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 December 

Date of reporting period:  :  December 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 Research Enhanced Real Estate ETF 

CRED | NYSE Arca, Inc.

Annual Shareholder Report | December 31, 2024

This annual shareholder report contains important information about Columbia Research Enhanced Real Estate ETF (the Fund) for the period of January 1, 2024 to December 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 Real Estate ETF	$34	0.33%

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 industrial REITs, office REITs and data center REITs all contributed positively to returns relative to the Fund’s benchmark.

Allocations | Overweight positioning within regional malls, data centers and specialty REITs all contributed positively to performance relative to the benchmark.  The Fund held an overall underweight position in gaming and industrial REITs which contributed to performance relative to the Fund’s benchmark.

Individual holdings | Positions in Prologis, Inc., an industrial REIT; Highwoods Properties, Inc., an office REIT; Simon Property Group, Inc., a regional mall REIT; Iron Mountain, Inc., a specialty REIT; and Digital Realty Trust, Inc., a data center REIT all contributed positively to performance relative to the Fund’s benchmark throughout the year.

Top Performance Detractors

Stock selection | Selections in health care REITs, specialty REITs, manufactured home REITs and self-storage REITs detracted from performance relative to the Fund’s benchmark.

Allocations| Overweight allocations to single-family housing, lodging and resort and timberland REITs detracted from performance relative to the benchmark. An underweight allocation to health care and apartment REITs relative to the benchmark also detracted from performance throughout the year.

Individual holdings| Positioning in Welltower Inc., a health care REIT; Crown Castle, Inc., a telecommunications REIT; Equity Residential, an apartment REIT; Ryman Hospitality Properties, Inc., a lodging and resort REIT; and Weyerhaeuser Co., a timberland REIT all detracted from performance relative to the Fund’s benchmark during the annual period.

Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/25) | 1

Fund Performance

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

Growth of $10,000

	Columbia Research Enhanced Real Estate ETF—Net Asset Value (11,816)	Beta Advantage® Lionstone Research Enhanced REIT Index (11,893)	FTSE Nareit All Equity REITs Index (11,730)	Russell 3000® Index (14,731)
04/26/23	10,000	10,000	10,000	10,000
12/23	11,210	11,247	11,180	11,898
12/24	11,816	11,893	11,730	14,731

Average Annual Total Return (%)	1 year	Since Fund Inception
Columbia Research Enhanced Real Estate ETF—Net Asset ValueFootnote Reference(a)	5.40	10.41
Beta Advantage® Lionstone Research Enhanced REIT Index	5.75	10.82
FTSE Nareit All Equity REITs Index	4.92	9.92
Russell 3000® Index	23.81	25.85

Footnote	Description
Footnote(a)	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 its prior benchmark, which more closely represents 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	$3,247,007
Total number of portfolio holdings	72
Investment management fees (represents 0.33% of Fund average net assets)	$10,758
Portfolio turnover for the reporting period	33%

Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/25) | 2

Graphical Representation of Fund Holdings 

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

Top Holdings

American Tower Corp.	9.9%
Simon Property Group, Inc.	8.2%
Equinix, Inc.	7.8%
Digital Realty Trust, Inc.	6.5%
Crown Castle, Inc.	6.2%
Realty Income Corp.	5.6%
AvalonBay Communities, Inc.	3.5%
Iron Mountain, Inc.	3.5%
Mid-America Apartment Communities, Inc.	3.4%
Invitation Homes, Inc.	2.7%

Asset Allocation

Value	Value
Money Market Funds	0.6%
Common Stocks	99.0%

Sub-Industry Allocation

Value	Value
Diversified REITs	1.6%
Industrial REITs	2.3%
Hotel & Resort REITs	4.5%
Health Care REITs	5.7%
Office REITs	6.2%
Residential REITs	12.9%
Retail REITs	19.2%
Specialized REITs	46.6%

Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/25) | 3

Availability of Additional Information

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

Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. 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.

© 2025 Columbia Management Investment Advisers, LLC.

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

CET

Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/25) | 4

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

			Amount billed to the registrant’s
	Amount billed to the registrant ($)		investment advisor ($)
	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Audit fees (a)	16,284	10,540	0	0
Audit-related fees ( b)	0	0	0	0
Tax fees (c)	7,035	6,900	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

Indexed

ETF

Annual

Financial

Statements

and

Additional

Information

December

31,

2024

Columbia

Research

Enhanced

Real

Estate

ETF

Indexed

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

16

Federal

Income

Tax

Information

17

PORTFOLIO

OF

INVESTMENTS

December

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

Notes

to

Portfolio

of

Investments

Common

Stocks

99.0%

Issuer

Shares

Value

($)

Real

Estate  99.0%

Diversified

REITs

1.6%

Armada

Hoffler

Properties,

Inc.

532

5,442

Broadstone

Net

Lease,

Inc.

829

13,148

Empire

State

Realty

Trust,

Inc.

Class

A

432

4,458

Essential

Properties

Realty

Trust,

Inc.

577

18,049

Global

Net

Lease,

Inc.

1,345

9,819

Total

50,916

Health

Care

REITs

5.7%

CareTrust

REIT,

Inc.

767

20,747

Global

Medical

REIT,

Inc.

398

3,073

Healthpeak

Properties,

Inc.

4,187

84,871

Medical

Properties

Trust,

Inc.

