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: April 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
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Columbia International Equity Income ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia International Equity Income ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia International Equity Income ETF | $23 | 0.45%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $33,014,456 |
---|
Total number of portfolio holdings | 101 |
---|
Portfolio turnover for the reporting period | 44% |
---|
Columbia International Equity Income ETF | SSR271_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
Iberdrola SA (Spain) | 4.7% |
---|
Siemens AG (Germany) | 4.2% |
---|
Shell PLC (United States) | 4.2% |
---|
Mitsubishi UFJ Financial Group, Inc. (Japan) | 4.1% |
---|
TotalEnergies SE (France) | 4.1% |
---|
Hitachi Ltd. (Japan) | 3.7% |
---|
Sumitomo Mitsui Financial Group, Inc. (Japan) | 3.6% |
---|
Tokio Marine Holdings, Inc. (Japan) | 2.8% |
---|
Mitsubishi Corp. (Japan) | 2.6% |
---|
ITOCHU Corp. (Japan) | 2.6% |
---|
Value | Value |
---|
Real Estate | 3.1% |
Materials | 3.2% |
Information Technology | 3.5% |
Consumer Staples | 4.1% |
Communication Services | 4.5% |
Consumer Discretionary | 4.8% |
Health Care | 5.0% |
Utilities | 8.0% |
Energy | 11.1% |
Financials | 24.6% |
Industrials | 26.9% |
Value | Value |
---|
Other | 7.6% |
Finland | 2.2% |
Italy | 2.3% |
United Kingdom | 2.4% |
Netherlands | 2.6% |
France | 4.4% |
United States | 4.5% |
Spain | 5.8% |
Sweden | 8.5% |
Germany | 10.2% |
Japan | 48.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia International Equity Income ETF | SSR271_00_(06/25) | 2
Columbia U.S. Equity Income ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia U.S. Equity Income ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia U.S. Equity Income ETF | $17 | 0.35%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $182,528,911 |
---|
Total number of portfolio holdings | 101 |
---|
Portfolio turnover for the reporting period | 18% |
---|
Columbia U.S. Equity Income ETF | SSR272_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
Coca-Cola Co. (The) | 5.0% |
---|
Exxon Mobil Corp. | 4.6% |
---|
Home Depot, Inc. (The) | 4.3% |
---|
Chevron Corp. | 3.9% |
---|
UnitedHealth Group, Inc. | 3.9% |
---|
International Business Machines Corp. | 3.5% |
---|
AT&T, Inc. | 3.2% |
---|
Accenture PLC Class A | 3.0% |
---|
Verizon Communications, Inc. | 2.9% |
---|
PepsiCo, Inc. | 3.0% |
---|
Value | Value |
---|
Money Market Funds | 0.5% |
Exchange-Traded Equity Funds | 0.8% |
Common Stocks | 98.6% |
Value | Value |
---|
Materials | 0.8% |
Health Care | 4.8% |
Utilities | 8.2% |
Communication Services | 8.3% |
Consumer Discretionary | 8.3% |
Consumer Staples | 12.1% |
Financials | 12.9% |
Information Technology | 13.3% |
Energy | 13.9% |
Industrials | 16.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia U.S. Equity Income ETF | SSR272_00_(06/25) | 2
Columbia Diversified Fixed Income Allocation ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Diversified Fixed Income Allocation ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Diversified Fixed Income Allocation ETF | $14 | 0.28%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $346,608,635 |
---|
Total number of portfolio holdings | 571 |
---|
Portfolio turnover for the reporting period | 93% |
---|
Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 11% |
---|
Columbia Diversified Fixed Income Allocation ETF | SSR290_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
Uniform Mortgage-Backed Security TBA
05/15/2055 5.500% | 4.7% |
---|
U.S. Treasury Bill
06/26/2025 4.331% | 4.3% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2055 6.000% | 4.2% |
---|
U.S. Treasury Bill
05/29/2025 4.329% | 2.9% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2055 5.000% | 2.5% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2055 6.500% | 2.2% |
---|
U.S. Treasury Bond
08/15/2042 2.750% | 1.5% |
---|
Mexico Government International Bond
05/07/2036 6.000% | 1.2% |
---|
U.S. Treasury Bond
05/15/2042 3.250% | 1.2% |
---|
Dominican Republic International Bond
09/23/2032 4.875% | 1.0% |
---|
Value | Value |
---|
Money Market Funds | 6.9% |
U.S. Treasury Obligations | 9.8% |
Treasury Bills | 7.2% |
Residential Mortgage-Backed Securities - Agency | 15.0% |
Foreign Government Obligations | 29.8% |
Corporate Bonds | 44.3% |
Credit Quality Allocation
Value | Value |
---|
B rating
| 11.3% |
BB rating
| 27.7% |
BBB rating
| 25.8% |
A rating
| 1.0% |
AA rating
| 33.8% |
AAA rating
| 6.4% |
Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Diversified Fixed Income Allocation ETF | SSR290_00_(06/25) | 2
Columbia Multi-Sector Municipal Income ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Multi-Sector Municipal Income ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Multi-Sector Municipal Income ETF | $11 | 0.23%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $400,854,440 |
---|
Total number of portfolio holdings | 542 |
---|
Portfolio turnover for the reporting period | 8% |
---|
Columbia Multi-Sector Municipal Income ETF | SSR303_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
New York | 16.8% |
---|
Texas | 10.9% |
---|
New Jersey | 10.1% |
---|
Illinois | 7.9% |
---|
Pennsylvania | 5.9% |
---|
Florida | 5.5% |
---|
Colorado | 5.4% |
---|
Connecticut | 4.3% |
---|
Ohio | 3.4% |
---|
Georgia | 2.8% |
---|
Credit Quality Allocation
Value | Value |
---|
Not Rated
| 0.1% |
B rating
| 0.5% |
BB rating
| 7.1% |
BBB rating
| 7.3% |
A rating
| 35.7% |
AA rating
| 38.4% |
AAA rating
| 9.3% |
Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Multi-Sector Municipal Income ETF | SSR303_00_(06/25) | 2
Columbia Research Enhanced Core ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Research Enhanced Core ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Research Enhanced Core ETF | $7 | 0.15%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $2,461,868,461 |
---|
Total number of portfolio holdings | 367 |
---|
Portfolio turnover for the reporting period | 19% |
---|
Columbia Research Enhanced Core ETF | SSR305_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
Apple, Inc. | 8.1% |
---|
Microsoft Corp. | 7.6% |
---|
NVIDIA Corp. | 6.8% |
---|
Amazon.com, Inc. | 4.6% |
---|
Meta Platforms, Inc. Class A | 3.0% |
---|
JPMorgan Chase & Co. | 2.9% |
---|
Visa, Inc. Class A | 2.5% |
---|
Philip Morris International, Inc. | 2.2% |
---|
Alphabet, Inc. Class A | 2.1% |
---|
Alphabet, Inc. Class C | 2.0% |
---|
Value | Value |
---|
Money Market Funds | 0.7% |
Exchange-Traded Equity Funds | 2.1% |
Common Stocks | 97.1% |
Value | Value |
---|
Materials | 2.2% |
Utilities | 2.4% |
Real Estate | 2.6% |
Energy | 3.2% |
Consumer Staples | 6.2% |
Communication Services | 8.6% |
Consumer Discretionary | 8.6% |
Industrials | 9.1% |
Health Care | 10.8% |
Financials | 14.7% |
Information Technology | 28.6% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Research Enhanced Core ETF | SSR305_00_(06/25) | 2
Columbia Research Enhanced Value ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Research Enhanced Value ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Research Enhanced Value ETF | $9 | 0.19%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $68,616,505 |
---|
Total number of portfolio holdings | 317 |
---|
Portfolio turnover for the reporting period | 27% |
---|
Columbia Research Enhanced Value ETF | SSR306_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
JPMorgan Chase & Co. | 5.2% |
---|
Philip Morris International, Inc. | 3.6% |
---|
Cisco Systems, Inc. | 3.6% |
---|
Exxon Mobil Corp. | 2.7% |
---|
Medtronic PLC | 2.5% |
---|
Bristol-Myers Squibb Co. | 2.3% |
---|
Bank of America Corp. | 2.3% |
---|
Wells Fargo & Co. | 2.1% |
---|
RTX Corp. | 2.0% |
---|
Caterpillar, Inc. | 1.6% |
---|
Value | Value |
---|
Money Market Funds | 0.6% |
Exchange-Traded Equity Funds | 0.9% |
Common Stocks | 98.4% |
Value | Value |
---|
Materials | 4.1% |
Communication Services | 4.4% |
Real Estate | 4.6% |
Utilities | 4.9% |
Consumer Discretionary | 5.8% |
Energy | 6.3% |
Consumer Staples | 8.9% |
Information Technology | 8.9% |
Industrials | 13.9% |
Health Care | 14.4% |
Financials | 22.0% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Research Enhanced Value ETF | SSR306_00_(06/25) | 2
Columbia Short Duration Bond ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Short Duration Bond ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Short Duration Bond ETF | $12 | 0.24%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $54,008,960 |
---|
Total number of portfolio holdings | 575 |
---|
Portfolio turnover for the reporting period | 105% |
---|
Portfolio turnover as of the end of the period excluding transactions in to be announced securities | 25% |
---|
Columbia Short Duration Bond ETF | SSR314_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
U.S. Treasury Bill
05/29/2025 4.329% | 3.7% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 5.000% | 2.6% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 4.500% | 1.9% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 4.000% | 1.7% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 5.500% | 1.6% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 3.500% | 1.2% |
---|
Uniform Mortgage-Backed Security TBA
05/15/2040 6.000% | 1.0% |
---|
Citigroup, Inc.
11/19/2034 5.592% | 0.6% |
---|
CVS Health Corp.
03/25/2028 4.300% | 0.6% |
---|
Boeing Co. (The)
05/01/2030 5.150% | 0.6% |
---|
Value | Value |
---|
Money Market Funds | 5.8% |
Treasury Bills | 3.7% |
Residential Mortgage-Backed Securities - Agency | 10.0% |
Foreign Government Obligations | 19.8% |
Corporate Bonds | 49.4% |
Commercial Mortgage-Backed Securities - Non-Agency | 10.0% |
Asset-Backed Securities - Non-Agency | 10.1% |
Credit Quality Allocation
Value | Value |
---|
B rating
| 0.2% |
BB rating
| 28.4% |
BBB rating
| 41.8% |
A rating
| 1.4% |
AA rating
| 16.0% |
AAA rating
| 15.2% |
Bond ratings on Fund holdings are divided into categories ranging from highest to lowest credit quality, determined by using the middle rating of Moody’s Ratings, S&P and Fitch, after dropping the highest and lowest available ratings. When ratings are available from only two rating agencies, the lower rating is used. When a rating is available from only one rating agency, that rating is used. If a security is not rated by Moody's Ratings, S&P or Fitch, but has a rating by Kroll and/or DBRS, the same methodology is applied to those bonds that would otherwise be not rated. When a bond is not rated by any rating agency, it is designated as “Not rated.” Credit quality ratings assigned by a rating agency are subjective opinions, not statements of fact, and are subject to change, including daily.
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Short Duration Bond ETF | SSR314_00_(06/25) | 2
Columbia Select Technology ETF
Semi-Annual Shareholder Report | April 30, 2025
This semi-annual shareholder report contains important information about Columbia Select Technology ETF (the Fund) for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
Fund | Cost of a $10,000 investment | Cost paid as a percentage of a $10,000 investment |
---|
Columbia Select Technology ETF | $36 | 0.75%Footnote Reference(a) |
---|
Footnote | Description |
Footnote(a) | Annualized. |
Fund net assets | $33,319,562 |
---|
Total number of portfolio holdings | 36 |
---|
Portfolio turnover for the reporting period | 58% |
---|
Columbia Select Technology ETF | SSR321_00_(06/25) | 1
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund’s portfolio composition is subject to change.
NVIDIA Corp. | 15.5% |
---|
Microsoft Corp. | 11.0% |
---|
Apple, Inc. | 10.9% |
---|
Broadcom, Inc. | 8.4% |
---|
Amazon.com, Inc. | 4.1% |
---|
Alphabet, Inc. Class A | 3.7% |
---|
Meta Platforms, Inc. Class A | 3.4% |
---|
Lam Research Corp. | 3.2% |
---|
Visa, Inc. Class A | 3.0% |
---|
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.0% |
---|
Value | Value |
---|
Industrials | 1.2% |
Consumer Discretionary | 4.9% |
Financials | 5.4% |
Communication Services | 9.4% |
Information Technology | 77.7% |
Value | Value |
---|
IT Services | 1.9% |
Communications Equipment | 2.6% |
Technology Hardware, Storage & Peripherals | 10.9% |
Software | 25.1% |
Semiconductors & Semiconductor Equipment | 37.2% |
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund’s website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc. (Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2025 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
Columbia Select Technology ETF | SSR321_00_(06/25) | 2
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a)The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 7 of this Form N-CSR.
(b)Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
PORTFOLIO
OF
INVESTMENTS
Columbia
International
Equity
Income
ETF
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
98.7%
Issuer
Shares
Value
($)
Austria 1.1%
Erste
Group
Bank
AG
4,153
280,659
Verbund
AG
928
71,417
Total
352,076
Brazil 0.2%
Yara
International
ASA
2,140
69,174
Denmark 1.4%
AP
Moller
-
Maersk
A/S
Class
B
57
97,540
Coloplast
A/S
Class
B
1,951
220,494
Pandora
A/S
1,058
156,667
Total
474,701
Finland 2.2%
Elisa
OYJ
1,917
102,464
Kesko
OYJ
Class
B
3,666
84,180
Nokia
OYJ
68,131
339,919
UPM-Kymmene
OYJ
7,109
188,453
Total
715,016
France 4.4%
Bouygues
SA
(a)
2,520
110,861
TotalEnergies
SE
23,039
1,339,860
Total
1,450,721
Germany 10.2%
Brenntag
SE
1,661
110,607
Continental
AG
1,463
113,820
Evonik
Industries
AG
3,059
68,677
Hannover
Rueck
SE
813
260,988
Knorr-Bremse
AG
895
88,717
Mercedes-Benz
Group
AG
10,194
608,025
Merck
KGaA
1,750
242,497
Rational
AG
69
59,023
RWE
AG
9,171
356,540
Siemens
AG
6,018
1,381,534
Talanx
AG
815
93,479
Total
3,383,907
Hong
Kong 2.1%
Hong
Kong
Exchanges
&
Clearing
Ltd.
16,128
708,786
Israel 0.8%
Bank
Hapoalim
BM
17,085
250,239
Italy 2.3%
Amplifon
SpA
1,672
31,940
Eni
SpA
29,666
428,280
Prysmian
SpA
3,829
208,665
Recordati
Industria
Chimica
e
Farmaceutica
SpA
1,327
78,214
Total
747,099
Japan 48.6%
Aisin
Corp.
6,353
80,682
Ajinomoto
Co.,
Inc.
11,315
231,313
Asahi
Group
Holdings
Ltd.
19,124
264,457
Asahi
Kasei
Corp.
15,439
107,588
Bridgestone
Corp.
7,411
311,268
Chubu
Electric
Power
Co.,
Inc.
8,704
113,010
Dai-ichi
Life
Holdings,
Inc.
46,781
336,001
Daiichi
Sankyo
Co.
Ltd.
22,538
575,774
Daikin
Industries
Ltd.
3,323
379,615
Daiwa
House
Industry
Co.
Ltd.
7,021
253,738
Denso
Corp.
23,419
303,327
ENEOS
Holdings,
Inc.
35,509
170,749
Hikari
Tsushin,
Inc.
235
65,208
Hitachi
Ltd.
49,759
1,227,231
ITOCHU
Corp.
16,518
843,270
Kansai
Electric
Power
Co.,
Inc.
(The)
11,473
141,160
Common
Stocks
(continued)
Issuer
Shares
Value
($)
KDDI
Corp.
38,562
682,215
Kirin
Holdings
Co.
Ltd.
10,472
158,504
Makita
Corp.
2,943
86,285
Mitsubishi
Chemical
Group
Corp.
17,274
83,682
Mitsubishi
Corp.
45,293
861,151
Mitsubishi
Estate
Co.
Ltd.
13,522
237,469
Mitsubishi
Heavy
Industries
Ltd.
41,031
804,425
Mitsubishi
UFJ
Financial
Group,
Inc.
106,814
1,350,526
Mitsui
Fudosan
Co.
Ltd.
33,285
328,790
Mizuho
Financial
Group,
Inc.
31,892
800,430
NIDEC
Corp.
10,853
192,728
Nippon
Sanso
Holdings
Corp.
2,240
71,688
Nitto
Denko
Corp.
9,231
161,821
Ono
Pharmaceutical
Co.
Ltd.
4,711
54,231
Osaka
Gas
Co.
Ltd.
4,530
114,870
Otsuka
Holdings
Co.
Ltd.
5,621
274,154
Ricoh
Co.
Ltd.
6,474
68,353
SCSK
Corp.
1,874
49,175
Seiko
Epson
Corp.
3,609
50,325
Shionogi
&
Co.
Ltd.
9,506
159,544
SoftBank
Corp.
380,322
575,656
Sompo
Holdings,
Inc.
11,516
375,013
Sumitomo
Corp.
14,685
360,124
Sumitomo
Metal
Mining
Co.
Ltd.
3,144
70,114
Sumitomo
Mitsui
Financial
Group,
Inc.
49,885
1,189,070
Sumitomo
Realty
&
Development
Co.
Ltd.
3,758
139,634
Tokio
Marine
Holdings,
Inc.
22,930
917,586
Tokyo
Gas
Co.
Ltd.
4,284
142,450
Toyota
Tsusho
Corp.
8,229
162,976
Trend
Micro,
Inc.
1,676
120,201
Total
16,047,581
Netherlands 2.5%
Akzo
Nobel
NV
2,311
145,958
Euronext
NV
(b)
1,165
194,674
Koninklijke
Ahold
Delhaize
NV
12,240
502,846
Total
843,478
Norway 1.4%
Aker
BP
ASA
4,146
89,237
Equinor
ASA
11,525
264,398
Orkla
ASA
10,106
112,658
Total
466,293
Spain 5.8%
Aena
SME
SA
(b)
936
235,569
Endesa
SA
4,286
129,111
Iberdrola
SA
86,176
1,557,085
Total
1,921,765
Sweden 8.5%
Alfa
Laval
AB
3,878
160,871
Assa
Abloy
AB
Class
B
13,146
397,451
Sagax
AB
Class
B
2,839
64,522
Sandvik
AB
13,954
289,500
Skandinaviska
Enskilda
Banken
AB
Class
A
21,192
334,967
SKF
AB
Class
B
5,774
113,476
Svenska
Cellulosa
AB
SCA
Class
B
7,869
102,229
Svenska
Handelsbanken
AB
Class
A
18,147
237,729
Telefonaktiebolaget
LM
Ericsson
Class
B
38,833
327,658
Telia
Co.
AB
31,382
117,623
Trelleborg
AB
Class
B
2,748
94,820
Volvo
AB
Class
B
20,494
557,986
Total
2,798,832
Switzerland 0.6%
Logitech
International
SA
2,010
151,750
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
International
Equity
Income
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Temenos
AG
796
57,151
Total
208,901
United
Kingdom 2.4%
Lloyds
Banking
Group
PLC
807,503
790,386
United
States 4.2%
Shell
PLC
42,147
1,373,900
Total
Common
Stocks
(Cost
$30,563,142)
32,602,855
Money
Market
Funds
0.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.169%
(c)
119,704
119,704
Total
Money
Market
Funds
(Cost
$119,704)
119,704
Total
Investments
in
Securities
(Cost
$30,682,846)
32,722,559
Other
Assets
&
Liabilities,
Net
291,897
Net
Assets
33,014,456
(a)
Non-income
producing
investment.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
April
30,
2025,
the
total
value
of
these
securities
amounted
to
$430,243,
which
represents
1.30%
of
total
net
assets.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Austria
352,076
–
–
352,076
Brazil
69,174
–
–
69,174
Denmark
474,701
–
–
474,701
Finland
715,016
–
–
715,016
France
1,450,721
–
–
1,450,721
Germany
3,383,907
–
–
3,383,907
Hong
Kong
708,786
–
–
708,786
Israel
250,239
–
–
250,239
Italy
747,099
–
–
747,099
Japan
16,047,581
–
–
16,047,581
Netherlands
843,478
–
–
843,478
Norway
466,293
–
–
466,293
Spain
1,921,765
–
–
1,921,765
Sweden
2,798,832
–
–
2,798,832
Switzerland
208,901
–
–
208,901
United
Kingdom
790,386
–
–
790,386
United
States
1,373,900
–
–
1,373,900
Total
Common
Stocks
32,602,855
–
–
32,602,855
Money
Market
Funds
119,704
–
–
119,704
Total
Investments
in
Securities
32,722,559
–
–
32,722,559
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
Equity
Income
ETF
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
98.6%
Issuer
Shares
Value
($)
Communication
Services 8.3%
Diversified
Telecommunication
Services
6.1%
AT&T,
Inc.
209,283
5,797,139
Verizon
Communications,
Inc.
122,884
5,414,269
Total
11,211,408
Media
2.2%
Comcast
Corp.
Class
A
109,339
3,739,394
Fox
Corp.
Class
B
3,784
174,972
Total
3,914,366
Total
Communication
Services
15,125,774
Consumer
Discretionary 8.3%
Household
Durables
0.9%
DR
Horton,
Inc.
8,119
1,025,754
Lennar
Corp.
Class
A
6,643
721,496
Total
1,747,250
Specialty
Retail
7.4%
Best
Buy
Co.,
Inc.
5,739
382,734
Dick's
Sporting
Goods,
Inc.
1,620
304,139
Home
Depot,
Inc.
(The)
21,559
7,771,804
Lowe's
Cos.,
Inc.
16,451
3,677,785
Tractor
Supply
Co.
15,548
787,040
Williams-Sonoma,
Inc.
3,455
533,694
Total
13,457,196
Total
Consumer
Discretionary
15,204,446
Consumer
Staples 12.1%
Beverages
9.1%
Coca-Cola
Co.
(The)
124,835
9,056,779
Constellation
Brands,
Inc.
Class
A
4,052
759,912
Keurig
Dr
Pepper,
Inc.
32,781
1,133,895
Molson
Coors
Beverage
Co.
Class
B
4,881
280,804
PepsiCo,
Inc.
39,917
5,411,947
Total
16,643,337
Consumer
Staples
Distribution
0.7%
Target
Corp.
13,348
1,290,752
Food
Products
2.3%
General
Mills,
Inc.
16,037
909,939
Kellanova
8,568
709,173
Mondelez
International,
Inc.
Class
A
37,666
2,566,185
Total
4,185,297
Total
Consumer
Staples
22,119,386
Energy 13.9%
Energy
Equipment
&
Services
1.0%
Halliburton
Co.
25,248
500,416
Schlumberger
NV
40,832
1,357,664
Total
1,858,080
Oil,
Gas
&
Consumable
Fuels
12.9%
Chevron
Corp.
52,450
7,136,347
ConocoPhillips
37,059
3,302,698
Exxon
Mobil
Corp.
78,854
8,329,348
Occidental
Petroleum
Corp.
27,321
1,076,721
Ovintiv,
Inc.
7,561
253,898
Phillips
66
12,022
1,251,009
Williams
Cos.,
Inc.
(The)
35,442
2,075,838
Total
23,425,859
Total
Energy
25,283,939
Financials 12.9%
Banks
1.0%
PNC
Financial
Services
Group,
Inc.
(The)
11,502
1,848,256
Capital
Markets
7.2%
Bank
of
New
York
Mellon
Corp.
(The)
20,900
1,680,569
Cboe
Global
Markets,
Inc.
3,004
666,287
Charles
Schwab
Corp.
(The)
44,194
3,597,392
Common
Stocks
(continued)
Issuer
Shares
Value
($)
CME
Group,
Inc.
10,487
2,905,738
Intercontinental
Exchange,
Inc.
16,644
2,795,693
Raymond
James
Financial,
Inc.
5,382
737,549
State
Street
Corp.
8,381
738,366
Total
13,121,594
Insurance
4.7%
Aflac,
Inc.
14,583
1,584,881
American
International
Group,
Inc.
17,282
1,408,829
Hartford
Financial
Services
Group,
Inc.
(The)
8,442
1,035,580
Marsh
&
McLennan
Cos.,
Inc.
14,332
3,231,436
Principal
Financial
Group,
Inc.
6,636
492,059
Willis
Towers
Watson
PLC
2,931
902,162
Total
8,654,947
Total
Financials
23,624,797
Health
Care 4.8%
Health
Care
Providers
&
Services
4.8%
Cardinal
Health,
Inc.
7,037
994,258
Quest
Diagnostics,
Inc.
3,251
579,393
UnitedHealth
Group,
Inc.
17,332
7,131,078
Total
8,704,729
Total
Health
Care
8,704,729
Industrials 16.0%
Aerospace
&
Defense
4.1%
General
Dynamics
Corp.
7,850
2,136,142
Lockheed
Martin
Corp.
6,872
3,283,098
Northrop
Grumman
Corp.
4,213
2,049,624
Total
7,468,864
Air
Freight
&
Logistics
0.4%
CH
Robinson
Worldwide,
Inc.
3,443
307,185
Expeditors
International
of
Washington,
Inc.
4,051
445,245
Total
752,430
Building
Products
2.2%
A
O
Smith
Corp.
3,382
229,502
Allegion
PLC
2,513
349,810
Fortune
Brands
Innovations,
Inc.
3,605
194,021
Masco
Corp.
6,065
367,600
Owens
Corning
2,488
361,780
Trane
Technologies
PLC
6,527
2,501,864
Total
4,004,577
Electrical
Equipment
0.3%
Hubbell,
Inc.
1,570
570,193
Machinery
6.3%
Caterpillar,
Inc.
13,931
4,308,440
CNH
Industrial
NV
23,638
273,492
Cummins,
Inc.
3,947
1,159,786
Deere
&
Co.
7,368
3,415,510
IDEX
Corp.
2,201
382,908
Otis
Worldwide
Corp.
11,570
1,113,844
Pentair
PLC
4,722
428,427
Snap-on,
Inc.
1,501
471,029
Total
11,553,436
Professional
Services
2.7%
Automatic
Data
Processing,
Inc.
11,858
3,564,515
Broadridge
Financial
Solutions,
Inc.
3,384
820,282
Leidos
Holdings,
Inc.
3,718
547,215
Total
4,932,012
Total
Industrials
29,281,512
Information
Technology 13.3%
Electronic
Equipment,
Instruments
&
Components
0.4%
CDW
Corp.
3,875
622,170
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
Equity
Income
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
Common
Stocks
(continued)
Issuer
Shares
Value
($)
IT
Services
7.1%
Accenture
PLC
Class
A
18,213
5,448,419
Cognizant
Technology
Solutions
Corp.
Class
A
14,366
1,056,906
International
Business
Machines
Corp.
26,979
6,524,062
Total
13,029,387
Semiconductors
&
Semiconductor
Equipment
5.5%
Analog
Devices,
Inc.
14,446
2,815,814
Microchip
Technology,
Inc.
15,353
707,466
NXP
Semiconductors
NV
7,405
1,364,816
QUALCOMM,
Inc.
32,272
4,791,101
Skyworks
Solutions,
Inc.
4,680
300,831
Total
9,980,028
Technology
Hardware,
Storage
&
Peripherals
0.3%
Hewlett
Packard
Enterprise
Co.
38,125
618,388
Total
Information
Technology
24,249,973
Materials 0.8%
Containers
&
Packaging
0.8%
Avery
Dennison
Corp.
2,318
396,633
Crown
Holdings,
Inc.
3,456
332,916
International
Paper
Co.
15,094
689,494
Total
1,419,043
Total
Materials
1,419,043
Utilities 8.2%
Electric
Utilities
4.1%
Alliant
Energy
Corp.
7,474
456,213
American
Electric
Power
Co.,
Inc.
15,524
1,681,870
Edison
International
11,297
604,503
Entergy
Corp.
12,528
1,041,954
Evergy,
Inc.
6,623
457,649
Eversource
Energy
10,680
635,247
Exelon
Corp.
29,298
1,374,076
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Xcel
Energy,
Inc.
16,716
1,181,821
Total
7,433,333
Gas
Utilities
0.4%
Atmos
Energy
Corp.
4,615
741,307
Multi-Utilities
3.7%
Ameren
Corp.
7,852
779,232
Consolidated
Edison,
Inc.
10,090
1,137,648
DTE
Energy
Co.
6,034
826,658
NiSource,
Inc.
13,677
534,907
Public
Service
Enterprise
Group,
Inc.
14,527
1,161,143
Sempra
18,480
1,372,510
WEC
Energy
Group,
Inc.
9,254
1,013,498
Total
6,825,596
Total
Utilities
15,000,236
Total
Common
Stocks
(Cost
$181,550,909)
180,013,835
Exchange-Traded
Equity
Funds
0.8%
Issuer
Shares
Value
($)
Financials 0.8%
Vanguard
Financials
ETF
11,688
1,364,107
Total
Exchange-Traded
Equity
Funds
(Cost
$1,340,578)
1,364,107
Money
Market
Funds
0.5%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.169%
(a)
905,889
905,889
Total
Money
Market
Funds
(Cost
$905,889)
905,889
Total
Investments
in
Securities
(Cost
$183,797,376)
182,283,831
Other
Assets
&
Liabilities,
Net
245,080
Net
Assets
182,528,911
(a)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
15,125,774
–
–
15,125,774
Consumer
Discretionary
15,204,446
–
–
15,204,446
Consumer
Staples
22,119,386
–
–
22,119,386
Energy
25,283,939
–
–
25,283,939
Financials
23,624,797
–
–
23,624,797
Health
Care
8,704,729
–
–
8,704,729
Industrials
29,281,512
–
–
29,281,512
Information
Technology
24,249,973
–
–
24,249,973
Materials
1,419,043
–
–
1,419,043
Utilities
15,000,236
–
–
15,000,236
Total
Common
Stocks
180,013,835
–
–
180,013,835
Exchange-Traded
Equity
Funds
1,364,107
–
–
1,364,107
Money
Market
Funds
905,889
–
–
905,889
Total
Investments
in
Securities
182,283,831
–
–
182,283,831
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$30,682,846
and
$183,797,376,
respectively)
$32,722,559
$182,283,831
Foreign
currency
(cost
$9,750
and
$–)
9,759
–
Receivable
for:
Dividends
235,043
256,670
Reclaims
receivable
59,150
–
Capital
shares
sold
–
6,518,890
Total
assets
33,026,511
189,059,391
Liabilities
Payable
for:
Investment
management
fees
12,055
44,653
Investments
purchased
–
6,485,827
Total
liabilities
12,055
6,530,480
Net
assets
applicable
to
outstanding
capital
stock
$33,014,456
$182,528,911
Represented
by:
Paid-in
capital
$29,912,737
$180,369,176
Total
distributable
earnings
(loss)
3,101,719
2,159,735
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$33,014,456
$182,528,911
Shares
outstanding
1,000,000
4,200,000
Net
asset
value
per
share
$33.01
$43.46
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$656,652
$1,822,740
Foreign
taxes
withheld
(85,143)
(1,523)
Total
income
571,509
1,821,217
Expenses:
Investment
management
fees
66,233
230,487
Total
expenses
66,233
230,487
Net
Investment
Income
505,276
1,590,730
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
497,996
2,240,139
In-kind
transactions
-
unaffiliated
issuers
201,796
1,375,484
Foreign
currency
translations
(23,751)
–
Net
realized
gain
676,041
3,615,623
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
1,847,237
(10,221,855)
Foreign
currency
translations
18,925
–
Net
change
in
unrealized
appreciation
(depreciation)
1,866,162
(10,221,855)
Net
realized
and
unrealized
gain
(loss)
2,542,203
(6,606,232)
Net
Increase
(Decrease)
in
net
assets
resulting
from
operations
$3,047,479
$(5,015,502)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
International
Equity
Income
ETF
Columbia
U.S.
