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

FORM N-CSR 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES 

Investment Company Act file number 811-22736 

Columbia ETF Trust I 

(Exact name of registrant as specified in charter) 

290 Congress Street 

Boston, MA 02210 

(Address of principal executive offices) (Zip code) 

Daniel J. Beckman 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

Ryan C. Larrenaga, Esq. 

c/o Columbia Management Investment Advisers, LLC 

290 Congress Street 

Boston, MA 02210 

(Name and address of agent for service) 

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

Date of fiscal year end:  Last Day of October 

Date of reporting period: October 31, 2024 

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.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia International Equity Income ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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	0.46%

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 information technology sectors boosted the Fund’s relative results most during the annual period.

Allocations | Positions in the industrials (overweight) and information technology (overweight) sectors buoyed relative Fund results during the annual period.

Individual holdings | Fund positions in SAP, an enterprise application software company; Hitachi, an electrical equipment manufacturing company; and Siemens AG, a technology company, were among the top relative contributors to Fund relative performance.

Top Performance Detractors

Stock selection| Selections in the communication services and financials sectors hurt the Fund’s relative results during the annual period.

Allocations| Positions in the energy (overweight) and financials (underweight) sectors detracted from relative performance.

Individual holdings| Fund positions in BP, an integrated oil and gas company; Daiichi Sankyo, a pharmaceutical company; and TotalEnergies, a global integrated energy company, were among top relative detractors during the period.

Columbia International Equity Income ETF | ASR271_00_(12/24) | 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

	Columbia International Equity Income ETF—Net Asset Value (17,674)	MSCI EAFE Value Index (Net) (17,260)	Combined Former Indices (18,580)	MSCI EAFE Index (Net) (17,681)
06/13/16	10,000	10,000	10,000	10,000
10/16	10,427	10,511	10,451	10,231
10/17	13,048	12,950	13,169	12,629
10/18	11,972	11,953	12,134	11,763
10/19	12,696	12,612	12,922	13,062
10/20	10,705	10,289	10,963	12,165
10/21	14,087	14,231	14,564	16,324
10/22	11,978	11,905	12,406	12,569
10/23	14,456	14,061	15,065	14,379
10/24	17,674	17,260	18,580	17,681

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia International Equity Income ETF—Net Asset ValueFootnote Reference(a)Footnote Reference(b)	22.26	6.84	7.02
MSCI EAFE Value Index (Net)	22.75	6.47	6.72
Beta Advantage® International ESG Equity Income Index (Net)Footnote Reference(c)	23.34	N/A	25.10
Combined Former IndicesFootnote Reference(d)	23.34	7.53	7.66
MSCI EAFE Index (Net)	22.97	6.24	7.03

Footnote	Description
Footnote(a)	Effective June 1, 2024, in light of the changes made to the Fund’s Investment Objective and Principal Investment Strategies, the Fund no longer compares its performance to the Beta Advantage® International ESG Equity Income Index (Net). The returns of the Beta Advantage® International ESG Equity Income Index (Net) and the returns of the Combined Former Indices (Beta Advantage® Sustainable International Equity Income 100 Index and Beta Advantage® International ESG Equity Income Index) will be shown for a one-year transition period. Effective August 1, 2024, the Fund compares its performance to the MSCI EAFE Index (Net), a broad-based performance index that meets new regulatory requirements.The Fund's performance is also compared to MSCI EAFE Value Index (Net), which more closely represents the market sectors and/or asset classes in which the Fund primarily invests.
Footnote(b)	The Fund’s performance prior to June 1, 2024, reflects returns achieved according to different principal investment strategies. If the Fund’s strategies effective June 1, 2024 had been in place for the prior periods, results shown may have been different.
Footnote(c)	The Since Fund Inception Index performance is for the period from October 14, 2022 through October 31, 2024.
Footnote(d)	The Combined Former Indices performance represents the Fund’s Former Index (Beta Advantage® Sustainable International Equity Income 100 Index (Net)) performance for the period from June 13, 2016 to October 14, 2022 and the Fund’s other former Index (Beta Advantage® International ESG Equity Income Index (Net)) performance for the period from October 14, 2022 through October 31, 2024.

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

Key Fund Statistics

Fund net assets	$26,154,700
Total number of portfolio holdings	101
Investment management fees (represents 0.45% of Fund average net assets)	$65,460
Portfolio turnover for the reporting period	92%

Columbia International Equity Income ETF | ASR271_00_(12/24) | 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

SAP SE (Germany)	4.9%
Siemens AG (Germany)	4.9%
Shell PLC (United States)	4.2%
TotalEnergies SE (France)	4.1%
Sumitomo Mitsui Financial Group, Inc. (Japan)	4.1%
BP PLC (United States)	3.9%
Tokio Marine Holdings, Inc. (Japan)	3.3%
ITOCHU Corp. (Japan)	3.1%
Daiichi Sankyo Co. Ltd. (Japan)	2.9%
Investor AB Class B (Sweden)	2.7%

Sector Allocation

Value	Value
Real Estate	1.8%
Utilities	3.4%
Communication Services	3.5%
Consumer Staples	3.8%
Materials	3.9%
Consumer Discretionary	6.0%
Health Care	7.2%
Information Technology	10.8%
Energy	15.4%
Industrials	20.4%
Financials	23.1%

Geographic Allocation

Value	Value
Other	9.3%
Spain	2.3%
Norway	2.4%
Hong Kong	2.5%
Netherlands	2.6%
Italy	3.1%
France	4.4%
United States	8.4%
Sweden	12.9%
Germany	18.3%
Japan	33.4%

Columbia International Equity Income ETF | ASR271_00_(12/24) | 3

Material 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 June 1, 2024 (Effective Date), the Fund’s name was changed to Columbia International Equity Income ETF. Also, as of the Effective Date, the Fund changed its objective, the Fund changed  from an index tracking (passively managed) ETF to a non-index tracking (actively managed) ETF and the Fund’s principal investment strategies were revised to reflect the Fund’s new investment selection process in constructing the Fund’s portfolio and to eliminate certain Environmental, Social and Governance (ESG)-related industry exclusions.The Fund amended its Prospectus’ Principal Risks by removing Correlation/Tracking Error Risk, Index Methodology and Provider Risk and Passive Investment Risk, by adding Active Management Risk and by revising 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002277

Columbia International Equity Income ETF | ASR271_00_(12/24) | 4

Columbia U.S. Equity Income ETF 

EQIN | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia U.S. Equity Income ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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	$40	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 | Selections in the information technology and consumer discretionary sectors boosted the Fund’s relative results most during the annual period.

Allocations | Positions in the health care (underweight) and information technology (overweight) sectors buoyed relative Fund results during the annual period.

Individual holdings | Fund positions in Broadcom, a semiconductor chip company; Lam Research, a semiconductor equipment company; and AT&T, a telecommunications company, were among the top relative contributors to Fund relative performance.

Top Performance Detractors

Stock selection| Selections in the financials and energy sectors hurt the Fund’s relative results during the annual period.

Allocations| Positions in the energy (overweight) and financials (underweight) sectors detracted from relative performance.

Individual holdings| Fund positions in Schlumberger, an energy technology company; PepsiCo, a beverages, food and snack company; and Chevron, an oil and gas company, were among top relative detractors during the period.

Columbia U.S. Equity Income ETF | ASR272_00_(12/24) | 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

	Columbia U.S. Equity Income ETF—Net Asset Value (27,004)	MSCI USA Value Index (22,886)	Combined Former Indices (27,902)	Russell 3000® Index (30,326)
06/13/16	10,000	10,000	10,000	10,000
10/16	10,547	10,285	10,558	10,227
10/17	12,801	12,265	12,878	12,680
10/18	13,357	12,701	13,487	13,516
10/19	14,585	14,107	14,760	15,339
10/20	13,391	12,919	13,580	16,896
10/21	19,964	18,438	20,375	24,313
10/22	20,208	17,606	20,694	20,297
10/23	20,960	17,364	21,538	21,998
10/24	27,004	22,886	27,902	30,326

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia U.S. Equity Income ETF—Net Asset ValueFootnote Reference(a)Footnote Reference(b)	28.84	13.11	12.57
MSCI USA Value Index	31.80	10.16	10.36
Beta Advantage® U.S. ESG Equity Income IndexFootnote Reference(c)	29.54	N/A	19.55
Combined Former IndicesFootnote Reference(d)	29.54	13.58	13.01
Russell 3000® Index	37.86	14.60	14.13

Footnote	Description
Footnote(a)	Effective June 1, 2024, in light of the changes made to the Fund’s Investment Objective and Principal Investment Strategies, the Fund no longer compares its performance to the Beta Advantage® U.S. ESG Equity Income Index. The returns of the Beta Advantage® U.S. ESG Equity Income Index and the returns of the Combined Former Indices (Beta Advantage® Sustainable U.S. Equity Income 100 Index and Beta Advantage® U.S. ESG Equity Income Index) will be shown for a one-year transition period. Effective August 1, 2024, the Fund compares its performance to the Russell 3000® Index, a broad-based performance index that meets new regulatory requirements. The Fund's performance is also compared to the MSCI USA Value Index, which more closely represents the market sectors and/or asset classes in which the Fund primarily invests.
Footnote(b)	The Fund’s performance prior to June 1, 2024, reflects returns achieved according to different principal investment strategies. If the Fund’s strategies effective June 1, 2024 had been in place for the prior periods, results shown may have been different.
Footnote(c)	The Since Fund Inception Index performance is for the period from October 14, 2022 through October 31, 2024.
Footnote(d)	The Combined Former Indices represents the Fund’s Former Index (Beta Advantage® Sustainable U.S. Equity Income 100 Index) performance for the period from June 13, 2016 to October 14, 2022 and the Fund’s other former Index (Beta Advantage® U.S. ESG Equity Income Index) performance for the period from October 14, 2022 through October 31, 2024.

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

Key Fund Statistics

Fund net assets	$99,466,070
Total number of portfolio holdings	101
Investment management fees (represents 0.35% of Fund average net assets)	$214,967
Portfolio turnover for the reporting period	42%

Columbia U.S. Equity Income ETF | ASR272_00_(12/24) | 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

Home Depot, Inc. (The)	4.8%
Broadcom, Inc.	4.5%
Exxon Mobil Corp.	4.4%
UnitedHealth Group, Inc.	4.3%
Coca-Cola Co. (The)	4.2%
Chevron Corp.	4.1%
PepsiCo, Inc.	3.4%
International Business Machines Corp.	2.8%
Caterpillar, Inc.	2.7%
Verizon Communications, Inc.	2.7%

Asset Allocation

Value	Value
Money Market Funds	0.3%
Exchange-Traded Equity Funds	0.7%
Common Stocks	98.9%

Sector Allocation

Value	Value
Materials	1.2%
Consumer Discretionary	6.5%
Utilities	6.8%
Communication Services	7.7%
Health Care	8.8%
Financials	10.3%
Consumer Staples	12.6%
Information Technology	14.8%
Energy	14.8%
Industrials	15.4%

Columbia U.S. Equity Income ETF | ASR272_00_(12/24) | 3

Material 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 June 1, 2024 (Effective Date), the Fund’s name was changed to Columbia U.S. Equity Income ETF. Also, as of the Effective Date, the Fund changed its objective, the Fund changed  from an index tracking (passively managed) ETF to a non-index tracking (actively managed) ETF and the Fund’s principal investment strategies were revised to reflect the Fund’s new investment selection process in constructing the Fund’s portfolio and to eliminate certain Environmental, Social and Governance (ESG)-related industry exclusions.The Fund amended its Prospectus’ Principal Risks by removing Correlation/Tracking Error Risk, Index Methodology and Provider Risk and Passive Investment Risk, by adding Active Management Risk and by revising 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002277

Columbia U.S. Equity Income ETF | ASR272_00_(12/24) | 4

Columbia Diversified Fixed Income Allocation ETF 

DIAL | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Diversified Fixed Income Allocation ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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	$30	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

High-yield bonds | Positive contributions to the Fund’s performance relative to the benchmark were driven by the portfolio’s 30% target allocation to U.S. high-yield bonds. This sector performed well throughout the year as credit spreads tightened and prices rose.

Emerging market sovereign debt | Exposure to emerging market debt proved beneficial, as spreads tightened, and prices rose in sympathy with other risk assets during the period. The benchmark Bloomberg U.S. Aggregate Bond Index does not hold emerging market debt.

Global treasury ex.-U.S. | Exposure to non-U.S. Dollar global treasuries contributed to relative performance, as the U.S. dollar depreciated against the basket of foreign currencies during the annual period. The benchmark holds only U.S. dollar-denominated bonds.

Top Performance Detractors

U.S. mortgage-backed securities| The Fund’s underweight to U.S. mortgage-backed securities, relative to the benchmark, detracted from performance, as credit spreads narrowed and prices rose from historically wide (cheap) levels a year ago.

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

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/24) | 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

	Columbia Diversified Fixed Income Allocation ETF—Net Asset Value (11,307)	Beta Advantage® Multi-Sector Bond Index (11,410)	Bloomberg U.S. Aggregate Bond Index (10,802)
10/12/17	10,000	10,000	10,000
10/17	9,970	9,996	10,005
10/18	9,738	9,757	9,800
10/19	11,122	11,132	10,927
10/20	11,757	11,834	11,604
10/21	12,012	12,113	11,548
10/22	9,754	9,774	9,737
10/23	9,959	10,022	9,772
10/24	11,307	11,410	10,802

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia Diversified Fixed Income Allocation ETF—Net Asset Value	13.54	0.33	1.76
Beta Advantage® Multi-Sector Bond Index	13.85	0.49	1.89
Bloomberg U.S. Aggregate Bond Index	10.55	-0.23	1.10

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

Key Fund Statistics

Fund net assets	$381,486,848
Total number of portfolio holdings	545
Investment management fees (represents 0.28% of Fund average net assets)	$1,074,521
Portfolio turnover for the reporting period	187%
Portfolio turnover as of the end of the period excluding transactions in to be announced securities	28%

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/24) | 2

Graphical Representation of Fund Holdings 

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

Top Holdings

Uniform Mortgage-Backed Security TBA 11/15/2054 5.500%	2.7%
Uniform Mortgage-Backed Security TBA 11/15/2054 6.000%	2.7%
U.S. Treasury Bill 11/14/2024 5.201%	2.6%
U.S. Treasury Bill 12/05/2024 5.069%	2.6%
U.S. Treasury Bill 11/29/2024 5.067%	2.6%
U.S. Treasury Bill 12/26/2024 4.581%	2.6%
Uniform Mortgage-Backed Security TBA 11/15/2054 5.000%	2.0%
Uniform Mortgage-Backed Security TBA 11/15/2054 6.500%	1.6%
U.S. Treasury Bond 05/15/2042 3.250%	1.5%
Uniform Mortgage-Backed Security TBA 11/15/2054 4.500%	1.5%

Asset Allocation

Value	Value
Money Market Funds	2.1%
U.S. Treasury Obligations	9.9%
Treasury Bills	10.4%
Residential Mortgage-Backed Securities - Agency	15.0%
Foreign Government Obligations	29.6%
Corporate Bonds	44.5%

Credit Quality Allocation

Value	Value
Not rated	5.3%
B rating	10.9%
BB rating	25.2%
BBB rating	23.7%
AA rating	43.3%

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

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/24) | 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002279

Columbia Diversified Fixed Income Allocation ETF | ASR290_00_(12/24) | 4

Columbia Multi-Sector Municipal Income ETF 

MUST | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Multi-Sector Municipal Income ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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

Security selection | Selections in local general obligation and electric bonds, bonds rated AA and bonds with 17-22 years to maturity contributed to performance relative to the benchmark.

Top Performance Detractors

Security selection| Selections in bonds rated BBB and A, hospital, leasing and industrial development revenue/pollution control revenue (IDR/PCR) bonds and bonds with 8-17 and 22-25 years to maturity detracted from performance relative to the benchmark.

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/24) | 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

	Columbia Multi-Sector Municipal Income ETF—Net Asset Value (11,747)	Beta Advantage® Multi-Sector Municipal Bond Index (11,809)	Bloomberg Municipal Bond Index (11,539)
10/10/18	10,000	10,000	10,000
10/18	10,010	10,006	10,008
10/19	11,053	11,035	10,951
10/20	11,475	11,402	11,344
10/21	11,946	11,869	11,643
10/22	10,492	10,423	10,248
10/23	10,748	10,745	10,519
10/24	11,747	11,809	11,539

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia Multi-Sector Municipal Income ETF—Net Asset Value	9.30	1.23	2.69
Beta Advantage® Multi-Sector Municipal Bond Index	9.90	1.37	2.78
Bloomberg Municipal Bond Index	9.70	1.05	2.39

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

Key Fund Statistics

Fund net assets	$407,799,126
Total number of portfolio holdings	578
Investment management fees (represents 0.23% of Fund average net assets)	$918,433
Portfolio turnover for the reporting period	26%

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/24) | 2

Graphical Representation of Fund Holdings 

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

Top States

New York	17.4%
Texas	10.0%
New Jersey	9.3%
Illinois	8.3%
Pennsylvania	5.8%
Colorado	5.5%
Florida	5.5%
Connecticut	4.2%
Michigan	3.1%
Ohio	3.0%

Credit Quality Allocation

Value	Value
Not rated	0.6%
B rating	0.4%
BB rating	7.0%
BBB rating	7.3%
A rating	33.8%
AA rating	40.7%
AAA rating	8.8%

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

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/24) | 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002280

Columbia Multi-Sector Municipal Income ETF | ASR303_00_(12/24) | 4

Columbia Research Enhanced Core ETF 

RECS | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Research Enhanced Core ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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	$18	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 | Selections in the consumer discretionary, health care and communication services sectors were the top three contributors to stock selection.

Allocations | Sector allocation within the consumer discretionary, industrials and real estate sectors were the top three contributing sectors to relative performance.

Individual holdings | Top individual contributors to relative performance were Amazon.com, Inc., Microsoft Corp. and Solventum Corp.

Top Performance Detractors

Stock selection| Selections in the information technology, industrial and financial sectors were the largest detractors to stock selection.

Allocations| Sector allocation within the information technology, financials and communication services sectors were the top three detracting sectors to relative performance.

Individual holdings| Bottom individual detractors to relative performance were NVIDIA Corp., 3M Co. and Ameriprise Financial, Inc.

Columbia Research Enhanced Core ETF | ASR305_00_(12/24) | 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

	Columbia Research Enhanced Core ETF—Net Asset Value (21,685)	Beta Advantage® Research Enhanced U.S. Equity Index (21,950)	Russell 1000® Index (20,605)
09/25/19	10,000	10,000	10,000
10/19	10,252	10,256	10,246
10/20	11,054	11,073	11,359
10/21	16,017	16,097	16,301
10/22	14,324	14,420	13,631
10/23	15,546	15,674	14,924
10/24	21,685	21,950	20,605

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia Research Enhanced Core ETF—Net Asset Value	39.49	16.16	16.38
Beta Advantage® Research Enhanced U.S. Equity Index	40.04	16.44	16.64
Russell 1000® Index	38.07	15.00	15.21

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

Key Fund Statistics

Fund net assets	$1,254,054,188
Total number of portfolio holdings	369
Investment management fees (represents 0.15% of Fund average net assets)	$876,291
Portfolio turnover for the reporting period	49%

Columbia Research Enhanced Core ETF | ASR305_00_(12/24) | 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

Apple, Inc.	8.4%
NVIDIA Corp.	8.1%
Microsoft Corp.	7.6%
Amazon.com, Inc.	4.9%
JPMorgan Chase & Co.	3.5%
Meta Platforms, Inc. Class A	3.0%
Johnson & Johnson	2.5%
Alphabet, Inc. Class A	2.4%
Procter & Gamble Co. (The)	2.0%
Alphabet, Inc. Class C	2.0%

Asset Allocation

Value	Value
Money Market Funds	0.5%
Exchange-Traded Equity Funds	1.7%
Common Stocks	97.8%

Sector Allocation

Value	Value
Materials	2.4%
Real Estate	2.5%
Utilities	2.5%
Energy	3.4%
Consumer Staples	5.7%
Consumer Discretionary	8.3%
Communication Services	8.7%
Industrials	9.5%
Health Care	11.2%
Financials	13.6%
Information Technology	30.0%

Columbia Research Enhanced Core ETF | ASR305_00_(12/24) | 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002278

Columbia Research Enhanced Core ETF | ASR305_00_(12/24) | 4

Columbia Research Enhanced Value ETF 

REVS | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Research Enhanced Value ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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	$22	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 | Selections in the consumer discretionary, financials and information technology sectors were the top three contributors to stock selection.

Allocations | Sector allocation within the information technology, real estate and health care sectors were the top three contributing sectors to relative performance.

Individual holdings | Top individual contributors to relative performance were Realty Income Corp., Flagstar Financial Inc. and FedEx Corp.

Top Performance Detractors

Stock selection| Selections in the health care, materials and real estate sectors were the largest detractors to stock selection.

Allocations| Sector allocation within the financials, energy and consumer discretionary sectors were the top three detracting sectors to relative performance.

Individual holdings| Bottom individual detractors to relative performance were JPMorgan Chase & Co., Spirit Realty Capital and Bank of America Corp.

Columbia Research Enhanced Value ETF | ASR306_00_(12/24) | 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

	Columbia Research Enhanced Value ETF—Net Asset Value (17,567)	Beta Advantage® Research Enhanced U.S. Value Index (17,759)	Russell 1000® Value Index (16,487)	Russell 1000® Index (20,605)
09/25/19	10,000	10,000	10,000	10,000
10/19	10,202	10,206	10,172	10,246
10/20	9,370	9,390	9,403	11,359
10/21	13,631	13,652	13,517	16,301
10/22	12,996	13,048	12,571	13,631
10/23	13,258	13,333	12,588	14,924
10/24	17,567	17,759	16,487	20,605

Average Annual Total Return (%)	1 year	5 years	Since Fund Inception
Columbia Research Enhanced Value ETF—Net Asset ValueFootnote Reference(a)	32.50	11.48	11.68
Beta Advantage® Research Enhanced U.S. Value Index	33.20	11.72	11.90
Russell 1000® Value Index	30.98	10.14	10.29
Russell 1000® Index	38.07	15.00	15.21

Footnote	Description
Footnote(a)	Effective August 1, 2024, the Fund compares its performance to the Russell 1000® Index, a broad-based performance index that meets new regulatory requirements. The Fund's performance is also compared to its prior benchmark, which more closely represent the market sectors and/or asset classes in which the Fund primarily invests.

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

Key Fund Statistics

Fund net assets	$66,046,104
Total number of portfolio holdings	312
Investment management fees (represents 0.19% of Fund average net assets)	$80,724
Portfolio turnover for the reporting period	62%

Columbia Research Enhanced Value ETF | ASR306_00_(12/24) | 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

Johnson & Johnson	5.0%
JPMorgan Chase & Co.	4.8%
Cisco Systems, Inc.	3.4%
Exxon Mobil Corp.	3.1%
Bank of America Corp.	2.8%
Philip Morris International, Inc.	2.6%
Wells Fargo & Co.	2.2%
Caterpillar, Inc.	1.8%
Chevron Corp.	1.5%
Medtronic PLC	1.5%

Asset Allocation

Value	Value
Money Market Funds	0.6%
Exchange-Traded Equity Funds	1.3%
Common Stocks	98.0%

Sector Allocation

Value	Value
Communication Services	4.2%
Real Estate	4.5%
Materials	4.6%
Utilities	4.9%
Consumer Discretionary	6.0%
Energy	6.6%
Consumer Staples	8.2%
Information Technology	9.3%
Industrials	14.7%
Health Care	14.9%
Financials	20.1%

Columbia Research Enhanced Value ETF | ASR306_00_(12/24) | 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002278

Columbia Research Enhanced Value ETF | ASR306_00_(12/24) | 4

Columbia Short Duration Bond ETF 

SBND | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Short Duration Bond ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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.

Corporate credit | Investment-grade and high-yield corporate bonds, which combined make up approximately 50% of the Fund’s portfolio, were the biggest contributors relative to the index. Within investment-grade corporates, the best performing subsectors were non-corporates and utilities. Security selection within investment-grade corporates was the primary contributor to relative performance.

Top Performance Detractors

Interest rate positioning| The Fund’s average duration remained close to the index’s duration, which is typically around three years. Duration positioning was slightly negative relative to the index but each sector’s contribution to duration (CTD) had varying impacts. Corporate credit and emerging market debt contributed positively, while structured credit and high-yield sectors had a slightly negative impact.

Agency mortgage-backed securities| Performance for the Fund’s agency mortgage-backed security holdings had a slightly negative impact on relative performance, from both interest rate risk and sector allocation.

Asset-backed securities and commercial-mortgage-backed securities| Sector allocation and security selection detracted slightly from relative performance.

Emerging market debt| Both sector allocation and security selection detracted slightly from relative performance.

High-yield corporate bonds| Security selection was a detractor from relative performance. 

Columbia Short Duration Bond ETF | ASR314_00_(12/24) | 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

	Columbia Short Duration Bond ETF—Net Asset Value (10,295)	Beta Advantage® Short Term Bond Index (10,252)	Bloomberg U.S. 1-5 Year Credit Index (10,339)	Bloomberg U.S. Aggregate Bond Index (9,252)
09/21/21	10,000	10,000	10,000	10,000
10/21	9,930	9,943	9,930	9,890
10/22	9,040	8,934	9,171	8,339
10/23	9,397	9,310	9,534	8,369
10/24	10,295	10,252	10,339	9,252

Average Annual Total Return (%)	1 year	Since Fund Inception
Columbia Short Duration Bond ETF—Net Asset ValueFootnote Reference(a)	9.56	0.94
Beta Advantage® Short Term Bond Index	10.11	0.80
Bloomberg U.S. 1-5 Year Credit Index	8.45	1.08
Bloomberg U.S. Aggregate Bond Index	10.55	-2.47

Footnote	Description
Footnote(a)	Effective August 1, 2024, the Fund compares its performance to the Bloomberg U.S. Aggregate Bond Index, a broad-based performance index that meets new regulatory requirements. The Fund's performance is also compared to its prior benchmark, which more closely represent the market sectors and/or asset classes in which the Fund primarily invests.

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

Key Fund Statistics

Fund net assets	$55,581,900
Total number of portfolio holdings	556
Investment management fees (represents 0.25% of Fund average net assets)	$133,703
Portfolio turnover for the reporting period	169%
Portfolio turnover as of the end of the period excluding transactions in to be announced securities	30%

Columbia Short Duration Bond ETF | ASR314_00_(12/24) | 2

Graphical Representation of Fund Holdings 

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

Top Holdings

U.S. Treasury Bill 11/14/2024 5.201%	7.2%
Uniform Mortgage-Backed Security TBA 11/15/2039 2.000%	1.6%
Uniform Mortgage-Backed Security TBA 11/15/2039 5.000%	1.3%
Uniform Mortgage-Backed Security TBA 11/15/2039 2.500%	1.2%
Uniform Mortgage-Backed Security TBA 11/15/2039 3.000%	1.0%
Uniform Mortgage-Backed Security TBA 11/15/2039 4.500%	0.9%
Uniform Mortgage-Backed Security TBA 11/15/2039 3.500%	0.9%
Brazilian Government International Bond 05/30/2029 4.500%	0.9%
Uniform Mortgage-Backed Security TBA 11/15/2039 5.500%	0.9%
Industrial & Commercial Bank of China Ltd. 09/21/2025 4.875%	0.8%

Asset Allocation

Value	Value
Money Market Funds	2.8%
Treasury Bills	7.2%
Residential Mortgage-Backed Securities - Agency	10.0%
Foreign Government Obligations	19.3%
Corporate Bonds	49.4%
Commercial Mortgage-Backed Securities - Non-Agency	9.9%
Asset-Backed Securities - Non-Agency	10.2%

Credit Quality Allocation

Value	Value
Not rated	5.3%
B rating	0.2%
BB rating	25.8%
BBB rating	38.5%
A rating	1.4%
AA rating	34.7%

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

Columbia Short Duration Bond ETF | ASR314_00_(12/24) | 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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002282

Columbia Short Duration Bond ETF | ASR314_00_(12/24) | 4

Columbia Semiconductor and Technology ETF 

SEMI | NYSE Arca, Inc.

Annual Shareholder Report | October 31, 2024

This annual shareholder report contains important information about Columbia Semiconductor and Technology ETF (the Fund) for the period of November 1, 2023 to October 31, 2024.  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 Semiconductor and Technology ETF	$91	0.74%

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 in the semiconductor & semiconductor equipment sector was the largest contributor to stock selection.

Allocations | Industry allocation within the electronic equipment instruments & components, technology hardware storage and semiconductors & semiconductor equipment sectors contributed to relative performance.

Individual holdings | Notable individual contributors to relative performance were Semtech Corp., Intel Corp. and GlobalFoundries.

Top Performance Detractors

Stock selection| Selection in the electronic equipment instruments & components sector was the largest detractor to stock selection.

Allocations| Industry allocation within the interactive media & services and electrical equipment sectors were the top detracting industries to relative performance.

Individual holdings| Notable individual detractors to relative performance were NVIDIA Corp., STMicroelectronics and Indie Semiconductor, Inc.

Columbia Semiconductor and Technology ETF | ASR321_00_(12/24) | 1

Fund Performance

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

Growth of $10,000

	Columbia Semiconductor and Technology ETF—Net Asset Value (12,728)	PHLX Semiconductor Sector Index (14,396)	S&P 500 Index (12,986)
03/29/22	10,000	10,000	10,000
10/22	7,440	6,779	8,543
10/23	8,812	9,268	9,409
10/24	12,728	14,396	12,986

Average Annual Total Return (%)	1 year	Since Fund Inception
Columbia Semiconductor and Technology ETF—Net Asset Value	44.43	9.74
PHLX Semiconductor Sector Index	55.32	15.06
S&P 500 Index	38.02	10.58

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

Key Fund Statistics

Fund net assets	$38,225,544
Total number of portfolio holdings	29
Investment management fees (represents 0.75% of Fund average net assets)	$270,763
Portfolio turnover for the reporting period	60%

Columbia Semiconductor and Technology ETF | ASR321_00_(12/24) | 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

NVIDIA Corp.	20.1%
Broadcom, Inc.	15.3%
Lam Research Corp.	6.2%
Taiwan Semiconductor Manufacturing Co. Ltd.	4.9%
Analog Devices, Inc.	4.5%
Applied Materials, Inc.	4.1%
KLA Corp.	3.8%
NXP Semiconductors NV	3.7%
ASML Holding NV	3.7%
Monolithic Power Systems, Inc.	3.3%

Sector Allocation

Value	Value
Information Technology	96.5%

Sub-Industry Allocation

Value	Value
Technology Hardware, Storage & Peripherals	0.3%
Software	3.3%
Semiconductors & Semiconductor Equipment	92.9%

Columbia Semiconductor and Technology ETF | ASR321_00_(12/24) | 3

Material 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 August 12, 2024 (the Effective Date), the Fund’s name was changed to Columbia Semiconductor and Technology ETF. Also, as of the Effective Date, the Fund’s principal investment strategies were revised to reflect the new portfolio management team’s investment process for selecting investments for the Fund. 

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. 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.

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

© 2024 Columbia Management Investment Advisers, LLC.

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

CET002281

Columbia Semiconductor and Technology ETF | ASR321_00_(12/24) | 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’s
	Amount billed to the registrant ($)		investment advisor ($)
	October 31, 2024	October 31, 2023	October 31, 2024	October 31, 2023
Audit fees (a)	130,272	126,480	0	0
Audit-related fees (b)	9,000	0	0	0
Tax fees (c)	0	55,200	0	0
All other fees (d)	0	0	0	0
Non-audit fees (g)	0	0	0	0

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

(b)Audit-Related Fees include amounts for assurance and related services by the principal accountant that are

reasonably related to the performance of the audit of the registrant’s financial statements and are not reported in Audit Fees above.

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

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

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

The registrant’s Audit Committee is required to pre-approve the engagement of the registrant’s independent auditors to provide audit and non-audit services to the registrant and non-audit services to its investment adviser (excluding any sub-

adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser (the “Adviser”) or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a “Control Affiliate”) if the engagement relates directly to the operations and financial reporting of the registrant.

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

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

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

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

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

(f)Not applicable.

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

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

(i)Not applicable.

(j)Not applicable.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

Active

ETFs

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

.

Active

ETFs

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

9

Statement

of

Operations

10

Statement

of

Changes

in

Net

Assets

11

Financial

Highlights

12

Notes

to

Financial

Statements

14

Report

of

Independent

Registered

Public

Accounting

Firm

23

Federal

Income

Tax

Information

24

Approval

of

Investment

Management

Services

Agreement

25

PORTFOLIO

OF

INVESTMENTS

Columbia

International

Equity

Income

ETF

October

31,

2024

(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

|

2024

3

Common

Stocks

99.3%

Issuer

Shares

Value

($)

Austria  1.6%

Erste

Group

Bank

AG

4,312

242,211

OMV

AG

1,917

79,293

Verbund

AG

933

76,170

voestalpine

AG

1,442

29,823

Total

427,497

Brazil  0.3%

Yara

International

ASA

2,150

64,478

Burkina

Faso  0.2%

Endeavour

Mining

PLC

2,488

55,497

Denmark  1.7%

AP

Moller

-

Maersk

A/S

Class

B

29

45,590

Coloplast

A/S

Class

B

1,960

243,989

Pandora

A/S

1,089

163,906

Total

453,485

Finland  1.9%

Fortum

OYJ

5,864

86,135

Kesko

OYJ

Class

B

3,578

76,387

UPM-Kymmene

OYJ

7,142

208,807

Wartsila

OYJ

Abp

6,273

119,248

Total

490,577

France  4.4%

Bouygues

SA

2,331

74,477

TotalEnergies

SE

17,459

1,087,977

Total

1,162,454

Germany  18.3%

Bayerische

Motoren

Werke

AG

3,835

301,101

Bechtle

AG

1,114

37,927

Brenntag

SE

1,755

114,014

Continental

AG

1,470

91,381

Evonik

Industries

AG

2,652

58,245

Hannover

Rueck

SE

817

214,204

Mercedes-Benz

Group

AG

10,957

662,575

Merck

KGaA

1,759

290,267

Rational

AG

69

67,419

RWE

AG

9,211

297,697

SAP

SE

5,529

1,289,346

Siemens

AG

6,668

1,291,454

Talanx

AG

819

63,085

Total

4,778,715

Hong

Kong  2.5%

Hong

Kong

Exchanges

&

Clearing

Ltd.

16,224

648,593

Israel  0.7%

Bank

Hapoalim

BM

17,171

179,288

Italy  3.1%

Eni

SpA

29,794

453,228

Prysmian

SpA

3,912

275,294

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,334

75,454

Total

803,976

Japan  33.4%

Aisin

Corp.

6,276

66,025

Asahi

Group

Holdings

Ltd.

19,518

235,702

Bridgestone

Corp.

7,399

266,524

Brother

Industries

Ltd.

2,985

59,004

Canon,

Inc.

11,952

392,633

Chubu

Electric

Power

Co.,

Inc.

8,651

99,672

Dai-ichi

Life

Holdings,

Inc.

11,664

295,878

Daiichi

Sankyo

Co.

Ltd.

22,973

751,213

Daiwa

House

Industry

Co.

Ltd.

7,254

217,680

Hikari

Tsushin,

Inc.

236

48,184

Hulic

Co.

Ltd.

4,879

45,515

Common

Stocks

(continued)

Issuer

Shares

Value

($)

ITOCHU

Corp.

16,206

814,210

Kansai

Electric

Power

Co.,

Inc.

(The)

9,061

146,035

KDDI

Corp.

19,802

621,132

Konami

Group

Corp.

1,299

120,157

Kyowa

Kirin

Co.

Ltd.

3,174

52,572

Makita

Corp.

2,965

98,356

Mitsubishi

Chemical

Group

Corp.

17,424

95,033

NEC

Corp.

3,287

285,596

Nippon

Sanso

Holdings

Corp.

2,291

80,886

Nitto

Denko

Corp.

9,105

152,931

Nomura

Real

Estate

Holdings,

Inc.

1,427

35,655

Osaka

Gas

Co.

Ltd.

4,675

100,728

Otsuka

Corp.

2,995

67,558

Otsuka

Holdings

Co.

Ltd.

5,767

351,036

SCSK

Corp.

1,901

35,780

Seiko

Epson

Corp.

3,723

68,643

Shionogi

&

Co.

Ltd.

9,492

136,406

Sompo

Holdings,

Inc.

11,932

260,377

Sumitomo

Corp.

14,741

314,029

Sumitomo

Metal

Mining

Co.

Ltd.

3,135

88,313

Sumitomo

Mitsui

Financial

Group,

Inc.

50,466

1,084,361

Sumitomo

Realty

&

Development

Co.

Ltd.

3,705

111,886

Suntory

Beverage

&

Food

Ltd.

1,694

57,440

Tokio

Marine

Holdings,

Inc.

23,428

856,374

Toyota

Tsusho

Corp.

8,004

138,878

Trend

Micro,

Inc.

1,679

88,962

Total

8,741,364

Netherlands  2.6%

Akzo

Nobel

NV

2,323

147,484

Euronext

NV

(a)

1,180

129,900

Koninklijke

Ahold

Delhaize

NV

12,515

411,818

Total

689,202

Norway  2.4%

Aker

BP

ASA

4,148

88,222

Equinor

ASA

9,427

225,667

Kongsberg

Gruppen

ASA

1,106

114,807

Mowi

ASA

6,005

102,920

Orkla

ASA

10,160

93,675

Total

625,291

Spain  2.3%

Aena

SME

SA

(a)

941

207,384

CaixaBank

SA

51,690

313,694

Endesa

SA

4,305

92,563

Total

613,641

Sweden  12.9%

Alfa

Laval

AB

3,896

171,095

Assa

Abloy

AB

Class

B

13,204

410,803

Holmen

AB

Class

B

1,175

46,143

Husqvarna

AB

Class

B

4,531

29,125

Investor

AB

Class

B

24,650

694,459

Sagax

AB

Class

B

2,852

67,915

Sandvik

AB

14,063

274,687

Skandinaviska

Enskilda

Banken

AB

Class

A

21,201

298,101

SKF

AB

Class

B

4,781

89,945

Svenska

Handelsbanken

AB

Class

A

18,260

189,084

Tele2

AB

Class

B

7,501

78,269

Telefonaktiebolaget

LM

Ericsson

Class

B

39,000

324,318

Telia

Co.

AB

31,517

91,193

Trelleborg

AB

Class

B

2,853

94,282

Volvo

AB

Class

B

19,943

515,720

Total

3,375,139

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

Equity

Income

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Active

ETFs

|

2024

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Switzerland  0.7%

Logitech

International

SA

2,077

169,965

United

Kingdom  2.2%

Lloyds

Banking

Group

PLC

826,572

567,470

United

States  8.1%

BP

PLC

210,263

1,018,173

Shell

PLC

33,254

1,102,382

Total

2,120,555

Total

Common

Stocks

(Cost

$25,774,711)

25,967,187

Money

Market

Funds

0.3%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.688%

(b)

72,194

72,194

Total

Money

Market

Funds

(Cost

$72,194)

72,194

Total

Investments

in

Securities

(Cost

$25,846,905)

26,039,381

Other

Assets

&

Liabilities,

Net

115,319

Net

Assets

26,154,700

(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,

2024,

the

total

value

of

these

securities

amounted

to

$337,284,

which

represents

1.29%

of

total

net

assets.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2024.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

International

Equity

Income

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

|

2024

5

Fair

Value

Measurements

(continued)

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Austria

427,497

–

–

427,497

Brazil

64,478

–

–

64,478

Burkina

Faso

55,497

–

–

55,497

Denmark

453,485

–

–

453,485

Finland

490,577

–

–

490,577

France

1,162,454

–

–

1,162,454

Germany

4,778,715

–

–

4,778,715

Hong

Kong

648,593

–

–

648,593

Israel

179,288

–

–

179,288

Italy

803,976

–

–

803,976

Japan

8,741,364

–

–

8,741,364

Netherlands

689,202

–

–

689,202

Norway

625,291

–

–

625,291

Spain

613,641

–

–

613,641

Sweden

3,375,139

–

–

3,375,139

Switzerland

169,965

–

–

169,965

United

Kingdom

567,470

–

–

567,470

United

States

2,120,555

–

–

2,120,555

Total

Common

Stocks

25,967,187

–

–

25,967,187

Money

Market

Funds

72,194

–

–

72,194

Total

Investments

in

Securities

26,039,381

–

–

26,039,381

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,

2024

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Active

ETFs

|

2024

Common

Stocks

98.9%

Issuer

Shares

Value

($)

Communication

Services  7.7%

Diversified

Telecommunication

Services

5.1%

AT&T,

Inc.

106,215

2,394,086

Verizon

Communications,

Inc.

62,485

2,632,493

Total

5,026,579

Media

2.6%

Comcast

Corp.

Class

A

56,953

2,487,138

Fox

Corp.

Class

A

3,309

138,978

Total

2,626,116

Total

Communication

Services

7,652,695

Consumer

Discretionary  6.5%

Household

Durables

0.6%

Lennar

Corp.

Class

A

3,505

596,901

Specialty

Retail

5.9%

Best

Buy

Co.,

Inc.

2,950

266,768

Dick's

Sporting

Goods,

Inc.

826

161,690

Home

Depot,

Inc.

(The)

12,113

4,769,494

Tractor

Supply

Co.

1,596

423,754

Williams-Sonoma,

Inc.

1,840

246,799

Total

5,868,505

Total

Consumer

Discretionary

6,465,406

Consumer

Staples  12.6%

Beverages

8.7%

Coca-Cola

Co.

(The)

63,389

4,139,936

Constellation

Brands,

Inc.

Class

A

2,266

526,483

Keurig

Dr

Pepper,

Inc.

15,675

516,491

Molson

Coors

Beverage

Co.

Class

B

2,523

137,428

PepsiCo,

Inc.

20,329

3,376,240

Total

8,696,578

Consumer

Staples

Distribution

1.6%

Kroger

Co.

(The)

10,634

593,058

Target

Corp.

6,853

1,028,224

Total

1,621,282

Food

Products

2.3%

General

Mills,

Inc.

8,255

561,505

Kellanova

4,300

346,795

Mondelez

International,

Inc.

Class

A

19,766

1,353,576

Total

2,261,876

Total

Consumer

Staples

12,579,736

Energy  14.8%

Energy

Equipment

&

Services

1.2%

Halliburton

Co.

13,055

362,146

Schlumberger

NV

21,045

843,273

Total

1,205,419

Oil,

Gas

&

Consumable

Fuels

13.6%

Chevron

Corp.

27,152

4,040,761

ConocoPhillips

17,229

1,887,265

Exxon

Mobil

Corp.

37,109

4,333,589

Marathon

Petroleum

Corp.

4,959

721,386

Occidental

Petroleum

Corp.

13,566

679,792

Ovintiv,

Inc.

3,899

152,841

Phillips

66

6,197

754,918

Williams

Cos.,

Inc.

(The)

18,034

944,440

Total

13,514,992

Total

Energy

14,720,411

Financials  10.3%

Capital

Markets

6.0%

Bank

of

New

York

Mellon

Corp.

(The)

10,927

823,459

Charles

Schwab

Corp.

(The)

24,860

1,760,834

CME

Group,

Inc.

5,330

1,201,169

Intercontinental

Exchange,

Inc.

8,458

1,318,348

Raymond

James

Financial,

Inc.

2,755

408,346

Common

Stocks

(continued)

Issuer

Shares

Value

($)

State

Street

Corp.

4,412

409,434

Total

5,921,590

Insurance

4.3%

Aflac,

Inc.

7,487

784,563

American

International

Group,

Inc.

9,536

723,592

Hartford

Financial

Services

Group,

Inc.

(The)

4,335

478,757

Marsh

&

McLennan

Cos.,

Inc.

7,297

1,592,497

Principal

Financial

Group,

Inc.

3,421

281,890

Willis

Towers

Watson

PLC

1,503

454,192

Total

4,315,491

Total

Financials

10,237,081

Health

Care  8.8%

Biotechnology

2.6%

Amgen,

Inc.

7,958

2,547,833

Health

Care

Providers

&

Services

6.2%

Cardinal

Health,

Inc.

3,600

390,672

Cigna

Group

(The)

4,074

1,282,536

Quest

Diagnostics,

Inc.

1,643

254,386

UnitedHealth

Group,

Inc.

7,593

4,286,248

Total

6,213,842

Total

Health

Care

8,761,675

Industrials  15.4%

Aerospace

&

Defense

4.3%

General

Dynamics

Corp.

4,053

1,181,895

Huntington

Ingalls

Industries,

Inc.

575

106,352

Lockheed

Martin

Corp.

3,535

1,930,287

Northrop

Grumman

Corp.

2,162

1,100,501

Total

4,319,035

Air

Freight

&

Logistics

0.4%

CH

Robinson

Worldwide,

Inc.

1,723

177,538

Expeditors

International

of

Washington,

Inc.

2,082

247,758

Total

425,296

Building

Products

1.5%

A

O

Smith

Corp.

1,753

131,650

Allegion

PLC

1,290

180,123

Fortune

Brands

Innovations,

Inc.

1,833

152,744

Johnson

Controls

International

PLC

9,884

746,736

Owens

Corning

1,280

226,291

Total

1,437,544

Electrical

Equipment

1.3%

Emerson

Electric

Co.

8,473

917,372

Hubbell,

Inc.

793

338,635

Total

1,256,007

Machinery

5.8%

Caterpillar,

Inc.

7,185

2,702,997

CNH

Industrial

NV

12,116

136,063

Cummins,

Inc.

2,004

659,276

Deere

&

Co.

3,791

1,534,180

IDEX

Corp.

1,121

240,611

Nordson

Corp.

807

200,047

Snap-on,

Inc.

768

253,540

Total

5,726,714

Professional

Services

2.1%

Automatic

Data

Processing,

Inc.

6,049

1,749,613

Broadridge

Financial

Solutions,

Inc.

1,721

362,890

Total

2,112,503

Total

Industrials

15,277,099

Information

Technology  14.8%

Electronic

Equipment,

Instruments

&

Components

1.0%

CDW

Corp.

1,977

372,131

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

|

2024

7

Notes

to

Portfolio

of

Investments

Common

Stocks

(continued)

Issuer

Shares

Value

($)

TE

Connectivity

PLC

4,500

663,390

Total

1,035,521

IT

Services

3.4%

Cognizant

Technology

Solutions

Corp.

Class

A

7,346

547,938

International

Business

Machines

Corp.

13,665

2,824,829

Total

3,372,767

Semiconductors

&

Semiconductor

Equipment

10.0%

Analog

Devices,

Inc.

7,340

1,637,627

Broadcom,

Inc.

26,462

4,492,454

NXP

Semiconductors

NV

3,779

886,175

QUALCOMM,

Inc.

16,520

2,688,960

Skyworks

Solutions,

Inc.

2,363

206,952

Total

9,912,168

Technology

Hardware,

Storage

&

Peripherals

0.4%

Hewlett

Packard

Enterprise

Co.

19,224

374,676

Total

Information

Technology

14,695,132

Materials  1.2%

Chemicals

0.5%

Mosaic

Co.

(The)

4,699

125,745

PPG

Industries,

Inc.

3,447

429,186

Total

554,931

Containers

&

Packaging

0.7%

Avery

Dennison

Corp.

1,174

243,053

Crown

Holdings,

Inc.

1,773

165,864

International

Paper

Co.

5,044

280,144

Total

689,061

Total

Materials

1,243,992

Utilities  6.8%

Electric

Utilities

3.1%

Alliant

Energy

Corp.

3,802

228,120

American

Electric

Power

Co.,

Inc.

7,897

779,829

Edison

International

5,727

471,905

Entergy

Corp.