3,472

13,714

Omega

Healthcare

Investors,

Inc.

1,092

41,332

Sabra

Health

Care

REIT,

Inc.

1,346

23,313

Total

187,050

Hotel

&

Resort

REITs

4.5%

Apple

Hospitality

REIT,

Inc.

1,482

22,749

DiamondRock

Hospitality

Co.

763

6,890

Host

Hotels

&

Resorts,

Inc.

2,524

44,221

Park

Hotels

&

Resorts,

Inc.

990

13,929

Pebblebrook

Hotel

Trust

335

4,539

RLJ

Lodging

Trust

715

7,300

Ryman

Hospitality

Properties,

Inc.

271

28,276

Summit

Hotel

Properties,

Inc.

498

3,411

Sunstone

Hotel

Investors,

Inc.

561

6,642

Xenia

Hotels

&

Resorts,

Inc.

476

7,074

Total

145,031

Industrial

REITs

2.3%

First

Industrial

Realty

Trust,

Inc.

601

30,128

Industrial

Logistics

Properties

Trust

183

668

LXP

Industrial

Trust

1,774

14,405

STAG

Industrial,

Inc.

876

29,626

Total

74,827

Office

REITs

6.2%

Brandywine

Realty

Trust

1,051

5,885

BXP,

Inc.

641

47,665

COPT

Defense

Properties

411

12,720

Cousins

Properties,

Inc.

925

28,342

Douglas

Emmett,

Inc.

630

11,693

Highwoods

Properties,

Inc.

796

24,342

Hudson

Pacific

Properties,

Inc.

540

1,636

JBG

SMITH

Properties

352

5,410

Kilroy

Realty

Corp.

738

29,852

Office

Properties

Income

Trust

248

248

Orion

Office

REIT,

Inc.

425

1,577

Paramount

Group,

Inc.

583

2,880

Piedmont

Office

Realty

Trust,

Inc.

Class

A

931

8,519

Vornado

Realty

Trust

527

22,155

Total

202,924

Common

Stocks

(continued)

Issuer

Shares

Value

($)

Residential

REITs

12.9%

American

Homes

4

Rent

Class

A

1,650

61,743

AvalonBay

Communities,

Inc.

512

112,625

Invitation

Homes,

Inc.

2,724

87,086

Mid-America

Apartment

Communities,

Inc.

717

110,827

Sun

Communities,

Inc.

339

41,687

UMH

Properties,

Inc.

254

4,795

Total

418,763

Retail

REITs

19.2%

Brixmor

Property

Group,

Inc.

1,834

51,058

Kite

Realty

Group

Trust

1,340

33,822

Macerich

Co.

(The)

790

15,737

NNN

REIT,

Inc.

666

27,206

Phillips

Edison

&

Co.,

Inc.

554

20,753

Realty

Income

Corp.

3,397

181,434

Simon

Property

Group,

Inc.

1,549

266,753

Tanger,

Inc.

403

13,754

Urban

Edge

Properties

435

9,352

Whitestone

REIT

298

4,223

Total

624,092

Specialized

REITs

46.6%

American

Tower

Corp.

1,757

322,251

Crown

Castle,

Inc.

2,214

200,943

CubeSmart

856

36,680

Digital

Realty

Trust,

Inc.

1,193

211,555

EPR

Properties

578

25,594

Equinix,

Inc.

270

254,580

Gaming

and

Leisure

Properties,

Inc.

1,232

59,333

Iron

Mountain,

Inc.

1,081

113,624

Lamar

Advertising

Co.

Class

A

499

60,748

National

Storage

Affiliates

Trust

510

19,334

Outfront

Media,

Inc.

1,007

17,864

PotlatchDeltic

Corp.

298

11,696

Rayonier,

Inc.

559

14,590

SBA

Communications

Corp.

399

81,316

Uniti

Group,

Inc.

1,481

8,146

Weyerhaeuser

Co.

2,622

73,809

Total

1,512,063

Total

Real

Estate

3,215,666

Total

Common

Stocks

(Cost

$2,925,331)

3,215,666

Money

Market

Funds

0.6%

Issuer

Shares

Value

($)

Goldman

Sachs

Financial

Square

Treasury

Instruments

Fund,

Institutional

Shares

4.352%

(a)

17,944

17,944

Total

Money

Market

Funds

(Cost

$17,944)

17,944

Total

Investments

in

Securities

(Cost

$2,943,275)

3,233,610

Other

Assets

&

Liabilities,

Net

13,397

Net

Assets

3,247,007

(a)

The

rate

shown

is

the

seven-day

current

annualized

yield

at

December

31,

2024.

Abbreviation

Legend

REIT

Real

Estate

Investment

Trust

PORTFOLIO

OF

INVESTMENTS

(continued)

December

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

4

Indexed

ETF

|

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.

The

Committee

meets

at

least

monthly

to

review

and

approve

valuation

matters,

which

may

include

a

description

of

specific

valuation

determinations,

data

regarding

pricing

information

received

from

approved

pricing

vendors

and

brokers

and

the

results

of

Board-approved

valuation

policies

and

procedures

(the

Policies).

The

Policies

address,

among

other

things,

instances

when

market

quotations

are

or

are

not

readily

available,

including

recommendations

of

third

party

pricing

vendors

and

a

determination

of

appropriate

pricing

methodologies;

events

that

require

specific

valuation

determinations

and

assessment

of

fair

value

techniques;

securities

with

a

potential

for

stale

pricing,

including

those

that

are

illiquid,

restricted,

or

in

default;

and

the

effectiveness

of

third-party

pricing

vendors,

including

periodic

reviews

of

vendors.