Equity
Income
ETF
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$505,276
$408,892
$1,590,730
$1,384,215
Net
realized
gain
676,041
942,628
3,615,623
4,758,223
Net
change
in
unrealized
appreciation
(depreciation)
1,866,162
253,485
(10,221,855)
7,295,415
Net
increase
(decrease)
in
net
assets
resulting
from
operations
3,047,479
1,605,005
(5,015,502)
13,437,853
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(546,480)
(301,656)
(4,226,256)
(1,279,098)
Shareholder
transactions
Proceeds
from
shares
sold
5,962,512
18,421,780
99,167,657
51,625,885
Cost
of
shares
redeemed
(1,603,755)
–
(6,863,058)
(8,300,690)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
4,358,757
18,421,780
92,304,599
43,325,195
Increase
in
net
assets
6,859,756
19,725,129
83,062,841
55,483,950
Net
Assets:
Net
assets
beginning
of
period
26,154,700
6,429,571
99,466,070
43,982,120
Net
assets
at
end
of
period
$33,014,456
$26,154,700
$182,528,911
$99,466,070
Capital
stock
activity
Shares
outstanding,
beginning
of
period
850,000
250,000
2,150,000
1,200,000
Shares
sold
200,000
600,000
2,200,000
1,150,000
Shares
redeemed
(50,000)
–
(150,000)
(200,000)
Shares
outstanding,
end
of
period
1,000,000
850,000
4,200,000
2,150,000
FINANCIAL
HIGHLIGHTS
Columbia
International
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$30.77
$25.72
$21.99
$26.94
$21.08
$25.78
Income
(loss)
from
investment
operations:
Net
investment
income
0.53
0.85
0.82
0.90
0.82
0.70
Net
realized
and
unrealized
gain
(loss)
2.35
4.84
3.73
(4.85)
5.83
(4.71)
Total
from
investment
operations
2.88
5.69
4.55
(3.95)
6.65
(4.01)
Less
distributions
to
shareholders:
Net
investment
income
(0.28)
(0.64)
(0.82)
(1.00)
(0.79)
(0.69)
Net
realized
gains
(0.36)
–
–
–
–
–
Total
distribution
to
shareholders
(0.64)
(0.64)
(0.82)
(1.00)
(0.79)
(0.69)
Net
asset
value,
end
of
period
$33.01
$30.77
$25.72
$21.99
$26.94
$21.08
Total
Return
at
NAV
9.56%
22.26%
20.70%
(14.97)%
31.60%
(15.68)%
Total
Return
at
Market
Price
9.94%
21.20%
21.46%
(15.76)%
32.24%
(15.02)%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.45%
0.46%
(b)
0.45%
(c)
0.45%
0.45%
(c)
0.45%
(c)
Total
net
expenses
(a)(d)
0.45%
0.46%
(b)
0.45%
(c)
0.45%
0.45%
(c)
0.45%
(c)
Net
investment
income
3.43%
2.81%
3.14%
3.60%
3.07%
3.08%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$33,014
$26,155
$6,430
$5,497
$5,389
$4,217
Portfolio
turnover
44%
92%
156%
177%
90%
98%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
U.S.
Equity
Income
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$46.26
$36.65
$36.28
$36.97
$25.42
$28.60
Income
(loss)
from
investment
operations:
Net
investment
income
0.54
0.98
0.97
1.00
0.86
0.78
Net
realized
and
unrealized
gain
(loss)
(1.83)
9.53
0.38
(0.57)
(a)
11.53
(3.15)
Total
from
investment
operations
(1.29)
10.51
1.35
0.43
12.39
(2.37)
Less
distributions
to
shareholders:
Net
investment
income
(0.47)
(0.90)
(0.98)
(0.88)
(0.84)
(0.74)
Net
realized
gains
(1.04)
–
–
(0.24)
–
(0.07)
Total
distribution
to
shareholders
(1.51)
(0.90)
(0.98)
(1.12)
(0.84)
(0.81)
Net
asset
value,
end
of
period
$43.46
$46.26
$36.65
$36.28
$36.97
$25.42
Total
Return
at
NAV
(2.82)%
28.84%
3.72%
1.22%
49.08%
(8.18)%
Total
Return
at
Market
Price
(2.88)%
29.14%
3.29%
1.27%
50.13%
(8.64)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.35%
0.35%
(c)
0.35%
(c)
0.35%
(c)
0.35%
0.35%
Total
net
expenses
(b)(d)
0.35%
0.35%
(c)
0.35%
(c)
0.35%
(c)
0.35%
0.35%
Net
investment
income
2.42%
2.25%
2.57%
2.73%
2.55%
2.98%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$182,529
$99,466
$43,982
$39,911
$5,545
$5,084
Portfolio
turnover
18%
42%
90%
167%
77%
77%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
International
Equity
Income
ETF
and
Columbia
U.S.
Equity
Income
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
position
or
their
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Funds
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Funds
have
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Funds
as
a
whole
and
the
Funds’
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
each
Fund’s
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Funds’
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Funds’
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Funds
do
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
Fund
Effective
investment
management
fee
rate
(%)
Columbia
International
Equity
Income
ETF
0.45
Columbia
U.S.
Equity
Income
ETF
0.35
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
April
30,
2025,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
six
months
ended
April
30,
2025,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
each
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Funds
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
International
Equity
Income
ETF
30,682,846
3,229,004
(1,189,291)
2,039,713
Columbia
U.S.
Equity
Income
ETF
183,797,376
8,755,281
(10,268,826)
(1,513,545)
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
International
Equity
Income
ETF
13,080,341
13,324,246
Columbia
U.S.
Equity
Income
ETF
24,798,295
27,552,895
Fund
Contributions
($)
Columbia
International
Equity
Income
ETF
5,895,311
Columbia
U.S.
Equity
Income
ETF
98,435,824
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
International
Equity
Income
ETF
1,360,947
1,562,743
201,796
Columbia
U.S.
Equity
Income
ETF
5,452,093
6,827,577
1,375,484
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
60
days
after
the
date
of
borrowing.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fees
that
are
allocated
to
each
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
24,
2024
amendment
and
restatement,
each
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
No
Fund
had
borrowings
during
the
six
months
ended
April
30,
2025.
Note
8.
Significant
risks
Active
management
risk
Each
Fund
is
actively
managed
and
its
performance
therefore
will
reflect,
in
part,
the
ability
of
the
portfolio
managers
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
Each
Fund
is
not
an
index
fund
(it
does
not
seek
to
track
the
performance
of
an
index).
Due
to
its
active
management,
each
Fund
could
underperform
its
benchmark
index
and/or
other
funds
with
similar
investment
objectives
and/or
strategies.
Active
trading
of
portfolio
securities
may
result
in
added
expenses,
a
lower
return
and
increased
tax
liability,
including
relative
to
other
ETFs.
Environmental,
social
and
governance
investment
research
tools
risk
The
Investment
Manager’s
proprietary
ESGM
Ratings
system
and
screens
are
subjective
(based
on
the
Investment
Manager’s
opinion)
research
tools
incorporated
into
the
investment
selection
process.
These
research
tools
may
not
operate
as
intended
and
may
cause
the
Fund
to
underperform
other
investment
strategies.
Fund
performance
will
depend
on
the
quality
and
accuracy
of
the
assumptions
and
framework
(which
may
be
amended
over
time)
on
which
these
research
tools
are
based.
Fund
performance
will
also
depend
on
the
accuracy
and
availability
of
data
that
the
research
tools
employ,
and
such
data
may
be
based
on
proprietary
research
based
on
third-party
research,
or
by
the
issuers
themselves
(which
also
may
be
based
upon
data
obtained
from
third
parties).
Any
errors
in
the
data
could
adversely
affect
these
research
tools
and
Fund
performance.
These
research
tools
depend,
in
part,
upon
subjective
selection
and
application
of
factors
and
data
inputs.
The
Investment
Manager
has
discretion
to
determine
the
data
collected
and
incorporated
into
these
research
tools,
as
well
as
in
interpreting
and
applying
the
data
used
in
these
research
tools.
It
is
not
practicable
for
these
research
tools
to
factor
in
all
available
data,
and
no
assurance
can
be
given
that
such
data
will
be
helpful
or
be
free
from
errors.
Information
the
Investment
Manager
deems
sufficient
to
calculate
a
company’s
ESGM
Rating
may
not
be
available
for
certain
companies.
Financials
sector
risk
Columbia
International
Equity
Income
ETF
is
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
financials
sector.
Companies
in
the
financials
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Foreign
securities
and
emerging
market
countries
risk
Investing
in
foreign
securities
may
involve
heightened
risks
relative
to
investments
in
U.S.
securities.
Investing
in
foreign
securities
subjects
the
Fund
to
the
risks
associated
with
the
issuer’s
country
of
organization
and
places
of
business
operations,
including
risks
associated
with
political,
regulatory,
economic,
social,
diplomatic
and
other
conditions
or
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
events
occurring
in
the
country
or
region,
which
may
result
in
significant
market
volatility.
In
addition,
certain
foreign
securities
may
be
more
volatile
and
less
liquid
than
U.S.
securities.
Investing
in
emerging
markets
may
increase
these
risks
and
expose
the
Fund
to
elevated
risks
associated
with
increased
inflation,
deflation
or
currency
devaluation.
To
the
extent
that
Columbia
International
Equity
Income
ETF
concentrates
its
investment
exposure
to
any
one
or
a
few
specific
countries,
the
Fund
will
be
particularly
susceptible
to
the
risks
associated
with
the
conditions,
events
or
other
factors
impacting
those
countries
or
regions
and
may,
therefore,
have
a
greater
risk
than
that
of
a
fund
that
is
more
geographically
diversified.
The
financial
information
and
disclosure
made
available
by
issuers
of
emerging
market
securities
may
be
considerably
less
reliable
than
publicly
available
information
about
other
foreign
securities.
The
Public
Company
Accounting
Oversight
Board,
which
regulates
auditors
of
U.S.
public
companies,
is
unable
to
inspect
audit
work
papers
in
certain
foreign
countries.
Investors
in
foreign
countries
often
have
limited
rights
and
few
practical
remedies
to
pursue
shareholder
claims,
including
class
actions
or
fraud
claims,
and
the
ability
of
the
U.S.
Securities
and
Exchange
Commission,
the
U.S.
Department
of
Justice
and
other
authorities
to
bring
and
enforce
actions
against
foreign
issuers
or
foreign
persons
is
limited.
Geographic
focus
risk
Columbia
International
Equity
Income
ETF
may
be
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions
affecting
issuers
and
countries
within
the
specific
geographic
regions
in
which
the
Fund
invests.
The
Fund’s
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
Europe.
Columbia
International
Equity
Income
ETF
is
particularly
susceptible
to
risks
related
to
economic,
political,
regulatory
or
other
events
or
conditions,
including
acts
of
war
or
other
conflicts
in
the
region,
affecting
issuers
and
countries
in
Europe.
Countries
in
Europe
are
often
closely
connected
and
interdependent,
and
events
in
one
European
country
can
have
an
adverse
impact
on,
and
potentially
spread
to,
other
European
countries.
In
addition,
significant
private
or
public
debt
problems
in
a
single
European
Union
(EU)
country
can
pose
economic
risks
to
the
EU
as
a
whole.
As
a
result,
the
Fund’s
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Europe
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
this
region
of
the
world.
Uncertainty
caused
by
the
departure
of
the
United
Kingdom
(UK)
from
the
EU,
which
occurred
in
January
2020,
could
have
negative
impacts
on
the
UK
and
EU,
as
well
as
other
European
economies
and
the
broader
global
economy.
These
could
include
negative
impacts
on
currencies
and
financial
markets
as
well
as
increased
volatility
and
illiquidity,
and
potentially
lower
economic
growth
in
markets
in
Europe,
which
could
adversely
affect
the
value
of
your
investment
in
the
Fund.
Japan
.
Columbia
International
Equity
Income
ETF
is
particularly
susceptible
to
the
social,
political,
economic,
regulatory
and
other
conditions
or
events
that
may
affect
Japan’s
economy.
The
Japanese
economy
is
heavily
dependent
upon
international
trade,
including,
among
other
things,
the
export
of
finished
goods
and
the
import
of
oil
and
other
commodities
and
raw
materials.
Because
of
its
trade
dependence,
the
Japanese
economy
is
particularly
exposed
to
the
risks
of
currency
fluctuation,
foreign
trade
policy
and
regional
and
global
economic
disruption,
including
the
risk
of
increased
tariffs,
embargoes,
and
other
trade
limitations
or
factors.
Strained
relationships
between
Japan
and
its
neighboring
countries,
including
China,
South
Korea
and
North
Korea,
based
on
historical
grievances,
territorial
disputes,
and
defense
concerns,
may
also
cause
uncertainty
in
Japanese
markets.
As
a
result,
additional
tariffs,
other
trade
barriers,
or
boycotts
may
have
an
adverse
impact
on
the
Japanese
economy.
Japanese
government
policy
has
been
characterized
by
economic
regulation,
intervention,
protectionism
and
large
government
deficits.
The
Japanese
economy
is
also
challenged
by
an
unstable
financials
sector,
highly
leveraged
corporate
balance
sheets
and
extensive
cross-ownership
among
major
corporations.
Structural
social
and
labor
market
changes,
including
an
aging
workforce,
population
decline
and
traditional
aversion
to
labor
mobility
may
adversely
affect
Japan’s
economic
competitiveness
and
growth
potential.
The
potential
for
natural
disasters,
such
as
earthquakes,
volcanic
eruptions,
typhoons
and
tsunamis,
could
also
have
significant
negative
effects
on
Japan’s
economy.
As
a
result
of
the
Fund’s
investment
in
Japanese
securities,
the
Fund’s
net
asset
value
may
be
more
volatile
than
the
net
asset
value
of
a
more
geographically
diversified
fund.
If
securities
of
issuers
in
Japan
fall
out
of
favor,
it
may
cause
the
Fund
to
underperform
other
funds
that
do
not
focus
their
investments
in
Japan.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Industrials
sector
risk
Columbia
International
Equity
Income
ETF
is
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
industrials
sector.
Companies
in
the
industrials
sector
are
subject
to
certain
risks,
including
changes
in
supply
and
demand
for
their
specific
product
or
service
and
for
industrial
sector
products
in
general,
including
decline
in
demand
for
such
products
due
to
rapid
technological
developments
and
frequent
new
product
introduction.
Performance
of
such
companies
may
be
affected
by
factors
including
government
regulation,
world
events,
economic
conditions
and
risks
for
environmental
damage
and
product
liability
claims.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov
.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.
,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Diversified
Fixed
Income
Allocation
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
PORTFOLIO
OF
INVESTMENTS
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
44.3%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.0%
Boeing
Co.
(The)
6.528%,
05/01/34
530,000
570,469
L3Harris
Technologies,
Inc.
5.400%,
07/31/33
352,000
356,916
Northrop
Grumman
Corp.
4.900%,
06/01/34
250,000
248,028
RTX
Corp.
5.150%,
02/27/33
400,000
404,319
Spirit
AeroSystems
,
Inc.
9.375%,
11/30/29
(a)
274,000
292,211
Textron,
Inc.
6.100%,
11/15/33
100,000
104,185
TransDigm
,
Inc.
6.375%,
03/01/29
(a)
550,000
560,747
6.625%,
03/01/32
(a)
1,000,000
1,024,361
Total
3,561,236
Airlines
0.8%
Air
Canada
3.875%,
08/15/26
(a)
487,000
478,028
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
256,667
255,075
5.750%,
04/20/29
(a)
1,028,000
996,348
Avianca
Midco
2
PLC
9.625%,
02/14/30
(a)
500,000
437,979
Jetblue
Airways
Corp.
/
Jetblue
Loyalty
LP
9.875%,
09/20/31
(a)
600,000
552,976
Total
2,720,406
Apartment
REIT
0.1%
American
Homes
4
Rent
LP
5.500%,
02/01/34
250,000
249,335
Essex
Portfolio
LP
3.000%,
01/15/30
167,000
154,393
Invitation
Homes
Operating
Partnership
LP
2.000%,
08/15/31
110,000
92,240
Total
495,968
Automotive
0.9%
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
204,000
183,305
Ford
Motor
Co.
3.250%,
02/12/32
479,000
391,534
General
Motors
Financial
Co.,
Inc.
5.950%,
04/04/34
100,000
99,579
6.100%,
01/07/34
300,000
301,894
Goodyear
Tire
&
Rubber
Co.
(The)
5.000%,
07/15/29
286,000
272,163
Nissan
Motor
Co.
Ltd.
4.810%,
09/17/30
(a)
1,538,000
1,420,875
Tenneco,
Inc.
8.000%,
11/17/28
(a)
611,000
582,641
Total
3,251,991
Banking
1.6%
American
Express
Co.
5.625%,
07/28/34
123,000
123,774
Banco
Bilbao
Vizcaya
Argentaria
SA
6.033%,
(US
1
Year
CMT
T-Note
+
1.950%),
03/13/35
(b)
200,000
204,503
Banco
Santander
SA
6.350%,
03/14/34
200,000
203,992
6.921%,
08/08/33
200,000
213,130
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Barclays
6.224%,
05/09/34
500,000
520,527
Capital
One
Financial
Corp.
5.817%,
02/01/34
246,000
248,154
6.377%,
06/08/34
250,000
261,052
Citigroup,
Inc.
5.827%,
(SOFRRATE
+
2.056%),
02/13/35
(b)
250,000
247,935
6.020%,
(SOFRRATE
+
1.830%),
01/24/36
(b)
244,000
244,582
6.174%,
(SOFRRATE
+
2.661%),
05/25/34
(b)
250,000
255,470
Citizens
Financial
Group,
Inc.
2.638%,
09/30/32
78,000
63,283
6.645%,
04/25/35
150,000
158,205
Comerica,
Inc.
5.982%,
(SOFRRATE
+
2.155%),
01/30/30
(b)
58,000
58,702
Deutsche
Bank
AG/New
York
NY
7.079%,
(SOFRRATE
+
3.650%),
02/10/34
(b)
250,000
260,842
Discover
Financial
Services
7.964%,
(SOFRINDX
+
3.370%),
11/02/34
(b)
250,000
286,714
Fifth
Third
Bancorp
5.631%,
(SOFRRATE
+
1.840%),
01/29/32
(b)
250,000
255,823
HSBC
Holdings
PLC
6.547%,
(SOFRRATE
+
2.980%),
06/20/34
(b)
500,000
521,660
Huntington
Bancshares,
Inc.
2.487%,
08/15/36
200,000
164,402
KeyBank
NA/Cleveland
OH
5.000%,
01/26/33
250,000
241,125
Lloyds
Banking
Group
PLC
7.953%,
(US
1
Year
CMT
T-Note
+
3.750%),
11/15/33
(b)
200,000
227,541
M&T
Bank
Corp.
5.053%,
(SOFRRATE
+
1.850%),
01/27/34
(b)
275,000
264,784
Morgan
Stanley
5.297%,
04/20/37
400,000
390,063
Regions
Financial
Corp.
5.502%,
09/06/35
100,000
97,838
Santander
Holdings
USA,
Inc.
6.342%,
(SOFRRATE
+
2.138%),
05/31/35
(b)
125,000
127,591
Total
5,641,692
Brokerage/Asset
Managers/Exchanges
0.7%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
100,000
92,927
Blue
Owl
Finance
LLC
6.250%,
04/18/34
200,000
202,007
CI
Financial
Corp.
3.200%,
12/17/30
78,000
68,072
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
255,000
235,447
HA
Sustainable
Infrastructure
Capital,
Inc.
6.375%,
07/01/34
(a)
119,000
114,071
Jane
Street
Group
/
JSG
Finance,
Inc.
6.125%,
11/01/32
(a)
250,000
245,812
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
7.125%,
04/30/31
(a)
600,000
618,687
Jefferies
Finance
LLC
/
JFIN
Co.-Issuer
Corp.
5.000%,
08/15/28
(a)
400,000
372,012
Jefferies
Financial
Group,
Inc.
6.200%,
04/14/34
200,000
202,650
LPL
Holdings,
Inc.
5.650%,
03/15/35
122,000
120,612
Nasdaq,
Inc.
1.650%,
01/15/31
123,000
105,200
Total
2,377,497
Building
Materials
1.2%
Beacon
Roofing
Supply,
Inc.
6.750%,
04/30/32
(a)
500,000
501,329
Builders
FirstSource
,
Inc.
4.250%,
02/01/32
(a)
265,000
238,894
6.375%,
03/01/34
(a)
450,000
447,238
CRH
America
Finance,
Inc.
5.500%,
01/09/35
250,000
253,797
Owens
Corning
5.700%,
06/15/34
200,000
205,133
Quikrete
Holdings,
Inc.
6.375%,
03/01/32
(a)
200,000
201,343
6.750%,
03/01/33
(a)
1,400,000
1,405,343
Standard
Industries,
Inc.
3.375%,
01/15/31
(a)
449,000
396,813
4.375%,
07/15/30
(a)
450,000
419,257
Total
4,069,147
Cable
and
Satellite
1.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.250%,
02/01/31
(a)
1,710,000
1,545,927
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.400%,
04/01/33
435,000
394,821
Connect
Finco
Sarl
/
Connect
US
Finco
LLC
9.000%,
09/15/29
(a)
710,000
663,963
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
10.000%,
02/15/31
(a)
500,000
475,006
Intelsat
Jackson
Holdings
SA
6.500%,
03/15/30
(a)
1,065,000
1,050,704
Sunrise
FinCo
I
BV
4.875%,
07/15/31
(a)
490,000
447,488
VZ
Secured
Financing
BV
5.000%,
01/15/32
(a)
465,000
405,566
Total
4,983,475
Chemicals
0.6%
Celanese
US
Holdings
LLC
6.629%,
07/15/32
400,000
393,225
6.750%,
04/15/33
400,000
375,124
Cerdia
Finanz
GmbH
9.375%,
10/03/31
(a)
200,000
200,785
Dow
Chemical
Co.
(The)
5.150%,
02/15/34
311,000
305,132
Eastman
Chemical
Co.
5.625%,
02/20/34
300,000
298,754
LYB
International
Finance
III
LLC
2.250%,
10/01/30
100,000
87,240
NewMarket
Corp.
2.700%,
03/18/31
26,000
22,857
Nutrien
Ltd.
5.400%,
06/21/34
75,000
75,267
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Tronox
,
Inc.
4.625%,
03/15/29
(a)
450,000
365,586
Total
2,123,970
Construction
Machinery
0.6%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
480,000
478,320
Hertz
Corp.
(The)
12.625%,
07/15/29
(a)
450,000
437,798
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(a)
599,000
584,918
United
Rentals
North
America,
Inc.
3.875%,
02/15/31
785,000
717,856
Total
2,218,892
Consumer
Cyclical
Services
0.7%
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(a)
442,000
417,047
Arches
Buyer,
Inc.
4.250%,
06/01/28
(a)
300,000
282,359
CBRE
Services,
Inc.
5.950%,
08/15/34
250,000
258,663
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
394,000
371,689
Expedia
Group,
Inc.
5.400%,
02/15/35
119,000
117,165
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(a)
352,000
336,435
Service
Corp
International
3.375%,
08/15/30
385,000
345,462
Uber
Technologies,
Inc.
4.800%,
09/15/34
200,000
194,068
Total
2,322,888
Consumer
Products
0.2%
Haleon
US
Capital
LLC
3.625%,
03/24/32
300,000
278,370
Opal
Bidco
SAS
6.500%,
03/31/32
(a)
350,000
350,402
Total
628,772
Diversified
Manufacturing
1.2%
Carrier
Global
Corp.
5.900%,
03/15/34
223,000
234,406
Chart
Industries,
Inc.
7.500%,
01/01/30
(a)
286,000
297,243
EMRLD
Borrower
LP
/
Emerald
Co.-Issuer,
Inc.
6.625%,
12/15/30
(a)
900,000
913,603
Ingersoll
Rand,
Inc.
5.450%,
06/15/34
150,000
151,156
5.700%,
08/14/33
250,000
256,886
Johnson
Controls
International
PLC
/
Tyco
Fire
&
Security
Finance
SCA
4.900%,
12/01/32
200,000
197,477
Regal
Rexnord
Corp.
6.400%,
04/15/33
200,000
203,773
TK
Elevator
US
Newco
,
Inc.
5.250%,
07/15/27
(a)
614,000
603,848
Trane
Technologies
Financing
Ltd.
5.100%,
06/13/34
250,000
250,833
Vertiv
Group
Corp.
4.125%,
11/15/28
(a)
300,000
289,581
WESCO
Distribution,
Inc.
7.250%,
06/15/28
(a)
789,000
799,287
Total
4,198,093
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Electric
2.5%
AES
Corp.
(The)
2.450%,
01/15/31
70,000
59,958
Alpha
Generation
LLC
6.750%,
10/15/32
(a)
250,000
255,151
American
Electric
Power
Co.,
Inc.
5.625%,
03/01/33
150,000
153,775
Arizona
Public
Service
Co.
5.700%,
08/15/34
112,000
113,573
Avangrid
,
Inc.
3.800%,
06/01/29
29,000
28,076
Black
Hills
Corp.
6.000%,
01/15/35
108,000
111,469
Calpine
Corp.
5.125%,
03/15/28
(a)
220,000
217,719
CenterPoint
Energy,
Inc.
Series
B,
6.850%,
(US
5
Year
CMT
T-Note
+
2.946%),
02/15/55
(b)
118,000
118,007
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
660,000
588,209
CMS
Energy
Corp.
6.500%,
(US
5
Year
CMT
T-Note
+
1.961%),
06/01/55
(b)
119,000
116,216
Constellation
Energy
Generation
LLC
6.125%,
01/15/34
250,000
262,761
Dominion
Energy,
Inc.
Series
C,
2.250%,
08/15/31
94,000
80,566
5.375%,
11/15/32
290,000
293,348
DTE
Energy
Co.
5.850%,
06/01/34
240,000
247,643
Duke
Energy
Corp.
2.450%,
06/01/30
431,000
387,167
Eversource
Energy
Series
R,
1.650%,
08/15/30
190,000
162,375
Exelon
Corp.
5.300%,
03/15/33
250,000
253,183
Lightning
Power
LLC
7.250%,
08/15/32
(a)
500,000
518,424
National
Grid
PLC
5.418%,
01/11/34
250,000
252,902
NextEra
Energy
Capital
Holdings,
Inc.
6.375%,
(US
5
Year
CMT
T-Note
+
2.053%),
08/15/55
(b)
250,000
251,108
NRG
Energy,
Inc.
3.625%,
02/15/31
(a)
499,000
448,152
Pacific
Gas
and
Electric
Co.
2.500%,
02/01/31
196,000
169,262
4.550%,
07/01/30
165,000
160,546
PacifiCorp
7.375%,
(US
5
Year
CMT
T-Note
+
3.319%),
09/15/55
(b)
250,000
254,739
PG&E
Corp.
5.000%,
07/01/28
60,000
58,558
5.250%,
07/01/30
650,000
626,333
Public
Service
Enterprise
Group,
Inc.
1.600%,
08/15/30
110,000
93,918
Southern
Co.
(The)
Series
A,
3.700%,
04/30/30
189,000
181,450
5.700%,
03/15/34
100,000
103,481
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Series
2025,
6.375%,
(US
5
Year
CMT
T-Note
+
2.069%),
03/15/55
(b)
100,000
101,954
Talen
Energy
Supply
LLC
8.625%,
06/01/30
(a)
550,000
586,838
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
818,000
811,052
Xcel
Energy,
Inc.
2.600%,
12/01/29
326,000
297,897
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
01/15/31
(a)
130,000
130,510
8.625%,
03/15/33
(a)
250,000
249,877
Total
8,746,197
Finance
Companies
1.5%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
280,000
247,374
Air
Lease
Corp.
Series
MTN,
2.875%,
01/15/32
183,000
158,908
Aon
Corp.
2.800%,
05/15/30
64,000
58,706
Apollo
Debt
Solutions
BDC
6.550%,
03/15/32
(a)
250,000
251,461
Ares
Capital
Corp.
5.875%,
03/01/29
58,000
58,513
Ares
Strategic
Income
Fund
6.200%,
03/21/32
(a)
89,000
87,873
Blackstone
Private
Credit
Fund
6.000%,
11/22/34
(a)
250,000
238,934
Blue
Owl
Credit
Income
Corp.
6.600%,
09/15/29
(a)
91,000
92,072
Bread
Financial
Holdings,
Inc.
9.750%,
03/15/29
(a)
250,000
263,277
First
American
Financial
Corp.
4.000%,
05/15/30
100,000
94,486
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.500%,
05/01/28
(a)
610,000
598,768
Freedom
Mortgage
Holdings
LLC
9.250%,
02/01/29
(a)
300,000
305,993
GATX
Corp.
4.700%,
04/01/29
86,000
86,000
Global
Aircraft
Leasing
Co.
Ltd.
8.750%,
09/01/27
(a)
500,000
498,628
Midcap
Financial
Issuer
Trust
6.500%,
05/01/28
(a)
400,000
381,913
Nationstar
Mortgage
Holdings,
Inc.
7.125%,
02/01/32
(a)
490,000
508,289
OneMain
Finance
Corp.
4.000%,
09/15/30
653,000
578,444
Rocket
Mortgage
LLC
5.250%,
01/15/28
(a)
440,000
422,420
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.875%,
03/01/31
(a)
251,000
227,123
Sixth
Street
Specialty
Lending,
Inc.
5.625%,
08/15/30
127,000
125,636
Total
5,284,818
Food
and
Beverage
1.3%
BellRing
Brands,
Inc.
7.000%,
03/15/30
(a)
200,000
207,416
Constellation
Brands,
Inc.
4.900%,
05/01/33
125,000
121,867
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Darling
Ingredients,
Inc.
6.000%,
06/15/30
(a)
365,000
363,997
General
Mills,
Inc.
4.950%,
03/29/33
250,000
248,445
J
M
Smucker
Co.
(The)
6.200%,
11/15/33
250,000
266,410
Jbs
USA
Holding
Lux
Sarl
/
Jbs
USA
Food
Co./
Jbs
Lux
Co.
Sarl
6.750%,
03/15/34
300,000
325,342
Keurig
Dr
Pepper,
Inc.
5.300%,
03/15/34
300,000
304,888
Kraft
Heinz
Foods
Co.
5.400%,
03/15/35
201,000
202,357
Lamb
Weston
Holdings,
Inc.
4.125%,
01/31/30
(a)
350,000
328,529
Performance
Food
Group,
Inc.
4.250%,
08/01/29
(a)
250,000
236,601
6.125%,
09/15/32
(a)
250,000
250,926
Pilgrim's
Pride
Corp.
6.250%,
07/01/33
400,000
416,631
Post
Holdings,
Inc.
4.625%,
04/15/30
(a)
257,000
242,727
6.375%,
03/01/33
(a)
250,000
247,713
The
Campbell's
Company
5.400%,
03/21/34
250,000
251,802
US
Foods,
Inc.
4.750%,
02/15/29
(a)
260,000
252,610
Viking
Baked
Goods
Acquisition
Corp.
8.625%,
11/01/31
(a)
255,000
242,254
Total
4,510,515
Gaming
1.1%
Boyd
Gaming
Corp.
4.750%,
06/15/31
(a)
560,000
522,430
Caesars
Entertainment,
Inc.
7.000%,
02/15/30
(a)
1,093,000
1,119,954
Churchill
Downs,
Inc.
5.750%,
04/01/30
(a)
400,000
391,351
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
6.750%,
12/01/33
250,000
263,367
Las
Vegas
Sands
Corp.
6.200%,
08/15/34
60,000
58,897
MGM
Resorts
International
6.125%,
09/15/29
250,000
249,046
Studio
City
Finance
Ltd.
5.000%,
01/15/29
(a)
446,000
392,430
VICI
Properties
LP
5.125%,
05/15/32
169,000
165,798
Wynn
Macau
Ltd.
5.625%,
08/26/28
(a)
400,000
381,984
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
7.125%,
02/15/31
(a)
370,000
381,907
Total
3,927,164
Health
Care
2.9%
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
586,000
565,203
Bausch
+
Lomb
Corp.
8.375%,
10/01/28
(a)
517,000
539,207
Becton
Dickinson
and
Co.
1.957%,
02/11/31
200,000
171,366
Cencora
,
Inc.
5.125%,
02/15/34
142,000
142,180
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Cigna
Group
(The)
5.250%,
02/15/34
250,000
252,022
CVS
Health
Corp.
5.250%,
02/21/33
400,000
396,295
DaVita,
Inc.
