Alto

Networks,

Inc.

(a) 1,326

292,038

Salesforce,

Inc.

776

202,078

SAP

SE

ADR

813

211,388

ServiceNow,

Inc.

(a) 380

349,326

Synopsys,

Inc.

(a) 1,272

577,259

#### Total

#### 6,760,793

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 9.4%
Apple,

Inc.

11,769

3,181,985

#### Total

#### Information

#### Technology

#### 27,267,417

#### Total

#### Common

#### Stocks

#### (Cost

#### $23,099,559)

#### 33,558,361

#### Money

#### Market

#### Funds

#### 1.3%

#### Issuer

#### Shares

#### Value

#### ($)
Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

3.878%

(b) 428,833

428,833

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $428,833)

#### 428,833

#### Total

#### Investments

#### in

#### Securities

#### (Cost

#### $23,528,392)

#### 33,987,194

#### Other

#### Assets

#### &

#### Liabilities,

#### Net

#### 974

#### Net

#### Assets

#### 33,988,168
(a) Non-income

producing

investment.

(b) The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2025. #### Abbreviation

#### Legend
ADR

American

Depositary

Receipts

#### Fair

#### Value

#### Measurements
The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund's

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment's

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability's

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

#### Fair

#### Value

#### Measurements
(continued)

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

October

31,

2025:

Level

($)

Level

($)

Level

($)

Total

($)

#### Investments

#### in

#### Securities
Common

Stocks

Communication

Services

2,990,341

–

–

2,990,341

Consumer

Discretionary

1,435,596

–

–

1,435,596

Financials

1,535,170

–

–

1,535,170

Industrials

329,837

–

–

329,837

Information

Technology

27,267,417

–

–

27,267,417

Total

Common

Stocks

33,558,361

–

–

33,558,361

Money

Market

Funds

428,833

–

–

428,833

Total

Investments

in

Securities

33,987,194

–

–

33,987,194

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

#### Assets
Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$23,528,392)

$33,987,194

Receivable

for:

Investments

sold

16,689

Dividends

2,745

Reclaims

receivable

Reimbursement

due

from

Investment

Manager

Total

assets

34,007,028

#### Liabilities
Payable

for:

Investment

management

fees

18,860

Total

liabilities

18,860

#### Net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $33,988,168

#### Represented

#### by:
Paid-in

capital

$22,176,785

Total

distributable

earnings

(loss)

11,811,383

#### Total

#### -

#### representing

#### net

#### assets

#### applicable

#### to

#### outstanding

#### capital

#### stock

#### $33,988,168
Shares

outstanding

1,025,000

Net

asset

value

per

share

$33.16

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2025

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

#### Investment

#### Income:
Dividends

-

unaffiliated

issuers

$226,740

Foreign

taxes

withheld

(6,396)

Total

income

220,344

Expenses:

Investment

management

fees

245,249

Total

expenses

245,249

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(1,225)

Total

net

expenses

244,024

#### Net

#### Investment

#### Loss
(23,680)

#### Realized

#### and

#### unrealized

#### gain
(loss)

#### -

#### net
Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

1,732,087

In-kind

transactions

-

unaffiliated

issuers

5,027,659

Net

realized

gain

6,759,746

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

1,589,498

Net

change

in

unrealized

appreciation

1,589,498

Net

realized

and

unrealized

gain

8,349,244

#### Net

#### Increase

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $8,325,564
STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

\|

2025

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Operations
Net

investment

income

(loss)

$(23,680)

$72,100

Net

realized

gain

6,759,746

952,496

Net

change

in

unrealized

appreciation

1,589,498

9,717,536

Net

increase

in

net

assets

resulting

from

operations

8,325,564

10,742,132

#### Distributions

#### to

#### shareholders
Net

investment

income

and

net

realized

gains

(377,129)

(273,443)

#### Shareholder

#### transactions
Proceeds

from

shares

sold

6,688,963

5,436,460

Cost

of

shares

redeemed

(18,874,774)

(1,761,176)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

(12,185,811)

3,675,284

Increase

(decrease)

in

net

assets

(4,237,376)

14,143,973

#### Net

#### Assets:
Net

assets

beginning

of

year

38,225,544

24,081,571

#### Net

#### assets

#### at

#### end

#### of

#### year

#### $33,988,168

#### $38,225,544

#### Capital

#### stock

#### activity
Shares

outstanding,

beginning

of

year

1,525,050

1,375,050

Shares

sold

225,000

225,000

Shares

redeemed

(725,050)

(75,000)

Shares

outstanding,

end

of

year

1,025,000

1,525,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

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.

A

zero

balance

may

reflect

an

amount

rounding

to

less

than

$0.01

or

0.01%.