3,169

490,498

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Evergy,

Inc.

3,358

202,958

Eversource

Energy

5,291

348,412

Xcel

Energy,

Inc.

8,246

550,915

Total

3,072,637

Gas

Utilities

0.3%

Atmos

Energy

Corp.

2,299

319,055

Multi-Utilities

3.4%

Ameren

Corp.

3,949

343,997

Consolidated

Edison,

Inc.

5,133

521,923

DTE

Energy

Co.

3,062

380,362

NiSource,

Inc.

6,648

233,744

Public

Service

Enterprise

Group,

Inc.

7,388

660,561

Sempra

9,397

783,428

WEC

Energy

Group,

Inc.

4,685

447,558

Total

3,371,573

Total

Utilities

6,763,265

Total

Common

Stocks

(Cost

$89,702,230)

98,396,492

Exchange-Traded

Equity

Funds

0.7%

Issuer

Shares

Value

($)

Financials  0.7%

Vanguard

Financials

ETF

6,483

734,070

Total

Exchange-Traded

Equity

Funds

(Cost

$720,022)

734,070

Money

Market

Funds

0.3%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.688%

(a)

257,179

257,179

Total

Money

Market

Funds

(Cost

$257,179)

257,179

Total

Investments

in

Securities

(Cost

$90,679,431)

99,387,741

Other

Assets

&

Liabilities,

Net

78,329

Net

Assets

99,466,070

(a)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2024.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

U.S.

Equity

Income

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Active

ETFs

|

2024

Fair

Value

Measurements

(continued)

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

7,652,695

–

–

7,652,695

Consumer

Discretionary

6,465,406

–

–

6,465,406

Consumer

Staples

12,579,736

–

–

12,579,736

Energy

14,720,411

–

–

14,720,411

Financials

10,237,081

–

–

10,237,081

Health

Care

8,761,675

–

–

8,761,675

Industrials

15,277,099

–

–

15,277,099

Information

Technology

14,695,132

–

–

14,695,132

Materials

1,243,992

–

–

1,243,992

Utilities

6,763,265

–

–

6,763,265

Total

Common

Stocks

98,396,492

–

–

98,396,492

Exchange-Traded

Equity

Funds

734,070

–

–

734,070

Money

Market

Funds

257,179

–

–

257,179

Total

Investments

in

Securities

99,387,741

–

–

99,387,741

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

|

2024

9

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$25,846,905

and

$90,679,431,

respectively)

$26,039,381

$99,387,741

Foreign

currency

(cost

$22

and

$–)

22

–

Receivable

for:

Dividends

87,115

106,256

Reclaims

receivable

38,400

–

Total

assets

26,164,918

99,493,997

Liabilities

Payable

for:

Investment

management

fees

10,218

27,927

Total

liabilities

10,218

27,927

Net

assets

applicable

to

outstanding

capital

stock

$26,154,700

$99,466,070

Represented

by:

Paid-in

capital

$25,553,980

$88,064,577

Total

distributable

earnings

(loss)

600,720

11,401,493

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$26,154,700

$99,466,070

Shares

outstanding

850,000

2,150,000

Net

asset

value

per

share

$30.77

$46.26

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

10

Active

ETFs

|

2024

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$548,431

$1,602,601

Foreign

taxes

withheld

(72,575)

(1,480)

Total

income

475,856

1,601,121

Expenses:

Investment

management

fees

65,460

214,967

Overdraft

expense

1,504

1,939

Total

expenses

66,964

216,906

Net

Investment

Income

408,892

1,384,215

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

999,380

3,543,947

In-kind

transactions

-

unaffiliated

issuers

–

1,214,276

Foreign

currency

translations

(56,752)

–

Net

realized

gain

942,628

4,758,223

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

258,171

7,295,415

Foreign

currency

translations

(4,686)

–

Net

change

in

unrealized

appreciation

253,485

7,295,415

Net

realized

and

unrealized

gain

1,196,113

12,053,638

Net

Increase

in

net

assets

resulting

from

operations

$1,605,005

$13,437,853

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

|

2024

11

Columbia

International

Equity

Income

ETF

Columbia

U.S.

Equity

Income

ETF

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$408,892

$205,774

$1,384,215

$1,198,556

Net

realized

gain

942,628

1,159,586

4,758,223

2,044,114

Net

change

in

unrealized

appreciation

(depreciation)

253,485

(227,119)

7,295,415

(1,629,677)

Net

increase

in

net

assets

resulting

from

operations

1,605,005

1,138,241

13,437,853

1,612,993

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(301,656)

(205,611)

(1,279,098)

(1,186,601)

Shareholder

transactions

Proceeds

from

shares

sold

18,421,780

–

51,625,885

13,134,119

Cost

of

shares

redeemed

–

–

(8,300,690)

(9,489,052)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

18,421,780

–

43,325,195

3,645,067

Increase

in

net

assets

19,725,129

932,630

55,483,950

4,071,459

Net

Assets:

Net

assets

beginning

of

year

6,429,571

5,496,941

43,982,120

39,910,661

Net

assets

at

end

of

year

$26,154,700

$6,429,571

$99,466,070

$43,982,120

Capital

stock

activity

Shares

outstanding,

beginning

of

year

250,000

250,000

1,200,000

1,100,000

Shares

sold

600,000

–

1,150,000

350,000

Shares

redeemed

–

–

(200,000)

(250,000)

Shares

outstanding,

end

of

year

850,000

250,000

2,150,000

1,200,000

FINANCIAL

HIGHLIGHTS

Columbia

International

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

12

Active

ETFs

|

2024

The

following

tables

are

intended

to

help

you

understand

each

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

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.

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$25.72‌

$21.99‌

$26.94‌

$21.08‌

$25.78‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.85‌

0.82‌

0.90‌

0.82‌

0.70‌

Net

realized

and

unrealized

gain

(loss)

4.84‌

3.73‌

(4.85‌)

5.83‌

(4.71‌)

Total

from

investment

operations

5.69‌

4.55‌

(3.95‌)

6.65‌

(4.01‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.64‌)

(0.82‌)

(1.00‌)

(0.79‌)

(0.69‌)

Total

distribution

to

shareholders

(0.64‌)

(0.82‌)

(1.00‌)

(0.79‌)

(0.69‌)

Net

asset

value,

end

of

year

$30.77‌

$25.72‌

$21.99‌

$26.94‌

$21.08‌

Total

Return

at

NAV

22.26‌%

20.70‌%

(14.97‌)%

31.60‌%

(15.68‌)%

Total

Return

at

Market

Price

21.20‌%

21.46‌%

(15.76‌)%

32.24‌%

(15.02‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.46‌%

(b)

0.45‌%

(c)

0.45‌%

0.45‌%

(c)

0.45‌%

(c)

Total

net

expenses

(a)(d)

0.46‌%

(b)

0.45‌%

(c)

0.45‌%

0.45‌%

(c)

0.45‌%

(c)

Net

investment

income

2.81‌%

3.14‌%

3.60‌%

3.07‌%

3.08‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$26,155‌

$6,430‌

$5,497‌

$5,389‌

$4,217‌

Portfolio

turnover

92‌%

156‌%

177‌%

90‌%

98‌%

(a)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(b)

The

ratio

includes

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

Columbia

U.S.

Equity

Income

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETFs

|

2024

13

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$36.65‌

$36.28‌

$36.97‌

$25.42‌

$28.60‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.98‌

0.97‌

1.00‌

0.86‌

0.78‌

Net

realized

and

unrealized

gain

(loss)

9.53‌

0.38‌

(0.57‌)

(a)

11.53‌

(3.15‌)

Total

from

investment

operations

10.51‌

1.35‌

0.43‌

12.39‌

(2.37‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.90‌)

(0.98‌)

(0.88‌)

(0.84‌)

(0.74‌)

Net

realized

gains

–‌

–‌

(0.24‌)

–‌

(0.07‌)

Total

distribution

to

shareholders

(0.90‌)

(0.98‌)

(1.12‌)

(0.84‌)

(0.81‌)

Net

asset

value,

end

of

year

$46.26‌

$36.65‌

$36.28‌

$36.97‌

$25.42‌

Total

Return

at

NAV

28.84‌%

3.72‌%

1.22‌%

49.08‌%

(8.18‌)%

Total

Return

at

Market

Price

29.14‌%

3.29‌%

1.27‌%

50.13‌%

(8.64‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.35‌%

(c)

0.35‌%

(c)

0.35‌%

(c)

0.35‌%

0.35‌%

Total

net

expenses

(b)(d)

0.35‌%

(c)

0.35‌%

(c)

0.35‌%

(c)

0.35‌%

0.35‌%

Net

investment

income

2.25‌%

2.57‌%

2.73‌%

2.55‌%

2.98‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$99,466‌

$43,982‌

$39,911‌

$5,545‌

$5,084‌

Portfolio

turnover

42‌%

90‌%

167‌%

77‌%

77‌%

(a)

Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2024

14

Active

ETFs

|

2024

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.

Effective

on

June

1,

2024,

Columbia

International

ESG

Equity

Income

ETF

was

renamed

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

ESG

Equity

Income

ETF

was

renamed

Columbia

U.S.

Equity

Income

ETF.

Also,

as

of

the

Effective

Date,

the

Funds

changed

their

objectives,

the

Funds

changed

from

index

tracking

(passively

managed)

ETFs

to

non-index

tracking

(actively

managed)

ETFs

and

the

Funds'

principal

investment

strategies

were

revised

to

reflect

the

Funds'

new

investment

selection

process

in

constructing

the

Funds'

portfolio

and

to

eliminate

certain

Environmental,

Social

and

Governance

(ESG)-

related

industry

exclusions.

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.

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. 

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETFs

|

2024

15

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Funds’

Portfolio

of

Investments.

Foreign

currency

transactions

and

translations

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Funds

do

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

The

Funds

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

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,

2024

16

Active

ETFs

|

2024

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETFs

|

2024

17

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,

2024,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

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:

Fund

Effective

investment

management

fee

rate

(%)

Columbia

International

Equity

Income

ETF

0.45

Columbia

U.S.

Equity

Income

ETF

0.35

Fund

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

Columbia

International

Equity

Income

ETF

(55,832)

55,832

-

Columbia

U.S.

Equity

Income

ETF

(35,240)

(1,046,037)

1,081,277

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

18

Active

ETFs

|

2024

Short-term

capital

gain

distributions,

if

any,

are

considered

ordinary

income

distributions

for

tax

purposes.

At

October

31,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2024,

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,

2024,

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,

2024,

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,

2024,

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,

2024,

the

cost

basis

of

securities

contributed

was

as

follows:

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

International

Equity

Income

ETF

301,656

-

301,656

205,611

-

205,611

Columbia

U.S.

Equity

Income

ETF

1,279,098

-

1,279,098

1,186,601

-

1,186,601

Fund

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

International

Equity

Income

ETF

439,616

-

-

161,104

Columbia

U.S.

Equity

Income

ETF

1,968,369

957,564

-

8,475,560

Fund

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

International

Equity

Income

ETF

25,878,277

1,612,349

(1,451,245)

161,104

Columbia

U.S.

Equity

Income

ETF

90,912,181

10,491,548

(2,015,988)

8,475,560

Fund

No

expiration

short-

term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

International

Equity

Income

ETF

-

-

-

(694,434)

Columbia

U.S.

Equity

Income

ETF

-

-

-

(699,943)

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

International

Equity

Income

ETF

13,545,527

13,480,812

Columbia

U.S.

Equity

Income

ETF

26,609,366

25,745,163

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETFs

|

2024

19

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,

2024,

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

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

each

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

No

Fund

had

borrowings

during

the

year

ended

October

31,

2024.

Note

8.

Significant

risks

Environmental,

social

and

governance

investment

research

tools

risk

The

Investment

Manager’s

proprietary

ESGM

Ratings

system

and

screens

are

subjective

(based

on

the

Investment

Manager’s

opinion)

research

tools

incorporated

into

the

investment

selection

process.

These

research

tools

may

not

operate

as

intended

and

may

cause

the

Fund

to

underperform

other

investment

strategies.

Fund

performance

will

depend

on

the

quality

and

accuracy

of

the

assumptions

and

framework

(which

may

be

amended

over

time)

on

which

these

research

tools

are

based.

Fund

performance

will

also

depend

on

the

accuracy

and

availability

of

data

that

the

research

tools

employ,

and

such

data

may

be

based

on

proprietary

research

based

on

third-party

research,

or

by

the

issuers

themselves

(which

also

may

be

based

upon

data

obtained

from

third

parties).

Any

errors

in

the

data

could

adversely

affect

these

research

tools

and

Fund

performance.

These

research

tools

depend,

in

part,

upon

subjective

selection

and

application

of

factors

and

data

inputs.

The

Investment

Manager

has

discretion

to

determine

the

data

collected

and

incorporated

into

these

research

tools,

as

well

as

in

interpreting

and

applying

the

data

used

in

these

research

tools.

It

is

not

practicable

for

these

research

tools

to

factor

in

all

available

data,

and

no

assurance

can

be

given

that

such

data

will

be

helpful

or

be

free

from

errors.

Information

the

Investment

Manager

deems

sufficient

to

calculate

a

company’s

ESGM

Rating

may

not

be

available

for

certain

companies.

Financials

sector

risk

Columbia

International

Equity

Income

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

financials

sector.

Companies

in

the

financials

sector

are

subject

to

certain

risks,

including

the

risk

of

regulatory

change,

decreased

liquidity

in

credit

markets

and

unstable

interest

rates.

Such

companies

may

have

concentrated

portfolios,

such

as

a

Funds

Contributions

($)

Columbia

International

Equity

Income

ETF

18,276,602

Columbia

U.S.

Equity

Income

ETF

50,680,060

Funds

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

International

Equity

Income

ETF

-

-

-

Columbia

U.S.

Equity

Income

ETF

7,051,203

8,265,479

1,214,276

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

20

Active

ETFs

|

2024

high

level

of

loans

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Foreign

securities

and

emerging

market

countries

risk

Investing

in

foreign

securities

may

involve

heightened

risks

relative

to

investments

in

U.S.

securities.

Investing

in

foreign

securities

subjects

the

Fund

to

the

risks

associated

with

the

issuer’s

country

of

organization

and

places

of

business

operations,

including

risks

associated

with

political,

regulatory,

economic,

social,

diplomatic

and

other

conditions

or

events

occurring

in

the

country

or

region,

which

may

result

in

significant

market

volatility.

In

addition,

certain

foreign

securities

may

be

more

volatile

and

less

liquid

than

U.S.

securities.

Investing

in

emerging

markets

may

increase

these

risks

and

expose

the

Fund

to

elevated

risks

associated

with

increased

inflation,

deflation

or

currency

devaluation.

To

the

extent

that

Columbia

International

Equity

Income

ETF

concentrates

its

investment

exposure

to

any

one

or

a

few

specific

countries,

the

Fund

will

be

particularly

susceptible

to

the

risks

associated

with

the

conditions,

events

or

other

factors

impacting

those

countries

or

regions

and

may,

therefore,

have

a

greater

risk

than

that

of

a

fund

that

is

more

geographically

diversified.

The

financial

information

and

disclosure

made

available

by

issuers

of

emerging

market

securities

may

be

considerably

less

reliable

than

publicly

available

information

about

other

foreign

securities.

The

Public

Company

Accounting

Oversight

Board,

which

regulates

auditors

of

U.S.

public

companies,

is

unable

to

inspect

audit

work

papers

in

certain

foreign

countries.

 Investors

in

foreign

countries

often

have

limited

rights

and

few

practical

remedies

to

pursue

shareholder

claims,

including

class

actions

or

fraud

claims,

and

the

ability

of

the

U.S.

Securities

and

Exchange

Commission,

the

U.S.

Department

of

Justice

and

other

authorities

to

bring

and

enforce

actions

against

foreign

issuers

or

foreign

persons

is

limited.

Geographic

focus

risk

Columbia

International

Equity

Income

ETF

may

be

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

within

the

specific

geographic

regions

in

which

the

Fund

invests.

The

Fund’s

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

Asia

Pacific

Region.

Columbia

International

Equity

Income

ETF

is

particularly

susceptible

to

economic,

political,

regulatory

or

other

events

or

conditions

affecting

issuers

and

countries

in

the

Asia

Pacific

region.

Many

of

the

countries

in

the

region

are

considered

underdeveloped

or

developing,

including

from

a

political,

economic

and/or

social

perspective,

and

may

have

relatively

unstable

governments

and

economies

based

on

limited

business,

industries

and/or

natural

resources

or

commodities.

Events

in

any

one

country

within

the

region

may

impact

other

countries

in

the

region

or

the

region

as

a

whole.

As

a

result,

events

in

the

region

will

generally

have

a

greater

effect

on

the

Fund

than

if

the

Fund

were

more

geographically

diversified.

This

could

result

in

increased

volatility

in

the

value

of

the

Fund’s

investments

and

losses

for

the

Fund.

Also,

securities

of

some

companies

in

the

region

can

be

less

liquid

than

U.S.

or

other

foreign

securities,

potentially

making

it

difficult

for

the

Fund

to

sell

such

securities

at

a

desirable

time

and

price.

Europe.

Columbia

International

Equity

Income

ETF

is

particularly

susceptible

to

risks

related

to

economic,

political,

regulatory

or

other

events

or

conditions,

including

acts

of

war

or

other

conflicts

in

the

region,

affecting

issuers

and

countries

in

Europe.

Countries

in

Europe

are

often

closely

connected

and

interdependent,

and

events

in

one

European

country

can

have

an

adverse

impact

on,

and

potentially

spread

to,

other

European

countries.

In

addition,

significant

private

or

public

debt

problems

in

a

single

European

Union

(EU)

country

can

pose

economic

risks

to

the

EU

as

a

whole.

As

a

result,

the

Fund’s

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Europe

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

this

region

of

the

world.

Uncertainty

caused

by

the

departure

of

the

United

Kingdom

(UK)

from

the

EU,

which

occurred

in

January

2020,

could

have

negative

impacts

on

the

UK

and

EU,

as

well

as

other

European

economies

and

the

broader

global

economy.

These

could

include

negative

impacts

on

currencies

and

financial

markets

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETFs

|

2024

21

as

well

as

increased

volatility

and

illiquidity,

and

potentially

lower

economic

growth

in

markets

in

Europe,

which

could

adversely

affect

the

value

of

your

investment

in

the

Fund.

Japan.

Columbia

International

Equity

Income

ETF

is

particularly

susceptible

to

the

social,

political,

economic,

regulatory

and

other

conditions

or

events

that

may

affect

Japan’s

economy.

The

Japanese

economy

is

heavily

dependent

upon

international

trade,

including,

among

other

things,

the

export

of

finished

goods

and

the

import

of

oil

and

other

commodities

and

raw

materials.

Because

of

its

trade

dependence,

the

Japanese

economy

is

particularly

exposed

to

the

risks

of

currency

fluctuation,

foreign

trade

policy

and

regional

and

global

economic

disruption,

including

the

risk

of

increased

tariffs,

embargoes,

and

other

trade

limitations

or

factors.

Strained

relationships

between

Japan

and

its

neighboring

countries,

including

China,

South

Korea

and

North

Korea,

based

on

historical

grievances,

territorial

disputes,

and

defense

concerns,

may

also

cause

uncertainty

in

Japanese

markets.

As

a

result,

additional

tariffs,

other

trade

barriers,

or

boycotts

may

have

an

adverse

impact

on

the

Japanese

economy.

Japanese

government

policy

has

been

characterized

by

economic

regulation,

intervention,

protectionism

and

large

government

deficits.

The

Japanese

economy

is

also

challenged

by

an

unstable

financials

sector,

highly

leveraged

corporate

balance

sheets

and

extensive

cross-ownership

among

major

corporations.

Structural

social

and

labor

market

changes,

including

an

aging

workforce,

population

decline

and

traditional

aversion

to

labor

mobility

may

adversely

affect

Japan’s

economic

competitiveness

and

growth

potential.

The

potential

for

natural

disasters,

such

as

earthquakes,

volcanic

eruptions,

typhoons

and

tsunamis,

could

also

have

significant

negative

effects

on

Japan’s

economy.

As

a

result

of

the

Fund’s

investment

in

Japanese

securities,

the

Fund’s

net

asset

value

may

be

more

volatile

than

the

net

asset

value

of

a

more

geographically

diversified

fund.

If

securities

of

issuers

in

Japan

fall

out

of

favor,

it

may

cause

the

Fund

to

underperform

other

funds

that

do

not

focus

their

investments

in

Japan.

Industrials

sector

risk

Columbia

International

Equity

Income

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

industrials

sector.

Companies

in

the

industrials

sector

are

subject

to

certain

risks,

including

changes

in

supply

and

demand

for

their

specific

product

or

service

and

for

industrial

sector

products

in

general,

including

decline

in

demand

for

such

products

due

to

rapid

technological

developments

and

frequent

new

product

introduction.

Performance

of

such

companies

may

be

affected

by

factors

including

government

regulation,

world

events,

economic

conditions

and

risks

for

environmental

damage

and

product

liability

claims.

Market

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds’

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

Active

management

risk

The

Funds

are

actively

managed

and

its

performance

therefore

will

reflect,

in

part,

the

ability

of

the

portfolio

managers

to

make

investment

decisions

that

seek

to

achieve

each

Fund’s

investment

objective.

Due

to

its

active

management,

the

Funds

could

underperform

its

benchmark

index

and/or

other

funds

with

similar

investment

objectives

and/or

strategies.

Active

trading

of

portfolio

securities

may

result

in

added

expenses,

a

lower

return

and

increased

tax

liability,

including

relative

to

other

ETFs

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

22

Active

ETFs

|

2024

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

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,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Funds.

Active

ETFs

|

2024

23

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

(two

of

the

funds

constituting

Columbia

ETF

Trust

I,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2024,

the

related

statements

of

operations

for

the

year

ended

October

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

(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,

2024,

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,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

24

Active

ETFs

|

2024

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2024

.

Shareholders

will

be

notified

in

early

2025

of

the

amounts

for

use

in

preparing

2024

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

0.00%

61.13%

Columbia

U.S.

Equity

Income

ETF

46.78%

48.26%

Columbia

International

Equity

Income

ETF

Foreign

Taxes

Paid

$72,575

Foreign

Taxes

Paid

Per

Share

0.09

Foreign

Source

Income

544,303

Foreign

Source

Income

Per

Share

0.64

Fund

Columbia

International

Equity

Income

ETF

$0

Columbia

U.S.

Equity

Income

ETF

1,005,442

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Active

ETFs

|

2024

25

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager,

and

together

with

its

domestic

and

global

affiliates,

Columbia

Threadneedle

Investments),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial),

serves

as

the

investment

manager

to

Columbia

International

Equity

Income

ETF

and

Columbia

U.S.

Equity

Income

ETF

(each,

a

Fund

and

collectively,

the

Funds)

1

.

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,

May

and

June

2024,

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

27,

2024

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.

1.

Effective

June

3,

2024

the

Columbia

International

ESG

Equity

Income

ETF

name

changed

to

Columbia

International

Equity

Income

ETF.

Also

effective

June

3,

2024

the

Columbia

U.S.

ESG

Equity

Income

ETF

name

changed

to

Columbia

U.S.

Equity

Income

ETF.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

26

Active

ETFs

|

2024

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.

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,

(iii)

the

net

assets

of

the

Funds

and

(iv)

index

tracking

error

data

of

each

Fund.

The

Board

observed

that

each

Fund’s

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.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Active

ETFs

|

2024

27

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.

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

each

Fund’s

total

expense

ratio

was

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

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

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement

for

each

Fund.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN271_10_P01_(12/24)

CET002277

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Indexed

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

Diversified

Fixed

Income

Allocation

ETF

Indexed

ETF

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

15

Statement

of

Operations

16

Statement

of

Changes

in

Net

Assets

17

Financial

Highlights

18

Notes

to

Financial

Statements

19

Report

of

Independent

Registered

Public

Accounting

Firm

27

Approval

of

Investment

Management

Services

Agreement

28

PORTFOLIO

OF

INVESTMENTS

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

(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

|

2024

3

Corporate

Bonds

  44.5%

Issue

Description

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.0%

Boeing

Co.

(The)

6.528%,

05/01/34

(a)

530,000‌

558,744‌

L3Harris

Technologies,

Inc.

5.400%,

07/31/33

352,000‌

356,949‌

Northrop

Grumman

Corp.

4.900%,

06/01/34

250,000‌

246,995‌

RTX

Corp.

5.150%,

02/27/33

400,000‌

402,805‌

Spirit

AeroSystems

,

Inc.

9.375%,

11/30/29

(a)

474,000‌

510,778‌

Textron,

Inc.

6.100%,

11/15/33

100,000‌

104,922‌

TransDigm

,

Inc.

6.375%,

03/01/29

(a)

750,000‌

761,313‌

6.625%,

03/01/32

(a)

1,000,000‌

1,017,414‌

Total

3,959,920‌

Airlines

1.0%

Air

Canada

3.875%,

08/15/26

(a)

487,000‌

471,415‌

American

Airlines,

Inc./

AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(a)

385,000‌

384,049‌

5.750%,

04/20/29

(a)

1,278,000‌

1,266,359‌

Jetblue

Airways

Corp.

/

Jetblue

Loyalty

LP

9.875%,

09/20/31

(a)

500,000‌

519,149‌

United

Airlines,

Inc.

4.375%,

04/15/26

(a)

102,000‌

100,215‌

4.625%,

04/15/29

(a)

1,245,000‌

1,192,168‌

Total

3,933,355‌

Apartment

REIT

0.1%

American

Homes

4

Rent

LP

5.500%,

02/01/34

250,000‌

251,087‌

Essex

Portfolio

LP

3.000%,

01/15/30

167,000‌

151,788‌

Invitation

Homes

Operating

Partnership

LP

2.000%,

08/15/31

110,000‌

90,129‌

Total

493,004‌

Automotive

0.5%

Allison

Transmission,

Inc.

3.750%,

01/30/31

(a)

204,000‌

180,709‌

Ford

Motor

Co.

3.250%,

02/12/32

877,000‌

734,385‌

General

Motors

Financial

Co.,

Inc.

6.100%,

01/07/34

250,000‌

256,808‌

Goodyear

Tire

&

Rubber

Co.

(The)

5.000%,

07/15/29

406,000‌

366,662‌

Tenneco,

Inc.

8.000%,

11/17/28

(a)

611,000‌

565,360‌

Total

2,103,924‌

Banking

1.9%

Banco

Bilbao

Vizcaya

Argentaria

SA

6.033%,

(US

1

Year

CMT

T-Note

+

1.950%),

03/13/35

(b)

200,000‌

205,521‌

Banco

Santander

SA

3.225%,

(US

1

Year

CMT

T-Note

+

1.600%),

11/22/32

(b)

600,000‌

517,760‌

Bank

of

Montreal

3.088%,

(US

5

Year

CMT

T-Note

+

1.400%),

01/10/37

(b)

250,000‌

210,914‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Bank

of

Nova

Scotia/The

4.588%,

(US

5

Year

CMT

T-Note

+

2.050%),

05/04/37

(b)

250,000‌

232,286‌

Barclays

6.224%,

05/09/34

500,000‌

523,951‌

Capital

One

Financial

Corp.

5.817%,

02/01/34

381,000‌

386,228‌

6.377%,

06/08/34

250,000‌

261,964‌

Citigroup,

Inc.

5.827%,

(SOFRRATE

+

2.056%),

02/13/35

(b)

500,000‌

504,273‌

6.174%,

(SOFRRATE

+

2.661%),

05/25/34

(b)

250,000‌

259,222‌

Citizens

Financial

Group,

Inc.

2.638%,

09/30/32

78,000‌

63,556‌

Comerica,

Inc.

5.982%,

(SOFRRATE

+

2.155%),

01/30/30

(b)

58,000‌

58,774‌

Deutsche

Bank

AG/New

York

NY

7.079%,

(SOFRRATE

+

3.650%),

02/10/34

(b)

250,000‌

262,324‌

Discover

Financial

Services

7.964%,

(SOFRINDX

+

3.370%),

11/02/34

(b)

250,000‌

286,846‌

Fifth

Third

Bancorp

4.772%,

07/28/30

302,000‌

297,159‌

HSBC

Holdings

PLC

4.762%,

(SOFRRATE

+

2.530%),

03/29/33

(b)

715,000‌

684,544‌

Huntington

Bancshares,

Inc.

2.487%,

08/15/36

342,000‌

275,474‌

Lloyds

Banking

Group

PLC

7.953%,

(US

1

Year

CMT

T-Note

+

3.750%),

11/15/33

(b)

200,000‌

226,527‌

M&T

Bank

Corp.

5.053%,

(SOFRRATE

+

1.850%),

01/27/34

(b)

250,000‌

241,033‌

Morgan

Stanley

5.297%,

04/20/37

600,000‌

587,665‌

Santander

Holdings

USA,

Inc.

6.342%,

(SOFRRATE

+

2.138%),

05/31/35

(b)

375,000‌

383,236‌

Synchrony

Financial

5.150%,

03/19/29

85,000‌

83,671‌

UniCredit

SpA

5.459%,

(US

5

Year

CMT

T-Note

+

4.750%),

06/30/35

(a),(b)

642,000‌

619,455‌

Total

7,172,383‌

Brokerage/Asset

Managers/Exchanges

0.7%

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

100,000‌

90,965‌

CI

Financial

Corp.

3.200%,

12/17/30

78,000‌

66,070‌

Coinbase

Global,

Inc.

3.375%,

10/01/28

(a)

255,000‌

227,719‌

Jane

Street

Group

/

JSG

Finance,

Inc.

7.125%,

04/30/31

(a)

600,000‌

621,943‌

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

5.000%,

08/15/28

(a)

680,000‌

627,692‌

Jefferies

Financial

Group,

Inc.

6.200%,

04/14/34

580,000‌

604,331‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Nasdaq,

Inc.

1.650%,

01/15/31

123,000‌

102,307‌

Nomura

Holdings,

Inc.

2.679%,

07/16/30

302,000‌

264,256‌

Total

2,605,283‌

Building

Materials

0.5%

Builders

FirstSource

,

Inc.

4.250%,

02/01/32

(a)

565,000‌

505,675‌

6.375%,

03/01/34

(a)

300,000‌

302,150‌

Owens

Corning

5.700%,

06/15/34

200,000‌

205,544‌

Standard

Industries,

Inc.

3.375%,

01/15/31

(a)

449,000‌

389,871‌

4.375%,

07/15/30

(a)

600,000‌

552,145‌

Total

1,955,385‌

Cable

and

Satellite

1.6%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

4.250%,

02/01/31

(a)

1,860,000‌

1,614,137‌

4.750%,

03/01/30

(a)

498,000‌

453,167‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4.400%,

04/01/33

760,000‌

678,657‌

Connect

Finco

Sarl

/

Connect

US

Finco

LLC

9.000%,

09/15/29

(a)

710,000‌

674,715‌

Intelsat

Jackson

Holdings

SA

6.500%,

03/15/30

(a)

1,050,000‌

988,438‌

LCPR

Senior

Secured

Financing

DAC

Series

REGS,

6.750%,

10/15/27

(a)

323,000‌

302,776‌

Sunrise

FinCo

I

BV

4.875%,

07/15/31

(a)

490,000‌

448,426‌

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(a)

410,000‌

388,165‌

VZ

Secured

Financing

BV

5.000%,

01/15/32

(a)

425,000‌

381,461‌

Ziggo

BV

4.875%,

01/15/30

(a)

350,000‌

324,446‌

Total

6,254,388‌

Chemicals

0.4%

Celanese

US

Holdings

LLC

6.379%,

07/15/32

250,000‌

259,140‌

Dow

Chemical

Co.

(The)

5.150%,

02/15/34

250,000‌

248,792‌

Eastman

Chemical

Co.

5.625%,

02/20/34

250,000‌

252,478‌

FMC

Corp.

3.450%,

10/01/29

46,000‌

42,331‌

LYB

International

Finance

III

LLC

2.250%,

10/01/30

100,000‌

85,866‌

NewMarket

Corp.

2.700%,

03/18/31

26,000‌

22,387‌

Tronox

,

Inc.

4.625%,

03/15/29

(a)

650,000‌

589,208‌

Total

1,500,202‌

Construction

Machinery

0.5%

H&E

Equipment

Services,

Inc.

3.875%,

12/15/28

(a)

480,000‌

443,422‌

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(a)

824,000‌

817,712‌

United

Rentals

North

America,

Inc.

3.875%,

02/15/31

785,000‌

712,395‌

Total

1,973,529‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Consumer

Cyclical

Services

0.8%

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(a)

442,000‌

413,303‌

Arches

Buyer,

Inc.

4.250%,

06/01/28

(a)

500,000‌

458,482‌

CBRE

Services,

Inc.

5.950%,

08/15/34

250,000‌

261,585‌

Compass

Group

Diversified

Holdings

LLC

5.250%,

04/15/29

(a)

494,000‌

475,819‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(a)

802,000‌

754,244‌

Service

Corp

International

3.375%,

08/15/30

635,000‌

561,474‌

Total

2,924,907‌

Consumer

Products

0.1%

Haleon

US

Capital

LLC

3.625%,

03/24/32

500,000‌

457,776‌

Diversified

Manufacturing

1.2%

Carrier

Global

Corp.

5.900%,

03/15/34

373,000‌

391,994‌

Chart

Industries,

Inc.

7.500%,

01/01/30

(a)

286,000‌

297,154‌

EMRLD

Borrower

LP

/

Emerald

Co.-Issuer,

Inc.

6.625%,

12/15/30

(a)

1,100,000‌

1,117,926‌

Ingersoll

Rand,

Inc.

5.700%,

08/14/33

250,000‌

259,338‌

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA

4.900%,

12/01/32

200,000‌

198,826‌

Regal

Rexnord

Corp.

6.400%,

04/15/33

462,000‌

481,848‌

TK

Elevator

US

Newco

,

Inc.

5.250%,

07/15/27

(a)

614,000‌

604,328‌

Trane

Technologies

Financing

Ltd.

5.100%,

06/13/34

200,000‌

202,303‌

Vertiv

Group

Corp.

4.125%,

11/15/28

(a)

300,000‌

285,763‌

WESCO

Distribution,

Inc.

7.250%,

06/15/28

(a)

789,000‌

807,362‌

Total

4,646,842‌

Electric

2.4%

AES

Corp.

(The)

2.450%,

01/15/31

70,000‌

58,926‌

Alpha

Generation

LLC

6.750%,

10/15/32

(a)

250,000‌

253,687‌

American

Electric

Power

Co.,

Inc.

Series

J,

4.300%,

12/01/28

85,000‌

83,452‌

5.625%,

03/01/33

150,000‌

153,231‌

Arizona

Public

Service

Co.

5.700%,

08/15/34

350,000‌

358,600‌

Avangrid

,

Inc.

3.800%,

06/01/29

29,000‌

27,680‌

Calpine

Corp.

4.500%,

02/15/28

(a)

403,000‌

388,179‌

5.125%,

03/15/28

(a)

620,000‌

606,316‌

Clearway

Energy

Operating

LLC

3.750%,

02/15/31

(a)

555,000‌

495,981‌

4.750%,

03/15/28

(a)

126,000‌

122,232‌

Constellation

Energy

Generation

LLC

6.125%,

01/15/34

250,000‌

266,360‌

Dominion

Energy,

Inc.

Series

C,

2.250%,

08/15/31

94,000‌

79,109‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

5

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.375%,

11/15/32

290,000‌

295,095‌

DTE

Energy

Co.

5.850%,

06/01/34

190,000‌

197,343‌

Duke

Energy

Corp.

2.450%,

06/01/30

331,000‌

290,720‌

Eversource

Energy

Series

R,

1.650%,

08/15/30

190,000‌

158,236‌

Exelon

Corp.

5.300%,

03/15/33

250,000‌

253,530‌

Lightning

Power

LLC

7.250%,

08/15/32

(a)

500,000‌

520,406‌

National

Grid

PLC

5.418%,

01/11/34

250,000‌

252,611‌

NextEra

Energy

Capital

Holdings

Inc

5.250%,

03/15/34

250,000‌

251,263‌

NRG

Energy,

Inc.

3.625%,

02/15/31

(a)

449,000‌

397,668‌

Pacific

Gas

and

Electric

Co.

2.500%,

02/01/31

196,000‌

168,106‌

4.550%,

07/01/30

165,000‌

160,199‌

PG&E

Corp.

5.000%,

07/01/28

130,000‌

127,114‌

5.250%,

07/01/30

1,100,000‌

1,072,588‌

Public

Service

Enterprise

Group,

Inc.

1.600%,

08/15/30

200,000‌

166,532‌

Southern

Co.

(The)

Series

A,

3.700%,

04/30/30

189,000‌

178,253‌

Talen

Energy

Supply

LLC

8.625%,

06/01/30

(a)

550,000‌

593,295‌

Vistra

Operations

Co.

LLC

5.000%,

07/31/27

(a)

818,000‌

807,712‌

Xcel

Energy,

Inc.

2.600%,

12/01/29

326,000‌

291,657‌

Total

9,076,081‌

Environmental

0.2%

GFL

Environmental,

Inc.

6.750%,

01/15/31

(a)

250,000‌

257,401‌

Republic

Services,

Inc.

2.375%,

03/15/33

305,000‌

250,333‌

Waste

Connections,

Inc.

4.200%,

01/15/33

250,000‌

235,302‌

Total

743,036‌

Finance

Companies

1.2%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.300%,

01/30/32

280,000‌

246,255‌

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/32

183,000‌

156,979‌

Aon

Corp.

2.800%,

05/15/30

64,000‌

57,334‌

Ares

Capital

Corp.

5.875%,

03/01/29

58,000‌

58,414‌

Blue

Owl

Credit

Income

Corp.

6.600%,

09/15/29

(a)

390,000‌

394,192‌

First

American

Financial

Corp.

4.000%,

05/15/30

100,000‌

93,001‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.500%,

05/01/28

(a)

610,000‌

598,781‌

GATX

Corp.

4.700%,

04/01/29

86,000‌

85,331‌

Global

Aircraft

Leasing

Co.

Ltd.

8.750%,

09/01/27

(a)

500,000‌

516,608‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Midcap

Financial

Issuer

Trust

6.500%,

05/01/28

(a)

400,000‌

378,437‌

Nationstar

Mortgage

Holdings,

Inc.

7.125%,

02/01/32

(a)

740,000‌

756,694‌

OneMain

Finance

Corp.

4.000%,

09/15/30

753,000‌

662,796‌

Rocket

Mortgage

LLC

5.250%,

01/15/28

(a)

565,000‌

538,157‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

3.875%,

03/01/31

(a)

201,000‌

178,898‌

Total

4,721,877‌

Food

and

Beverage

1.4%

BellRing

Brands,

Inc.

7.000%,

03/15/30

(a)

200,000‌

208,041‌

Campbell

Soup

Co.

5.400%,

03/21/34

250,000‌

252,658‌

Constellation

Brands,

Inc.

4.900%,

05/01/33

250,000‌

244,774‌

Darling

Ingredients,

Inc.

6.000%,

06/15/30

(a)

540,000‌

536,085‌

General

Mills,

Inc.

4.950%,

03/29/33

250,000‌

248,208‌

J

M

Smucker

Co.

(The)

6.200%,

11/15/33

250,000‌

266,633‌

JBS

USA

Holding

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

LUX

Co.

SARL

6.750%,

03/15/34

(a)

550,000‌

590,375‌

Keurig

Dr

Pepper,

Inc.

4.050%,

04/15/32

350,000‌

332,216‌

Lamb

Weston

Holdings,

Inc.

4.125%,

01/31/30

(a)

350,000‌

324,947‌

Performance

Food

Group,

Inc.

5.500%,

10/15/27

(a)

437,000‌

433,703‌

6.125%,

09/15/32

(a)

250,000‌

251,264‌

Pilgrim's

Pride

Corp.

6.250%,

07/01/33

400,000‌

414,520‌

Post

Holdings,

Inc.

4.625%,

04/15/30

(a)

923,000‌

863,078‌

US

Foods,

Inc.

4.750%,

02/15/29

(a)

500,000‌

481,839‌

Total

5,448,341‌

Gaming

1.7%

Boyd

Gaming

Corp.

4.750%,

06/15/31

(a)

560,000‌

522,587‌

Caesars

Entertainment,

Inc.

7.000%,

02/15/30

(a)

1,075,000‌

1,101,883‌

Churchill

Downs,

Inc.

5.750%,

04/01/30

(a)

650,000‌

639,706‌

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

6.750%,

12/01/33

250,000‌

266,359‌

Las

Vegas

Sands

Corp.

6.200%,

08/15/34

340,000‌

346,122‌

Melco

Resorts

Finance

Ltd.

5.375%,

12/04/29

(a)

865,000‌

795,658‌

Studio

City

Finance

Ltd.

5.000%,

01/15/29

(a)

710,000‌

641,026‌

VICI

Properties

LP

5.125%,

05/15/32

557,000‌

545,455‌

Wynn

Macau

Ltd.

5.125%,

12/15/29

(a)

721,000‌

669,608‌

5.625%,

08/26/28

(a)

472,000‌

453,642‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

7.125%,

02/15/31

(a)

370,000‌

389,104‌

Total

6,371,150‌

Health

Care

2.7%

Avantor

Funding,

Inc.

4.625%,

07/15/28

(a)

486,000‌

469,787‌

Bausch

+

Lomb

Corp.

8.375%,

10/01/28

(a)

952,000‌

1,000,353‌

Baxter

International,

Inc.

2.539%,

02/01/32

140,000‌

117,698‌

Becton

Dickinson

and

Co.

1.957%,

02/11/31

200,000‌

167,793‌

Cigna

Group

(The)

5.250%,

02/15/34

250,000‌

249,173‌

CVS

Health

Corp.

5.250%,

02/21/33

600,000‌

588,597‌

DaVita,

Inc.

3.750%,

02/15/31

(a)

1,396,000‌

1,214,781‌

4.625%,

06/01/30

(a)

160,000‌

147,174‌

GE

HealthCare

Technologies,

Inc.

5.905%,

11/22/32

525,000‌

554,335‌

HCA,

Inc.

5.500%,

06/01/33

410,000‌

411,263‌

Hologic

,

Inc.

3.250%,

02/15/29

(a)

200,000‌

183,678‌

LifePoint

Health,

Inc.

11.000%,

10/15/30

(a)

373,000‌

416,009‌

Medline

Borrower

LP

3.875%,

04/01/29

(a)

1,786,000‌

1,671,792‌

Medline

Borrower

LP/Medline

Co.-Issuer,

Inc.

6.250%,

04/01/29

(a)

410,000‌

417,486‌

Quest

Diagnostics,

Inc.

5.000%,

12/15/34

250,000‌

244,987‌

Smith

&

Nephew

PLC

2.032%,

10/14/30

76,000‌

64,036‌

Solventum

Corp.

5.600%,

03/23/34

(a)

500,000‌

503,897‌

Star

Parent,

Inc.

9.000%,

10/01/30

(a)

210,000‌

218,401‌

Tenet

Healthcare

Corp.

5.125%,

11/01/27

750,000‌

743,943‌

6.125%,

06/15/30

485,000‌

486,577‌

Universal

Health

Services,

Inc.

2.650%,

10/15/30

338,000‌

291,983‌

Total

10,163,743‌

Healthcare

Insurance

0.1%

Elevance

Health,

Inc.

4.750%,

02/15/33

220,000‌

213,649‌

Humana,

Inc.

2.150%,

02/03/32

254,000‌

205,008‌

Total

418,657‌

Healthcare

REIT

0.2%

DOC

DR

LLC

2.625%,

11/01/31

150,000‌

128,508‌

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

3.500%,

03/15/31

675,000‌

477,665‌

Omega

Healthcare

Investors,

Inc.

3.250%,

04/15/33

110,000‌

92,413‌

Welltower

OP

LLC

2.800%,

06/01/31

293,000‌

258,084‌

Total

956,670‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Independent

Energy

1.8%

California

Resources

Corp.

8.250%,

06/15/29

(a)

490,000‌

494,862‌

Chesapeake

Energy

Corp.

6.750%,

04/15/29

(a)

230,000‌

232,545‌

Civitas

Resources,

Inc.

8.375%,

07/01/28

(a)

290,000‌

299,851‌

8.750%,

07/01/31

(a)

700,000‌

733,400‌

Comstock

Resources,

Inc.

5.875%,

01/15/30

(a)

915,000‌

835,288‌

Crescent

Energy

Finance

LLC

9.250%,

02/15/28

(a)

275,000‌

288,778‌

Devon

Energy

Corp.

4.500%,

01/15/30

220,000‌

212,908‌

Diamondback

Energy,

Inc.

3.500%,

12/01/29

76,000‌

70,950‌

6.250%,

03/15/33

350,000‌

368,796‌

New

Fortress

Energy,

Inc.

6.500%,

09/30/26

(a)

759,000‌

702,034‌

Occidental

Petroleum

Corp.

6.625%,

09/01/30

276,000‌

290,017‌

Permian

Resources

Operating

LLC

6.250%,

02/01/33

(a)

750,000‌

744,623‌

Southwestern

Energy

Co.

4.750%,

02/01/32

1,013,000‌

951,701‌

Vital

Energy,

Inc.

7.875%,

04/15/32

(a)

595,000‌

571,904‌

Woodside

Finance

Ltd.

5.100%,

09/12/34

90,000‌

87,120‌

Total

6,884,777‌

Leisure

1.2%

Carnival

Corp.

5.750%,

03/01/27

(a)

1,250,000‌

1,253,542‌

Carnival

Holdings

Bermuda

Ltd.

10.375%,

05/01/28

(a)

268,000‌

287,634‌

Life

Time,

Inc.

5.750%,

01/15/26

(a)

276,000‌

275,953‌

Live

Nation

Entertainment,

Inc.

6.500%,

05/15/27

(a)

755,000‌

765,273‌

NCL

Corp.

Ltd.

5.875%,

02/15/27

(a)

500,000‌

499,473‌

Royal

Caribbean

Cruises

Ltd.

5.500%,

04/01/28

(a)

490,000‌

490,017‌

6.000%,

02/01/33

(a)

750,000‌

754,610‌

SIX

Flags

Entertainment

Corp.

/

SIX

Flags

Theme

Parks,

Inc.

6.625%,

05/01/32

(a)

250,000‌

254,621‌

Total

4,581,123‌

Life

Insurance

0.3%

Athene

Holding

Ltd.

6.150%,

04/03/30

12,000‌

12,558‌

Corebridge

Financial,

Inc.

3.900%,

04/05/32

480,000‌

438,773‌

Globe

Life,

Inc.

2.150%,

08/15/30

26,000‌

21,979‌

Prudential

Financial,

Inc.

5.125%,

(US

5

Year

CMT

T-Note

+

3.162%),

03/01/52

(b)

512,000‌

495,610‌

Total

968,920‌

Lodging

0.5%

Hilton

Domestic

Operating

Co.,

Inc.

3.625%,

02/15/32

(a)

951,000‌

835,499‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

7

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Hilton

Grand

Vacations

Borrower

Escrow

LLC

/

Hilton

Grand

Vacations

Borrower

Esc

6.625%,

01/15/32

(a)

730,000‌

729,950‌

Marriott

International,

Inc.

5.300%,

05/15/34

200,000‌

200,024‌

Total

1,765,473‌

Media

and

Entertainment

1.4%

Clear

Channel

Outdoor

Holdings,

Inc.

7.875%,

04/01/30

(a)

275,000‌

280,313‌

Fox

Corp.

6.500%,

10/13/33

250,000‌

266,203‌

Gray

Television,

Inc.

10.500%,

07/15/29

(a)

300,000‌

311,645‌

NetFlix

,

Inc.

4.900%,

08/15/34

300,000‌

299,786‌

News

Corp.