The

Committee

meets

more

frequently,

as

needed,

to

discuss

additional

valuation

matters,

which

may

include

the

need

to

review

back-testing

results,

review

time-

sensitive

information

or

approve

related

valuation

actions.

Representatives

of

Columbia

Management

Investment

Advisers,

LLC

report

to

the

Board

at

each

of

its

regularly

scheduled

meetings

to

discuss

valuation

matters

and

actions

during

the

period,

similar

to

those

described

earlier.

The

following

table

is

a

summary

of

the

inputs

used

to

value

the

Fund’s

investments

at

December

31,

2024:

Level

1

($)

Level

2

($)

Level

3

($)

Total

($)

Investments

in

Securities

Common

Stocks

Real

Estate

3,215,666

–

–

3,215,666

Total

Common

Stocks

3,215,666

–

–

3,215,666

Money

Market

Funds

17,944

–

–

17,944

Total

Investments

in

Securities

3,233,610

–

–

3,233,610

See

the

Portfolio

of

Investments

for

all

investment

classifications

not

indicated

in

the

table.

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

5

Assets

Investments

in

securities,

at

value

Unaffiliated

issuers

(cost

$2,943,275)

$3,233,610

Cash

390

Receivable

for:

Dividends

13,957

Total

assets

3,247,957

Liabilities

Payable

for:

Investment

management

fees

950

Total

liabilities

950

Net

assets

applicable

to

outstanding

capital

stock

$3,247,007

Represented

by:

Paid-in

capital

$2,961,532

Total

distributable

earnings

(loss)

285,475

Total

-

representing

net

assets

applicable

to

outstanding

capital

stock

$3,247,007

Shares

outstanding

150,050

Net

asset

value

per

share

$21.64

STATEMENT

OF

OPERATIONS

Year

Ended

December

31,

2024

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

6

Indexed

ETF

|

2024

Investment

Income:

Dividends

-

unaffiliated

issuers

$108,179

Total

income

108,179

Expenses:

Investment

management

fees

10,758

Total

expenses

10,758

Net

Investment

Income

97,421

Realized

and

unrealized

gain

(loss)

-

net

Net

realized

gain

(loss)

on:

Investments

-

unaffiliated

issuers

50,342

Net

realized

gain

50,342

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

-

unaffiliated

issuers

23,341

Net

change

in

unrealized

appreciation

23,341

Net

realized

and

unrealized

gain

73,683

Net

Increase

in

net

assets

resulting

from

operations

$171,104

STATEMENT

OF

CHANGES

IN

NET

ASSETS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

Indexed

ETF

|

2024

7

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

(a)

Operations

Net

investment

income

$97,421

$91,711

Net

realized

gain

50,342

88,955

Net

change

in

unrealized

appreciation

23,341

266,994

Net

increase

in

net

assets

resulting

from

operations

171,104

447,660

Distributions

to

shareholders

Net

investment

income

and

net

realized

gains

(156,315)

(103,892)

Shareholder

transactions

Cost

of

shares

redeemed

–

(2,059,372)

Net

decrease

in

net

assets

resulting

from

shareholder

transactions

–

(2,059,372)

Increase

(decrease)

in

net

assets

14,789

(1,715,604)

Net

Assets:

Net

assets

beginning

of

year

3,232,218

4,947,822

(b)

Net

assets

at

end

of

year

$3,247,007

$3,232,218

Capital

stock

activity

Shares

outstanding,

beginning

of

year

150,050

250,050

Shares

redeemed

–

(100,000)

Shares

outstanding,

end

of

year

150,050

150,050

(a)

Based

on

operations

from

April

26,

2023

(commencement

of

operations)

through

the

stated

period

end.

(b)

Initial

cash

of

$1,000

was

contributed

on

April

20,

2023

and

securities

of

$5,000,000

were

contributed

on

April

25,

2023.

Prior

to

April

26,

2023

(commencement

of

operations),

the

Fund

had

a

decrease

in

net

assets

of

$53,178

resulting

from

change

in

unrealized

depreciation

due

to

market

fluctuation

of

the

initial

securities

contributed.

FINANCIAL

HIGHLIGHTS

The

accompanying

Notes

to

Financial

Statements

are

an

integral

part

of

this

statement.

8

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.

Market

Price

returns

are

based

on

closing

prices

reported

by

the

Fund's

primary

listing

exchange

(typically

4

pm

ET

close).

These

returns

do

not

represent

the

returns

an

investor

would

receive

if

shares

were

traded

at

other

times.

Total

return

and

portfolio

turnover

are

not

annualized

for

periods

of

less

than

one

year.

The

ratio

of

expenses

and

net

investment

income

are

annualized

for

periods

of

less

than

one

year.

The

portfolio

turnover

rate

is

calculated

without

regard

to

purchase

and

sales

transactions

of

short-term

instruments,

certain

derivatives

and

in-kind

transactions,

if

any.

If

such

transactions

were

included,

the

Fund’s

portfolio

turnover

rate

may

be

higher.