Year

Ended

October

31,

2022

(a) 2025

2024

2023

#### Per

#### share

#### data
Net

asset

value,

beginning

of

year

$25.07

$17.51

$14.88

$20.00

#### Income
(loss)

#### from

#### investment

#### operations:
Net

investment

income

(loss)

(0.02)

0.05 0.05 0.00 Net

realized

and

unrealized

gain

(loss)

8.36 7.71 2.69 (5.12)

Total

from

investment

operations

8.34 7.76 2.74 (5.12)

#### Less

#### distributions

#### to

#### shareholders:
Net

investment

income

(0.05)

(0.05)

(0.03)

–

Net

realized

gains

(0.20)

(0.15)

(0.08)

–

Total

distribution

to

shareholders

(0.25)

(0.20)

(0.11)

–

#### Net

#### asset

#### value,

#### end

#### of

#### year
$33.16

$25.07

$17.51

$14.88

Total

Return

at

NAV

33.55%

44.43%

18.45%

(25.60)%

Total

Return

at

Market

Price

32.87%

44.90%

19.03%

(25.80)%

#### Ratios

#### to

#### average

#### net

#### assets:
Total

gross

expenses

(b) 0.75%

0.75%

0.75%

0.75%

Total

net

expenses

(c) 0.75%

0.74%

(b) 0.75%

(b) 0.75%

(b) Net

investment

income

(loss)

(0.07)%

0.20%

0.29%

0.09%

#### Supplemental

#### data
Net

assets,

end

of

year

(in

thousands)

$33,988

$38,226

$24,082

$12,278

Portfolio

turnover

65%

60%

26%

19%

(a) The

Fund

commenced

operations

on

March

29,

2022. Per

share

data

and

total

return

reflect

activity

from

that

date.

(b) In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund's

reported

expense

ratios.

(c) Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2025

Active

ETF

\|

2025

#### Note
1. #### Organization
Columbia

Select

Technology

ETF

(formerly

known

as

Columbia

Semiconductor

and

Technology

ETF)

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

non-diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Effective

February

28,

2025,

Columbia

Semiconductor

and

Technology

ETF

was

renamed

Columbia

Select

Technology

ETF.

Fund

Shares

The

market

prices

of

the

Fund's

shares

may

differ

to

some

degree

from

the

Fund's

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

"Creation

Unit."

A

Creation

Unit

consists

of

25,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund's principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund's shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

#### Note
2. #### Summary

#### of

#### significant

#### accounting

#### policies
Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Fund

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

Foreign

equity

securities

are

valued

based

on

the

closing

price

or

last

trade

price on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

If

any

foreign

equity

security

closing

prices

are

not

readily

available,

the

securities

are

valued

at

the

mean

of

the

latest

quoted

bid

and

ask

prices

on

such

exchanges

or

markets.

Foreign

currency

exchange

rates

are

generally

determined

at

the

close

of

London's

exchange

at

11:00

a.m.

Eastern

(U.S.)

time.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund's

Portfolio

of

Investments.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

The

Fund

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

securities,

return

of

capital

is

recorded

as

a

realized

gain.

With

respect

to

REITs,

to

the

extent

actual

information

has

not

yet

been

reported,

estimates

for

return

of

capital

are

made

by

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial).

The

Investment

Manager's

estimates

are

subsequently

adjusted

when

the

actual

character

of

the

distributions

is

disclosed

by

the

REITs,

which

could

result

in

a

proportionate

change

in

return

of

capital

to

shareholders.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

Foreign

taxes

The

Fund

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Fund

will

accrue

such

taxes

and

recoveries,

as

applicable,

based

upon

its

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

it

invests.

Realized

gains

in

certain

countries

may

be

subject

to

foreign

taxes

at

the

Fund

level,

based

on

statutory

rates.

The

Fund

accrues

for

such

foreign

taxes

on

realized

and

unrealized

gains

at

the

appropriate

rate

for

each

jurisdiction,

as

applicable.

The

amount,

if

any,

is

disclosed

as

a

liability

in

the

Statement

of

Assets

and

Liabilities.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

annually.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust's

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund's

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

#### Note
3. #### Investment

#### management

#### fees
Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund's

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund's

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.75%

of

the

Fund's

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund's

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer's

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Distribution

and

service

fees

ALPS

Distributors,

Inc.

(the

Distributor)

serves

as

the

distributor

for

the

Fund.

The

Fund

has

adopted

a

distribution

and

service

plan

(the

Distribution

Plan).

Under

the

Distribution

Plan,

the

Fund

is

authorized

to

pay

distribution

fees

to

the

Distributor

and

other

firms

that

provide

distribution

and

shareholder

services

at

the

maximum

annual

rate

of

0.25%

of

average

daily

net

assets

of

the

Fund.