3.875%,

05/15/29

(a)

408,000‌

379,912‌

Nexstar

Media,

Inc.

4.750%,

11/01/28

(a)

435,000‌

408,885‌

Paramount

Global

6.375%,

(US

5

Year

CMT

T-Note

+

3.999%),

03/30/62

(b)

300,000‌

277,826‌

ROBLOX

Corp.

3.875%,

05/01/30

(a)

724,000‌

655,464‌

RR

Donnelley

&

Sons

Co.

9.500%,

08/01/29

(a)

250,000‌

251,805‌

TEGNA,

Inc.

5.000%,

09/15/29

391,000‌

364,776‌

Univision

Communications,

Inc.

4.500%,

05/01/29

(a)

754,000‌

669,852‌

6.625%,

06/01/27

(a)

440,000‌

437,208‌

Warnermedia

Holdings,

Inc.

4.279%,

03/15/32

830,000‌

728,080‌

Total

5,331,755‌

Media

Cable

0.8%

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(a)

1,264,000‌

1,217,234‌

LCPR

Senior

Secured

Financing

DAC

5.125%,

07/15/29

(a)

500,000‌

420,212‌

Sirius

XM

Radio,

Inc.

4.000%,

07/15/28

(a)

1,468,000‌

1,372,894‌

Total

3,010,340‌

Metals

and

Mining

0.9%

ArcelorMittal

SA

6.800%,

11/29/32

250,000‌

271,285‌

Cleveland-Cliffs,

Inc.

6.875%,

11/01/29

(a)

500,000‌

501,733‌

7.000%,

03/15/32

(a)

460,000‌

460,530‌

FMG

Resources

August

2006

Pty

Ltd.

4.375%,

04/01/31

(a)

593,000‌

539,522‌

Mineral

Resources

Ltd.

9.250%,

10/01/28

(a)

200,000‌

210,698‌

Newmont

Corp.

2.250%,

10/01/30

222,000‌

193,656‌

Newmont

Corp.

/

Newcrest

Finance

Pty

Ltd.

5.350%,

03/15/34

100,000‌

101,716‌

Novelis

Corp.

4.750%,

01/30/30

(a)

610,000‌

571,237‌

Steel

Dynamics,

Inc.

3.250%,

01/15/31

188,000‌

171,441‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Vale

Overseas

Ltd.

6.125%,

06/12/33

370,000‌

379,356‌

Total

3,401,174‌

Midstream

2.7%

Boardwalk

Pipelines

LP

3.400%,

02/15/31

120,000‌

107,865‌

Cheniere

Energy

Partners

LP

4.000%,

03/01/31

344,000‌

318,170‌

Cheniere

Energy,

Inc.

4.625%,

10/15/28

230,000‌

225,572‌

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

5.500%,

06/15/31

(a)

750,000‌

713,432‌

DT

Midstream,

Inc.

4.125%,

06/15/29

(a)

134,000‌

125,954‌

4.375%,

06/15/31

(a)

762,000‌

701,195‌

Enbridge,

Inc.

5.700%,

03/08/33

600,000‌

615,164‌

Energy

Transfer

LP

6.550%,

12/01/33

440,000‌

472,276‌

EQM

Midstream

Partners

LP

4.750%,

01/15/31

(a)

736,000‌

699,279‌

6.500%,

07/01/27

(a)

39,000‌

39,893‌

Kinder

Morgan,

Inc.

5.400%,

02/01/34

500,000‌

498,495‌

Kinetik

Holdings

LP

5.875%,

06/15/30

(a)

494,000‌

489,644‌

MPLX

LP

2.650%,

08/15/30

422,000‌

371,282‌

NGL

Energy

Operating

LLC

/

NGL

Energy

Finance

Corp.

8.125%,

02/15/29

(a)

900,000‌

906,201‌

ONEOK,

Inc.

6.050%,

09/01/33

525,000‌

545,745‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

3.800%,

09/15/30

44,000‌

40,987‌

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

88,000‌

85,611‌

South

Bow

USA

Infrastructure

Holdings

LLC

5.584%,

10/01/34

(a)

250,000‌

246,964‌

Targa

Resources

Corp.

6.500%,

03/30/34

300,000‌

321,892‌

Venture

Global

Calcasieu

Pass

LLC

4.125%,

08/15/31

(a)

1,070,000‌

974,123‌

Venture

Global

LNG,

Inc.

9.500%,

02/01/29

(a)

1,300,000‌

1,437,335‌

Western

Midstream

Operating

LP

3.100%,

02/01/25

2,000‌

1,987‌

Williams

Cos.,

Inc.

(The)

2.600%,

03/15/31

480,000‌

415,651‌

Total

10,354,717‌

Natural

Gas

0.1%

NiSource,

Inc.

5.350%,

04/01/34

150,000‌

150,536‌

Sempra

5.500%,

08/01/33

250,000‌

254,961‌

Total

405,497‌

Office

REIT

0.1%

Boston

Properties

LP

6.500%,

01/15/34

210,000‌

222,235‌

CubeSmart

LP

2.000%,

02/15/31

98,000‌

81,735‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Highwoods

Realty

LP

2.600%,

02/01/31

136,000‌

113,490‌

Total

417,460‌

Oil

Field

Services

0.6%

Noble

Finance

II

LLC

8.000%,

04/15/30

(a)

350,000‌

354,834‌

Transocean,

Inc.

8.750%,

02/15/30

(a)

293,250‌

303,613‌

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

7.125%,

03/15/29

(a)

160,000‌

162,989‌

Valaris

Ltd.

8.375%,

04/30/30

(a)

500,000‌

507,223‌

Venture

Global

LNG,

Inc.

8.375%,

06/01/31

(a)

368,000‌

381,962‌

Weatherford

International

Ltd.

8.625%,

04/30/30

(a)

699,000‌

722,550‌

Total

2,433,171‌

Other

Financial

Institutions

0.2%

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

5.250%,

05/15/27

617,000‌

574,830‌

Nationstar

Mortgage

Holdings,

Inc.

5.500%,

08/15/28

(a)

370,000‌

361,498‌

Total

936,328‌

Other

Industry

0.1%

Coherent

Corp.

5.000%,

12/15/29

(a)

266,000‌

255,061‌

Rexford

Industrial

Realty

LP

2.125%,

12/01/30

120,000‌

101,002‌

Total

356,063‌

Other

REIT

0.1%

Broadstone

Net

Lease

LLC

2.600%,

09/15/31

68,000‌

56,431‌

Extra

Space

Storage

LP

2.550%,

06/01/31

240,000‌

204,503‌

Host

Hotels

&

Resorts

LP

Series

H,

3.375%,

12/15/29

26,000‌

23,794‌

Total

284,728‌

Other

Utility

0.1%

American

Water

Capital

Corp.

4.450%,

06/01/32

250,000‌

243,209‌

Essential

Utilities,

Inc.

2.704%,

04/15/30

46,000‌

41,073‌

Total

284,282‌

Packaging

0.7%

Amcor

Finance

USA,

Inc.

5.625%,

05/26/33

250,000‌

255,884‌

Ball

Corp.

2.875%,

08/15/30

588,000‌

511,505‌

6.000%,

06/15/29

320,000‌

325,022‌

Berry

Global,

Inc.

5.650%,

01/15/34

(a)

160,000‌

159,900‌

Mauser

Packaging

Solutions

Holding

Co.

7.875%,

04/15/27

(a)

980,000‌

1,006,905‌

Pactiv

Evergreen

Group

Issuer

Inc

/Pactiv

Evergreen

Group

Issuer

LLC

4.000%,

10/15/27

(a)

440,000‌

420,378‌

Total

2,679,594‌

Paper

0.2%

Mercer

International,

Inc.

5.125%,

02/01/29

407,000‌

351,325‌

Smurfit

Kappa

Treasury

ULC

5.438%,

04/03/34

(a)

250,000‌

251,353‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Suzano

Austria

GmbH

3.750%,

01/15/31

175,000‌

156,014‌

Total

758,692‌

Pharmaceuticals

0.9%

Amgen,

Inc.

5.250%,

03/02/33

1,052,000‌

1,062,867‌

Gilead

Sciences,

Inc.

5.250%,

10/15/33

250,000‌

255,148‌

Jazz

Securities

DAC

4.375%,

01/15/29

(a)

364,000‌

344,837‌

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(a)

600,000‌

568,460‌

5.125%,

04/30/31

(a)

1,190,000‌

1,085,044‌

Total

3,316,356‌

Property

&

Casualty

1.4%

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

6.750%,

04/15/28

(a)

780,000‌

784,527‌

7.000%,

01/15/31

(a)

450,000‌

453,313‌

AON

North

America,

Inc.

5.450%,

03/01/34

300,000‌

304,863‌

Assurant,

Inc.

2.650%,

01/15/32

40,000‌

33,561‌

Brown

&

Brown,

Inc.

2.375%,

03/15/31

24,000‌

20,374‌

CNA

Financial

Corp.

5.125%,

02/15/34

250,000‌

247,348‌

Enstar

Group

Ltd.

3.100%,

09/01/31

341,000‌

288,475‌

Fairfax

Financial

Holdings

Ltd.

5.625%,

08/16/32

165,000‌

167,389‌

6.000%,

12/07/33

200,000‌

205,285‌

Fidelity

National

Financial,

Inc.

2.450%,

03/15/31

217,000‌

185,317‌

3.400%,

06/15/30

8,000‌

7,258‌

Hanover

Insurance

Group,

Inc.

(The)

2.500%,

09/01/30

80,000‌

69,090‌

Howden

UK

Refinance

PLC

/

Howden

UK

Refinance

2

PLC

/

Howden

US

Refinance

LLC

7.250%,

02/15/31

(a)

500,000‌

510,329‌

HUB

International

Ltd.

7.250%,

06/15/30

(a)

1,085,000‌

1,122,824‌

Markel

Group,

Inc.

3.350%,

09/17/29

44,000‌

40,791‌

Panther

Escrow

Issuer

LLC

7.125%,

06/01/31

(a)

900,000‌

919,235‌

Willis

North

America,

Inc.

4.500%,

09/15/28

121,000‌

119,149‌

Total

5,479,128‌

Railroads

0.1%

Norfolk

Southern

Corp.

3.000%,

03/15/32

250,000‌

220,728‌

Real

Estate

0.1%

Alexandria

Real

Estate

Equities,

Inc.

2.000%,

05/18/32

250,000‌

201,448‌

Refining

0.2%

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

539,000‌

523,847‌

Phillips

66

Co.

3.150%,

12/15/29

120,000‌

110,516‌

5.300%,

06/30/33

160,000‌

160,353‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

9

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Valero

Energy

Corp.

4.350%,

06/01/28

21,000‌

20,713‌

Total

815,429‌

Restaurants

0.7%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

4.000%,

10/15/30

(a)

1,557,000‌

1,407,027‌

McDonald's

Corp.

4.950%,

08/14/33

250,000‌

250,847‌

Starbucks

Corp.

4.800%,

02/15/33

300,000‌

297,952‌

Yum!

Brands,

Inc.

3.625%,

03/15/31

302,000‌

273,545‌

4.625%,

01/31/32

535,000‌

501,857‌

Total

2,731,228‌

Retail

0.0%

Genuine

Parts

Co.

1.875%,

11/01/30

100,000‌

83,479‌

Retail

REIT

0.1%

Brixmor

Operating

Partnership

LP

5.500%,

02/15/34

250,000‌

250,231‌

Kimco

Realty

OP

LLC

4.600%,

02/01/33

250,000‌

241,061‌

Total

491,292‌

Retailers

1.4%

AutoZone,

Inc.

4.750%,

02/01/33

250,000‌

243,223‌

Bath

&

Body

Works,

Inc.

6.625%,

10/01/30

(a)

494,000‌

494,872‌

Dollar

General

Corp.

5.450%,

07/05/33

410,000‌

406,072‌

LCM

Investments

Holdings

II

LLC

4.875%,

05/01/29

(a)

700,000‌

661,283‌

Lowe's

Cos.,

Inc.

3.750%,

04/01/32

250,000‌

231,258‌

5.000%,

04/15/33

240,000‌

239,678‌

O'Reilly

Automotive,

Inc.

4.700%,

06/15/32

250,000‌

244,380‌

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

4.750%,

02/15/28

(a)

500,000‌

475,375‌

Rakuten

Group,

Inc.

9.750%,

04/15/29

(a)

660,000‌

711,530‌

11.250%,

02/15/27

(a)

750,000‌

814,955‌

Tapestry,

Inc.

7.850%,

11/27/33

402,000‌

410,418‌

Tractor

Supply

Co.

5.250%,

05/15/33

250,000‌

251,616‌

Total

5,184,660‌

Supermarkets

0.4%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.500%,

03/15/29

(a)

891,000‌

823,631‌

4.625%,

01/15/27

(a)

82,000‌

80,381‌

Kroger

Co.

(The)

5.000%,

09/15/34

450,000‌

442,345‌

Total

1,346,357‌

Technology

4.6%

Amdocs

Ltd.

2.538%,

06/15/30

92,000‌

80,348‌

Amphenol

Corp.

2.800%,

02/15/30

212,000‌

191,903‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Arrow

Electronics,

Inc.

5.875%,

04/10/34

250,000‌

253,198‌

Block,

Inc.

3.500%,

06/01/31

929,000‌

824,561‌

6.500%,

05/15/32

(a)

200,000‌

203,630‌

Boost

Newco

Borrower

LLC

7.500%,

01/15/31

(a)

940,000‌

991,184‌

Broadcom,

Inc.

3.187%,

11/15/36

(a)

450,000‌

364,755‌

4.926%,

05/15/37

(a)

200,000‌

191,775‌

CDW

LLC

/

CDW

Finance

Corp.

3.569%,

12/01/31

200,000‌

179,212‌

CGI,

Inc.

2.300%,

09/14/31

45,000‌

37,621‌

Clarivate

Science

Holdings

Corp.

3.875%,

07/01/28

(a)

146,000‌

137,863‌

4.875%,

07/01/29

(a)

500,000‌

472,601‌

Cloud

Software

Group,

Inc.

6.500%,

03/31/29

(a)

1,892,000‌

1,846,340‌

8.250%,

06/30/32

(a)

500,000‌

513,915‌

Dell

International

LLC

/

EMC

Corp.

5.300%,

10/01/29

2,000‌

2,032‌

5.400%,

04/15/34

250,000‌

252,866‌

Entegris

,

Inc.

5.950%,

06/15/30

(a)

440,000‌

439,406‌

Equinix

Europe

2

Financing

Corp.

LLC

5.500%,

06/15/34

250,000‌

253,934‌

Fiserv,

Inc.

5.625%,

08/21/33

500,000‌

513,957‌

Gen

Digital,

Inc.

6.750%,

09/30/27

(a)

300,000‌

305,228‌

Global

Payments,

Inc.

5.400%,

08/15/32

410,000‌

412,026‌

HP,

Inc.

5.500%,

01/15/33

360,000‌

367,859‌

Imola

Merger

Corp.

4.750%,

05/15/29

(a)

676,000‌

657,373‌

Intel

Corp.

5.200%,

02/10/33

500,000‌

491,126‌

Iron

Mountain,

Inc.

4.500%,

02/15/31

(a)

270,000‌

250,752‌

5.250%,

07/15/30

(a)

792,000‌

765,942‌

Kyndryl

Holdings,

Inc.

3.150%,

10/15/31

292,000‌

249,785‌

Leidos

,

Inc.

2.300%,

02/15/31

60,000‌

51,130‌

Micron

Technology,

Inc.

2.703%,

04/15/32

250,000‌

211,335‌

Motorola

Solutions,

Inc.

4.600%,

05/23/29

64,000‌

63,409‌

5.400%,

04/15/34

250,000‌

253,188‌

NCR

Atleos

Corp.

9.500%,

04/01/29

(a)

500,000‌

550,545‌

NCR

Voyix

Corp.

5.125%,

04/15/29

(a)

201,000‌

191,845‌

Neptune

Bidco

US,

Inc.

9.290%,

04/15/29

(a)

1,084,000‌

1,013,646‌

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.400%,

05/01/30

194,000‌

178,834‌

Open

Text

Corp.

3.875%,

02/15/28

(a)

150,000‌

141,036‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

10

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Open

Text

Holdings,

Inc.

4.125%,

02/15/30

(a)

521,000‌

478,265‌

Oracle

Corp.

4.900%,

02/06/33

500,000‌

493,361‌

Roper

Technologies,

Inc.

4.900%,

10/15/34

400,000‌

390,287‌

Sensata

Technologies

BV

4.000%,

04/15/29

(a)

620,000‌

579,351‌

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

6.750%,

08/15/32

(a)

250,000‌

256,460‌

UKG,

Inc.

6.875%,

02/01/31

(a)

900,000‌

922,133‌

Vontier

Corp.

2.950%,

04/01/31

222,000‌

190,618‌

Western

Union

Co.

(The)

2.750%,

03/15/31

138,000‌

117,914‌

Workday,

Inc.

3.800%,

04/01/32

300,000‌

276,985‌

Total

17,611,534‌

Tobacco

0.1%

BAT

Capital

Corp

6.421%,

08/02/33

440,000‌

468,203‌

Transportation

Services

0.1%

GXO

Logistics,

Inc.

2.650%,

07/15/31

230,000‌

197,257‌

Wireless

1.0%

American

Tower

Corp.

1.875%,

10/15/30

250,000‌

209,992‌

Rogers

Communications,

Inc.

3.800%,

03/15/32

250,000‌

227,902‌

5.300%,

02/15/34

250,000‌

247,986‌

SBA

Communications

Corp.

3.125%,

02/01/29

848,000‌

771,649‌

3.875%,

02/15/27

272,000‌

263,274‌

T-Mobile

USA,

Inc.

5.200%,

01/15/33

600,000‌

603,269‌

Vmed

O2

UK

Financing

I

PLC

4.250%,

01/31/31

(a)

200,000‌

172,020‌

4.750%,

07/15/31

(a)

334,000‌

289,250‌

Vodafone

Group

PLC

4.125%,

(US

5

Year

CMT

T-Note

+

2.767%),

06/04/81

(b)

250,000‌

225,609‌

Zegona

Finance

PLC

8.625%,

07/15/29

(a)

650,000‌

688,560‌

Total

3,699,511‌

Wirelines

1.4%

AT&T,

Inc.

5.400%,

02/15/34

250,000‌

253,871‌

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

5.100%,

05/11/33

250,000‌

247,179‌

Frontier

Communications

Holdings

LLC

5.000%,

05/01/28

(a)

1,166,000‌

1,146,847‌

Iliad

Holding

SASU

7.000%,

10/15/28

(a)

897,000‌

909,500‌

Level

3

Financing,

Inc.

11.000%,

11/15/29

(a)

500,000‌

564,247‌

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

10.500%,

02/15/28

(a)

1,240,000‌

1,321,946‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Verizon

Communications,

Inc.

2.355%,

03/15/32

1,020,000‌

851,100‌

Total

5,294,690‌

Total

Corporate

Bonds

(Cost

$173,822,431)

169,875,847‌

Foreign

Government

Obligations

(c),(d)

  29.6%

Principal

Amount

($)

Value

($)

Australia

0.9%

Australia

Government

Bond

Series

163,

1.000%,

11/21/31

AUD

6,587,000‌

3,445,096‌

Brazil

1.5%

Brazilian

Government

International

Bond

6.000%,

10/20/33

4,351,000‌

4,320,759‌

Petrobras

Global

Finance

BV

6.500%,

07/03/33

1,619,000‌

1,647,975‌

Total

5,968,734‌

Canada

0.9%

Canadian

Government

Bond

3.000%,

06/01/34

CAD

4,820,000‌

3,396,548‌

Chile

0.6%

Corp

Nacional

del

Cobre

de

Chile

Series

REGS,

5.950%,

01/08/34

1,350,000‌

1,365,510‌

Series

REGS,

6.440%,

01/26/36

750,000‌

779,508‌

Total

2,145,018‌

Colombia

1.9%

Colombia

Government

International

Bond

3.125%,

04/15/31

300,000‌

239,286‌

7.500%,

02/02/34

3,132,000‌

3,106,013‌

Ecopetrol

SA

6.875%,

04/29/30

500,000‌

487,133‌

8.875%,

01/13/33

3,086,000‌

3,167,905‌

Total

7,000,337‌

Costa

Rica

0.6%

Costa

Rica

Government

International

Bond

Series

REGS,

6.550%,

04/03/34

2,000,000‌

2,076,479‌

Dominican

Republic

0.9%

Dominican

Republic

International

Bond

Series

REGS,

4.875%,

09/23/32

3,922,000‌

3,582,143‌

France

0.9%

French

Republic

Government

Bond

OAT

Series

OAT,

1.250%,

05/25/34

(a)

EUR

1,300,000‌

1,200,330‌

Series

OAT,

3.056%,

11/25/31

(a)

EUR

91,000‌

80,871‌

Series

OAT,

1.500%,

05/25/31

(a)

EUR

2,055,000‌

2,055,441‌

Total

3,336,642‌

Germany

0.9%

Bundesrepublik

Deutschland

Bundesanleihe

2.300%,

02/15/33

EUR

3,143,000‌

3,408,728‌

Guatemala

0.3%

Guatemala

Government

Bond

Series

REGS,

6.600%,

06/13/36

1,250,000‌

1,266,524‌

Hungary

0.9%

Hungary

Government

International

Bond

Series

REGS,

2.125%,

09/22/31

2,402,000‌

1,921,946‌

Series

REGS,

5.500%,

03/26/36

1,500,000‌

1,445,198‌

Total

3,367,144‌

India

0.3%

Export-Import

Bank

of

India

Series

REGS,

2.250%,

01/13/31

1,500,000‌

1,279,150‌

Indonesia

1.5%

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

11

Foreign

Government

Obligations

(c),(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Indonesia

Government

International

Bond

Series

REGS,

7.750%,

01/17/38

2,260,000‌

2,806,121‌

Pertamina

Persero

PT

Series

REGS,

2.300%,

02/09/31

1,397,000‌

1,190,057‌

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.700%,

06/06/32

2,000,000‌

1,973,891‌

Total

5,970,069‌

Italy

0.9%

Italy

Buoni

Poliennali

Del

Tesoro

Series

31Y,

5.000%,

08/01/34

(a)

EUR

2,888,000‌

3,514,483‌

Ivory

Coast

0.6%

Ivory

Coast

Government

International

Bond

8.250%,

01/30/37

1,300,000‌

1,293,812‌

Series

REGS,

6.125%,

06/15/33

1,000,000‌

904,922‌

Total

2,198,734‌

Japan

0.9%

Japan

Government

Ten

Year

Bond

Series

360,

0.100%,

09/20/30

JPY

31,000,000‌

197,662‌

Series

368,

0.200%,

09/20/32

JPY

249,500,000‌

1,573,653‌

Series

366,

0.200%,

03/20/32

JPY

88,000,000‌

558,220‌

Series

371,

0.400%,

06/20/33

JPY

185,000,000‌

1,175,145‌

Total

3,504,680‌

Kazakhstan

0.4%

KazMunayGas

National

Co.

JSC

Series

REGS,

3.500%,

04/14/33

800,000‌

676,842‌

Series

REGS,

5.375%,

04/24/30

830,000‌

820,309‌

Total

1,497,151‌

Mexico

1.6%

Mexico

Government

International

Bond

2.659%,

05/24/31

791,000‌

656,937‌

6.000%,

05/07/36

5,408,000‌

5,252,010‌

Total

5,908,947‌

Morocco

0.8%

Morocco

Government

International

Bond

6.022%,

09/08/33

1,500,000‌

1,573,804‌

OCP

SA

Series

REGS,

6.750%,

05/02/34

1,500,000‌

1,564,208‌

Total

3,138,012‌

New

Zealand

0.9%

New

Zealand

Government

Bond

Series

0429,

3.000%,

04/20/29

NZD

792,000‌

452,449‌

Series

0531,

1.500%,

05/15/31

NZD

1,402,000‌

705,235‌

Series

0433,

3.500%,

04/14/33

NZD

4,125,000‌

2,295,944‌

Total

3,453,628‌

Norway

0.9%

Norway

Government

Bond

Series

482,

1.375%,

08/19/30

(a)

NOK

6,180,000‌

491,181‌

Series

486,

3.000%,

08/15/33

(a)

NOK

25,650,000‌

2,184,376‌

Series

484,

2.125%,

05/18/32

(a)

NOK

9,350,000‌

755,938‌

Total

3,431,495‌

Oman

0.6%

Oman

Government

International

Bond

Series

REGS,

6.250%,

01/25/31

2,100,000‌

2,185,363‌

Series

REGS,

7.375%,

10/28/32

200,000‌

223,561‌

Total

2,408,924‌

Panama

0.8%

Panama

Government

International

Bond

6.700%,

01/26/36

1,081,000‌

1,062,190‌

2.252%,

09/29/32

1,650,000‌

1,209,056‌

6.400%,

02/14/35

800,000‌

766,271‌

Total

3,037,517‌

Foreign

Government

Obligations

(c),(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Paraguay

0.3%

Paraguay

Government

International

Bond

Series

REGS,

4.950%,

04/28/31

348,000‌

338,344‌

Series

REGS,

2.739%,

01/29/33

1,000,000‌

828,967‌

Total

1,167,311‌

Peru

1.0%

Peruvian

Government

International

Bond

2.783%,

01/23/31

1,526,000‌

1,323,656‌

3.000%,

01/15/34

2,884,000‌

2,372,813‌

Total

3,696,469‌

Philippines

0.9%

Philippine

Government

International

Bond

9.500%,

02/02/30

2,392,000‌

2,914,514‌

6.375%,

10/23/34

390,000‌

430,777‌

Total

3,345,291‌

Romania

0.7%

Romanian

Government

International

Bond

Series

REGS,

6.375%,

01/30/34

2,000,000‌

1,995,522‌

6.548%,

01/17/33

770,000‌

814,639‌

Total

2,810,161‌

Serbia

0.5%

Serbia

International

Bond

Series

REGS,

6.000%,

06/12/34

250,000‌

250,834‌

Series

REGS,

6.500%,

09/26/33

1,500,000‌

1,568,787‌

Total

1,819,621‌

South

Africa

0.6%

Republic

of

South

Africa

Government

International

Bond

5.875%,

06/22/30

924,000‌

903,206‌

4.850%,

09/30/29

1,303,000‌

1,228,286‌

Total

2,131,492‌

Sweden

0.9%

Sweden

Government

Bond

Series

1056,

2.250%,

06/01/32

SEK

20,000‌

1,895‌

Series

1062,

0.125%,

05/12/31

SEK

24,040,000‌

1,990,363‌

Series

1065,

1.750%,

11/11/33

SEK

16,000,000‌

1,452,906‌

Series

1061,

0.750%,

11/12/29

SEK

60,000‌

5,288‌

Total

3,450,452‌

Switzerland

0.9%

Swiss

Confederation

Government

Bond

3.500%,

04/08/33

CHF

2,338,000‌

3,402,165‌

0.138%,

06/22/29

CHF

56,000‌

63,757‌

Total

3,465,922‌

United

Arab

Emirates

1.4%

DP

World

PLC

Series

REGS,

6.850%,

07/02/37

2,550,000‌

2,806,708‌

Finance

Department

Government

of

Sharjah

Series

REGS,

6.125%,

03/06/36

1,500,000‌

1,505,999‌

Sharjah

Sukuk

Program

Ltd.

3.234%,

10/23/29

1,400,000‌

1,274,997‌

Total

5,587,704‌

United

Kingdom

0.9%

United

Kingdom

Gilt

4.250%,

06/07/32

GBP

2,595,000‌

3,331,518‌

Uruguay

1.0%

Uruguay

Government

International

Bond

5.750%,

10/28/34

1,640,000‌

1,725,819‌

4.375%,

01/23/31

2,079,000‌

2,043,318‌

Total

3,769,137‌

Total

Foreign

Government

Obligations

(Cost

$116,670,343)

112,911,261‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

12

Indexed

ETF

|

2024

Residential

Mortgage-Backed

Securities

-

Agency

  15.0%

Issue

Description

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

12.1%

2.000%,

11/15/54

(e)

440,000‌

348,693‌

3.500%,

11/15/54

(e)

1,729,000‌

1,545,634‌

4.000%,

11/15/54

(e)

4,395,000‌

4,060,239‌

4.500%,

11/15/54

(e)

5,860,000‌

5,562,928‌

5.000%,

11/15/54

(e)

8,070,000‌

7,841,060‌

5.500%,

11/15/54

(e)

10,425,000‌

10,325,952‌

6.000%,

11/15/54

(e)

10,190,000‌

10,254,959‌

6.500%,

11/15/54

(e)

6,075,000‌

6,200,185‌

Total

46,139,650‌

Federal

Home

Loan

Mortgage

Corporation

2.3%

2.500%,

08/01/50

4,822,760‌

4,034,415‌

3.000%,

01/01/50

219,052‌

192,193‌

3.000%,

02/01/50

223,826‌

195,586‌

3.000%,

08/01/50

3,217,786‌

2,816,908‌

3.500%,

08/01/47

405,045‌

367,774‌

3.500%,

08/01/49

115,853‌

105,050‌

3.500%,

09/01/49

139,720‌

126,692‌

3.500%,

10/01/49

155,974‌

141,290‌

3.500%,

11/01/49

151,910‌

137,991‌

3.500%,

02/01/50

170,886‌

154,755‌

4.000%,

08/01/49

119,425‌

111,850‌

4.000%,

09/01/49

153,815‌

144,059‌

Total

8,528,563‌

Federal

National

Mortgage

Association

0.6%

3.000%,

12/01/49

205,894‌

180,033‌

3.000%,

01/01/50

265,664‌

233,119‌

3.000%,

01/01/50

213,815‌

187,615‌

3.000%,

02/01/50

211,194‌

185,321‌

3.000%,

03/01/50

221,111‌

193,692‌

3.500%,

04/01/49

41,347‌

37,492‌

3.500%,

08/01/49

119,759‌

108,592‌

3.500%,

09/01/49

225,426‌

204,406‌

3.500%,

09/01/49

135,001‌

122,413‌

3.500%,

10/01/49

142,656‌

129,354‌

3.500%,

12/01/49

162,115‌

146,997‌

3.500%,

02/01/50

163,606‌

147,951‌

4.000%,

09/01/47

175,225‌

164,108‌

4.000%,

03/01/48

320,440‌

300,701‌

4.000%,

05/01/49

34,667‌

32,468‌

Total

2,374,262‌

Total

Residential

Mortgage-Backed

Securities

-

Agency

(Cost

$59,835,045)

57,042,475‌

Treasury

Bills

  10.4%

Principal

Amount

($)

Value

($)

United

States

10.4%

U.S.

Treasury

Bill

4.581%,

12/26/24

10,000,000‌

9,930,264‌

5.067%,

11/29/24

10,000,000‌

9,964,260‌

5.069%,

12/05/24

10,000,000‌

9,956,574‌

5.201%,

11/14/24

10,000,000‌

9,983,263‌

Total

39,834,361‌

Total

Treasury

Bills

(Cost

$39,827,701)

39,834,361‌

U.S.

Treasury

Obligations

  9.9%

Principal

Amount

($)

Value

($)

U.S.

Treasury

Bond

7.0%

2.750%,

08/15/42

6,326,000‌

4,921,430‌

U.S.

Treasury

Obligations

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

3.000%,

05/15/42

3,960,000‌

3,214,406‌

3.250%,

05/15/42

6,810,000‌

5,731,041‌

4.125%,

08/15/44

50,000‌

46,945‌

4.125%,

08/15/53

2,786,000‌

2,617,969‌

4.250%,

02/15/54

1,947,000‌

1,871,858‌

4.250%,

08/15/54

840,000‌

808,238‌

4.375%,

08/15/43

1,610,000‌

1,570,253‌

4.500%,

02/15/44

2,000,000‌

1,978,750‌

4.625%,

05/15/54

476,000‌

487,082‌

4.750%,

11/15/43

1,000,000‌

1,023,594‌

4.750%,

11/15/53

2,327,000‌

2,426,261‌

Total

26,697,827‌

U.S.

Treasury

Note

2.9%

3.500%,

02/15/33

3,163,000‌

2,996,448‌

3.875%,

08/15/33

2,017,000‌

1,959,011‌

3.875%,

08/15/34

845,000‌

817,538‌

4.000%,

02/15/34

1,919,000‌

1,877,922‌

4.375%,

05/15/34

914,000‌

920,712‌

4.500%,

11/15/33

2,453,000‌

2,494,394‌

Total

11,066,025‌

Total

U.S.

Treasury

Obligations

(Cost

$38,771,227)

37,763,852‌

Money

Market

Funds

2.1%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.660%

(f)

7,966,586‌

7,966,586‌

Total

Money

Market

Funds

(Cost

$7,966,586)

7,966,586‌

Total

Investments

in

Securities

(Cost

$436,893,333)

425,394,382‌

Other

Assets

&

Liabilities,

Net

(43,907,534‌)

Net

Assets

381,486,848‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

13

Notes

to

Portfolio

of

Investments

(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,

2024,

the

total

value

of

these

securities

amounted

to

$115,833,270,

which

represents

30.36%

of

total

net

assets.

(b)

Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2024.

(c)

Principal

amounts

are

shown

in

United

States

Dollars

unless

otherwise

noted.

(d)

Principal

and

interest

may

not

be

guaranteed

by

a

governmental

entity.

(e)

Represents

a

security

purchased

on

a

when-issued

basis.

(f)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2024.

Abbreviation

Legend

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

Currency

Legend

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

Pound

Sterling

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Diversified

Fixed

Income

Allocation

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

14

Indexed

ETF

|

2024

Fair

Value

Measurements

(continued)

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,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Corporate

Bonds

–

169,875,847

–

169,875,847

Foreign

Government

Obligations

–

112,911,261

–

112,911,261

Residential

Mortgage-Backed

Securities

-

Agency

–

57,042,475

–

57,042,475

Treasury

Bills

–

39,834,361

–

39,834,361

U.S.

Treasury

Obligations

–

37,763,852

–

37,763,852

Money

Market

Funds

7,966,586

–

–

7,966,586

Total

Investments

in

Securities

7,966,586

417,427,796

–

425,394,382

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

15

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$436,893,333)

$425,394,382

Cash

291,000

Receivable

for:

Interest

4,278,455

Investments

sold

999,247

Investments

sold

on

a

delayed

delivery

basis

795,469

Reclaims

receivable

107,148

Dividends

34,982

Total

assets

431,900,683

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

47,651,877

Investments

purchased

2,667,411

Investment

management

fees

92,651

Due

to

custodian

1,896

Total

liabilities

50,413,835

Net

assets

applicable

to

outstanding

capital

stock

$381,486,848

Represented

by:

Paid-in

capital

$491,211,389

Total

distributable

earnings

(loss)

(109,724,541)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$381,486,848

Shares

outstanding

21,300,000

Net

asset

value

per

share

$17.91

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

16

Indexed

ETF

|

2024

3

Investment

Income:

Interest

$17,811,216

Dividends

-

unaffiliated

issuers

759,479

Total

income

18,570,695

Expenses:

Investment

management

fees

1,074,521

Total

expenses

1,074,521

Net

Investment

Income

17,496,174

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(8,267,974)

In-kind

transactions

-

unaffiliated

issuers

(5,231,191)

Foreign

currency

translations

3,216

Net

realized

loss

(13,495,949)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

41,370,791

Foreign

currency

translations

1,886

Net

change

in

unrealized

appreciation

41,372,677

Net

realized

and

unrealized

gain

27,876,728

Net

Increase

in

net

assets

resulting

from

operations

$45,372,902

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

17

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$17,496,174

$17,877,740

Net

realized

loss

(13,495,949)

(59,840,656)

Net

change

in

unrealized

appreciation

41,372,677

62,490,478

Net

increase

in

net

assets

resulting

from

operations

45,372,902

20,527,562

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(17,268,686)

(18,320,604)

Shareholder

transactions

Proceeds

from

shares

sold

96,035,165

83,563,108

Cost

of

shares

redeemed

(89,972,643)

(310,480,813)

Net

increase

(decrease)

in

net

assets

resulting

from

shareholder

transactions

6,062,522

(226,917,705)

Increase

(decrease)

in

net

assets

34,166,738

(224,710,747)

Net

Assets:

Net

assets

beginning

of

year

347,320,110

572,030,857

Net

assets

at

end

of

year

$381,486,848

$347,320,110

Capital

stock

activity

Shares

outstanding,

beginning

of

year

21,050,000

34,050,000

Shares

sold

5,400,000

4,750,000

Shares

redeemed

(5,150,000)

(17,750,000)

Shares

outstanding,

end

of

year

21,300,000

21,050,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

18

Indexed

ETF

|

2024

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

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.

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$16.50‌

$16.80‌

$21.29‌

$21.36‌

$20.78‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.81‌

0.68‌

0.54‌

0.50‌

0.60‌

Net

realized

and

unrealized

gain

(loss)

1.40‌

(0.30‌)

(a)

(4.48‌)

(0.04‌)

0.57‌

Total

from

investment

operations

2.21‌

0.38‌

(3.94‌)

0.46‌

1.17‌

Less

distributions

to

shareholders:

Net

investment

income

(0.80‌)

(0.68‌)

(0.55‌)

(0.53‌)

(0.59‌)

Total

distribution

to

shareholders

(0.80‌)

(0.68‌)

(0.55‌)

(0.53‌)

(0.59‌)

Net

asset

value,

end

of

year

$17.91‌

$16.50‌

$16.80‌

$21.29‌

$21.36‌

Total

Return

at

NAV

13.54‌%

2.10‌%

(18.80‌)%

2.16‌%

5.71‌%

Total

Return

at

Market

Price

13.45‌%

2.22‌%

(18.87‌)%

1.97‌%

5.69‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.28‌%

0.28‌%

(c)

0.28‌%

(c)

0.28‌%

0.28‌%

Total

net

expenses

(b)(d)

0.28‌%

0.28‌%

(c)

0.28‌%

(c)

0.28‌%

0.28‌%

Net

investment

income

4.56‌%

3.86‌%

2.78‌%

2.34‌%

2.87‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$381,487‌

$347,320‌

$572,031‌

$1,215,511‌

$536,060‌

Portfolio

turnover

187‌%

184‌%

198‌%

171‌%

156‌%

(a)

Calculation

of

the

net

gain

(loss)

per

share

(both

realized

and

unrealized)

does

not

correlate

to

the

aggregate

realized

and

unrealized

gain

(loss)

presented

in

the

Statement

of

Operations

due

to

the

timing

of

subscriptions

and

redemptions

of

Fund

shares

in

relation

to

fluctuations

in

the

market

value

of

the

portfolio.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2024

Indexed

ETF

|

2024

19

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.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Asset-

and

mortgage-backed

securities

are

generally

valued

by

pricing

services,

which

utilize

pricing

models

that

incorporate

the

securities’

cash

flow

and

loan

performance

data.

These

models

also

take

into

account

available

market

data,

including

trades,

market

quotations,

and

benchmark

yield

curves

for

identical

or

similar

securities.

Factors

used

to

identify

similar

securities

may

include,

but

are

not

limited

to,

issuer,

collateral

type,

vintage,

prepayment

speeds,

collateral

performance,

credit

ratings,

credit

enhancement

and

expected

life.

Asset-backed

securities

for

which

quotations

are

readily

available

may

also

be

valued

based

upon

an

over-the-counter

or

exchange

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

20

Indexed

ETF

|

2024

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Foreign

currency

transactions

and

translations

The

values

of

all

assets

and

liabilities

denominated

in

foreign

currencies

are

generally

translated

into

U.S.

dollars

at

exchange

rates

determined

at

the

close

of

the

London

Stock

Exchange

on

any

given

day.

Net

realized

and

unrealized

gains

(losses)

on

foreign

currency

transactions

and

translations

include

gains

(losses)

arising

from

the

fluctuation

in

exchange

rates

between

trade

and

settlement

dates

on

securities

transactions,

gains

(losses)

arising

from

the

disposition

of

foreign

currency

and

currency

gains

(losses)

between

the

accrual

and

payment

dates

on

dividends,

interest

income

and

foreign

withholding

taxes.

For

financial

statement

purposes,

the

Fund

does

not

distinguish

that

portion

of

gains

(losses)

on

investments

which

is

due

to

changes

in

foreign

exchange

rates

from

that

which

is

due

to

changes

in

market

prices

of

the

investments.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gains

(losses)

on

investments

in

the

Statement

of

Operations.

Asset-

and

mortgage-backed

securities

The

Fund

may

invest

in

asset-backed

and

mortgage-backed

securities.

The

maturity

dates

shown

represent

the

original

maturity

of

the

underlying

obligation.

Actual

maturity

may

vary

based

upon

prepayment

activity

on

these

obligations.

All,

or

a

portion,

of

the

obligation

may

be

prepaid

at

any

time

because

the

underlying

asset

may

be

prepaid.

As

a

result,

decreasing

market

interest

rates

could

result

in

an

increased

level

of

prepayment.

An

increased

prepayment

rate

will

have

the

effect

of

shortening

the

maturity

of

the

security.

Unless

otherwise

noted,

the

coupon

rates

presented

are

fixed

rates.

To

be

announced

securities

The

Fund

may

trade

securities

on

a

To

Be

Announced

(TBA)

basis.

As

with

other

delayed-delivery

transactions,

a

seller

agrees

to

issue

a

TBA

security

at

a

future

date.

However,

the

seller

does

not

specify

the

particular

securities

to

be

delivered.

Instead,

the

Fund

agrees

to

accept

any

security

that

meets

specified

terms.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

21

of

this

technique

may

diminish

the

investment

performance

of

the

Fund

compared

to

what

the

performance

would

have

been

without

the

use

of

mortgage

dollar

rolls.

Mortgage

dollar

rolls

involve

the

risk

that

the

market

value

of

the

securities

the

Fund

is

obligated

to

repurchase

may

decline

below

the

repurchase

price,

or

that

the

counterparty

may

default

on

its

obligations.

All

cash

proceeds

will

be

invested

in

instruments

that

are

permissible

investments

for

the

Fund.

The

Fund

identifies

cash

or

liquid

securities

in

an

amount

equal

to

the

forward

purchase

price.

The

Fund

does

not

currently

enter

into

mortgage

dollar

rolls

that

are

accounted

for

as

financing

transactions.

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

“when-

issued”

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

adjustments

to

interest

income.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

The

value

of

additional

securities

received

as

an

income

payment

through

a

payment-in-kind,

if

any,

is

recorded

as

interest

income

and

increases

the

cost

basis

of

such

securities.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

22

Indexed

ETF

|

2024

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

23

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,

2024,

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.

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,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2024,

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.

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

(58,226)

6,001,483

(5,943,257)

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

17,268,686

-

17,268,686

18,320,604

-

18,320,604

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

depreciation

($)

550,881

-

(98,405,854)

(11,869,568)

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

depreciation

($)

437,263,950

4,085,355

(15,954,923)

(11,869,568)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

24

Indexed

ETF

|

2024

The

following

capital

loss

carryforwards,

determined

at

October

31,

2024,

may

be

available

to

reduce

future

net

realized

gains

on

investments,

if

any,

to

the

extent

permitted

by

the

Internal

Revenue

Code.In

addition,

for

the

year

ended

October

31,

2024,

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

$720,767,792

and

$712,295,564,

respectively,

for

the

year

ended

October

31,

2024,

of

which

$14,603,227

and

$14,151,245,

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,

2024,

the

cost

basis

of

securities

contributed

was

$75,690,671.

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,

2024,

the

in-kind

redemption

cost

basis

was

$83,323,038,

the

proceeds

from

sales

were

$78,091,847

and

the

net

realized

loss

was

$5,231,191.

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended October

31,

2024.

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

52,765,467

45,640,387

98,405,854

(1,898,134)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

25

Note

8.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund’s

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

High-yield

investments

risk

Securities

and

other

debt

instruments

held

by

the

Fund

that

are

rated

below

investment

grade

(commonly

called

"high-

yield"

or

"junk"

bonds)

and

unrated

debt

instruments

of

comparable

quality

expose

the

Fund

to

a

greater

risk

of

loss

of

principal

and

income

than

a

fund

that

invests

solely

or

primarily

in

investment

grade

debt

instruments.

In

addition,

these

investments

have

greater

price

fluctuations,

are

less

liquid

and

are

more

likely

to

experience

a

default

than

higher-

rated

debt

instruments.

High-yield

debt

instruments

are

considered

to

be

predominantly

speculative

with

respect

to

the

issuer’s

capacity

to

pay

interest

and

repay

principal.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts, natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

26

Indexed

ETF

|

2024

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

Indexed

ETF

|

2024

27

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,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

(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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

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,

2024

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

20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

28

Indexed

ETF

|

2024

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,

May

and

June

2024,

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

27,

2024

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

|

2024

29

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager’s

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund’s

and

its

service

providers’

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity’s

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund’s

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i)

the

performance

of

the

Fund,

(ii)

the

Fund’s

performance

relative

to

peers

and

benchmarks,

(iii)

the

net

assets

of

the

Fund

and

(iv)

index

tracking

error

data

of

the

Fund.

The

Board

observed

the

Fund’s

tracking

error

versus

its

performance

was

within

the

range

of

management’s

expectations.

The

Board

also

reviewed

a

description

of

the

methodology

for

identifying

the

Fund’s

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager’s

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund’s

contribution

to

the

Investment

Manager’s

profitability.

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

30

Indexed

ETF

|

2024

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN290_10_P01_(12/24)

CET002279

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Indexed

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

Multi-Sector

Municipal

Income

ETF

Indexed

ETF

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

15

Statement

of

Operations

16

Statement

of

Changes

in

Net

Assets

17

Financial

Highlights

18

Notes

to

Financial

Statements

19

Report

of

Independent

Registered

Public

Accounting

Firm

26

Federal

Income

Tax

Information

27

Approval

of

Investment

Management

Services

Agreement

28

PORTFOLIO

OF

INVESTMENTS

October

31,

2024

(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

|

2024

3

Municipal

Bonds

  98.6%

Issue

Description

Principal

Amount

($)

Value

($)

Alabama

0.5%

Health

Care

Authority

of

The

City

of

Huntsville

(The),

Series

B1

Revenue

Bonds

5.000%,

06/01/36

370,000‌

393,034‌

5.000%,

06/01/38

525,000‌

553,953‌

Hoover

Industrial

Development

Board

Revenue

Bonds

5.750%,

10/01/49

500,000‌

522,376‌

UAB

Medicine

Finance

Authority,

Series

B

Revenue

Bonds

5.000%,

09/01/35

235,000‌

240,164‌

4.000%,

09/01/36

525,000‌

520,806‌

Total

Alabama

2,230,333‌

Alaska

0.2%

Alaska

Housing

Finance

Corp.

Revenue

Bonds

5.000%,

12/01/26

910,000‌

947,241‌

Arizona

1.6%

Arizona

Industrial

Development

Authority

Revenue

Bonds

6.000%,

07/01/47

(a)

330,000‌

337,161‌

City

of

Phoenix

Civic

Improvement

Corp.

Series

D

Revenue

Bonds

5.000%,

07/01/36

1,500,000‌

1,565,086‌

Maricopa

County

Industrial

Development

Authority

Revenue

Bonds

4.000%

01/01/38,

Series

A

1,720,000‌

1,725,299‌

5.000%

12/01/45,

Series

D

725,000‌

779,961‌

4.000%

10/15/47

(a)

1,000,000‌

885,485‌

Maricopa

County

Special

Health

Care

District

Series

D

5.000%,

07/01/32

875,000‌

965,855‌

Sierra

Vista

Industrial

Development

Authority

Revenue

Bonds

5.000%,

06/15/44

(a)

325,000‌

326,878‌

Total

Arizona

6,585,725‌

Colorado

5.5%

City

&

County

of

Denver

Revenue

Bonds

5.000%,

10/01/32

100,000‌

100,038‌

City

&

County

of

Denver

CO

Airport

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

12/01/27

160,000‌

168,064‌

5.000%,

11/15/29

325,000‌

339,255‌

5.000%,

12/01/29

555,000‌

586,307‌

5.000%,

11/15/30

2,700,000‌

2,890,985‌

5.000%,

12/01/30

150,000‌

161,207‌

5.000%,

11/15/32

950,000‌

1,025,469‌

5.000%,

11/15/37

1,000,000‌

1,073,871‌

City

of

Colorado

Springs

Co.