3.750%,
02/15/31
(a)
996,000
875,243
4.625%,
06/01/30
(a)
410,000
381,305
GE
HealthCare
Technologies,
Inc.
5.905%,
11/22/32
275,000
288,433
HCA,
Inc.
5.500%,
06/01/33
410,000
412,169
Hologic
,
Inc.
3.250%,
02/15/29
(a)
200,000
186,693
Laboratory
Corp.
of
America
Holdings
4.800%,
10/01/34
250,000
240,730
LifePoint
Health,
Inc.
11.000%,
10/15/30
(a)
373,000
408,505
Medline
Borrower
LP
3.875%,
04/01/29
(a)
1,786,000
1,666,025
5.250%,
10/01/29
(a)
315,000
299,319
Owens
&
Minor,
Inc.
10.000%,
04/15/30
(a)
300,000
309,266
Quest
Diagnostics,
Inc.
5.000%,
12/15/34
250,000
247,071
Smith
&
Nephew
PLC
2.032%,
10/14/30
76,000
65,918
Solventum
Corp.
5.600%,
03/23/34
301,000
304,453
Star
Parent,
Inc.
9.000%,
10/01/30
(a)
260,000
263,046
Stryker
Corp.
5.200%,
02/10/35
262,000
264,075
Tenet
Healthcare
Corp.
6.125%,
06/15/30
1,285,000
1,290,812
Universal
Health
Services,
Inc.
2.650%,
10/15/30
338,000
296,267
Zimmer
Biomet
Holdings,
Inc.
5.200%,
09/15/34
156,000
155,266
Total
10,020,869
Healthcare
Insurance
0.1%
Elevance
Health,
Inc.
4.750%,
02/15/33
220,000
216,365
Humana,
Inc.
2.150%,
02/03/32
254,000
209,026
Total
425,391
Healthcare
REIT
0.1%
DOC
DR
LLC
2.625%,
11/01/31
150,000
129,352
Ventas
Realty
LP
5.000%,
01/15/35
128,000
123,471
Total
252,823
Independent
Energy
1.6%
California
Resources
Corp.
8.250%,
06/15/29
(a)
490,000
467,235
Chesapeake
Energy
Corp.
6.750%,
04/15/29
(a)
180,000
181,646
Civitas
Resources,
Inc.
8.375%,
07/01/28
(a)
290,000
284,907
8.750%,
07/01/31
(a)
700,000
664,816
Comstock
Resources,
Inc.
5.875%,
01/15/30
(a)
665,000
602,576
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Coterra
Energy,
Inc.
5.400%,
02/15/35
200,000
193,194
Crescent
Energy
Finance
LLC
9.250%,
02/15/28
(a)
775,000
783,306
Devon
Energy
Corp.
4.500%,
01/15/30
220,000
214,957
Diamondback
Energy,
Inc.
6.250%,
03/15/33
350,000
365,633
EQT
Corp.
4.750%,
01/15/31
(a)
86,000
83,026
6.500%,
07/01/27
(a)
39,000
39,648
Occidental
Petroleum
Corp.
6.625%,
09/01/30
302,000
312,857
Permian
Resources
Operating
LLC
6.250%,
02/01/33
(a)
750,000
732,942
Vital
Energy,
Inc.
7.875%,
04/15/32
(a)
595,000
459,527
Woodside
Finance
Ltd.
5.100%,
09/12/34
140,000
133,837
Total
5,520,107
Leisure
1.0%
Carnival
Corp.
5.750%,
03/01/27
(a)
1,106,000
1,102,417
6.000%,
05/01/29
(a)
250,000
248,471
Live
Nation
Entertainment,
Inc.
6.500%,
05/15/27
(a)
374,000
378,297
NCL
Corp.
Ltd.
5.875%,
02/15/27
(a)
293,000
291,693
Royal
Caribbean
Cruises
Ltd.
5.500%,
04/01/28
(a)
314,000
313,652
6.000%,
02/01/33
(a)
750,000
752,060
Six
Flags
Entertainment
Corp.
/Six
Flags
Theme
Parks,
Inc./
Canada's
Wonderland
Co.
6.625%,
05/01/32
(a)
250,000
252,292
Total
3,338,882
Life
Insurance
0.4%
Athene
Holding
Ltd.
5.875%,
01/15/34
275,000
278,677
CNO
Financial
Group,
Inc.
6.450%,
06/15/34
83,000
85,609
Corebridge
Financial,
Inc.
3.900%,
04/05/32
480,000
441,589
Equitable
Holdings,
Inc.
6.700%,
(US
5
Year
CMT
T-Note
+
2.390%),
03/28/55
(b)
113,000
111,919
Globe
Life,
Inc.
2.150%,
08/15/30
26,000
22,578
MetLife,
Inc.
Series
G,
6.350%,
(US
5
Year
CMT
T-Note
+
2.078%),
03/15/55
(b)
118,000
117,304
Prudential
Financial,
Inc.
5.125%,
(US
5
Year
CMT
T-Note
+
3.162%),
03/01/52
(b)
200,000
187,765
Reinsurance
Group
of
America,
Inc.
6.650%,
(US
5
Year
CMT
T-Note
+
2.392%),
09/15/55
(b)
95,000
92,278
Total
1,337,719
Lodging
0.6%
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
990,000
876,416
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6.625%,
01/15/32
(a)
530,000
520,355
Hyatt
Hotels
Corp.
5.750%,
03/30/32
113,000
113,217
Marriott
International,
Inc.
5.300%,
05/15/34
200,000
197,450
Marriott
International,
Inc./MD
5.500%,
04/15/37
200,000
195,087
Total
1,902,525
Media
and
Entertainment
1.4%
AppLovin
Corp.
5.500%,
12/01/34
250,000
249,681
Clear
Channel
Outdoor
Holdings,
Inc.
7.875%,
04/01/30
(a)
275,000
275,277
Fox
Corp.
6.500%,
10/13/33
250,000
265,896
Gray
Media,
Inc.
10.500%,
07/15/29
(a)
450,000
461,965
NetFlix
,
Inc.
4.900%,
08/15/34
118,000
118,813
Nexstar
Media,
Inc.
4.750%,
11/01/28
(a)
435,000
409,447
Paramount
Global
6.375%,
03/30/62
300,000
288,398
ROBLOX
Corp.
3.875%,
05/01/30
(a)
349,000
322,730
RR
Donnelley
&
Sons
Co.
9.500%,
08/01/29
(a)
390,000
372,288
Snap,
Inc.
6.875%,
03/01/33
(a)
500,000
499,194
Stagwell
Global
LLC
5.625%,
08/15/29
(a)
400,000
377,875
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
504,000
432,717
6.625%,
06/01/27
(a)
440,000
426,022
Warnermedia
Holdings,
Inc.
4.279%,
03/15/32
590,000
505,251
Total
5,005,554
Media
Cable
0.7%
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(a)
1,264,000
1,222,050
LCPR
Senior
Secured
Financing
DAC
5.125%,
07/15/29
(a)
500,000
366,392
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
968,000
911,800
Total
2,500,242
Metals
and
Mining
0.7%
ArcelorMittal
SA
6.800%,
11/29/32
250,000
268,923
Cleveland-Cliffs,
Inc.
6.875%,
11/01/29
(a)
250,000
242,253
7.000%,
03/15/32
(a)
555,000
522,636
FMG
Resources
August
2006
Pty
Ltd.
4.375%,
04/01/31
(a)
593,000
536,591
Mineral
Resources
Ltd.
9.250%,
10/01/28
(a)
200,000
188,923
Newmont
Corp.
2.250%,
10/01/30
102,000
90,955
Newmont
Corp.
/
Newcrest
Finance
Pty
Ltd.
5.350%,
03/15/34
100,000
101,572
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Steel
Dynamics,
Inc.
5.250%,
05/15/35
145,000
143,525
Vale
Overseas
Ltd.
6.125%,
06/12/33
370,000
381,111
Total
2,476,489
Midstream
2.7%
Boardwalk
Pipelines
LP
3.400%,
02/15/31
60,000
54,524
Cheniere
Energy
Partners
LP
5.750%,
08/15/34
200,000
200,497
5.950%,
06/30/33
150,000
153,310
CQP
Holdco
LP
/
BIP-V
Chinook
Holdco
LLC
5.500%,
06/15/31
(a)
750,000
720,846
DT
Midstream,
Inc.
4.125%,
06/15/29
(a)
134,000
125,732
4.375%,
06/15/31
(a)
512,000
472,359
Enbridge,
Inc.
5.700%,
03/08/33
500,000
510,218
Energy
Transfer
LP
6.550%,
12/01/33
440,000
463,346
Kinder
Morgan,
Inc.
5.400%,
02/01/34
300,000
296,686
Kinetik
Holdings
LP
5.875%,
06/15/30
(a)
583,000
569,875
MPLX
LP
2.650%,
08/15/30
272,000
243,393
5.500%,
06/01/34
150,000
147,330
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%,
02/15/29
(a)
700,000
658,427
ONEOK,
Inc.
6.050%,
09/01/33
355,000
364,478
Plains
All
American
Pipeline
LP
5.950%,
06/15/35
193,000
193,114
South
Bow
USA
Infrastructure
Holdings
LLC
5.584%,
10/01/34
(a)
250,000
242,693
Targa
Resources
Corp.
6.500%,
03/30/34
300,000
315,651
TransCanada
PipeLines
Ltd.
7.000%,
(US
5
Year
CMT
T-Note
+
2.614%),
06/01/65
(b)
89,000
87,396
Venture
Global
Calcasieu
Pass
LLC
4.125%,
08/15/31
(a)
870,000
782,510
Venture
Global
LNG,
Inc.
8.125%,
06/01/28
(a)
250,000
248,412
9.500%,
02/01/29
(a)
1,300,000
1,347,019
Venture
Global
Plaquemines
LNG
LLC
7.500%,
05/01/33
(a)
400,000
410,587
7.750%,
05/01/35
(a)
400,000
410,751
Western
Midstream
Operating
LP
5.450%,
11/15/34
200,000
190,648
Williams
Cos.,
Inc.
(The)
2.600%,
03/15/31
280,000
247,407
Total
9,457,209
Natural
Gas
0.1%
NiSource,
Inc.
5.350%,
04/01/34
150,000
150,885
Sempra
5.500%,
08/01/33
250,000
251,272
Total
402,157
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Office
REIT
0.1%
Boston
Properties
LP
6.500%,
01/15/34
210,000
220,328
CubeSmart
LP
2.000%,
02/15/31
98,000
83,579
Total
303,907
Oil
Field
Services
0.6%
Noble
Finance
II
LLC
8.000%,
04/15/30
(a)
350,000
333,118
Transocean,
Inc.
8.750%,
02/15/30
(a)
276,000
269,338
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
7.125%,
03/15/29
(a)
160,000
161,510
Valaris
Ltd.
8.375%,
04/30/30
(a)
500,000
468,037
Weatherford
International
Ltd.
8.625%,
04/30/30
(a)
699,000
692,737
Total
1,924,740
Other
Financial
Institutions
0.1%
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
370,000
367,436
Other
Industry
0.2%
Booz
Allen
Hamilton,
Inc.
5.950%,
04/15/35
156,000
155,200
Coherent
Corp.
5.000%,
12/15/29
(a)
266,000
255,109
Rexford
Industrial
Realty
LP
2.125%,
12/01/30
120,000
102,197
Total
512,506
Other
REIT
0.1%
Broadstone
Net
Lease
LLC
2.600%,
09/15/31
68,000
57,261
Extra
Space
Storage
LP
2.550%,
06/01/31
240,000
207,901
Host
Hotels
&
Resorts
LP
5.500%,
04/15/35
200,000
193,126
Total
458,288
Other
Utility
0.1%
American
Water
Capital
Corp.
4.450%,
06/01/32
150,000
146,018
Essential
Utilities,
Inc.
2.704%,
04/15/30
46,000
41,873
Total
187,891
Packaging
0.8%
Amcor
Finance
USA,
Inc.
5.625%,
05/26/33
250,000
256,649
Ball
Corp.
2.875%,
08/15/30
588,000
520,421
6.000%,
06/15/29
320,000
326,624
Berry
Global,
Inc.
5.650%,
01/15/34
160,000
161,524
Clydesdale
Acquisition
Holdings,
Inc.
6.750%,
04/15/32
(a)
350,000
358,056
Mauser
Packaging
Solutions
Holding
Co.
7.875%,
04/15/27
(a)
980,000
981,903
Total
2,605,177
Paper
0.1%
Mercer
International,
Inc.
5.125%,
02/01/29
150,000
123,241
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Smurfit
Kappa
Treasury
ULC
5.438%,
04/03/34
(a)
250,000
249,867
Total
373,108
Pharmaceuticals
1.3%
1261229
BC
Ltd.
10.000%,
04/15/32
(a)
1,000,000
979,881
Amgen,
Inc.
5.250%,
03/02/33
652,000
658,807
Cardinal
Health,
Inc.
5.350%,
11/15/34
250,000
250,946
CVS
Health
Corp.
7.000%,
03/10/55
750,000
758,808
Jazz
Securities
DAC
4.375%,
01/15/29
(a)
364,000
345,624
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
600,000
565,963
5.125%,
04/30/31
(a)
940,000
788,582
Takeda
Pharmaceutical
Co.
Ltd.
5.300%,
07/05/34
200,000
201,877
Total
4,550,488
Property
&
Casualty
1.4%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.750%,
04/15/28
(a)
500,000
503,121
7.000%,
01/15/31
(a)
450,000
456,486
AON
North
America,
Inc.
5.450%,
03/01/34
300,000
305,078
Arthur
J
Gallagher
&
Co.
5.150%,
02/15/35
250,000
248,212
Assurant,
Inc.
2.650%,
01/15/32
40,000
33,728
Brown
&
Brown,
Inc.
2.375%,
03/15/31
24,000
20,730
CNA
Financial
Corp.
5.125%,
02/15/34
250,000
246,282
Fairfax
Financial
Holdings
Ltd.
5.625%,
08/16/32
165,000
167,298
6.000%,
12/07/33
200,000
207,714
Fidelity
National
Financial,
Inc.
3.400%,
06/15/30
8,000
7,357
Howden
UK
Refinance
PLC
/
Howden
UK
Refinance
2
PLC
/
Howden
US
Refinance
LLC
7.250%,
02/15/31
(a)
450,000
462,375
HUB
International
Ltd.
7.250%,
06/15/30
(a)
1,085,000
1,125,319
Markel
Group,
Inc.
3.350%,
09/17/29
44,000
42,013
Panther
Escrow
Issuer
LLC
7.125%,
06/01/31
(a)
964,000
989,445
Total
4,815,158
Railroads
0.1%
Norfolk
Southern
Corp.
3.000%,
03/15/32
250,000
223,954
Real
Estate
0.1%
Alexandria
Real
Estate
Equities,
Inc.
2.000%,
05/18/32
250,000
201,912
Refining
0.3%
HF
Sinclair
Corp.
6.250%,
01/15/35
200,000
192,421
Marathon
Petroleum
Corp.
5.700%,
03/01/35
195,000
190,710
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
539,000
476,805
Phillips
66
Co.
3.150%,
12/15/29
120,000
112,390
5.300%,
06/30/33
160,000
158,503
Valero
Energy
Corp.
4.350%,
06/01/28
21,000
20,904
Total
1,151,733
Restaurants
0.7%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%,
10/15/30
(a)
1,286,000
1,170,723
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
4.625%,
01/15/29
(a)
300,000
278,265
McDonald's
Corp.
4.950%,
08/14/33
192,000
193,902
Starbucks
Corp.
4.800%,
02/15/33
250,000
246,856
Yum!
Brands,
Inc.
3.625%,
03/15/31
302,000
272,644
4.625%,
01/31/32
285,000
268,489
Total
2,430,879
Retail
0.0%
Genuine
Parts
Co.
1.875%,
11/01/30
100,000
85,034
Retail
REIT
0.2%
Brixmor
Operating
Partnership
LP
5.500%,
02/15/34
300,000
299,528
Kimco
Realty
OP
LLC
4.600%,
02/01/33
250,000
240,794
NNN
REIT,
Inc.
5.500%,
06/15/34
100,000
100,243
Total
640,565
Retailers
1.2%
AutoZone,
Inc.
4.750%,
02/01/33
100,000
97,623
Bath
&
Body
Works,
Inc.
6.625%,
10/01/30
(a)
314,000
319,710
Belron
UK
Finance
PLC
5.750%,
10/15/29
(a)
250,000
249,465
Dollar
General
Corp.
5.450%,
07/05/33
210,000
211,898
LCM
Investments
Holdings
II
LLC
4.875%,
05/01/29
(a)
730,000
690,170
Lowe's
Cos.,
Inc.
5.000%,
04/15/33
240,000
239,154
5.150%,
07/01/33
100,000
100,413
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
500,000
477,306
Rakuten
Group,
Inc.
9.750%,
04/15/29
(a)
660,000
697,695
11.250%,
02/15/27
(a)
550,000
590,776
Tapestry,
Inc.
5.500%,
03/11/35
100,000
97,439
Tractor
Supply
Co.
5.250%,
05/15/33
200,000
200,705
Total
3,972,354
Ship
Building
0.0%
Huntington
Ingalls
Industries,
Inc.
5.749%,
01/15/35
59,000
60,129
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Supermarkets
0.2%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.500%,
03/15/29
(a)
491,000
458,397
Kroger
Co.
(The)
5.000%,
09/15/34
300,000
293,732
Total
752,129
Technology
4.3%
Amdocs
Ltd.
2.538%,
06/15/30
92,000
81,686
Arrow
Electronics,
Inc.
5.875%,
04/10/34
59,000
59,383
Block,
Inc.
3.500%,
06/01/31
679,000
606,648
6.500%,
05/15/32
(a)
200,000
204,539
Boost
Newco
Borrower
LLC
7.500%,
01/15/31
(a)
740,000
780,377
Broadcom,
Inc.
4.926%,
05/15/37
(a)
450,000
431,210
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/01/31
200,000
180,743
CGI,
Inc.
2.300%,
09/14/31
45,000
38,622
Clarivate
Science
Holdings
Corp.
3.875%,
07/01/28
(a)
146,000
137,873
4.875%,
07/01/29
(a)
500,000
455,018
Cloud
Software
Group,
Inc.
6.500%,
03/31/29
(a)
1,642,000
1,643,081
8.250%,
06/30/32
(a)
500,000
521,863
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/01/29
2,000
2,040
5.400%,
04/15/34
300,000
299,643
Entegris
,
Inc.
5.950%,
06/15/30
(a)
440,000
438,044
Equinix
Europe
2
Financing
Corp.
LLC
5.500%,
06/15/34
89,000
90,646
Fiserv,
Inc.
5.625%,
08/21/33
300,000
305,459
Gen
Digital,
Inc.
6.250%,
04/01/33
(a)
200,000
199,526
6.750%,
09/30/27
(a)
300,000
305,052
Global
Payments,
Inc.
5.400%,
08/15/32
200,000
199,092
Hewlett
Packard
Enterprise
Co.
5.000%,
10/15/34
360,000
347,545
HP,
Inc.
5.500%,
01/15/33
110,000
109,463
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
676,000
646,777
Intel
Corp.
5.200%,
02/10/33
395,000
387,819
Iron
Mountain,
Inc.
5.250%,
07/15/30
(a)
792,000
769,524
Keysight
Technologies,
Inc.
4.950%,
10/15/34
150,000
145,678
Kyndryl
Holdings,
Inc.
3.150%,
10/15/31
92,000
80,803
Leidos
,
Inc.
2.300%,
02/15/31
60,000
51,819
Micron
Technology,
Inc.
2.703%,
04/15/32
250,000
212,004
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.050%,
11/01/35
100,000
101,466
Motorola
Solutions,
Inc.
5.400%,
04/15/34
250,000
252,620
NCR
Atleos
Corp.
9.500%,
04/01/29
(a)
500,000
538,416
Neptune
Bidco
US,
Inc.
9.290%,
04/15/29
(a)
822,000
731,235
NetApp,
Inc.
5.500%,
03/17/32
155,000
156,593
Oracle
Corp.
4.900%,
02/06/33
500,000
491,194
Paychex,
Inc.
5.600%,
04/15/35
250,000
253,904
Roper
Technologies,
Inc.
4.900%,
10/15/34
300,000
290,909
Sensata
Technologies
BV
4.000%,
04/15/29
(a)
320,000
294,406
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
08/15/32
(a)
308,000
312,389
Synopsys,
Inc.
5.150%,
04/01/35
500,000
501,623
UKG,
Inc.
6.875%,
02/01/31
(a)
900,000
926,600
Verisk
Analytics,
Inc.
5.250%,
06/05/34
158,000
159,068
Workday,
Inc.
3.800%,
04/01/32
80,000
73,970
Total
14,816,370
Tobacco
0.1%
Altria
Group,
Inc.
6.875%,
11/01/33
114,000
125,493
BAT
Capital
Corp
6.421%,
08/02/33
240,000
256,824
Total
382,317
Transportation
Services
0.1%
FedEx
Corp.
2.400%,
05/15/31
(a)
275,000
237,281
GXO
Logistics,
Inc.
2.650%,
07/15/31
100,000
84,443
Total
321,724
Wireless
1.1%
American
Tower
Corp.
1.875%,
10/15/30
250,000
215,155
Crown
Castle,
Inc.
5.800%,
03/01/34
150,000
153,316
Rogers
Communications,
Inc.
3.800%,
03/15/32
250,000
228,612
5.300%,
02/15/34
250,000
246,631
7.125%,
04/15/55
500,000
497,722
SBA
Communications
Corp.
3.125%,
02/01/29
748,000
692,846
3.875%,
02/15/27
172,000
168,445
T-Mobile
USA,
Inc.
5.200%,
01/15/33
469,000
471,342
Vmed
O2
UK
Financing
I
PLC
4.250%,
01/31/31
(a)
200,000
174,425
4.750%,
07/15/31
(a)
534,000
469,201
Vodafone
Group
PLC
4.125%,
(US
5
Year
CMT
T-Note
+
2.767%),
06/04/81
(b)
250,000
222,460
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Zegona
Finance
PLC
8.625%,
07/15/29
(a)
300,000
319,654
Total
3,859,809
Wirelines
1.4%
AT&T,
Inc.
5.400%,
02/15/34
299,000
305,202
Bell
Telephone
Co.
of
Canada
or
Bell
Canada
5.100%,
05/11/33
250,000
247,308
6.875%,
09/15/55
500,000
501,053
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
766,000
758,541
Iliad
Holding
SASU
7.000%,
10/15/28
(a)
647,000
654,747
Level
3
Financing,
Inc.
11.000%,
11/15/29
(a)
800,000
894,947
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
10.500%,
02/15/28
(a)
886,000
940,935
Verizon
Communications,
Inc.
4.780%,
02/15/35
400,000
388,711
Total
4,691,444
Total
Corporate
Bonds
(Cost
$156,483,860)
153,391,740
Foreign
Government
Obligations
(c),(d)
29.8%
Principal
Amount
($)
Value
($)
Australia
1.0%
Australia
Government
Bond
Series
158,
1.250%,
05/21/32
AUD
675,000
363,018
Series
163,
1.000%,
11/21/31
AUD
5,437,000
2,922,330
Total
3,285,348
Brazil
1.6%
Brazilian
Government
International
Bond
6.000%,
10/20/33
1,961,000
1,936,643
6.625%,
03/15/35
2,150,000
2,148,019
Petrobras
Global
Finance
BV
6.500%,
07/03/33
1,069,000
1,080,365
6.000%,
01/13/35
300,000
284,102
Total
5,449,129
Canada
0.9%
Canadian
Government
Bond
3.000%,
06/01/34
CAD
4,350,000
3,139,109
Chile
0.6%
Corp
Nacional
del
Cobre
de
Chile
Series
REGS,
5.950%,
01/08/34
1,150,000
1,162,578
Series
REGS,
6.440%,
01/26/36
750,000
774,860
Total
1,937,438
Colombia
1.6%
Colombia
Government
International
Bond
3.125%,
04/15/31
300,000
241,719
7.500%,
02/02/34
2,732,000
2,664,127
Ecopetrol
SA
8.875%,
01/13/33
2,936,000
2,936,682
Total
5,842,528
Costa
Rica
0.6%
Costa
Rica
Government
International
Bond
Series
REGS,
6.550%,
04/03/34
2,000,000
2,040,858
Dominican
Republic
1.0%
Dominican
Republic
International
Bond
Series
REGS,
4.875%,
09/23/32
3,672,000
3,297,781
France
0.9%
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
French
Republic
Government
Bond
OAT
Series
OAT,
1.250%,
05/25/34
(a)
EUR
2,125,000
2,076,146
Series
OAT,
1.500%,
05/25/31
(a)
EUR
980,000
1,046,887
Total
3,123,033
Germany
0.9%
Bundesrepublik
Deutschland
Bundesanleihe
2.300%,
02/15/33
EUR
2,773,000
3,159,007
Guatemala
0.4%
Guatemala
Government
Bond
Series
REGS,
6.600%,
06/13/36
1,250,000
1,249,807
Hungary
0.8%
Hungary
Government
International
Bond
Series
REGS,
2.125%,
09/22/31
1,802,000
1,463,484
Series
REGS,
5.500%,
03/26/36
1,500,000
1,418,169
Total
2,881,653
India
0.4%
Export-Import
Bank
of
India
Series
REGS,
2.250%,
01/13/31
1,700,000
1,471,196
Indonesia
1.4%
Indonesia
Government
International
Bond
Series
REGS,
7.750%,
01/17/38
2,260,000
2,714,164
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.700%,
06/06/32
2,000,000
1,963,022
Total
4,677,186
Italy
0.9%
Italy
Buoni
Poliennali
Del
Tesoro
Series
31Y,
5.000%,
08/01/34
(a)
EUR
1,093,000
1,403,803
Series
31Y,
4.000%,
02/01/37
(a)
EUR
1,470,000
1,732,850
Total
3,136,653
Ivory
Coast
0.6%
Ivory
Coast
Government
International
Bond
Series
REGS,
8.250%,
01/30/37
1,300,000
1,195,675
Series
REGS,
6.125%,
06/15/33
1,000,000
857,044
Total
2,052,719
Japan
1.0%
Japan
Government
Ten
Year
Bond
Series
368,
0.200%,
09/20/32
JPY
249,500,000
1,647,429
Series
366,
0.200%,
03/20/32
JPY
72,000,000
478,952
Series
371,
0.400%,
06/20/33
JPY
185,000,000
1,227,160
Total
3,353,541
Kazakhstan
0.3%
KazMunayGas
National
Co.
JSC
Series
REGS,
3.500%,
04/14/33
1,000,000
830,510
Series
REGS,
5.375%,
04/24/30
330,000
323,908
Total
1,154,418
Mexico
2.0%
Comision
Federalde
Electricidad
Series
REGS,
6.450%,
01/24/35
1,500,000
1,436,416
Mexico
Government
International
Bond
6.000%,
05/07/36
4,333,000
4,141,820
6.875%,
05/13/37
1,385,000
1,402,689
Total
6,980,925
Morocco
0.8%
Morocco
Government
International
Bond
Series
REGS,
6.500%,
09/08/33
1,225,000
1,265,742
OCP
SA
Series
REGS,
6.750%,
05/02/34
1,300,000
1,311,996
Total
2,577,738
New
Zealand
0.9%
New
Zealand
Government
Bond
Series
0531,
1.500%,
05/15/31
NZD
902,000
464,648
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Series
0433,
3.500%,
04/14/33
NZD
4,775,000
2,692,742
Total
3,157,390
Norway
0.9%
Norway
Government
Bond
Series
482,
1.375%,
08/19/30
(a)
NOK
2,530,000
216,844
Series
486,
3.000%,
08/15/33
(a)
NOK
25,650,000
2,329,590
Series
484,
2.125%,
05/18/32
(a)
NOK
6,350,000
549,315
Total
3,095,749
Oman
0.6%
Oman
Government
International
Bond
Series
REGS,
6.250%,
01/25/31
1,800,000
1,887,033
Series
REGS,
7.375%,
10/28/32
200,000
223,927
Total
2,110,960
Panama
0.9%
Panama
Government
International
Bond
6.700%,
01/26/36
581,000
560,229
2.252%,
09/29/32
1,975,000
1,448,327
6.400%,
02/14/35
1,000,000
946,120
Total
2,954,676
Paraguay
0.3%
Paraguay
Government
International
Bond
Series
REGS,
4.950%,
04/28/31
348,000
342,528
Series
REGS,
2.739%,
01/29/33
1,000,000
840,481
Total
1,183,009
Peru
1.0%
Peruvian
Government
International
Bond
2.783%,
01/23/31
1,026,000
910,316
3.000%,
01/15/34
3,009,000
2,513,023
Total
3,423,339
Philippines
0.6%
Philippine
Government
International
Bond
9.500%,
02/02/30
1,122,000
1,357,420
6.375%,
10/23/34
390,000
425,720
3.950%,
01/20/40
400,000
340,035
Total
2,123,175
Romania
0.7%
Romanian
Government
International
Bond
Series
REGS,
6.375%,
01/30/34
2,000,000
1,888,539
5.750%,
03/24/35
250,000
221,370
Series
REGS,
7.125%,
01/17/33
420,000
423,618
Total
2,533,527
Serbia
0.5%
Serbia
International
Bond
Series
REGS,
6.000%,
06/12/34
500,000
494,355
Series
REGS,
6.500%,
09/26/33
1,150,000
1,185,824
Total
1,680,179
South
Africa
0.6%
Republic
of
South
Africa
Government
International
Bond
5.875%,
06/22/30
924,000
894,980
7.100%,
11/19/36
1,300,000
1,239,505
Total
2,134,485
Sweden
0.9%
Sweden
Government
Bond
Series
1062,
0.125%,
05/12/31
SEK
14,620,000
1,351,191
Series
1065,
1.750%,
11/11/33
SEK
18,000,000
1,796,866
Total
3,148,057
Switzerland
0.9%
Swiss
Confederation
Government
Bond
3.500%,
04/08/33
CHF
2,083,000
3,194,467
United
Arab
Emirates
1.4%
Foreign
Government
Obligations
(c),(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
DP
World
PLC
Series
REGS,
6.850%,
07/02/37
2,040,000
2,228,629
Finance
Department
Government
of
Sharjah
Series
REGS,
6.125%,
03/06/36
1,500,000
1,496,060
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
1,400,000
1,294,892
Total
5,019,581
United
Kingdom
0.9%
United
Kingdom
Gilt
4.250%,
06/07/32
GBP
2,295,000
3,099,435
Uruguay
0.8%
Uruguay
Government
International
Bond
5.750%,
10/28/34
1,640,000
1,713,017
4.375%,
01/23/31
1,159,000
1,146,622
Total
2,859,639
Uzbekistan
0.2%
Republic
of
Uzbekistan
International
Bond
6.900%,
02/28/32
750,000
750,951
Total
Foreign
Government
Obligations
(Cost
$105,113,732)
103,278,686
Residential
Mortgage-Backed
Securities
-
Agency
15.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
14.3%
4.500%,
05/15/55
(e)
2,460,000
2,352,376
5.000%,
05/15/55
(e)
8,820,000
8,633,159
5.500%,
05/15/55
(e)
16,175,000
16,140,082
6.000%,
05/15/55
(e)
14,390,000
14,597,377
6.500%,
05/15/55
(e)
7,475,000
7,697,527
Total
49,420,521
Federal
National
Mortgage
Association
0.4%
3.500%,
04/01/49
39,420
36,024
3.500%,
08/01/49
114,576
104,622
3.500%,
09/01/49
216,764
197,933
3.500%,
09/01/49
129,450
118,177
3.500%,
10/01/49
136,956
125,015
3.500%,
12/01/49
155,974
142,326
3.500%,
02/01/50
157,601
143,391
4.000%,
09/01/47
168,155
158,909
4.000%,
03/01/48
306,038
289,219
4.000%,
05/01/49
32,865
30,967
Total
1,346,583
Federal
Home
Loan
Mortgage
Corporation
0.3%
3.500%,
08/01/47
383,091
352,080
3.500%,
08/01/49
110,869
101,249
3.500%,
09/01/49
133,582
121,963
3.500%,
10/01/49
149,458
136,294
3.500%,
11/01/49
145,682
133,011
3.500%,
02/01/50
163,115
148,669
4.000%,
08/01/49
112,374
105,885
4.000%,
09/01/49
145,888
137,463
Total
1,236,614
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$52,058,695)
52,003,718
Treasury
Bills
7.2%
Principal
Amount
($)
Value
($)
United
States
7.2%
U.S.