Year

Ended

December

31,

2024

2023

(a)

Per

share

data

Net

asset

value,

beginning

of

year

$21.54‌

$19.79‌

Income

(loss)

from

investment

operations:

Net

investment

income

0.65‌

0.50‌

Net

realized

and

unrealized

gain

0.49‌

1.84‌

Total

from

investment

operations

1.14‌

2.34‌

Less

distributions

to

shareholders:

Net

investment

income

(0.

69‌

)

(0.51‌)

Net

realized

gains

(0.3

5‌

)

(0.08‌)

Total

distribution

to

shareholders

(1.04‌)

(0.59‌)

Net

asset

value,

end

of

year

$21.64‌

$21.54‌

Total

Return

at

NAV

5.40‌%

12.10‌%

Total

Return

at

Market

Price

5.36‌%

12.67‌%

Ratios

to

average

net

assets:

Total

gross

expenses

(b)

0.33‌%

0.33‌%

Total

net

expenses

(b)(c)

0.33‌%

0.33‌%

Net

investment

income

2.99‌%

3.66‌%

Supplemental

data

Net

assets,

end

of

year

(in

thousands)

$3,247‌

$3,232‌

Portfolio

turnover

33‌%

2‌%

(a)

The

Fund

commenced

operations

on

April

26,

2023.

Per

share

data

and

total

return

reflect

activity

from

that

date.

(b)

In

addition

to

the

fees

and

expenses

that

the

Fund

bears

directly,

the

Fund

indirectly

bears

a

pro

rata

share

of

the

fees

and

expenses

of

any

other

funds

in

which

it

invests.

Such

indirect

expenses

are

not

included

in

the

Fund’s

reported

expense

ratios.

(c)

Total

net

expenses

include

the

impact

of

certain

fee

waivers/expense

reimbursements

made

by

the

Investment

Manager

and

certain

of

its

affiliates,

if

applicable.

NOTES

TO

FINANCIAL

STATEMENTS

December

31,

2024

Indexed

ETF

|

2024

9

Note

1.

Organization

Columbia

Research

Enhanced

Real

Estate

ETF

(the

Fund),

a

series

of

Columbia

ETF

Trust

I

(the

Trust),

is

a

non-diversified

fund.

The

Trust

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

1940

Act),

as

an

open-end

management

investment

company

organized

as

a

Massachusetts

business

trust.

The

Trust

may

issue

an

unlimited

number

of

shares

(without

par

value).

Fund

Shares

The

market

prices

of

the

Fund’s

shares

may

differ

to

some

degree

from

the

Fund’s

net

asset

value

(NAV).

Unlike

conventional

mutual

funds,

the

Fund

issues

and

redeems

shares

on

a

continuous

basis,

at

NAV,

only

in

a

large

specified

number

of

shares,

each

called

a

“Creation

Unit.”

A

Creation

Unit

consists

of

50,000

shares.

Creation

Units

are

issued

and

redeemed

generally

in-kind

for

a

basket

of

securities

and/or

for

cash.

Investors

such

as

market

makers,

large

investors

and

institutions

who

wish

to

deal

in

Creation

Units

directly

with

the

Fund

must

have

entered

into

an

authorized

participant

agreement

(Authorized

Participants)

with

the

Fund’s principal

underwriter

and

the

transfer

agent,

or

purchase

through

a

dealer

that

has

entered

into

such

an

agreement.

Authorized

participants

may

purchase

or

redeem

Fund

shares

directly

from

the

Fund

only

in

Creation

Units.

The

Fund’s shares

are

also

listed

on

the

New

York

Stock

Exchange

for

which

investors

can

purchase

and

sell

shares

on

the

secondary

market

through

a

broker

at

market

prices

which

may

differ

from

the

NAV

of

the

Fund.

Note

2.

Summary

of

significant

accounting

policies

Basis

of

preparation

The

Fund

is

an

investment

company

that

applies

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

-

Investment

Companies

(ASC

946).

The

financial

statements

are

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(GAAP),

which

requires

management

to

make

certain

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities,

the

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

Segment

reporting

In

this

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

–

Improvements

to

Reportable

Segment

Disclosures

(ASU

2023-07).

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund’s

financial

position

or

its

results

of

operations.

The

intent

of

the

ASU

2023-07

is

to

enable

investors

to

better

understand

an

entity’s

overall

performance

and

to

assess

its

potential

future

cash

flows

through

improved

segment

disclosures.

The

chief

operating

decision

maker

(CODM)

for

the

Fund

is

Columbia

Management

Investment

Advisers,

LLC

through

its

Investment

Oversight

Committee

and

Global

Executive

Group,

which

are

responsible

for

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

because

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

the

Fund’s

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund’s

financial

statements.

Security

valuation

Equity

securities

listed

on

an

exchange

are

valued

at

the

closing

price

or

last

trade

price

on

their

primary

exchange

at

the

close

of

business

of

the

New

York

Stock

Exchange.

Securities

with

a

closing

price

not

readily

available

or

not

listed

on

any

exchange

are

valued

at

the

mean

between

the

closing

bid

and

ask

prices.

Listed

preferred

stocks

convertible

into

common

stocks

are

valued

using

an

evaluated

price

from

a

pricing

service.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

10

Indexed

ETF

|

2024

Investments

in

open-end

investment

companies

(other

than

exchange-traded

funds

(ETFs)),

are

valued

at

the

latest

net

asset

value

reported

by

those

companies

as

of

the

valuation

time.