Utilities

System

Revenue

Series

A-1

Revenue

Bonds

5.000%,

11/15/30

850,000‌

899,158‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Colorado

Health

Facilities

Authority

Revenue

Bonds

5.000%

12/01/34,

Series

A

1,000,000‌

1,121,968‌

5.000%

08/01/35,

Series

A-1

500,000‌

526,416‌

5.000%

08/01/35,

Series

A-2

200,000‌

209,776‌

4.000%

08/01/37,

Series

A

370,000‌

366,016‌

4.000%

08/01/38,

Series

A-1

500,000‌

495,116‌

4.000%

11/15/38

830,000‌

834,068‌

4.000%

11/01/39,

Series

A

280,000‌

276,531‌

5.000%

11/01/39,

Series

A

180,000‌

189,647‌

5.000%

11/15/41,

Series

A

250,000‌

269,489‌

4.000%

11/15/43,

Series

A

790,000‌

774,520‌

4.000%

08/01/44,

Series

A-1

1,190,000‌

1,135,955‌

5.000%

08/01/44,

Series

A-2

1,200,000‌

1,236,277‌

5.000%

11/01/44,

Series

A

700,000‌

726,129‌

4.000%

11/15/46,

Series

A

715,000‌

679,317‌

4.000%

08/01/49,

Series

A

500,000‌

458,123‌

5.000%

11/15/57,

Series

A-2

(Mandatory

Put

11/15/33)

1,000,000‌

1,112,782‌

Colorado

Housing

and

Finance

Authority

Series

L

Revenue

Bonds

1.650%,

05/01/29

250,000‌

227,157‌

Denver

City

&

County

School

District

No

1

4.000%,

12/01/31

500,000‌

503,308‌

E-470

Public

Highway

Authority

Series

A

Revenue

Bonds

0.000%,

09/01/34

(b)

140,000‌

96,308‌

State

of

Colorado,

Series

A

Revenue

Bonds

5.000%,

12/15/29

1,000,000‌

1,079,435‌

5.000%,

12/15/31

435,000‌

482,137‌

5.000%,

12/15/33

1,000,000‌

1,098,067‌

4.000%,

12/15/36

500,000‌

511,730‌

3.000%,

12/15/37

250,000‌

231,670‌

4.000%,

12/15/38

515,000‌

520,306‌

Total

Colorado

22,406,602‌

Connecticut

4.2%

Connecticut

Housing

Finance

Authority

Revenue

Bonds

2.875%

11/15/30,

Series

A-1

175,000‌

165,653‌

4.200%

11/15/39,

Series

F-1

(c)

1,000,000‌

1,001,832‌

Connecticut

State

Health

&

Educational

Facilities

Authority

Revenue

Bonds

5.000%

07/01/32,

Series

A

1,930,000‌

2,032,999‌

5.000%

07/01/35,

Series

A

265,000‌

281,725‌

3.000%

07/01/39,

Series

A

345,000‌

288,253‌

5.000%

12/01/45

775,000‌

781,742‌

5.000%

09/01/46,

Series

A

(a)

500,000‌

489,623‌

State

of

Connecticut

5.000%

11/15/26,

Series

F

315,000‌

328,390‌

5.000%

09/15/28,

Series

D

1,000,000‌

1,080,327‌

5.000%

03/15/32,

Series

A

1,000,000‌

1,022,710‌

5.000%

11/15/32,

Series

E

670,000‌

759,663‌

State

of

Connecticut

Special

Tax

Revenue

Revenue

Bonds

5.000%

10/01/31,

Series

B

510,000‌

546,134‌

5.000%

05/01/33,

Series

A

465,000‌

512,730‌

5.000%

05/01/35,

Series

A

950,000‌

1,038,678‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Indexed

ETF

|

2024

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

05/01/36,

Series

A

745,000‌

758,738‌

4.000%

09/01/36,

Series

A

750,000‌

738,908‌

5.000%

11/01/36,

Series

D

750,000‌

821,134‌

4.000%

05/01/37,

Series

A

1,500,000‌

1,521,667‌

5.000%

10/01/37,

Series

B

1,000,000‌

1,055,909‌

4.000%

05/01/38,

Series

A

1,000,000‌

1,013,241‌

University

of

Connecticut

Series

A

Revenue

Bonds

5.000%,

11/15/43

650,000‌

677,034‌

Total

Connecticut

16,917,090‌

Delaware

0.6%

Delaware

State

Health

Facilities

Authority,

Series

A

Revenue

Bonds

4.000%,

07/01/40

600,000‌

594,079‌

5.000%,

10/01/40

715,000‌

757,121‌

5.000%,

10/01/45

1,205,000‌

1,259,873‌

Total

Delaware

2,611,073‌

District

of

Columbia

1.6%

District

of

Columbia

Revenue

Bonds

5.000%

04/01/33

470,000‌

487,621‌

4.000%

07/15/40

130,000‌

128,465‌

District

of

Columbia

5.000%

10/15/32,

Series

A

200,000‌

216,816‌

Metropolitan

Washington

Airports

Authority

Aviation

Revenue

Revenue

Bonds

5.000%

10/01/29,

Series

A

750,000‌

804,909‌

5.000%

10/01/30

200,000‌

208,051‌

5.000%

10/01/30,

Series

A

750,000‌

807,710‌

5.000%

10/01/32,

Series

A

350,000‌

377,613‌

5.250%

10/01/45,

Series

A

1,000,000‌

1,075,054‌

Metropolitan

Washington

Airports

Authority

Dulles

Toll

Road

Revenue

Revenue

Bonds

0.000%

10/01/30,

Series

B

(b)

130,000‌

106,509‌

0.000%

10/01/37,

Series

A

(b)

2,500,000‌

1,342,097‌

Washington

Metropolitan

Area

Transit

Authority

Revenue

Bonds

5.000%,

07/01/32

1,000,000‌

1,045,797‌

Total

District

of

Columbia

6,600,642‌

Florida

5.5%

Alachua

County

Health

Facilities

Authority,

Series

B-1

Revenue

Bonds

5.000%,

12/01/34

150,000‌

157,893‌

5.000%,

12/01/37

285,000‌

297,438‌

Brevard

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

04/01/42

1,500,000‌

1,599,020‌

Capital

Trust

Agency,

Inc.

Series

A

Revenue

Bonds

5.250%,

12/01/43

(a)

150,000‌

150,671‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Central

Florida

Expressway

Authority

Revenue

Bonds

5.000%

07/01/34,

Series

D

645,000‌

707,150‌

4.000%

07/01/35,

Series

B

390,000‌

396,987‌

City

of

Gainesville

FL

Utilities

System

Revenue,

Series

A

Revenue

Bonds

5.000%,

10/01/31

395,000‌

414,606‌

5.000%,

10/01/32

385,000‌

403,839‌

City

Of

South

Miami

Health

Facilities

Authority,

Inc.

Revenue

Bonds

5.000%,

08/15/47

1,000,000‌

1,020,032‌

City

of

Tampa,

Series

B

Revenue

Bonds

4.000%,

07/01/38

175,000‌

173,004‌

4.000%,

07/01/39

500,000‌

492,967‌

County

of

Miami-Dade

Fl

Aviation

Revenue,

Series

A

Revenue

Bonds

5.000%,

10/01/34

1,000,000‌

1,077,631‌

5.000%,

10/01/36

2,000,000‌

2,137,204‌

County

of

Miami-Dade

Seaport

Department

Series

A

Revenue

Bonds

5.250%,

10/01/52

1,885,000‌

1,986,691‌

Escambia

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

08/15/45

600,000‌

534,454‌

Florida

Development

Finance

Corp.

Revenue

Bonds

4.000%

11/15/34

200,000‌

203,124‌

4.000%

06/01/36,

Series

A

(a)

400,000‌

360,796‌

4.000%

06/01/41,

Series

A

(a)

200,000‌

168,269‌

Greater

Orlando

Aviation

Authority,

Series

A

Revenue

Bonds

5.000%,

10/01/27

255,000‌

267,171‌

4.000%,

10/01/37

1,400,000‌

1,378,440‌

5.000%,

10/01/38

400,000‌

419,446‌

JEA

Electric

System

Revenue,

Series

B

Revenue

Bonds

4.000%,

10/01/36

1,000,000‌

1,000,382‌

4.000%,

10/01/37

1,015,000‌

1,013,550‌

Martin

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

01/01/46

500,000‌

473,353‌

Miami

Beach

Health

Facilities

Authority

Series

B

Revenue

Bonds

4.000%,

11/15/46

1,000,000‌

937,431‌

Orange

County

Health

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

10/01/39

200,000‌

203,331‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

5

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Polk

County

School

District

Revenue

Bonds

5.000%,

10/01/33

435,000‌

472,091‌

School

District

of

Broward

County

Revenue

Bonds

5.000%

07/01/34,

Series

A

250,000‌

271,415‌

5.000%

07/01/35,

Series

B

1,000,000‌

1,105,999‌

South

Broward

Hospital

District

Revenue

Bonds

3.500%

05/01/39,

Series

A

370,000‌

340,133‌

4.000%

05/01/48

1,000,000‌

927,784‌

South

Florida

Water

Management

District

Revenue

Bonds

5.000%,

10/01/33

150,000‌

153,266‌

5.000%,

10/01/34

1,000,000‌

1,019,389‌

Total

Florida

22,264,957‌

Georgia

2.6%

Brookhaven

Development

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/44

490,000‌

478,651‌

City

of

Atlanta

GA

Airport

Passenger

Facility

Charge

Series

D

Revenue

Bonds

4.000%,

07/01/37

1,000,000‌

969,576‌

City

of

Atlanta

GA

Water

&

Wastewater

Revenue

Revenue

Bonds

5.750%,

11/01/28

1,000,000‌

1,110,650‌

5.750%,

11/01/29

785,000‌

889,882‌

Columbia

County

Hospital

Authority

Revenue

Bonds

5.000%,

04/01/48

875,000‌

926,786‌

Gainesville

&

Hall

County

Hospital

Authority

Revenue

Bonds

4.000%,

02/15/45

400,000‌

383,057‌

Georgia

State

Road

&

Tollway

Authority

Revenue

Bonds

5.000%,

06/01/32

1,000,000‌

1,094,092‌

Griffin-Spalding

County

Hospital

Authority

Series

A

Revenue

Bonds

4.000%,

04/01/42

1,000,000‌

996,640‌

State

of

Georgia

5.000%

07/01/30,

Series

C

1,850,000‌

1,948,423‌

5.000%

07/01/32,

Series

A-1

545,000‌

618,565‌

5.000%

07/01/33,

Series

A

1,000,000‌

1,148,052‌

Total

Georgia

10,564,374‌

Hawaii

0.3%

State

of

Hawaii

5.000%

10/01/27,

Series

FH

325,000‌

337,178‌

5.000%

01/01/31

875,000‌

928,588‌

Total

Hawaii

1,265,766‌

Illinois

8.3%

Chicago

Board

of

Education

0.000%

12/01/29,

Series

A

(b)

185,000‌

149,677‌

5.000%

12/01/30,

Series

A

150,000‌

155,154‌

0.000%

12/01/31,

Series

B-1

(b)

220,000‌

163,303‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

12/01/34,

Series

A

1,350,000‌

1,398,899‌

5.000%

12/01/35,

Series

A

250,000‌

256,177‌

4.000%

12/01/36,

Series

B

1,200,000‌

1,115,624‌

5.000%

12/01/36,

Series

A

300,000‌

306,680‌

5.000%

12/01/37,

Series

A

600,000‌

611,568‌

5.000%

12/01/38,

Series

A

1,800,000‌

1,829,261‌

5.250%

12/01/39,

Series

C

875,000‌

875,037‌

4.000%

12/01/41,

Series

B

1,000,000‌

899,178‌

5.000%

12/01/41,

Series

A

250,000‌

251,527‌

5.000%

12/01/42,

Series

A

200,000‌

196,268‌

4.000%

12/01/43,

Series

A

1,500,000‌

1,322,951‌

5.000%

12/01/46,

Series

H

1,000,000‌

976,425‌

5.000%

12/01/47,

Series

A

2,000,000‌

1,977,596‌

Chicago

O'Hare

International

Airport,

Series

A

Revenue

Bonds

5.000%,

01/01/34

500,000‌

500,810‌

4.000%,

01/01/36

195,000‌

195,962‌

City

of

Chicago

0.000%

01/01/31,

Series

C

(b)

320,000‌

244,891‌

4.000%

01/01/34,

Series

B

188,000‌

186,914‌

City

of

Chicago

IL

Wastewater

Transmission

Revenue

Series

B

Revenue

Bonds

5.000%,

01/01/30

300,000‌

327,444‌

City

of

Chicago

IL

Waterworks

Revenue

Revenue

Bonds

5.000%

11/01/30

1,315,000‌

1,350,175‌

5.000%

11/01/32,

Series

B

500,000‌

555,225‌

Cook

Kane

Lake

&

McHenry

Counties

Community

College

District

No

512

4.000%,

12/15/29

470,000‌

486,697‌

Illinois

Finance

Authority

Revenue

Bonds

5.000%

01/01/27

650,000‌

663,781‌

5.000%

07/01/30

710,000‌

790,005‌

4.000%

08/15/37,

Series

A

900,000‌

902,799‌

4.125%

08/15/37,

Series

C

840,000‌

793,235‌

3.000%

10/01/37,

Series

A

625,000‌

566,564‌

4.125%

11/15/37,

Series

A

235,000‌

228,674‌

3.000%

07/15/40,

Series

A

400,000‌

349,869‌

4.000%

08/15/41,

Series

A

600,000‌

591,365‌

5.500%

08/01/43,

Series

A

(a)

500,000‌

534,748‌

4.125%

05/15/47,

Series

A

1,000,000‌

917,426‌

Illinois

Municipal

Electric

Agency

Series

A

Revenue

Bonds

4.000%,

02/01/35

1,000,000‌

993,452‌

Illinois

State

Toll

Highway

Authority

Revenue

Bonds

5.000%

01/01/30,

Series

B

865,000‌

942,778‌

5.000%

01/01/31,

Series

C

150,000‌

163,599‌

4.000%

12/01/31,

Series

A

320,000‌

321,728‌

5.000%

01/01/36,

Series

A

705,000‌

793,405‌

5.000%

01/01/37,

Series

A

1,000,000‌

1,125,147‌

5.000%

01/01/38,

Series

A

1,000,000‌

1,120,943‌

Metropolitan

Pier

&

Exposition

Authority

Revenue

Bonds

0.000%

06/15/29

(b)

535,000‌

459,480‌

0.000%

12/15/29,

Series

A

(b)

160,000‌

135,001‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Indexed

ETF

|

2024

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

0.000%

06/15/30

(b)

370,000‌

300,966‌

0.000%

06/15/30,

Series

A

(b)

415,000‌

343,785‌

0.000%

12/15/32,

Series

A

(b)

850,000‌

626,273‌

0.000%

06/15/36,

Series

A

(b)

1,540,000‌

977,892‌

0.000%

12/15/36,

Series

A

(b)

1,750,000‌

1,083,315‌

0.000%

12/15/41,

Series

B

(b)

280,000‌

137,050‌

5.000%

06/15/42,

Series

B

1,000,000‌

1,055,906‌

State

of

Illinois

Series

A

4.000%,

03/01/39

200,000‌

196,306‌

Will

County

Community

High

School

District

No

210

Lincoln-Way

Series

B

0.000%,

01/01/31

(b)

300,000‌

241,098‌

Total

Illinois

33,690,033‌

Indiana

0.1%

City

of

Anderson

Revenue

Bonds

6.000%,

10/01/42

150,000‌

130,069‌

Indiana

Finance

Authority

Series

A

Revenue

Bonds

3.000%,

11/01/30

150,000‌

143,932‌

Total

Indiana

274,001‌

Iowa

0.5%

Iowa

Finance

Authority

Revenue

Bonds

2.250%

01/01/32,

Series

D

150,000‌

132,753‌

5.000%

08/01/34,

Series

A

650,000‌

748,212‌

5.000%

05/15/43,

Series

A

160,000‌

160,454‌

4.000%

08/15/46,

Series

E

1,000,000‌

935,923‌

Total

Iowa

1,977,342‌

Kansas

0.2%

University

of

Kansas

Hospital

Authority

Series

A

Revenue

Bonds

5.000%,

03/01/47

650,000‌

658,225‌

Kentucky

0.6%

Kentucky

State

Property

&

Building

Commission

Revenue

Bonds

5.000%,

05/01/36

1,000,000‌

1,045,008‌

Louisville/Jefferson

County

Metropolitan

Government,

Series

A

Revenue

Bonds

5.000%,

10/01/30

290,000‌

296,557‌

4.000%,

10/01/35

1,000,000‌

985,164‌

Total

Kentucky

2,326,729‌

Louisiana

1.0%

East

Baton

Rouge

Sewerage

Commission

Series

A

(Mandatory

Put

02/01/28)

Revenue

Bonds

1.300%,

02/01/41

725,000‌

657,358‌

Louisiana

Public

Facilities

Authority

Revenue

Bonds

5.500%,

09/01/54

1,000,000‌

1,070,483‌

State

of

Louisiana,

Series

E

5.000%,

09/01/30

1,000,000‌

1,113,104‌

5.000%,

09/01/33

1,000,000‌

1,145,340‌

Total

Louisiana

3,986,285‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Maine

0.3%

Maine

Governmental

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

10/01/37

660,000‌

667,316‌

Maine

Health

&

Higher

Educational

Facilities

Authority

Series

A

Revenue

Bonds

4.000%,

07/01/45

790,000‌

744,036‌

Total

Maine

1,411,352‌

Maryland

1.3%

County

of

Howard

Series

B

5.000%,

02/15/28

225,000‌

235,195‌

County

of

Montgomery,

Series

A

4.000%,

08/01/27

250,000‌

258,527‌

5.000%,

08/01/30

300,000‌

335,432‌

Maryland

Community

Development

Administration

Series

C

Revenue

Bonds

2.200%,

09/01/36

350,000‌

277,828‌

Maryland

Health

&

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%

07/01/42

650,000‌

615,935‌

5.500%

01/01/46,

Series

A

750,000‌

760,933‌

Maryland

Stadium

Authority

Revenue

Bonds

5.000%,

05/01/34

565,000‌

594,877‌

State

of

Maryland

5.000%

03/01/31,

Series

A

415,000‌

466,610‌

5.000%

03/15/31,

Series

2

640,000‌

709,257‌

5.000%

08/01/31,

Series

2

465,000‌

509,205‌

5.000%

03/15/32,

Series

2

265,000‌

287,713‌

5.000%

03/01/33,

Series

A

250,000‌

278,520‌

Total

Maryland

5,330,032‌

Massachusetts

2.0%

Commonwealth

of

Massachusetts

5.000%

09/01/27,

Series

A

1,000,000‌

1,063,315‌

5.000%

05/01/31,

Series

A

510,000‌

573,079‌

4.000%

11/01/32,

Series

E

1,000,000‌

1,018,335‌

Massachusetts

Development

Finance

Agency

Revenue

Bonds

5.000%

07/01/36,

Series

I

150,000‌

152,851‌

5.000%

07/01/36,

Series

K

150,000‌

158,323‌

5.000%

10/01/38

400,000‌

406,643‌

4.000%

07/01/40

200,000‌

167,196‌

5.000%

07/01/41,

Series

I

350,000‌

353,439‌

5.000%

07/01/43,

Series

J2

850,000‌

874,345‌

5.000%

07/01/44

530,000‌

536,722‌

5.000%

07/01/46

1,000,000‌

1,004,858‌

Massachusetts

Housing

Finance

Agency

Revenue

Bonds

0.800%

12/01/25,

Series

B-2

500,000‌

482,263‌

0.900%

06/01/26,

Series

B-2

475,000‌

452,311‌

3.000%

06/01/26,

Series

A-3

265,000‌

264,259‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

7

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Massachusetts

Port

Authority

Series

A

Revenue

Bonds

5.000%,

07/01/36

250,000‌

263,637‌

University

of

Massachusetts

Building

Authority

Series

1

Revenue

Bonds

4.000%,

11/01/46

500,000‌

494,355‌

Total

Massachusetts

8,265,931‌

Michigan

3.1%

Advanced

Technology

Academy

Revenue

Bonds

5.000%,

11/01/44

500,000‌

493,241‌

City

of

Detroit

5.000%

04/01/35

400,000‌

412,978‌

5.000%

04/01/46,

Series

A

725,000‌

745,859‌

Great

Lakes

Water

Authority

Water

Supply

System

Revenue,

Series

C

Revenue

Bonds

5.000%,

07/01/31

1,565,000‌

1,608,009‌

5.250%,

07/01/33

1,075,000‌

1,107,452‌

Michigan

Finance

Authority

Revenue

Bonds

4.000%

10/01/30,

Series

B

1,000,000‌

1,014,592‌

5.000%

07/01/33,

Series

C

1,000,000‌

1,007,751‌

3.125%

12/01/35,

Series

A

100,000‌

92,716‌

5.000%

11/15/41

450,000‌

458,336‌

3.250%

11/15/42

150,000‌

119,938‌

4.000%

02/15/44,

Series

A

1,000,000‌

945,226‌

5.000%

11/01/44,

Series

A

1,400,000‌

1,407,655‌

Michigan

State

Housing

Development

Authority

Series

B

Revenue

Bonds

4.500%,

12/01/38

1,000,000‌

1,016,439‌

State

of

Michigan

Trunk

Line

Revenue

Revenue

Bonds

5.000%,

11/15/46

2,000,000‌

2,169,557‌

Total

Michigan

12,599,749‌

Minnesota

0.6%

City

of

Apple

Valley

Series

A

Revenue

Bonds

4.250%,

01/01/37

260,000‌

219,350‌

City

of

Maple

Grove

Revenue

Bonds

4.000%,

05/01/37

210,000‌

201,133‌

City

of

Minneapolis

Series

A

Revenue

Bonds

5.000%,

11/15/33

200,000‌

205,450‌

Minnesota

Public

Facilities

Authority

State

Revolving

Fund

Series

A

Revenue

Bonds

5.000%,

03/01/33

665,000‌

760,222‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Stillwater

Independent

School

District

No

834

Series

A

4.000%,

02/01/43

1,000,000‌

1,004,402‌

Total

Minnesota

2,390,557‌

Mississippi

0.0%

Mississippi

Home

Corp.

Series

A

Revenue

Bonds

1.950%,

06/01/32

200,000‌

169,696‌

Missouri

1.7%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

Revenue

Bonds

4.000%

05/15/42,

Series

A

950,000‌

918,898‌

4.000%

11/15/42

500,000‌

496,868‌

4.000%

07/01/46,

Series

A

1,600,000‌

1,546,934‌

Kansas

City

Industrial

Development

Authority

Revenue

Bonds

4.000%,

03/01/36

1,000,000‌

964,026‌

Lees

Summit

Industrial

Development

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/32

150,000‌

149,819‌

Metropolitan

St

Louis

Sewer

District

Series

A

Revenue

Bonds

5.000%,

05/01/29

895,000‌

938,500‌

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

A

Revenue

Bonds

5.000%,

12/01/30

770,000‌

776,618‌

4.000%,

12/01/32

200,000‌

200,045‌

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

Revenue

Bonds

2.750%,

09/01/33

1,000,000‌

918,611‌

St

Louis

County

Industrial

Development

Authority

Revenue

Bonds

5.000%,

09/01/32

100,000‌

101,200‌

Total

Missouri

7,011,519‌

Nebraska

0.4%

Nebraska

Investment

Finance

Authority

Revenue

Bonds

2.350%

09/01/35,

Series

A

740,000‌

608,543‌

4.100%

09/01/38,

Series

C

1,000,000‌

978,649‌

Total

Nebraska

1,587,192‌

Nevada

0.2%

State

of

Nevada

Department

of

Business

&

Industry

Series

A

Revenue

Bonds

5.000%,

12/15/38

(a)

1,000,000‌

1,003,491‌

New

Jersey

9.3%

Cherry

Hill

Township

School

District

3.000%,

08/01/26

920,000‌

925,762‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Indexed

ETF

|

2024

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

3.000%,

08/01/27

700,000‌

708,367‌

New

Jersey

Economic

Development

Authority

Revenue

Bonds

5.500%

09/01/27,

Series

N-1

120,000‌

127,847‌

5.000%

06/15/30,

Series

B

210,000‌

224,031‌

3.125%

07/01/31,

Series

A

145,000‌

140,288‌

5.000%

06/15/32,

Series

EEE

175,000‌

185,895‌

5.000%

11/01/33

1,565,000‌

1,676,024‌

4.000%

06/15/34,

Series

QQQ

350,000‌

355,297‌

4.000%

07/01/34,

Series

A

1,065,000‌

1,026,715‌

5.000%

11/01/35

400,000‌

425,870‌

5.000%

11/01/36,

Series

A

675,000‌

739,124‌

4.000%

06/15/37,

Series

QQQ

700,000‌

703,866‌

5.000%

06/15/37

1,000,000‌

1,062,579‌

4.000%

06/15/44

1,000,000‌

960,516‌

New

Jersey

Health

Care

Facilities

Financing

Authority

Revenue

Bonds

4.000%

07/01/32,

Series

A

225,000‌

226,822‌

4.000%

07/01/35

370,000‌

373,421‌

5.000%

10/01/36

1,325,000‌

1,375,204‌

5.000%

10/01/37

1,105,000‌

1,145,514‌

4.000%

07/01/44

435,000‌

416,971‌

4.000%

07/01/45,

Series

A

1,000,000‌

980,361‌

New

Jersey

Housing

&

Mortgage

Finance

Agency

Series

I

Revenue

Bonds

4.250%,

10/01/37

495,000‌

497,831‌

New

Jersey

Transportation

Trust

Fund

Authority

Revenue

Bonds

0.000%

12/15/27,

Series

A

(b)

300,000‌

270,007‌

5.000%

06/15/29,

Series

BB-1

245,000‌

261,760‌

0.000%

12/15/29,

Series

A

(b)

850,000‌

710,099‌

5.000%

06/15/30,

Series

A

835,000‌

854,918‌

0.000%

12/15/30,

Series

C

(b)

220,000‌

177,874‌

5.000%

06/15/31,

Series

A

470,000‌

517,261‌

5.000%

06/15/31,

Series

BB

115,000‌

124,468‌

0.000%

12/15/32,

Series

A

(b)

1,540,000‌

1,141,294‌

0.000%

12/15/32,

Series

C

(b)

2,205,000‌

1,653,067‌

5.000%

12/15/32,

Series

A

2,215,000‌

2,343,202‌

5.000%

06/15/33,

Series

A

1,000,000‌

1,091,333‌

0.000%

12/15/33,

Series

C

(b)

705,000‌

512,604‌

5.000%

06/15/34,

Series

2014

250,000‌

271,837‌

0.000%

12/15/34,

Series

A

(b)

945,000‌

644,135‌

0.000%

12/15/34,

Series

C

(b)

250,000‌

174,634‌

5.000%

12/15/34,

Series

A

1,075,000‌

1,132,300‌

4.000%

06/15/35,

Series

AA

400,000‌

404,682‌

5.000%

06/15/35,

Series

AA

2,000,000‌

2,203,271‌

0.000%

12/15/35,

Series

A

(b)

165,000‌

107,932‌

4.000%

06/15/36,

Series

A

850,000‌

858,923‌

4.000%

06/15/36,

Series

AA

1,510,000‌

1,522,080‌

5.000%

06/15/36,

Series

AA

945,000‌

1,032,062‌

4.000%

06/15/37,

Series

BB

250,000‌

249,202‌

New

Jersey

Turnpike

Authority

Revenue

Bonds

5.000%

01/01/31,

Series

E

535,000‌

567,088‌

5.000%

01/01/32,

Series

B

255,000‌

269,887‌

5.000%

01/01/32,

Series

E

1,000,000‌

1,058,334‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

4.000%

01/01/33,

Series

G

225,000‌

227,819‌

5.000%

01/01/33,

Series

B

750,000‌

792,138‌

5.000%

01/01/36,

Series

G

2,205,000‌

2,304,640‌

Total

New

Jersey

37,757,156‌

New

Mexico

0.3%

City

of

Santa

Fe

Revenue

Bonds

5.000%,

05/15/44

650,000‌

655,258‌

New

Mexico

Hospital

Equipment

Loan

Council

Series

A

Revenue

Bonds

5.000%,

08/01/46

400,000‌

408,241‌

Total

New

Mexico

1,063,499‌

New

York

17.4%

Brooklyn

Arena

Local

Development

Corp.,

Series

A

Revenue

Bonds

3.000%,

07/15/36

150,000‌

130,426‌

5.000%,

07/15/42

1,000,000‌

1,011,159‌

Broome

County

Local

Development

Corp.

Revenue

Bonds

3.000%,

04/01/45

200,000‌

156,306‌

City

of

New

York

5.000%

08/01/28,

Series

2008

J-5

820,000‌

883,855‌

5.000%

08/01/28,

Series

A-1

455,000‌

490,235‌

5.000%

08/01/28,

Series

C

420,000‌

438,028‌

5.000%

08/01/30,

Series

1

605,000‌

635,552‌

5.000%

04/01/31

1,065,000‌

1,152,278‌

5.000%

08/01/32,

Series

C-1

1,130,000‌

1,241,495‌

Dutchess

County

Local

Development

Corp.

Revenue

Bonds

3.000%

07/01/36,

Series

B

320,000‌

275,449‌

5.000%

07/01/45,

Series

A

500,000‌

508,204‌

Long

Island

Power

Authority

Revenue

Bonds

5.000%

09/01/34

1,860,000‌

1,972,110‌

5.000%

09/01/35

1,200,000‌

1,279,148‌

5.000%

09/01/37,

Series

A

250,000‌

272,861‌

Metropolitan

Transportation

Authority

Revenue

Bonds

5.000%

11/15/26,

Series

A2

275,000‌

285,603‌

5.000%

11/15/31,

Series

C-1

560,000‌

591,498‌

5.000%

11/15/31,

Series

D-1

705,000‌

715,505‌

5.000%

11/15/32,

Series

D

1,590,000‌

1,673,470‌

4.000%

11/15/35,

Series

C-1

850,000‌

850,183‌

New

York

City

Housing

Development

Corp.

Revenue

Bonds

2.650%

05/01/27,

Series

A

265,000‌

259,865‌

2.000%

11/01/35,

Series

D-1B

370,000‌

290,531‌

New

York

City

Municipal

Water

Finance

Authority

Revenue

Bonds

5.000%

06/15/27

1,000,000‌

1,058,509‌

5.000%

06/15/27,

Series

CC-2

285,000‌

290,813‌

5.000%

06/15/28,

Series

BB-2

1,530,000‌

1,637,611‌

5.000%

06/15/28,

Series

CC-2

880,000‌

917,296‌

5.000%

06/15/28,

Series

EE

775,000‌

836,601‌

5.000%

06/15/29,

Series

AA-2

230,000‌

252,543‌

5.000%

06/15/30,

Series

AA-2

335,000‌

373,221‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

9

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.000%

06/15/30,

Series

EE

630,000‌

701,878‌

5.000%

06/15/30,

Series

GG-1

505,000‌

562,616‌

5.000%

06/15/31,

Series

DD

1,605,000‌

1,809,144‌

5.000%

06/15/33,

Series

CC-2

1,000,000‌

1,148,663‌

5.000%

06/15/33,

Series

DD

755,000‌

843,927‌

5.000%

06/15/34,

Series

FF

750,000‌

797,735‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Series

F-3

Revenue

Bonds

4.000%,

02/01/34

1,000,000‌

1,001,690‌

New

York

Liberty

Development

Corp.,

Series

A

Revenue

Bonds

2.100%,

11/15/32

750,000‌

642,239‌

2.400%,

11/15/35

350,000‌

290,282‌

New

York

Power

Authority

Revenue

Bonds

4.000%,

11/15/37

305,000‌

315,599‌

New

York

State

Dormitory

Authority

Revenue

Bonds

5.000%

07/01/29,

Series

A

415,000‌

428,459‌

5.000%

10/01/30,

Series

A

340,000‌

352,008‌

3.000%

10/01/31,

Series

A

785,000‌

762,222‌

2.000%

07/01/33,

Series

1

1,060,000‌

922,173‌

5.000%

07/01/33,

Series

A

275,000‌

298,365‌

5.000%

10/01/33,

Series

A

1,490,000‌

1,564,804‌

4.000%

10/01/34,

Series

A

300,000‌

306,884‌

5.000%

10/01/34,

Series

A

2,115,000‌

2,266,249‌

4.000%

07/01/35,

Series

A

1,650,000‌

1,659,871‌

5.000%

10/01/35,

Series

A

870,000‌

950,480‌

5.000%

05/01/38,

Series

A

750,000‌

818,590‌

4.000%

07/01/38

500,000‌

507,521‌

5.000%

10/01/38,

Series

A

1,225,000‌

1,357,213‌

5.250%

03/15/48,

Series

A

1,000,000‌

1,094,921‌

New

York

State

Environmental

Facilities

Corp.

Series

A

Revenue

Bonds

5.000%,

06/15/27

250,000‌

265,208‌

New

York

State

Housing

Finance

Agency

Series

J-2

(Mandatory

Put

05/01/27)

Revenue

Bonds

1.100%,

11/01/61

1,335,000‌

1,244,199‌

New

York

State

Thruway

Authority

Revenue

Bonds

4.000%

01/01/36,

Series

O

250,000‌

259,591‌

4.000%

01/01/38,

Series

B

150,000‌

151,267‌

4.000%

01/01/41,

Series

O

1,000,000‌

999,035‌

New

York

Transportation

Development

Corp.

Revenue

Bonds

3.000%

08/01/31

250,000‌

234,853‌

5.000%

12/01/31

1,000,000‌

1,067,368‌

5.000%

12/01/32

1,015,000‌

1,086,877‌

5.000%

12/01/32,

Series

A

180,000‌

188,705‌

5.000%

01/01/34

175,000‌

179,075‌

5.000%

12/01/34

400,000‌

425,819‌

5.000%

10/01/35

1,155,000‌

1,202,236‌

5.375%

08/01/36

1,000,000‌

1,063,105‌

5.000%

12/01/36,

Series

A

425,000‌

442,636‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

5.625%

04/01/40

1,000,000‌

1,073,594‌

5.000%

10/01/40

1,000,000‌

1,031,726‌

4.000%

12/01/42,

Series

C

160,000‌

153,775‌

4.375%

10/01/45

2,750,000‌

2,627,578‌

Oneida

County

Local

Development

Corp.

Series

A

Revenue

Bonds

3.000%,

12/01/44

355,000‌

275,583‌

Port

Authority

of

New

York

&

New

Jersey

Revenue

Bonds

4.000%

03/15/30,

Series

207

300,000‌

301,603‌

5.000%

07/15/31,

Series

209

300,000‌

321,664‌

5.000%

09/15/31,

Series

207

500,000‌

518,613‌

5.000%

11/15/32

500,000‌

528,391‌

5.000%

10/15/33,

Series

194

785,000‌

797,133‌

5.000%

11/15/33,

Series

205

835,000‌

880,561‌

5.000%

07/15/34,

Series

238

2,045,000‌

2,204,174‌

5.000%

07/15/35,

Series

222

870,000‌

951,641‌

5.000%

07/15/36

1,180,000‌

1,266,245‌

4.000%

07/15/38,

Series

222

1,000,000‌

1,016,029‌

State

of

New

York

Mortgage

Agency

Series

233

Revenue

Bonds

2.200%,

04/01/36

840,000‌

660,462‌

State

of

New

York

Mortgage

Agency

Homeowner

Mortgage

Revenue

Revenue

Bonds

4.000%

04/01/31,

Series

248

500,000‌

486,767‌

1.900%

10/01/31,

Series

233

250,000‌

215,611‌

2.400%

10/01/34,

Series

220

140,000‌

118,175‌

2.650%

10/01/34,

Series

223

250,000‌

217,844‌

2.200%

10/01/36,

Series

239

560,000‌

437,006‌

Triborough

Bridge

&

Tunnel

Authority,

Series

B

Revenue

Bonds

5.000%,

11/15/31

1,370,000‌

1,505,606‌

0.000%,

11/15/32

(b)

220,000‌

167,095‌

5.000%,

11/15/36

1,000,000‌

1,035,933‌

5.000%,

11/15/38

1,500,000‌

1,551,936‌

Total

New

York

71,038,607‌

North

Carolina

0.6%

North

Carolina

Housing

Finance

Agency

Revenue

Bonds

3.850%

07/01/37,

Series

B

1,000,000‌

970,124‌

3.950%

07/01/38,

Series

A

515,000‌

494,956‌

State

of

North

Carolina

Revenue

Bonds

5.000%,

03/01/33

890,000‌

954,525‌

Total

North

Carolina

2,419,605‌

North

Dakota

0.2%

City

of

Grand

Forks

Series

A

Revenue

Bonds

3.000%,

12/01/39

1,000,000‌

867,766‌

Ohio

3.0%

Akron

Bath

Copley

Joint

Township

Hospital

District

Revenue

Bonds

4.000%,

11/15/36

250,000‌

245,740‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

10

Indexed

ETF

|

2024

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

American

Municipal

Power,

Inc.

Revenue

Bonds

5.000%

02/15/33,

Series

C

830,000‌

898,735‌

5.000%

02/15/35,

Series

B

1,000,000‌

1,075,922‌

5.000%

02/15/35,

Series

C

250,000‌

268,983‌

4.000%

02/15/36,

Series

A

385,000‌

389,826‌

County

of

Montgomery

Revenue

Bonds

4.000%,

08/01/41

635,000‌

609,261‌

Franklin

County

Convention

Facilities

Authority

Revenue

Bonds

5.000%,

12/01/44

200,000‌

198,454‌

Ohio

Housing

Finance

Agency

Series

K

Revenue

Bonds

3.200%,

09/01/36

70,000‌

63,348‌

Ohio

Turnpike

&

Infrastructure

Commission,

Series

A-4

Revenue

Bonds

5.700%,

02/15/34

285,000‌

326,090‌

5.750%,

02/15/35

150,000‌

171,659‌

Ohio

Water

Development

Authority

Revenue

Bonds

5.000%

06/01/29,

Series

A

1,545,000‌

1,684,031‌

5.000%

12/01/29

1,050,000‌

1,154,080‌

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

Revenue

Bonds

5.000%

06/01/28,

Series

A

2,000,000‌

2,105,193‌

5.000%

12/01/33

1,140,000‌

1,308,291‌

Southeastern

Ohio

Port

Authority

Revenue

Bonds

5.500%,

12/01/43

135,000‌

135,014‌

State

of

Ohio

Revenue

Bonds

3.250%

01/01/35,

Series

A

130,000‌

123,889‌

3.250%

01/01/37,

Series

A

140,000‌

127,034‌

4.000%

01/01/40,

Series

B

600,000‌

597,082‌

4.000%

01/01/46,

Series

B

575,000‌

552,011‌

State

of

Ohio

5.000%

09/15/28,

Series

B

195,000‌

211,386‌

Total

Ohio

12,246,029‌

Oklahoma

0.2%

Grand

River

Dam

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/30

200,000‌

207,558‌

Norman

Regional

Hospital

Authority

Revenue

Bonds

4.000%,

09/01/37

150,000‌

130,401‌

Oklahoma

Development

Finance

Authority

Series

B

Revenue

Bonds

5.000%,

08/15/38

500,000‌

507,031‌

Total

Oklahoma

844,990‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Oregon

0.5%

Medford

Hospital

Facilities

Authority

Series

A

Revenue

Bonds

5.000%,

08/15/45

700,000‌

724,178‌

Oregon

Health

&

Science

University

Series

A

Revenue

Bonds

4.000%,

07/01/41

1,000,000‌

998,078‌

Salem

Hospital

Facility

Authority

Series

A

Revenue

Bonds

4.000%,

05/15/41

240,000‌

234,543‌

Total

Oregon

1,956,799‌

Pennsylvania

5.8%

Allegheny

County

Hospital

Development

Authority

Revenue

Bonds

4.000%

07/15/36

820,000‌

824,829‌

4.000%

07/15/39,

Series

A

1,000,000‌

998,080‌

4.000%

04/01/44,

Series

A

680,000‌

623,399‌

Allentown

Neighborhood

Improvement

Zone

Development

Authority

Revenue

Bonds

5.000%,

05/01/42

(a)

1,000,000‌

1,009,357‌

Cambria

County

General

Financing

Authority

Series

TT4

Revenue

Bonds

5.000%,

11/01/29

315,000‌

334,757‌

Chambersburg

Area

Municipal

Authority

Revenue

Bonds

5.500%,

10/01/33

150,000‌

150,004‌

Chester

County

Health

and

Education

Facilities

Authority

Revenue

Bonds

4.250%

11/01/32

100,000‌

86,719‌

4.000%

09/01/41,

Series

A

440,000‌

430,128‌

Commonwealth

of

Pennsylvania

4.000%,

09/15/31

505,000‌

511,832‌

County

of

Lehigh

Series

A

Revenue

Bonds

4.000%,

07/01/35

3,000,000‌

2,918,997‌

Cumberland

County

Municipal

Authority

Revenue

Bonds

4.000%,

11/01/44

1,000,000‌

944,601‌

Delaware

Valley

Regional

Finance

Authority

Revenue

Bonds

5.700%

07/01/27,

Series

B

10,000‌

10,745‌

5.500%

08/01/28,

Series

A

885,000‌

961,214‌

5.750%

07/01/32

100,000‌

116,628‌

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

Revenue

Bonds

5.000%,

07/01/33

100,000‌

101,908‌

Northampton

County

General

Purpose

Authority

Revenue

Bonds

4.000%,

11/01/34

315,000‌

315,171‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

11

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds

5.000%,

12/31/29

1,375,000‌

1,404,238‌

5.000%,

12/31/32

1,000,000‌

1,033,711‌

Pennsylvania

Higher

Educational

Facilities

Authority

Revenue

Bonds

4.000%,

08/15/42

915,000‌

915,320‌

4.000%,

08/15/44

500,000‌

483,450‌

Pennsylvania

Housing

Finance

Agency

Revenue

Bonds

3.200%

10/01/32,

Series

124B

500,000‌

472,840‌

3.650%

10/01/32,

Series

122

135,000‌

135,202‌

3.550%

10/01/33,

Series

127B

360,000‌

347,521‌

2.070%

10/01/36,

Series

136

100,000‌

78,295‌

Pennsylvania

Turnpike

Commission

Revenue

Bonds

5.000%

06/01/28,

Series

B-2

320,000‌

334,936‌

5.000%

12/01/33

475,000‌

534,454‌

5.000%

06/01/36,

Series

B

1,000,000‌

1,020,361‌

4.000%

12/01/43,

Series

A

1,500,000‌

1,472,041‌

Philadelphia

Authority

For

Industrial

Development

Revenue

Bonds

5.000%

10/01/27

300,000‌

316,432‌

4.000%

05/01/42

1,000,000‌

674,265‌

5.000%

09/01/42,

Series

A

200,000‌

202,597‌

Pittsburgh

Water

&

Sewer

Authority,

Series

B

Revenue

Bonds

5.000%,

09/01/31

1,050,000‌

1,179,218‌

5.000%,

09/01/33

1,130,000‌

1,293,439‌

State

Public

School

Building

Authority

Series

A

Revenue

Bonds

5.000%,

06/01/33

1,425,000‌

1,476,272‌

Total

Pennsylvania

23,712,961‌

Rhode

Island

0.3%

Rhode

Island

Commerce

Corp.

Series

B

Revenue

Bonds

5.000%,

06/15/31

865,000‌

887,213‌

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

Series

76-A

Revenue

Bonds

2.350%,

10/01/36

500,000‌

403,795‌

Total

Rhode

Island

1,291,008‌

South

Carolina

1.9%

Piedmont

Municipal

Power

Agency

Series

A-2

Revenue

Bonds

0.000%,

01/01/29

(b)

120,000‌

102,815‌

South

Carolina

Jobs-Economic

Development

Authority

Revenue

Bonds

5.000%

11/01/34,

Series

A

500,000‌

564,453‌

5.000%

05/01/43,

Series

A

650,000‌

664,570‌

4.000%

12/01/44,

Series

A

950,000‌

918,728‌

4.250%

02/01/48

1,000,000‌

999,160‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

South

Carolina

Public

Service

Authority

Revenue

Bonds

5.000%

12/01/31,

Series

A

950,000‌

973,114‌

5.000%

12/01/33,

Series

A

1,125,000‌

1,147,897‌

5.000%

12/01/37,

Series

B

930,000‌

945,304‌

4.125%

12/01/44,

Series

B

1,000,000‌

968,128‌

South

Carolina

Transportation

Infrastructure

Bank

Series

B

Revenue

Bonds

5.000%,

10/01/29

495,000‌

542,878‌

Total

South

Carolina

7,827,047‌

South

Dakota

0.1%

South

Dakota

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.000%,

07/01/37

150,000‌

145,817‌

South

Dakota

Housing

Development

Authority

Series

B

Revenue

Bonds

3.400%,

11/01/32

355,000‌

339,317‌

Total

South

Dakota

485,134‌

Tennessee

0.7%

Chattanooga

Health

Educational

&

Housing

Facility

Board

Series

A-1

Revenue

Bonds

4.000%,

08/01/36

105,000‌

104,339‌

Johnson

City

Health

&

Educational

Facilities

Board

Series

B

Revenue

Bonds

5.000%,

07/01/33

1,000,000‌

1,096,831‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facs

Bd

Series

A

Revenue

Bonds

5.000%,

07/01/46

1,500,000‌

1,514,548‌

Total

Tennessee

2,715,718‌

Texas

10.0%

Arlington

Higher

Education

Finance

Corp.

Revenue

Bonds

4.500%,

06/15/44

(a)

300,000‌

282,988‌

4.750%,

06/15/49

(a)

250,000‌

238,156‌

Austin

Convention

Enterprises,

Inc.