No

distribution

or

service

fees

are

currently

paid

by

the

Fund

or

have

been

approved

for

payment

by

the

Board

of

Trustees.

There

are

no

current

plans

to

impose

these

fees.

Expenses

waived/reimbursed

by

the

Investment

Manager

The

Investment

Manager

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

(excluding

certain

fees

and

expenses

described

below),

through

February

28,

2026,

unless

sooner

terminated

at

the

sole

discretion

of

the

Board

of

Trustees,

so

that

the

Fund's

net

operating

expenses,

after

giving

effect

to

fees

waived/expenses

reimbursed

and

any

balance

credits

and/or

overdraft

charges

from

the

Fund's

custodian,

do

not

exceed

the

annual

rate

of

0.75%

as

a

percentage

of

the

Fund's

average

daily

net

assets.

Under

the

agreement,

the

following

fees

and

expenses

are

excluded

from

the

Fund's

operating

expenses

when

calculating

the

waiver/reimbursement

commitment,

and

therefore

will

be

paid

by

the

Fund,

if

applicable:

taxes,

brokerage

commissions,

interest,

infrequent

and/or

unusual

expenses

and

any

other

expenses

the

exclusion

of

which

is

specifically

approved

by

the

Fund's

Board.

This

agreement

may

be

modified

or

amended

only

with

approval

from

all

parties.

Any

fees

waived

and/

or

expenses

reimbursed

under

the

expense

reimbursement

arrangements

described

above

are

not

recoverable

by

the

Investment

Manager

in

future

periods.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

#### Note
4. #### Federal

#### tax

#### information
The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

October

31,

2025,

these

differences

are

primarily

due

to

differing

treatments

for

deferral/reversal

of

wash

sale

losses,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind,

late-year

ordinary

losses

and

capital

loss

carryforwards.

To

the

extent

these

differences

are

permanent,

reclassifications

are

made

among

the

components

of

the

Fund's

net

assets.

Temporary

differences

do

not

require

reclassifications.

The

following

reclassifications

were

made:

Net

investment

income

(loss)

and

net

realized

gains

(losses),

as

disclosed

in

the

Statement

of

Operations,

and

net

assets

were

not

affected

by

these

reclassifications.

The

tax

character

of

distributions

paid

during

the

years

indicated

was

as

follows:

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2025,

the

cost

of

all

investments

for

federal

income

tax

purposes

along

with

the

aggregate

gross

unrealized

appreciation

and

depreciation

based

on

that

cost

was:

Tax

cost

of

investments

and

unrealized

appreciation/(depreciation)

may

also

include

timing

differences

that

do

not

constitute

adjustments

to

tax

basis.

The

following

capital

loss

carryforwards,

determined

at

October

31,

2025,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.

In

addition,

for

the

year

ended

October

31,

2025,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management's

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund's

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

#### Undistributed

#### net

#### investment

#### income

#### ($)

#### Accumulated

#### net

#### realized

#### gain

#### ($)

#### Paid

#### in

#### capital

#### ($)
(7) (4,937,550)

4,937,557

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)

#### Ordinary

#### income

#### ($)

#### Long-term

#### capital

#### gain

#### ($)

#### Total

#### ($)
377,129

-

377,129

270,807

2,636

273,443

#### Undistributed

#### ordinary

#### income

#### ($)

#### Undistributed

#### long-

#### term

#### capital

#### gains

#### ($)

#### Capital

#### loss

#### carryforwards

#### ($)

#### Net

#### unrealized

#### appreciation

#### ($)
-

1,456,214

(92,146)

10,447,315

#### Federal

#### tax

#### cost

#### ($)

#### Gross

#### unrealized

#### appreciation

#### ($)

#### Gross

#### unrealized

#### depreciation

#### ($)

#### Net

#### unrealized

#### appreciation

#### ($)
23,539,879

10,458,802

(11,487)

10,447,315

#### No

#### expiration

#### short-term

#### ($)

#### No

#### expiration

#### long-

#### term

#### ($)

#### Total

#### ($)

#### Utilized

#### ($)
(92,146)

-

(92,146)

109,536

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

#### Note
5. #### Portfolio

#### information
The

cost

of

purchases

and

proceeds

from

sales

of

securities,

excluding

short-term

investments

and

in-kind

transactions,

if

any,

aggregated

to

$21,279,684

and

$21,409,912,

respectively,

for

the

year

ended

October

31,

2025. The

amount

of

purchase

and

sale

activity

impacts

the

portfolio

turnover

rate

reported

in

the

Financial

Highlights.

#### Note
6. #### In-kind

#### transactions
The

Fund

may

accept

in-kind

contributions

and

redemptions.