Investments

for

which

market

quotations

are

not

readily

available,

or

that

have

quotations

which

management

believes

are

not

reflective

of

market

value

or

reliable,

are

valued

at

fair

value

as

determined

in

good

faith

under

procedures

approved

by

the

Board

of

Trustees.

If

a

security

or

class

of

securities

(such

as

foreign

securities)

is

valued

at

fair

value,

such

value

is

likely

to

be

different

from

the

quoted

or

published

price

for

the

security,

if

available.

The

determination

of

fair

value

often

requires

significant

judgment.

To

determine

fair

value,

management

may

use

assumptions

including

but

not

limited

to

future

cash

flows

and

estimated

risk

premiums.

Multiple

inputs

from

various

sources

may

be

used

to

determine

fair

value.

GAAP

requires

disclosure

regarding

the

inputs

and

valuation

techniques

used

to

measure

fair

value

and

any

changes

in

valuation

inputs

or

techniques.

In

addition,

investments

shall

be

disclosed

by

major

category.

This

information

is

disclosed

following

the

Fund’s

Portfolio

of

Investments.

Security

transactions

Security

transactions

are

accounted

for

on

the

trade

date.

Cost

is

determined

and

gains

(losses)

are

based

upon

the

specific

identification

method

for

both

financial

statement

and

federal

income

tax

purposes.

Income

recognition

Corporate

actions

and

dividend

income

are

recorded

on

the

ex-dividend

date.

The

Fund

may

receive

distributions

from

holdings

in

equity

securities,

business

development

companies

(BDCs),

exchange-traded

funds

(ETFs),

limited

partnerships

(LPs),

other

regulated

investment

companies

(RICs),

and

real

estate

investment

trusts

(REITs),

which

report

information

as

to

the

tax

character

of

their

distributions

annually.

These

distributions

are

allocated

to

dividend

income,

capital

gain

and

return

of

capital

based

on

actual

information

reported.

Return

of

capital

is

recorded

as

a

reduction

of

the

cost

basis

of

securities

held.

If

the

Fund

no

longer

owns

the

applicable

securities,

return

of

capital

is

recorded

as

a

realized

gain.

With

respect

to

REITs,

to

the

extent

actual

information

has

not

yet

been

reported,

estimates

for

return

of

capital

are

made

by

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.

(Ameriprise

Financial).

The

Investment

Manager’s

estimates

are

subsequently

adjusted

when

the

actual

character

of

the

distributions

is

disclosed

by

the

REITs,

which

could

result

in

a

proportionate

change

in

return

of

capital

to

shareholders.

Awards

from

class

action

litigation

are

recorded

as

a

reduction

of

cost

basis

if

the

Fund

still

owns

the

applicable

securities

on

the

payment

date.

If

the

Fund

no

longer

owns

the

applicable

securities

on

the

payment

date,

the

proceeds

are

recorded

as

realized

gains.

Expenses

General

expenses

of

the

Trust

are

allocated

to

the

Fund

and

other

funds

of

the

Trust

based

upon

relative

net

assets

or

other

expense

allocation

methodologies

determined

by

the

nature

of

the

expense.

Expenses

directly

attributable

to

the

Fund

are

charged

to

the

Fund.

Determination

of

net

asset

value

The

net

asset

value

per

share

of

the

Fund

is

computed

by

dividing

the

value

of

the

net

assets

of

the

Fund

by

the

total

number

of

outstanding

shares

of

the

Fund,

rounded

to

the

nearest

cent,

at

the

close

of

regular

trading

(ordinarily

4:00

p.m.

Eastern

Time)

every

day

the

New

York

Stock

Exchange

is

open.

Federal

income

tax

status

The

Fund

intends

to

qualify

each

year

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code,

as

amended,

and

will

distribute

substantially

all

of

its

investment

company

taxable

income

and

net

capital

gain,

if

any,

for

its

tax

year,

and

as

such

will

not

be

subject

to

federal

income

taxes.

In

addition,

the

Fund

intends

to

distribute

in

each

calendar

year

substantially

all

of

its

ordinary

income,

capital

gain

net

income

and

certain

other

amounts,

if

any,

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

Indexed

ETF

|

2024

11

such

that

the

Fund

should

not

be

subject

to

federal

excise

tax.

Therefore,

no

federal

income

or

excise

tax

provision

is

recorded.

Distributions

to

shareholders

Distributions

from

net

investment

income,

if

any,

are

declared

and

paid

each

calendar

quarter.

Net

realized

capital

gains,

if

any,

are

distributed

at

least

annually.

Income

distributions

and

capital

gain

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

GAAP.

Guarantees

and

indemnifications

Under

the

Trust’s

organizational

documents

and,

in

some

cases,

by

contract,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust

or

its

funds.

In

addition,

certain

of

the

Fund’s

contracts

with

its

service

providers

contain

general

indemnification

clauses.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

since

the

amount

of

any

future

claims

that

may

be

made

against

the

Fund

cannot

be

determined,

and

the

Fund

has

no

historical

basis

for

predicting

the

likelihood

of

any

such

claims.

Recent

accounting

pronouncements

and

regulatory

updates

Accounting

Standards

Update

2023-09

Income

Taxes

(Topic

740)

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

No.

2023-09

Income

Taxes

(Topic

740)

Improvements

to

Income

Tax

Disclosures.