Treasury
Bill
4.329%,
05/29/25
10,000,000
9,967,206
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
Treasury
Bills
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.331%,
06/26/25
15,000,000
14,901,206
Total
24,868,412
Total
Treasury
Bills
(Cost
$24,868,239)
24,868,412
U.S.
Treasury
Obligations
9.8%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bond
7.5%
2.750%,
08/15/42
6,826,000
5,268,819
3.000%,
05/15/42
3,960,000
3,187,800
3.250%,
05/15/42
4,810,000
4,016,350
4.125%,
08/15/44
50,000
46,344
4.125%,
08/15/53
2,166,000
1,963,953
4.250%,
02/15/54
1,947,000
1,803,713
4.250%,
08/15/54
640,000
593,800
4.375%,
08/15/43
1,610,000
1,552,392
4.500%,
02/15/44
1,970,000
1,925,367
4.500%,
11/15/54
1,290,000
1,249,486
4.625%,
11/15/44
250,000
247,656
4.625%,
02/15/55
300,000
297,047
4.750%,
11/15/43
1,000,000
1,010,781
4.750%,
02/15/45
720,000
725,175
4.750%,
11/15/53
2,102,000
2,114,481
Total
26,003,164
U.S.
Treasury
Note
2.3%
3.500%,
02/15/33
828,000
800,055
3.875%,
08/15/33
2,197,000
2,169,194
4.000%,
02/15/34
1,619,000
1,607,110
4.250%,
11/15/34
400,000
403,188
4.375%,
05/15/34
874,000
890,934
4.500%,
11/15/33
1,678,000
1,729,913
4.625%,
02/15/35
505,000
524,016
Total
8,124,410
Total
U.S.
Treasury
Obligations
(Cost
$35,061,041)
34,127,574
Money
Market
Funds
6.9%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
4.150%
(f)
23,862,089
23,862,089
Total
Money
Market
Funds
(Cost
$23,862,089)
23,862,089
Total
Investments
in
Securities
(Cost
$397,447,656)
391,532,219
Other
Assets
&
Liabilities,
Net
(44,923,584)
Net
Assets
346,608,635
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
April
30,
2025,
the
total
value
of
these
securities
amounted
to
$103,057,834,
which
represents
29.73%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
April
30,
2025.
(c)
Principal
amounts
are
shown
in
United
States
Dollars
unless
otherwise
noted.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Abbreviation
Legend
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Currency
Legend
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
Pound
Sterling
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
—
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
—
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
—
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment’s
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Corporate
Bonds
–
153,391,740
–
153,391,740
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Foreign
Government
Obligations
–
103,278,686
–
103,278,686
Residential
Mortgage-Backed
Securities
-
Agency
–
52,003,718
–
52,003,718
Treasury
Bills
–
24,868,412
–
24,868,412
U.S.
Treasury
Obligations
–
34,127,574
–
34,127,574
Money
Market
Funds
23,862,089
–
–
23,862,089
Total
Investments
in
Securities
23,862,089
367,670,130
–
391,532,219
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$397,447,656)
$391,532,219
Cash
306,684
Receivable
for:
Investments
sold
7,209,538
Interest
3,998,867
Investments
sold
on
a
delayed
delivery
basis
297,827
Reclaims
receivable
129,181
Dividends
17,475
Total
assets
403,491,791
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
49,572,421
Investments
purchased
7,229,422
Investment
management
fees
79,916
Due
to
custodian
1,397
Total
liabilities
56,883,156
Net
assets
applicable
to
outstanding
capital
stock
$346,608,635
Represented
by:
Paid-in
c
apital
$456,827,480
Total
distributable
earnings
(loss)
(110,218,845)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$346,608,635
Shares
outstanding
19,350,000
Net
asset
value
per
share
$17.91
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
3
Investment
Income:
Interest
$9,028,397
Dividends
-
unaffiliated
issuers
309,489
Foreign
taxes
withheld
(256)
Total
income
9,337,630
Expenses:
Investment
management
fees
515,034
Total
expenses
515,034
Net
Investment
Income
8,822,596
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(4,195,254)
In-kind
transactions
-
unaffiliated
issuers
(1,739,650)
Foreign
currency
translations
(3,846)
Net
realized
loss
(5,938,750)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
5,583,514
Foreign
currency
translations
24,035
Net
change
in
unrealized
appreciation
5,607,549
Net
realized
and
unrealized
loss
(331,201)
Net
Increase
in
net
assets
resulting
from
operations
$8,491,395
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$8,822,596
$17,496,174
Net
realized
loss
(5,938,750)
(13,495,949)
Net
change
in
unrealized
appreciation
5,607,549
41,372,677
Net
increase
in
net
assets
resulting
from
operations
8,491,395
45,372,902
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(8,985,699)
(17,268,686)
Shareholder
transactions
Proceeds
from
shares
sold
33,956,839
96,035,165
Cost
of
shares
redeemed
(68,340,748)
(89,972,643)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(34,383,909)
6,062,522
Increase
(decrease)
in
net
assets
(34,878,213)
34,166,738
Net
Assets:
Net
assets
beginning
of
period
381,486,848
347,320,110
Net
assets
at
end
of
period
$346,608,635
$381,486,848
Capital
stock
activity
Shares
outstanding,
beginning
of
period
21,300,000
21,050,000
Shares
sold
1,900,000
5,400,000
Shares
redeemed
(3,850,000)
(5,150,000)
Shares
outstanding,
end
of
period
19,350,000
21,300,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$17.91
$16.50
$16.80
$21.29
$21.36
$20.78
Income
(loss)
from
investment
operations:
Net
investment
income
0.42
0.81
0.68
0.54
0.50
0.60
Net
realized
and
unrealized
gain
(loss)
0.01
(a)
1.40
(0.30)
(a)
(4.48)
(0.04)
0.57
Total
from
investment
operations
0.43
2.21
0.38
(3.94)
0.46
1.17
Less
distributions
to
shareholders:
Net
investment
income
(0.43)
(0.80)
(0.68)
(0.55)
(0.53)
(0.59)
Total
distribution
to
shareholders
(0.43)
(0.80)
(0.68)
(0.55)
(0.53)
(0.59)
Net
asset
value,
end
of
period
$17.91
$17.91
$16.50
$16.80
$21.29
$21.36
Total
Return
at
NAV
2.43%
13.54%
2.10%
(18.80)%
2.16%
5.71%
Total
Return
at
Market
Price
2.49%
13.45%
2.22%
(18.87)%
1.97%
5.69%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.28%
0.28%
0.28%
(c)
0.28%
(c)
0.28%
0.28%
Total
net
expenses
(b)(d)
0.28%
0.28%
0.28%
(c)
0.28%
(c)
0.28%
0.28%
Net
investment
income
4.80%
4.56%
3.86%
2.78%
2.34%
2.87%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$346,609
$381,487
$347,320
$572,031
$1,215,511
$536,060
Portfolio
turnover
93%
187%
184%
198%
171%
156%
(a)
Calculation
of
the
net
gain
(loss)
per
share
(both
realized
and
unrealized)
does
not
correlate
to
the
aggregate
realized
and
unrealized
gain
(loss)
presented
in
the
Statement
of
Operations
due
to
the
timing
of
subscriptions
and
redemptions
of
Fund
shares
in
relation
to
fluctuations
in
the
market
value
of
the
portfolio.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
Diversified
Fixed
Income
Allocation
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Foreign
currency
transactions
and
translations
The
values
of
all
assets
and
liabilities
denominated
in
foreign
currencies
are
generally
translated
into
U.S.
dollars
at
exchange
rates
determined
at
the
close
of
the
London
Stock
Exchange
on
any
given
day.
Net
realized
and
unrealized
gains
(losses)
on
foreign
currency
transactions
and
translations
include
gains
(losses)
arising
from
the
fluctuation
in
exchange
rates
between
trade
and
settlement
dates
on
securities
transactions,
gains
(losses)
arising
from
the
disposition
of
foreign
currency
and
currency
gains
(losses)
between
the
accrual
and
payment
dates
on
dividends,
interest
income
and
foreign
withholding
taxes.
For
financial
statement
purposes,
the
Fund
does
not
distinguish
that
portion
of
gains
(losses)
on
investments
which
is
due
to
changes
in
foreign
exchange
rates
from
that
which
is
due
to
changes
in
market
prices
of
the
investments.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gains
(losses)
on
investments
in
the
Statement
of
Operations.
Asset-
and
mortgage-backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-
issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
The
value
of
additional
securities
received
as
an
income
payment
through
a
payment-in-kind,
if
any,
is
recorded
as
interest
income
and
increases
the
cost
basis
of
such
securities.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.28%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
397,447,656
3,818,133
(9,733,570)
(5,915,437)
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$353,920,740
and
$357,942,269,
respectively,
for
the
six
months
ended
April
30,
2025,
of
which
$316,005,701
and
$321,601,421,
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
$26,081,840.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
April
30,
2025,
the
in-kind
redemption
cost
basis
was
$58,278,902,
the
proceeds
from
sales
were
$56,539,252
and
the
net
realized
loss
was
$1,739,650.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
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
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
six
months
ended April
30,
2025.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
52,765,467
45,640,387
98,405,854
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
interest
rates
rise,
the
values
of
debt
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Changes
in
the
value
of
a
debt
instrument
usually
will
not
affect
the
amount
of
income
the
Fund
receives
from
it
but
will
generally
affect
the
value
of
your
investment
in
the
Fund.
Changes
in
interest
rates
may
also
affect
the
liquidity
of
the
Fund’s
investments
in
debt
instruments.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
instrument,
the
greater
its
sensitivity
to
changes
in
interest
rates.
For
example,
a
three-year
duration
means
a
bond
is
expected
to
decrease
in
value
by
3%
if
interest
rates
rise
1%
and
increase
in
value
by
3%
if
interest
rates
fall
1%.
Interest
rate
declines
also
may
increase
prepayments
of
debt
obligations,
which,
in
turn,
would
increase
prepayment
risk.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
interest
rates.
Such
actions
may
negatively
affect
the
value
of
debt
instruments
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
NAV.
Any
interest
rate
increases
could
cause
the
value
of
the
Fund’s
investments
in
debt
instruments
to
decrease.
Rising
interest
rates
may
prompt
redemptions
from
the
Fund,
which
may
force
the
Fund
to
sell
investments
at
a
time
when
it
is
not
advantageous
to
do
so,
which
could
result
in
losses.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
any
event,
circumstance,
or
characteristic
of
an
investment
or
market
that
negatively
impacts
the
Fund’s
ability
to
sell,
or
realize
the
proceeds
from
the
sale
of,
an
investment
at
a
desirable
time
or
price.
Liquidity
risk
may
arise
because
of,
for
example,
a
lack
of
marketability
of
the
investment,
which
means
that
when
seeking
to
sell
its
portfolio
investments,
the
Fund
could
find
that
selling
is
more
difficult
than
anticipated,
especially
during
times
of
high
market
volatility.
Market
participants
attempting
to
sell
the
same
or
a
similar
instrument
at
the
same
time
as
the
Fund
could
exacerbate
the
Fund’s
exposure
to
liquidity
risk.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
liquid
or
more
liquid
investments
that
it
might
otherwise
prefer
to
hold
(thereby
increasing
the
proportion
of
the
Fund’s
investments
in
less
liquid
or
illiquid
securities),
or
forego
another
more
appealing
investment
opportunity.
The
liquidity
of
Fund
investments
may
change
significantly
over
time
and
certain
investments
that
were
liquid
when
purchased
by
the
Fund
may
later
become
illiquid,
particularly
in
times
of
overall
economic
distress.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
also
adversely
affect
the
liquidity
and
the
price
of
the
Fund’s
investments.
Judgment
plays
a
larger
role
in
valuing
illiquid
or
less
liquid
investments
as
compared
to
valuing
liquid
or
more
liquid
investments.
Price
volatility
may
be
higher
for
illiquid
or
less
liquid
investments
as
a
result
of,
for
example,
the
relatively
less
frequent
pricing
of
such
securities
(as
compared
to
liquid
or
more
liquid
investments).
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
Overall
market
liquidity
and
other
factors
can
lead
to
an
increase
in
redemptions,
which
may
negatively
impact
Fund
performance
and
NAV,
including,
for
example,
if
the
Fund
is
forced
to
sell
investments
in
a
down
market.
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
index
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
the
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.
,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Multi-Sector
Municipal
Income
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
PORTFOLIO
OF
INVESTMENTS
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
98.4%
Issue
Description
Principal
Amount
($)
Value
($)
Alabama
0.4%
Health
Care
Authority
of
The
City
of
Huntsville
(The)
Series
B1
Revenue
Bonds
5.000%,
06/01/36
370,000
387,834
Hoover
Industrial
Development
Board
Revenue
Bonds
5.750%,
10/01/49
500,000
500,932
UAB
Medicine
Finance
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/35
235,000
237,605
4.000%,
09/01/36
525,000
504,726
Total
Alabama
1,631,097
Arizona
1.6%
Arizona
Industrial
Development
Authority
Revenue
Bonds
6.000%,
07/01/47
(a)
330,000
334,739
City
of
Phoenix
Civic
Improvement
Corp.
Series
D
Revenue
Bonds
5.000%,
07/01/36
1,500,000
1,542,823
Maricopa
County
Industrial
Development
Authority
Revenue
Bonds
4.000%
01/01/38,
Series
A
1,720,000
1,643,320
5.000%
12/01/45,
Series
D
725,000
742,198
4.000%
10/15/47
(a)
1,000,000
822,231
Maricopa
County
Special
Health
Care
District
Series
D
5.000%,
07/01/32
875,000
947,839
Sierra
Vista
Industrial
Development
Authority
Revenue
Bonds
5.000%,
06/15/44
(a)
325,000
311,646
Total
Arizona
6,344,796
Arkansas
0.2%
Arkansas
Development
Finance
Authority
Revenue
Bonds
4.500%,
09/01/49
(a)
1,000,000
881,242
Colorado
5.4%
Adams
12
Five
Star
Schools
Series
B
5.000%,
12/15/34
500,000
509,745
City
&
County
of
Denver
CO
Airport
System
Revenue,
Series
A
Revenue
Bonds
5.000%,
12/01/27
160,000
165,059
5.000%,
12/01/29
555,000
572,106
5.000%,
11/15/30
2,700,000
2,845,280
5.000%,
12/01/30
150,000
157,534
5.000%,
11/15/32
950,000
1,005,371
5.000%,
11/15/37
1,000,000
1,040,798
City
of
Colorado
Springs
Co.
Utilities
System
Revenue
Series
A-1
Revenue
Bonds
5.000%,
11/15/30
850,000
885,264
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Colorado
Health
Facilities
Authority
Revenue
Bonds
5.000%
12/01/34,
Series
A
1,000,000
1,087,257
5.000%
08/01/35,
Series
A-1
500,000
519,700
4.000%
08/01/37,
Series
A
370,000
349,444
4.000%
08/01/38,
Series
A-1
500,000
467,055
4.000%
11/15/38
830,000
800,798
4.000%
11/01/39,
Series
A
280,000
258,701
5.000%
11/01/39,
Series
A
180,000
184,807
5.000%
11/15/41,
Series
A
250,000
260,729
4.000%
11/15/43,
Series
A
790,000
713,833
4.000%
08/01/44,
Series
A-1
1,190,000
1,075,020
5.000%
08/01/44,
Series
A-2
1,200,000
1,189,118
5.000%
11/01/44,
Series
A
700,000
706,154
4.000%
11/15/46,
Series
A
715,000
624,732
4.000%
08/01/49,
Series
A
500,000
431,669
5.000%
11/15/57,
Series
A-2
(Mandatory
Put
11/15/33)
1,000,000
1,095,538
E-470
Public
Highway
Authority
Series
A
Revenue
Bonds
0.000%,
09/01/34
(b)
140,000
95,447
State
of
Colorado
Revenue
Bonds
5.000%
12/15/29,
Series
A
1,000,000
1,055,968
5.000%
12/15/31,
Series
A
435,000
472,294
5.000%
12/15/33,
Series
A
1,000,000
1,076,093
4.000%
12/15/36,
Series
A
500,000
502,109
3.000%
12/15/37,
Series
A
250,000
221,076
4.000%
12/15/38,
Series
A
515,000
504,822
4.000%
03/15/46,
Series
S
1,000,000
906,771
Total
Colorado
21,780,292
Connecticut
4.3%
City
of
Hartford
CT
Revenue
Bonds
5.000%,
04/01/29
1,395,000
1,487,840
Connecticut
Housing
Finance
Authority
Series
F-1
Revenue
Bonds
4.200%,
11/15/39
1,000,000
976,808
Connecticut
State
Health
&
Educational
Facilities
Authority
Revenue
Bonds
5.000%
07/01/32,
Series
A
1,740,000
1,806,162
5.000%
07/01/35,
Series
A
265,000
273,465
3.000%
07/01/39,
Series
A
345,000
275,280
5.000%
12/01/45
775,000
775,433
5.000%
09/01/46,
Series
A
(a)
500,000
456,635
State
of
Connecticut
5.000%
09/15/28,
Series
D
1,000,000
1,057,848
5.000%
09/15/30,
Series
D
650,000
707,611
5.000%
11/15/32,
Series
E
670,000
744,078
State
of
Connecticut
Special
Tax
Revenue
Revenue
Bonds
5.000%
10/01/31,
Series
B
510,000
535,033
5.000%
05/01/33,
Series
A
465,000
504,399
5.000%
05/01/35,
Series
A
950,000
1,022,651
4.000%
05/01/36,
Series
A
745,000
753,076
4.000%
09/01/36,
Series
A
750,000
739,133
4.000%
05/01/37,
Series
A
1,500,000
1,507,218
5.000%
10/01/37,
Series
B
1,000,000
1,038,196
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
05/01/38,
Series
A
1,000,000
997,932
4.000%
11/01/39,
Series
D
910,000
893,629
University
of
Connecticut
Series
A
Revenue
Bonds
5.000%,
11/15/43
650,000
653,199
Total
Connecticut
17,205,626
Delaware
0.6%
Delaware
State
Health
Facilities
Authority,
Series
A
Revenue
Bonds
4.000%,
07/01/40
600,000
563,532
5.000%,
10/01/40
715,000
739,450
5.000%,
10/01/45
1,205,000
1,227,699
Total
Delaware
2,530,681
District
of
Columbia
1.2%
District
of
Columbia
Revenue
Bonds
5.000%
04/01/33
470,000
479,858
4.000%
07/15/40
130,000
118,234
District
of
Columbia
5.000%
10/15/32,
Series
A
200,000
211,955
Metropolitan
Washington
Airports
Authority
Aviation
Revenue
Revenue
Bonds
5.000%
10/01/30
200,000
204,776
5.000%
10/01/30,
Series
A
750,000
791,224
5.000%
10/01/32,
Series
A
350,000
370,072
5.250%
10/01/45,
Series
A
1,000,000
1,024,442
Metropolitan
Washington
Airports
Authority
Dulles
Toll
Road
Revenue
Revenue
Bonds
0.000%
10/01/30,
Series
B
(b)
130,000
106,097
0.000%
10/01/37,
Series
A
(b)
2,500,000
1,347,691
Total
District
of
Columbia
4,654,349
Florida
5.5%
Alachua
County
Health
Facilities
Authority,
Series
B-1
Revenue
Bonds
5.000%,
12/01/34
150,000
152,853
5.000%,
12/01/37
285,000
289,231
Brevard
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
04/01/42
1,500,000
1,548,392
Central
Florida
Expressway
Authority
Revenue
Bonds
5.000%
07/01/33,
Series
B
1,000,000
1,094,900
5.000%
07/01/34,
Series
D
645,000
690,315
City
of
Gainesville
FL
Utilities
System
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/32
385,000
398,014
City
Of
South
Miami
Health
Facilities
Authority,
Inc.
Revenue
Bonds
5.000%,
08/15/47
1,000,000
974,190
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
City
of
Tampa,
Series
B
Revenue
Bonds
4.000%,
07/01/38
175,000
166,616
4.000%,
07/01/39
500,000
468,685
County
of
Miami-Dade
Fl
Aviation
Revenue,
Series
A
Revenue
Bonds
5.000%,
10/01/34
1,000,000
1,053,753
5.000%,
10/01/36
2,000,000
2,089,066
County
of
Miami-Dade
Seaport
Department
Series
A
Revenue
Bonds
5.250%,
10/01/52
1,885,000
1,903,450
Escambia
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
08/15/45
600,000
511,223
Florida
Development
Finance
Corp.,
Series
A
Revenue
Bonds
4.000%,
06/01/36
(a)
400,000
347,623
4.000%,
06/01/41
(a)
200,000
159,166
Greater
Orlando
Aviation
Authority,
Series
A
Revenue
Bonds
4.000%,
10/01/37
1,400,000
1,303,753
5.000%,
10/01/38
400,000
408,496
JEA
Electric
System
Revenue,
Series
B
Revenue
Bonds
4.000%,
10/01/36
1,000,000
968,094
4.000%,
10/01/37
1,015,000
966,885
Martin
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
01/01/46
500,000
454,015
Miami
Beach
Health
Facilities
Authority
Series
B
Revenue
Bonds
4.000%,
11/15/46
1,000,000
871,228
Orange
County
Health
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
10/01/39
200,000
200,363
Polk
County
School
District
Revenue
Bonds
5.000%,
10/01/33
435,000
460,777
Sarasota
County
Public
Hospital
District
Revenue
Bonds
4.000%,
07/01/48
1,000,000
860,981
School
District
of
Broward
County
Revenue
Bonds
5.000%
07/01/34,
Series
A
250,000
265,156
5.000%
07/01/35,
Series
B
1,000,000
1,072,505
South
Broward
Hospital
District
Revenue
Bonds
3.500%
05/01/39,
Series
A
370,000
312,791
4.000%
05/01/48
1,000,000
864,520
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
South
Florida
Water
Management
District
Revenue
Bonds
5.000%,
10/01/33
150,000
151,506
5.000%,
10/01/34
1,000,000
1,009,573
Total
Florida
22,018,120
Georgia
2.8%
Augusta
Ga
Water
&
Sewer
Revenue
Series
A
Revenue
Bonds
5.000%,
10/01/34
1,010,000
1,128,090
Brookhaven
Development
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/44
490,000
443,596
City
of
Atlanta
GA
Airport
Passenger
Facility
Charge
Series
D
Revenue
Bonds
4.000%,
07/01/37
1,000,000
956,811
City
of
Atlanta
GA
Water
&
Wastewater
Revenue
Revenue
Bonds
5.750%,
11/01/28
1,000,000
1,088,315
5.750%,
11/01/29
785,000
870,557
Columbia
County
Hospital
Authority
Revenue
Bonds
5.000%,
04/01/48
875,000
896,710
Gainesville
&
Hall
County
Hospital
Authority
Revenue
Bonds
4.000%,
02/15/45
400,000
357,697
Georgia
State
Road
&
Tollway
Authority
Revenue
Bonds
5.000%,
06/01/32
1,000,000
1,075,671
Griffin-Spalding
County
Hospital
Authority
Series
A
Revenue
Bonds
4.000%,
04/01/42
1,000,000
920,565
State
of
Georgia
5.000%
07/01/30,
Series
C
1,850,000
1,918,282
5.000%
07/01/32,
Series
A-1
545,000
600,955
5.000%
07/01/33,
Series
A
1,000,000
1,110,493
Total
Georgia
11,367,742
Hawaii
0.3%
State
of
Hawaii
5.000%
10/01/27,
Series
FH
325,000
332,094
5.000%
01/01/31
875,000
907,104
Total
Hawaii
1,239,198
Illinois
7.9%
Chicago
Board
of
Education
0.000%
12/01/31,
Series
B-1
(b)
220,000
163,381
5.000%
12/01/34,
Series
A
1,000,000
1,000,812
5.000%
12/01/35,
Series
A
250,000
249,516
4.000%
12/01/36,
Series
B
1,200,000
1,088,151
5.000%
12/01/36,
Series
A
300,000
298,234
5.000%
12/01/37,
Series
A
600,000
592,807
5.000%
12/01/38,
Series
A
1,800,000
1,769,083
5.250%
12/01/39,
Series
C
875,000
842,038
4.000%
12/01/41,
Series
B
1,000,000
858,447
5.000%
12/01/41,
Series
A
250,000
243,644
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%
12/01/42,
Series
A
200,000
185,690
4.000%
12/01/43,
Series
A
1,500,000
1,267,467
5.000%
12/01/46,
Series
H
1,000,000
928,276
5.000%
12/01/47,
Series
A
2,000,000
1,890,435
Chicago
O'hare
International
Airport
Series
B
Revenue
Bonds
5.000%,
01/01/48
2,250,000
2,275,945
Chicago
O'Hare
International
Airport
Series
A
Revenue
Bonds
4.000%,
01/01/36
195,000
194,369
City
of
Chicago
Series
C
0.000%,
01/01/31
(b)
320,000
242,399
City
of
Chicago
IL
Wastewater
Transmission
Revenue
Series
B
Revenue
Bonds
5.000%,
01/01/30
300,000
318,519
City
of
Chicago
IL
Waterworks
Revenue
Revenue
Bonds
5.000%
11/01/30
1,315,000
1,339,132
5.000%
11/01/32,
Series
B
500,000
542,189
Cook
Kane
Lake
&
McHenry
Counties
Community
College
District
No
512
4.000%,
12/15/29
470,000
477,189
Illinois
Finance
Authority
Revenue
Bonds
5.000%
07/01/30
710,000
768,763
4.000%
08/15/37,
Series
A
900,000
844,659
4.125%
08/15/37,
Series
C
840,000
782,410
3.000%
10/01/37,
Series
A
625,000
536,495
4.125%
11/15/37,
Series
A
235,000
223,252
3.000%
07/15/40,
Series
A
400,000
322,027
4.000%
08/15/41,
Series
A
600,000
550,297
5.500%
08/01/43,
Series
A
(a)
500,000
517,939
4.125%
05/15/47,
Series
A
1,000,000
870,377
Illinois
Municipal
Electric
Agency
Series
A
Revenue
Bonds
4.000%,
02/01/35
1,000,000
947,662
Illinois
State
Toll
Highway
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
C
150,000
161,309
4.000%
12/01/31,
Series
A
320,000
318,303
5.000%
01/01/36,
Series
A
705,000
768,524
5.000%
01/01/37,
Series
A
1,000,000
1,086,440
5.000%
01/01/38,
Series
A
1,000,000
1,080,212
Metropolitan
Pier
&
Exposition
Authority
Revenue
Bonds
0.000%
06/15/29
(b)
535,000
450,758
0.000%
12/15/29,
Series
A
(b)
160,000
131,970
0.000%
06/15/30
(b)
370,000
302,438
0.000%
06/15/30,
Series
A
(b)
415,000
334,907
0.000%
12/15/32,
Series
A
(b)
850,000
602,613
0.000%
06/15/36,
Series
A
(b)
1,540,000
930,732
0.000%
12/15/36,
Series
A
(b)
1,750,000
1,026,763
0.000%
12/15/41,
Series
B
(b)
280,000
123,185
5.000%
06/15/42,
Series
B
1,000,000
1,008,144
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Will
County
Community
High
School
District
No
210
Lincoln-Way
Series
B
0.000%,
01/01/31
(b)
300,000
241,829
Total
Illinois
31,699,731
Indiana
0.1%
City
of
Anderson
Revenue
Bonds
6.000%,
10/01/42
150,000
108,820
Indiana
Finance
Authority
Series
A
Revenue
Bonds
3.000%,
11/01/30
150,000
142,425
Total
Indiana
251,245
Iowa
0.4%
Iowa
Finance
Authority
Revenue
Bonds
5.000%
08/01/34,
Series
A
650,000
729,447
5.000%
05/15/43,
Series
A
160,000
156,411
4.000%
08/15/46,
Series
E
1,000,000
850,526
Total
Iowa
1,736,384
Kansas
0.2%
University
of
Kansas
Hospital
Authority
Series
A
Revenue
Bonds
5.000%,
03/01/47
650,000
646,709
Kentucky
0.5%
Kentucky
State
Property
&
Building
Commission
Revenue
Bonds
5.000%,
05/01/36
1,000,000
1,023,375
Louisville/Jefferson
County
Metropolitan
Government
Series
A
Revenue
Bonds
4.000%,
10/01/35
1,000,000
953,504
Total
Kentucky
1,976,879
Louisiana
1.0%
East
Baton
Rouge
Sewerage
Commission
Series
A
(Mandatory
Put
02/01/28)
Revenue
Bonds
1.300%,
02/01/41
725,000
660,098
Louisiana
Public
Facilities
Authority
Revenue
Bonds
5.500%,
09/01/54
1,000,000
1,019,038
State
of
Louisiana,
Series
E
5.000%,
09/01/30
1,000,000
1,086,030
5.000%,
09/01/33
1,000,000
1,112,005
Total
Louisiana
3,877,171
Maine
0.3%
Maine
Governmental
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
10/01/37
660,000
653,785
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Maine
Health
&
Higher
Educational
Facilities
Authority
Series
A
Revenue
Bonds
4.000%,
07/01/45
790,000
697,235
Total
Maine
1,351,020
Maryland
1.6%
County
of
Howard
Series
B
5.000%,
02/15/28
225,000
231,651
County
of
Montgomery
Series
A
5.000%,
08/01/30
300,000
327,221
Maryland
Community
Development
Administration
Series
C
Revenue
Bonds
2.200%,
09/01/36
350,000
266,948
Maryland
Health
&
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
07/01/42
650,000
585,532
5.500%
01/01/46,
Series
A
750,000
755,206
Maryland
Stadium
Authority
Revenue
Bonds
5.000%,
05/01/34
565,000
584,284
State
of
Maryland
5.000%
03/01/31,
Series
A
415,000
456,939
5.000%
03/15/31,
Series
2
640,000
694,794
5.000%
08/01/31,
Series
2
465,000
499,075
5.000%
03/15/32,
Series
2
265,000
282,168
5.000%
03/01/33,
Series
A
250,000
272,720
State
of
Maryland
Department
of
Transportation
Series
A
Revenue
Bonds
5.250%,
08/01/44
1,400,000
1,461,099
Total
Maryland
6,417,637
Massachusetts
1.6%
Commonwealth
of
Massachusetts
5.000%
09/01/27,
Series
A
1,000,000
1,044,259
5.000%
05/01/31,
Series
A
510,000
560,409
4.000%
11/01/32,
Series
E
1,000,000
1,008,351
Massachusetts
Development
Finance
Agency
Revenue
Bonds
5.000%
07/01/36,
Series
I
150,000
151,164
5.000%
10/01/38
400,000
378,654
4.000%
07/01/40
200,000
161,744
5.000%
07/01/43,
Series
J2
850,000
858,736
5.000%
07/01/44
530,000
523,481
5.000%
07/01/46
1,000,000
971,621
Massachusetts
Housing
Finance
Agency
Series
B-2
Revenue
Bonds
0.800%,
12/01/25
345,000
344,964
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
University
of
Massachusetts
Building
Authority
Series
1
Revenue
Bonds
4.000%,
11/01/46
500,000
455,687
Total
Massachusetts
6,459,070
Michigan
2.4%
Advanced
Technology
Academy
Revenue
Bonds
5.000%,
11/01/44
500,000
471,272
City
of
Detroit
5.000%
04/01/35
400,000
405,924
5.000%
04/01/46,
Series
A
725,000
726,628
Great
Lakes
Water
Authority
Water
Supply
System
Revenue,
Series
C
Revenue
Bonds
5.000%,
07/01/31
1,565,000
1,588,948
5.250%,
07/01/33
1,075,000
1,093,382
Michigan
Finance
Authority
Revenue
Bonds
4.000%
10/01/30,
Series
B
1,000,000
1,007,657
3.125%
12/01/35,
Series
A
100,000
89,463
3.250%
11/15/42
150,000
113,475
4.000%
02/15/44,
Series
A
1,000,000
909,850
Michigan
State
Housing
Development
Authority
Series
B
Revenue
Bonds
4.500%,
12/01/38
1,000,000
1,005,862
State
of
Michigan
Trunk
Line
Revenue
Revenue
Bonds
5.000%,
11/15/46
2,000,000
2,080,293
Total
Michigan
9,492,754
Minnesota
0.6%
City
of
Apple
Valley
Series
A
Revenue
Bonds
4.250%,
01/01/37
260,000
217,555
City
of
Maple
Grove
Revenue
Bonds
4.000%,
05/01/37
210,000
195,800
City
of
Minneapolis
Series
A
Revenue
Bonds
5.000%,
11/15/33
200,000
204,288
Minnesota
Public
Facilities
Authority
State
Revolving
Fund
Series
A
Revenue
Bonds
5.000%,
03/01/33
665,000
742,740
Stillwater
Independent
School
District
No
834
Series
A
4.000%,
02/01/43
1,000,000
969,127
Total
Minnesota
2,329,510
Missouri
1.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
Revenue
Bonds
4.000%
05/15/42,
Series
A
950,000
863,382
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
11/15/42
500,000
463,180
4.000%
07/01/46,
Series
A
1,600,000
1,420,586
Kansas
City
Industrial
Development
Authority
Revenue
Bonds
4.000%
03/01/36
1,000,000
926,620
5.000%
03/01/39,
Series
B
1,225,000
1,232,964
Lees
Summit
Industrial
Development
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/32
150,000
145,751
Missouri
Joint
Municipal
Electric
Utility
Commission
Series
A
Revenue
Bonds
4.000%,
12/01/32
200,000
199,803
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
Revenue
Bonds
2.750%,
09/01/33
1,000,000
878,975
St
Louis
County
Industrial
Development
Authority
Revenue
Bonds
5.000%,
09/01/32
100,000
100,347
Total
Missouri
6,231,608
Nebraska
0.4%
Nebraska
Investment
Finance
Authority
Revenue
Bonds
2.350%
09/01/35,
Series
A
740,000
609,243
4.100%
09/01/38,
Series
C
1,000,000
965,985
Total
Nebraska
1,575,228
Nevada
0.3%
State
of
Nevada
Department
of
Business
&
Industry
Series
A
Revenue
Bonds
5.000%,
12/15/38
(a)
1,000,000
987,657
New
Jersey
10.1%
Cherry
Hill
Township
School
District
3.000%,
08/01/27
700,000
699,026
New
Jersey
Economic
Development
Authority
Revenue
Bonds
5.500%
09/01/27,
Series
N-1
120,000
125,985
5.000%
06/15/30,
Series
B
210,000
219,762
3.125%
07/01/31,
Series
A
145,000
136,482
5.000%
11/01/33
1,565,000
1,642,199
4.000%
06/15/34,
Series
QQQ
350,000
349,310
4.000%
07/01/34,
Series
A
1,065,000
1,039,800
5.000%
11/01/35
400,000
416,810
5.000%
11/01/36,
Series
A
675,000
717,834
4.000%
06/15/37,
Series
QQQ
700,000
679,929
5.000%
06/15/37
1,000,000
1,038,008
4.000%
06/15/44
1,000,000
893,935
New
Jersey
Health
Care
Facilities
Financing
Authority
Revenue
Bonds
4.000%
07/01/32,
Series
A
225,000
225,165
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
07/01/35
370,000
367,648
5.000%
10/01/36
1,325,000
1,354,013
5.000%
10/01/37
1,105,000
1,127,305
4.000%
07/01/44
435,000
394,412
4.000%
07/01/45,
Series
A
1,000,000
916,842
New
Jersey
Housing
&
Mortgage
Finance
Agency
Series
I
Revenue
Bonds
4.250%,
10/01/37
495,000
474,475
New
Jersey
Transportation
Trust
Fund
Authority
Revenue
Bonds
0.000%
12/15/27,
Series
A
(b)
300,000
273,597
5.000%
06/15/29,
Series
BB-1
245,000
256,655
0.000%
12/15/29,
Series
A
(b)
850,000
716,477
5.000%
06/15/30,
Series
A
835,000
846,884
0.000%
12/15/30,
Series
C
(b)
220,000
178,474
5.000%
06/15/31,
Series
A
470,000
507,256
5.000%
06/15/32,
Series
A
1,000,000
1,087,857
0.000%
12/15/32,
Series
A
(b)
1,540,000
1,143,847
0.000%
12/15/32,
Series
C
(b)
2,205,000
1,649,253
5.000%
12/15/32,
Series
A
2,215,000
2,308,831
5.000%
06/15/33,
Series
A
1,000,000
1,068,532
0.000%
12/15/33,
Series
C
(b)
705,000
510,509
5.000%
06/15/34,
Series
2014
250,000
265,837
0.000%
12/15/34,
Series
A
(b)
945,000
640,169
0.000%
12/15/34,
Series
C
(b)
250,000
173,227
5.000%
12/15/34,
Series
A
1,075,000
1,110,979
4.000%
06/15/35,
Series
AA
400,000
395,717
5.000%
06/15/35,
Series
AA
2,000,000
2,140,053
0.000%
12/15/35,
Series
A
(b)
165,000
106,659
4.000%
06/15/36,
Series
A
850,000
835,868
4.000%
06/15/36,
Series
AA
1,510,000
1,481,078
5.000%
06/15/36,
Series
AA
945,000
1,003,937
4.000%
06/15/37,
Series
BB
250,000
241,391
5.000%
06/15/38,
Series
CC
500,000
532,239
0.000%
12/15/38,
Series
A
(b)
670,000
369,903
3.250%
06/15/39,
Series
BB
900,000
773,642
5.250%
06/15/39,
Series
A
1,000,000
1,082,060
New
Jersey
Turnpike
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
E
535,000
556,635
5.000%
01/01/32,
Series
B
255,000
264,535
5.000%
01/01/32,
Series
E
1,000,000
1,037,272
4.000%
01/01/33,
Series
G
225,000
225,376
5.000%
01/01/33,
Series
B
750,000
777,051
4.000%
01/01/35,
Series
G
1,000,000
999,777
5.000%
01/01/36,
Series
G
2,205,000
2,270,893
Total
New
Jersey
40,651,410
New
Mexico
0.3%
City
of
Santa
Fe
Revenue
Bonds
5.000%,
05/15/44
650,000
616,388
New
Mexico
Hospital
Equipment
Loan
Council
Series
A
Revenue
Bonds
5.000%,
08/01/46
400,000
400,428
Total
New
Mexico
1,016,816
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
York
16.8%
Brooklyn
Arena
Local
Development
Corp.,
Series
A
Revenue
Bonds
3.000%,
07/15/36
150,000
128,895
5.000%,
07/15/42
1,000,000
998,188
Broome
County
Local
Development
Corp.