In-kind

contributions

are

accounted

for

at

the

fair

market

value

of

the

in-kind

securities

contributed

on

the

date

of

contribution.

For

the

year

ended

October

31,

2025,

the

cost

basis

of

securities

contributed

was

$6,442,389.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended

October

31,

2025,

the

in-kind

redemption

cost

basis

was

$12,990,183

the

proceeds

from

sales

were

$18,017,842

and

the

net

realized

gain

was

$5,027,659.

#### Note
7. #### Line

#### of

#### credit
The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

23,

2025

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$750

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

23,

2025

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i) the

federal

funds

effective

rate,

(ii) the

secured

overnight

financing

rate

plus

0.10%

and

(iii) the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended October

31,

2025. #### Note
8. #### Risks

#### and

#### uncertainties
An

investment

in

the

Fund

involves

risks,

including

market

risk

and

concentration

risk,

among

others.

The

value

of

the

Fund's

holdings

and

the

Fund's

net

asset

value

may

go

down.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions.

To

the

extent

that

the

Fund

concentrates

its

investment

in

particular

issuers,

countries,

geographic

regions,

industries

or

sectors,

the

Fund

may

be

subject

to

greater

risks

of

adverse

developments

in

such

areas

of

focus

than

a

fund

that

invests

in

a

wider

variety

of

issuers,

countries,

geographic

regions,

industries,

sectors

or

investments.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2025

Active

ETF

\|

2025

Additional

risk

factors

of

the

Fund

are

described

more

fully

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information.

#### Note
9. #### Subsequent

#### events
Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued.

Other

than

as

noted

below,

there

were

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

The

Board

of

Trustees

of

the

Fund

approved

a

custody

agreement

with

State

Street

Bank

and

Trust

Company

(State

Street).

The

transition

of

custody

services

to

State

Street

is

expected

to

be

completed

by

December

2026. In

addition,

the

Board

approved

the

engagement

by

the

Investment

Manager

of

State

Street

as

sub-administrator.

In

such

capacity,

and

subject

to

the

supervision

and

direction

of

the

Investment

Manager,

State

Street

will

provide

certain

sub-

administration

services

to

the

Fund,

including

fund

accounting

and

financial

reporting

services.

#### Note
10. #### Information

#### regarding

#### pending

#### and

#### settled

#### legal

#### proceedings
Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov

.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

it

is

inherently

difficult

to

determine

whether

any

loss

is

probable

or

even

reasonably

possible,

or

to

reasonably

estimate

the

amount

of

any

loss

that

may

result

from

such

matters.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief,

and

may

lead

to

further

claims,

examinations,

adverse

publicity

or

reputational

damage,

each

of

which

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

or

financial

condition

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

Active

ETF

\|

2025

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Select

Technology

ETF

*Opinion* 

*on* 

*the* 

*Financial* 

*Statements*

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Select

Technology

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2025

and

for

the

period

March

29,

2022

(commencement

of

operations)

through

October

31,

2022

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2025

and

for

the

period

March

29,

2022

(commencement

of

operations)

through

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

*Basis* 

*for* 

*Opinion*

These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Columbia

Funds

Complex

since

1977. FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Active

ETF

\|

2025

The

Fund

hereby

designates

the

following

tax

attributes

for

the

ﬁscal

year

ended

October

31,

2025

.

Shareholders

will

be

notiﬁed

in

early

2026

of

the

amounts

for

use

in

preparing

2025

income

tax

returns.

For

Federal

income

tax

purposes,

dividends

from

short-term

capital

gains

are

classified

as

ordinary

income.

The

percentages

of

ordinary

income

distributions

qualifying

for

the

corporate

dividends

received

deduction

(DRD),

and

the

individual

qualified

dividend

income

rate

(QDI)

are

presented

below.

The

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

below,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

#### Fund

#### DRD

#### QDI
Columbia

Select

Technology

ETF

62.34%

72.22%

#### Fund
Columbia

Select

Technology

ETF

$1,586,754

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Active

ETF

\|

2025

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

Select

Technology

ETF

(formerly,

Columbia

Semiconductor

and

Technology

ETF

and

prior

to

that

Columbia

Seligman

Semiconductor

and

Technology

ETF)

(the

Fund).

Under

an

investment

management

services

agreement

(the

IMS

Agreement),

the

Investment

Manager

provides

investment

advice

and

other

services

to

the

Fund

and

other

funds

in

the

Columbia

Fund

family

(collectively,

the

Columbia

Funds).