The

amendments

were

issued

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

rate

reconciliation

and

income

taxes

paid

information.

The

amendments

are

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

expects

that

the

adoption

of

the

amendments

will

not

have

a

material

impact

on

its

financial

statements.

Note

3.

Investment

management

fees

Under

an

Investment

Management

Services

Agreement,

Columbia

Management

Investment

Advisers,

LLC

(the

Investment

Manager),

a

wholly-owned

subsidiary

of

Ameriprise

Financial,

Inc.,

determines

which

securities

will

be

purchased,

held

or

sold.

The

investment

management

fee

is

a

unitary

fee

paid

monthly

to

the

Investment

Manager

at

an

annual

rate

based

on

the

Fund’s

average

daily

net

assets.

In

return

for

this

fee,

the

Investment

Manager

pays

the

operating

costs

and

expenses

of

the

Fund

other

than

the

following

expenses

(which

will

be

paid

by

the

Fund):

taxes;

interest

incurred

on

borrowing

by

the

Fund,

if

any,

brokerage

fees

and

commissions;

interest

and

fee

expense

related

to

the

Fund’s

participation

in

inverse

floater

structures

and

any

other

portfolio

transaction

expenses;

infrequent

and/or

unusual

expenses,

including

without

limitation

litigation

expenses;

distribution

and/or

service

fees;

expenses

incurred

in

connection

with

lending

securities;

and

any

other

expenses

approved

by

the

Board

of

Trustees.

The

investment

management

fee

is

an

annual

fee

that

is

equal

to

0.33%

of

the

Fund’s

average

daily

net

assets.

Compensation

of

Board

members

Members

of

the

Board

of

Trustees

who

are

not

officers

or

employees

of

the

Investment

Manager

or

Ameriprise

Financial

are

compensated

for

their

services

to

the

Fund.

Under

a

Deferred

Compensation

Plan

(the

Deferred

Plan),

these

members

of

the

Board

of

Trustees

may

elect

to

defer

payment

of

up

to

100%

of

their

compensation.

Deferred

amounts

are

treated

as

though

equivalent

dollar

amounts

had

been

invested

in

shares

of

certain

funds

managed

by

the

Investment

Manager.

The

Fund’s

deferred

amount

is

adjusted

for

market

value

changes

and

it

is

distributed

in

accordance

with

the

Deferred

Plan

by

the

Investment

Manager.

The

expenses

of

the

compensation

of

the

members

of

the

Board

of

Trustees

that

are

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

Compensation

of

Chief

Compliance

Officer

The

Board

of

Trustees

has

appointed

a

Chief

Compliance

Officer

for

the

Fund

in

accordance

with

federal

securities

regulations.

A

portion

of

the

Chief

Compliance

Officer’s

total

compensation

is

allocated

to

the

Fund,

along

with

other

allocations

to

affiliated

registered

investment

companies

managed

by

the

Investment

Manager

and

its

affiliates,

based

on

relative

net

assets.

The

expenses

of

the

Chief

Compliance

Officer

allocated

to

the

Fund

are

payable

by

the

Investment

Manager.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

12

Indexed

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.

Note

4.

Federal

tax

information

The

timing

and

character

of

income

and

capital

gain

distributions

are

determined

in

accordance

with

income

tax

regulations,

which

may

differ

from

GAAP

because

of

temporary

or

permanent

book

to

tax

differences.

At

December

31,

2024,

these

differences

are

primarily

due

to

differing

treatment

for

deferral/reversal

of

wash

sale

losses,

re-characterization

of

distributions

from

investments,

distribution

reclassifications

and

excess

distributions.

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

December

31,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

December

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.

Management

of

the

Fund

has

concluded

that

there

are

no

significant

uncertain

tax

positions

in

the

Fund

that

would

require

recognition

in

the

financial

statements.

However,

management’s

conclusion

may

be

subject

to

review

and

adjustment

at

a

later

date

based

on

factors

including,

but

not

limited

to,

new

tax

laws,

regulations,

and

administrative

interpretations

(including

relevant

court

decisions).

Generally,

the

Fund’s

federal

tax

returns

for

the

prior

three

fiscal

years

remain

subject

to

examination

by

the

Internal

Revenue

Service.

Undistributed

net

investment

income

($)

Accumulated

net

realized

gain

($)

Paid

in

capital

($)

10,418

(4,360)

(6,058)

Year

Ended

December

31,

2024

Year

Ended

December

31,

2023

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

Ordinary

income

($)

Long-term

capital

gain

($)

Total

($)

140,924

15,391

156,315

93,114

10,778

103,892

Undistributed

ordinary

income

($)

Undistributed

long-term

capital

gains

($)

Capital

loss

carryforwards

($)

Net

unrealized

appreciation

($)

-

-

-

285,475

Federal

tax

cost

($)

Gross

unrealized

appreciation

($)

Gross

unrealized

depreciation

($)

Net

unrealized

appreciation

($)

2,948,135

468,681

(183,206)

285,475

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

Indexed

ETF

|

2024

13

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

$1,058,644

and

$1,079,745,

respectively,

for

the

year

ended

December

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

December

31,

2024,

the

Fund

did

not

have

in-kind

contributions.

Proceeds

from

the

sales

of

securities

include

the

value

of

securities

delivered

through

an

in-kind

redemption

of

certain

Fund

shares.