Revenue
Bonds
3.000%,
04/01/45
200,000
142,344
City
of
New
York
5.000%
08/01/28,
Series
2008
J-5
820,000
867,494
5.000%
08/01/28,
Series
A-1
455,000
481,932
5.000%
08/01/28,
Series
C
420,000
432,140
5.000%
08/01/30,
Series
1
605,000
625,649
5.000%
04/01/31
1,065,000
1,130,951
5.000%
08/01/32,
Series
C-1
1,130,000
1,219,076
City
of
New
York
NY
Series
B-1
5.000%,
11/01/31
800,000
868,517
Dutchess
County
Local
Development
Corp.
Revenue
Bonds
3.000%
07/01/36,
Series
B
320,000
272,249
5.000%
07/01/45,
Series
A
500,000
500,127
Long
Island
Power
Authority
Revenue
Bonds
5.000%
09/01/34
810,000
846,003
5.000%
09/01/35
1,200,000
1,250,171
4.000%
09/01/37,
Series
A
1,000,000
994,084
5.000%
09/01/37,
Series
A
250,000
265,197
Metropolitan
Transportation
Authority
Revenue
Bonds
5.000%
11/15/31,
Series
C-1
560,000
579,391
5.000%
11/15/31,
Series
D-1
705,000
708,566
5.000%
11/15/32,
Series
D
1,590,000
1,644,188
4.000%
11/15/35,
Series
C-1
850,000
841,441
New
York
City
Housing
Development
Corp.
Revenue
Bonds
2.650%
05/01/27,
Series
A
240,000
236,437
2.000%
11/01/35,
Series
D-1B
370,000
285,962
New
York
City
Municipal
Water
Finance
Authority
Revenue
Bonds
5.000%
06/15/27
1,000,000
1,041,580
5.000%
06/15/28,
Series
BB-2
1,000,000
1,059,550
5.000%
06/15/28,
Series
CC-2
880,000
906,180
5.000%
06/15/28,
Series
EE
775,000
821,149
5.000%
06/15/30,
Series
AA-2
335,000
365,920
5.000%
06/15/30,
Series
EE
630,000
688,148
5.000%
06/15/31,
Series
DD
1,605,000
1,774,198
5.000%
06/15/33,
Series
CC-2
1,000,000
1,123,440
5.000%
06/15/33,
Series
DD
755,000
827,115
5.000%
06/15/34,
Series
FF
750,000
785,437
5.000%
06/15/47,
Series
DD
1,000,000
997,974
New
York
Liberty
Development
Corp.,
Series
A
Revenue
Bonds
2.100%,
11/15/32
750,000
629,833
2.400%,
11/15/35
350,000
279,529
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
New
York
Power
Authority
Revenue
Bonds
4.000%,
11/15/37
305,000
307,428
New
York
State
Dormitory
Authority
Revenue
Bonds
5.000%
10/01/30,
Series
A
340,000
346,229
3.000%
10/01/31,
Series
A
785,000
746,235
2.000%
07/01/33,
Series
1
1,060,000
890,817
5.000%
07/01/33,
Series
A
275,000
290,837
5.000%
10/01/33,
Series
A
1,490,000
1,534,825
4.000%
10/01/34,
Series
A
300,000
302,499
5.000%
10/01/34,
Series
A
2,115,000
2,222,012
4.000%
07/01/35,
Series
A
1,650,000
1,650,443
5.000%
10/01/35,
Series
A
870,000
927,360
5.000%
05/01/38,
Series
A
750,000
791,211
4.000%
07/01/38
500,000
493,027
5.000%
10/01/38,
Series
A
1,225,000
1,301,872
5.500%
11/01/47
500,000
516,882
5.250%
03/15/48,
Series
A
1,000,000
1,057,839
New
York
State
Environmental
Facilities
Corp.,
Series
A
Revenue
Bonds
5.000%,
06/15/27
250,000
260,852
5.000%,
06/15/32
660,000
682,921
New
York
State
Housing
Finance
Agency
Series
J-2
(Mandatory
Put
05/01/27)
Revenue
Bonds
1.100%,
11/01/61
1,335,000
1,249,078
New
York
State
Thruway
Authority
Revenue
Bonds
4.000%
01/01/36,
Series
O
250,000
253,360
4.000%
01/01/38,
Series
B
150,000
147,878
4.000%
01/01/41,
Series
O
1,000,000
957,471
New
York
Transportation
Development
Corp.
Revenue
Bonds
3.000%
08/01/31
250,000
231,308
5.000%
12/01/31
1,000,000
1,049,302
5.000%
12/01/32
1,015,000
1,066,098
5.000%
01/01/34
175,000
176,758
5.000%
12/01/34
400,000
415,867
5.000%
10/01/35
1,155,000
1,170,743
5.375%
08/01/36
1,000,000
1,026,219
5.625%
04/01/40
1,000,000
1,035,194
5.000%
10/01/40
1,000,000
1,001,790
4.000%
12/01/42,
Series
C
160,000
144,122
4.375%
10/01/45
2,750,000
2,488,911
Oneida
County
Local
Development
Corp.
Series
A
Revenue
Bonds
3.000%,
12/01/44
355,000
270,356
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
4.000%
03/15/30,
Series
207
300,000
300,302
5.000%
07/15/31,
Series
209
300,000
314,626
5.000%
09/15/31,
Series
207
500,000
509,009
5.000%
11/15/32
500,000
518,059
5.000%
11/15/33,
Series
205
835,000
862,890
5.000%
07/15/34,
Series
238
2,045,000
2,145,581
5.000%
07/15/35,
Series
222
870,000
928,630
5.000%
07/15/36
1,180,000
1,232,039
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.000%
07/15/38,
Series
222
1,000,000
976,650
State
of
New
York
Mortgage
Agency
Series
233
Revenue
Bonds
2.200%,
04/01/36
840,000
641,987
State
of
New
York
Mortgage
Agency
Homeowner
Mortgage
Revenue
Revenue
Bonds
4.000%
04/01/31,
Series
248
500,000
488,675
2.400%
10/01/34,
Series
220
140,000
117,997
2.650%
10/01/34,
Series
223
250,000
217,069
2.200%
10/01/36,
Series
239
560,000
438,658
Triborough
Bridge
&
Tunnel
Authority,
Series
B
Revenue
Bonds
5.000%,
11/15/31
1,370,000
1,482,923
0.000%,
11/15/32
(b)
220,000
165,835
5.000%,
11/15/36
1,000,000
1,024,108
5.000%,
11/15/38
1,500,000
1,534,391
Total
New
York
67,526,228
North
Carolina
0.8%
City
of
Charlotte
Nc
Water
&
Sewer
System
Revenue
Series
A
Revenue
Bonds
5.000%,
07/01/31
805,000
889,756
North
Carolina
Housing
Finance
Agency
Revenue
Bonds
3.850%
07/01/37,
Series
B
1,000,000
931,052
3.950%
07/01/38,
Series
A
515,000
483,048
State
of
North
Carolina
Revenue
Bonds
5.000%,
03/01/33
890,000
937,390
Total
North
Carolina
3,241,246
North
Dakota
0.2%
City
of
Grand
Forks
Series
A
Revenue
Bonds
3.000%,
12/01/39
1,000,000
821,457
Ohio
3.4%
Akron
Bath
Copley
Joint
Township
Hospital
District
Revenue
Bonds
4.000%,
11/15/36
250,000
235,210
American
Municipal
Power,
Inc.
Revenue
Bonds
5.000%
02/15/33,
Series
C
830,000
881,051
5.000%
02/15/35,
Series
B
1,000,000
1,052,439
4.000%
02/15/36,
Series
A
385,000
380,049
County
of
Montgomery
Revenue
Bonds
4.000%,
08/01/41
635,000
587,689
Franklin
County
Convention
Facilities
Authority
Revenue
Bonds
5.000%,
12/01/44
200,000
186,903
Ohio
Turnpike
&
Infrastructure
Commission,
Series
A-4
Revenue
Bonds
5.700%,
02/15/34
285,000
318,345
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.750%,
02/15/35
150,000
167,526
Ohio
Water
Development
Authority
Revenue
Bonds
5.000%
06/01/29,
Series
A
1,545,000
1,649,309
5.000%
12/01/29
1,050,000
1,129,813
Ohio
Water
Development
Authority
Water
Pollution
Control
Loan
Fund
Revenue
Bonds
5.000%
06/01/28,
Series
A
2,000,000
2,071,845
5.000%
12/01/33
2,235,000
2,509,368
Southeastern
Ohio
Port
Authority
Revenue
Bonds
5.500%,
12/01/43
135,000
134,997
State
of
Ohio,
Series
B
Revenue
Bonds
5.000%,
09/15/28
195,000
207,173
5.000%,
11/01/33
1,000,000
1,124,445
4.000%,
01/01/40
600,000
572,920
4.000%,
01/01/46
575,000
525,884
Total
Ohio
13,734,966
Oklahoma
0.2%
Grand
River
Dam
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/30
200,000
204,513
Oklahoma
Development
Finance
Authority
Series
B
Revenue
Bonds
5.000%,
08/15/38
500,000
502,455
Total
Oklahoma
706,968
Oregon
0.4%
Medford
Hospital
Facilities
Authority
Series
A
Revenue
Bonds
5.000%,
08/15/45
700,000
706,425
Oregon
Health
&
Science
University
Series
A
Revenue
Bonds
4.000%,
07/01/41
1,000,000
926,475
Total
Oregon
1,632,900
Pennsylvania
5.9%
Allegheny
County
Hospital
Development
Authority
Revenue
Bonds
4.000%
07/15/36
820,000
786,980
4.000%
07/15/39,
Series
A
1,000,000
907,703
4.000%
04/01/44,
Series
A
680,000
597,806
Allentown
Neighborhood
Improvement
Zone
Development
Authority
Revenue
Bonds
5.000%,
05/01/42
(a)
1,000,000
927,377
Chester
County
Health
and
Education
Facilities
Authority
Revenue
Bonds
4.250%
11/01/32
100,000
89,759
4.000%
09/01/41,
Series
A
440,000
399,121
Commonwealth
of
Pennsylvania
4.000%,
09/15/31
505,000
507,675
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
County
of
Lehigh
Series
A
Revenue
Bonds
4.000%,
07/01/35
3,000,000
2,851,193
Cumberland
County
Municipal
Authority
Revenue
Bonds
4.000%,
11/01/44
1,000,000
866,390
Delaware
Valley
Regional
Finance
Authority
Revenue
Bonds
5.750%,
07/01/32
100,000
112,609
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
Revenue
Bonds
5.000%,
07/01/33
100,000
101,409
Northampton
County
General
Purpose
Authority
Revenue
Bonds
4.000%,
11/01/34
315,000
307,026
Pennsylvania
Economic
Development
Financing
Authority
Revenue
Bonds
5.000%,
12/31/29
1,375,000
1,383,099
5.000%,
12/31/32
1,000,000
1,042,979
3.125%,
03/15/36
905,000
789,324
Pennsylvania
Higher
Educational
Facilities
Authority
Revenue
Bonds
4.000%
08/15/42
915,000
846,752
4.000%
08/15/44
500,000
454,592
4.250%
11/01/48,
Series
B-1
500,000
459,748
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
3.200%
10/01/32,
Series
124B
500,000
470,630
3.650%
10/01/32,
Series
122
135,000
133,669
3.550%
10/01/33,
Series
127B
360,000
346,598
2.070%
10/01/36,
Series
136
100,000
76,253
Pennsylvania
Turnpike
Commission
Revenue
Bonds
5.000%
06/01/28,
Series
B-2
320,000
330,567
5.000%
12/01/33
475,000
523,127
5.000%
06/01/36,
Series
B
1,000,000
1,012,125
4.000%
12/01/43,
Series
A
1,500,000
1,403,084
Philadelphia
Authority
For
Industrial
Development
Revenue
Bonds
5.000%
10/01/27
300,000
311,450
4.000%
05/01/42
1,000,000
654,785
5.000%
09/01/42,
Series
A
200,000
200,194
4.000%
07/01/49,
Series
A
1,000,000
895,051
Pittsburgh
Water
&
Sewer
Authority,
Series
B
Revenue
Bonds
5.000%,
09/01/31
1,050,000
1,150,490
5.000%,
09/01/33
1,130,000
1,253,729
State
Public
School
Building
Authority
Series
A
Revenue
Bonds
5.000%,
06/01/33
1,425,000
1,436,820
Total
Pennsylvania
23,630,114
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Rhode
Island
0.3%
Rhode
Island
Commerce
Corp.
Series
B
Revenue
Bonds
5.000%,
06/15/31
865,000
876,564
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
Series
76-A
Revenue
Bonds
2.350%,
10/01/36
500,000
390,863
Total
Rhode
Island
1,267,427
South
Carolina
1.7%
Piedmont
Municipal
Power
Agency
Series
A-2
Revenue
Bonds
0.000%,
01/01/29
(b)
120,000
104,033
South
Carolina
Jobs-Economic
Development
Authority
Revenue
Bonds
5.000%
11/01/34,
Series
A
500,000
543,821
5.000%
05/01/43,
Series
A
650,000
656,375
4.000%
12/01/44,
Series
A
950,000
829,145
4.250%
02/01/48
1,000,000
927,645
South
Carolina
Public
Service
Authority
Revenue
Bonds
5.000%
12/01/31,
Series
A
950,000
962,655
5.000%
12/01/33,
Series
A
1,125,000
1,137,728
5.000%
12/01/37,
Series
B
930,000
938,096
4.125%
12/01/44,
Series
B
1,000,000
883,187
Total
South
Carolina
6,982,685
South
Dakota
0.1%
South
Dakota
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.000%,
07/01/37
150,000
142,645
South
Dakota
Housing
Development
Authority
Series
B
Revenue
Bonds
3.400%,
11/01/32
355,000
348,461
Total
South
Dakota
491,106
Tennessee
0.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
Series
A-1
Revenue
Bonds
4.000%,
08/01/36
105,000
100,439
Johnson
City
Health
&
Educational
Facilities
Board
Series
B
Revenue
Bonds
5.000%,
07/01/33
1,000,000
1,079,304
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facs
Bd
Series
A
Revenue
Bonds
5.000%,
07/01/46
1,500,000
1,489,311
Total
Tennessee
2,669,054
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Texas
10.9%
Arlington
Higher
Education
Finance
Corp.
Revenue
Bonds
4.500%,
06/15/44
(a)
300,000
272,500
4.750%,
06/15/49
(a)
250,000
229,392
Austin
Convention
Enterprises,
Inc.
Series
B
Revenue
Bonds
5.000%,
01/01/32
250,000
246,577
Central
Texas
Turnpike
System,
Series
C
Revenue
Bonds
5.000%,
08/15/35
1,335,000
1,456,909
5.000%,
08/15/37
1,000,000
1,078,439
5.000%,
08/15/38
1,510,000
1,613,149
City
of
Austin
TX
Water
&
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
11/15/30
1,500,000
1,533,576
5.000%,
11/15/33
1,000,000
1,107,485
City
of
Dallas
Tx
Series
B
5.000%,
02/15/32
1,000,000
1,098,496
City
of
Garland
TX
Electric
Utility
System
Revenue
Revenue
Bonds
3.000%,
03/01/37
300,000
258,165
City
of
Houston
Tx
Airport
System
Revenue
Series
B
Revenue
Bonds
5.500%,
07/15/37
500,000
502,982
City
of
Houston
TX
Airport
System
Revenue
Revenue
Bonds
5.000%
07/01/29
500,000
500,183
5.000%
07/01/31,
Series
A
1,490,000
1,587,083
5.000%
07/01/32,
Series
A
1,000,000
1,053,450
5.500%
07/15/36,
Series
B
1,000,000
1,001,321
4.000%
07/15/41,
Series
B-1
1,450,000
1,302,306
4.500%
07/01/53,
Series
A
1,000,000
907,328
City
of
San
Antonio
TX
Electric
&
Gas
Systems
Revenue
Revenue
Bonds
3.200%
02/01/30
1,000,000
977,354
4.000%
02/01/32,
Series
B
1,000,000
1,031,071
4.000%
02/01/36
750,000
727,055
5.000%
02/01/36
1,130,000
1,192,030
Clear
Creek
Independent
School
District
Series
A
5.000%,
02/15/33
1,000,000
1,111,667
County
of
Travis
Tx
Series
A
5.000%,
03/01/32
635,000
671,853
County
of
Williamson
5.000%,
02/15/27
1,500,000
1,551,266
Cypress-Fairbanks
Independent
School
District
Series
A
3.000%,
02/15/33
1,000,000
932,393
Dallas
College
5.000%,
02/15/33
1,455,000
1,493,798
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Dallas
County
Hospital
District
5.000%,
08/15/30
280,000
293,717
Dallas
Fort
Worth
International
Airport
Revenue
Bonds
4.000%
11/01/34
1,255,000
1,266,600
4.000%
11/01/35,
Series
A
1,350,000
1,348,563
Lower
Colorado
River
Authority
Revenue
Bonds
5.000%,
05/15/32
350,000
378,140
5.000%,
05/15/35
350,000
364,259
New
Hope
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
5.000%
12/01/39,
Series
A-1
115,000
115,327
4.000%
08/15/40,
Series
A
225,000
205,467
North
Texas
Tollway
Authority
Revenue
Bonds
5.000%
01/01/31,
Series
A
850,000
857,451
0.000%
01/01/34,
Series
D
(b)
410,000
289,860
4.000%
01/01/37,
Series
A
465,000
455,093
4.125%
01/01/40,
Series
A
1,000,000
951,824
Northeast
Higher
Education
Finance
Corp.
Series
B
Revenue
Bonds
5.000%,
08/15/40
105,000
101,386
Round
Rock
Independent
School
District
Series
A
4.000%,
08/01/32
535,000
542,684
San
Antonio
Water
System
Series
A
Revenue
Bonds
5.000%,
05/15/31
840,000
852,298
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
4.000%
11/15/35,
Series
A
1,000,000
968,636
5.000%
05/15/37
100,000
98,852
4.000%
10/01/47
485,000
429,619
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
Series
A
Revenue
Bonds
4.000%,
12/31/38
1,530,000
1,436,367
Texas
Water
Development
Board
Revenue
Bonds
5.000%
04/15/29,
Series
B
500,000
529,496
5.000%
08/01/30
750,000
817,559
5.000%
10/15/31,
Series
A
415,000
430,874
5.000%
04/15/32
260,000
278,844
5.000%
08/01/32
500,000
541,949
4.000%
10/15/33,
Series
A
805,000
808,236
4.000%
10/15/33,
Series
B
1,000,000
1,016,144
Trinity
River
Authority
Central
Regional
Wastewater
System
Revenue
Revenue
Bonds
5.000%,
08/01/28
750,000
778,155
5.000%,
08/01/30
550,000
589,352
3.000%,
08/01/31
1,415,000
1,362,228
Total
Texas
43,546,808
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Utah
1.4%
City
of
Salt
Lake
City
Ut
Airport
Revenue
Series
A
Revenue
Bonds
5.250%,
07/01/39
1,060,000
1,115,704
City
of
Salt
Lake
City
UT
Airport
Revenue,
Series
A
Revenue
Bonds
5.000%,
07/01/30
100,000
103,198
5.000%,
07/01/35
500,000
505,175
5.000%,
07/01/37
1,515,000
1,522,310
Intermountain
Power
Agency,
Series
A
Revenue
Bonds
5.000%,
07/01/29
510,000
537,957
5.000%,
07/01/35
1,200,000
1,264,460
Utah
Charter
School
Finance
Authority
Revenue
Bonds
5.000%,
06/15/40
(a)
500,000
477,822
Total
Utah
5,526,626
Virginia
0.3%
Virginia
Small
Business
Financing
Authority
Revenue
Bonds
4.000%,
01/01/37
250,000
236,591
4.000%,
01/01/38
1,000,000
935,675
Total
Virginia
1,172,266
Washington
1.6%
County
of
King
4.000%,
07/01/30
250,000
252,645
County
of
King
Wa
Sewer
Revenue
Series
A
Revenue
Bonds
5.000%,
01/01/34
1,225,000
1,370,763
Port
of
Seattle
Revenue
Bonds
5.000%,
04/01/36
200,000
203,644
State
of
Washington
4.000%
07/01/29,
Series
R-2022D
1,000,000
1,033,762
5.000%
08/01/30,
Series
R-2018C
555,000
573,707
5.000%
08/01/31,
Series
A-1
1,000,000
1,102,696
5.000%
08/01/31,
Series
R-2018C
750,000
772,693
Washington
Health
Care
Facilities
Authority
Revenue
Bonds
5.000%
08/01/38,
Series
A-2
150,000
154,639
5.000%
08/15/45,
Series
A
425,000
409,974
5.000%
09/01/45
300,000
299,806
Washington
State
Convention
Center
Public
Facilities
District
Revenue
Bonds
4.000%,
07/01/32
210,000
210,738
Washington
State
Housing
Finance
Commission
Series
A
Revenue
Bonds
5.000%,
01/01/34
(a)
100,000
98,913
Total
Washington
6,483,980
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wisconsin
1.9%
Public
Finance
Authority
Revenue
Bonds
3.375%
10/01/39,
Series
A
455,000
376,205
4.000%
01/01/45,
Series
A
200,000
177,232
4.750%
07/01/45
(a)
500,000
450,691
State
of
Wisconsin
Series
3
5.000%,
11/01/28
655,000
677,129
Wisconsin
Health
&
Educational
Facilities
Authority
Revenue
Bonds
4.250%
07/01/33,
Series
B
200,000
183,589
4.000%
04/01/39,
Series
A
1,450,000
1,355,362
4.000%
08/15/41
1,000,000
937,803
3.500%
02/15/46,
Series
A
690,000
534,256
4.000%
08/15/47
1,200,000
1,029,111
Municipal
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Wisconsin
Housing
&
Economic
Development
Authority
Home
Ownership
Revenue,
Series
A
Revenue
Bonds
4.125%,
09/01/35
1,310,000
1,283,190
4.375%,
09/01/38
575,000
569,359
Total
Wisconsin
7,573,927
Wyoming
0.2%
County
of
Campbell
Wy
Series
A
Revenue
Bonds
3.625%,
07/15/39
1,000,000
873,095
Total
Municipal
Bonds
(Cost
$408,324,569)
394,234,825
Money
Market
Funds
0.3%
Shares
Value
($)
Blackrock
Liquid
MuniCash
Institutional
3.053%
(c)
1,372,366
1,372,503
Total
Money
Market
Funds
(Cost
$1,372,503)
1,372,503
Total
Investments
in
Securities
(Cost
$409,697,072)
395,607,328
Other
Assets
&
Liabilities,
Net
5,247,112
Net
Assets
400,854,440
(a)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
April
30,
2025,
the
total
value
of
these
securities
amounted
to
$7,275,573,
which
represents
1.82%
of
total
net
assets.
(b)
Zero
coupon
bond.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Municipal
Bonds
–
394,234,825
–
394,234,825
Money
Market
Funds
1,372,503
–
–
1,372,503
Total
Investments
in
Securities
1,372,503
394,234,825
–
395,607,328
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$409,697,072)
$395,607,328
Receivable
for:
Interest
5,322,766
Total
assets
400,930,094
Liabilities
Payable
for:
Investment
management
fees
75,654
Total
liabilities
75,654
Net
assets
applicable
to
outstanding
capital
stock
$400,854,440
Represented
by:
Paid-in
capital
$422,925,907
Total
distributable
earnings
(loss)
(22,071,467)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$400,854,440
Shares
outstanding
20,100,000
Net
asset
value
per
share
$19.94
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Investment
Income:
Interest
$7,193,553
Dividends
-
unaffiliated
issuers
8,772
Total
income
7,202,325
Expenses:
Investment
management
fees
472,379
Total
expenses
472,379
Net
Investment
Income
6,729,946
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(1,084,151)
Net
realized
loss
(1,084,151)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(9,110,655)
Net
change
in
unrealized
depreciation
(9,110,655)
Net
realized
and
unrealized
loss
(10,194,806)
Net
Decrease
in
net
assets
resulting
from
operations
$(3,464,860)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$6,729,946
$12,094,084
Net
realized
loss
(1,084,151)
(4,082,133)
Net
change
in
unrealized
appreciation
(depreciation)
(9,110,655)
25,212,321
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(3,464,860)
33,224,272
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(6,775,900)
(11,883,422)
Shareholder
transactions
Proceeds
from
shares
sold
17,604,290
72,528,457
Cost
of
shares
redeemed
(14,308,216)
(29,951,667)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
3,296,074
42,576,790
Increase
(decrease)
in
net
assets
(6,944,686)
63,917,640
Net
Assets:
Net
assets
beginning
of
period
407,799,126
343,881,486
Net
assets
at
end
of
period
$400,854,440
$407,799,126
Capital
stock
activity
Shares
outstanding,
beginning
of
period
19,950,000
17,850,000
Shares
sold
850,000
3,550,000
Shares
redeemed
(700,000)
(1,450,000)
Shares
outstanding,
end
of
period
20,100,000
19,950,000
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$20.44
$19.27
$19.27
$22.30
$21.83
$21.56
Income
(loss)
from
investment
operations:
Net
investment
income
0.33
0.62
0.51
0.34
0.37
0.51
Net
realized
and
unrealized
gain
(loss)
(0.50)
1.16
(0.02)
(3.03)
0.52
0.30
Total
from
investment
operations
(0.17)
1.78
0.49
(2.69)
0.89
0.81
Less
distributions
to
shareholders:
Net
investment
income
(0.33)
(0.61)
(0.49)
(0.32)
(0.38)
(0.51)
Net
realized
gains
–
–
–
(0.02)
(0.04)
(0.03)
Total
distribution
to
shareholders
(0.33)
(0.61)
(0.49)
(0.34)
(0.42)
(0.54)
Net
asset
value,
end
of
period
$19.94
$20.44
$19.27
$19.27
$22.30
$21.83
Total
Return
at
NAV
(0.84)%
9.30%
2.44%
(12.17)%
4.11%
3.82%
Total
Return
at
Market
Price
0.15%
9.09%
2.38%
(12.40)%
3.85%
4.18%
Ratios
to
average
net
assets:
Total
gross
expenses
(a)
0.23%
0.23%
(b)
0.23%
(b)
0.23%
(b)
0.23%
(b)
0.23%
Total
net
expenses
(a)(c)
0.23%
0.23%
(b)
0.23%
(b)
0.23%
(b)
0.23%
(b)
0.23%
Net
investment
income
3.28%
3.03%
2.53%
1.63%
1.65%
2.37%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$400,854
$407,799
$343,881
$223,585
$141,619
$56,769
Portfolio
turnover
8%
26%
11%
14%
6%
11%
(a)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(b)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
Multi-Sector
Municipal
Income
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
net
tax-exempt
and
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.23%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$34,119,636
and
$38,460,509,
respectively,
for
the
six
months
ended
April
30,
2025.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
$8,219,369.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
April
30,
2025,
the
Fund
did
not
have
in-kind
redemptions.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
409,697,072
1,233,735
(15,323,479)
(14,089,744)
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
1,917,080
5,918,155
7,835,235
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
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
six
months
ended
April
30,
2025.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
interest
rates
rise,
the
values
of
debt
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Changes
in
the
value
of
a
debt
instrument
usually
will
not
affect
the
amount
of
income
the
Fund
receives
from
it
but
will
generally
affect
the
value
of
your
investment
in
the
Fund.