On

an

annual

basis,

the

Fund's

Board

of

Trustees

(the

Board),

including

the

independent

Board

members

(the

Independent

Trustees),

considers

renewal

of

the

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April

and

June

2025,

including

reports

providing

the

results

of

analyses

performed

by

a

third-party

data

provider,

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

and

comprehensive

responses

by

the

Investment

Manager

to

written

requests

for

information

by

independent

legal

counsel

to

the

Independent

Trustees

(Independent

Legal

Counsel),

to

assist

the

Board

in

making

this

determination.

In

addition,

throughout

the

year,

the

Board

(or

its

committees

or

subcommittees)

regularly

meets

with

portfolio

management

teams

and

senior

management

personnel

and

reviews

information

prepared

by

the

Investment

Manager

addressing

the

services

the

Investment

Manager

provides

and

Fund

performance.

The

Board

also

accords

appropriate

weight

to

the

work,

deliberations

and

conclusions

of

the

various

committees

(including

their

subcommittees),

such

as

the

Contracts

Committee,

the

Investment

Review

Committee,

the

Audit

Committee

and

the

Compliance

Committee

in

determining

whether

to

continue

the

IMS

Agreement.

The

Board,

at

its

June

26,

2025

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

the

IMS

Agreement

for

an

additional

one-year

term.

At

the

June

Meeting,

Independent

Legal

Counsel

reviewed

with

the

Independent

Trustees

various

factors

relevant

to

the

Board's

consideration

of

advisory

agreements

and

the

Board's

legal

responsibilities

related

to

such

consideration.

The

Independent

Trustees

considered

such

information

as

they,

their

legal

counsel

or

the

Investment

Manager

believed

reasonably

necessary

to

evaluate

and

to

approve

the

continuation

of

the

IMS

Agreement.

Among

other

things,

the

information

and

factors

considered

included

the

following:

Information

on

the

investment

performance

of

the

Fund

relative

to

the

performance

of

a

group

of

funds

determined

to

be

comparable

to

the

Fund

by

Broadridge,

as

well

as

performance

relative

to

one

or

more

benchmarks;

Information

on

the

Fund's

management

fees

and

total

expenses,

including

information

comparing

the

Fund's

expenses

to

those

of

a

group

of

comparable

funds,

as

determined

by

Broadridge;

Terms

of

the

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

the

IMS

Agreement,

including

portfolio

management

and

portfolio

trading

practices;

Information

regarding

any

recently

negotiated

management

fees

of

similarly-managed

portfolios

of

other

institutional

clients

of

the

Investment

Manager;

Information

regarding

the

resources

of

the

Investment

Manager,

including

information

regarding

senior

management,

portfolio

managers

and

other

personnel;

Information

regarding

the

capabilities

of

the

Investment

Manager

with

respect

to

compliance

monitoring

services;

and

The

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund.

Following

an

analysis

and

discussion

of

the

foregoing,

and

the

factors

identified

below,

the

Board,

including

all

of

the

Independent

Trustees,

approved

the

renewal

of

the

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Active

ETF

\|

2025

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department's

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager's

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund's

and

its

service

providers'

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity's

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund's

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i) the

performance

of

the

Fund,

(ii) the

Fund's

performance

relative

to

peers

and

benchmarks

and,

(iii) the

net

assets

of

the

Fund.

The

Board

observed

that

Fund

performance

was

within

the

range

of

that

of

its

peers.

The

Board

also

reviewed

a

description

of

the

third-party

data

provider's

methodology

for

identifying

the

Fund's

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager's

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund's

contribution

to

the

Investment

Manager's

profitability.

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

for

each

Columbia

Fund

(with

certain

exceptions)

are

generally

in

line

with

the

current

"pricing

philosophy"

such

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Active

ETF

\|

2025

that

Fund

total

expense

ratios,

in

general,

approximate

or

are

lower

than

the

median

expense

ratios

of

funds

in

the

same

Lipper

comparison

universe.

The

Board

took

into

account

that

the

Fund's

total

expense

ratio

(after

considering

proposed

expense

caps/waivers)

approximated

the

peer

universe's

median

expense

ratio.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

levels

of

management

fees

and

expenses

of

the

Fund,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

The

Board

also

considered

the

profitability

of

the

Investment

Manager

and

its

affiliates

in

connection

with

the

Investment

Manager

providing

management

services

to

the

Fund.

With

respect

to

the

profitability

of

the

Investment

Manager

and

its

affiliates,

the

Independent

Trustees

referred

to

information

discussing

the

profitability

to

the

Investment

Manager

and

Ameriprise

Financial

from

managing

the

Columbia

Funds.

The

Board

considered

that

the

profitability

generated

by

the

Investment

Manager

in

2024

had

increased

from

2023

levels

due

to

a

variety

of

factors,

including

the

increased

assets

under

management

of

the

Funds.