Net

realized

gains

on

these

securities

are

not

taxable

to

remaining

shareholders

in

the

Fund.

For

the

year

ended December

31,

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 December

31,

2024.

Note

8.

Significant

risks

Market

risk

The

Fund

may

incur

losses

due

to

declines

in

the

value

of

one

or

more

securities

in

which

it

invests.

These

declines

may

be

due

to

factors

affecting

a

particular

issuer,

or

the

result

of,

among

other

things,

political,

regulatory,

market,

economic

or

social

developments

affecting

the

relevant

market(s)

more

generally.

In

addition,

turbulence

in

financial

markets

and

reduced

liquidity

in

equity,

credit

and/or

fixed

income

markets

may

negatively

affect

many

issuers,

which

could

adversely

affect

the

Fund’s

ability

to

price

or

value

hard-to-value

assets

in

thinly

traded

and

closed

markets

and

could

cause

significant

redemptions

and

operational

challenges.

Global

economies

and

financial

markets

are

increasingly

interconnected,

and

conditions

and

events

in

one

country,

region

or

financial

market

may

adversely

impact

issuers

in

a

different

country,

region

or

financial

market.

These

risks

may

be

magnified

if

certain

events

or

developments

adversely

interrupt

the

global

supply

chain;

in

these

and

other

circumstances,

such

risks

might

affect

companies

worldwide.

As

a

result,

local,

regional

or

global

events

such

as

terrorism,

war,

other

conflicts,

natural

disasters,

disease/virus

outbreaks

and

epidemics

or

other

public

health

issues,

recessions,

depressions

or

other

events

–

or

the

potential

for

such

events

–

could

have

a

significant

negative

impact

on

global

economic

and

market

conditions

and

could

result

in

increased

premiums

or

discounts

to

the

Fund’s

net

asset

value.

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

14

Indexed

ETF

|

2024

Non-diversification

risk

A

non-diversified

fund

is

permitted

to

invest

a

greater

percentage

of

its

total

assets

in

fewer

issuers

than

a

diversified

fund.

This

increases

the

risk

that

a

change

in

the

value

of

any

one

investment

held

by

the

Fund

could

affect

the

overall

value

of

the

Fund

more

than

it

would

affect

that

of

a

diversified

fund

holding

a

greater

number

of

investments.

Accordingly,

the

Fund’s

value

will

likely

be

more

volatile

than

the

value

of

a

more

diversified

fund.

Passive

investment

risk

The

Fund

is

not

“actively”

managed

and

may

be

affected

by

a

general

decline

in

market

segments

related

to

its

Index’s

investment

exposures.

The

Fund

invests

in

securities

or

instruments

included

in,

or

believed

by

the

Investment

Manager

to

be

representative

of

the

Index

regardless

of

their

investment

merits.

The

Fund

does

not

seek

temporary

defensive

positions

when

markets

decline

or

appear

overvalued.

The

decision

of

whether

to

remove

a

security

from

the

tracking

index

is

made

by

an

independent

index

provider

who

is

not

affiliated

with

the

Fund

or

the

Investment

Manager.

Real

estate

sector

risk

The

risks

associated

with

investments

in

real

estate

investment

trusts

(REITs)

subject

the

Fund

to

risks

similar

to

those

of

direct

investments

in

real

estate

and

the

real

estate

industry

in

general.

These

include

risks

related

to

general

and

local

economic

conditions,

possible

lack

of

availability

of

financing

and

changes

in

interest

rates

or

property

values.

The

value

of

such

investments

may

be

affected

by,

among

other

factors,

changes

in

the

value

of

the

underlying

properties

owned

by

the

issuer,

changes

in

the

prospect

for

earnings

and/or

cash

flow

growth

of

the

investment,

defaults

by

borrowers

or

tenants,

market

saturation,

decreases

in

market

rates

for

rents,

and

other

economic,

political,

or

regulatory

occurrences

affecting

the

real

estate

industry,

including

REITs.

REITs

depend

upon

specialized

management

skills,

may

have

limited

financial

resources,

may

have

less

trading

volume

in

their

securities,

and

may

be

subject

to

more

abrupt

or

erratic

price

movements

than

the

overall

securities

markets.

REITs

are

also

subject

to

the

risk

of

failing

to

qualify

for

favorable

tax

treatment.

Some

REITs

(especially

mortgage

REITs)

are

affected

by

risks

similar

to

those

associated

with

investments

in

debt

securities

including

changes

in

interest

rates

and

the

quality

of

credit

extended.

Small-

and

mid-cap

company

risk

Investments

in

small-

and

mid-capitalization

companies

(small-

and

mid-cap

companies)

often

involve

greater

risks

than

investments

in

larger,

more

established

companies

(larger

companies)

because

small-

and

mid-cap

companies

tend

to

have

less

predictable

earnings

and

may

lack

the

management

experience,

financial

resources,

product

diversification

and

competitive

strengths

of

larger

companies.

Securities

of

small-

and

mid-cap

companies

may

be

less

liquid

and

more

volatile

than

the

securities

of

larger

companies.

Note

9.

Subsequent

events

Management

has

evaluated

the

events

and

transactions

that

have

occurred

through

the

date

the

financial

statements

were

issued

and

noted

no

items

requiring

adjustment

of

the

financial

statements

or

additional

disclosure.

Note

10.