Changes
in
interest
rates
may
also
affect
the
liquidity
of
the
Fund’s
investments
in
debt
instruments.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
instrument,
the
greater
its
sensitivity
to
changes
in
interest
rates.
For
example,
a
three-year
duration
means
a
bond
is
expected
to
decrease
in
value
by
3%
if
interest
rates
rise
1%
and
increase
in
value
by
3%
if
interest
rates
fall
1%.
Interest
rate
declines
also
may
increase
prepayments
of
debt
obligations,
which,
in
turn,
would
increase
prepayment
risk.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
interest
rates.
Such
actions
may
negatively
affect
the
value
of
debt
instruments
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
NAV.
Any
interest
rate
increases
could
cause
the
value
of
the
Fund’s
investments
in
debt
instruments
to
decrease.
Rising
interest
rates
may
prompt
redemptions
from
the
Fund,
which
may
force
the
Fund
to
sell
investments
at
a
time
when
it
is
not
advantageous
to
do
so,
which
could
result
in
losses.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
any
event,
circumstance,
or
characteristic
of
an
investment
or
market
that
negatively
impacts
the
Fund’s
ability
to
sell,
or
realize
the
proceeds
from
the
sale
of,
an
investment
at
a
desirable
time
or
price.
Liquidity
risk
may
arise
because
of,
for
example,
a
lack
of
marketability
of
the
investment,
which
means
that
when
seeking
to
sell
its
portfolio
investments,
the
Fund
could
find
that
selling
is
more
difficult
than
anticipated,
especially
during
times
of
high
market
volatility.
Market
participants
attempting
to
sell
the
same
or
a
similar
instrument
at
the
same
time
as
the
Fund
could
exacerbate
the
Fund’s
exposure
to
liquidity
risk.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
liquid
or
more
liquid
investments
that
it
might
otherwise
prefer
to
hold
(thereby
increasing
the
proportion
of
the
Fund’s
investments
in
less
liquid
or
illiquid
securities),
or
forego
another
more
appealing
investment
opportunity.
The
liquidity
of
Fund
investments
may
change
significantly
over
time
and
certain
investments
that
were
liquid
when
purchased
by
the
Fund
may
later
become
illiquid,
particularly
in
times
of
overall
economic
distress.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
also
adversely
affect
the
liquidity
and
the
price
of
the
Fund’s
investments.
Judgment
plays
a
larger
role
in
valuing
illiquid
or
less
liquid
investments
as
compared
to
valuing
liquid
or
more
liquid
investments.
Price
volatility
may
be
higher
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
for
illiquid
or
less
liquid
investments
as
a
result
of,
for
example,
the
relatively
less
frequent
pricing
of
such
securities
(as
compared
to
liquid
or
more
liquid
investments).
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
Overall
market
liquidity
and
other
factors
can
lead
to
an
increase
in
redemptions,
which
may
negatively
impact
Fund
performance
and
NAV,
including,
for
example,
if
the
Fund
is
forced
to
sell
investments
in
a
down
market.
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
Municipal
securities
risk
Municipal
securities
are
debt
obligations
generally
issued
to
obtain
funds
for
various
public
purposes,
including
general
financing
for
state
and
local
governments,
or
financing
for
a
specific
project
or
public
facility,
and
include
obligations
of
the
governments
of
the
U.S.
territories,
commonwealths
and
possessions
such
as
Guam,
Puerto
Rico
and
the
U.S.
Virgin
Islands
to
the
extent
such
obligations
are
exempt
from
state
and
U.S.
federal
income
taxes.
The
value
of
municipal
securities
can
be
significantly
affected
by
actual
or
expected
political
and
legislative
changes
at
the
federal
or
state
level.
Municipal
securities
may
be
fully
or
partially
backed
by
the
taxing
authority
of
the
local
government,
by
the
credit
of
a
private
issuer,
by
the
current
or
anticipated
revenues
from
a
specific
project
or
specific
assets
or
by
domestic
or
foreign
entities
providing
credit
support,
such
as
letters
of
credit,
guarantees
or
insurance,
and
are
generally
classified
into
general
obligation
bonds
and
special
revenue
obligations.
Because
many
municipal
securities
are
issued
to
finance
projects
in
sectors
such
as
education,
health
care,
transportation
and
utilities,
conditions
in
those
sectors
can
affect
the
overall
municipal
market.
Issuers
in
a
state,
territory,
commonwealth
or
possession
in
which
the
Fund
invests
may
experience
significant
financial
difficulties
for
various
reasons,
including
as
the
result
of
events
that
cannot
be
reasonably
anticipated
or
controlled
such
as
economic
downturns
or
similar
periods
of
economic
stress,
social
conflict
or
unrest,
labor
disruption
and
natural
disasters.
Such
financial
difficulties
may
lead
to
credit
rating
downgrades
or
defaults
of
such
issuers
which
in
turn,
could
affect
the
market
values
and
marketability
of
many
or
all
municipal
obligations
of
issuers
in
such
state,
territory,
commonwealth
or
possession.
The
value
of
the
Fund’s
shares
will
be
negatively
impacted
to
the
extent
it
invests
in
such
securities.
The
Fund’s
annual
and
semiannual
reports
show
the
Fund’s
investment
exposures
at
a
point
in
time.
The
risk
of
investing
in
the
Fund
is
directly
correlated
to
the
Fund’s
investment
exposures.
Securities
issued
by
a
particular
state
and
its
instrumentalities
are
subject
to
the
risk
of
unfavorable
developments
in
such
state.
A
municipal
security
can
be
significantly
affected
by
adverse
tax,
legislative,
regulatory,
demographic
or
political
changes
as
well
as
changes
in
a
particular
state’s
(state
and
its
instrumentalities’)
financial,
economic
or
other
condition
and
prospects.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
index
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
the
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
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and
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and
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the
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to
the
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Financial,
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©
2025
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Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
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or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
97.1%
Issuer
Shares
Value
($)
Communication
Services 8.6%
Diversified
Telecommunication
Services
0.9%
AT&T,
Inc.
433,440
12,006,288
Verizon
Communications,
Inc.
254,537
11,214,900
Total
23,221,188
Entertainment
0.3%
Electronic
Arts,
Inc.
17,065
2,475,961
Madison
Square
Garden
Sports
Corp.
(a)
953
183,519
Playtika
Holding
Corp.
4,836
25,486
Spotify
Technology
SA
(a)
8,842
5,428,811
Total
8,113,777
Interactive
Media
&
Services
7.2%
Alphabet,
Inc.
Class
A
321,742
51,092,630
Alphabet,
Inc.
Class
C
307,989
49,552,350
Meta
Platforms,
Inc.
Class
A
135,740
74,521,260
Pinterest,
Inc.
Class
A
(a)
37,243
942,993
Total
176,109,233
Media
0.2%
Fox
Corp.
Class
A
13,856
689,890
Fox
Corp.
Class
B
8,030
371,307
New
York
Times
Co.
(The)
Class
A
9,669
503,368
News
Corp.
Class
A
23,571
639,246
News
Corp.
Class
B
6,903
216,892
Nexstar
Media
Group,
Inc.
1,986
297,225
Trade
Desk,
Inc.
(The)
Class
A
(a)
27,171
1,457,181
Total
4,175,109
Total
Communication
Services
211,619,307
Consumer
Discretionary 8.6%
Automobile
Components
0.0%
BorgWarner,
Inc.
21,285
604,068
Lear
Corp.
5,433
465,880
Total
1,069,948
Automobiles
0.3%
Ford
Motor
Co.
359,268
3,596,272
General
Motors
Co.
91,807
4,153,349
Total
7,749,621
Broadline
Retail
4.6%
Amazon.com,
Inc.
(a)
607,638
112,060,600
Dillard's,
Inc.
Class
A
250
86,665
Etsy,
Inc.
(a)
10,823
470,584
Nordstrom,
Inc.
9,121
220,181
Total
112,838,030
Diversified
Consumer
Services
0.1%
ADT,
Inc.
30,468
244,353
Bright
Horizons
Family
Solutions,
Inc.
(a)
5,466
685,546
H&R
Block,
Inc.
12,533
756,617
Total
1,686,516
Hotels,
Restaurants
&
Leisure
1.4%
Aramark
24,215
809,507
Booking
Holdings,
Inc.
3,129
15,955,647
Boyd
Gaming
Corp.
6,276
433,923
Carnival
Corp.
(a)
93,508
1,714,937
DoorDash
,
Inc.
Class
A
(a)
32,069
6,185,789
Expedia
Group,
Inc.
11,852
1,859,934
Hilton
Worldwide
Holdings,
Inc.
22,981
5,181,756
Hyatt
Hotels
Corp.
Class
A
3,900
439,452
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
39,930
640,078
Texas
Roadhouse,
Inc.
6,233
1,034,429
Travel
+
Leisure
Co.
6,182
271,575
Wendy's
Co.
(The)
15,861
198,263
Total
34,725,290
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Household
Durables
0.5%
DR
Horton,
Inc.
26,999
3,411,054
Lennar
Corp.
Class
A
21,655
2,351,949
Lennar
Corp.
Class
B
885
91,482
Mohawk
Industries,
Inc.
(a)
5,068
538,982
NVR,
Inc.
(a)
241
1,717,306
PulteGroup,
Inc.
19,187
1,968,202
Toll
Brothers,
Inc.
9,699
978,338
TopBuild
Corp.
(a)
3,014
891,421
Total
11,948,734
Specialty
Retail
1.2%
Carvana
Co.
(a)
9,838
2,403,915
Gap,
Inc.
(The)
18,868
413,209
Lowe's
Cos.,
Inc.
52,884
11,822,747
Murphy
USA,
Inc.
1,876
935,318
TJX
Cos.,
Inc.
(The)
105,099
13,524,139
Williams-Sonoma,
Inc.
11,171
1,725,585
Total
30,824,913
Textiles,
Apparel
&
Luxury
Goods
0.5%
Capri
Holdings
Ltd.
(a)
10,850
163,184
Columbia
Sportswear
Co.
2,978
185,142
Crocs,
Inc.
(a)
5,581
538,120
Deckers
Outdoor
Corp.
(a)
13,922
1,542,975
NIKE,
Inc.
Class
B
111,962
6,314,657
PVH
Corp.
5,251
362,214
Ralph
Lauren
Corp.
3,570
803,072
Tapestry,
Inc.
20,663
1,459,841
Total
11,369,205
Total
Consumer
Discretionary
212,212,257
Consumer
Staples 6.2%
Beverages
0.1%
Coca-Cola
Consolidated,
Inc.
1,112
1,507,661
Molson
Coors
Beverage
Co.
Class
B
35,516
2,043,235
Total
3,550,896
Consumer
Staples
Distribution
1.0%
Albertsons
Cos.,
Inc.
Class
A
78,570
1,726,969
Kroger
Co.
(The)
132,049
9,535,258
Maplebear
,
Inc.
(a)
34,723
1,385,100
Target
Corp.
94,040
9,093,668
US
Foods
Holding
Corp.
(a)
44,183
2,901,056
Total
24,642,051
Food
Products
1.1%
Archer-Daniels-Midland
Co.
96,845
4,624,349
Bunge
Global
SA
27,731
2,182,984
Conagra
Brands,
Inc.
94,163
2,326,768
General
Mills,
Inc.
108,964
6,182,618
Ingredion,
Inc.
13,026
1,730,113
Kraft
Heinz
Co.
(The)
176,793
5,144,676
Pilgrim's
Pride
Corp.
8,413
459,182
Tyson
Foods,
Inc.
Class
A
57,847
3,542,550
Total
26,193,240
Household
Products
1.0%
Colgate-Palmolive
Co.
162,454
14,976,634
Kimberly-Clark
Corp.
66,326
8,740,440
Reynolds
Consumer
Products,
Inc.
10,986
252,678
Spectrum
Brands
Holdings,
Inc.
5,455
344,211
Total
24,313,963
Tobacco
3.0%
Altria
Group,
Inc.
344,863
20,398,646
Philip
Morris
International,
Inc.
313,910
53,791,618
Total
74,190,264
Total
Consumer
Staples
152,890,414
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Energy 3.2%
Energy
Equipment
&
Services
0.1%
TechnipFMC
PLC
36,406
1,025,557
Weatherford
International
PLC
6,433
266,326
Total
1,291,883
Oil,
Gas
&
Consumable
Fuels
3.1%
Chevron
Corp.
141,738
19,284,872
Civitas
Resources,
Inc.
8,527
232,361
Coterra
Energy,
Inc.
63,253
1,553,494
EOG
Resources,
Inc.
48,537
5,355,087
Exxon
Mobil
Corp.
378,715
40,003,666
HF
Sinclair
Corp.
14,145
425,340
Marathon
Petroleum
Corp.
30,096
4,135,491
Occidental
Petroleum
Corp.
57,723
2,274,864
Ovintiv
,
Inc.
23,217
779,627
Valero
Energy
Corp.
27,947
3,244,367
Total
77,289,169
Total
Energy
78,581,052
Financials 14.7%
Banks
6.4%
Bank
of
America
Corp.
697,010
27,796,759
Bank
OZK
11,141
474,607
Citigroup,
Inc.
197,771
13,523,581
Columbia
Banking
System,
Inc.
21,570
483,599
East
West
Bancorp,
Inc.
14,598
1,248,859
Fifth
Third
Bancorp
69,769
2,507,498
First
Citizens
BancShares
,
Inc.
Class
A
1,145
2,037,115
JPMorgan
Chase
&
Co.
296,297
72,480,172
M&T
Bank
Corp.
17,267
2,931,246
PNC
Financial
Services
Group,
Inc.
(The)
40,976
6,584,433
Popular,
Inc.
6,967
664,791
Regions
Financial
Corp.
93,445
1,907,213
Wells
Fargo
&
Co.
358,102
25,428,823
Zions
Bancorp
NA
15,004
674,730
Total
158,743,426
Capital
Markets
2.6%
Bank
of
New
York
Mellon
Corp.
(The)
74,085
5,957,175
BlackRock,
Inc.
15,131
13,833,668
Cboe
Global
Markets,
Inc.
10,996
2,438,913
CME
Group,
Inc.
36,126
10,009,792
Janus
Henderson
Group
PLC
13,042
433,125
MarketAxess
Holdings,
Inc.
3,661
811,241
Moody's
Corp.
16,163
7,323,779
Morgan
Stanley
116,943
13,497,561
Northern
Trust
Corp.
20,222
1,900,464
Raymond
James
Financial,
Inc.
21,252
2,912,374
SEI
Investments
Co.
9,984
781,647
State
Street
Corp.
30,263
2,666,170
Stifel
Financial
Corp.
10,067
862,641
Virtu
Financial,
Inc.
Class
A
8,428
329,956
Total
63,758,506
Consumer
Finance
0.7%
American
Express
Co.
56,530
15,060,157
SLM
Corp.
21,344
617,055
Synchrony
Financial
40,226
2,089,741
Total
17,766,953
Financial
Services
3.5%
Fidelity
National
Information
Services,
Inc.
57,206
4,512,409
Fiserv,
Inc.
(a)
57,973
10,700,077
Jack
Henry
&
Associates,
Inc.
7,141
1,238,464
MGIC
Investment
Corp.
26,022
648,208
PayPal
Holdings,
Inc.
(a)
103,965
6,845,055
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Visa,
Inc.
Class
A
175,026
60,471,483
Voya
Financial,
Inc.
10,110
598,512
Western
Union
Co.
(The)
34,937
346,226
Total
85,360,434
Insurance
1.5%
Allstate
Corp.
(The)
26,430
5,243,448
Assurant,
Inc.
5,313
1,024,028
Axis
Capital
Holdings
Ltd.
8,004
770,945
Brighthouse
Financial,
Inc.
(a)
6,089
354,502
CNA
Financial
Corp.
2,329
112,165
Everest
Group
Ltd.
4,121
1,478,738
Globe
Life,
Inc.
8,485
1,046,540
Hartford
Financial
Services
Group,
Inc.
(The)
30,024
3,683,044
Marsh
&
McLennan
Cos.,
Inc.
50,171
11,312,055
MetLife,
Inc.
57,023
4,297,823
Prudential
Financial,
Inc.
36,389
3,737,514
Reinsurance
Group
of
America,
Inc.
6,532
1,223,509
RenaissanceRe
Holdings
Ltd.
5,386
1,303,035
Unum
Group
18,480
1,435,157
Total
37,022,503
Total
Financials
362,651,822
Health
Care 10.8%
Biotechnology
1.9%
AbbVie,
Inc.
84,371
16,460,782
Alnylam
Pharmaceuticals,
Inc.
(a)
6,165
1,622,875
Amgen,
Inc.
25,870
7,526,100
Apellis
Pharmaceuticals,
Inc.
(a)
5,315
102,101
Biogen,
Inc.
(a)
7,057
854,462
BioMarin
Pharmaceutical,
Inc.
(a)
8,946
569,771
Exact
Sciences
Corp.
(a)
8,922
407,200
Exelixis
,
Inc.
(a)
13,898
544,107
Gilead
Sciences,
Inc.
59,552
6,344,670
GRAIL,
Inc.
(a)
988
34,081
Incyte
Corp.
(a)
8,118
508,674
Ionis
Pharmaceuticals,
Inc.
(a)
7,884
242,118
Mirati
Therapeutics,
Inc.
(a),(b),(c),(d)
315
249
Moderna
,
Inc.
(a)
15,582
444,710
Natera
,
Inc.
(a)
5,470
825,587
Neurocrine
Biosciences,
Inc.
(a)
4,961
534,250
Regeneron
Pharmaceuticals,
Inc.
5,348
3,202,168
Roivant
Sciences
Ltd.
(a)
20,396
237,001
Sarepta
Therapeutics,
Inc.
(a)
4,186
261,206
Ultragenyx
Pharmaceutical,
Inc.
(a)
4,770
185,935
United
Therapeutics
Corp.
(a)
2,208
669,223
Vertex
Pharmaceuticals,
Inc.
(a)
12,316
6,275,002
Viking
Therapeutics,
Inc.
(a)
5,328
153,819
Total
48,006,091
Health
Care
Equipment
&
Supplies
2.8%
Baxter
International,
Inc.
137,260
4,278,394
DENTSPLY
SIRONA,
Inc.
53,152
738,813
Envista
Holdings
Corp.
(a)
47,740
767,659
GE
HealthCare
Technologies,
Inc.
122,324
8,603,047
Globus
Medical,
Inc.
Class
A
(a)
29,719
2,132,933
Hologic
,
Inc.
(a)
60,056
3,495,259
Medtronic
PLC
339,907
28,810,517
ResMed
,
Inc.
39,395
9,320,463
Solventum
Corp.
(a)
36,847
2,436,324
Teleflex,
Inc.
12,547
1,719,567
Zimmer
Biomet
Holdings,
Inc.
53,947
5,559,238
Total
67,862,214
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Health
Care
Providers
&
Services
3.0%
Amedisys
,
Inc.
(a)
8,510
807,599
Cardinal
Health,
Inc.
63,669
8,995,793
Cencora
,
Inc.
45,481
13,310,924
DaVita,
Inc.
(a)
13,311
1,884,172
HCA
Healthcare,
Inc.
50,050
17,271,254
McKesson
Corp.
33,404
23,810,037
Premier,
Inc.
Class
A
27,064
550,752
Tenet
Healthcare
Corp.
(a)
25,864
3,697,259
Universal
Health
Services,
Inc.
Class
B
15,270
2,703,859
Total
73,031,649
Life
Sciences
Tools
&
Services
0.3%
Charles
River
Laboratories
International,
Inc.
(a)
13,868
1,645,022
Fortrea
Holdings,
Inc.
(a)
23,071
143,732
QIAGEN
NV
(a)
57,994
2,479,244
Revvity
,
Inc.
32,248
3,012,931
Total
7,280,929
Pharmaceuticals
2.8%
Bristol-Myers
Squibb
Co.
542,850
27,251,070
Elanco
Animal
Health,
Inc.
(a)
134,364
1,273,771
Jazz
Pharmaceuticals
PLC
(a)
15,486
1,811,243
Organon
&
Co.
69,368
896,928
Pfizer,
Inc.
1,473,510
35,968,379
Viatris
,
Inc.
315,470
2,656,257
Total
69,857,648
Total
Health
Care
266,038,531
Industrials 9.1%
Aerospace
&
Defense
1.4%
Curtiss-Wright
Corp.
4,813
1,659,956
Lockheed
Martin
Corp.
26,106
12,472,141
RTX
Corp.
157,251
19,834,069
Total
33,966,166
Air
Freight
&
Logistics
0.6%
Expeditors
International
of
Washington,
Inc.
17,032
1,871,987
FedEx
Corp.
26,324
5,536,727
United
Parcel
Service,
Inc.
Class
B
87,141
8,304,537
Total
15,713,251
Building
Products
1.1%
A
O
Smith
Corp.
14,489
983,224
Allegion
PLC
10,760
1,497,792
Builders
FirstSource
,
Inc.
(a)
14,677
1,755,809
Carlisle
Cos.,
Inc.
5,641
2,140,647
Hayward
Holdings,
Inc.
(a)
17,157
228,703
Johnson
Controls
International
PLC
80,108
6,721,061
Masco
Corp.
26,509
1,606,710
Owens
Corning
10,773
1,566,502
Trane
Technologies
PLC
27,038
10,363,936
Total
26,864,384
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
41,296
8,741,537
Vestis
Corp.
14,117
123,665
Total
8,865,202
Construction
&
Engineering
0.3%
AECOM
16,008
1,579,189
Comfort
Systems
USA,
Inc.
4,088
1,625,184
EMCOR
Group,
Inc.
5,625
2,253,938
Everus
Construction
Group,
Inc.
(a)
6,017
242,124
MasTec
,
Inc.
(a)
7,249
922,943
Valmont
Industries,
Inc.
2,483
728,065
Total
7,351,443
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Electrical
Equipment
0.4%
Acuity
Brands,
Inc.
3,626
883,330
Emerson
Electric
Co.
68,555
7,205,816
Generac
Holdings,
Inc.
(a)
6,932
792,882
nVent
Electric
PLC
19,946
1,095,235
Total
9,977,263
Ground
Transportation
1.8%
CSX
Corp.
235,318
6,605,376
Lyft,
Inc.
Class
A
(a)
47,539
589,484
Ryder
System,
Inc.
5,170
711,754
Uber
Technologies,
Inc.
(a)
244,349
19,794,712
Union
Pacific
Corp.
72,318
15,596,100
Total
43,297,426
Machinery
1.4%
Allison
Transmission
Holdings,
Inc.
10,047
926,735
Caterpillar,
Inc.
59,000
18,246,930
Dover
Corp.
16,157
2,757,192
Flowserve
Corp.
15,723
711,151
Fortive
Corp.
42,609
2,969,421
Middleby
Corp.
(The)
(a)
6,527
870,376
Pentair
PLC
20,193
1,832,111
Snap-on,
Inc.
6,152
1,930,559
Stanley
Black
&
Decker,
Inc.
18,457
1,107,789
Westinghouse
Air
Brake
Technologies
Corp.
21,243
3,924,432
Total
35,276,696
Marine
Transportation
0.0%
Kirby
Corp.
(a)
6,690
644,715
Passenger
Airlines
0.2%
Delta
Air
Lines,
Inc.
79,044
3,290,602
United
Airlines
Holdings,
Inc.
(a)
40,805
2,808,200
Total
6,098,802
Professional
Services
1.4%
Automatic
Data
Processing,
Inc.
49,872
14,991,523
Booz
Allen
Hamilton
Holding
Corp.
15,273
1,833,066
Broadridge
Financial
Solutions,
Inc.
14,216
3,445,958
Dun
&
Bradstreet
Holdings,
Inc.
36,208
324,786
FTI
Consulting,
Inc.
(a)
4,019
668,279
Genpact
Ltd.
20,931
1,051,992
KBR,
Inc.
15,928
841,158
Leidos
Holdings,
Inc.
15,944
2,346,638
Paychex,
Inc.
38,494
5,663,237
Science
Applications
International
Corp.
6,027
729,448
SS&C
Technologies
Holdings,
Inc.
25,983
1,964,315
Total
33,860,400
Trading
Companies
&
Distributors
0.1%
Core
&
Main,
Inc.
Class
A
(a)
23,247
1,224,652
MSC
Industrial
Direct
Co.,
Inc.
Class
A
5,580
426,758
WESCO
International,
Inc.
5,437
886,014
Total
2,537,424
Total
Industrials
224,453,172
Information
Technology 28.6%
Communications
Equipment
1.0%
Arista
Networks,
Inc.
(a)
62,455
5,138,173
Cisco
Systems,
Inc.
257,212
14,848,849
F5,
Inc.
(a)
3,546
938,768
Motorola
Solutions,
Inc.
10,839
4,773,387
Ubiquiti,
Inc.
223
72,798
Total
25,771,975
Electronic
Equipment,
Instruments
&
Components
0.1%
Arrow
Electronics,
Inc.
(a)
3,377
376,063
Zebra
Technologies
Corp.
Class
A
(a)
3,210
803,527
Total
1,179,590
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
IT
Services
0.2%
DXC
Technology
Co.
(a)
11,481
178,185
EPAM
Systems,
Inc.
(a)
3,547
556,560
GoDaddy
,
Inc.
Class
A
(a)
9,027
1,700,055
Okta
,
Inc.
(a)
10,267
1,151,546
VeriSign,
Inc.
(a)
5,515
1,555,892
Total
5,142,238
Semiconductors
&
Semiconductor
Equipment
8.0%
Allegro
MicroSystems
,
Inc.
(a)
7,236
137,991
Applied
Materials,
Inc.
52,025
7,840,688
Cirrus
Logic,
Inc.
(a)
3,303
317,220
Lam
Research
Corp.
84,843
6,080,698
MKS
Instruments,
Inc.
4,086
286,592
Monolithic
Power
Systems,
Inc.
3,045
1,805,989
NVIDIA
Corp.
1,540,304
167,769,912
Qorvo
,
Inc.
(a)
5,883
421,635
QUALCOMM,
Inc.
71,505
10,615,632
Skyworks
Solutions,
Inc.
9,858
633,672
Universal
Display
Corp.
2,937
368,975
Total
196,279,004
Software
11.0%
Appfolio
,
Inc.
Class
A
(a)
1,228
253,607
Autodesk,
Inc.
(a)
14,003
3,840,323
BILL
Holdings,
Inc.
(a)
6,549
298,438
Crowdstrike
Holdings,
Inc.
Class
A
(a)
14,309
6,136,701
DocuSign,
Inc.
(a)
12,634
1,032,829
Dropbox,
Inc.
Class
A
(a)
14,563
415,774
Fortinet,
Inc.
(a)
39,901
4,140,128
Gen
Digital,
Inc.
34,323
887,936
Intuit,
Inc.
17,739
11,130,690
Manhattan
Associates,
Inc.
(a)
3,744
664,148
Microsoft
Corp.
473,651
187,215,294
Nutanix
,
Inc.
Class
A
(a)
15,085
1,036,340
Palantir
Technologies,
Inc.
Class
A
(a)
124,219
14,712,498
Palo
Alto
Networks,
Inc.
(a)
39,503
7,384,296
Pegasystems
,
Inc.
2,887
265,835
Salesforce,
Inc.
59,634
16,024,252
ServiceNow
,
Inc.
(a)
13,285
12,687,308
Uipath
,
Inc.
Class
A
(a)
29,500
352,230
Zoom
Communications,
Inc.
(a)
17,384
1,347,955
Zscaler
,
Inc.
(a)
6,067
1,372,173
Total
271,198,755
Technology
Hardware,
Storage
&
Peripherals
8.3%
Apple,
Inc.
942,999
200,387,287
Hewlett
Packard
Enterprise
Co.
83,577
1,355,619
HP,
Inc.
60,331
1,542,664
NetApp,
Inc.
12,804
1,149,159
Total
204,434,729
Total
Information
Technology
704,006,291
Materials 2.2%
Chemicals
0.8%
Ashland,
Inc.
9,394
510,940
CF
Industries
Holdings,
Inc.
35,829
2,807,919
Eastman
Chemical
Co.
22,933
1,765,841
FMC
Corp.
25,902
1,085,812
LyondellBasell
Industries
NV
Class
A
51,404
2,992,227
Mosaic
Co.
(The)
62,004
1,884,922
NewMarket
Corp.
1,114
685,444
Olin
Corp.
23,234
502,319
PPG
Industries,
Inc.
45,135
4,913,396
RPM
International,
Inc.
24,919
2,660,103
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Scotts
Miracle-
Gro
Co.
(The)
8,354
420,874
Total
20,229,797
Construction
Materials
0.6%
CRH
PLC
135,386
12,918,532
Eagle
Materials,
Inc.
6,538
1,480,138
Total
14,398,670
Containers
&
Packaging
0.2%
Crown
Holdings,
Inc.
23,069
2,222,237
Packaging
Corp.
of
America
17,480
3,244,463
Total
5,466,700
Metals
&
Mining
0.6%
Nucor
Corp.
51,261
6,119,025
Reliance,
Inc.
11,758
3,389,008
Steel
Dynamics,
Inc.
31,160
4,041,764
Total
13,549,797
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
12,926
1,115,643
Total
Materials
54,760,607
Real
Estate 2.6%
Diversified
REITs
0.1%
WP
Carey,
Inc.
34,837
2,175,222
Health
Care
REITs
0.2%
Healthpeak
Properties,
Inc.
117,392
2,094,273
Omega
Healthcare
Investors,
Inc.
39,948
1,559,970
Total
3,654,243
Industrial
REITs
0.0%
STAG
Industrial,
Inc.
29,800
984,294
Office
REITs
0.1%
Cousins
Properties,
Inc.
25,200
694,008
Highwoods
Properties,
Inc.
17,047
484,817
Kilroy
Realty
Corp.
18,681
588,638
Total
1,767,463
Real
Estate
Management
&
Development
0.4%
CBRE
Group,
Inc.
Class
A
(a)
50,434
6,162,026
Jones
Lang
LaSalle,
Inc.
(a)
8,105
1,843,158
Zillow
Group,
Inc.
Class
A
(a)
8,072
532,591
Zillow
Group,
Inc.
Class
C
(a)
26,707
1,798,182
Total
10,335,957
Residential
REITs
0.3%
American
Homes
4
Rent
Class
A
56,119
2,098,289
Camden
Property
Trust
17,166
1,953,491
Essex
Property
Trust,
Inc.
10,205
2,848,726
Total
6,900,506
Retail
REITs
0.4%
Brixmor
Property
Group,
Inc.
49,211
1,225,846
NNN
REIT,
Inc.
29,707
1,221,255
Simon
Property
Group,
Inc.
52,040
8,190,055
Total
10,637,156
Specialized
REITs
1.1%
American
Tower
Corp.
77,653
17,503,763
EPR
Properties
12,091
598,384
Gaming
and
Leisure
Properties,
Inc.