It

also

took

into

account

the

indirect

economic

benefits

flowing

to

the

Investment

Manager

or

its

affiliates

in

connection

with

managing

the

Columbia

Funds,

such

as

the

enhanced

ability

to

offer

various

other

financial

products

to

Ameriprise

Financial

customers,

soft

dollar

benefits

and

overall

reputational

advantages.

The

Board

noted

that

the

fees

paid

by

the

Fund

should

permit

the

Investment

Manager

to

offer

competitive

compensation

to

its

personnel,

make

necessary

investments

in

its

business

and

earn

an

appropriate

profit.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

costs

of

services

provided

and

the

profitability

to

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

supported

the

continuation

of

the

IMS

Agreement.

Economies

of

scale

The

Board

considered

that

the

IMS

Agreement

provides

for

a

unitary

fee

level

that

does

not

include

pre-established

breakpoints,

and

management's

observation

that

ETF

fee

structures

often

do

not

include

breakpoints

due

to

the

more

volatile

nature

of

their

inflows/outflows.

Conclusion

The

Board

reviewed

all

of

the

above

considerations

in

reaching

its

decision

to

approve

the

continuation

of

the

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

26,

2025,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

RESULTS

OF

MEETING

OF

SHAREHOLDERS

Active

ETF

\|

2025

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

ANN321_10_R01_(12/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.©

2025

Columbia

Management

Investment

Advisers,

LLC. columbiathreadneedleus.com/etfs

------

#### 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.
Statement regarding basis for approval of Investment Advisory Contract is included in Item 7 of this Form N-CSR.

#### 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 trustees 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 effective and 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) [Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.](d38986dex99code.htm)

(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.](d38986dex99cert.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.](d38986dex99906cert.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) | /s/ Michael G. Clarke |
|  | Michael G. Clarke, President and Principal Executive Officer |
| Date | December 19, 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) | /s/ Michael G. Clarke |
|  | Michael G. Clarke, President and Principal Executive Officer |
| Date | December 19, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Chief Financial Officer and |
|  | Principal Financial Officer |
| Date | December 19, 2025 |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Marybeth Pilat |
|  | Marybeth Pilat, Treasurer, Chief Accounting |
|  | Officer and Principal Financial Officer |
| Date | December 19, 2025 |

---

## Ex-99.Code

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

**COLUMBIA FUNDS** 

---

| | |
|:---|:---|
| **Applicable Regulatory Authority** | Section 406 of the Sarbanes-Oxley Act of 2002; Item 2 of Form N-CSR |
| **Related Policies** | Overview and Implementation of Compliance Program Policy |
| **Requires Annual Board Approval** | No but Covered Officers Must provide annual certification |
| **Last Reviewed by AMC** | September 2025 |

---

**<u>Overview and Statement</u>**

Item 2 of Form N-CSR, the form used by registered management investment companies to file certified annual and semi-annual shareholder reports, requires a registered management investment company to disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether it has adopted a code of ethics that applies to the investment company's principal executive
officer and senior financial officers and, if it has not adopted such a code of ethics, why it has not done so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to, or waivers from, the code of ethics relating to such officers.

The Board of the Columbia Funds ("Columbia Board") has adopted the following Code of Ethics for Principle Executive and Senior Financial Officers (the "Code"), which sets forth the ethical standards to which the Funds holds their principal executive officer and each of its senior financial officers.

This Code should be read and interpreted in conjunction with the *Overview and Implementation of Compliance Program Policy*.

**<u>Policy</u>**

The Board has adopted the Code in order to comply with applicable regulatory requirements as outlined below:

**I.** **Covered Officers/Purpose of the Code** 

This Code applies to the Fund's Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer or Controller (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or
submits to, the SEC, and in other public communications made by the Fund;

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 1 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual or apparent conflicts of interest.

**II.** **Administration of the Code** 

The Board has designated an individual to be primarily responsible for the administration of the Code (the "Code Officer"). In the absence of the Code Officer, his or her designee shall serve as the Code Officer, but only on a temporary basis.

The Board has designated a person who meets the definition of a Chief Legal Officer (the "CLO") for purposes of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder as the Fund's CLO. The CLO of the Fund shall assist the Fund's Code Officer in administration of this Code. The Code Officer, in consultation with the CLO, shall be responsible for applying this Code to specific situations (in consultation with Fund counsel, where appropriate) and has the authority to interpret this Code in any particular situation.

**III.** **Managing Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his or her service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of the Covered Officer's position with the Fund. Certain provisions in the 1940 Act and the rules and regulations thereunder and the Advisers Act and the rules and regulations thereunder govern certain conflicts of interest that arise out of the relationships between Covered Officers and the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. The Fund's and its Adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of those provisions. This Code does not, and is not intended to, repeat or replace those programs and procedures, and conduct that is consistent with such programs and procedures falls outside of the parameters of this Code.