Series

B

Revenue

Bonds

5.000%,

01/01/32

250,000‌

248,991‌

City

of

Austin

TX

Water

&

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

11/15/30

1,500,000‌

1,553,669‌

5.000%,

11/15/33

1,000,000‌

1,141,590‌

City

of

Garland

TX

Electric

Utility

System

Revenue

Revenue

Bonds

3.000%,

03/01/37

300,000‌

275,717‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

12

Indexed

ETF

|

2024

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

City

of

Houston

TX

Airport

System

Revenue

Revenue

Bonds

5.000%

07/01/29

500,000‌

500,259‌

5.000%

07/01/31,

Series

A

1,490,000‌

1,603,962‌

5.000%

07/01/32,

Series

A

1,000,000‌

1,080,003‌

4.000%

07/15/41,

Series

B-1

1,450,000‌

1,399,928‌

4.500%

07/01/53,

Series

A

1,000,000‌

968,148‌

City

of

Houston

TX

Combined

Utility

System

Revenue

Series

B

Revenue

Bonds

5.000%,

11/15/27

695,000‌

721,493‌

City

of

San

Antonio

TX

Electric

&

Gas

Systems

Revenue

Revenue

Bonds

3.200%

02/01/30

1,000,000‌

988,666‌

4.000%

02/01/32,

Series

B

1,000,000‌

1,044,172‌

4.000%

02/01/36

750,000‌

740,615‌

5.000%

02/01/36

1,130,000‌

1,207,554‌

County

of

Travis

Tx

Series

A

5.000%,

03/01/32

635,000‌

685,621‌

County

of

Williamson

5.000%,

02/15/27

1,500,000‌

1,572,287‌

Cypress-Fairbanks

Independent

School

District

Series

A

3.000%,

02/15/33

1,000,000‌

942,109‌

Dallas

College

5.000%,

02/15/33

1,455,000‌

1,511,170‌

Dallas

County

Hospital

District

5.000%,

08/15/30

280,000‌

297,966‌

Dallas

Fort

Worth

International

Airport

Revenue

Bonds

4.000%

11/01/34

1,255,000‌

1,282,111‌

4.000%

11/01/35,

Series

A

1,350,000‌

1,375,427‌

Lower

Colorado

River

Authority

Revenue

Bonds

5.000%,

05/15/32

350,000‌

387,152‌

5.000%,

05/15/35

350,000‌

372,015‌

New

Hope

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

5.000%

12/01/39,

Series

A-1

115,000‌

116,176‌

4.000%

08/15/40,

Series

A

225,000‌

218,974‌

North

Texas

Tollway

Authority

Revenue

Bonds

0.000%

01/01/30,

Series

D

(b)

500,000‌

419,555‌

5.000%

01/01/31,

Series

A

850,000‌

865,749‌

0.000%

01/01/34,

Series

D

(b)

410,000‌

290,233‌

4.000%

01/01/37,

Series

A

465,000‌

461,079‌

4.000%

01/01/38,

Series

A

1,825,000‌

1,825,503‌

4.125%

01/01/40,

Series

A

1,000,000‌

986,398‌

Northeast

Higher

Education

Finance

Corp.

Series

B

Revenue

Bonds

5.000%,

08/15/40

105,000‌

105,131‌

Northside

Independent

School

District

(Mandatory

Put

06/1/25)

0.700%,

06/01/50

1,000,000‌

984,224‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Port

Freeport

Revenue

Bonds

5.000%,

06/01/33

895,000‌

934,132‌

Round

Rock

Independent

School

District

Series

A

4.000%,

08/01/32

535,000‌

550,969‌

San

Antonio

Water

System

Series

A

Revenue

Bonds

5.000%,

05/15/31

840,000‌

864,159‌

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

Revenue

Bonds

4.000%

11/15/35,

Series

A

1,000,000‌

993,726‌

5.000%

05/15/37

100,000‌

98,811‌

4.000%

10/01/47

485,000‌

464,499‌

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

Series

A

Revenue

Bonds

4.000%,

12/31/38

1,530,000‌

1,503,357‌

Texas

Water

Development

Board

Revenue

Bonds

5.000%

04/15/29,

Series

B

500,000‌

537,816‌

5.000%

08/01/30

750,000‌

833,068‌

5.000%

10/15/31,

Series

A

1,020,000‌

1,050,994‌

5.000%

04/15/32

260,000‌

283,771‌

5.000%

08/01/32

500,000‌

551,366‌

4.000%

10/15/33,

Series

A

805,000‌

814,790‌

Trinity

River

Authority

Central

Regional

Wastewater

System

Revenue

Revenue

Bonds

5.000%,

08/01/28

750,000‌

791,214‌

5.000%,

08/01/30

550,000‌

603,029‌

3.000%,

08/01/31

1,415,000‌

1,387,518‌

Total

Texas

40,958,010‌

Utah

1.4%

City

of

Salt

Lake

City

Ut

Airport

Revenue

Series

A

Revenue

Bonds

5.250%,

07/01/39

1,060,000‌

1,143,281‌

City

of

Salt

Lake

City

UT

Airport

Revenue,

Series

A

Revenue

Bonds

5.000%,

07/01/30

100,000‌

104,251‌

5.000%,

07/01/35

500,000‌

508,474‌

5.000%,

07/01/37

1,515,000‌

1,537,498‌

Intermountain

Power

Agency,

Series

A

Revenue

Bonds

5.000%,

07/01/29

510,000‌

559,801‌

5.000%,

07/01/35

1,200,000‌

1,323,976‌

Utah

Charter

School

Finance

Authority

Revenue

Bonds

5.000%,

06/15/40

(a)

500,000‌

495,979‌

Total

Utah

5,673,260‌

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

Revenue

Bonds

4.000%,

01/01/37

250,000‌

244,856‌

4.000%,

01/01/38

1,000,000‌

971,180‌

Total

Virginia

1,216,036‌

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

13

Notes

to

Portfolio

of

Investments

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Washington

1.4%

County

of

King

4.000%,

07/01/30

250,000‌

255,862‌

King

County

School

District

No

405

Bellevue

5.000%,

12/01/25

500,000‌

510,189‌

Port

of

Seattle

Revenue

Bonds

5.000%,

04/01/36

200,000‌

206,431‌

State

of

Washington

4.000%

07/01/29,

Series

R-2022D

1,000,000‌

1,048,145‌

5.000%

08/01/30,

Series

R-2018C

555,000‌

583,851‌

5.000%

08/01/31,

Series

A-1

1,000,000‌

1,119,360‌

5.000%

08/01/31,

Series

R-2018C

750,000‌

786,288‌

Washington

Health

Care

Facilities

Authority

Revenue

Bonds

5.000%

08/01/38,

Series

A-2

150,000‌

155,610‌

5.000%

08/15/45,

Series

A

425,000‌

425,574‌

5.000%

09/01/45

300,000‌

310,913‌

Washington

State

Convention

Center

Public

Facilities

District

Revenue

Bonds

4.000%,

07/01/32

210,000‌

208,831‌

Washington

State

Housing

Finance

Commission

Series

A

Revenue

Bonds

5.000%,

01/01/34

(a)

100,000‌

99,672‌

Total

Washington

5,710,726‌

Municipal

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Wisconsin

2.1%

Public

Finance

Authority,

Series

A

Revenue

Bonds

3.375%,

10/01/39

455,000‌

397,080‌

4.000%,

01/01/45

200,000‌

186,873‌

State

of

Wisconsin

5.000%

11/01/28,

Series

3

655,000‌

685,854‌

5.000%

11/01/29,

Series

2

1,000,000‌

1,026,568‌

Wisconsin

Health

&

Educational

Facilities

Authority

Revenue

Bonds

4.250%

07/01/33,

Series

B

200,000‌

178,940‌

4.000%

04/01/39,

Series

A

1,450,000‌

1,392,151‌

4.000%

08/15/41

1,000,000‌

1,000,078‌

3.500%

02/15/46,

Series

A

690,000‌

520,997‌

4.000%

08/15/47

1,200,000‌

1,127,360‌

Wisconsin

Housing

&

Economic

Development

Authority

Home

Ownership

Revenue,

Series

A

Revenue

Bonds

4.125%,

09/01/35

1,310,000‌

1,321,594‌

4.375%,

09/01/38

575,000‌

586,471‌

Total

Wisconsin

8,423,966‌

Wyoming

0.2%

County

of

Campbell

Wy

Series

A

Revenue

Bonds

3.625%,

07/15/39

1,000,000‌

916,901‌

Total

Municipal

Bonds

(Cost

$407,180,244)

402,201,155‌

Total

Investments

in

Securities

(Cost

$407,180,244)

402,201,155‌

Other

Assets

&

Liabilities,

Net

5,597,971‌

Net

Assets

407,799,126‌

(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,

2024,

the

total

value

of

these

securities

amounted

to

$6,383,274,

which

represents

1.57%

of

total

net

assets.

(b)

Zero

coupon

bond.

(c)

Represents

a

security

purchased

on

a

forward

commitment

basis.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

14

Indexed

ETF

|

2024

Fair

Value

Measurements

(continued)

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Municipal

Bonds

–

402,201,155

–

402,201,155

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

an

d

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

15

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$407,180,244)

$402,201,155

Cash

1,331,964

Receivable

for:

Interest

5,346,213

Total

assets

408,879,332

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

1,000,000

Investment

management

fees

80,204

Due

to

custodian

2

Total

liabilities

1,080,206

Net

assets

applicable

to

outstanding

capital

stock

$407,799,126

Represented

by:

Paid-in

capital

$419,629,833

Total

distributable

earnings

(loss)

(11,830,707)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$407,799,126

Shares

outstanding

19,950,000

Net

asset

value

per

share

$20.44

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

16

Indexed

ETF

|

2024

Investment

Income:

Interest

$12,975,534

Dividends

-

unaffiliated

issuers

36,999

Total

income

13,012,533

Expenses:

Investment

management

fees

918,433

Overdraft

expense

16

Total

expenses

918,449

Net

Investment

Income

12,094,084

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(4,082,133)

Net

realized

loss

(4,082,133)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

25,212,321

Net

change

in

unrealized

appreciation

25,212,321

Net

realized

and

unrealized

gain

21,130,188

Net

Increase

in

net

assets

resulting

from

operations

$33,224,272

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

17

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$12,094,084

$7,794,716

Net

realized

loss

(4,082,133)

(2,995,275)

Net

change

in

unrealized

appreciation

(depreciation)

25,212,321

(4,132,717)

Net

increase

in

net

assets

resulting

from

operations

33,224,272

666,724

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(11,883,422)

(7,360,843)

Shareholder

transactions

Proceeds

from

shares

sold

72,528,457

126,990,925

Cost

of

shares

redeemed

(29,951,667)

–

Net

increase

in

net

assets

resulting

from

shareholder

transactions

42,576,790

126,990,925

Increase

in

net

assets

63,917,640

120,296,806

Net

Assets:

Net

assets

beginning

of

year

343,881,486

223,584,680

Net

assets

at

end

of

year

$407,799,126

$343,881,486

Capital

stock

activity

Shares

outstanding,

beginning

of

year

17,850,000

11,600,000

Shares

sold

3,550,000

6,250,000

Shares

redeemed

(1,450,000)

–

Shares

outstanding,

end

of

year

19,950,000

17,850,000

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

18

Indexed

ETF

|

2024

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

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.

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$19.27‌

$19.27‌

$22.30‌

$21.83‌

$21.56‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.62‌

0.51‌

0.34‌

0.37‌

0.51‌

Net

realized

and

unrealized

gain

(loss)

1.16‌

(0.02‌)

(3.03‌)

0.52‌

0.30‌

Total

from

investment

operations

1.78‌

0.49‌

(2.69‌)

0.89‌

0.81‌

Less

distributions

to

shareholders:

Net

investment

income

(0.61‌)

(0.49‌)

(0.32‌)

(0.38‌)

(0.51‌)

Net

realized

gains

–‌

–‌

(0.02‌)

(0.04‌)

(0.03‌)

Total

distribution

to

shareholders

(0.61‌)

(0.49‌)

(0.34‌)

(0.42‌)

(0.54‌)

Net

asset

value,

end

of

year

$20.44‌

$19.27‌

$19.27‌

$22.30‌

$21.83‌

Total

Return

at

NAV

9.30‌%

2.44‌%

(12.17‌)%

4.11‌%

3.82‌%

Total

Return

at

Market

Price

9.09‌%

2.38‌%

(12.40‌)%

3.85‌%

4.18‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(a)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

Total

net

expenses

(a)(c

)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

(b)

0.23‌%

Net

investment

income

3.03‌%

2.53‌%

1.63‌%

1.65‌%

2.37‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$407,799‌

$343,881‌

$223,585‌

$141,619‌

$56,769‌

Portfolio

turnover

26‌%

11‌%

14‌%

6‌%

11‌%

(a)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(b)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(c)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2024

Indexed

ETF

|

2024

19

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.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

20

Indexed

ETF

|

2024

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.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

21

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.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.23%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

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,

2024,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

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

following

reclassifications

were

made:

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

($)

Paid

in

capital

($)

(2,649)

2,649

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

22

Indexed

ETF

|

2024

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,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2024,

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,

2024,

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,

2024,

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

$110,447,487

and

$100,045,985,

respectively,

for

the

year

ended

October

31,

2024.

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,

2024,

the

cost

basis

of

securities

contributed

was

$35,606,630.

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,

2024,

the

Fund

did

not

have

in-kind

redemptions.

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Ordinary

income

($)

Tax-exempt

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Tax-exempt

income

($)

Long-term

capital

gain

($)

Total

($)

192,710

11,690,712

-

11,883,422

99,373

7,261,470

-

7,360,843

Undistributed

ordinary

income

($)

Undistributed

tax-exempt

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

-

981,264

-

(7,835,235)

(4,976,736)

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

407,177,891

4,047,652

(9,024,388)

(4,976,736)

No

expiration

short-

term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

1,917,080

5,918,155

7,835,235

-

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

23

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended

October

31,

2024.

Note

8.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund’s

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

24

Indexed

ETF

|

2024

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts, natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

Municipal

securities

risk

Municipal

securities

are

debt

obligations

generally

issued

to

obtain

funds

for

various

public

purposes,

including

general

financing

for

state

and

local

governments,

or

financing

for

a

specific

project

or

public

facility,

and

include

obligations

of

the

governments

of

the

U.S.

territories,

commonwealths

and

possessions

such

as

Guam,

Puerto

Rico

and

the

U.S.

Virgin

Islands

to

the

extent

such

obligations

are

exempt

from

state

and

U.S.

federal

income

taxes.

The

value

of

municipal

securities

can

be

significantly

affected

by

actual

or

expected

political

and

legislative

changes

at

the

federal

or

state

level.

Municipal

securities

may

be

fully

or

partially

backed

by

the

taxing

authority

of

the

local

government,

by

the

credit

of

a

private

issuer,

by

the

current

or

anticipated

revenues

from

a

specific

project

or

specific

assets

or

by

domestic

or

foreign

entities

providing

credit

support,

such

as

letters

of

credit,

guarantees

or

insurance,

and

are

generally

classified

into

general

obligation

bonds

and

special

revenue

obligations.

Because

many

municipal

securities

are

issued

to

finance

projects

in

sectors

such

as

education,

health

care,

transportation

and

utilities,

conditions

in

those

sectors

can

affect

the

overall

municipal

market.

Issuers

in

a

state,

territory,

commonwealth

or

possession

in

which

the

Fund

invests

may

experience

significant

financial

difficulties

for

various

reasons,

including

as

the

result

of

events

that

cannot

be

reasonably

anticipated

or

controlled

such

as

economic

downturns

or

similar

periods

of

economic

stress,

social

conflict

or

unrest,

labor

disruption

and

natural

disasters.

Such

financial

difficulties

may

lead

to

credit

rating

downgrades

or

defaults

of

such

issuers

which

in

turn,

could

affect

the

market

values

and

marketability

of

many

or

all

municipal

obligations

of

issuers

in

such

state,

territory,

commonwealth

or

possession.

The

value

of

the

Fund’s

shares

will

be

negatively

impacted

to

the

extent

it

invests

in

such

securities.

The

Fund’s

annual

and

semiannual

reports

show

the

Fund’s

investment

exposures

at

a

point

in

time.

The

risk

of

investing

in

the

Fund

is

directly

correlated

to

the

Fund’s

investment

exposures.

Securities

issued

by

a

particular

state

and

its

instrumentalities

are

subject

to

the

risk

of

unfavorable

developments

in

such

state.

A

municipal

security

can

be

significantly

affected

by

adverse

tax,

legislative,

regulatory,

demographic

or

political

changes

as

well

as

changes

in

a

particular

state’s

(state

and

its

instrumentalities’)

financial,

economic

or

other

condition

and

prospects.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

25

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

26

Indexed

ETF

|

2024

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,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

(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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

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,

2024

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

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December 20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Indexed

ETF

|

2024

27

The

Fund

hereby

designates

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2024

.

Shareholders

will

be

notified

in

early

2025

of

the

amounts

for

use

in

preparing

2024

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

98.41%

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

28

Indexed

ETF

|

2024

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,

May

and

June

2024,

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

27,

2024

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

|

2024

29

Nature,

extent

and

quality

of

services

provided

by

the

Investment

Manager

The

Board

analyzed

various

reports

and

presentations

it

had

received

detailing

the

services

performed

by

the

Investment

Manager,

as

well

as

its

history,

expertise,

resources

and

relative

capabilities,

and

the

qualifications

of

its

personnel.

The

Board

specifically

considered

the

many

developments

during

recent

years

concerning

the

services

provided

by

the

Investment

Manager.

Among

other

things,

the

Board

noted

the

organization

and

depth

of

the

equity

and

credit

research

departments.

The

Board

further

observed

the

enhancements

to

the

investment

risk

management

department’s

processes,

systems

and

oversight

over

the

past

several

years.

The

Board

also

took

into

account

the

broad

scope

of

services

provided

by

the

Investment

Manager

to

the

Fund,

including,

among

other

services,

investment,

risk

and

compliance

oversight.

The

Board

also

took

into

account

the

information

it

received

concerning

the

Investment

Manager’s

ability

to

attract

and

retain

key

portfolio

management

personnel

and

that

it

has

sufficient

resources

to

provide

competitive

and

adequate

compensation

to

investment

personnel.

The

Board

also

considered

the

oversight

of

the

administrative

and

transfer

agency

services

provided

by

The

Bank

of

New

York

Mellon

(BNYM).

The

Board

observed

that

the

Investment

Manager

currently

oversees

the

relationship

with

BNYM,

as

BNYM

also

provides

administrative

and

transfer

agency

services

to

certain

existing

Funds

under

substantially

identical

agreements.

In

evaluating

the

quality

of

services

provided

under

the

IMS

Agreement,

the

Board

also

took

into

account

the

organization

and

strength

of

the

Fund’s

and

its

service

providers’

compliance

programs.

The

Board

also

reviewed

the

financial

condition

of

the

Investment

Manager

and

its

affiliates

and

each

entity’s

ability

to

carry

out

its

responsibilities

under

the

IMS

Agreement

and

the

Fund’s

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

the

IMS

Agreement,

noting

that

no

changes

were

proposed

from

the

form

of

agreement

previously

approved.

The

Board

also

noted

the

wide

array

of

legal

and

compliance

services

provided

to

the

Fund

under

the

IMS

Agreement.

After

reviewing

these

and

related

factors

(including

investment

performance

as

discussed

below),

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

nature,

extent

and

quality

of

the

services

provided

to

the

Fund

under

the

IMS

Agreement

supported

the

continuation

of

the

IMS

Agreement.

Investment

performance

The

Board

carefully

reviewed

the

investment

performance

of

the

Fund,

including

detailed

reports

providing

the

results

of

analyses

performed

by

the

Investment

Manager

and

Broadridge

collectively

showing,

for

various

periods

(including

since

manager

inception):

(i)

the

performance

of

the

Fund,

(ii)

the

Fund’s

performance

relative

to

peers

and

benchmarks,

(iii)

the

net

assets

of

the

Fund

and

(iv)

index

tracking

error

data

of

the

Fund.

The

Board

observed

the

Fund’s

tracking

error

versus

its

performance

was

within

the

range

of

management’s

expectations.

The

Board

also

reviewed

a

description

of

the

third-party

data

provider’s

methodology

for

identifying

the

Fund’s

peer

groups

for

purposes

of

performance

and

expense

comparisons.

The

Board

also

considered

the

Investment

Manager’s

performance

and

reputation

generally.

After

reviewing

these

and

related

factors,

the

Board

concluded,

within

the

context

of

their

overall

conclusions,

that

the

performance

of

the

Fund

and

the

Investment

Manager,

in

light

of

other

considerations,

supported

the

continuation

of

the

IMS

Agreement.

Comparative

fees,

costs

of

services

provided

and

the

profits

realized

by

the

Investment

Manager

and

its

affiliates

from

their

relationships

with

the

Fund

The

Board

reviewed

comparative

fees

and

the

costs

of

services

provided

under

the

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Fund,

observing

that

many

of

the

competitors

of

the

Fund

have

adopted

similar

unitary

fee

structures,

as

well

as

data

showing

the

Fund’s

contribution

to

the

Investment

Manager’s

profitability.

The

Board

accorded

particular

weight

to

the

notion

that

a

primary

objective

of

the

level

of

fees

is

to

achieve

a

rational

pricing

model

applied

consistently

across

the

various

product

lines

in

the

Fund

family,

while

assuring

that

the

overall

fees

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

30

Indexed

ETF

|

2024

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN303_10_P01_(12/24)

CET02280

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Indexed

ETFs

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Indexed

ETFs

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statement

of

Changes

in

Net

Assets

18

Financial

Highlights

19

Notes

to

Financial

Statements

21

Report

of

Independent

Registered

Public

Accounting

Firm

28

Federal

Income

Tax

Information

29

Approval

of

Investment

Management

Services

Agreement

30

PORTFOLIO

OF

INVESTMENTS

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

(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

|

2024

3

Common

Stocks

97.8%

Issuer

Shares

Value

($)

Communication

Services  8.7%

Diversified

Telecommunication

Services

0.4%

AT&T,

Inc.

210,864

4,752,875

Entertainment

0.7%

Electronic

Arts,

Inc.

7,791

1,175,272

Playtika

Holding

Corp.

1,946

15,237

Roku,

Inc.

(a)

3,872

248,118

Spotify

Technology

SA

(a)

4,352

1,675,955

Walt

Disney

Co.

(The)

54,578

5,250,404

Total

8,364,986

Interactive

Media

&

Services

7.4%

Alphabet,

Inc.

Class

A

172,250

29,473,698

Alphabet,

Inc.

Class

C

144,829

25,010,520

Match

Group,

Inc.

(a)

7,463

268,892

Meta

Platforms,

Inc.

Class

A

66,318

37,640,770

Pinterest,

Inc.

Class

A

(a)

18,010

572,538

Total

92,966,418

Media

0.2%

Fox

Corp.

Class

A

6,947

291,774

Fox

Corp.

Class

B

4,034

157,165

New

York

Times

Co.

(The)

Class

A

4,654

259,879

News

Corp.

Class

A

11,464

312,394

News

Corp.

Class

B

3,228

93,741

Trade

Desk,

Inc.

(The)

Class

A

(a)

13,158

1,581,723

Total

2,696,676

Total

Communication

Services

108,780,955

Consumer

Discretionary  8.3%

Automobile

Components

0.0%

Lear

Corp.

2,651

253,860

Automobiles

0.0%

Thor

Industries,

Inc.

2,472

257,286

Broadline

Retail

4.9%

Amazon.com,

Inc.

(a)

327,728

61,088,499

Dillard's,

Inc.

Class

A

112

41,610

Macy's,

Inc.

12,780

196,045

Total

61,326,154

Diversified

Consumer

Services

0.0%

ADT,

Inc.

12,258

88,258

H&R

Block,

Inc.

6,272

374,626

Total

462,884

Hotels,

Restaurants

&

Leisure

1.4%

Aramark

11,943

451,804

Booking

Holdings,

Inc.

1,560

7,294,950

Carnival

Corp.

(a)

45,917

1,010,174

Expedia

Group,

Inc.

(a)

5,764

900,971

Hilton

Worldwide

Holdings,

Inc.

11,509

2,702,889

Hyatt

Hotels

Corp.

Class

A

1,916

278,682

Las

Vegas

Sands

Corp.

15,932

826,074

Light

&

Wonder,

Inc.

(a)

4,132

387,499

MGM

Resorts

International

(a)

10,613

391,301

Royal

Caribbean

Cruises

Ltd.

10,746

2,217,437

Texas

Roadhouse,

Inc.

3,031

579,285

Travel

+

Leisure

Co.

3,051

145,868

Wyndham

Hotels

&

Resorts,

Inc.

3,389

299,316

Wynn

Resorts

Ltd.

4,639

445,437

Total

17,931,687

Household

Durables

0.7%

DR

Horton,

Inc.

13,491

2,279,979

Lennar

Corp.

Class

A

10,705

1,823,062

Lennar

Corp.

Class

B

398

63,807

Mohawk

Industries,

Inc.

(a)

2,506

336,481

NVR,

Inc.

(a)

126

1,153,254

Common

Stocks

(continued)

Issuer

Shares

Value

($)

PulteGroup,

Inc.

9,309

1,205,795

Toll

Brothers,

Inc.

4,603

674,063

TopBuild

Corp.

(a)

1,466

518,055

Total

8,054,496

Specialty

Retail

0.9%

Burlington

Stores,

Inc.

(a)

2,906

720,020

Carvana

Co.

(a)

4,756

1,176,206

Dick's

Sporting

Goods,

Inc.

2,663

521,282

Gap,

Inc.

(The)

9,309

193,348

Ross

Stores,

Inc.

14,923

2,085,041

TJX

Cos.,

Inc.

(The)

51,887

5,864,788

Williams-Sonoma,

Inc.

5,882

788,953

Total

11,349,638

Textiles,

Apparel

&

Luxury

Goods

0.4%

Carter's,

Inc.

1,591

87,028

Columbia

Sportswear

Co.

1,498

120,544

Crocs,

Inc.

(a)

2,829

305,023

Deckers

Outdoor

Corp.

(a)

7,127

1,146,663

Lululemon

Athletica,

Inc.

(a)

5,623

1,675,092

PVH

Corp.

2,599

255,897

Ralph

Lauren

Corp.

1,786

353,503

Skechers

USA.,

Inc.

Class

A

(a)

6,065

372,755

Tapestry,

Inc.

10,439

495,330

Total

4,811,835

Total

Consumer

Discretionary

104,447,840

Consumer

Staples  5.7%

Beverages

0.1%

Boston

Beer

Co.,

Inc.

(The)

Class

A

(a)

441

128,362

Coca-Cola

Consolidated,

Inc.

367

412,603

Molson

Coors

Beverage

Co.

Class

B

11,292

615,075

Total

1,156,040

Consumer

Staples

Distribution

0.6%

Albertsons

Cos.,

Inc.

Class

A

26,951

487,813

Kroger

Co.

(The)

42,638

2,377,921

Target

Corp.

29,199

4,381,018

Total

7,246,752

Food

Products

0.8%

Archer-Daniels-Midland

Co.

30,529

1,685,506

Bunge

Global

SA

8,822

741,225

Conagra

Brands,

Inc.

30,056

869,821

General

Mills,

Inc.

35,552

2,418,247

Ingredion,

Inc.

4,223

560,646

Kellanova

16,736

1,349,758

Kraft

Heinz

Co.

(The)

56,366

1,886,006

Pilgrim's

Pride

Corp.

(a)

2,671

129,383

Seaboard

Corp.

13

35,958

Total

9,676,550

Household

Products

2.6%

Colgate-Palmolive

Co.

51,879

4,861,581

Kimberly-Clark

Corp.

21,766

2,920,562

Procter

&

Gamble

Co.

(The)

150,747

24,900,390

Reynolds

Consumer

Products,

Inc.

3,357

90,471

Total

32,773,004

Personal

Care

Products

0.1%

BellRing

Brands,

Inc.

(a)

8,530

561,530

Tobacco

1.5%

Altria

Group,

Inc.

109,419

5,958,959

Philip

Morris

International,

Inc.

100,843

13,381,866

Total

19,340,825

Total

Consumer

Staples

70,754,701

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Indexed

ETFs

|

2024

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Energy  3.4%

Energy

Equipment

&

Services

0.1%

TechnipFMC

PLC

15,915

424,772

Weatherford

International

PLC

2,751

217,329

Total

642,101

Oil,

Gas

&

Consumable

Fuels

3.3%

Chevron

Corp.

64,887

9,656,483

Civitas

Resources,

Inc.

3,895

190,037

Coterra

Energy,

Inc.

27,976

669,186

Diamondback

Energy,

Inc.

7,157

1,265,143

DT

Midstream,

Inc.

3,472

313,001

EOG

Resources,

Inc.

21,610

2,635,556

Exxon

Mobil

Corp.

168,836

19,716,668

HF

Sinclair

Corp.

5,886

227,258

Marathon

Oil

Corp.

20,857

577,739

Marathon

Petroleum

Corp.

13,233

1,925,004

Occidental

Petroleum

Corp.

25,412

1,273,395

Phillips

66

15,735

1,916,838

Valero

Energy

Corp.

12,035

1,561,662

Total

41,927,970

Total

Energy

42,570,071

Financials  13.6%

Banks

7.6%

Bank

of

America

Corp.

472,848

19,774,503

Bank

OZK

7,361

322,044

Citigroup,

Inc.

133,184

8,546,417

Columbia

Banking

System,

Inc.

14,462

412,312

East

West

Bancorp,

Inc.

9,297

906,364

Fifth

Third

Bancorp

46,888

2,048,068

First

Citizens

BancShares,

Inc.

Class

A

849

1,644,810

First

Horizon

Corp.

37,282

646,097

JPMorgan

Chase

&

Co.

199,552

44,284,580

Wells

Fargo

&

Co.

244,788

15,891,637

Wintrust

Financial

Corp.

4,445

515,131

Zions

Bancorp

NA

10,015

521,381

Total

95,513,344

Capital

Markets

2.4%

Affiliated

Managers

Group,

Inc.

1,990

385,861

Bank

of

New

York

Mellon

Corp.

(The)

50,711

3,821,581

BlackRock,

Inc.

10,093

9,901,536

Cboe

Global

Markets,

Inc.

7,168

1,530,870

CME

Group,

Inc.

25,213

5,682,002

Franklin

Resources,

Inc.

19,355

402,003

Janus

Henderson

Group

PLC

8,855

365,800

Jefferies

Financial

Group,

Inc.

11,991

767,184

Raymond

James

Financial,

Inc.

12,930

1,916,484

SEI

Investments

Co.

6,986

522,273

State

Street

Corp.

20,754

1,925,971

Stifel

Financial

Corp.

7,024

727,827

T

Rowe

Price

Group,

Inc.

14,994

1,647,241

Virtu

Financial,

Inc.

Class

A

5,684

175,977

XP,

Inc.

Class

A

28,493

497,488

Total

30,270,098

Consumer

Finance

0.2%

SLM

Corp.

14,747

324,876

Synchrony

Financial

27,564

1,519,879

Total

1,844,755

Financial

Services

1.4%

Corebridge

Financial,

Inc.

17,629

560,073

Equitable

Holdings,

Inc.

22,369

1,014,210

Euronet

Worldwide,

Inc.

(a)

2,916

287,139

Fiserv,

Inc.

(a)

39,559

7,828,726

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Global

Payments,

Inc.

17,459

1,810,673

MGIC

Investment

Corp.

17,645

441,831

PayPal

Holdings,

Inc.

(a)

69,412

5,504,372

Western

Union

Co.

(The)

23,126

248,836

Total

17,695,860

Insurance

2.0%

Allstate

Corp.

(The)

18,176

3,390,188

Assurant,

Inc.

3,455

662,324

Axis

Capital

Holdings

Ltd.

5,496

430,117

CNA

Financial

Corp.

1,509

72,296

Everest

Group

Ltd.

2,977

1,058,651

Globe

Life,

Inc.

6,035

637,296

Lincoln

National

Corp.

11,701

406,610

Loews

Corp.

12,192

962,680

Marsh

&

McLennan

Cos.,

Inc.

34,008

7,421,906

MetLife,

Inc.

40,156

3,149,034

Prudential

Financial,

Inc.

24,694

3,024,521

Reinsurance

Group

of

America,

Inc.

4,506

951,126

Unum

Group

12,732

817,140

Willis

Towers

Watson

PLC

7,055

2,131,950

Total

25,115,839

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

Rithm

Capital

Corp.

33,529

355,072

Total

Financials

170,794,968

Health

Care  11.2%

Biotechnology

2.0%

AbbVie,

Inc.

42,579

8,680,581

Alnylam

Pharmaceuticals,

Inc.

(a)

2,871

765,380

Amgen,

Inc.

12,914

4,134,546

Apellis

Pharmaceuticals,

Inc.

(a)

2,667

72,702

Biogen,

Inc.

(a)

3,367

585,858

BioMarin

Pharmaceutical,

Inc.

(a)

4,510

297,164

Exact

Sciences

Corp.

(a)

4,288

295,572

Exelixis,

Inc.

(a)

6,810

226,092

Gilead

Sciences,

Inc.

28,581

2,538,564

Incyte

Corp.

(a)

3,878

287,437

Ionis

Pharmaceuticals,

Inc.

(a)

3,477

133,482

Mirati

Therapeutics,

Inc.

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

315

239

Moderna,

Inc.

(a)

7,655

416,126

Natera,

Inc.

(a)

2,747

332,277

Neurocrine

Biosciences,

Inc.

(a)

2,488

299,232

Regeneron

Pharmaceuticals,

Inc.

(a)

2,569

2,153,336

Roivant

Sciences

Ltd.

(a)

10,231

118,168

Sarepta

Therapeutics,

Inc.

(a)

1,614

203,364

Ultragenyx

Pharmaceutical,

Inc.

(a)

1,928

98,309

United

Therapeutics

Corp.

(a)

1,114

416,603

Vertex

Pharmaceuticals,

Inc.

(a)

6,117

2,911,570

Viking

Therapeutics,

Inc.

(a)

2,510

182,075

Total

25,148,677

Health

Care

Equipment

&

Supplies

1.7%

Baxter

International,

Inc.

41,801

1,492,296

Becton

Dickinson

&

Co.

23,939

5,591,911

DENTSPLY

SIRONA,

Inc.

16,661

386,035

Hologic,

Inc.

(a)

18,859

1,525,127

Medtronic

PLC

104,750

9,348,938

Solventum

Corp.

(a)

11,825

858,259

Zimmer

Biomet

Holdings,

Inc.

16,620

1,777,010

Total

20,979,576

Health

Care

Providers

&

Services

2.2%

Cardinal

Health,

Inc.

20,284

2,201,220

Cencora,

Inc.

13,638

3,110,555

Centene

Corp.

(a)

43,258

2,693,243

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

5

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Cigna

Group

(The)

23,146

7,286,592

HCA

Healthcare,

Inc.

15,772

5,658,047

McKesson

Corp.

10,682

5,347,302

Premier,

Inc.

Class

A

8,570

172,686

Tenet

Healthcare

Corp.

(a)

7,830

1,213,807

Total

27,683,452

Life

Sciences

Tools

&

Services

1.7%

Avantor,

Inc.

(a)

54,816

1,226,234

Azenta,

Inc.

(a)

4,410

181,207

Medpace

Holdings,

Inc.

(a)

1,958

615,243

Mettler-Toledo

International,

Inc.

(a)

1,734

2,239,894

QIAGEN

NV

(a)

18,703

787,396

Thermo

Fisher

Scientific,

Inc.

31,246

17,070,315

Total

22,120,289

Pharmaceuticals

3.6%

Bristol-Myers

Squibb

Co.

165,031

9,203,779

Elanco

Animal

Health,

Inc.

(a)

41,242

521,299

Jazz

Pharmaceuticals

PLC

(a)

4,940

543,548

Johnson

&

Johnson

199,162

31,838,037

Organon

&

Co.

20,897

392,446

Perrigo

Co.

PLC

11,316

290,029

Royalty

Pharma

PLC

Class

A

32,228

870,156

Viatris,

Inc.

96,443

1,118,739

Total

44,778,033

Total

Health

Care

140,710,027

Industrials  9.5%

Aerospace

&

Defense

0.6%

Curtiss-Wright

Corp.

1,992

687,161

Lockheed

Martin

Corp.

11,864

6,478,337

Total

7,165,498

Air

Freight

&

Logistics

0.8%

Expeditors

International

of

Washington,

Inc.

7,757

923,083

FedEx

Corp.

12,727

3,485,289

United

Parcel

Service,

Inc.

Class

B

40,878

5,480,105

Total

9,888,477

Building

Products

0.7%

A

O

Smith

Corp.

6,836

513,384

Builders

FirstSource,

Inc.

(a)

6,899

1,182,489

Carlisle

Cos.,

Inc.

2,664

1,124,821

Masco

Corp.

12,227

977,059

Owens

Corning

4,683

827,907

Trane

Technologies

PLC

12,826

4,747,672

Total

9,373,332

Commercial

Services

&

Supplies

0.7%

Cintas

Corp.

19,223

3,956,286

MSA

Safety,

Inc.

1,918

318,292

Waste

Management,

Inc.

22,302

4,813,887

Total

9,088,465

Construction

&

Engineering

0.2%

AECOM

7,470

797,796

API

Group

Corp.

(a)

12,831

438,050

Comfort

Systems

USA,

Inc.

1,884

736,719

EMCOR

Group,

Inc.

2,696

1,202,605

Total

3,175,170

Electrical

Equipment

0.3%

Acuity

Brands,

Inc.

1,702

511,774

Generac

Holdings,

Inc.

(a)

3,222

533,402

Vertiv

Holdings

Co.

Class

A

20,096

2,196,292

Total

3,241,468

Ground

Transportation

1.6%

CSX

Corp.

108,795

3,659,864

Ryder

System,

Inc.

2,497

365,261

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Uber

Technologies,

Inc.

(a)

112,232

8,086,316

Union

Pacific

Corp.

33,908

7,869,029

Total

19,980,470

Industrial

Conglomerates

0.3%

3M

Co.

30,694

3,943,258

Machinery

2.5%

Allison

Transmission

Holdings,

Inc.

4,792

512,073

Caterpillar,

Inc.

27,532

10,357,539

Cummins,

Inc.

7,597

2,499,261

Donaldson

Co.,

Inc.

6,821

499,024

Esab

Corp.

3,103

381,793

Flowserve

Corp.

7,367

387,799

Fortive

Corp.

19,398

1,385,599

Gates

Industrial

Corp.

PLC

(a)

11,543

223,357

ITT,

Inc.

4,557

638,527

Lincoln

Electric

Holdings,

Inc.

3,032

583,842

Middleby

Corp.

(The)

(a)

2,966

384,690

Otis

Worldwide

Corp.

22,571

2,216,472

PACCAR,

Inc.

29,139

3,038,615

Parker-Hannifin

Corp.

7,232

4,585,594

Snap-on,

Inc.

2,916

962,659

Stanley

Black

&

Decker,

Inc.

8,610

800,214

Westinghouse

Air

Brake

Technologies

Corp.

9,908

1,862,506

Total

31,319,564

Marine

Transportation

0.0%

Kirby

Corp.

(a)

3,186

365,625

Passenger

Airlines

0.3%

Delta

Air

Lines,

Inc.

35,947

2,056,887

United

Airlines

Holdings,

Inc.

(a)

18,673

1,461,349

Total

3,518,236

Professional

Services

1.2%

Automatic

Data

Processing,

Inc.

22,623

6,543,476

Broadridge

Financial

Solutions,

Inc.

6,372

1,343,600

CACI

International,

Inc.

Class

A

(a)

1,277

705,619

Genpact

Ltd.

9,814

374,600

Leidos

Holdings,

Inc.

7,466

1,367,473

ManpowerGroup,

Inc.

2,687

168,878

Paychex,

Inc.

17,790

2,478,681

Robert

Half,

Inc.

5,606

381,825

Science

Applications

International

Corp.

2,846

410,649

SS&C

Technologies

Holdings,

Inc.

11,931

834,335

Total

14,609,136

Trading

Companies

&

Distributors

0.3%

Core

&

Main,

Inc.

Class

A

(a)

10,552

467,243

Ferguson

Enterprises,

Inc.

11,321

2,227,293

MSC

Industrial

Direct

Co.,

Inc.

Class

A

2,629

207,875

WESCO

International,

Inc.

2,544

488,372

Total

3,390,783

Total

Industrials

119,059,482

Information

Technology  30.0%

Communications

Equipment

1.1%

Arista

Networks,

Inc.

(a)

8,385

3,240,300

Ciena

Corp.

(a)

4,430

281,349

Cisco

Systems,

Inc.

127,220

6,967,839

F5,

Inc.

(a)

1,774

414,903

Juniper

Networks,

Inc.

10,282

399,970

Motorola

Solutions,

Inc.

5,366

2,411,212

Total

13,715,573

Electronic

Equipment,

Instruments

&

Components

0.0%

TD

SYNNEX

Corp.

2,532

292,066

IT

Services

0.0%

VeriSign,

Inc.

(a)

2,734

483,481

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Indexed

ETFs

|

2024

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Semiconductors

&

Semiconductor

Equipment

9.0%

Allegro

MicroSystems,

Inc.

(a)

4,039

84,173

Amkor

Technology,

Inc.

3,518

89,533

Cirrus

Logic,

Inc.

(a)

1,645

180,654

Lam

Research

Corp.

41,946

3,118,685

Lattice

Semiconductor

Corp.

(a)

4,417

223,765

Monolithic

Power

Systems,

Inc.

1,487

1,129,079

NVIDIA

Corp.

768,485

102,024,069

Qorvo,

Inc.

(a)

2,981

212,426

QUALCOMM,

Inc.

35,858

5,836,607

Skyworks

Solutions,

Inc.

4,933

432,032

Total

113,331,023

Software

11.1%

Adobe,

Inc.

(a)

13,697

6,548,262

AppLovin

Corp.

Class

A

(a)

8,329

1,410,849

Atlassian

Corp.

Class

A

(a)

4,745

894,622

BILL

Holdings,

Inc.

(a)

3,145

183,542

Crowdstrike

Holdings,

Inc.

Class

A

(a)

7,267

2,157,354

Datadog,

Inc.

Class

A

(a)

9,262

1,161,825

DocuSign,

Inc.

(a)

6,281

435,776

Dropbox,

Inc.

Class

A

(a)

7,276

188,085

Fortinet,

Inc.

(a)

19,696

1,549,287

Gen

Digital,

Inc.

16,785

488,611

Gitlab,

Inc.

Class

A

(a)

3,524

189,415

Intuit,

Inc.

8,544

5,214,403

Manhattan

Associates,

Inc.

(a)

1,798

473,521

Microsoft

Corp.

234,307

95,210,650

Nutanix,

Inc.

Class

A

(a)

7,527

467,427

Palantir

Technologies,

Inc.

Class

A

(a)

68,387

2,842,164

Palo

Alto

Networks,

Inc.

(a)

9,361

3,373,049

Pegasystems,

Inc.

1,406

111,693

Salesforce,

Inc.

29,427

8,574,145

ServiceNow,

Inc.

(a)

6,373

5,945,945

Smartsheet,

Inc.

Class

A

(a)

4,173

235,441

Uipath,

Inc.

Class

A

(a)

13,379

165,364

Zoom

Video

Communications,

Inc.

Class

A

(a)

8,417

629,087

Zscaler,

Inc.

(a)

2,905

525,195

Total

138,975,712

Technology

Hardware,

Storage

&

Peripherals

8.8%

Apple,

Inc.

466,764

105,446,655

Dell

Technologies,

Inc.

Class

C

8,844

1,093,384

Hewlett

Packard

Enterprise

Co.

42,424

826,844

HP,

Inc.

30,965

1,099,877

NetApp,

Inc.

6,398

737,753

Pure

Storage,

Inc.

Class

A

(a)

10,051

503,052

Total

109,707,565

Total

Information

Technology

376,505,420

Materials  2.4%

Chemicals

1.0%

Ashland,

Inc.

4,825

408,050

Celanese

Corp.

10,781

1,358,083

CF

Industries

Holdings,

Inc.

18,200

1,496,586

LyondellBasell

Industries

NV

Class

A

25,635

2,226,400

Mosaic

Co.

(The)

31,506

843,101

NewMarket

Corp.

637

334,406

Olin

Corp.

11,704

480,215

PPG

Industries,

Inc.

23,264

2,896,601

RPM

International,

Inc.

12,714

1,616,076

Scotts

Miracle-Gro

Co.

(The)

4,129

359,140

Westlake

Corp.

3,282

433,027

Total

12,451,685

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Construction

Materials

0.6%

CRH

PLC

68,261

6,514,147

Eagle

Materials,

Inc.

3,228

921,465

Total

7,435,612

Containers

&

Packaging

0.2%

Packaging

Corp.

of

America

8,888

2,034,819

Sonoco

Products

Co.

9,967

523,467

Total

2,558,286

Metals

&

Mining

0.6%

Cleveland-Cliffs,

Inc.

(a)

45,404

589,344

Nucor

Corp.

23,657

3,355,509

Reliance,

Inc.

5,699

1,631,851

Steel

Dynamics,

Inc.

14,524

1,895,382

Total

7,472,086

Paper

&

Forest

Products

0.0%

Louisiana-Pacific

Corp.

6,326

625,641

Total

Materials

30,543,310

Real

Estate  2.5%

Diversified

REITs

0.1%

WP

Carey,

Inc.

14,804

824,879

Health

Care

REITs

0.1%

Alexandria

Real

Estate

Equities,

Inc.

11,654

1,300,004

Hotel

&

Resort

REITs

0.1%

Host

Hotels

&

Resorts,

Inc.

46,672

804,625

Park

Hotels

&

Resorts,

Inc.

14,188

197,072

Total

1,001,697

Industrial

REITs

0.0%

STAG

Industrial,

Inc.

12,129

452,169

Office

REITs

0.0%

Highwoods

Properties,

Inc.

7,141

239,509

Kilroy

Realty

Corp.

7,815

314,319

Total

553,828

Real

Estate

Management

&

Development

0.2%

CoStar

Group,

Inc.

(a)

27,042

1,968,387

Jones

Lang

LaSalle,

Inc.

(a)

3,161

856,505

Total

2,824,892

Residential

REITs

0.2%

American

Homes

4

Rent

Class

A

22,553

794,768

Invitation

Homes,

Inc.

41,584

1,306,153

Total

2,100,921

Retail

REITs

0.4%

Brixmor

Property

Group,

Inc.

20,334

548,001

NNN

REIT,

Inc.

12,145

527,579

Simon

Property

Group,

Inc.

21,977

3,716,750

Total

4,792,330

Specialized

REITs

1.4%

American

Tower

Corp.

31,413

6,707,932

EPR

Properties

4,941

224,173

Equinix,

Inc.

6,391

5,803,539

Gaming

and

Leisure

Properties,

Inc.

17,524

879,530

Rayonier,

Inc.

10,002

312,362

SBA

Communications

Corp.

7,181

1,647,824

Weyerhaeuser

Co.

48,731

1,518,458

Total

17,093,818

Total

Real

Estate

30,944,538

Utilities  2.5%

Electric

Utilities

1.5%

Edison

International

36,775

3,030,260

Entergy

Corp.

20,624

3,192,183

Evergy,

Inc.

21,654

1,308,768

Exelon

Corp.

96,902

3,808,249

PG&E

Corp.

207,836

4,202,444

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

7

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Xcel

Energy,

Inc.

53,576

3,579,412

Total

19,121,316

Gas

Utilities

0.0%

UGI

Corp.

20,358

486,760

Independent

Power

and

Renewable

Electricity

Producers

0.5%

AES

Corp.

(The)

69,621

1,148,050

Clearway

Energy,

Inc.

Class

A

3,251

86,606

Clearway

Energy,

Inc.

Class

C

7,802

221,421

Vistra

Corp.

33,729

4,214,776

Total

5,670,853

Multi-Utilities

0.5%

Ameren

Corp.

26,050

2,269,215

DTE

Energy

Co.

20,095

2,496,201

NiSource,

Inc.