42,282
2,023,616
Lamar
Advertising
Co.
Class
A
14,479
1,647,855
Millrose
Properties,
Inc.
Class
A
11,709
293,193
SBA
Communications
Corp.
17,804
4,333,494
Total
26,400,305
Total
Real
Estate
62,855,146
Utilities 2.5%
Electric
Utilities
1.6%
American
Electric
Power
Co.,
Inc.
96,970
10,505,730
Edison
International
68,493
3,665,060
Entergy
Corp.
76,845
6,391,199
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Evergy
,
Inc.
40,212
2,778,649
Exelon
Corp.
180,059
8,444,767
PG&E
Corp.
395,314
6,530,587
Total
38,315,992
Gas
Utilities
0.1%
MDU
Resources
Group,
Inc.
36,885
632,209
National
Fuel
Gas
Co.
16,044
1,231,858
Total
1,864,067
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
130,090
1,300,900
Clearway
Energy,
Inc.
Class
A
6,297
172,223
Clearway
Energy,
Inc.
Class
C
15,070
442,154
Total
1,915,277
Multi-Utilities
0.7%
Ameren
Corp.
48,024
4,765,902
Dominion
Energy,
Inc.
152,084
8,270,328
DTE
Energy
Co.
37,045
5,075,165
Total
18,111,395
Total
Utilities
60,206,731
Total
Common
Stocks
(Cost
$2,410,321,989)
2,390,275,330
Exchange-Traded
Equity
Funds
2.1%
Issuer
Shares
Value
($)
Communication
Services 0.3%
Communication
Services
Select
Sector
SPDR
Fund
77,238
7,371,595
Consumer
Discreationary
1.8%
Consumer
Discretionary
Select
Sector
SPDR
Fund
118,581
23,391,288
Vanguard
Consumer
Discretionary
ETF
70,742
23,032,888
Total
46,424,176
Total
Exchange-Traded
Equity
Funds
(Cost
$56,685,823)
53,795,771
Money
Market
Funds
0.7%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.169%
(e)
16,276,945
16,276,945
Total
Money
Market
Funds
(Cost
$16,276,945)
16,276,945
Total
Investments
in
Securities
(Cost
$2,483,284,757)
2,460,348,046
Other
Assets
&
Liabilities,
Net
1,520,415
Net
Assets
2,461,868,461
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Core
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
April
30,
2025,
the
value
of
these
securities
amounted
to
$249,
which
represents
less
than
0.01%
of
net
assets.
(c)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
April
30,
2025,
the
total
market
value
of
these
securities
amounted
to
$249,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
211,619,307
–
–
211,619,307
Consumer
Discretionary
212,212,257
–
–
212,212,257
Consumer
Staples
152,890,414
–
–
152,890,414
Energy
78,581,052
–
–
78,581,052
Financials
362,651,822
–
–
362,651,822
Health
Care
266,038,282
–
249
266,038,531
Industrials
224,453,172
–
–
224,453,172
Information
Technology
704,006,291
–
–
704,006,291
Materials
54,760,607
–
–
54,760,607
Real
Estate
62,855,146
–
–
62,855,146
Utilities
60,206,731
–
–
60,206,731
Total
Common
Stocks
2,390,275,081
–
249
2,390,275,330
Exchange-Traded
Equity
Funds
53,795,771
–
–
53,795,771
Money
Market
Funds
16,276,945
–
–
16,276,945
Total
Investments
in
Securities
2,460,347,797
–
249
2,460,348,046
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
PORTFOLIO
OF
INVESTMENTS
Columbia
Research
Enhanced
Value
ETF
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
98.4%
Issuer
Shares
Value
($)
Communication
Services 4.5%
Diversified
Telecommunication
Services
2.2%
AT&T,
Inc.
28,107
778,564
Verizon
Communications,
Inc.
16,490
726,549
Total
1,505,113
Entertainment
1.2%
Electronic
Arts,
Inc.
1,098
159,309
Madison
Square
Garden
Sports
Corp.
(a)
70
13,480
Playtika
Holding
Corp.
304
1,602
Walt
Disney
Co.
(The)
7,320
665,754
Total
840,145
Interactive
Media
&
Services
0.1%
Match
Group,
Inc.
989
29,334
Media
1.0%
Comcast
Corp.
Class
A
14,877
508,794
Fox
Corp.
Class
A
886
44,114
Fox
Corp.
Class
B
514
23,767
New
York
Times
Co.
(The)
Class
A
638
33,214
News
Corp.
Class
A
1,520
41,222
News
Corp.
Class
B
457
14,359
Nexstar
Media
Group,
Inc.
75
11,225
Total
676,695
Total
Communication
Services
3,051,287
Consumer
Discretionary 5.8%
Automobile
Components
0.1%
BorgWarner,
Inc.
1,715
48,672
Lear
Corp.
431
36,958
Total
85,630
Automobiles
0.4%
Ford
Motor
Co.
28,906
289,349
Broadline
Retail
0.1%
Dillard's,
Inc.
Class
A
22
7,627
Etsy,
Inc.
(a)
301
13,087
Nordstrom,
Inc.
740
17,864
Total
38,578
Diversified
Consumer
Services
0.2%
ADT,
Inc.
2,464
19,761
Bright
Horizons
Family
Solutions,
Inc.
(a)
365
45,778
H&R
Block,
Inc.
816
49,262
Total
114,801
Hotels,
Restaurants
&
Leisure
0.9%
Aramark
1,949
65,155
Booking
Holdings,
Inc.
15
76,489
Boyd
Gaming
Corp.
513
35,469
Carnival
Corp.
(a)
7,535
138,192
DoorDash,
Inc.
Class
A
(a)
327
63,075
Hilton
Worldwide
Holdings,
Inc.
894
201,579
Hyatt
Hotels
Corp.
Class
A
275
30,987
Travel
+
Leisure
Co.
496
21,789
Wendy's
Co.
(The)
656
8,200
Total
640,935
Household
Durables
1.0%
Lennar
Corp.
Class
A
1,756
190,719
Lennar
Corp.
Class
B
86
8,890
Mohawk
Industries,
Inc.
(a)
399
42,434
NVR,
Inc.
(a)
21
149,641
PulteGroup,
Inc.
1,562
160,230
Toll
Brothers,
Inc.
790
79,687
TopBuild
Corp.
(a)
224
66,250
Total
697,851
Specialty
Retail
2.4%
Carvana
Co.
(a)
526
128,528
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Gap,
Inc.
(The)
1,535
33,616
Lowe's
Cos.,
Inc.
4,244
948,789
TJX
Cos.,
Inc.
(The)
3,463
445,619
Williams-Sonoma,
Inc.
360
55,609
Total
1,612,161
Textiles,
Apparel
&
Luxury
Goods
0.7%
Capri
Holdings
Ltd.
(a)
861
12,949
Columbia
Sportswear
Co.
238
14,797
Crocs,
Inc.
(a)
362
34,904
NIKE,
Inc.
Class
B
3,451
194,636
PVH
Corp.
415
28,627
Ralph
Lauren
Corp.
299
67,260
Tapestry,
Inc.
1,661
117,350
Total
470,523
Total
Consumer
Discretionary
3,949,828
Consumer
Staples 8.9%
Beverages
0.3%
Coca-Cola
Consolidated,
Inc.
57
77,281
Molson
Coors
Beverage
Co.
Class
B
1,642
94,464
Total
171,745
Consumer
Staples
Distribution
1.0%
Albertsons
Cos.,
Inc.
Class
A
3,634
79,875
Maplebear,
Inc.
(a)
1,595
63,625
Target
Corp.
4,358
421,419
US
Foods
Holding
Corp.
(a)
2,035
133,618
Total
698,537
Food
Products
1.8%
Archer-Daniels-Midland
Co.
4,485
214,159
Bunge
Global
SA
1,282
100,919
Conagra
Brands,
Inc.
4,364
107,834
General
Mills,
Inc.
5,044
286,196
Ingredion,
Inc.
607
80,622
Kraft
Heinz
Co.
(The)
8,166
237,631
Pilgrim's
Pride
Corp.
347
18,939
Tyson
Foods,
Inc.
Class
A
2,682
164,246
Total
1,210,546
Household
Products
0.8%
Colgate-Palmolive
Co.
3,381
311,694
Kimberly-Clark
Corp.
1,807
238,126
Reynolds
Consumer
Products,
Inc.
496
11,408
Spectrum
Brands
Holdings,
Inc.
246
15,523
Total
576,751
Tobacco
5.0%
Altria
Group,
Inc.
15,935
942,555
Philip
Morris
International,
Inc.
14,496
2,484,035
Total
3,426,590
Total
Consumer
Staples
6,084,169
Energy 6.4%
Energy
Equipment
&
Services
0.1%
TechnipFMC
PLC
1,720
48,452
Oil,
Gas
&
Consumable
Fuels
6.3%
Chevron
Corp.
6,689
910,105
Civitas
Resources,
Inc.
293
7,984
ConocoPhillips
5,351
476,881
Coterra
Energy,
Inc.
2,985
73,312
EOG
Resources,
Inc.
2,293
252,987
Exxon
Mobil
Corp.
17,877
1,888,348
HF
Sinclair
Corp.
662
19,906
Marathon
Petroleum
Corp.
1,425
195,809
Occidental
Petroleum
Corp.
2,729
107,550
Ovintiv,
Inc.
1,093
36,703
Phillips
66
1,718
178,775
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Valero
Energy
Corp.
1,329
154,284
Total
4,302,644
Total
Energy
4,351,096
Financials 22.0%
Banks
11.9%
Bank
of
America
Corp.
40,120
1,599,985
Bank
OZK
636
27,093
Citigroup,
Inc.
11,381
778,233
Columbia
Banking
System,
Inc.
1,247
27,958
East
West
Bancorp,
Inc.
832
71,178
Fifth
Third
Bancorp
4,026
144,694
First
Citizens
BancShares,
Inc.
Class
A
71
126,319
JPMorgan
Chase
&
Co.
14,459
3,536,960
M&T
Bank
Corp.
989
167,893
Popular,
Inc.
366
34,924
Regions
Financial
Corp.
5,385
109,908
Wells
Fargo
&
Co.
20,618
1,464,084
Zions
Bancorp
NA
867
38,989
Total
8,128,218
Capital
Markets
4.5%
Bank
of
New
York
Mellon
Corp.
(The)
4,257
342,305
BlackRock,
Inc.
875
799,977
Cboe
Global
Markets,
Inc.
627
139,069
CME
Group,
Inc.
2,076
575,218
Janus
Henderson
Group
PLC
763
25,339
MarketAxess
Holdings,
Inc.
218
48,307
Morgan
Stanley
6,331
730,724
Raymond
James
Financial,
Inc.
1,229
168,422
SEI
Investments
Co.
583
45,643
State
Street
Corp.
1,740
153,294
Stifel
Financial
Corp.
588
50,386
Virtu
Financial,
Inc.
Class
A
477
18,675
Total
3,097,359
Consumer
Finance
1.0%
American
Express
Co.
2,030
540,812
SLM
Corp.
1,233
35,646
Synchrony
Financial
2,331
121,096
Total
697,554
Financial
Services
1.7%
Fidelity
National
Information
Services,
Inc.
3,292
259,673
Fiserv,
Inc.
(a)
2,280
420,820
MGIC
Investment
Corp.
1,486
37,016
PayPal
Holdings,
Inc.
(a)
5,973
393,263
Voya
Financial,
Inc.
591
34,987
Western
Union
Co.
(The)
1,652
16,371
Total
1,162,130
Insurance
2.9%
Allstate
Corp.
(The)
1,276
253,146
Assurant,
Inc.
302
58,208
Axis
Capital
Holdings
Ltd.
451
43,440
Brighthouse
Financial,
Inc.
(a)
350
20,377
CNA
Financial
Corp.
126
6,068
Everest
Group
Ltd.
209
74,995
Globe
Life,
Inc.
481
59,327
Hartford
Financial
Services
Group,
Inc.
(The)
1,725
211,606
Marsh
&
McLennan
Cos.,
Inc.
2,484
560,067
MetLife,
Inc.
3,281
247,289
Prudential
Financial,
Inc.
2,102
215,896
Reinsurance
Group
of
America,
Inc.
378
70,803
RenaissanceRe
Holdings
Ltd.
307
74,273
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Unum
Group
1,064
82,630
Total
1,978,125
Total
Financials
15,063,386
Health
Care 14.4%
Biotechnology
2.3%
AbbVie,
Inc.
2,854
556,815
Alnylam
Pharmaceuticals,
Inc.
(a)
38
10,003
Amgen,
Inc.
338
98,331
Biogen,
Inc.
(a)
433
52,428
BioMarin
Pharmaceutical,
Inc.
(a)
535
34,074
Exact
Sciences
Corp.
(a)
322
14,696
Exelixis,
Inc.
(a)
134
5,246
Gilead
Sciences,
Inc.
3,540
377,152
GRAIL,
Inc.
(a)
73
2,518
Incyte
Corp.
(a)
447
28,009
Ionis
Pharmaceuticals,
Inc.
(a)
29
891
Mirati
Therapeutics,
Inc.
(a),(b),(c),(d)
51
40
Moderna,
Inc.
(a)
932
26,599
Regeneron
Pharmaceuticals,
Inc.
290
173,640
Roivant
Sciences
Ltd.
(a)
1,211
14,072
United
Therapeutics
Corp.
(a)
122
36,977
Vertex
Pharmaceuticals,
Inc.
(a)
366
186,477
Total
1,617,968
Health
Care
Equipment
&
Supplies
5.5%
Baxter
International,
Inc.
8,085
252,010
DENTSPLY
SIRONA,
Inc.
3,127
43,465
Envista
Holdings
Corp.
(a)
2,812
45,217
GE
HealthCare
Technologies,
Inc.
6,527
459,044
Globus
Medical,
Inc.
Class
A
(a)
1,753
125,813
Hologic,
Inc.
(a)
3,534
205,679
Medtronic
PLC
20,045
1,699,014
ResMed,
Inc.
1,691
400,074
Solventum
Corp.
(a)
2,177
143,943
Teleflex,
Inc.
749
102,650
Zimmer
Biomet
Holdings,
Inc.
3,177
327,390
Total
3,804,299
Health
Care
Providers
&
Services
3.3%
Amedisys,
Inc.
(a)
493
46,786
Cardinal
Health,
Inc.
1,530
216,174
HCA
Healthcare,
Inc.
2,223
767,113
McKesson
Corp.
1,123
800,463
Premier,
Inc.
Class
A
1,594
32,438
Tenet
Healthcare
Corp.
(a)
1,509
215,711
Universal
Health
Services,
Inc.
Class
B
903
159,894
Total
2,238,579
Life
Sciences
Tools
&
Services
0.4%
Charles
River
Laboratories
International,
Inc.
(a)
804
95,370
Fortrea
Holdings,
Inc.
(a)
1,216
7,576
QIAGEN
NV
(a)
3,425
146,419
Total
249,365
Pharmaceuticals
2.9%
Bristol-Myers
Squibb
Co.
31,987
1,605,748
Elanco
Animal
Health,
Inc.
(a)
7,911
74,996
Jazz
Pharmaceuticals
PLC
(a)
916
107,135
Organon
&
Co.
4,090
52,884
Viatris,
Inc.
18,598
156,595
Total
1,997,358
Total
Health
Care
9,907,569
Industrials 13.9%
Aerospace
&
Defense
3.0%
Curtiss-Wright
Corp.
321
110,710
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Lockheed
Martin
Corp.
1,226
585,722
RTX
Corp.
10,933
1,378,979
Total
2,075,411
Air
Freight
&
Logistics
0.7%
Expeditors
International
of
Washington,
Inc.
983
108,041
FedEx
Corp.
1,818
382,380
Total
490,421
Building
Products
2.3%
A
O
Smith
Corp.
1,001
67,928
Allegion
PLC
729
101,477
Builders
FirstSource,
Inc.
(a)
921
110,179
Carlisle
Cos.,
Inc.
335
127,126
Hayward
Holdings,
Inc.
(a)
1,179
15,716
Johnson
Controls
International
PLC
5,549
465,561
Masco
Corp.
1,832
111,037
Owens
Corning
738
107,313
Trane
Technologies
PLC
1,238
474,538
Total
1,580,875
Commercial
Services
&
Supplies
0.0%
Cintas
Corp.
143
30,270
Vestis
Corp.
973
8,524
Total
38,794
Construction
&
Engineering
0.5%
AECOM
1,124
110,882
EMCOR
Group,
Inc.
233
93,363
Everus
Construction
Group,
Inc.
(a)
421
16,941
MasTec,
Inc.
(a)
522
66,461
Valmont
Industries,
Inc.
162
47,502
Total
335,149
Electrical
Equipment
1.0%
Acuity
Brands,
Inc.
257
62,608
Emerson
Electric
Co.
4,753
499,588
Generac
Holdings,
Inc.
(a)
249
28,480
nVent
Electric
PLC
1,370
75,227
Total
665,903
Ground
Transportation
0.9%
Lyft,
Inc.
Class
A
(a)
1,024
12,698
Ryder
System,
Inc.
348
47,909
Union
Pacific
Corp.
2,616
564,166
Total
624,773
Machinery
3.3%
Allison
Transmission
Holdings,
Inc.
708
65,306
Caterpillar,
Inc.
3,503
1,083,373
Dover
Corp.
1,135
193,688
Flowserve
Corp.
1,103
49,889
Fortive
Corp.
2,963
206,491
Middleby
Corp.
(The)
(a)
459
61,207
Pentair
PLC
1,389
126,024
Snap-on,
Inc.
431
135,252
Stanley
Black
&
Decker,
Inc.
1,283
77,006
Westinghouse
Air
Brake
Technologies
Corp.
1,477
272,861
Total
2,271,097
Marine
Transportation
0.1%
Kirby
Corp.
(a)
471
45,390
Passenger
Airlines
0.6%
Delta
Air
Lines,
Inc.
5,502
229,048
United
Airlines
Holdings,
Inc.
(a)
2,819
194,004
Total
423,052
Professional
Services
1.3%
Automatic
Data
Processing,
Inc.
246
73,947
Dun
&
Bradstreet
Holdings,
Inc.
2,521
22,613
FTI
Consulting,
Inc.
(a)
295
49,053
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Genpact
Ltd.
1,453
73,028
KBR,
Inc.
1,021
53,919
Leidos
Holdings,
Inc.
1,119
164,694
Paychex,
Inc.
1,708
251,281
Science
Applications
International
Corp.
421
50,954
SS&C
Technologies
Holdings,
Inc.
1,793
135,551
Total
875,040
Trading
Companies
&
Distributors
0.2%
Core
&
Main,
Inc.
Class
A
(a)
552
29,080
MSC
Industrial
Direct
Co.,
Inc.
Class
A
379
28,986
WESCO
International,
Inc.
368
59,969
Total
118,035
Total
Industrials
9,543,940
Information
Technology 8.9%
Communications
Equipment
4.4%
Cisco
Systems,
Inc.
42,920
2,477,772
F5,
Inc.
(a)
604
159,903
Motorola
Solutions,
Inc.
928
408,682
Ubiquiti,
Inc.
22
7,182
Total
3,053,539
Electronic
Equipment,
Instruments
&
Components
0.5%
Arrow
Electronics,
Inc.
(a)
574
63,921
Jabil,
Inc.
1,025
150,224
Zebra
Technologies
Corp.
Class
A
(a)
428
107,137
Total
321,282
IT
Services
0.7%
DXC
Technology
Co.
(a)
1,903
29,535
EPAM
Systems,
Inc.
(a)
569
89,282
Okta,
Inc.
(a)
972
109,019
VeriSign,
Inc.
(a)
852
240,366
Total
468,202
Semiconductors
&
Semiconductor
Equipment
0.8%
Allegro
MicroSystems,
Inc.
(a)
1,238
23,609
Applied
Materials,
Inc.
703
105,949
Cirrus
Logic,
Inc.
(a)
561
53,878
MKS
Instruments,
Inc.
672
47,134
Qorvo,
Inc.
(a)
982
70,380
QUALCOMM,
Inc.
743
110,306
Skyworks
Solutions,
Inc.
1,673
107,540
Universal
Display
Corp.
241
30,277
Total
549,073
Software
1.7%
BILL
Holdings,
Inc.
(a)
830
37,823
Dropbox,
Inc.
Class
A
(a)
1,682
48,021
Fair
Isaac
Corp.
(a)
39
77,597
Fortinet,
Inc.
(a)
1,232
127,832
Gen
Digital,
Inc.
5,765
149,141
Nutanix,
Inc.
Class
A
(a)
1,805
124,003
Salesforce,
Inc.
1,508
405,215
Uipath,
Inc.
Class
A
(a)
691
8,251
Zoom
Communications,
Inc.
(a)
2,889
224,013
Total
1,201,896
Technology
Hardware,
Storage
&
Peripherals
0.8%
Hewlett
Packard
Enterprise
Co.
13,953
226,317
HP,
Inc.
7,640
195,355
NetApp,
Inc.
1,197
107,431
Total
529,103
Total
Information
Technology
6,123,095
Materials 4.1%
Chemicals
1.6%
Ashland,
Inc.
516
28,065
CF
Industries
Holdings,
Inc.
1,934
151,568
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Eastman
Chemical
Co.
1,230
94,710
FMC
Corp.
1,387
58,143
LyondellBasell
Industries
NV
Class
A
2,785
162,115
Mosaic
Co.
(The)
3,345
101,688
NewMarket
Corp.
74
45,532
Olin
Corp.
1,248
26,982
PPG
Industries,
Inc.
2,444
266,054
RPM
International,
Inc.
1,047
111,767
Scotts
Miracle-Gro
Co.
(The)
446
22,469
Total
1,069,093
Construction
Materials
1.0%
CRH
PLC
7,322
698,665
Eagle
Materials,
Inc.
89
20,149
Total
718,814
Containers
&
Packaging
0.4%
Crown
Holdings,
Inc.
1,238
119,256
Packaging
Corp.
of
America
937
173,917
Total
293,173
Metals
&
Mining
1.1%
Nucor
Corp.
2,777
331,490
Reliance,
Inc.
637
183,603
Steel
Dynamics,
Inc.
1,693
219,599
Total
734,692
Paper
&
Forest
Products
0.0%
Louisiana-Pacific
Corp.
215
18,557
Total
Materials
2,834,329
Real
Estate 4.6%
Diversified
REITs
0.2%
WP
Carey,
Inc.
2,549
159,159
Health
Care
REITs
0.4%
Healthpeak
Properties,
Inc.
8,629
153,942
Omega
Healthcare
Investors,
Inc.
2,947
115,080
Total
269,022
Industrial
REITs
0.2%
First
Industrial
Realty
Trust,
Inc.
1,571
74,748
STAG
Industrial,
Inc.
2,184
72,138
Total
146,886
Office
REITs
0.2%
Cousins
Properties,
Inc.
1,871
51,528
Highwoods
Properties,
Inc.
1,241
35,294
Kilroy
Realty
Corp.
1,379
43,452
Total
130,274
Real
Estate
Management
&
Development
1.0%
CBRE
Group,
Inc.
Class
A
(a)
3,701
452,188
Jones
Lang
LaSalle,
Inc.
(a)
407
92,556
Zillow
Group,
Inc.
Class
A
(a)
580
38,268
Zillow
Group,
Inc.
Class
C
(a)
1,956
131,698
Total
714,710
Residential
REITs
0.8%
American
Homes
4
Rent
Class
A
4,110
153,673
Camden
Property
Trust
1,250
142,250
Essex
Property
Trust,
Inc.
767
214,108
Total
510,031
Retail
REITs
0.9%
Brixmor
Property
Group,
Inc.
3,630
90,423
NNN
REIT,
Inc.
2,176
89,455
Simon
Property
Group,
Inc.
2,852
448,848
Total
628,726
Specialized
REITs
0.9%
EPR
Properties
891
44,096
Gaming
and
Leisure
Properties,
Inc.
3,115
149,084
Lamar
Advertising
Co.
Class
A
791
90,024
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Millrose
Properties,
Inc.
Class
A
935
23,412
SBA
Communications
Corp.
1,310
318,854
Total
625,470
Total
Real
Estate
3,184,278
Utilities 4.9%
Electric
Utilities
3.1%
American
Electric
Power
Co.,
Inc.
5,453
590,778
Edison
International
3,841
205,532
Entergy
Corp.
4,303
357,880
Evergy,
Inc.
2,269
156,788
Exelon
Corp.
10,117
474,487
PG&E
Corp.
22,205
366,827
Total
2,152,292
Gas
Utilities
0.1%
MDU
Resources
Group,
Inc.
2,077
35,600
National
Fuel
Gas
Co.
911
69,947
Total
105,547
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
7,318
73,180
Clearway
Energy,
Inc.
Class
A
355
9,709
Clearway
Energy,
Inc.
Class
C
852
24,998
Total
107,887
Multi-Utilities
1.5%
Ameren
Corp.
2,698
267,749
Dominion
Energy,
Inc.
8,536
464,188
DTE
Energy
Co.
2,095
287,015
Total
1,018,952
Total
Utilities
3,384,678
Total
Common
Stocks
(Cost
$64,661,582)
67,477,655
Exchange-Traded
Equity
Funds
0.9%
Issuer
Shares
Value
($)
Financials 0.9%
Financial
Select
Sector
SPDR
Fund
12,848
626,468
Total
Exchange-Traded
Equity
Funds
(Cost
$610,328)
626,468
Money
Market
Funds
0.6%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.169%
(e)
443,781
443,781
Total
Money
Market
Funds
(Cost
$443,781)
443,781
Total
Investments
in
Securities
(Cost
$65,715,691)
68,547,904
Other
Assets
&
Liabilities,
Net
68,601
Net
Assets
68,616,505
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Research
Enhanced
Value
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Mirati
Therapeutics,
Inc.
Notes
to
Portfolio
of
Investments
(a)
Non-income
producing
investment.
(b)
Represents
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
At
April
30,
2025,
the
value
of
these
securities
amounted
to
$40,
which
represents
less
than
0.01%
of
net
assets.
(c)
Denotes
a
restricted
security,
which
is
subject
to
legal
or
contractual
restrictions
on
resale
under
federal
securities
laws.
Disposal
of
a
restricted
investment
may
involve
time-consuming
negotiations
and
expenses,
and
prompt
sale
at
an
acceptable
price
may
be
difficult
to
achieve.
Private
placement
securities
are
generally
considered
to
be
restricted,
although
certain
of
those
securities
may
be
traded
between
qualified
institutional
investors
under
the
provisions
of
Section
4(a)(2)
and
Rule
144A.
The
Fund
will
not
incur
any
registration
costs
upon
such
a
trade.
These
securities
are
valued
at
fair
value
determined
in
good
faith
under
consistently
applied
procedures
approved
by
the
Fund’s
Board
of
Trustees.
At
April
30,
2025,
the
total
market
value
of
these
securities
amounted
to
$40,
which
represents
less
than
0.01%
of
total
net
assets.
Additional
information
on
these
securities
is
as
follows:
(d)
Valuation
based
on
significant
unobservable
inputs.
(e)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
3,051,287
–
–
3,051,287
Consumer
Discretionary
3,949,828
–
–
3,949,828
Consumer
Staples
6,084,169
–
–
6,084,169
Energy
4,351,096
–
–
4,351,096
Financials
15,063,386
–
–
15,063,386
Health
Care
9,907,529
–
40
9,907,569
Industrials
9,543,940
–
–
9,543,940
Information
Technology
6,123,095
–
–
6,123,095
Materials
2,834,329
–
–
2,834,329
Real
Estate
3,184,278
–
–
3,184,278
Utilities
3,384,678
–
–
3,384,678
Total
Common
Stocks
67,477,615
–
40
67,477,655
Exchange-Traded
Equity
Funds
626,468
–
–
626,468
Money
Market
Funds
443,781
–
–
443,781
Total
Investments
in
Securities
68,547,864
–
40
68,547,904
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund
does
not
hold
any
significant
investments
(greater
than
one
percent
of
net
assets)
categorized
as
Level
3.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$2,483,284,757
and
$65,715,691,
respectively)
$2,460,348,046
$68,547,904
Receivable
for:
Capital
shares
sold
11,473,421
–
Dividends
1,479,354
78,895
Reclaims
receivable
260
–
Total
assets
2,473,301,081
68,626,799
Liabilities
Payable
for:
Investments
purchased
11,154,286
–
Investment
management
fees
278,334
10,294
Total
liabilities
11,432,620
10,294
Net
assets
applicable
to
outstanding
capital
stock
$2,461,868,461
$68,616,505
Represented
by:
Paid-in
capital
$2,455,066,960
$65,798,149
Total
distributable
earnings
(loss)
6,801,501
2,818,356
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$2,461,868,461
$68,616,505
Shares
outstanding
75,100,000
2,825,000
Net
asset
value
per
share
$32.78
$24.29
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Investment
Income:
Dividends
-
unaffiliated
issuers
$14,204,945
$855,476
Foreign
taxes
withheld
(631)
(36)
Total
income
14,204,314
855,440
Expenses:
Investment
management
fees
1,336,863
61,112
Total
expenses
1,336,863
61,112
Net
Investment
Income
12,867,451
794,328
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(319,253)
165,720
In-kind
transactions
-
unaffiliated
issuers
23,044,097
791,378
Net
realized
gain
22,724,844
957,098
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(122,778,373)
(3,567,571)
Net
change
in
unrealized
depreciation
(122,778,373)
(3,567,571)
Net
realized
and
unrealized
loss
(100,053,529)
(2,610,473)
Net
Decrease
in
net
assets
resulting
from
operations
$(87,186,078)
$(1,816,145)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Columbia
Research
Enhanced
Core
ETF
Columbia
Research
Enhanced
Value
ETF
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$12,867,451
$7,708,168
$794,328
$960,401
Net
realized
gain
22,724,844
30,965,538
957,098
1,485,567
Net
change
in
unrealized
appreciation
(depreciation)
(122,778,373)
113,437,315
(3,567,571)
7,617,886
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(87,186,078)
152,111,021
(1,816,145)
10,063,854
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(16,520,942)
(2,889,739)
(1,143,342)
(484,695)
Shareholder
transactions
Proceeds
from
shares
sold
1,413,576,005
1,027,556,148
9,461,407
43,970,901
Cost
of
shares
redeemed
(102,054,712)
(152,605,178)
(3,931,519)
(6,172,944)
Net
increase
in
net
assets
resulting
from
shareholder
transactions
1,311,521,293
874,950,970
5,529,888
37,797,957
Increase
in
net
assets
1,207,814,273
1,024,172,252
2,570,401
47,377,116
Net
Assets:
Net
assets
beginning
of
period
1,254,054,188
229,881,936
66,046,104
18,668,988
Net
assets
at
end
of
period
$2,461,868,461
$1,254,054,188
$68,616,505
$66,046,104
Capital
stock
activity
Shares
outstanding,
beginning
of
period
36,925,000
9,350,000
2,600,000
950,000
Shares
sold
41,225,000
32,675,000
375,000
1,925,000
Shares
redeemed
(3,050,000)
(5,100,000)
(150,000)
(275,000)
Shares
outstanding,
end
of
period
75,100,000
36,925,000
2,825,000
2,600,000
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Core
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$33.96
$24.59
$22.98
$31.23
$21.79
$20.31
Income
(loss)
from
investment
operations:
Net
investment
income
0.24
0.41
0.39
0.39
0.41
0.37
Net
realized
and
unrealized
gain
(loss)
(1.04)
9.24
1.54
(3.08)
9.30
1.22
Total
from
investment
operations
(0.80)
9.65
1.93
(2.69)
9.71
1.59
Less
distributions
to
shareholders:
Net
investment
income
(0.24)
(0.28)
(0.32)
(0.78)
(0.25)
(0.11)
Net
realized
gains
(0.14)
–
–
(4.78)
(0.02)
(0.00)
(a)
Total
distribution
to
shareholders
(0.38)
(0.28)
(0.32)
(5.56)
(0.27)
(0.11)
Net
asset
value,
end
of
period
$32.78
$33.96
$24.59
$22.98
$31.23
$21.79
Total
Return
at
NAV
(2.41)%
39.49%
8.53%
(10.57)%
44.90%
7.82%
Total
Return
at
Market
Price
(2.41)%
39.49%
8.37%
(10.32)%
45.27%
7.46%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.15%
0.15%
0.15%
(c)
0.15%
0.15%
0.15%
Total
net
expenses
(b)(d)
0.15%
0.15%
0.15%
(c)
0.15%
0.15%
0.15%
Net
investment
income
1.44%
1.32%
1.57%
1.63%
1.58%
1.73%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$2,461,868
$1,254,054
$229,882
$78,699
$28,107
$72,448
Portfolio
turnover
19%
49%
45%
65%
49%
41%
(a)
Rounds
to
zero.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
FINANCIAL
HIGHLIGHTS
Columbia
Research
Enhanced
Value
ETF
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
2023
2022
2021
2020
Per
share
data
Net
asset
value,
beginning
of
period
$25.40
$19.65
$19.74
$20.96
$18.46
$20.24
Income
(loss)
from
investment
operations:
Net
investment
income
0.31
0.53
0.49
0.47
0.43
0.56
Net
realized
and
unrealized
gain
(loss)
(0.95)
5.76
(0.10)
(1.44)
6.74
(2.19)
Total
from
investment
operations
(0.64)
6.29
0.39
(0.97)
7.17
(1.63)
Less
distributions
to
shareholders:
Net
investment
income
(0.47)
(0.54)
(0.48)
(0.12)
(4.16)
(0.15)
Net
realized
gains
–
–
–
(0.13)
(0.51)
(0.00)
(a)
Total
distribution
to
shareholders
(0.47)
(0.54)
(0.48)
(0.25)
(4.67)
(0.15)
Net
asset
value,
end
of
period
$24.29
$25.40
$19.65
$19.74
$20.96
$18.46
Total
Return
at
NAV
(2.55)%
32.50%
2.02%
(4.66)%
45.48%
(8.16)%
Total
Return
at
Market
Price
(2.58)%
33.21%
1.55%
(4.46)%
45.90%
(8.50)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.19%
0.19%
(c)
0.19%
(c)
0.19%
0.19%
0.19%
Total
net
expenses
(b)(d)
0.19%
0.19%
(c)
0.19%
(c)
0.19%
0.19%
0.19%
Net
investment
income
2.47%
2.26%
2.43%
2.30%
2.14%
2.93%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$68,617
$66,046
$18,669
$17,276
$11,003
$462
Portfolio
turnover
27%
62%
76%
99%
84%
95%
(a)
Rounds
to
zero.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
The
ratio
includes
less
than
0.01%
attributed
to
overdraft
expense,
which
is
outside
the
Unitary
Fee
(as
defined
in
Note
3).