Although they do not typically present an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationships between the Fund and, as applicable, its Adviser (Columbia Management Investment Advisers, LLC ("CMIA") for the Columbia Funds, administrator, principal underwriter, pricing and bookkeeping agent and/or transfer agent (each, a "Primary Service Provider") of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 2 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

the Fund or for a Primary Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Primary Service Providers and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Fund and the Primary Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. If such conflicts are addressed in conformity with applicable provisions of the 1940 Act and the Advisers Act, they will be deemed to have been handled ethically. In addition, it is recognized by the Board of the Funds that the Covered Officers also may be officers or employees of one or more other investment companies or organizations affiliated with the sponsor of the Funds covered by other similar codes and that the codes of ethics of those other investment companies or organizations will apply to the Covered Officers acting in such capacities for such other investment companies.

This Code covers general conflicts of interest and other issues applicable to the Funds under the Sarbanes-Oxley Act of 2002. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interests of the Funds. Certain examples of such conflicts of interest follow.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by the Fund whereby the Covered Officer, or a member of his or her family, would knowingly benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not knowingly cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer, or a member of his or her family, rather than the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not use material non-public knowledge of portfolio transactions made or
contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report at least annually (or more frequently, as appropriate) known affiliations or other relationships that may
give rise to conflicts of interest with respect to the Fund.

If a Covered Officer believes that he or she has a potential conflict of interest that is likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as a Covered Officer, including a potential conflict of interest that arises out of his or her responsibilities as an officer or employee of one or more Primary Service Providers or other funds, he or she should consult with the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, as appropriate.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 3 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

Examples of potential conflicts of interest that may materially compromise objectivity or ability to perform the duties of a Covered Officer and which the Covered Officer should consider discussing with the Code Officer or other appropriate person include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service as a director on the board of a public or private company or service as a public official;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of a non-de minimus gift when the gift is in relation to
doing business directly or indirectly with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The receipt of entertainment from any company with which the Fund has current or prospective business dealings,
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Primary Service Providers or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A direct or indirect material financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV.** **Disclosure and Compliance** 

It is the responsibility of each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To familiarize himself or herself with the disclosure requirements generally applicable to the Fund, as well as
the business and financial operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To not knowingly misrepresent, and to not knowingly cause others to misrepresent, facts about the Fund to others,
whether within or outside the Fund, including to the Fund's Board, Legal Counsel, Independent Legal Counsel and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent appropriate within his or her area of responsibility, consult with other officers and employees of
the Fund and the Primary Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the
Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To adhere to and, within his or her area of responsibility, promote compliance with the standards and
restrictions imposed by applicable laws, rules and regulations.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 4 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

**V.** **Reporting and Accountability by Covered Officers** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon adoption of the Code or becoming a Covered Officer, acknowledge in writing to the Fund's Board that he
or she has received, read and understands the Code, using the form attached as Appendix A hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually thereafter acknowledge in writing to the Fund's Board that he or she has received and read the
Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix B hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not retaliate against any employee or Covered Officer for reports of potential violations that are made in good
faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify the Code Officer promptly if he or she knows of any violation, or of conduct that reasonably could be
expected to be or result in a violation, of this Code. Failure to do so is a violation of this Code.

The Fund will follow the policy set forth below in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Code Officer will endeavor to take all appropriate action to investigate any potential violation reported to
him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Code Officer believes that no violation has occurred, the Code Officer will so
notify the person(s) reporting the potential violation, and no further action is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Code Officer, upon consultation with the CLO, believes is a violation will be reported by the
Code Officer or the CLO to the Fund's Audit Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's Audit Committee will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This Code and any changes to or waivers of the Code will, to the extent required, be disclosed as provided by SEC
rules.

**VI.** **Other Policies** 

This Code shall be the sole code of ethics adopted by the Fund for the purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered management investment companies thereunder. Insofar as other policies or procedures of the Fund or the Fund's Primary Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Fund's and its Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures of the Primary Service Providers as set forth in their respect Compliance Manuals are separate requirements applicable to the Covered Officers and are not part of this Code.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 5 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

**VII.** **Disclosure of Amendments to the Code** 

Any amendments will, to the extent required, be disclosed in accordance with law.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or upon advice of counsel, such reports and records shall not be disclosed to anyone other than the Fund's Board, the Covered Officers, the Code Officer, the CLO, the Fund's Primary Service Providers and their affiliates, and outside audit firms, legal counsel to the Fund and legal counsel to the Independent Board Members.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

**Reporting Requirements** 

Each Covered Officer must annually acknowledge in writing to the Fund's Board that he or she has received and read the Code and believes that he or she has complied with the requirements of the Code, using the form attached as Appendix II hereto.