43,110

1,515,748

Total

6,281,164

Total

Utilities

31,560,093

Total

Common

Stocks

(Cost

$1,128,050,549)

1,226,671,405

Exchange-Traded

Equity

Funds

1.7%

Issuer

Shares

Value

($)

  1.7%

Consumer

Discretionary

Select

Sector

SPDR

Fund

47,270

9,306,990

Vanguard

Consumer

Discretionary

ETF

24,516

8,166,034

Vanguard

Financials

ETF

29,863

3,381,388

Total

20,854,412

Total

Exchange-Traded

Equity

Funds

(Cost

$19,633,606)

20,854,412

Money

Market

Funds

0.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.688%

(e)

5,916,094

5,916,094

Total

Money

Market

Funds

(Cost

$5,916,094)

5,916,094

Total

Investments

in

Securities

(Cost

$1,153,600,249)

1,253,441,911

Other

Assets

&

Liabilities,

Net

612,277

Net

Assets

1,254,054,188

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Indexed

ETFs

|

2024

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

315

—

239

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,

2024,

the

value

of

these

securities

amounted

to

$239,

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,

2024,

the

total

market

value

of

these

securities

amounted

to

$239,

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,

2024.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

if

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Core

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

9

Fair

Value

Measurements

(continued)

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

108,780,955‌

–‌

–‌

108,780,955‌

Consumer

Discretionary

104,447,840‌

–‌

–‌

104,447,840‌

Consumer

Staples

70,754,701‌

–‌

–‌

70,754,701‌

Energy

42,570,071‌

–‌

–‌

42,570,071‌

Financials

170,794,968‌

–‌

–‌

170,794,968‌

Health

Care

140,709,788‌

–‌

239‌

140,710,027‌

Industrials

119,059,482‌

–‌

–‌

119,059,482‌

Information

Technology

376,505,420‌

–‌

–‌

376,505,420‌

Materials

30,543,310‌

–‌

–‌

30,543,310‌

Real

Estate

30,944,538‌

–‌

–‌

30,944,538‌

Utilities

31,560,093‌

–‌

–‌

31,560,093‌

Total

Common

Stocks

1,226,671,166‌

–‌

239‌

1,226,671,405‌

Exchange-Traded

Equity

Funds

20,854,412‌

–‌

–‌

20,854,412‌

Money

Market

Funds

5,916,094‌

–‌

–‌

5,916,094‌

Total

Investments

in

Securities

1,253,441,672‌

–‌

239‌

1,253,441,911‌

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,

2024

(Percentages

represent

value

of

investments

compared

to

net

assets)

Investments

in

Securities

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

10

Indexed

ETFs

|

2024

Common

Stocks

98.0%

Issuer

Shares

Value

($)

Communication

Services  4.2%

Diversified

Telecommunication

Services

1.1%

AT&T,

Inc.

32,363

729,462

Entertainment

1.6%

Electronic

Arts,

Inc.

1,215

183,283

Playtika

Holding

Corp.

320

2,506

Roku,

Inc.

(a)

486

31,143

Walt

Disney

Co.

(The)

8,378

805,963

Total

1,022,895

Interactive

Media

&

Services

0.1%

Match

Group,

Inc.

(a)

1,149

41,398

Media

1.4%

Comcast

Corp.

Class

A

17,305

755,709

Fox

Corp.

Class

A

1,048

44,016

Fox

Corp.

Class

B

603

23,493

New

York

Times

Co.

(The)

Class

A

724

40,428

News

Corp.

Class

A

1,746

47,579

News

Corp.

Class

B

508

14,752

Sirius

XM

Holdings,

Inc.

1,074

28,633

Total

954,610

Total

Communication

Services

2,748,365

Consumer

Discretionary  6.0%

Automobile

Components

0.1%

Lear

Corp.

448

42,900

Automobiles

0.0%

Thor

Industries,

Inc.

409

42,569

Broadline

Retail

0.4%

Dillard's,

Inc.

Class

A

24

8,916

eBay,

Inc.

4,053

233,088

Macy's,

Inc.

2,208

33,871

Total

275,875

Diversified

Consumer

Services

0.1%

ADT,

Inc.

2,165

15,588

H&R

Block,

Inc.

898

53,637

Total

69,225

Hotels,

Restaurants

&

Leisure

1.2%

Aramark

2,093

79,178

Booking

Holdings,

Inc.

16

74,820

Carnival

Corp.

(a)

8,031

176,682

Hilton

Worldwide

Holdings,

Inc.

971

228,040

MGM

Resorts

International

(a)

1,868

68,873

Travel

+

Leisure

Co.

538

25,722

Wyndham

Hotels

&

Resorts,

Inc.

559

49,371

Wynn

Resorts

Ltd.

759

72,879

Total

775,565

Household

Durables

2.1%

DR

Horton,

Inc.

2,368

400,192

Lennar

Corp.

Class

A

1,888

321,526

Lennar

Corp.

Class

B

89

14,269

Mohawk

Industries,

Inc.

(a)

416

55,856

NVR,

Inc.

(a)

23

210,515

PulteGroup,

Inc.

1,649

213,595

Toll

Brothers,

Inc.

814

119,202

TopBuild

Corp.

(a)

234

82,691

Total

1,417,846

Specialty

Retail

1.6%

AutoZone,

Inc.

(a)

12

36,108

Carvana

Co.

(a)

550

136,021

Dick's

Sporting

Goods,

Inc.

410

80,258

Gap,

Inc.

(The)

1,649

34,250

Ross

Stores,

Inc.

2,011

280,977

TJX

Cos.,

Inc.

(The)

3,714

419,793

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Williams-Sonoma,

Inc.

419

56,200

Total

1,043,607

Textiles,

Apparel

&

Luxury

Goods

0.5%

Carter's,

Inc.

285

15,589

Columbia

Sportswear

Co.

264

21,244

Crocs,

Inc.

(a)

401

43,236

PVH

Corp.

436

42,929

Ralph

Lauren

Corp.

327

64,723

Skechers

USA.,

Inc.

Class

A

(a)

974

59,862

Tapestry,

Inc.

1,831

86,881

Total

334,464

Total

Consumer

Discretionary

4,002,051

Consumer

Staples  8.2%

Beverages

0.2%

Boston

Beer

Co.,

Inc.

(The)

Class

A

(a)

59

17,173

Coca-Cola

Consolidated,

Inc.

50

56,213

Molson

Coors

Beverage

Co.

Class

B

1,434

78,110

Total

151,496

Consumer

Staples

Distribution

1.4%

Albertsons

Cos.,

Inc.

Class

A

3,480

62,988

Kroger

Co.

(The)

5,476

305,396

Target

Corp.

3,742

561,450

Total

929,834

Food

Products

1.9%

Archer-Daniels-Midland

Co.

3,909

215,816

Bunge

Global

SA

1,133

95,195

Conagra

Brands,

Inc.

3,882

112,345

General

Mills,

Inc.

4,575

311,191

Ingredion,

Inc.

535

71,027

Kellanova

2,170

175,010

Kraft

Heinz

Co.

(The)

7,256

242,786

Pilgrim's

Pride

Corp.

(a)

302

14,629

Seaboard

Corp.

2

5,532

Total

1,243,531

Household

Products

0.8%

Colgate-Palmolive

Co.

3,005

281,599

Kimberly-Clark

Corp.

1,641

220,189

Reynolds

Consumer

Products,

Inc.

445

11,993

Total

513,781

Personal

Care

Products

0.1%

BellRing

Brands,

Inc.

(a)

1,085

71,425

Tobacco

3.8%

Altria

Group,

Inc.

14,073

766,416

Philip

Morris

International,

Inc.

12,980

1,722,446

Total

2,488,862

Total

Consumer

Staples

5,398,929

Energy  6.6%

Energy

Equipment

&

Services

0.0%

TechnipFMC

PLC

1,659

44,279

Oil,

Gas

&

Consumable

Fuels

6.6%

Chevron

Corp.

6,798

1,011,678

Civitas

Resources,

Inc.

285

13,905

Coterra

Energy,

Inc.

2,929

70,062

Diamondback

Energy,

Inc.

744

131,517

EOG

Resources,

Inc.

2,250

274,410

Exxon

Mobil

Corp.

17,710

2,068,174

HF

Sinclair

Corp.

617

23,822

Marathon

Oil

Corp.

2,191

60,691

Marathon

Petroleum

Corp.

1,384

201,330

Occidental

Petroleum

Corp.

2,673

133,944

Phillips

66

1,635

199,176

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

11

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Valero

Energy

Corp.

1,267

164,406

Total

4,353,115

Total

Energy

4,397,394

Financials  20.1%

Banks

12.0%

Bank

of

America

Corp.

43,494

1,818,919

Bank

OZK

678

29,662

Citigroup,

Inc.

12,256

786,467

Columbia

Banking

System,

Inc.

1,323

37,719

East

West

Bancorp,

Inc.

865

84,329

Fifth

Third

Bancorp

4,301

187,868

First

Citizens

BancShares,

Inc.

Class

A

77

149,176

First

Horizon

Corp.

3,438

59,580

JPMorgan

Chase

&

Co.

14,397

3,194,982

Wells

Fargo

&

Co.

22,504

1,460,960

Wintrust

Financial

Corp.

409

47,399

Zions

Bancorp

NA

913

47,531

Total

7,904,592

Capital

Markets

4.1%

Affiliated

Managers

Group,

Inc.

197

38,198

Bank

of

New

York

Mellon

Corp.

(The)

4,677

352,459

BlackRock,

Inc.

929

911,377

Cboe

Global

Markets,

Inc.

653

139,461

CME

Group,

Inc.

2,320

522,835

Franklin

Resources,

Inc.

1,784

37,054

Janus

Henderson

Group

PLC

815

33,668

Raymond

James

Financial,

Inc.

1,179

174,752

SEI

Investments

Co.

632

47,248

State

Street

Corp.

1,910

177,248

Stifel

Financial

Corp.

636

65,902

T

Rowe

Price

Group,

Inc.

1,384

152,046

Virtu

Financial,

Inc.

Class

A

517

16,006

XP,

Inc.

Class

A

2,366

41,311

Total

2,709,565

Consumer

Finance

0.2%

SLM

Corp.

1,356

29,873

Synchrony

Financial

2,521

139,008

Total

168,881

Financial

Services

0.5%

Corebridge

Financial,

Inc.

1,620

51,467

Euronet

Worldwide,

Inc.

(a)

269

26,488

Global

Payments,

Inc.

1,598

165,729

MGIC

Investment

Corp.

1,622

40,615

Western

Union

Co.

(The)

1,743

18,755

Total

303,054

Insurance

3.3%

Allstate

Corp.

(The)

1,422

265,231

Assurant,

Inc.

330

63,261

Axis

Capital

Holdings

Ltd.

496

38,817

CNA

Financial

Corp.

139

6,660

Everest

Group

Ltd.

229

81,435

Globe

Life,

Inc.

557

58,819

Lincoln

National

Corp.

1,072

37,252

Loews

Corp.

1,131

89,304

Marsh

&

McLennan

Cos.,

Inc.

2,700

589,248

MetLife,

Inc.

3,701

290,232

Prudential

Financial,

Inc.

2,261

276,927

Reinsurance

Group

of

America,

Inc.

416

87,809

Unum

Group

1,156

74,192

Willis

Towers

Watson

PLC

640

193,402

Total

2,152,589

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Mortgage

Real

Estate

Investment

Trusts

(REITs)

0.0%

Rithm

Capital

Corp.

3,074

32,554

Total

Financials

13,271,235

Health

Care  14.9%

Biotechnology

2.3%

AbbVie,

Inc.

2,647

539,644

Alnylam

Pharmaceuticals,

Inc.

(a)

34

9,064

Amgen,

Inc.

310

99,250

Biogen,

Inc.

(a)

383

66,642

BioMarin

Pharmaceutical,

Inc.

(a)

497

32,747

Exact

Sciences

Corp.

(a)

282

19,438

Exelixis,

Inc.

(a)

120

3,984

Gilead

Sciences,

Inc.

3,146

279,428

Incyte

Corp.

(a)

385

28,536

Ionis

Pharmaceuticals,

Inc.

(a)

27

1,036

Mirati

Therapeutics,

Inc.

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

51

39

Moderna,

Inc.

(a)

846

45,989

Regeneron

Pharmaceuticals,

Inc.

(a)

246

206,197

Roivant

Sciences

Ltd.

(a)

1,118

12,913

United

Therapeutics

Corp.

(a)

111

41,511

Vertex

Pharmaceuticals,

Inc.

(a)

338

160,881

Total

1,547,299

Health

Care

Equipment

&

Supplies

2.1%

Baxter

International,

Inc.

4,324

154,367

DENTSPLY

SIRONA,

Inc.

1,731

40,107

Hologic,

Inc.

(a)

1,936

156,564

Medtronic

PLC

10,797

963,632

Solventum

Corp.

(a)

1,220

88,548

Total

1,403,218

Health

Care

Providers

&

Services

3.0%

Cardinal

Health,

Inc.

844

91,591

Centene

Corp.

(a)

4,472

278,427

Cigna

Group

(The)

2,157

679,045

HCA

Healthcare,

Inc.

1,218

436,945

McKesson

Corp.

632

316,373

Premier,

Inc.

Class

A

874

17,611

Tenet

Healthcare

Corp.

(a)

820

127,117

Total

1,947,109

Life

Sciences

Tools

&

Services

0.6%

Avantor,

Inc.

(a)

5,657

126,547

Azenta,

Inc.

(a)

453

18,614

Mettler-Toledo

International,

Inc.

(a)

181

233,807

Total

378,968

Pharmaceuticals

6.9%

Bristol-Myers

Squibb

Co.

17,005

948,369

Jazz

Pharmaceuticals

PLC

(a)

524

57,656

Johnson

&

Johnson

20,528

3,281,606

Organon

&

Co.

2,161

40,583

Perrigo

Co.

PLC

1,152

29,526

Royalty

Pharma

PLC

Class

A

3,315

89,505

Viatris,

Inc.

9,957

115,501

Total

4,562,746

Total

Health

Care

9,839,340

Industrials  14.7%

Aerospace

&

Defense

1.0%

Curtiss-Wright

Corp.

283

97,624

Lockheed

Martin

Corp.

1,067

582,635

Total

680,259

Air

Freight

&

Logistics

1.9%

Expeditors

International

of

Washington,

Inc.

869

103,411

FedEx

Corp.

1,662

455,139

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

12

Indexed

ETFs

|

2024

Common

Stocks

(continued)

Issuer

Shares

Value

($)

United

Parcel

Service,

Inc.

Class

B

5,389

722,449

Total

1,280,999

Building

Products

1.5%

A

O

Smith

Corp.

885

66,464

Builders

FirstSource,

Inc.

(a)

814

139,520

Carlisle

Cos.,

Inc.

296

124,980

Masco

Corp.

1,633

130,493

Owens

Corning

629

111,201

Trane

Technologies

PLC

1,108

410,137

Total

982,795

Commercial

Services

&

Supplies

0.1%

Cintas

Corp.

129

26,550

MSA

Safety,

Inc.

271

44,972

Total

71,522

Construction

&

Engineering

0.3%

AECOM

992

105,945

EMCOR

Group,

Inc.

210

93,675

Total

199,620

Electrical

Equipment

0.2%

Acuity

Brands,

Inc.

233

70,061

Generac

Holdings,

Inc.

(a)

222

36,752

Total

106,813

Ground

Transportation

1.6%

CSX

Corp.

14,369

483,373

Ryder

System,

Inc.

313

45,786

Union

Pacific

Corp.

2,337

542,347

Total

1,071,506

Industrial

Conglomerates

0.7%

3M

Co.

3,295

423,309

Machinery

4.9%

Allison

Transmission

Holdings,

Inc.

646

69,032

Caterpillar,

Inc.

3,108

1,169,230

Cummins,

Inc.

1,013

333,257

Donaldson

Co.,

Inc.

883

64,600

Esab

Corp.

416

51,185

Flowserve

Corp.

973

51,219

Fortive

Corp.

2,573

183,789

Gates

Industrial

Corp.

PLC

(a)

1,518

29,373

Lincoln

Electric

Holdings,

Inc.

292

56,227

Middleby

Corp.

(The)

(a)

393

50,972

Otis

Worldwide

Corp.

3,001

294,698

PACCAR,

Inc.

3,839

400,331

Snap-on,

Inc.

385

127,100

Stanley

Black

&

Decker,

Inc.

1,130

105,022

Westinghouse

Air

Brake

Technologies

Corp.

1,296

243,622

Total

3,229,657

Marine

Transportation

0.1%

Kirby

Corp.

(a)

430

49,347

Passenger

Airlines

0.7%

Delta

Air

Lines,

Inc.

4,773

273,111

United

Airlines

Holdings,

Inc.

(a)

2,451

191,815

Total

464,926

Professional

Services

1.2%

Automatic

Data

Processing,

Inc.

216

62,476

Broadridge

Financial

Solutions,

Inc.

76

16,025

CACI

International,

Inc.

Class

A

(a)

163

90,067

Genpact

Ltd.

1,278

48,781

Leidos

Holdings,

Inc.

992

181,695

Paychex,

Inc.

1,511

210,528

Science

Applications

International

Corp.

374

53,965

SS&C

Technologies

Holdings,

Inc.

1,581

110,559

Total

774,096

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Trading

Companies

&

Distributors

0.5%

Core

&

Main,

Inc.

Class

A

(a)

482

21,343

Ferguson

Enterprises,

Inc.

1,394

274,256

WESCO

International,

Inc.

321

61,622

Total

357,221

Total

Industrials

9,692,070

Information

Technology  9.3%

Communications

Equipment

4.5%

Ciena

Corp.

(a)

1,412

89,676

Cisco

Systems,

Inc.

40,533

2,219,992

F5,

Inc.

(a)

592

138,457

Juniper

Networks,

Inc.

3,271

127,242

Motorola

Solutions,

Inc.

869

390,485

Total

2,965,852

Electronic

Equipment,

Instruments

&

Components

0.1%

TD

SYNNEX

Corp.

768

88,589

IT

Services

0.6%

EPAM

Systems,

Inc.

(a)

518

97,721

Okta,

Inc.

(a)

890

63,982

Twilio,

Inc.

Class

A

(a)

1,352

109,039

VeriSign,

Inc.

(a)

797

140,941

Total

411,683

Semiconductors

&

Semiconductor

Equipment

1.0%

Allegro

MicroSystems,

Inc.

(a)

1,251

26,071

Amkor

Technology,

Inc.

1,170

29,777

Applied

Materials,

Inc.

696

126,380

Cirrus

Logic,

Inc.

(a)

538

59,083

Lattice

Semiconductor

Corp.

(a)

189

9,575

Qorvo,

Inc.

(a)

951

67,768

QUALCOMM,

Inc.

711

115,729

Skyworks

Solutions,

Inc.

1,617

141,617

Teradyne,

Inc.

139

14,763

Universal

Display

Corp.

231

41,654

Total

632,417

Software

1.6%

BILL

Holdings,

Inc.

(a)

764

44,587

Dropbox,

Inc.

Class

A

(a)

1,604

41,463

Fortinet,

Inc.

(a)

1,162

91,403

Gen

Digital,

Inc.

5,394

157,019

Informatica,

Inc.

Class

A

(a)

641

17,499

Nutanix,

Inc.

Class

A

(a)

1,727

107,247

Salesforce,

Inc.

1,424

414,911

Uipath,

Inc.

Class

A

(a)

602

7,441

Zoom

Video

Communications,

Inc.

Class

A

(a)

2,640

197,314

Total

1,078,884

Technology

Hardware,

Storage

&

Peripherals

1.5%

Dell

Technologies,

Inc.

Class

C

2,371

293,127

Hewlett

Packard

Enterprise

Co.

13,475

262,628

HP,

Inc.

7,472

265,405

NetApp,

Inc.

1,149

132,491

Pure

Storage,

Inc.

Class

A

(a)

407

20,370

Total

974,021

Total

Information

Technology

6,151,446

Materials  4.6%

Chemicals

1.7%

Ashland,

Inc.

479

40,509

Celanese

Corp.

788

99,264

CF

Industries

Holdings,

Inc.

1,775

145,958

LyondellBasell

Industries

NV

Class

A

2,497

216,865

Mosaic

Co.

(The)

3,066

82,046

NewMarket

Corp.

65

34,123

Olin

Corp.

1,131

46,405

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

13

Common

Stocks

(continued)

Issuer

Shares

Value

($)

PPG

Industries,

Inc.

2,245

279,525

RPM

International,

Inc.

941

119,611

Scotts

Miracle-Gro

Co.

(The)

393

34,183

Westlake

Corp.

326

43,012

Total

1,141,501

Construction

Materials

1.0%

CRH

PLC

6,621

631,842

Eagle

Materials,

Inc.

79

22,551

Total

654,393

Containers

&

Packaging

0.8%

Packaging

Corp.

of

America

861

197,117

Smurfit

WestRock

PLC

5,111

263,217

Sonoco

Products

Co.

955

50,157

Total

510,491

Metals

&

Mining

1.1%

Cleveland-Cliffs,

Inc.

(a)

2,955

38,356

Nucor

Corp.

2,292

325,097

Reliance,

Inc.

546

156,342

Steel

Dynamics,

Inc.

1,402

182,961

Total

702,756

Paper

&

Forest

Products

0.0%

Louisiana-Pacific

Corp.

189

18,692

Total

Materials

3,027,833

Real

Estate  4.5%

Diversified

REITs

0.2%

WP

Carey,

Inc.

1,953

108,821

Health

Care

REITs

0.2%

Alexandria

Real

Estate

Equities,

Inc.

1,531

170,783

Hotel

&

Resort

REITs

0.2%

Host

Hotels

&

Resorts,

Inc.

6,130

105,681

Park

Hotels

&

Resorts,

Inc.

1,849

25,683

Total

131,364

Industrial

REITs

0.1%

STAG

Industrial,

Inc.

1,612

60,095

Office

REITs

0.1%

Highwoods

Properties,

Inc.

932

31,259

Kilroy

Realty

Corp.

1,046

42,070

Total

73,329

Real

Estate

Management

&

Development

0.5%

CoStar

Group,

Inc.

(a)

3,582

260,734

Jones

Lang

LaSalle,

Inc.

(a)

293

79,391

Total

340,125

Residential

REITs

0.4%

American

Homes

4

Rent

Class

A

2,988

105,297

Invitation

Homes,

Inc.

5,490

172,441

Total

277,738

Retail

REITs

0.8%

Brixmor

Property

Group,

Inc.

2,668

71,903

NNN

REIT,

Inc.

1,614

70,112

Simon

Property

Group,

Inc.

2,151

363,777

Total

505,792

Specialized

REITs

2.0%

EPR

Properties

672

30,489

Equinix,

Inc.

800

726,464

Gaming

and

Leisure

Properties,

Inc.

2,302

115,537

Rayonier,

Inc.

1,307

40,818

SBA

Communications

Corp.

939

215,472

Weyerhaeuser

Co.

6,423

200,141

Total

1,328,921

Total

Real

Estate

2,996,968

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Utilities  4.9%

Electric

Utilities

3.4%

Edison

International

4,333

357,039

Entergy

Corp.

2,429

375,961

Evergy,

Inc.

2,536

153,276

Exelon

Corp.

11,410

448,413

PG&E

Corp.

24,500

495,390

Xcel

Energy,

Inc.

6,332

423,041

Total

2,253,120

Gas

Utilities

0.1%

UGI

Corp.

2,391

57,169

Independent

Power

and

Renewable

Electricity

Producers

0.3%

AES

Corp.

(The)

8,218

135,515

Clearway

Energy,

Inc.

Class

A

394

10,496

Clearway

Energy,

Inc.

Class

C

934

26,507

Total

172,518

Multi-Utilities

1.1%

Ameren

Corp.

3,054

266,034

DTE

Energy

Co.

2,352

292,165

NiSource,

Inc.

5,094

179,105

Total

737,304

Total

Utilities

3,220,111

Total

Common

Stocks

(Cost

$58,445,992)

64,745,742

Exchange-Traded

Equity

Funds

1.3%

Issuer

Shares

Value

($)

Financials  1.3%

Financial

Select

Sector

SPDR

Fund

10,517

488,830

iShares

U.S.

Financials

ETF

3,596

383,837

Vanguard

Financials

ETF

226

25,590

Total

898,257

Total

Exchange-Traded

Equity

Funds

(Cost

$798,223)

898,257

Money

Market

Funds

0.6%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.688%

(e)

364,527

364,527

Total

Money

Market

Funds

(Cost

$364,527)

364,527

Total

Investments

in

Securities

(Cost

$59,608,742)

66,008,526

Other

Assets

&

Liabilities,

Net

37,578

Net

Assets

66,046,104

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

14

Indexed

ETFs

|

2024

Security

Acquisition

Date

Shares

Cost

($)

Value

($)

Mirati

Therapeutics,

Inc.

01/24/2024

51

—

39

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,

2024,

the

value

of

these

securities

amounted

to

$39,

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,

2024,

the

total

market

value

of

these

securities

amounted

to

$39,

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,

2024.

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

if

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Research

Enhanced

Value

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

15

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,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Communication

Services

2,748,365‌

–‌

–‌

2,748,365‌

Consumer

Discretionary

4,002,051‌

–‌

–‌

4,002,051‌

Consumer

Staples

5,398,929‌

–‌

–‌

5,398,929‌

Energy

4,397,394‌

–‌

–‌

4,397,394‌

Financials

13,271,235‌

–‌

–‌

13,271,235‌

Health

Care

9,839,301‌

–‌

39‌

9,839,340‌

Industrials

9,692,070‌

–‌

–‌

9,692,070‌

Information

Technology

6,151,446‌

–‌

–‌

6,151,446‌

Materials

3,027,833‌

–‌

–‌

3,027,833‌

Real

Estate

2,996,968‌

–‌

–‌

2,996,968‌

Utilities

3,220,111‌

–‌

–‌

3,220,111‌

Total

Common

Stocks

64,745,703‌

–‌

39‌

64,745,742‌

Exchange-Traded

Equity

Funds

898,257‌

–‌

–‌

898,257‌

Money

Market

Funds

364,527‌

–‌

–‌

364,527‌

Total

Investments

in

Securities

66,008,487‌

–‌

39‌

66,008,526‌

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

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

16

Indexed

ETFs

|

2024

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$1,153,600,249

and

$59,608,742,

respectively)

$1,253,441,911

$66,008,526

Receivable

for:

Dividends

587,376

48,085

Capital

shares

sold

172,692

–

Reclaims

receivable

260

–

Total

assets

1,254,202,239

66,056,611

Liabilities

Payable

for:

Investment

management

fees

148,051

10,507

Total

liabilities

148,051

10,507

Net

assets

applicable

to

outstanding

capital

stock

$1,254,054,188

$66,046,104

Represented

by:

Paid-in

capital

$1,143,545,667

$60,268,261

Total

distributable

earnings

(loss)

110,508,521

5,777,843

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$1,254,054,188

$66,046,104

Shares

outstanding

36,925,000

2,600,000

Net

asset

value

per

share

$33.96

$25.40

STATEMENT

OF

OPERATIONS

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

17

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Investment

Income:

Dividends

-

unaffiliated

issuers

$8,585,981

$1,041,466

Foreign

taxes

withheld

(1,522)

(340)

Total

income

8,584,459

1,041,126

Expenses:

Investment

management

fees

876,291

80,724

Overdraft

expense

–

1

Total

expenses

876,291

80,725

Net

Investment

Income

7,708,168

960,401

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

5,733,102

578,684

In-kind

transactions

-

unaffiliated

issuers

25,232,436

906,883

Net

realized

gain

30,965,538

1,485,567

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

113,437,315

7,617,886

Net

change

in

unrealized

appreciation

113,437,315

7,617,886

Net

realized

and

unrealized

gain

144,402,853

9,103,453

Net

Increase

in

net

assets

resulting

from

operations

$152,111,021

$10,063,854

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

18

Indexed

ETFs

|

2024

Columbia

Research

Enhanced

Core

ETF

Columbia

Research

Enhanced

Value

ETF

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$7,708,168

$2,247,748

$960,401

$501,110

Net

realized

gain

30,965,538

18,246,960

1,485,567

24,751

Net

change

in

unrealized

appreciation

(depreciation)

113,437,315

(12,264,963)

7,617,886

(84,827)

Net

increase

in

net

assets

resulting

from

operations

152,111,021

8,229,745

10,063,854

441,034

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(2,889,739)

(801,350)

(484,695)

(541,181)

Shareholder

transactions

Proceeds

from

shares

sold

1,027,556,148

381,574,844

43,970,901

8,148,995

Cost

of

shares

redeemed

(152,605,178)

(237,820,368)

(6,172,944)

(6,655,690)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

874,950,970

143,754,476

37,797,957

1,493,305

Increase

in

net

assets

1,024,172,252

151,182,871

47,377,116

1,393,158

Net

Assets:

Net

assets

beginning

of

year

229,881,936

78,699,065

18,668,988

17,275,830

Net

assets

at

end

of

year

$1,254,054,188

$229,881,936

$66,046,104

$18,668,988

Capital

stock

activity

Shares

outstanding,

beginning

of

year

9,350,000

3,425,000

950,000

875,000

Shares

sold

32,675,000

15,450,000

1,925,000

400,000

Shares

redeemed

(5,100,000)

(9,525,000)

(275,000)

(325,000)

Shares

outstanding,

end

of

year

36,925,000

9,350,000

2,600,000

950,000

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Core

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETFs

|

2024

19

The

following

tables

are

intended

to

help

you

understand

each

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Through

July

31,

2020,

Market

Price

returns

are

based

on

the

midpoint

of

the

bid/ask

spread

for

Fund

shares

at

market

close

(typically

4

pm

ET).

Beginning

with

August

31,

2020

month-end

performance,

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

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.

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$24.59‌

$22.98‌

$31.23‌

$21.79‌

$20.31‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.41‌

0.39‌

0.39‌

0.41‌

0.37‌

Net

realized

and

unrealized

gain

(loss)

9.24‌

1.54‌

(3.08‌)

9.30‌

1.22‌

Total

from

investment

operations

9.65‌

1.93‌

(2.69‌)

9.71‌

1.59‌

Less

distributions

to

shareholders:

Net

investment

income

(0.28‌)

(0.32‌)

(0.78‌)

(0.25‌)

(0.11‌)

Net

realized

gains

–‌

–‌

(4.78‌)

(0.02‌)

(0.00‌)

(a)

Total

distribution

to

shareholders

(0.28‌)

(0.32‌)

(5.56‌)

(0.27‌)

(0.11‌)

Net

asset

value,

end

of

year

$33.96‌

$24.59‌

$22.98‌

$31.23‌

$21.79‌

Total

Return

at

NAV

39.49‌%

8.53‌%

(10.57‌)%

44.90‌%

7.82‌%

Total

Return

at

Market

Price

39.49‌%

8.37‌%

(10.32‌)%

45.27‌%

7.46‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.15‌%

0.15‌%

(c)

0.15‌%

0.15‌%

0.15‌%

Total

net

expenses

(b)(d)

0.15‌%

0.15‌%

(c)

0.15‌%

0.15‌%

0.15‌%

Net

investment

income

1.32‌%

1.57‌%

1.63‌%

1.58‌%

1.73‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$1,254,054‌

$229,882‌

$78,699‌

$28,107‌

$72,448‌

Portfolio

turnover

49‌%

45‌%

65‌%

49‌%

41‌%

(a)

Rounds

to

zero.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

FINANCIAL

HIGHLIGHTS

Columbia

Research

Enhanced

Value

ETF

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

20

Indexed

ETFs

|

2024

Year

Ended

October

31,

2024

2023

2022

2021

2020

Per

share

data

Net

asset

value,

beginning

of

year

$19.65‌

$19.74‌

$20.96‌

$18.46‌

$20.24‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.53‌

0.49‌

0.47‌

0.43‌

0.56‌

Net

realized

and

unrealized

gain

(loss)

5.76‌

(0.10‌)

(1.44‌)

6.74‌

(2.19‌)

Total

from

investment

operations

6.29‌

0.39‌

(0.97‌)

7.17‌

(1.63‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.54‌)

(0.48‌)

(0.12‌)

(4.16‌)

(0.15‌)

Net

realized

gains

–‌

–‌

(0.13‌)

(0.51‌)

(0.00‌)

(a)

Total

distribution

to

shareholders

(0.54‌)

(0.48‌)

(0.25‌)

(4.67‌)

(0.15‌)

Net

asset

value,

end

of

year

$25.40‌

$19.65‌

$19.74‌

$20.96‌

$18.46‌

Total

Return

at

NAV

32.50‌%

2.02‌%

(4.66‌)%

45.48‌%

(8.16‌)%

Total

Return

at

Market

Price

33.21‌%

1.55‌%

(4.46‌)%

45.90‌%

(8.50‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.19‌%

(c)

0.19‌%

(c)

0.19‌%

0.19‌%

0.19‌%

Total

net

expenses

(b)(d)

0.19‌%

(c)

0.19‌%

(c)

0.19‌%

0.19‌%

0.19‌%

Net

investment

income

2.26‌%

2.43‌%

2.30‌%

2.14‌%

2.93‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$66,046‌

$18,669‌

$17,276‌

$11,003‌

$462‌

Portfolio

turnover

62‌%

76‌%

99‌%

84‌%

95‌%

(a)

Rounds

to

zero.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

The

ratio

includes

less

than

0.01%

attributed

to

overdraft

expense,

which

is

outside

the

Unitary

Fee

(as

defined

in

Note

3).

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2024

Indexed

ETFs

|

2024

21

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

22

Indexed

ETFs

|

2024

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETFs

|

2024

23

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.

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.

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,

2024

24

Indexed

ETFs

|

2024

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,

2024,

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.

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,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

Fund

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

Columbia

Research

Enhanced

Core

ETF

(38,807)

(24,741,295)

24,780,102

Columbia

Research

Enhanced

Value

ETF

(9,641)

(887,246)

896,887

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Fund

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Columbia

Research

Enhanced

Core

ETF

2,889,739

-

2,889,739

801,350

-

801,350

Columbia

Research

Enhanced

Value

ETF

484,695

-

484,695

541,181

-

541,181

Fund

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

12,716,697

-

-

97,791,824

Columbia

Research

Enhanced

Value

ETF

846,905

-

(1,366,321)

6,297,259

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETFs

|

2024

25

At

October

31,

2024,

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,

2024,

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,

2024,

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,

2024,

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,

2024,

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,

2024,

the

in-kind

redemptions

were

as

follows:

Fund

Federal

Tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

(depreciation)

($)

Net

unrealized

appreciation

(depreciation)

($)

Columbia

Research

Enhanced

Core

ETF

1,155,650,087

119,045,805

(21,253,981)

97,791,824

Columbia

Research

Enhanced

Value

ETF

59,711,267

7,730,926

(1,433,667)

6,297,259

Fund

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

Columbia

Research

Enhanced

Core

ETF

-

-

-

(1,624,951)

Columbia

Research

Enhanced

Value

ETF

589,198

777,123

1,366,321

(805,463)

Fund

Purchases

($)

Proceeds

from

sales

($)

Columbia

Research

Enhanced

Core

ETF

313,848,503

289,661,010

Columbia

Research

Enhanced

Value

ETF

29,203,526

26,335,190

Fund

Contributions

($)

Columbia

Research

Enhanced

Core

ETF

996,931,529

Columbia

Research

Enhanced

Value

ETF

40,849,903

Fund

Cost

basis

($)

Proceeds

from

sales

($)

Net

realized

gain

(loss)

($)

Columbia

Research

Enhanced

Core

ETF

121,611,534

146,843,970

25,232,436

Columbia

Research

Enhanced

Value

ETF

4,847,984

5,754,867

906,883

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

26

Indexed

ETFs

|

2024

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

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

each

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

No

Fund

had

borrowings

during

the

year

ended

October

31,

2024.

Note

8.

Significant

risks

Financials

sector

risk

Columbia

Research

Enhanced

Value

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

financials

sector.

Companies

in

the

financials

sector

are

subject

to

certain

risks,

including

the

risk

of

regulatory

change,

decreased

liquidity

in

credit

markets

and

unstable

interest

rates.

Such

companies

may

have

concentrated

portfolios,

such

as

a

high

level

of

loans

to

one

or

more

industries

or

sectors,

which

makes

them

vulnerable

to

economic

conditions

that

affect

such

industries

or

sectors.

Performance

of

such

companies

may

be

affected

by

competitive

pressures

and

exposure

to

investments,

agreements

and

counterparties,

including

credit

products

that,

under

certain

circumstances,

may

lead

to

losses

(e.g.,

subprime

loans).

Companies

in

the

financials

sector

are

subject

to

extensive

governmental

regulation

that

may

limit

the

amount

and

types

of

loans

and

other

financial

commitments

they

can

make,

and

interest

rates

and

fees

that

they

may

charge.

In

addition,

profitability

of

such

companies

is

largely

dependent

upon

the

availability

and

the

cost

of

capital.

Information

technology

sector

risk

Columbia

Research

Enhanced

Core

ETF

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector.

Companies

in

the

information

technology

sector

are

subject

to

certain

risks,

including

the

risk

that

new

services,

equipment

or

technologies

will

not

be

accepted

by

consumers

and

businesses

or

will

become

rapidly

obsolete.

Performance

of

such

companies

may

be

affected

by

factors

including

obtaining

and

protecting

patents

(or

the

failure

to

do

so)

and

significant

competitive

pressures,

including

aggressive

pricing

of

their

products

or

services,

new

market

entrants,

competition

for

market

share

and

short

product

cycles

due

to

an

accelerated

rate

of

technological

developments.

Such

competitive

pressures

may

lead

to

limited

earnings

and/or

falling

profit

margins.

As

a

result,

the

value

of

their

securities

may

fall

or

fail

to

rise.

In

addition,

many

information

technology

sector

companies

have

limited

operating

histories

and

prices

of

these

companies’

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Some

companies

in

the

information

technology

sector

are

facing

increased

government

and

regulatory

scrutiny

and

may

be

subject

to

adverse

government

or

regulatory

action,

which

could

negatively

impact

the

value

of

their

securities.

Market

risk

The

Funds

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

they

invest.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Funds’

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETFs

|

2024

27

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Funds’

net

asset

value.

Passive

Investment

risk

The

Funds

are

not

"actively"

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

their

Index’s

investment

exposure.

The

Funds

invest

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Funds

do

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

a

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

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,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Funds.

28

Indexed

ETFs

|

2024

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,

2024,

the

related

statements

of

operations

for

the

year

ended

October

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

(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,

2024,

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,

2024

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2024

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

Indexed

ETFs

|

2024

29

The

Funds

hereby

designate

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2024

.

Shareholders

will

be

notified

in

early

2025

of

the

amounts

for

use

in

preparing

2024

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.

Fund

DRD

QDI

Columbia

Research

Enhanced

Core

ETF

74.12%

81.27%

Columbia

Research

Enhanced

Value

ETF

94.55%

100.00%

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

30

Indexed

ETFs

|

2024

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

(each,

an

IMS

Agreement,

and

together,

the

IMS

Agreements),

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

each

IMS

Agreement.

The

Investment

Manager

prepared

detailed

reports

for

the

Board

and

its

Contracts

Committee

(including

its

Contracts

Subcommittee)

in

March,

April,

May

and

June

2024,

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

each

IMS

Agreement.

The

Board,

at

its

June

27,

2024

Board

meeting

(the

June

Meeting),

considered

the

renewal

of

each

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

each

IMS

Agreement.

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

each

IMS

Agreement;

Descriptions

of

various

services

performed

by

the

Investment

Manager

under

each

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

each

IMS

Agreement.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(continued)

(Unaudited)

Indexed

ETFs

|

2024

31

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

each

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

Agreements

and

the

Funds’

other

service

agreements.

In

addition,

the

Board

discussed

the

acceptability

of

the

terms

of

each

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

Agreements.

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

Agreements

supported

the

continuation

of

each

IMS

Agreement.

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

the

Funds,

(ii)

the

Funds’

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

each

IMS

Agreement.

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

each

IMS

Agreement.

The

Board

considered

the

unitary

fee

structure

utilized

by

the

Funds,

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.

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)

32

Indexed

ETFs

|

2024

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

Core

ETF’s

total

expense

ratio

approximated

the

peer

universe’s

median

expense

ratio

and

Columbia

Research

Enhanced

Value

ETF’s

total

expense

ratio

was

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

each

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

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

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

each

IMS

Agreement.

Economies

of

scale

The

Board

considered

that

each

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

each

IMS

Agreement.

In

reaching

its

conclusions,

no

single

factor

was

determinative.

On

June

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

each

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

each

IMS

Agreement.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN305_10_P01_(12/24)

CET002278

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Indexed

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

Short

Duration

Bond

ETF

Indexed

ETF

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

16

Statement

of

Operations

17

Statement

of

Changes

in

Net

Assets

18

Financial

Highlights

19

Notes

to

Financial

Statements

20

Report

of

Independent

Registered

Public

Accounting

Firm

28

Approval

of

Investment

Management

Services

Agreement

29

PORTFOLIO

OF

INVESTMENTS

Columbia

Short

Duration

Bond

ETF

October

31,

2024

(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

|

2024

3

Asset-Backed

Securities

-

Non-Agency

  10.2%

Issue

Description

Principal

Amount

($)

Value

($)

Ally

Auto

Receivables

Trust

Class

A3,

Series

2023-1,

5.460%,

05/15/28

100,000‌

100,896‌

American

Airlines

Pass

Through

Trust

Series

A,

3.700%,

10/01/26

96,523‌

93,008‌

AmeriCredit

Automobile

Receivables

Trust

Class

D,

Series

2020-3,

1.490%,

09/18/26

135,000‌

132,581‌

BMW

Vehicle

Lease

Trust

2024-1

Class

A3,

Series

2024-1,

4.980%,

03/25/27

100,000‌

100,443‌

Bridgecrest

Lending

Auto

Securitization

Trust

2024-1

Class

D,

Series

2024-1,

6.030%,

11/15/29

200,000‌

203,144‌

Capital

One

Prime

Auto

Receivables

Trust

Class

A4,

Series

2023-1,

4.760%,

08/15/28

100,000‌

100,090‌

Carmax

Auto

Owner

Trust

Class

C,

Series

2022-1,

2.200%,

11/15/27

100,000‌

96,376‌

Class

A4,

Series

2023-1,

4.650%,

01/16/29

175,000‌

174,930‌

Class

C,

Series

2024-1,

5.470%,

08/15/29

200,000‌

201,494‌

Carvana

Auto

Receivables

Trust

Class

C,

Series

2022-P1,

3.300%,

04/10/28

300,000‌

286,824‌

Exeter

Automobile

Receivables

Trust

Class

D,

Series

2021-4A,

1.960%,

01/17/28

100,000‌

97,778‌

Class

D,

Subordinated

Series

2021-3A,

1.550%,

06/15/27

75,000‌

72,839‌

Class

D,

Series

2022-1A,

3.020%,

06/15/28

175,000‌

171,313‌

Exeter

Automobile

Receivables

Trust

2024-4

Class

D,

Series

2024-4A,

5.810%,

12/16/30

100,000‌

100,861‌

Ford

Credit

Auto

Lease

Trust

Class

C,

Series

2023-B,

6.430%,

04/15/27

100,000‌

101,964‌

Ford

Credit

Auto

Owner

Trust

Class

A4,

Series

2023-A,

4.560%,

12/15/28

150,000‌

149,819‌

Class

C,

Subordinated

Series

2020-C,

1.040%,

05/15/28

100,000‌

99,154‌

Class

A4,

Series

2022-B,

3.930%,

08/15/27

150,000‌

148,671‌

GM

Financial

Automobile

Leasing

Trust

Class

A4,

Series

2024-1,

5.090%,

02/22/28

100,000‌

100,588‌

Gm

Financial

Automobile

Leasing

Trust

2024-2

Class

A3,

Series

2024-2,

5.390%,

07/20/27

125,000‌

126,507‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Class

A4,

Series

2021-4,

0.990%,

10/18/27

118,000‌

113,860‌

Class

A4,

Series

2022-2,

3.250%,

04/17/28

150,000‌

146,886‌

Asset-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

A4,

Series

2022-3,

3.710%,

12/16/27

150,000‌

147,989‌

Gm

Financial

Consumer

Automobile

Receivables

Trust

2024-3

Class

A4,

Series

2024-3,

5.090%,

11/16/29

100,000‌

101,394‌

Harley-Davidson

Motorcycle

Trust

2024-A

Class

A3,

Series

2024-A,

5.370%,

03/15/29

150,000‌

151,715‌

Honda

Auto

Receivables

Owner

Trust

Class

A3,

Series

2023-2,

4.930%,

11/15/27

150,000‌

150,661‌

Class

A4,

Series

2023-4,

5.660%,

02/21/30

250,000‌

255,561‌

Hyundai

Auto

Receivables

Trust

Class

A4,

Series

2022-A,

2.350%,

04/17/28

145,000‌

141,300‌

Class

A4,

Series

2023-A,

4.480%,

07/17/28

100,000‌

99,744‌

Hyundai

Auto

Receivables

Trust

2024-B

Class

B,

Series

2024-B,

5.040%,

09/16/30

100,000‌

100,530‌

Mercedes-Benz

Auto

Lease

Trust

2024-A

Class

A4,

Series

2024-A,

5.320%,

02/15/30

225,000‌

228,231‌

Nissan

Auto

Receivables

2024-A

Owner

Trust

Class

A4,

Series

2024-A,

5.180%,

04/15/31

175,000‌

178,301‌

Santander

Drive

Auto

Receivables

Trust

Class

C,

Series

2023-6,

6.400%,

03/17/31

125,000‌

129,169‌

Class

C,

Series

2023-1,

5.090%,

05/15/30

100,000‌

100,071‌

Santander

Drive

Auto

Receivables

Trust

2023-6

Class

B,

Series

2023-6,

5.980%,

04/16/29

100,000‌

101,814‌

Toyota

Auto

Receivables

Owner

Trust

Class

A4,

Series

2023-A,

4.420%,

08/15/28

125,000‌

124,140‌

Class

A4,

Series

2022-C,

3.770%,

02/15/28

150,000‌

148,131‌

Volkswagen

Auto

Loan

Enhanced

Trust

Class

A4,

Series

2023-2,

5.570%,

04/22/30

100,000‌

102,236‌

World

Omni

Auto

Receivables

Trust

Class

A4,

Series

2022-A,

1.900%,

03/15/28

150,000‌

144,607‌

World

Omni

Auto

Receivables

Trust

2024-B

Class

A3,

Series

2024-B,

5.270%,

09/17/29

125,000‌

126,854‌

Class

A4,

Series

2024-B,

5.230%,

07/15/30

100,000‌

101,773‌

World

Omni

Select

Auto

Trust

Class

B,

Series

2023-A,

5.870%,

08/15/28

135,000‌

136,577‌

Total

Asset-Backed

Securities

-

Non-

Agency

(Cost

$5,683,741)

5,690,824‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Indexed

ETF

|

2024

Commercial

Mortgage-Backed

Securities

-

Non-Agency

  9.9%

Issue

Description

Principal

Amount

($)

Value

($)

Bank

Class

A2,

Series

2019-BN18,

3.474%,

05/15/62

125,000‌

124,704‌

Class

A2,

Series

2019-BN16,

3.933%,

02/15/52

80,025‌

79,835‌

Class

AS,

Subordinated

Series

2017-BNK9,

3.829%,

11/15/54

(a)

100,000‌

94,272‌

Class

A3,

Series

2018-BN12,

3.990%,

05/15/61

100,000‌

96,958‌

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

Class

A4,

Series

2016-UB10,

3.170%,

07/15/49

75,000‌

72,885‌

Class

A3,

Series

2017-BNK3,

3.311%,

02/15/50

98,956‌

95,736‌

Bank5

Class

AS,

Series

2023-5YR3,

7.315%,

09/15/56

(a)

150,000‌

159,846‌

Bank5

2024-5yr8

Class

A3,

Series

2024-5YR8,

5.884%,

08/15/57

200,000‌

206,334‌

Barclays

Commercial

Mortgage

Trust

Class

A4,

Series

2019-C5,

3.063%,

11/15/52

100,000‌

91,625‌

BBCMS

Mortgage

Trust

Class

ASB,

Series

2018-C2,

4.236%,

12/15/51

75,616‌

74,521‌

Class

A3,

Series

2023-5C23,

6.675%,

12/15/56

(a)

125,000‌

132,118‌

Class

A2B,

Series

2023-C19,

5.753%,

04/15/56

175,000‌

176,820‌

BBCMS

Mortgage

Trust

2024-5c29

Class

A3,

Series

2024-5C29,

5.208%,

09/15/57

100,000‌

100,612‌

Benchmark

2024-V7

Mortgage

Trust

Class

A3,

Series

2024-V7,

6.228%,

05/15/56

200,000‌

209,182‌

Cantor

Commercial

Real

Estate

Lending

Class

A4,

Series

2019-CF2,

2.624%,

11/15/52

121,044‌

108,410‌

Class

A5,

Series

2019-CF1,

3.786%,

05/15/52

100,000‌

92,883‌

CD

Mortgage

Trust

Class

ASB,

Series

2017-CD6,

3.332%,

11/13/50

58,917‌

57,734‌

Class

A3,

Series

2017-CD4,

3.248%,

05/10/50

138,285‌

133,409‌

CFCRE

Commercial

Mortgage

Trust

Class

A3,

Series

2016-C3,

3.865%,

01/10/48

150,000‌

148,003‌

Class

AM,

Subordinated

Series

2016-C6,

3.502%,

11/10/49

(a)

50,000‌

47,386‌

CGMS

Commercial

Mortgage

Trust

Class

A3,

Series

2017-B1,

3.197%,

08/15/50

96,765‌

92,529‌

Class

A4,

Series

2017-B1,

3.458%,

08/15/50

125,000‌

118,767‌

Citigroup

Commercial

Mortgage

Trust

Class

A4,

Series

2016-C2,

2.832%,

08/10/49

150,000‌

144,275‌

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

A3,

Series

2018-C5,

3.963%,

06/10/51

170,270‌

164,220‌

Class

AS,

Subordinated

Series

2016-P6,

4.032%,

12/10/49

(a)

100,000‌

92,092‌

Class

B,

Subordinated

Series

2015-P1,

4.316%,

09/15/48

(a)

100,000‌

96,912‌

Class

B,

Series

2017-P7,

4.137%,

04/14/50

(a)

150,000‌

137,147‌

Class

AAB,

Series

2017-P8,

3.268%,

09/15/50

77,532‌

75,896‌

Class

A2,

Series

2020-GC46,

2.708%,

02/15/53

100,000‌

97,204‌

Class

A4,

Series

2016-P3,

3.329%,

04/15/49

100,000‌

97,414‌

COMM

Mortgage

Trust

Class

D,

Series

2015-CR26,

3.463%,

10/10/48

(a)

56,000‌

42,196‌

Class

A3,

Series

2017-COR2,

3.510%,

09/10/50

100,000‌

95,026‌

Class

C,

Series

2013-CR13,

4.944%,

11/10/46

(a)

23,699‌

22,025‌

GS

Mortgage

Securities

Trust

Class

C,

Subordinated

Series

2016-GS3,

3.980%,

10/10/49

(a)

75,000‌

68,409‌

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-JP2,

2.822%,

08/15/49

150,000‌

144,430‌

JPMBB

Commercial

Mortgage

Securities

Trust

Class

AS,

Series

2016-C2,

3.484%,

06/15/49

100,000‌

91,873‌

Class

B,

Series

2017-C5,

4.009%,

03/15/50

(a)

150,000‌

125,562‌

JPMCC

Commercial

Mortgage

Securities

Trust

Class

A3,

Series

2019-COR4,

3.763%,

03/10/52

100,000‌

95,945‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

Class

C,

Subordinated

Series

2016-C31,

4.257%,

11/15/49

(a)

50,000‌

42,957‌

Class

A5,

Series

2017-C33,

3.599%,

05/15/50

195,000‌

187,373‌

Class

ASB,

Series

2017-C34,

3.354%,

11/15/52

53,641‌

52,567‌

Morgan

Stanley

Capital

I

Class

A3,

Series

2017-HR2,

3.330%,

12/15/50

123,827‌

118,994‌

Morgan

Stanley

Capital

I

Trust

Class

A4,

Series

2016-UB12,

3.596%,

12/15/49

150,000‌

144,141‌

Morgan

Stanley

Capital

I

Trust

2019-H7

Class

A4,

Series

2019-H7,

3.261%,

07/15/52

100,000‌

92,017‌

SG

Commercial

Mortgage

Securities

Trust

Class

A4,

Series

2016-C5,

3.055%,

10/10/48

150,000‌

143,902‌

Wells

Fargo

Commercial

Mortgage

Trust

Class

A4,

Series

2015-LC20,

2.925%,

04/15/50

62,730‌

62,364‌

Class

A3,

Series

2015-NXS4,

3.452%,

12/15/48

86,116‌

84,929‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

5

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Class

A3,

Series

2015-P2,

3.541%,

12/15/48

67,441‌

66,659‌

Class

A5,

Series

2017-C39,

3.418%,

09/15/50

125,000‌

118,522‌

Class

C,

Series

2017-C39,

4.118%,

09/15/50

100,000‌

89,582‌

Class

A4,

Series

2017-C41,

3.472%,

11/15/50

100,000‌

95,798‌

Class

A2,

Series

2020-C56,

2.498%,

06/15/53

2,998‌

2,814‌

Class

ASB,

Series

2021-C61,

2.525%,

11/15/54

100,000‌

90,473‌

Total

Commercial

Mortgage-Backed

Securities

-

Non-Agency

(Cost

$5,620,340)

5,498,287‌

Corporate

Bonds

  49.4%

Principal

Amount

($)

Value

($)

Aerospace

&

Defense

1.3%

Boeing

Co.