Information

regarding

pending

and

settled

legal

proceedings

Ameriprise

Financial

and

certain

of

its

affiliates

are

involved,

in

the

normal

course

of

business,

in

legal

proceedings

that

include

regulatory

inquiries,

arbitration

and

litigation

(including

class

actions)

concerning

matters

arising

in

connection

with

the

conduct

of

their

activities

as

part

of

a

diversified

financial

services

firm.

Ameriprise

Financial

believes

that

the

Fund

is

not

currently

the

subject

of,

and

that

neither

Ameriprise

Financial

nor

any

of

its

affiliates

are

the

subject

of,

any

pending

legal,

arbitration

or

regulatory

proceedings

that

are

likely

to

have

a

material

adverse

effect

on

the

Fund

or

the

ability

of

Ameriprise

Financial

or

its

affiliates

to

perform

under

their

contracts

with

the

Fund.

Ameriprise

Financial

is

required

to

make

quarterly

(10-Q),

annual

(10-K)

and,

as

necessary,

8-K

filings

with

the

Securities

and

Exchange

Commission

(SEC)

on

legal

and

regulatory

matters

that

relate

to

Ameriprise

Financial

and

its

affiliates.

Copies

of

these

filings

may

be

obtained

by

accessing

the

SEC

website

at

www.sec.gov.

There

can

be

no

assurance

that

these

matters,

or

the

adverse

publicity

associated

with

them,

will

not

result

in

increased

Fund

redemptions,

reduced

sale

of

Fund

shares

or

other

adverse

consequences

to

the

Fund.

Further,

although

we

NOTES

TO

FINANCIAL

STATEMENTS

(continued)

December

31,

2024

Indexed

ETF

|

2024

15

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.

16

Indexed

ETF

|

2024

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Trustees

of

Columbia

ETF

Trust

I

and

Shareholders

of

Columbia

Research

Enhanced

Real

Estate

ETF

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

Columbia

Research

Enhanced

Real

Estate

ETF

(one

of

the

funds

constituting

Columbia

ETF

Trust

I,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024

and

the

statement

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

December

31,

2024

and

for

the

period

April

26,

2023

(commencement

of

operations)

through

December

31,

2023,

including

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2024,

the

results

of

its

operations

for

the

year

ended

December

31,

2024,

and

the

changes

in

its

net

assets

and

the

financial

highlights

for

the

year

ended

December

31,

2024

and

for

the

period

April

26,

2023

(commencement

of

operations)

through

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

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

December

31,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

Minneapolis,

Minnesota

February

24,

2025

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

17

The

Fund

hereby

designates

the

following

tax

attributes

for

the

fiscal

year

ended

December

31,

2024

.

Shareholders

will

be

notified

in

early

2025

of

the

amounts

for

use

in

preparing

2024

income

tax

returns.

Qualified

dividend

income

(QDI).

For

taxable,

non-corporate

shareholders,

the

percentage

of

ordinary

income

distributed

during

the

fiscal

year

that

represents

qualified

dividend

income

subject

to

reduced

tax

rates.

Section

199A

dividends

(199A).

For

taxable,

non-corporate

shareholders,

the

percentage

of

ordinary

income

distributed

during

the

fiscal

year

that

represents

Section

199A

dividends

potentially

eligible

for

a

20%

deduction.

Capital

gain

dividend.

The

Fund

designates

as

a

capital

gain

dividend

the

amount

reflected

above,

or

if

subsequently

determined

to

be

different,

the

net

capital

gain

of

such

fiscal

period.

Of

this

amount,

$11,915

was

subject

to

a

long

term

capital

gains

tax

rate

of

not

greater

than

20%

and

$3,056

was

subject

to

a

long

term

capital

gains

tax

rate

of

not

greater

than

25%.

QDI

199A

Capital

gain

dividend

1.21%

66.90%

$14,971

Columbia

ETF

Trust

I

290

Congress

Street

Boston,

MA

02210

ANN322_12_R01_(02/25)

Investors

should

consider

the

investment

objectives,

risks,

charges

and

expenses

of

an

exchange-traded

fund

(ETF)

carefully

before

investing.

For

a

free

prospectus

and

summary

prospectus,

which

contains

this

and

other

important

information

about

the

ETFs,

visit

columbiathreadneedleus.com/etfs.

Read

the

prospectus

and

summary

prospectus

carefully

before

investing.

Columbia

Management

Investment

Advisers,

LLC

serves

as

the

investment

manager

to

the

ETFs.

The

ETFs

are

distributed

by

ALPS

Distributors,

Inc.,

which

is

not

affiliated

with

Columbia

Management

Investment

Advisers,

LLC,

or

its

parent

company,

Ameriprise

Financial,

Inc.

©

2025

Columbia

Management

Investment

Advisers,

LLC.

columbiathreadneedleus.com/etfs

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

Not applicable.

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

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.

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) 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	February 24, 2025

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

By (Signature and Title)	/s/ Daniel J. Beckman
	Daniel J. Beckman, President and Principal Executive Officer
Date	February 24, 2025

By (Signature and Title)	/s/ Michael G. Clarke
	Michael G. Clarke, Chief Financial Officer,
	Principal Financial Officer and Senior Vice President
Date	February 24, 2025

By (Signature and Title)	/s/ Marybeth Pilat
	Marybeth Pilat, Treasurer, Chief Accounting
	Officer and Principal Financial Officer
Date	February 24, 2025