The Code Officer or CLO shall report to the Fund's Audit Committee any violations of, or material issues arising under, this Code. 

If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Fund's Board, which will consider appropriate action, which may include review of, and appropriate modifications to: Applicable policies and procedures; Notification to the appropriate personnel of the Fund's Primary Service Providers or their boards; A recommendation to censure, suspend or dismiss the Covered Officer; or Referral of the matter to the appropriate authorities for civil action or criminal prosecution.

All material amendments to this Code must be in writing and approved or ratified by the Fund's Board, including a majority of the Independent Board Members. 

The Code Officer, in conjunction with the CLO, shall be responsible for administration of this Code and for adopting procedures to ensure compliance with the requirements set forth herein.

Any issues that arise under this policy should be communicated to an employee's immediate supervisor, and appropriately escalated to AMC. Additionally, AMC will escalate any compliance issues relating to this Code to the Fund CCO and, if warranted, the appropriate Fund Board.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 6 of 9*

------

**Fund Policy: Code of Ethics for Principal Executive & Senior Financial Officers** 

**Monitoring/Oversight/Escalation** 

The Code Officer shall be responsible for oversight of compliance with this Code by the Covered Officers. AMC and Ameriprise Risk & Control Services may perform periodic reviews and assessments of various lines of business, including their compliance with this Code.

**Recordkeeping** 

All records must be maintained for at least seven years, the first three in the appropriate Ameriprise Financial, Inc. management office. The following records will be maintained to evidence compliance with this Code: (1) a copy of the information or materials supplied to the Audit Committee or the Board: (i) that provided the basis for any amendment or waiver to this Code; and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Audit Committee and/or Board; (2) a copy of the policy and any amendments; and (3) a list of Covered Officers and reporting by Covered Officers.

*This document is current as of the last review date but subject to change thereafter. Please consult the online version to verify that this Fund Policy has not been updated or otherwise changed. This Fund Policy is the property of the Funds and must not be provided to any external party without express prior consent from the Fund CCO.* 

*Proprietary and Confidential* *Page 7 of 9*

------

**Appendix A** 

**INITIAL ACKNOWLEDGEMENT** 

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.

I also acknowledge my responsibility to report any known violation of the Code to the Code Officer, the CLO, the Fund's outside counsel, or counsel to the Independent Board Members, all as defined in this Code. I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

---

| | |
|:---|:---|
| **Covered Officer Name and Title:** | |
|  | *(please print)* |

---

 <br> Signature Date

*Please return this completed form to the CLO (_______) within one week from the date of your review of these documents. Thank you!* 

------

**Appendix B** 

**ANNUAL ACKNOWLEDGEMENT** 

I acknowledge that I have received and read a copy of the Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I believe that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me except as described below.

I have set forth below (and on attached sheets of paper, if necessary) all known affiliations or other relationships that may give rise to conflicts of interest for me with respect to the Fund.<sup>1</sup>

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Fund has the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in its sole discretion, with or without notice.

---

| | |
|:---|:---|
| **Covered Officer Name and Title:** | |
|  | *(please print)* |

---

 <br> Signature Date

*Please return this completed form to the CLO (_______) within one week from the date of your receipt of a request to complete and return it. Thank you!* 

<sup>1</sup> It is acceptable to refer to affiliations and other relationships previously disclosed in prior Initial or Annual Acknowledgements without setting forth such affiliations and relationships again.

## Ex-99.Cert

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;(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;(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;(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;(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;(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;(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: | December 19, 2025 | /s/ Michael G. Clarke |
|  |  | Michael G. Clarke, President and Principal<br> Executive Officer |

---

------

I, Charles H. Chiesa, 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;(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;(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;(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;(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;(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;(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: | December 19, 2025 | /s/ Charles H. Chiesa |
|  |  | Charles H. Chiesa, Chief Financial Officer and<br> Principal Financial Officer |

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------

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;(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;(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;(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;(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;(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;(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: | December 19, 2025 | /s/ Marybeth Pilat |
|  |  | Marybeth Pilat, Treasurer, Chief Accounting<br> 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 October 31, 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: December 19, 2025 | /s/ Michael G. Clarke |
|  | Michael G. Clarke, President and Principal Executive Officer |
| Date: December 19, 2025 | /s/ Charles H. Chiesa |
|  | Charles H. Chiesa, Chief Financial Officer and<br> Principal Financial Officer |
| Date: December 19, 2025 | /s/ Marybeth Pilat |
|  | Marybeth Pilat, Treasurer, Chief Accounting<br> 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.