(The)

2.196%,

02/04/26

80,000‌

77,058‌

5.040%,

05/01/27

119,000‌

118,530‌

Howmet

Aerospace,

Inc.

5.900%,

02/01/27

100,000‌

102,400‌

Huntington

Ingalls

Industries,

Inc.

2.043%,

08/16/28

85,000‌

76,649‌

L3Harris

Technologies,

Inc.

4.400%,

06/15/28

40,000‌

39,484‌

Northrop

Grumman

Corp.

3.250%,

01/15/28

60,000‌

57,408‌

Teledyne

Technologies,

Inc.

1.600%,

04/01/26

40,000‌

38,238‌

TransDigm,

Inc.

6.375%,

03/01/29

(b)

200,000‌

203,017‌

Total

712,784‌

Airlines

1.0%

American

Airlines

Pass

Through

Trust

Class

A,

Series

2015-1,

3.375%,

05/01/27

46,744‌

44,579‌

Class

AA,

Series

AA,

3.575%,

01/15/28

30,971‌

29,873‌

American

Airlines,

Inc.

7.250%,

02/15/28

(b)

220,000‌

223,646‌

American

Airlines,

Inc./AAdvantage

Loyalty

IP

Ltd.

5.500%,

04/20/26

(b)

60,000‌

59,852‌

Southwest

Airlines

Co.

2.625%,

02/10/30

60,000‌

53,269‌

United

Airlines

Pass

Through

Trust

Class

A,

Series

2013-1,

4.300%,

08/15/25

42,788‌

42,277‌

United

Airlines,

Inc.

4.375%,

04/15/26

(b)

60,000‌

58,950‌

4.625%,

04/15/29

(b)

60,000‌

57,454‌

Total

569,900‌

Apartment

REIT

0.1%

Essex

Portfolio

LP

3.000%,

01/15/30

60,000‌

54,535‌

Automotive

0.7%

Benteler

International

AG

10.500%,

05/15/28

(b)

50,000‌

51,804‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Clarios

Global

LP

/

Clarios

US

Finance

Co.

6.750%,

05/15/28

(b)

60,000‌

61,422‌

Ford

Motor

Credit

Co.

LLC

4.000%,

11/13/30

120,000‌

108,491‌

General

Motors

Financial

Co.,

Inc.

1.250%,

01/08/26

120,000‌

114,982‌

Jaguar

Land

Rover

Automotive

PLC

5.875%,

01/15/28

(b)

80,000‌

79,133‌

Total

415,832‌

Banking

3.6%

Ally

Financial,

Inc.

2.200%,

11/02/28

100,000‌

88,852‌

5.750%,

11/20/25

100,000‌

100,360‌

Bank

of

Nova

Scotia

(The)

Subordinated

4.500%,

12/16/25

60,000‌

59,671‌

BankUnited,

Inc.

5.125%,

06/11/30

120,000‌

115,528‌

Barclays

PLC

4.375%,

01/12/26

200,000‌

198,776‌

Capital

One

Financial

Corp.

Series

.,

7.624%,

(SOFRRATE

+

3.070%),

10/30/31

(c)

60,000‌

66,667‌

Citigroup,

Inc.

4.125%,

07/25/28

200,000‌

195,074‌

Citizens

Financial

Group,

Inc.

2.850%,

07/27/26

50,000‌

48,170‌

Comerica,

Inc.

4.000%,

02/01/29

40,000‌

38,037‌

Deutsche

Bank

AG/New

York

NY

6.819%,

(SOFRRATE

+

2.510%),

11/20/29

(c)

150,000‌

158,081‌

Discover

Financial

Services

4.100%,

02/09/27

100,000‌

98,298‌

Fifth

Third

Bancorp

5.631%,

(SOFRRATE

+

1.840%),

01/29/32

(c)

60,000‌

60,978‌

Goldman

Sachs

Group,

Inc.

(The)

5.950%,

01/15/27

80,000‌

82,052‌

KeyCorp

Series

MTN,

2.550%,

10/01/29

60,000‌

53,392‌

Morgan

Stanley

Subordinated

5.000%,

11/24/25

120,000‌

120,317‌

Regions

Financial

Corp.

1.800%,

08/12/28

40,000‌

35,613‌

Synchrony

Financial

3.950%,

12/01/27

85,000‌

81,641‌

UniCredit

SpA

7.296%,

(USD

5

Year

Swap

+

4.914%),

04/02/34

(b),(c)

200,000‌

209,154‌

Webster

Financial

Corp.

4.100%,

03/25/29

85,000‌

80,675‌

Zions

Bancorp

NA

3.250%,

10/29/29

100,000‌

87,978‌

Total

1,979,314‌

Brokerage

0.3%

Nomura

Holdings,

Inc.

3.103%,

01/16/30

200,000‌

181,172‌

Brokerage/Asset

Managers/Exchanges

0.1%

Affiliated

Managers

Group,

Inc.

3.300%,

06/15/30

50,000‌

45,483‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Building

Materials

0.5%

Martin

Marietta

Materials,

Inc.

3.500%,

12/15/27

85,000‌

82,179‌

Masco

Corp.

2.000%,

02/15/31

60,000‌

50,530‌

Smyrna

Ready

Mix

Concrete

LLC

6.000%,

11/01/28

(b)

60,000‌

59,542‌

Standard

Industries,

Inc.

4.750%,

01/15/28

(b)

60,000‌

57,861‌

5.000%,

02/15/27

(b)

50,000‌

48,980‌

Total

299,092‌

Cable

and

Satellite

1.5%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.125%,

05/01/27

(b)

190,000‌

186,118‌

6.375%,

09/01/29

(b)

100,000‌

99,025‌

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

2.800%,

04/01/31

120,000‌

100,867‌

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

5.875%,

08/15/27

(b)

150,000‌

144,450‌

Sirius

XM

Radio,

Inc.

4.000%,

07/15/28

(b)

100,000‌

93,522‌

5.000%,

08/01/27

(b)

100,000‌

98,037‌

Viasat,

Inc.

5.625%,

04/15/27

(b)

85,000‌

79,470‌

Virgin

Media

Secured

Finance

PLC

5.500%,

05/15/29

(b)

50,000‌

47,337‌

Total

848,826‌

Chemicals

0.9%

Axalta

Coating

Systems

LLC

3.375%,

02/15/29

(b)

60,000‌

55,188‌

Celanese

US

Holdings

LLC

6.165%,

07/15/27

50,000‌

51,130‌

6.330%,

07/15/29

60,000‌

62,084‌

Dow

Chemical

Co.

(The)

2.100%,

11/15/30

60,000‌

51,399‌

DuPont

de

Nemours,

Inc.

4.493%,

11/15/25

20,000‌

19,939‌

4.725%,

11/15/28

100,000‌

99,941‌

Nutrien

Ltd.

4.200%,

04/01/29

60,000‌

58,545‌

Olin

Corp.

5.125%,

09/15/27

50,000‌

49,304‌

Sherwin-Williams

Co.

(The)

3.450%,

06/01/27

40,000‌

38,824‌

Total

486,354‌

Construction

Machinery

0.3%

Herc

Holdings,

Inc.

6.625%,

06/15/29

(b)

60,000‌

61,422‌

United

Rentals

North

America,

Inc.

3.875%,

11/15/27

100,000‌

96,266‌

Total

157,688‌

Consumer

Cyclical

Services

0.8%

ADT

Security

Corp.

(The)

4.125%,

08/01/29

(b)

50,000‌

46,754‌

Brink's

Co.

(The)

4.625%,

10/15/27

(b)

50,000‌

48,566‌

eBay,

Inc.

1.400%,

05/10/26

40,000‌

38,068‌

Expedia

Group,

Inc.

3.250%,

02/15/30

90,000‌

83,212‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

5.250%,

12/01/27

(b)

50,000‌

49,387‌

Match

Group

Holdings

II

LLC

4.625%,

06/01/28

(b)

50,000‌

48,061‌

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

3.375%,

08/31/27

(b)

100,000‌

94,045‌

Service

Corp.

International

5.125%,

06/01/29

60,000‌

58,904‌

Total

466,997‌

Consumer

Products

0.5%

Clorox

Co.

(The)

3.100%,

10/01/27

40,000‌

38,342‌

Haleon

US

Capital

LLC

3.375%,

03/24/29

60,000‌

56,696‌

Newell

Brands,

Inc.

5.700%,

04/01/26

60,000‌

60,143‌

6.625%,

09/15/29

50,000‌

50,958‌

Whirlpool

Corp.

2.400%,

05/15/31

60,000‌

50,046‌

Total

256,185‌

Diversified

Manufacturing

1.1%

Carrier

Global

Corp.

2.493%,

02/15/27

40,000‌

38,246‌

Ingersoll

Rand,

Inc.

5.314%,

06/15/31

60,000‌

61,147‌

Johnson

Controls

International

PLC

/

Tyco

Fire

&

Security

Finance

SCA

1.750%,

09/15/30

60,000‌

50,657‌

Otis

Worldwide

Corp.

2.565%,

02/15/30

60,000‌

53,457‌

Parker-Hannifin

Corp.

3.250%,

06/14/29

50,000‌

46,960‌

Regal

Rexnord

Corp.

6.300%,

02/15/30

60,000‌

62,058‌

RTX

Corp.

4.125%,

11/16/28

120,000‌

117,392‌

Trane

Technologies

Global

Holding

Co.

Ltd.

3.750%,

08/21/28

40,000‌

38,826‌

WESCO

Distribution,

Inc.

6.375%,

03/15/29

(b)

60,000‌

61,199‌

Westinghouse

Air

Brake

Technologies

Corp.

4.700%,

09/15/28

60,000‌

59,717‌

Total

589,659‌

Electric

3.0%

AES

Corp.

(The)

1.375%,

01/15/26

40,000‌

38,311‌

American

Electric

Power

Co.,

Inc.

Subordinated

3.875%,

(US

5

Year

CMT

T-Note

+

2.675%),

02/15/62

(c)

120,000‌

113,247‌

Calpine

Corp.

4.500%,

02/15/28

(b)

50,000‌

48,161‌

Clearway

Energy

Operating

LLC

4.750%,

03/15/28

(b)

50,000‌

48,505‌

Cleco

Corporate

Holdings

LLC

3.743%,

05/01/26

80,000‌

78,294‌

Dominion

Energy,

Inc.

Series

C,

3.375%,

04/01/30

60,000‌

55,547‌

DTE

Energy

Co.

Series

C,

3.400%,

06/15/29

60,000‌

56,207‌

Duke

Energy

Corp.

4.300%,

03/15/28

60,000‌

59,147‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

7

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Edison

International

6.950%,

11/15/29

60,000‌

64,823‌

Emera

US

Finance

LP

3.550%,

06/15/26

80,000‌

78,163‌

Enel

Americas

SA

4.000%,

10/25/26

85,000‌

83,350‌

Eversource

Energy

Series

R,

1.650%,

08/15/30

100,000‌

83,282‌

FirstEnergy

Corp.

Series

B,

2.250%,

09/01/30

60,000‌

51,570‌

Series

B,

3.900%,

07/15/27

30,000‌

29,283‌

NextEra

Energy

Capital

Holdings,

Inc.

1.875%,

01/15/27

40,000‌

37,625‌

3.550%,

05/01/27

40,000‌

38,981‌

NextEra

Energy

Operating

Partners

LP

4.500%,

09/15/27

(b)

50,000‌

47,999‌

NRG

Energy,

Inc.

5.750%,

01/15/28

50,000‌

50,071‌

Pacific

Gas

and

Electric

Co.

2.100%,

08/01/27

85,000‌

78,983‌

3.750%,

07/01/28

80,000‌

76,780‌

PG&E

Corp.

5.000%,

07/01/28

50,000‌

48,890‌

PPL

Capital

Funding,

Inc.

4.125%,

04/15/30

50,000‌

47,960‌

Public

Service

Enterprise

Group,

Inc.

5.850%,

11/15/27

60,000‌

61,835‌

Puget

Energy,

Inc.

2.379%,

06/15/28

50,000‌

45,417‌

Southern

Co.

(The)

5.500%,

03/15/29

60,000‌

61,687‌

Vistra

Operations

Co.

LLC

5.500%,

09/01/26

(b)

205,000‌

204,703‌

Total

1,688,821‌

Environmental

0.3%

GFL

Environmental,

Inc.

5.125%,

12/15/26

(b)

100,000‌

99,119‌

Republic

Services,

Inc.

1.450%,

02/15/31

60,000‌

49,078‌

Total

148,197‌

Finance

Companies

2.5%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

2.450%,

10/29/26

170,000‌

162,260‌

Air

Lease

Corp.

Series

MTN,

2.875%,

01/15/26

80,000‌

78,107‌

Ares

Capital

Corp.

2.150%,

07/15/26

40,000‌

37,956‌

3.875%,

01/15/26

50,000‌

49,159‌

Barings

BDC,

Inc.

7.000%,

02/15/29

50,000‌

50,988‌

Blackstone

Private

Credit

Fund

4.000%,

01/15/29

60,000‌

56,511‌

Blackstone

Secured

Lending

Fund

2.850%,

09/30/28

50,000‌

45,162‌

Equitable

Holdings,

Inc.

4.350%,

04/20/28

120,000‌

117,664‌

Fortress

Transportation

and

Infrastructure

Investors

LLC

5.500%,

05/01/28

(b)

60,000‌

58,896‌

GGAM

Finance

Ltd.

8.000%,

06/15/28

(b)

50,000‌

52,827‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Golub

Capital

BDC,

Inc.

6.000%,

07/15/29

60,000‌

60,085‌

Macquarie

Airfinance

Holdings

Ltd.

8.125%,

03/30/29

(b)

30,000‌

31,703‌

Navient

Corp.

5.500%,

03/15/29

60,000‌

57,156‌

OneMain

Finance

Corp.

3.500%,

01/15/27

170,000‌

162,226‌

3.875%,

09/15/28

60,000‌

55,385‌

6.625%,

05/15/29

50,000‌

50,104‌

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

2.875%,

10/15/26

(b)

50,000‌

47,618‌

SLM

Corp.

4.200%,

10/29/25

80,000‌

78,509‌

United

Wholesale

Mortgage

LLC

5.500%,

11/15/25

(b)

120,000‌

119,513‌

Total

1,371,829‌

Food

and

Beverage

1.3%

Bunge

Ltd.

Finance

Corp.

3.250%,

08/15/26

40,000‌

39,082‌

Campbell

Soup

Co.

2.375%,

04/24/30

60,000‌

52,567‌

Conagra

Brands,

Inc.

4.850%,

11/01/28

60,000‌

59,780‌

Constellation

Brands,

Inc.

4.350%,

05/09/27

85,000‌

84,209‌

General

Mills,

Inc.

2.875%,

04/15/30

60,000‌

54,191‌

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

5.500%,

01/15/30

60,000‌

59,825‌

Kellanova

3.250%,

04/01/26

40,000‌

39,194‌

Keurig

Dr

Pepper,

Inc.

3.200%,

05/01/30

75,000‌

69,017‌

Kraft

Heinz

Foods

Co.

3.000%,

06/01/26

60,000‌

58,409‌

McCormick

&

Co.,

Inc.

0.900%,

02/15/26

85,000‌

80,920‌

Mondelez

International,

Inc.

2.750%,

04/13/30

60,000‌

54,179‌

Sysco

Corp.

3.300%,

07/15/26

40,000‌

39,079‌

Tyson

Foods,

Inc.

4.350%,

03/01/29

60,000‌

58,490‌

Total

748,942‌

Gaming

1.1%

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.300%,

01/15/29

40,000‌

39,906‌

5.375%,

04/15/26

40,000‌

40,016‌

International

Game

Technology

PLC

6.250%,

01/15/27

(b)

200,000‌

201,998‌

Melco

Resorts

Finance

Ltd.

Series

REGS,

5.250%,

04/26/26

85,000‌

83,308‌

5.750%,

07/21/28

(b)

200,000‌

191,185‌

MGM

Resorts

International

6.125%,

09/15/29

50,000‌

49,833‌

Total

606,246‌

Health

Care

3.1%

AMN

Healthcare,

Inc.

4.625%,

10/01/27

(b)

50,000‌

48,199‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Avantor

Funding,

Inc.

4.625%,

07/15/28

(b)

40,000‌

38,666‌

Baxter

International,

Inc.

1.915%,

02/01/27

85,000‌

79,778‌

Becton

Dickinson

&

Co.

4.693%,

02/13/28

60,000‌

59,964‌

Cardinal

Health,

Inc.

3.410%,

06/15/27

60,000‌

58,090‌

Cencora,

Inc.

3.450%,

12/15/27

40,000‌

38,611‌

Cigna

Group

(The)

3.400%,

03/01/27

85,000‌

82,542‌

4.375%,

10/15/28

50,000‌

49,112‌

CVS

Health

Corp.

1.300%,

08/21/27

85,000‌

76,982‌

4.300%,

03/25/28

80,000‌

77,996‌

GE

HealthCare

Technologies,

Inc.

5.650%,

11/15/27

100,000‌

102,571‌

HCA,

Inc.

3.500%,

09/01/30

60,000‌

55,023‌

5.450%,

04/01/31

50,000‌

50,553‌

IQVIA,

Inc.

5.000%,

05/15/27

(b)

200,000‌

197,490‌

6.250%,

02/01/29

100,000‌

104,204‌

Laboratory

Corp.

of

America

Holdings

1.550%,

06/01/26

80,000‌

76,257‌

Medline

Borrower

LP

3.875%,

04/01/29

(b)

220,000‌

205,932‌

Revvity,

Inc.

3.300%,

09/15/29

50,000‌

46,224‌

Solventum

Corp.

5.450%,

03/13/31

(b)

60,000‌

60,491‌

Stryker

Corp.

1.950%,

06/15/30

50,000‌

42,966‌

Teleflex,

Inc.

4.625%,

11/15/27

50,000‌

49,113‌

Tenet

Healthcare

Corp.

4.250%,

06/01/29

50,000‌

47,322‌

5.125%,

11/01/27

100,000‌

99,192‌

Total

1,747,278‌

Healthcare

Insurance

0.5%

Centene

Corp.

3.375%,

02/15/30

100,000‌

89,624‌

4.625%,

12/15/29

60,000‌

57,372‌

Elevance

Health,

Inc.

4.101%,

03/01/28

40,000‌

39,212‌

Humana,

Inc.

1.350%,

02/03/27

85,000‌

78,755‌

Total

264,963‌

Healthcare

REIT

0.4%

Healthcare

Realty

Holdings

LP

3.625%,

01/15/28

85,000‌

81,183‌

Omega

Healthcare

Investors,

Inc.

4.750%,

01/15/28

85,000‌

83,810‌

Welltower

OP

LLC

4.250%,

04/15/28

40,000‌

39,357‌

Total

204,350‌

Home

Construction

0.2%

Century

Communities,

Inc.

3.875%,

08/15/29

(b)

50,000‌

45,454‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

MDC

Holdings,

Inc.

3.850%,

01/15/30

60,000‌

56,958‌

Total

102,412‌

Independent

Energy

1.4%

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

8.250%,

12/31/28

(b)

50,000‌

51,025‌

California

Resources

Corp.

8.250%,

06/15/29

(b)

60,000‌

60,595‌

Canadian

Natural

Resources

Ltd.

3.850%,

06/01/27

40,000‌

39,119‌

Chesapeake

Energy

Corp.

6.750%,

04/15/29

(b)

60,000‌

60,664‌

Civitas

Resources,

Inc.

8.375%,

07/01/28

(b)

50,000‌

51,699‌

Coterra

Energy,

Inc.

4.375%,

03/15/29

85,000‌

82,237‌

Crescent

Energy

Finance

LLC

9.250%,

02/15/28

(b)

50,000‌

52,505‌

Devon

Energy

Corp.

4.500%,

01/15/30

50,000‌

48,388‌

Diamondback

Energy,

Inc.

3.125%,

03/24/31

60,000‌

53,446‌

EQT

Corp.

7.000%,

02/01/30

50,000‌

53,469‌

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

5.750%,

02/01/29

(b)

50,000‌

47,974‌

Matador

Resources

Co.

6.875%,

04/15/28

(b)

60,000‌

61,038‌

Occidental

Petroleum

Corp.

7.500%,

05/01/31

60,000‌

66,401‌

Permian

Resources

Operating

LLC

8.000%,

04/15/27

(b)

50,000‌

51,384‌

Total

779,944‌

Leisure

1.0%

Carnival

Corp.

5.750%,

03/01/27

(b)

110,000‌

110,312‌

6.000%,

05/01/29

(b)

200,000‌

200,246‌

Live

Nation

Entertainment,

Inc.

3.750%,

01/15/28

(b)

80,000‌

75,854‌

Royal

Caribbean

Cruises

Ltd.

5.375%,

07/15/27

(b)

80,000‌

79,841‌

5.500%,

04/01/28

(b)

100,000‌

100,003‌

Total

566,256‌

Life

Insurance

0.5%

CNO

Financial

Group,

Inc.

5.250%,

05/30/29

85,000‌

84,521‌

Corebridge

Financial,

Inc.

3.850%,

04/05/29

50,000‌

47,822‌

Global

Atlantic

Fin

Co.

4.700%,

(US

5

Year

CMT

T-Note

+

3.796%),

10/15/51

(b),(c)

50,000‌

47,931‌

Lincoln

National

Corp.

3.050%,

01/15/30

50,000‌

45,430‌

3.800%,

03/01/28

40,000‌

38,722‌

Total

264,426‌

Lodging

0.5%

Hilton

Domestic

Operating

Co.,

Inc.

3.750%,

05/01/29

(b)

50,000‌

46,591‌

5.375%,

05/01/25

(b)

53,000‌

52,969‌

Hyatt

Hotels

Corp.

4.375%,

09/15/28

85,000‌

83,104‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

9

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Marriott

International,

Inc.

Series

HH,

2.850%,

04/15/31

60,000‌

52,753‌

Travel

+

Leisure

Co.

6.625%,

07/31/26

(b)

40,000‌

40,310‌

Total

275,727‌

Media

and

Entertainment

0.9%

Discovery

Communications

LLC

3.950%,

03/20/28

75,000‌

70,772‌

Netflix,

Inc.

6.375%,

05/15/29

120,000‌

128,205‌

Paramount

Global

4.200%,

06/01/29

50,000‌

46,796‌

6.375%,

(US

5

Year

CMT

T-Note

+

3.999%),

03/30/62

(c)

60,000‌

55,565‌

7.875%,

07/30/30

50,000‌

53,854‌

Take-Two

Interactive

Software,

Inc.

4.950%,

03/28/28

60,000‌

60,214‌

TEGNA,

Inc.

4.625%,

03/15/28

80,000‌

75,432‌

Warnermedia

Holdings,

Inc.

4.054%,

03/15/29

40,000‌

37,371‌

Total

528,209‌

Media

Cable

0.1%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

5.000%,

02/01/28

(b)

60,000‌

58,064‌

Metals

and

Mining

0.9%

Alcoa

Nederland

Holding

BV

4.125%,

03/31/29

(b)

95,000‌

89,322‌

FMG

Resources

August

2006

Pty

Ltd.

4.500%,

09/15/27

(b)

50,000‌

48,751‌

Freeport-McMoRan,

Inc.

4.250%,

03/01/30

110,000‌

105,246‌

Mineral

Resources

Ltd.

8.000%,

11/01/27

(b)

50,000‌

51,223‌

9.250%,

10/01/28

(b)

100,000‌

105,349‌

Novelis

Corp.

3.250%,

11/15/26

(b)

80,000‌

76,934‌

Yamana

Gold,

Inc.

2.630%,

08/15/31

40,000‌

33,992‌

Total

510,817‌

Midstream

3.3%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

5.375%,

06/15/29

(b)

60,000‌

58,577‌

5.750%,

01/15/28

(b)

50,000‌

49,742‌

Buckeye

Partners

LP

3.950%,

12/01/26

85,000‌

81,683‌

Cheniere

Corpus

Christi

Holdings

LLC

5.125%,

06/30/27

40,000‌

40,256‌

Enbridge,

Inc.

6.200%,

11/15/30

60,000‌

63,649‌

Energy

Transfer

LP

3.750%,

05/15/30

60,000‌

55,988‌

4.950%,

05/15/28

40,000‌

40,071‌

EnLink

Midstream

Partners

LP

4.150%,

06/01/25

16,000‌

15,885‌

EQM

Midstream

Partners

LP

5.500%,

07/15/28

100,000‌

99,579‌

6.500%,

07/01/27

(b)

75,000‌

76,717‌

Hess

Midstream

Operations

LP

6.500%,

06/01/29

(b)

60,000‌

60,969‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Kinder

Morgan,

Inc.

2.000%,

02/15/31

60,000‌

50,527‌

Kinetik

Holdings

LP

6.625%,

12/15/28

(b)

60,000‌

61,294‌

MPLX

LP

2.650%,

08/15/30

60,000‌

52,789‌

National

Fuel

Gas

Co.

3.950%,

09/15/27

40,000‌

38,902‌

NuStar

Logistics

LP

5.625%,

04/28/27

85,000‌

84,291‌

6.000%,

06/01/26

40,000‌

40,009‌

ONEOK,

Inc.

4.000%,

07/13/27

50,000‌

48,981‌

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.650%,

10/15/25

85,000‌

84,834‌

Sabine

Pass

Liquefaction

LLC

4.500%,

05/15/30

60,000‌

58,371‌

5.000%,

03/15/27

40,000‌

40,086‌

Sunoco

LP

7.000%,

05/01/29

(b)

50,000‌

51,636‌

Sunoco

LP

/

Sunoco

Finance

Corp.

6.000%,

04/15/27

80,000‌

80,049‌

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%,

03/01/30

60,000‌

60,114‌

TransCanada

PipeLines

Ltd.

4.875%,

01/15/26

40,000‌

39,942‌

Venture

Global

LNG,

Inc.

8.125%,

06/01/28

(b)

120,000‌

124,525‌

9.500%,

02/01/29

(b)

60,000‌

66,339‌

Western

Midstream

Operating

LP

4.050%,

02/01/30

80,000‌

75,157‌

Williams

Cos.,

Inc.

(The)

3.750%,

06/15/27

125,000‌

122,029‌

Total

1,822,991‌

Natural

Gas

0.6%

Sempra

3.400%,

02/01/28

40,000‌

38,252‌

Southern

Gas

Corridor

CJSC

Series

REGS,

6.875%,

03/24/26

200,000‌

203,811‌

Southwest

Gas

Corp.

5.450%,

03/23/28

80,000‌

81,130‌

Total

323,193‌

Office

REIT

0.4%

Alexandria

Real

Estate

Equities,

Inc.

3.950%,

01/15/27

40,000‌

39,231‌

Boston

Properties

LP

4.500%,

12/01/28

80,000‌

77,588‌

CubeSmart

LP

2.000%,

02/15/31

60,000‌

50,042‌

Piedmont

Operating

Partnership

LP

9.250%,

07/20/28

50,000‌

55,009‌

Total

221,870‌

Oil

Field

Services

0.1%

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

6.250%,

04/01/28

(b)

50,000‌

50,094‌

Other

Financial

Institutions

0.4%

Howard

Hughes

Corp.

(The)

4.125%,

02/01/29

(b)

100,000‌

92,208‌

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

5.250%,

05/15/27

100,000‌

93,165‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

10

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

6.250%,

05/15/26

40,000‌

39,315‌

Total

224,688‌

Other

Industry

0.4%

AECOM

5.125%,

03/15/27

50,000‌

49,694‌

Dycom

Industries,

Inc.

4.500%,

04/15/29

(b)

50,000‌

47,170‌

Quanta

Services,

Inc.

2.900%,

10/01/30

50,000‌

44,950‌

Williams

Scotsman,

Inc.

6.625%,

06/15/29

(b)

60,000‌

60,927‌

Total

202,741‌

Other

REIT

0.5%

Digital

Realty

Trust

LP

4.450%,

07/15/28

40,000‌

39,471‌

Extra

Space

Storage

LP

5.900%,

01/15/31

60,000‌

62,169‌

Host

Hotels

&

Resorts

LP

Series

I,

3.500%,

09/15/30

60,000‌

54,291‌

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

4.750%,

06/15/29

(b)

50,000‌

47,643‌

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

4.500%,

02/15/29

(b)

30,000‌

28,700‌

Starwood

Property

Trust,

Inc.

7.250%,

04/01/29

(b)

60,000‌

61,670‌

Total

293,944‌

Packaging

0.7%

Amcor

Finance

USA,

Inc.

3.625%,

04/28/26

80,000‌

78,547‌

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

4.125%,

08/15/26

(b)

85,000‌

73,966‌

Ball

Corp.

6.000%,

06/15/29

60,000‌

60,942‌

Berry

Global,

Inc.

5.800%,

06/15/31

(b)

60,000‌

60,634‌

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

4.750%,

02/01/26

40,000‌

39,663‌

Sealed

Air

Corp./Sealed

Air

Corp.

US

6.125%,

02/01/28

(b)

100,000‌

100,945‌

Total

414,697‌

Paper

0.2%

Celulosa

Arauco

y

Constitucion

SA

3.875%,

11/02/27

85,000‌

81,539‌

Suzano

Austria

GmbH

3.750%,

01/15/31

60,000‌

53,490‌

Total

135,029‌

Pharmaceuticals

1.1%

Amgen,

Inc.

5.250%,

03/02/30

120,000‌

122,328‌

Biogen,

Inc.

2.250%,

05/01/30

50,000‌

43,368‌

Gilead

Sciences,

Inc.

2.950%,

03/01/27

90,000‌

86,856‌

3.650%,

03/01/26

40,000‌

39,491‌

Mylan,

Inc.

4.550%,

04/15/28

60,000‌

58,778‌

Organon

&

Co.

/

Organon

Foreign

Debt

Co.-Issuer

BV

4.125%,

04/30/28

(b)

200,000‌

189,487‌

Royalty

Pharma

PLC

2.150%,

09/02/31

50,000‌

41,439‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Shire

Acquisitions

Investments

Ireland

DAC

3.200%,

09/23/26

2,000‌

1,953‌

Zoetis,

Inc.

4.500%,

11/13/25

40,000‌

39,896‌

Total

623,596‌

Property

&

Casualty

0.6%

Aon

Corp.

2.800%,

05/15/30

60,000‌

53,751‌

Assurant,

Inc.

4.900%,

03/27/28

40,000‌

39,798‌

CNA

Financial

Corp.

3.450%,

08/15/27

85,000‌

82,214‌

Enstar

Finance

LLC

5.750%,

(US

5

Year

CMT

T-Note

+

5.468%),

09/01/40

(c)

80,000‌

78,816‌

Willis

North

America,

Inc.

2.950%,

09/15/29

60,000‌

54,765‌

Total

309,344‌

Railroads

0.1%

Canadian

Pacific

Railway

Co.

1.750%,

12/02/26

85,000‌

80,212‌

Refining

0.5%

Marathon

Petroleum

Corp.

3.800%,

04/01/28

50,000‌

48,404‌

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

6.000%,

02/15/28

100,000‌

97,188‌

Phillips

66

3.900%,

03/15/28

40,000‌

38,923‌

Phillips

66

Co.

3.750%,

03/01/28

70,000‌

67,769‌

Total

252,284‌

Restaurants

0.4%

1011778

Bc

Ulc

/

New

Red

Finance,

Inc.

5.625%,

09/15/29

(b)

50,000‌

49,880‌

1011778

BC

ULC

/

New

Red

Finance,

Inc.

3.875%,

01/15/28

(b)

40,000‌

38,104‌

McDonald's

Corp.

Series

MTN,

3.800%,

04/01/28

80,000‌

77,928‌

Starbucks

Corp.

3.500%,

03/01/28

40,000‌

38,715‌

Total

204,627‌

Retail

REIT

0.4%

Agree

LP

2.000%,

06/15/28

45,000‌

40,588‌

Brixmor

Operating

Partnership

LP

4.050%,

07/01/30

40,000‌

37,871‌

NNN

REIT,

Inc.

4.000%,

11/15/25

50,000‌

49,568‌

Regency

Centers

LP

3.700%,

06/15/30

40,000‌

37,512‌

Store

Capital

LLC

4.500%,

03/15/28

80,000‌

77,531‌

Total

243,070‌

Retailers

1.3%

Advance

Auto

Parts,

Inc.

3.900%,

04/15/30

50,000‌

44,456‌

AutoNation,

Inc.

3.800%,

11/15/27

50,000‌

48,196‌

Bath

&

Body

Works,

Inc.

5.250%,

02/01/28

50,000‌

49,324‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

11

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Dollar

Tree,

Inc.

4.200%,

05/15/28

40,000‌

38,821‌

Lowe's

Cos.,

Inc.

3.650%,

04/05/29

85,000‌

81,267‌

O'Reilly

Automotive,

Inc.

3.600%,

09/01/27

80,000‌

77,764‌

Rakuten

Group,

Inc.

11.250%,

02/15/27

(b)

200,000‌

217,321‌

Tapestry,

Inc.

7.700%,

11/27/30

60,000‌

61,182‌

Under

Armour,

Inc.

3.250%,

06/15/26

60,000‌

57,683‌

Walgreens

Boots

Alliance,

Inc.

3.450%,

06/01/26

60,000‌

57,738‌

Total

733,752‌

Supermarkets

0.5%

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertsons

LP

/

Albertsons

LLC

3.250%,

03/15/26

(b)

50,000‌

48,302‌

4.625%,

01/15/27

(b)

40,000‌

39,211‌

6.500%,

02/15/28

(b)

160,000‌

162,748‌

Kroger

Co.

(The)

4.500%,

01/15/29

40,000‌

39,619‌

Total

289,880‌

Technology

4.5%

Amdocs

Ltd.

2.538%,

06/15/30

50,000‌

43,667‌

Avnet,

Inc.

4.625%,

04/15/26

40,000‌

39,723‌

Block,

Inc.

2.750%,

06/01/26

50,000‌

48,194‌

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

3.875%,

01/15/27

125,000‌

122,955‌

Broadcom,

Inc.

4.750%,

04/15/29

50,000‌

49,815‌

Camelot

Finance

SA

4.500%,

11/01/26

(b)

50,000‌

49,123‌

Dell

International

LLC

/

EMC

Corp.

4.900%,

10/01/26

40,000‌

40,110‌

5.300%,

10/01/29

60,000‌

60,975‌

6.020%,

06/15/26

22,000‌

22,364‌

Equifax,

Inc.

3.100%,

05/15/30

60,000‌

54,624‌

Equinix,

Inc.

3.200%,

11/18/29

60,000‌

55,406‌

Fair

Isaac

Corp.

4.000%,

06/15/28

(b)

50,000‌

47,469‌

Fidelity

National

Information

Services,

Inc.

1.150%,

03/01/26

40,000‌

38,137‌

Fiserv,

Inc.

3.200%,

07/01/26

40,000‌

39,051‌

3.500%,

07/01/29

100,000‌

94,481‌

Flex

Ltd.

3.750%,

02/01/26

85,000‌

83,629‌

Global

Payments,

Inc.

1.200%,

03/01/26

40,000‌

38,157‌

Hewlett

Packard

Enterprise

Co.

4.550%,

10/15/29

50,000‌

49,053‌

5.250%,

07/01/28

60,000‌

60,735‌

HP,

Inc.

3.000%,

06/17/27

40,000‌

38,349‌

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Imola

Merger

Corp.

4.750%,

05/15/29

(b)

80,000‌

77,796‌

Intel

Corp.

4.875%,

02/10/28

50,000‌

49,792‌

Iron

Mountain,

Inc.

4.875%,

09/15/27

(b)

50,000‌

49,080‌

5.000%,

07/15/28

(b)

100,000‌

97,428‌

Jabil,

Inc.

3.600%,

01/15/30

50,000‌

46,199‌

Keysight

Technologies,

Inc.

3.000%,

10/30/29

60,000‌

54,803‌

4.600%,

04/06/27

50,000‌

49,984‌

Micron

Technology,

Inc.

6.750%,

11/01/29

50,000‌

53,663‌

Motorola

Solutions,

Inc.

4.600%,

02/23/28

80,000‌

79,674‌

ON

Semiconductor

Corp.

3.875%,

09/01/28

(b)

60,000‌

56,302‌

Open

Text

Corp.

3.875%,

02/15/28

(b)

60,000‌

56,415‌

Oracle

Corp.

2.650%,

07/15/26

85,000‌

82,215‌

3.250%,

11/15/27

80,000‌

76,851‌

PTC,

Inc.

4.000%,

02/15/28

(b)

60,000‌

57,366‌

Roper

Technologies,

Inc.

2.950%,

09/15/29

50,000‌

45,929‌

Seagate

HDD

Cayman

4.875%,

06/01/27

60,000‌

59,246‌

Skyworks

Solutions,

Inc.

1.800%,

06/01/26

120,000‌

114,170‌

TD

SYNNEX

Corp.

1.750%,

08/09/26

85,000‌

80,446‌

VMware

LLC

1.400%,

08/15/26

85,000‌

80,130‌

3.900%,

08/21/27

40,000‌

39,081‌

Western

Digital

Corp.

2.850%,

02/01/29

60,000‌

53,113‌

4.750%,

02/15/26

60,000‌

59,253‌

Total

2,494,953‌

Tobacco

0.3%

Altria

Group,

Inc.

3.400%,

05/06/30

60,000‌

55,341‌

BAT

Capital

Corp.

2.259%,

03/25/28

75,000‌

68,807‌

3.557%,

08/15/27

33,000‌

31,983‌

Total

156,131‌

Transportation

Services

0.4%

Cargo

Aircraft

Management,

Inc.

4.750%,

02/01/28

(b)

50,000‌

47,713‌

FedEx

Corp.

3.250%,

04/01/26

60,000‌

58,825‌

GXO

Logistics,

Inc.

1.650%,

07/15/26

50,000‌

47,354‌

Penske

Automotive

Group,

Inc.

Subordinated

3.500%,

09/01/25

60,000‌

59,092‌

Total

212,984‌

Wireless

1.4%

American

Tower

Corp.

2.900%,

01/15/30

50,000‌

45,266‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

12

Indexed

ETF

|

2024

Corporate

Bonds

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Crown

Castle,

Inc.

3.800%,

02/15/28

60,000‌

57,968‌

Rogers

Communications,

Inc.

3.625%,

12/15/25

50,000‌

49,302‌

5.250%,

(US

5

Year

CMT

T-Note

+

3.590%),

03/15/82

(b),(c)

50,000‌

48,928‌

SBA

Communications

Corp.

3.125%,

02/01/29

80,000‌

72,797‌

3.875%,

02/15/27

60,000‌

58,075‌

Sprint

LLC

7.625%,

03/01/26

80,000‌

82,097‌

T-Mobile

USA,

Inc.

2.050%,

02/15/28

20,000‌

18,362‌

2.550%,

02/15/31

180,000‌

156,489‌

3.875%,

04/15/30

60,000‌

56,995‌

Vodafone

Group

PLC

3.250%,

(US

5

Year

CMT

T-Note

+

2.447%),

06/04/81

(c)

80,000‌

76,889‌

Zegona

Finance

PLC

8.625%,

07/15/29

(b)

50,000‌

52,966‌

Total

776,134‌

Wirelines

0.9%

AT&T,

Inc.

2.750%,

06/01/31

60,000‌

52,711‌

4.350%,

03/01/29

85,000‌

83,794‌

British

Telecommunications

PLC

5.125%,

12/04/28

85,000‌

85,794‌

Deutsche

Telekom

International

Finance

BV

8.750%,

06/15/30

60,000‌

70,581‌

Verizon

Communications,

Inc.

2.100%,

03/22/28

40,000‌

36,727‌

4.125%,

03/16/27

75,000‌

74,104‌

4.329%,

09/21/28

85,000‌

83,826‌

Total

487,537‌

Total

Corporate

Bonds

(Cost

$27,502,304)

27,484,053‌

Foreign

Government

Obligations

(d)

  19.3%

Principal

Amount

($)

Value

($)

Brazil

1.6%

Brazilian

Government

International

Bond

4.625%,

01/13/28

200,000‌

197,927‌

4.500%,

05/30/29

500,000‌

481,184‌

Petrobras

Global

Finance

BV

5.999%,

01/27/28

200,000‌

202,681‌

Total

881,792‌

Chile

0.3%

Corp

Nacional

del

Cobre

de

Chile

5.549%,

01/14/30

200,000‌

179,272‌

China

1.9%

China

Cinda

Finance

2017

I

Ltd.

Series

EMTN,

4.750%,

02/08/28

200,000‌

196,527‌

China

Construction

Bank

Corp.

2.450%,

(US

5

Year

CMT

T-Note

+

2.150%),

06/24/30

(c)

200,000‌

196,461‌

Huarong

Finance

2017

Co.

Ltd.

Series

EMTN,

4.250%,

11/07/27

200,000‌

192,021‌

Industrial

&

Commercial

Bank

of

China

Ltd.

Series

REGS,

4.875%,

09/21/25

455,000‌

453,698‌

Total

1,038,707‌

Colombia

1.5%

Foreign

Government

Obligations

(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Colombia

Government

International

Bond

4.500%,

03/15/29

300,000‌

278,744‌

3.000%,

01/30/30

200,000‌

166,495‌

Ecopetrol

SA

8.625%,

01/19/29

350,000‌

371,328‌

Total

816,567‌

Dominican

Republic

1.1%

Dominican

Republic

International

Bond

Series

REGS,

5.500%,

02/22/29

150,000‌

146,996‌

Series

REGS,

5.950%,

01/25/27

272,000‌

272,783‌

Series

REGS,

4.500%,

01/30/30

200,000‌

185,563‌

Total

605,342‌

Hungary

0.8%

Hungary

Government

International

Bond

Series

REGS,

5.250%,

06/16/29

200,000‌

198,187‌

Magyar

Export-Import

Bank

Zrt

Series

REGS,

6.125%,

12/04/27

200,000‌

203,889‌

Total

402,076‌

India

0.3%

Export-Import

Bank

of

India

Series

REGS,

3.875%,

02/01/28

200,000‌

194,039‌

Indonesia

2.0%

Indonesia

Government

International

Bond

4.100%,

04/24/28

255,000‌

250,630‌

Series

REGS,

4.750%,

01/08/26

200,000‌

200,586‌

Perusahaan

Penerbit

SBSN

Indonesia

III

Series

REGS,

4.400%,

03/01/28

255,000‌

253,142‌

Series

REGS,

4.450%,

02/20/29

200,000‌

197,959‌

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

Series

REGS,

5.450%,

05/21/28

200,000‌

202,866‌

Total

1,105,183‌

Israel

0.3%

Israel

Electric

Corp.

Ltd.

Series

GMTN,

4.250%,

08/14/28

(b)

200,000‌

188,813‌

Jordan

0.3%

Jordan

Government

International

Bond

Series

REGS,

5.850%,

07/07/30

200,000‌

188,786‌

Kuwait

0.4%

MEGlobal

BV

Series

REGS,

4.250%,

11/03/26

200,000‌

195,800‌

Mexico

2.1%

Comision

Federal

de

Electricidad

Series

REGS,

4.688%,

05/15/29

200,000‌

190,504‌

Mexico

Government

International

Bond

3.750%,

01/11/28

255,000‌

244,777‌

4.500%,

04/22/29

400,000‌

386,377‌

3.250%,

04/16/30

200,000‌

178,015‌

5.000%,

05/07/29

200,000‌

196,191‌

Total

1,195,864‌

Oman

1.9%

Oman

Government

International

Bond

Series

REGS,

6.000%,

08/01/29

200,000‌

204,513‌

Series

REGS,

6.750%,

10/28/27

200,000‌

207,873‌

Series

REGS,

5.625%,

01/17/28

400,000‌

402,562‌

Oman

Sovereign

Sukuk

Co.

Series

REGS,

5.932%,

10/31/25

200,000‌

201,510‌

Total

1,016,458‌

Panama

0.3%

Panama

Government

International

Bond

3.160%,

01/23/30

200,000‌

172,325‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

13

Foreign

Government

Obligations

(d)

(continued)

Issue

Description

Principal

Amount

($)

Value

($)

Philippines

1.5%

Philippine

Government

International

Bond

10.625%,

03/16/25

240,000‌

245,175‌

3.750%,

01/14/29

200,000‌

193,073‌

2.457%,

05/05/30

200,000‌

178,239‌

ROP

Sukuk

Trust

Series

REGS,

5.045%,

06/06/29

200,000‌

202,609‌

Total

819,096‌

Romania

0.9%

Romanian

Government

International

Bond

Series

REGS,

5.250%,

11/25/27

300,000‌

297,688‌

Series

REGS,

5.875%,

01/30/29

200,000‌

200,864‌

Total

498,552‌

South

Africa

1.1%

Republic

of

South

Africa

Government

International

Bond

4.875%,

04/14/26

200,000‌

197,787‌

4.300%,

10/12/28

200,000‌

189,054‌

4.850%,

09/27/27

255,000‌

249,774‌

Total

636,615‌

United

Arab

Emirates

1.0%

DP

World

Crescent

Ltd.

Series

EMTN,

3.875%,

07/18/29

200,000‌

190,929‌

DP

World

Salaam

6.000%,

(US

5

Year

CMT

T-Note

+

5.750%),

01/01/73

(c)

200,000‌

199,302‌

Sharjah

Sukuk

Program

Ltd.

Series

EMTN,

4.226%,

03/14/28

200,000‌

194,153‌

Total

584,384‌

Total

Foreign

Government

Obligations

(Cost

$10,688,672)

10,719,671‌

Residential

Mortgage-Backed

Securities

-

Agency

  10.0%

Principal

Amount

($)

Value

($)

Uniform

Mortgage-Backed

Security

TBA

10.0%

1.500%,

11/15/39

(e)

474,000‌

410,405‌

2.000%,

11/15/39

(e)

987,000‌

878,944‌

2.500%,

11/15/39

(e)

711,000‌

648,958‌

3.000%,

11/15/39

(e)

617,000‌

576,340‌

3.500%,

11/15/39

(e)

497,600‌

473,906‌

4.000%,

11/15/39

(e)

481,000‌

465,018‌

4.500%,

11/15/39

(e)

527,300‌

517,865‌

5.000%,

11/15/39

(e)

701,000‌

699,432‌

5.500%,

11/15/39

(e)

508,400‌

513,026‌

6.000%,

11/15/39

(e)

342,000‌

348,532‌

Total

5,532,426‌

Total

Residential

Mortgage-Backed

Securities

-

Agency

(Cost

$5,591,705)

5,532,426‌

Treasury

Bills

  7.2%

Principal

Amount

($)

Value

($)

United

States

7.2%

U.S.

Treasury

Bill

5.201%,

11/14/24

4,000,000‌

3,993,305‌

Total

Treasury

Bills

(Cost

$3,992,624)

3,993,305‌

Money

Market

Funds

2.8%

Shares

Value

($)

Dreyfus

Treasury

Securities

Cash

Management,

Institutional

Shares

4.660%

(f)

1,573,805‌

1,573,805‌

Total

Money

Market

Funds

(Cost

$1,573,805)

1,573,805‌

Total

Investments

in

Securities

(Cost

$60,653,191)

60,492,371‌

Other

Assets

&

Liabilities,

Net

(4,910,471‌)

Net

Assets

55,581,900‌

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

14

Indexed

ETF

|

2024

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,

2024.

(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,

2024,

the

total

value

of

these

securities

amounted

to

$8,500,647,

which

represents

15.29%

of

total

net

assets.

(c)

Variable

rate

security.

The

interest

rate

shown

was

the

current

rate

as

of

October

31,

2024.

(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,

2024.

Abbreviation

Legend

SOFR

Secured

Overnight

Financing

Rate

TBA

To

Be

Announced

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

PORTFOLIO

OF

INVESTMENTS

(continued)

Columbia

Short

Duration

Bond

ETF

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

15

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,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Asset-Backed

Securities

-

Non-Agency

–

5,690,824

–

5,690,824

Commercial

Mortgage-Backed

Securities

-

Non-Agency

–

5,498,287

–

5,498,287

Corporate

Bonds

–

27,484,053

–

27,484,053

Foreign

Government

Obligations

–

10,719,671

–

10,719,671

Residential

Mortgage-Backed

Securities

-

Agency

–

5,532,426

–

5,532,426

Treasury

Bills

–

3,993,305

–

3,993,305

Money

Market

Funds

1,573,805

–

–

1,573,805

Total

Investments

in

Securities

1,573,805

58,918,566

–

60,492,371

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

The

Fund’s

assets

assigned

to

the

Level

2

input

category

are

generally

valued

using

the

market

approach,

in

which

a

security's

value

is

determined

through

reference

to

prices

and

information

from

market

transactions

for

similar

or

identical

assets.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

16

Indexed

ETF

|

2024

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$60,653,191)

$60,492,371

Receivable

for:

Interest

507,514

Investments

sold

396,703

Dividends

6,024

Reimbursement

due

from

Investment

Manager

232

Total

assets

61,402,844

Liabilities

Payable

for:

Investments

purchased

on

a

delayed

delivery

basis

5,591,705

Investments

purchased

217,416

Investment

management

fees

11,823

Total

liabilities

5,820,944

Net

assets

applicable

to

outstanding

capital

stock

$55,581,900

Represented

by:

Paid-in

capital

$58,088,407

Total

distributable

earnings

(loss)

(2,506,507)

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$55,581,900

Shares

outstanding

3,000,050

Net

asset

value

per

share

$18.53

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

17

Investment

Income:

Interest

$2,392,411

Dividends

-

unaffiliated

issuers

130,975

Total

income

2,523,386

Expenses:

Investment

management

fees

133,703

Total

expenses

133,703

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(4,436)

Total

net

expenses

129,267

Net

Investment

Income

2,394,119

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

(252,449)

Net

realized

loss

(252,449)

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

2,672,649

Net

change

in

unrealized

appreciation

2,672,649

Net

realized

and

unrealized

gain

2,420,200

Net

Increase

in

net

assets

resulting

from

operations

$4,814,319

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

18

Indexed

ETF

|

2024

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$2,394,119

$1,853,541

Net

realized

loss

(252,449)

(891,487)

Net

change

in

unrealized

appreciation

2,672,649

913,543

Net

increase

in

net

assets

resulting

from

operations

4,814,319

1,875,597

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(2,397,194)

(1,821,194)

Shareholder

transactions

Proceeds

from

shares

sold

1,862,581

6,257,457

Cost

of

shares

redeemed

–

(2,700,613)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

1,862,581

3,556,844

Increase

in

net

assets

4,279,706

3,611,247

Net

Assets:

Net

assets

beginning

of

year

51,302,194

47,690,947

Net

assets

at

end

of

year

$55,581,900

$51,302,194

Capital

stock

activity

Shares

outstanding,

beginning

of

year

2,900,050

2,700,050

Shares

sold

100,000

350,000

Shares

redeemed

–

(150,000)

Shares

outstanding,

end

of

year

3,000,050

2,900,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

19

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratios

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

t

Year

Ended

October

31,

2024

2023

2022

2021

(a)

Per

share

data

Net

asset

value,

beginning

of

period

$17.69‌

$17.66‌

$19.86‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.82‌

0.67‌

0.44‌

0.03‌

Net

realized

and

unrealized

gain

(loss)

0.84‌

0.03‌

(2.20‌)

(0.17‌)

Total

from

investment

operations

1.66‌

0.70‌

(1.76‌)

(0.14‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.82‌)

(0.67‌)

(0.44‌)

–‌

Total

distribution

to

shareholders

(0.82‌)

(0.67‌)

(0.44‌)

–‌

Net

asset

value,

end

of

period

$18.53‌

$17.69‌

$17.66‌

$19.86‌

Total

Return

at

NAV

9.56‌%

3.95‌%

(8.96‌)%

(0.70‌)%

Total

Return

at

Market

Price

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%

Total

net

expenses

(b)(c)

0.24‌%

0.25‌%

0.25‌%

0.25‌%

Net

investment

income

4.48‌%

3.75‌%

2.39‌%

1.44‌%

Supplemental

data

Net

assets,

end

of

period

(in

thousands)

$55,582‌

$51,302‌

$47,691‌

$19,858‌

Portfolio

turnover

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,

2024

20

Indexed

ETF

|

2024

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.

Security

valuation

Debt

securities

generally

are

valued

based

on

prices

obtained

from

pricing

services,

which

are

intended

to

reflect

market

transactions

for

normal,

institutional-size

trading

units

of

similar

securities.

The

services

may

use

various

pricing

techniques

that

take

into

account,

as

applicable,

factors

such

as

yield,

quality,

coupon

rate,

maturity,

type

of

issue,

trading

characteristics

and

other

data,

as

well

as

approved

independent

broker-dealer

quotes.

Debt

securities

for

which

quotations

are

not

readily

available

or

not

believed

to

be

reflective

of

market

value

may

also

be

valued

based

upon

a

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Asset-

and

mortgage-backed

securities

are

generally

valued

by

pricing

services,

which

utilize

pricing

models

that

incorporate

the

securities’

cash

flow

and

loan

performance

data.

These

models

also

take

into

account

available

market

data,

including

trades,

market

quotations,

and

benchmark

yield

curves

for

identical

or

similar

securities.

Factors

used

to

identify

similar

securities

may

include,

but

are

not

limited

to,

issuer,

collateral

type,

vintage,

prepayment

speeds,

collateral

performance,

credit

ratings,

credit

enhancement

and

expected

life.

Asset-backed

securities

for

which

quotations

are

readily

available

may

also

be

valued

based

upon

an

over-the-counter

or

exchange

bid

quote

from

an

approved

independent

broker-dealer.

Debt

securities

maturing

in

60

days

or

less

are

valued

primarily

at

amortized

market

value,

unless

this

method

results

in

a

valuation

that

management

believes

does

not

approximate

fair

value.

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

21

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Asset–

and

mortgage-backed

securities

The

Fund

may

invest

in

asset-backed

and

mortgage-backed

securities.

The

maturity

dates

shown

represent

the

original

maturity

of

the

underlying

obligation.

Actual

maturity

may

vary

based

upon

prepayment

activity

on

these

obligations.

All,

or

a

portion,

of

the

obligation

may

be

prepaid

at

any

time

because

the

underlying

asset

may

be

prepaid.

As

a

result,

decreasing

market

interest

rates

could

result

in

an

increased

level

of

prepayment.

An

increased

prepayment

rate

will

have

the

effect

of

shortening

the

maturity

of

the

security.

Unless

otherwise

noted,

the

coupon

rates

presented

are

fixed

rates.

To

be

announced

securities

The

Fund

may

trade

securities

on

a

To

Be

Announced

(TBA)

basis.

As

with

other

delayed-delivery

transactions,

a

seller

agrees

to

issue

a

TBA

security

at

a

future

date.

However,

the

seller

does

not

specify

the

particular

securities

to

be

delivered.

Instead,

the

Fund

agrees

to

accept

any

security

that

meets

specified

terms.

In

some

cases,

Master

Securities

Forward

Transaction

Agreements

(MSFTAs)

may

be

used

to

govern

transactions

of

certain

forward-settling

agency

mortgage-backed

securities,

such

as

delayed-delivery

and

TBAs,

between

the

Fund

and

counterparty.

The

MSFTA

maintains

provisions

for,

among

other

things,

initiation

and

confirmation,

payment

and

transfer,

events

of

default,

termination,

and

maintenance

of

collateral

relating

to

such

transactions.

Mortgage

dollar

roll

transactions

The

Fund

may

enter

into

mortgage

“dollar

rolls”

in

which

the

Fund

sells

securities

for

delivery

in

the

current

month

and

simultaneously

contracts

with

the

same

counterparty

to

repurchase

similar

but

not

identical

securities

(same

type,

coupon

and

maturity)

on

a

specified

future

date.

These

transactions

may

increase

the

Fund’s

portfolio

turnover

rate.

During

the

roll

period,

the

Fund

loses

the

right

to

receive

principal

and

interest

paid

on

the

securities

sold.

However,

the

Fund

may

benefit

because

it

receives

negotiated

amounts

in

the

form

of

reductions

of

the

purchase

price

for

the

future

purchase

plus

the

interest

earned

on

the

cash

proceeds

of

the

securities

sold

until

the

settlement

date

of

the

forward

purchase.

The

Fund

records

the

incremental

difference

between

the

forward

purchase

and

sale

of

each

forward

roll

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

22

Indexed

ETF

|

2024

Delayed

delivery

securities

The

Fund

may

trade

securities

on

other

than

normal

settlement

terms,

including

securities

purchased

or

sold

on

a

“when-

issued”

or

"forward

commitment"

basis.

This

may

increase

risk

to

the

Fund

since

the

other

party

to

the

transaction

may

fail

to

deliver,

which

could

cause

the

Fund

to

subsequently

invest

at

less

advantageous

prices.

The

Fund

designates

cash

or

liquid

securities

in

an

amount

equal

to

the

delayed

delivery

commitment.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Interest

income

is

recorded

on

an

accrual

basis.

Market

premiums

and

discounts,

including

original

issue

discounts,

are

amortized

and

accreted,

respectively,

over

the

expected

life

of

the

security

on

all

debt

securities,

unless

otherwise

noted.

The

Fund

classifies

gains

and

losses

realized

on

prepayments

received

on

mortgage-backed

securities

as

adjustments

to

interest

income.

The

Fund

may

place

a

debt

security

on

non-accrual

status

and

reduce

related

interest

income

when

it

becomes

probable

that

the

interest

will

not

be

collected

and

the

amount

of

uncollectible

interest

can

be

reasonably

estimated.

The

Fund

may

also

adjust

accrual

rates

when

it

becomes

probable

the

full

interest

will

not

be

collected

and

a

partial

payment

will

be

received.

A

defaulted

debt

security

is

removed

from

non-accrual

status

when

the

issuer

resumes

interest

payments

or

when

collectability

of

interest

is

reasonably

assured.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

23

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.

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.

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,

2025,

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%

of

the

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

24

Indexed

ETF

|

2024

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,

2024,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

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

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,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

October

31,

2024,

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,

2024,

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,

2024,

capital

loss

carryforwards

utilized,

if

any,

were

as

follows:

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management’s

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund’s

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

(loss)

($)

Paid-in

capital

($)

35,695

(35,695)

-

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

2,397,194

-

2,397,194

1,821,194

-

1,821,194

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

depreciation

($)

218,531

-

(2,520,074)

(204,964)

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

depreciation

($)

60,697,335

555,001

(759,965)

(204,964)

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

1,541,953

978,121

2,520,074

(161,834)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

25

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

$89,717,924

and

$89,597,571

respectively,

for

the

year

ended

October

31,

2024,

of

which

$73,612,932

and

$73,294,489,

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,

2024,

the

cost

basis

of

securities

contributed

was

$1,308,545.

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,

2024,

the

Fund

did

not

have

in-kind

redemptions.

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00

%

in

each

case.

The

Fund

had

no

borrowings

during

the

year

ended October

31,

2024.

Note

8.

Significant

risks

Credit

risk

Credit

risk

is

the

risk

that

the

value

of

debt

instruments

in

the

Fund’s

portfolio

may

decline

because

the

issuer

defaults

or

otherwise

becomes

unable

or

unwilling,

or

is

perceived

to

be

unable

or

unwilling,

to

honor

its

financial

obligations,

such

as

making

payments

to

the

Fund

when

due.

Credit

rating

agencies

assign

credit

ratings

to

certain

debt

instruments

to

indicate

their

credit

risk.

Lower-rated

or

unrated

debt

instruments

held

by

the

Fund

may

present

increased

credit

risk

as

compared

to

higher-rated

debt

instruments.

High-yield

investments

risk

Securities

and

other

debt

instruments

held

by

the

Fund

that

are

rated

below

investment

grade

(commonly

called

"high-

yield"

or

"junk"

bonds)

and

unrated

debt

instruments

of

comparable

quality

expose

the

Fund

to

a

greater

risk

of

loss

of

principal

and

income

than

a

fund

that

invests

solely

or

primarily

in

investment

grade

debt

instruments.

In

addition,

these

investments

have

greater

price

fluctuations,

are

less

liquid

and

are

more

likely

to

experience

a

default

than

higher-

rated

debt

instruments.

High-yield

debt

instruments

are

considered

to

be

predominantly

speculative

with

respect

to

the

issuer’s

capacity

to

pay

interest

and

repay

principal.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

26

Indexed

ETF

|

2024

Interest

rate

risk

Interest

rate

risk

is

the

risk

of

losses

attributable

to

changes

in

interest

rates.

In

general,

if

interest

rates

rise,

the

values

of

debt

instruments

tend

to

fall,

and

if

interest

rates

fall,

the

values

of

debt

instruments

tend

to

rise.

Actions

by

governments

and

central

banking

authorities

can

result

in

increases

or

decreases

in

interest

rates.

Higher

periods

of

inflation

could

lead

such

authorities

to

raise

interest

rates.

Increasing

interest

rates

may

negatively

affect

the

value

of

debt

securities

held

by

the

Fund,

resulting

in

a

negative

impact

on

the

Fund’s

performance

and

net

asset

value

per

share.

In

general,

the

longer

the

maturity

or

duration

of

a

debt

security,

the

greater

its

sensitivity

to

changes

in

interest

rates.

The

Fund

is

subject

to

the

risk

that

the

income

generated

by

its

investments

may

not

keep

pace

with

inflation.

Liquidity

risk

Liquidity

risk

is

the

risk

associated

with

a

lack

of

marketability

of

investments

which

may

make

it

difficult

to

sell

the

investment

at

a

desirable

time

or

price.

Changing

regulatory,

market

or

other

conditions

or

environments

(for

example,

the

interest

rate

or

credit

environments)

may

adversely

affect

the

liquidity

of

the

Fund’s

investments.

The

Fund

may

have

to

accept

a

lower

selling

price

for

the

holding,

sell

other

investments,

or

forego

another,

more

appealing

investment

opportunity.

Generally,

the

less

liquid

the

market

at

the

time

the

Fund

sells

a

portfolio

investment,

the

greater

the

risk

of

loss

or

decline

of

value

to

the

Fund.

A

less

liquid

market

can

lead

to

an

increase

in

Fund

redemptions,

which

may

negatively

impact

Fund

performance

and

net

asset

value

per

share,

including,

for

example,

if

the

Fund

is

forced

to

sell

securities

in

a

down

market.

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

Mortgage-

and

other

asset-backed

securities

risk

The

value

of

any

mortgage-backed

and

other

asset-backed

securities

including

collateralized

debt

obligations,

if

any,

held

by

the

Fund

may

be

affected

by,

among

other

things,

changes

or

perceived

changes

in:

interest

rates;

factors

concerning

the

interests

in

and

structure

of

the

issuer

or

the

originator

of

the

mortgages

or

other

assets;

the

creditworthiness

of

the

entities

that

provide

any

supporting

letters

of

credit,

surety

bonds

or

other

credit

enhancements;

or

the

market’s

assessment

of

the

quality

of

underlying

assets.

Payment

of

principal

and

interest

on

some

mortgage-backed

securities

(but

not

the

market

value

of

the

securities

themselves)

may

be

guaranteed

by

the

full

faith

and

credit

of

a

particular

U.S.

Government

agency,

authority,

enterprise

or

instrumentality,

and

some,

but

not

all,

are

also

insured

or

guaranteed

by

the

U.S.

Government.

Mortgage-backed

securities

issued

by

non-governmental

issuers

(such

as

commercial

banks,

savings

and

loan

institutions,

private

mortgage

insurance

companies,

mortgage

bankers

and

other

secondary

market

issuers)

may

entail

greater

risk

than

obligations

guaranteed

by

the

U.S.

Government.

Mortgage-

and

other

asset-backed

securities

are

subject

to

liquidity

risk

and

prepayment

risk.

A

decline

or

flattening

of

housing

values

may

cause

delinquencies

in

mortgages

(especially

sub-prime

or

non-prime

mortgages)

underlying

mortgage-backed

securities

and

thereby

adversely

affect

the

ability

of

the

mortgage-backed

securities

issuer

to

make

principal

and/or

interest

payments

to

mortgage-

backed

securities

holders,

including

the

Fund.

Rising

or

high

interest

rates

tend

to

extend

the

duration

of

mortgage-

and

other

asset-backed

securities,

making

their

prices

more

volatile

and

more

sensitive

to

changes

in

interest

rates.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Indexed

ETF

|

2024

27

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

28

Indexed

ETF

|

2024

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,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2024

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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

three

years

in

the

period

ended

October

31,

2024

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,

2024

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

20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Indexed

ETF

|

2024

29

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,

May

and

June

2024,

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

27,

2024

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)

30

Indexed

ETF

|

2024

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

|

2024

31

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN314_10_P01_(12/24)

CET002282

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Not

FDIC

or

NCUA

Insured

No

Financial

Institution

Guarantee

May

Lose

Value

Active

ETF

Annual

Financial

Statements

and

Additional

Information

October

31,

2024

Columbia

Semiconductor

and

Technology

ETF

An

Actively

Managed

ETF

Active

ETF

|

2024

TABLE

OF

CONTENTS

Portfolio

of

Investments

3

Statement

of

Assets

and

Liabilities

5

Statement

of

Operations

6

Statement

of

Changes

in

Net

Assets

7

Financial

Highlights

8

Notes

to

Financial

Statements

9

Report

of

Independent

Registered

Public

Accounting

Firm

17

Federal

Income

Tax

Information

18

Approval

of

Investment

Management

Services

Agreement

19

PORTFOLIO

OF

INVESTMENTS

October

31,

2024

(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

|

2024

3

Notes

to

Portfolio

of

Investments

Common

Stocks

96.5%

Issuer

Shares

Value

($)

Information

Technology  96.5%

Semiconductors

&

Semiconductor

Equipment

92.9%

Advanced

Micro

Devices,

Inc.

(a)

7,557

1,088,737

Analog

Devices,

Inc.

7,778

1,735,350

Applied

Materials,

Inc.

8,620

1,565,220

ARM

Holdings

PLC

ADR

(a)

4,674

660,436

ASML

Holding

NV

2,119

1,425,133

Broadcom,

Inc.

34,487

5,854,858

GLOBALFOUNDRIES,

Inc.

(a)

4,172

152,278

Intel

Corp.

8,706

187,353

KLA

Corp.

2,202

1,467,038

Lam

Research

Corp.

31,720

2,358,382

Marvell

Technology,

Inc.

15,234

1,220,396

Microchip

Technology,

Inc.

14,431

1,058,802

Micron

Technology,

Inc.

9,854

981,951

MKS

Instruments,

Inc.

844

83,834

Monolithic

Power

Systems,

Inc.

1,662

1,261,957

NVIDIA

Corp.

57,731

7,664,368

NXP

Semiconductors

NV

6,026

1,413,097

ON

Semiconductor

Corp.

(a)

11,810

832,487

Qorvo,

Inc.

(a)

1,724

122,852

QUALCOMM,

Inc.

7,581

1,233,959

Silicon

Laboratories,

Inc.

(a)

917

95,240

Skyworks

Solutions,

Inc.

897

78,559

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

ADR

9,835

1,873,961

Teradyne,

Inc.

6,742

716,068

Texas

Instruments,

Inc.

1,897

385,395

Total

35,517,711

Software

3.3%

Cadence

Design

Systems,

Inc.

(a)

2,033

561,352

Synopsys,

Inc.

(a)

1,394

715,972

Total

1,277,324

Technology

Hardware,

Storage

&

Peripherals

0.3%

Western

Digital

Corp.

(a)

1,834

119,778

Total

Information

Technology

36,914,813

Total

Common

Stocks

(Cost

$28,045,509)

36,914,813

Money

Market

Funds

3.5%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.688%

(b)

1,324,521

1,324,521

Total

Money

Market

Funds

(Cost

$1,324,521)

1,324,521

Total

Investments

in

Securities

(Cost

$29,370,030)

38,239,334

Other

Assets

&

Liabilities,

Net

(13,790)

Net

Assets

38,225,544

(a)

Non-income

producing

investment.

(b)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

October

31,

2024.

Abbreviation

Legend

ADR

American

Depositary

Receipts

Fair

Value

Measurements

The

Fund

categorizes

its

fair

value

measurements

according

to

a

three-level

hierarchy

that

maximizes

the

use

of

observable

inputs

and

minimizes

the

use

of

unobservable

inputs

by

prioritizing

that

the

most

observable

input

be

used

when

available.

Observable

inputs

are

those

that

market

participants

would

use

in

pricing

an

investment

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

are

those

that

reflect

the

Fund’s

assumptions

about

the

information

market

participants

would

use

in

pricing

an

investment.

An

investment’s

level

within

the

fair

value

hierarchy

is

based

on

the

lowest

level

of

any

input

that

is

deemed

significant

to

the

asset's

or

liability’s

fair

value

measurement.

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

investments

at

that

level.

For

example,

certain

U.S.

government

securities

are

generally

high

quality

and

liquid,

however,

they

are

reflected

as

Level

2

because

the

inputs

used

to

determine

fair

value

may

not

always

be

quoted

prices

in

an

active

market.

Fair

value

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

—

Valuations

based

on

quoted

prices

for

investments

in

active

markets

that

the

Fund

has

the

ability

to

access

at

the

measurement

date.

Valuation

adjustments

are

not

applied

to

Level

1

investments.

Level

2

—

Valuations

based

on

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risks,

etc.).

Level

3

—

Valuations

based

on

significant

unobservable

inputs

(including

the

Fund’s

own

assumptions

and

judgment

in

determining

the

fair

value

of

investments).

Inputs

that

are

used

in

determining

fair

value

of

an

investment

may

include

price

information,

credit

data,

volatility

statistics,

and

other

factors.

These

inputs

can

be

either

observable

or

unobservable.

The

availability

of

observable

inputs

can

vary

between

investments,

and

is

affected

by

various

factors

such

as

the

type

of

investment,

and

the

volume

and

level

of

activity

for

that

investment

or

similar

investments

in

the

marketplace.

The

inputs

will

be

considered

by

the

Investment

Manager,

along

with

any

other

relevant

factors

in

the

calculation

of

an

investment’s

fair

value.

The

Fund

uses

prices

and

inputs

that

are

current

as

of

the

measurement

date,

which

may

include

periods

of

market

dislocations.

During

these

periods,

the

availability

of

prices

and

inputs

may

be

reduced

for

many

investments.

This

condition

could

cause

an

investment

to

be

reclassified

between

the

various

levels

within

the

hierarchy.

PORTFOLIO

OF

INVESTMENTS

(continued)

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Active

ETF

|

2024

Fair

Value

Measurements

(continued)

Investments

falling

into

the

Level

3

category,

If

any,

are

primarily

supported

by

quoted

prices

from

brokers

and

dealers

participating

in

the

market

for

those

investments.

However,

these

may

be

classified

as

Level

3

investments

due

to

lack

of

market

transparency

and

corroboration

to

support

these

quoted

prices.

Additionally,

valuation

models

may

be

used

as

the

pricing

source

for

any

remaining

investments

classified

as

Level

3.

These

models

may

rely

on

one

or

more

significant

unobservable

inputs

and/or

significant

assumptions

by

the

Investment

Manager.

Inputs

used

in

valuations

may

include,

but

are

not

limited

to,

financial

statement

analysis,

capital

account

balances,

discount

rates

and

estimated

cash

flows,

and

comparable

company

data.

The

Fund's

Board

of

Trustees

(the

Board)

has

designated

the

Investment

Manager,

through

its

Valuation

Committee

(the

Committee),

as

valuation

designee,

responsible

for

determining

the

fair

value

of

the

assets

of

the

Fund

for

which

market

quotations

are

not

readily

available

using

valuation

procedures

approved

by

the

Board.

The

Committee

consists

of

voting

and

non-voting

members

from

various

groups

within

the

Investment

Manager's

organization,

including

operations

and

accounting,

trading

and

investments,

compliance,

risk

management

and

legal.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

October

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Information

Technology

36,914,813

–

–

36,914,813

Total

Common

Stocks

36,914,813

–

–

36,914,813

Money

Market

Funds

1,324,521

–

–

1,324,521

Total

Investments

in

Securities

38,239,334

–

–

38,239,334

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

|

2024

5

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$29,370,030)

$38,239,334

Receivable

for:

Dividends

11,331

Reimbursement

due

from

Investment

Manager

244

Total

assets

38,250,909

Liabilities

Payable

for:

Investment

management

fees

25,365

Total

liabilities

25,365

Net

assets

applicable

to

outstanding

capital

stock

$38,225,544

Represented

by:

Paid-in

capital

$29,425,039

Total

distributable

earnings

(loss)

8,800,505

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$38,225,544

Shares

outstanding

1,525,050

Net

asset

value

per

share

$25.07

STATEMENT

OF

OPERATIONS

Year

Ended

October

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Active

ETF

|

2024

Investment

Income:

Dividends

-

unaffiliated

issuers

$349,013

Foreign

taxes

withheld

(8,615)

Total

income

340,398

Expenses:

Investment

management

fees

270,763

Total

expenses

270,763

Fees

waived

or

expenses

reimbursed

by

Investment

Manager

(2,465)

Total

net

expenses

268,298

Net

Investment

Income

72,100

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

507,208

In-kind

transactions

-

unaffiliated

issuers

445,288

Net

realized

gain

952,496

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

9,717,536

Net

change

in

unrealized

appreciation

9,717,536

Net

realized

and

unrealized

gain

10,670,032

Net

Increase

in

net

assets

resulting

from

operations

$10,742,132

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Active

ETF

|

2024

7

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Operations

Net

investment

income

$72,100

$57,016

Net

realized

gain

(loss)

952,496

(39,069)

Net

change

in

unrealized

appreciation

9,717,536

1,030,270

Net

increase

in

net

assets

resulting

from

operations

10,742,132

1,048,217

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(273,443)

(93,542)

Shareholder

transactions

Proceeds

from

shares

sold

5,436,460

12,179,777

Cost

of

shares

redeemed

(1,761,176)

(1,331,148)

Net

increase

in

net

assets

resulting

from

shareholder

transactions

3,675,284

10,848,629

Increase

in

net

assets

14,143,973

11,803,304

Net

Assets:

Net

assets

beginning

of

year

24,081,571

12,278,267

Net

assets

at

end

of

year

$38,225,544

$24,081,571

Capital

stock

activity

Shares

outstanding,

beginning

of

year

1,375,050

825,050

Shares

sold

225,000

625,000

Shares

redeemed

(75,000)

(75,000)

Shares

outstanding,

end

of

year

1,525,050

1,375,050

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

Active

ETF

|

2024

The

following

table

is

intended

to

help

you

understand

the

Fund’s

financial

performance.

Per

share

net

investment

income

(loss)

amounts

are

calculated

based

on

average

shares

outstanding

during

the

period.

Total

return

assumes

reinvestment

of

all

dividends

and

distributions,

if

any.

Total

Return

at

NAV

is

calculated

assuming

an

initial

investment

made

at

the

net

asset

value

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

net

asset

value

during

the

period

and

redemption

on

the

last

day

of

the

period.

Total

Return

at

Market

Price

is

calculated

assuming

an

initial

investment

made

at

the

market

price

at

the

beginning

of

the

period,

reinvestment

of

all

dividends

and

distributions

at

market

price

during

the

period

and

redemption

on

the

last

day

of

the

period.

The

total

return

would

have

been

lower

if

certain

expenses

had

not

been

reimbursed/waived

by

the

Investment

Manager.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratios

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

October

31,

2024

2023

2022

(a)

Per

share

data

Net

asset

value,

beginning

of

year

$17.51‌

$14.88‌

$20.00‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.05‌

0.05‌

0.00‌

(b)

Net

realized

and

unrealized

gain

(loss)

7.71‌

2.69‌

(5.12‌)

Total

from

investment

operations

7.76‌

2.74‌

(5.12‌)

Less

distributions

to

shareholders:

Net

investment

income

(0.05‌)

(0.03‌)

–‌

Net

realized

gains

(0.15‌)

(0.08‌)

–‌

Total

distribution

to

shareholders

(0.20‌)

(0.11‌)

–‌

Net

asset

value,

end

of

year

$25.07‌

$17.51‌

$14.88‌

Total

Return

at

NAV

44.43‌%

18.45‌%

(25.60‌)%

Total

Return

at

Market

Price

44.90‌%

19.03‌%

(25.80‌)%

Ratios

to

average

net

assets:

Total

gross

expenses

(c)

0.75‌%

0.75‌%

0.75‌%

Total

net

expenses

(c)(d)

0.74‌%

0.75‌%

0.75‌%

Net

investment

income

0.20‌%

0.29‌%

0.09‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$38,226‌

$24,082‌

$12,278‌

Portfolio

turnover

60‌%

26‌%

19‌%

(a)

The

Fund

commenced

operations

on

March

29,

2022.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

Rounds

to

zero.

(c)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(d)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

October

31,

2024

Active

ETF

|

2024

9

Note

1.

Organization

Columbia

Semiconductor

and

Technology

ETF

(formerly

known

as

Columbia

Seligman

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

August

12,

2024,

Columbia

Seligman

Semiconductor

and

Technology

ETF

was

renamed

Columbia

Semiconductor

and

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

10

Active

ETF

|

2024

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

generally

recorded

net

of

any

non-reclaimable

tax

withholdings,

on

the

ex-

dividend

date

or

upon

receipt

of

an

ex-dividend

notification

in

the

case

of

certain

foreign

securities.

The

Fund

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

securities,

return

of

capital

is

recorded

as

a

realized

gain.

With

respect

to

REITs,

to

the

extent

actual

information

has

not

yet

been

reported,

estimates

for

return

of

capital

are

made

by

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial).

The

Investment

Manager’s

estimates

are

subsequently

adjusted

when

the

actual

character

of

the

distributions

is

disclosed

by

the

REITs,

which

could

result

in

a

proportionate

change

in

return

of

capital

to

shareholders.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETF

|

2024

11

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.

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.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

12

Active

ETF

|

2024

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,

2025,

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%

of

the

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,

2024,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

reversal

of

capital

gains

(losses)

on

a

redemption-in-kind

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,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

($)

Paid

in

capital

($)

-

(341,382)

341,382

Year

Ended

October

31,

2024

Year

Ended

October

31,

2023

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

270,807

2,636

273,443

93,542

-

93,542

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

($)

345,829

-

(201,682)

8,656,358

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETF

|

2024

13

At

October

31,

2024,

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,

2024,

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,

2024,

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

$20,511,895

and

$21,280,375,

respectively,

for

the

year

ended

October

31,

2024.

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,

2024,

the

cost

basis

of

securities

contributed

was

$4,851,389.

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,

2024,

the

in-kind

redemption

cost

basis

was

$916,135,

the

proceeds

from

sales

were

$1,361,423

and

the

net

realized

gain

was

$445,288.

Note

7.

Line

of

credit

The

Fund

has

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

whereby

the

Fund

may

borrow

for

the

temporary

funding

of

shareholder

redemptions

or

for

other

temporary

or

emergency

purposes.

Pursuant

to

an

October

24,

2024

amendment

and

restatement,

the

credit

facility,

which

is

an

agreement

between

the

Fund

and

certain

other

funds

managed

by

the

Investment

Manager

or

an

affiliated

investment

manager,

severally

and

not

jointly,

permits

aggregate

borrowings

up

to

$900

million.

Interest

is

currently

charged

to

each

participating

fund

based

on

its

borrowings

at

a

rate

equal

to

the

higher

of

(i)

the

federal

funds

effective

rate,

(ii)

the

secured

overnight

financing

rate

plus

0.10%

and

(iii)

the

overnight

bank

funding

rate,

plus

1.00%

in

each

case.

Each

borrowing

under

the

credit

facility

matures

no

later

than

60

days

after

the

date

of

borrowing.

The

Fund

also

pays

a

commitment

fee

equal

to

its

pro

rata

share

of

the

unused

amount

of

the

credit

facility

at

a

rate

of

0.15%

per

annum.

The

commitment

fees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

This

agreement

expires

annually

in

October

unless

extended

or

renewed.

Prior

to

the

October

24,

2024

amendment

and

restatement,

the

Fund

had

access

to

a

revolving

credit

facility

with

a

syndicate

of

banks

led

by

JPMorgan

Chase

Bank,

N.A.,

Citibank,

N.A.

and

Wells

Fargo

Bank,

N.A.

which

permitted

collective

borrowings

up

to

$900

million.

Interest

was

charged

to

each

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

($)

29,582,976

9,492,487

(836,129)

8,656,358

No

expiration

short-term

($)

No

expiration

long-term

($)

Total

($)

Utilized

($)

201,682

-

201,682

(31,156)

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

14

Active

ETF

|

2024

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,

2024.

Note

8.

Significant

risks

Active

management

risk

The

Fund

is

actively

managed

and

its

performance

therefore

will

reflect,

in

part,

the

ability

of

the

portfolio

managers

to

make

investment

decisions

that

seek

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

an

index

fund

(it

does

not

seek

to

track

the

performance

of

an

index),

nor

does

it

provide

daily

transparency

into

its

portfolio

holdings

like

most

other

ETFs.

Due

to

its

active

management,

the

Fund

could

underperform

its

benchmark

index

and/or

other

funds

with

similar

investment

objectives

and/or

strategies.

Active

trading

of

portfolio

and

Tracking

Basket

securities

may

result

in

added

expenses,

a

lower

return

and

increased

tax

liability,

including

relative

to

other

ETFs.

Semiconductor

and

semiconductor

equipment

industry

risk

The

Fund

will

concentrate

(have

at

least

25%

of

its

assets)

in

companies

in

the

semiconductor

and

semiconductor

equipment

industry

as

categorized

by

GICS®.

Companies

in

the

same

or

related

industries

may

be

similarly

affected

by

economic,

regulatory,

political

or

market

events

or

conditions,

which

may

make

the

Fund

more

vulnerable

to

unfavorable

developments

than

funds

that

invest

more

broadly.

Generally,

the

more

broadly

a

fund

invests,

the

more

it

spreads

risk

and

potentially

reduces

the

risks

of

loss

and

volatility.

The

Fund

is

sensitive

to,

and

its

performance

may

depend

to

a

greater

extent

on,

the

overall

condition

of

the

semiconductor

and

semiconductor

equipment

industry.

The

risks

of

investments

in

the

industry

include:

intense

competition,

both

domestically

and

internationally,

including

competition

from

subsidized

foreign

competitors

with

lower

production

costs;

wide

fluctuations

in

securities

prices

due

to

risks

of

rapid

obsolescence

of

products

and

related

technology;

economic

performance

of

the

customers

of

semiconductor

and

related

companies;

their

research

costs

and

the

risks

that

their

products

may

not

prove

commercially

successful;

and

thin

capitalization

and

limited

product

lines,

markets,

financial

resources

or

quality

management

and

personnel.

These

companies

rely

on

a

combination

of

patents,

trade

secret

laws

and

contractual

provisions

to

protect

their

technologies.

The

industry

is

characterized

by

frequent

litigation

regarding

patent

and

other

intellectual

property

rights,

which

may

require

such

companies

to

defend

against

competitors’

assertions

of

intellectual

property

infringement

or

misappropriation.

The

international

operations

of

many

companies

expose

them

to

the

risks

associated

with

instability

and

changes

in

economic

and

political

conditions,

foreign

currency

fluctuations,

changes

in

foreign

regulations,

tariffs,

and

trade

disputes.

Business

conditions

in

this

industry

can

change

rapidly

from

periods

of

strong

demand

to

periods

of

weak

demand.

Any

future

downturn

in

the

industry

could

harm

the

business

and

operating

results

of

these

companies.

The

stock

prices

of

companies

in

the

industry

have

been

and

will

likely

continue

to

be

volatile

relative

to

the

overall

market.

Information

technology

sector

risk

The

Fund

is

vulnerable

to

the

particular

risks

that

may

affect

companies

in

the

information

technology

sector.

Companies

in

the

information

technology

sector

are

subject

to

certain

risks,

including

the

risk

that

new

services,

equipment

or

technologies

will

not

be

accepted

by

consumers

and

businesses

or

will

become

rapidly

obsolete.

Performance

of

such

companies

may

be

affected

by

factors

including

obtaining

and

protecting

patents

(or

the

failure

to

do

so)

and

significant

competitive

pressures,

including

aggressive

pricing

of

their

products

or

services,

new

market

entrants,

competition

for

market

share

and

short

product

cycles

due

to

an

accelerated

rate

of

technological

developments.

Such

competitive

pressures

may

lead

to

limited

earnings

and/or

falling

profit

margins.

As

a

result,

the

value

of

their

securities

may

fall

or

fail

to

rise.

In

addition,

many

information

technology

sector

companies

have

limited

operating

histories

and

prices

of

these

companies’

securities

historically

have

been

more

volatile

than

other

securities,

especially

over

the

short

term.

Some

companies

in

the

information

technology

sector

are

facing

increased

government

and

regulatory

scrutiny

and

may

be

subject

to

adverse

government

or

regulatory

action,

which

could

negatively

impact

the

value

of

their

securities.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

Active

ETF

|

2024

15

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Tracking

basket

structure

risk

The

Fund’s

Tracking

Basket

structure

may

affect

the

price

at

which

the

Fund

shares

trade

in

the

secondary

market.

Although

the

Tracking

Basket

is

intended

to

provide

investors

with

enough

information

to

allow

for

an

effective

arbitrage

mechanism

that

will

keep

the

market

price

of

the

Fund

at

or

close

to

the

Fund’s

NAV

per

share,

there

is

a

risk

that

market

prices

will

vary

significantly

from

NAV.

ETFs

trading

on

the

basis

of

a

published

Tracking

Basket

may

trade

at

a

wider

bid/

ask

spread

than

ETFs

that

publish

their

complete

portfolio

holdings

on

a

daily

basis

and

therefore,

may

cost

investors

more

to

trade.

These

risks

may

increase

during

periods

of

market

disruption

or

volatility.

In

addition,

although

the

Fund

seeks

to

benefit

from

not

disclosing

portfolio

holdings

daily,

market

participants

may

attempt

to

use

the

Tracking

Basket

to

identify

the

Fund’s

trading

strategy.

If

successful,

this

could

result

in

such

market

participants

engaging

in

certain

predatory

trading

practices

that

may

have

the

potential

to

harm

the

Fund

and

its

shareholders,

such

as

front-running

(trading

ahead)

or

free-riding

(mirroring)

the

Fund’s

strategy.

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.

At

a

meeting

on

November

15,

2024,

the

Fund’s

Board

of

Trustees

approved:

•

changing

the

Fund

name

from

Columbia

Semiconductor

and

Technology

ETF

to

Columbia

Select

Technology

ETF

•

changes

to

the

Principal

Investment

Strategies,

including

the

Fund’s

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);

•

changing

a

current

Fund

benchmark,

the

PHLX

Semiconductor

Sector

Index,

to

the

S&P

Global

1200

Information

Technology

Index

(Net),

as

well

as

adding

the

MSCI

ACWI

(Net)

(the

Fund

will

continue

to

include

the

S&P

500

TR

Index);

•

changing

the

Fund

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

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

October

31,

2024

16

Active

ETF

|

2024

•

a

change,

subject

to

Fund

shareholder

approval,

to

the

Fund’s

industry

concentration

policy

(from

investing

at

least

25%

of

the

Fund’s

total

assets

in

issuers

principally

engaged

in

the

semiconductor

and

semiconductor

equipment

industry,

to

investing

at

least

25%

of

the

Fund’s

total

assets

in

issuers

principally

engaged

in

the

technology

and

related

group

of

industries)

(the

Industry

Concentration

Policy

Change).

Each

of

the

above

Board

of

Trustees-approved

changes

to

the

Fund,

including

the

Industry

Concentration

Policy

Change

if

approved

by

Fund

shareholders

at

a

special

meeting

of

shareholders

to

be

held

on

January

30,

2025,

will

take

effect

after

the

close

of

the

NYSE

Arca

on

February

27,

2025

(the

Effective

Date).

The

Industry

Concentration

Policy

Change,

if

not

approved

by

Fund

shareholders

on

or

before

the

Effective

Date,

will

not

prevent

any

of

the

other

above-described

Board-

approved

changes

from

taking

effect

on

the

Effective

Date.

There

is

no

change

to

the

Fund’s

ticker

symbol

(SEMI).

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved

in

the

normal

course

of

business

in

legal

proceedings

which

include

regulatory

inquiries,

arbitration

and

litigation,

including

class

actions

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

believe

proceedings

are

not

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund,

these

proceedings

are

subject

to

uncertainties

and,

as

such,

we

are

unable

to

estimate

the

possible

loss

or

range

of

loss

that

may

result.

An

adverse

outcome

in

one

or

more

of

these

proceedings

could

result

in

adverse

judgments,

settlements,

fines,

penalties

or

other

relief

that

could

have

a

material

adverse

effect

on

the

consolidated

financial

condition

or

results

of

operations

of

Ameriprise

Financial

or

one

or

more

of

its

affiliates

that

provide

services

to

the

Fund.

Active

ETF

|

2024

17

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Semiconductor

and

Technology

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Semiconductor

and

Technology

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

October

31,

2024,

the

related

statement

of

operations

for

the

year

ended

October

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2024

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,

2024,

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,

2024

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

October

31,

2024

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,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

December

20,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

within

the

Columbia

Funds

Complex

since

1977.

FEDERAL

INCOME

TAX

INFORMATION

(Unaudited)

18

Active

ETF

|

2024

The

Fund

hereby

designates

the

following

tax

attributes

for

the

fiscal

year

ended

October

31,

2024

.

Shareholders

will

be

notified

in

early

2025

of

the

amounts

for

use

in

preparing

2024

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.

Fund

DRD

QDI

Columbia

Semiconductor

and

Technology

ETF

58.58%

69.07%

APPROVAL

OF

INVESTMENT

MANAGEMENT

SERVICES

AGREEMENT

(Unaudited)

Active

ETF

|

2024

19

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

Semiconductor

and

Technology

ETF

(formerly

known

as

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,

May

and

June

2024,

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

27,

2024

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)

20

Active

ETF

|

2024

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

|

2024

21

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

2023

had

declined

from

2022

levels,

due

to

a

variety

of

factors,

including

the

decreased

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

27,

2024,

the

Board,

including

all

of

the

Independent

Trustees,

determined

that

fees

payable

under

the

IMS

Agreement

were

fair

and

reasonable

in

light

of

the

extent

and

quality

of

services

provided

and

approved

the

renewal

of

the

IMS

Agreement.

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN321_10_P01_(12/24)

CET002281

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.

,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2024

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

Item 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.

Not applicable.

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

Not applicable.

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 directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH.

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

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

SIGNATURES

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

(registrant)	Columbia ETF Trust I
By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	December 20, 2024

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

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	December 20, 2024
By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	December 20, 2024
By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	December 20, 2024