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
ETF
Trust
I
(the
Trust)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
statutory
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Information
presented
in
these
financial
statements
pertains
to
the
following
series
of
the
Trust
(each,
a
Fund
and
collectively,
the
Funds):
Columbia
Research
Enhanced
Core
ETF
and
Columbia
Research
Enhanced
Value
ETF.
Each
Fund
is
diversified.
Fund
Shares
The
market
prices
of
each
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
each
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
25,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
a
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Funds’
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
Each
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Funds
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
position
or
their
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Funds
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Funds
have
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Funds
as
a
whole
and
the
Funds’
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
each
Fund’s
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Funds’
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Funds’
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Funds’
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Funds
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Funds
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
a
Fund
are
charged
to
that
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
each
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
a
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
For
federal
income
tax
purposes,
each
Fund
is
treated
as
a
separate
entity.
The
Funds
intend
to
qualify
each
year
as
separate
regulated
investment
companies
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
their
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
their
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Funds
intend
to
distribute
in
each
calendar
year
substantially
all
of
their
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Funds
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provisions
are
recorded.
Foreign
taxes
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Funds’
contracts
with
their
service
providers
contain
general
indemnification
clauses.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Funds
cannot
be
determined,
and
the
Funds
have
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
each
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
each
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
a
percentage
of
each
Fund’s
average
daily
net
assets
as
follows:
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Funds.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
Each
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Funds
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Funds,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Funds
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.,
(the
Distributor)
serves
as
the
distributor
for
the
Funds.
The
Funds
have
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Funds
are
authorized
to
pay
distribution
and
service
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
each
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Funds
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Fund
Effective
investment
management
fee
rate
(%)
Columbia
Research
Enhanced
Core
ETF
0.15
Columbia
Research
Enhanced
Value
ETF
0.19
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Funds
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Funds
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Funds’
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
for
the
six
months
ended
April
30,
2025,
were
as
follows:
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Funds
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
as
follows:
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Funds.
For
the
six
months
ended
April
30,
2025,
the
in-kind
redemptions
were
as
follows:
Note
7.
Line
of
credit
Each
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
each
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Funds
and
certain
other
funds
managed
by
the
Investment
Manager
or
Fund
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
(depreciation)
($)
Net
unrealized
appreciation
(depreciation)
($)
Columbia
Research
Enhanced
Core
ETF
2,483,284,757
87,825,381
(110,762,092)
(22,936,711)
Columbia
Research
Enhanced
Value
ETF
65,715,691
6,693,518
(3,861,305)
2,832,213
Fund
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
Columbia
Research
Enhanced
Core
ETF
-
-
-
Columbia
Research
Enhanced
Value
ETF
589,198
777,123
1,366,321
Fund
Purchases
($)
Proceeds
from
sales
($)
Columbia
Research
Enhanced
Core
ETF
369,781,997
344,694,945
Columbia
Research
Enhanced
Value
ETF
17,959,775
18,077,803
Fund
Contributions
($)
Columbia
Research
Enhanced
Core
ETF
1,370,401,551
Columbia
Research
Enhanced
Value
ETF
8,845,504
Fund
Cost
basis
($)
Proceeds
from
sales
($)
Net
realized
gain
(loss)
($)
Columbia
Research
Enhanced
Core
ETF
75,845,686
98,889,783
23,044,097
Columbia
Research
Enhanced
Value
ETF
2,865,423
3,656,801
791,378
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
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.
Each
Fund
also
pays
a
commitment
fee
equal
to
its
pro
rata
share
of
the
unused
amount
of
the
credit
facility
at
a
rate
of
0.15%
per
annum.
The
commitment
fees
that
are
allocated
to
each
Fund
are
payable
by
the
Investment
Manager.
This
agreement
expires
annually
in
October
unless
extended
or
renewed.
Prior
to
the
October
24,
2024
amendment
and
restatement,
each
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
No
Fund
had
borrowings
during
the
six
months
ended
April
30,
2025.
Note
8.
Significant
risks
Financial
sector
risk
Columbia
Research
Enhanced
Value
ETF
is
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
financials
sector.
Companies
in
the
financials
sector
are
subject
to
certain
risks,
including
the
risk
of
regulatory
change,
decreased
liquidity
in
credit
markets
and
unstable
interest
rates.
Such
companies
may
have
concentrated
portfolios,
such
as
a
high
level
of
loans
to
one
or
more
industries
or
sectors,
which
makes
them
vulnerable
to
economic
conditions
that
affect
such
industries
or
sectors.
Performance
of
such
companies
may
be
affected
by
competitive
pressures
and
exposure
to
investments,
agreements
and
counterparties,
including
credit
products
that,
under
certain
circumstances,
may
lead
to
losses
(e.g.,
subprime
loans).
Companies
in
the
financials
sector
are
subject
to
extensive
governmental
regulation
that
may
limit
the
amount
and
types
of
loans
and
other
financial
commitments
they
can
make,
and
interest
rates
and
fees
that
they
may
charge.
In
addition,
profitability
of
such
companies
is
largely
dependent
upon
the
availability
and
the
cost
of
capital.
Information
technology
sector
risk
Columbia
Research
Enhanced
Core
ETF
is
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Funds
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
they
invest.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Funds’
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Funds’
net
asset
value.
The
large-scale
invasion
of
Ukraine
by
Russia
in
February
2022
has
resulted
in
sanctions
and
market
disruptions,
including
declines
in
regional
and
global
stock
markets,
unusual
volatility
in
global
commodity
markets
and
significant
devaluations
of
Russian
currency.
The
extent
and
duration
of
the
military
action
are
impossible
to
predict
but
could
continue
to
be
significant.
Market
disruption
caused
by
the
Russian
military
action,
and
any
countermeasures
or
responses
thereto
(including
international
sanctions,
a
downgrade
in
a
country’s
credit
rating,
purchasing
and
financing
restrictions,
boycotts,
tariffs,
changes
in
consumer
or
purchaser
preferences,
cyberattacks
and
espionage)
could
continue
to
have
severe
adverse
impacts
on
regional
and/or
global
securities
and
commodities
markets,
including
markets
for
oil
and
natural
gas.
These
impacts
may
include
reduced
market
liquidity,
distress
in
credit
markets,
further
disruption
of
global
supply
chains,
increased
risk
of
inflation,
restricted
cross-border
payments
and
limited
access
to
investments
and/
or
assets
in
certain
international
markets
and/or
issuers.
These
developments
and
other
related
events
could
negatively
impact
Fund
performance.
Passive
investment
risk
The
Funds
are
not
"actively"
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
their
index’s
investment
exposure.
The
Funds
invest
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
index
regardless
of
their
investment
merits.
The
Funds
do
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
a
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Funds
are
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Funds.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Funds
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Funds,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Funds.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Short
Duration
Bond
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
PORTFOLIO
OF
INVESTMENTS
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Asset-Backed
Securities
-
Non-Agency
10.1%
Issue
Description
Principal
Amount
($)
Value
($)
American
Airlines
Pass
Through
Trust
Series
A,
3.700%,
10/01/26
92,123
88,994
BMW
Vehicle
Owner
Trust
2023-A
Class
A4,
Series
2023-A,
5.250%,
11/26/29
125,000
127,044
Bridgecrest
Lending
Auto
Securitization
Trust
2024-1
Class
D,
Series
2024-1,
6.030%,
11/15/29
200,000
203,040
Capital
One
Prime
Auto
Receivables
Trust
Class
A4,
Series
2023-1,
4.760%,
08/15/28
100,000
101,005
Carmax
Auto
Owner
Trust
Class
C,
Series
2022-1,
2.200%,
11/15/27
100,000
97,718
Class
C,
Series
2024-1,
5.470%,
08/15/29
200,000
202,770
Carvana
Auto
Receivables
Trust
Class
C,
Series
2022-P1,
3.300%,
04/10/28
300,000
292,189
Exeter
Automobile
Receivables
Trust
2024-4
Class
D,
Series
2024-4A,
5.810%,
12/16/30
100,000
100,993
Ford
Credit
Auto
Lease
Trust
Class
C,
Series
2023-B,
6.430%,
04/15/27
100,000
101,078
Ford
Credit
Auto
Lease
Trust
2025-A
Class
A3,
Series
2025-A,
4.720%,
06/15/28
200,000
201,381
Ford
Credit
Auto
Owner
Trust
Class
A4,
Series
2023-A,
4.560%,
12/15/28
150,000
150,763
Ford
Credit
Auto
Owner
Trust
2023-B
Class
A4,
Series
2023-B,
5.060%,
02/15/29
150,000
152,264
Ford
Credit
Floorplan
Master
Owner
Trust
A
Class
A,
Series
2018-4,
4.060%,
11/15/30
100,000
99,010
Gm
Financial
Automobile
Leasing
Trust
2024-2
Class
A3,
Series
2024-2,
5.390%,
07/20/27
125,000
126,240
GM
Financial
Consumer
Automobile
Receivables
Trust
Class
A4,
Series
2022-2,
3.250%,
04/17/28
150,000
148,391
Class
A4,
Series
2022-3,
3.710%,
12/16/27
150,000
148,797
Gm
Financial
Consumer
Automobile
Receivables
Trust
2024-3
Class
A4,
Series
2024-3,
5.090%,
11/16/29
100,000
101,073
Harley-Davidson
Motorcycle
Trust
2024-A
Class
A3,
Series
2024-A,
5.370%,
03/15/29
150,000
152,120
Honda
Auto
Receivables
2024-4
Owner
Trust
Class
A3,
Series
2024-4,
4.330%,
05/15/29
150,000
150,557
Honda
Auto
Receivables
Owner
Trust
Class
A4,
Series
2023-4,
5.660%,
02/21/30
250,000
255,618
Asset-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Hyundai
Auto
Receivables
Trust
2024-B
Class
A3,
Series
2024-B,
4.840%,
03/15/29
125,000
126,377
Class
B,
Series
2024-B,
5.040%,
09/16/30
100,000
101,760
Mercedes-Benz
Auto
Lease
Trust
2024-A
Class
A4,
Series
2024-A,
5.320%,
02/15/30
225,000
229,084
Mercedes-Benz
Auto
Receivables
Trust
2024-1
Class
A3,
Series
2024-1,
4.800%,
04/16/29
100,000
100,428
Mercedes-Benz
Auto
Receivables
Trust
2025-1
Class
A4,
Series
2025-1,
4.920%,
04/15/31
150,000
153,431
Nissan
Auto
Receivables
2024-A
Owner
Trust
Class
A4,
Series
2024-A,
5.180%,
04/15/31
175,000
178,918
Santander
Drive
Auto
Receivables
Trust
Class
C,
Series
2023-6,
6.400%,
03/17/31
125,000
129,169
Class
C,
Series
2023-1,
5.090%,
05/15/30
100,000
100,319
Santander
Drive
Auto
Receivables
Trust
2023-5
Class
B,
Series
2023-5,
6.160%,
12/17/29
225,000
229,694
Class
C,
Series
2023-5,
6.430%,
02/18/31
225,000
233,774
Santander
Drive
Auto
Receivables
Trust
2023-6
Class
B,
Series
2023-6,
5.980%,
04/16/29
100,000
101,799
Toyota
Auto
Receivables
Owner
Trust
Class
A4,
Series
2022-C,
3.770%,
02/15/28
150,000
149,086
Volkswagen
Auto
Loan
Enhanced
Trust
Class
A4,
Series
2023-2,
5.570%,
04/22/30
100,000
102,782
Volkswagen
Auto
Loan
Enhanced
Trust
2024-1
Class
A3,
Series
2024-1,
4.630%,
07/20/29
125,000
126,074
World
Omni
Auto
Receivables
Trust
Class
A4,
Series
2022-A,
1.900%,
03/15/28
150,000
146,925
World
Omni
Auto
Receivables
Trust
2024-B
Class
A4,
Series
2024-B,
5.230%,
07/15/30
100,000
101,705
World
Omni
Select
Auto
Trust
Class
B,
Series
2023-A,
5.870%,
08/15/28
135,000
136,340
Total
Asset-Backed
Securities
-
Non-
Agency
(Cost
$5,431,094)
5,448,710
Commercial
Mortgage-Backed
Securities
-
Non-Agency
10.0%
Principal
Amount
($)
Value
($)
Bank
Class
A2,
Series
2019-BN18,
3.474%,
05/15/62
125,000
124,732
Class
A2,
Series
2019-BN16,
3.933%,
02/15/52
56,261
55,598
Class
AS,
Subordinated
Series
2017-BNK9,
3.829%,
11/15/54
(a)
100,000
96,020
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
A3,
Series
2018-BN12,
3.990%,
05/15/61
100,000
98,404
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
Class
A3,
Series
2017-BNK3,
3.311%,
02/15/50
98,956
96,947
BANK5
2024-5YR10
Class
A3,
Series
2024-5YR10,
5.302%,
10/15/57
100,000
102,374
BANK5
2024-5YR12
Class
A3,
Series
2024-5YR12,
5.902%,
12/15/57
(a)
225,000
235,786
Bank5
2024-5yr8
Class
A3,
Series
2024-5YR8,
5.884%,
08/15/57
200,000
208,900
Barclays
Commercial
Mortgage
Trust
Class
A4,
Series
2019-C5,
3.063%,
11/15/52
100,000
93,960
BBCMS
Mortgage
Trust
Class
A3,
Series
2023-5C23,
6.675%,
12/15/56
(a)
125,000
132,666
Class
A2B,
Series
2023-C19,
5.753%,
04/15/56
175,000
178,104
BBCMS
Mortgage
Trust
2020-C6
Class
A4,
Series
2020-C6,
2.639%,
02/15/53
225,000
205,195
BBCMS
Mortgage
Trust
2024-5c29
Class
A2,
Series
2024-5C29,
4.738%,
09/15/57
225,000
226,017
BBCMS
Mortgage
Trust
2024-C30
Class
A2,
Series
2024-C30,
6.128%,
11/15/57
100,000
104,032
Benchmark
2024-V7
Mortgage
Trust
Class
A3,
Series
2024-V7,
6.228%,
05/15/56
200,000
210,456
Benchmark
2024-V8
Mortgage
Trust
Class
A3,
Series
2024-V8,
6.189%,
07/15/57
200,000
210,457
Cantor
Commercial
Real
Estate
Lending
Class
A4,
Series
2019-CF2,
2.624%,
11/15/52
193,671
179,976
Class
A5,
Series
2019-CF1,
3.786%,
05/15/52
100,000
95,936
CD
Mortgage
Trust
Class
ASB,
Series
2017-CD6,
3.332%,
11/13/50
48,691
47,986
Class
A3,
Series
2017-CD4,
3.248%,
05/10/50
138,285
134,666
CFCRE
Commercial
Mortgage
Trust
Class
AM,
Subordinated
Series
2016-C6,
3.502%,
11/10/49
(a)
50,000
48,300
CGMS
Commercial
Mortgage
Trust
Class
A3,
Series
2017-B1,
3.197%,
08/15/50
95,869
93,017
Class
A4,
Series
2017-B1,
3.458%,
08/15/50
125,000
121,657
Citigroup
Commercial
Mortgage
Trust
Class
A3,
Series
2018-C5,
3.963%,
06/10/51
170,270
167,197
Class
AS,
Subordinated
Series
2016-P6,
4.032%,
12/10/49
(a)
100,000
94,198
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Class
B,
Subordinated
Series
2015-P1,
4.466%,
09/15/48
(a)
100,000
98,542
Class
B,
Series
2017-P7,
4.137%,
04/14/50
(a)
150,000
139,145
Class
A2,
Series
2020-GC46,
2.708%,
02/15/53
34,487
33,817
COMM
Mortgage
Trust
Class
D,
Series
2015-CR26,
3.636%,
10/10/48
(a)
56,000
45,047
Class
A3,
Series
2017-COR2,
3.510%,
09/10/50
100,000
96,948
Class
C,
Series
2013-CR13,
5.109%,
11/10/46
(a)
19,817
18,528
GS
Mortgage
Securities
Trust
Class
C,
Subordinated
Series
2016-GS3,
4.102%,
10/10/49
(a)
75,000
69,660
JPMBB
Commercial
Mortgage
Securities
Trust
Class
AS,
Series
2016-C2,
3.484%,
06/15/49
100,000
93,407
Class
B,
Series
2017-C5,
4.009%,
03/15/50
(a)
150,000
120,788
JPMCC
Commercial
Mortgage
Securities
Trust
Class
A3,
Series
2019-COR4,
3.763%,
03/10/52
100,000
96,638
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Class
C,
Subordinated
Series
2016-C31,
4.396%,
11/15/49
(a)
50,000
43,437
Class
ASB,
Series
2017-C34,
3.354%,
11/15/52
43,988
43,360
Morgan
Stanley
Capital
I
Class
A3,
Series
2017-HR2,
3.330%,
12/15/50
123,798
120,633
Morgan
Stanley
Capital
I
Trust
Class
A4,
Series
2016-UB12,
3.596%,
12/15/49
150,000
146,146
Morgan
Stanley
Capital
I
Trust
2019-H7
Class
A4,
Series
2019-H7,
3.261%,
07/15/52
200,000
188,866
SG
Commercial
Mortgage
Securities
Trust
Class
A4,
Series
2016-C5,
3.055%,
10/10/48
150,000
146,344
Wells
Fargo
Commercial
Mortgage
Trust
Class
C,
Series
2017-C39,
4.118%,
09/15/50
100,000
92,029
Class
A4,
Series
2017-C41,
3.472%,
11/15/50
100,000
97,269
Class
ASB,
Series
2021-C61,
2.525%,
11/15/54
100,000
92,640
Wells
Fargo
Commercial
Mortgage
Trust
2019-C54
Class
A4,
Series
2019-C54,
3.146%,
12/15/52
250,000
234,590
Total
Commercial
Mortgage-Backed
Securities
-
Non-Agency
(Cost
$5,406,997)
5,380,415
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
49.4%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
1.5%
AAR
Escrow
Issuer
LLC
6.750%,
03/15/29
(b)
50,000
51,152
Boeing
Co.
(The)
5.150%,
05/01/30
300,000
302,849
Howmet
Aerospace,
Inc.
5.900%,
02/01/27
50,000
51,253
Huntington
Ingalls
Industries,
Inc.
2.043%,
08/16/28
85,000
78,175
L3Harris
Technologies,
Inc.
4.400%,
06/15/28
40,000
39,867
Northrop
Grumman
Corp.
3.250%,
01/15/28
60,000
58,393
TransDigm,
Inc.
6.375%,
03/01/29
(b)
200,000
203,908
Total
785,597
Airlines
0.9%
American
Airlines
Pass
Through
Trust
Class
A,
Series
2015-1,
3.375%,
05/01/27
44,598
43,035
Class
AA,
Series
AA,
3.575%,
01/15/28
29,784
28,608
American
Airlines,
Inc.
7.250%,
02/15/28
(b)
220,000
217,231
American
Airlines,
Inc./AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(b)
40,000
39,752
Delta
Air
Lines,
Inc.
4.375%,
04/19/28
50,000
49,110
Southwest
Airlines
Co.
2.625%,
02/10/30
60,000
53,651
United
Airlines
Pass
Through
Trust
Class
A,
Series
2013-1,
4.300%,
08/15/25
40,669
40,522
United
Airlines,
Inc.
4.625%,
04/15/29
(b)
33,000
31,001
Total
502,910
Apartment
REIT
0.1%
Essex
Portfolio
LP
3.000%,
01/15/30
60,000
55,471
Automotive
1.0%
Benteler
International
AG
10.500%,
05/15/28
(b)
50,000
51,021
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.750%,
05/15/28
(b)
60,000
61,008
Ford
Motor
Credit
Co.
LLC
4.000%,
11/13/30
120,000
106,799
General
Motors
Financial
Co.,
Inc.
5.550%,
07/15/29
50,000
50,432
Jaguar
Land
Rover
Automotive
PLC
5.875%,
01/15/28
(b)
80,000
78,880
Nissan
Motor
Acceptance
Co.
LLC
2.750%,
03/09/28
(b)
125,000
114,126
7.050%,
09/15/28
(b)
75,000
76,690
Total
538,956
Banking
2.6%
Ally
Financial,
Inc.
2.200%,
11/02/28
100,000
90,675
Bank
of
Montreal
3.088%,
(H15T5Y
+
1.400%),
01/10/37
(c)
40,000
33,832
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Capital
One
Financial
Corp.
Series
.,
7.624%,
(SOFRRATE
+
3.070%),
10/30/31
(c)
60,000
66,850
Citigroup,
Inc.
5.592%,
11/19/34
350,000
351,582
Comerica,
Inc.
4.000%,
02/01/29
90,000
86,218
Deutsche
Bank
AG/New
York
NY
6.819%,
(SOFRRATE
+
2.510%),
11/20/29
(c)
150,000
159,335
Discover
Financial
Services
4.100%,
02/09/27
100,000
99,111
Fifth
Third
Bancorp
5.631%,
(SOFRRATE
+
1.840%),
01/29/32
(c)
60,000
61,398
Goldman
Sachs
Group,
Inc.
(The)
5.950%,
01/15/27
80,000
82,185
KeyCorp
Series
MTN,
2.550%,
10/01/29
60,000
54,466
Morgan
Stanley
3.950%,
04/23/27
100,000
99,161
Regions
Financial
Corp.
1.800%,
08/12/28
40,000
36,488
Synchrony
Financial
3.950%,
12/01/27
85,000
82,668
Synovus
Financial
Corp.
6.168%,
(SOFRRATE
+
2.347%),
11/01/30
(c)
15,000
15,114
Webster
Financial
Corp.
4.100%,
03/25/29
85,000
82,137
Total
1,401,220
Brokerage
0.3%
Nomura
Holdings,
Inc.
3.103%,
01/16/30
200,000
184,954
Brokerage/Asset
Managers/Exchanges
0.1%
Affiliated
Managers
Group,
Inc.
3.300%,
06/15/30
50,000
46,463
Building
Materials
0.5%
Martin
Marietta
Materials,
Inc.
3.500%,
12/15/27
40,000
39,030
Masco
Corp.
2.000%,
02/15/31
30,000
25,435
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/01/28
(b)
60,000
58,589
Standard
Industries,
Inc.
4.750%,
01/15/28
(b)
60,000
58,746
5.000%,
02/15/27
(b)
50,000
49,641
Vulcan
Materials
Co.
4.950%,
12/01/29
50,000
50,474
Total
281,915
Cable
and
Satellite
1.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
05/01/27
(b)
190,000
187,325
6.375%,
09/01/29
(b)
116,000
117,047
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.800%,
04/01/31
87,000
75,445
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(b)
150,000
145,022
Sirius
XM
Radio
LLC
4.000%,
07/15/28
(b)
100,000
94,194
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.000%,
08/01/27
(b)
90,000
88,996
Viasat,
Inc.
5.625%,
04/15/27
(b)
20,000
19,570
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(b)
50,000
48,159
Total
775,758
Chemicals
1.0%
Axalta
Coating
Systems
LLC
3.375%,
02/15/29
(b)
60,000
55,643
Celanese
US
Holdings
LLC
6.415%,
07/15/27
32,000
32,250
6.600%,
11/15/28
85,000
85,864
Dow
Chemical
Co.
(The)
2.100%,
11/15/30
60,000
52,060
DuPont
de
Nemours,
Inc.
4.725%,
11/15/28
100,000
101,012
Ingevity
Corp.
3.875%,
11/01/28
(b)
50,000
46,278
Nutrien
Ltd.
4.200%,
04/01/29
60,000
59,274
Olin
Corp.
5.000%,
02/01/30
50,000
46,971
Sherwin-Williams
Co.
(The)
3.450%,
06/01/27
40,000
39,285
Total
518,637
Construction
Machinery
0.5%
CNH
Industrial
Capital
LLC
5.100%,
04/20/29
50,000
50,658
Herc
Holdings,
Inc.
6.625%,
06/15/29
(b)
60,000
59,269
Oshkosh
Corp.
4.600%,
05/15/28
50,000
49,874
United
Rentals
North
America,
Inc.
3.875%,
11/15/27
100,000
96,567
Total
256,368
Consumer
Cyclical
Services
0.7%
ADT
Security
Corp.
(The)
4.125%,
08/01/29
(b)
50,000
47,177
Brink's
Co.
(The)
4.625%,
10/15/27
(b)
20,000
19,691
eBay,
Inc.
1.400%,
05/10/26
40,000
38,753
Expedia
Group,
Inc.
3.250%,
02/15/30
90,000
84,014
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
5.250%,
12/01/27
(b)
50,000
49,568
Match
Group
Holdings
II
LLC
4.625%,
06/01/28
(b)
50,000
48,116
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
3.375%,
08/31/27
(b)
40,000
38,231
Service
Corp.
International
5.125%,
06/01/29
40,000
39,619
Total
365,169
Consumer
Products
0.5%
Clorox
Co.
(The)
3.100%,
10/01/27
40,000
38,988
Edgewell
Personal
Care
Co.
4.125%,
04/01/29
(b)
50,000
46,818
Haleon
US
Capital
LLC
3.375%,
03/24/29
60,000
57,714
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Hasbro,
Inc.
3.900%,
11/19/29
30,000
28,534
Newell
Brands,
Inc.
6.625%,
09/15/29
50,000
47,150
Somnigroup
International,
Inc.
4.000%,
04/15/29
(b)
50,000
46,425
Whirlpool
Corp.
2.400%,
05/15/31
18,000
14,612
Total
280,241
Diversified
Manufacturing
0.9%
Carrier
Global
Corp.
2.493%,
02/15/27
90,000
87,341
Ingersoll
Rand,
Inc.
5.314%,
06/15/31
50,000
51,244
Johnson
Controls
International
PLC
/
Tyco
Fire
&
Security
Finance
SCA
1.750%,
09/15/30
60,000
51,813
Otis
Worldwide
Corp.
2.565%,
02/15/30
60,000
54,815
Regal
Rexnord
Corp.
6.300%,
02/15/30
31,000
32,006
RTX
Corp.
4.125%,
11/16/28
60,000
59,520
Trane
Technologies
Global
Holding
Co.
Ltd.
3.750%,
08/21/28
40,000
39,312
WESCO
Distribution,
Inc.
6.375%,
03/15/29
(b)
75,000
76,094
Westinghouse
Air
Brake
Technologies
Corp.
4.700%,
09/15/28
60,000
60,199
Total
512,344
Electric
3.3%
American
Electric
Power
Co.,
Inc.
Subordinated
3.875%,
(US
5
Year
CMT
T-Note
+
2.675%),
02/15/62
(c)
35,000
32,976
Black
Hills
Corp.
3.050%,
10/15/29
100,000
92,944
Calpine
Corp.
4.500%,
02/15/28
(b)
50,000
48,893
Clearway
Energy
Operating
LLC
4.750%,
03/15/28
(b)
70,000
68,333
Dominion
Energy,
Inc.
Series
C,
3.375%,
04/01/30
83,000
78,049
DTE
Energy
Co.
Series
C,
3.400%,
06/15/29
60,000
57,162
Duke
Energy
Corp.
4.300%,
03/15/28
60,000
59,977
Edison
International
6.950%,
11/15/29
60,000
62,511
Emera
US
Finance
LP
3.550%,
06/15/26
80,000
78,735
Enel
Americas
SA
4.000%,
10/25/26
85,000
84,010
Eversource
Energy
Series
R,
1.650%,
08/15/30
100,000
85,461
FirstEnergy
Corp.
Series
B,
2.250%,
09/01/30
60,000
52,473
2.650%,
03/01/30
50,000
45,382
Series
B,
3.900%,
07/15/27
30,000
29,661
IPALCO
Enterprises,
Inc.
4.250%,
05/01/30
10,000
9,536
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
05/01/27
40,000
39,381
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
NRG
Energy,
Inc.
5.750%,
01/15/28
50,000
50,151
5.750%,
07/15/29
(b)
50,000
49,798
Pacific
Gas
and
Electric
Co.
2.100%,
08/01/27
85,000
80,069
3.750%,
07/01/28
80,000
77,488
PG&E
Corp.
5.000%,
07/01/28
50,000
48,798
PPL
Capital
Funding,
Inc.
4.125%,
04/15/30
50,000
49,035
Public
Service
Enterprise
Group,
Inc.
5.850%,
11/15/27
60,000
62,086
Puget
Energy,
Inc.
2.379%,
06/15/28
50,000
46,919
Southern
Co.
(The)
5.500%,
03/15/29
60,000
62,275
TerraForm
Power
Operating
LLC
4.750%,
01/15/30
(b)
50,000
47,051
Vistra
Operations
Co.
LLC
5.500%,
09/01/26
(b)
205,000
204,324
XPLR
Infrastructure
Operating
Partners
LP
4.500%,
09/15/27
(b)
50,000
47,294
7.250%,
01/15/29
(b)
35,000
34,693
Total
1,785,465
Environmental
0.2%
GFL
Environmental,
Inc.
4.750%,
06/15/29
(b)
50,000
48,443
Republic
Services,
Inc.
1.450%,
02/15/31
60,000
50,479
Total
98,922
Finance
Companies
2.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300%,
01/30/32
150,000
132,522
Apollo
Debt
Solutions
BDC
6.900%,
04/13/29
50,000
51,423
Ares
Capital
Corp.
2.150%,
07/15/26
40,000
38,544
Barings
BDC,
Inc.
7.000%,
02/15/29
50,000
51,233
Blackstone
Private
Credit
Fund
4.000%,
01/15/29
60,000
56,688
Blackstone
Secured
Lending
Fund
2.850%,
09/30/28
50,000
45,808
Blue
Owl
Capital
Corp.
2.875%,
06/11/28
25,000
22,827
Blue
Owl
Credit
Income
Corp.
7.950%,
06/13/28
50,000
52,689
Equitable
Holdings,
Inc.
4.350%,
04/20/28
120,000
119,479
FirstCash,
Inc.
5.625%,
01/01/30
(b)
50,000
49,131
Fortress
Transportation
and
Infrastructure
Investors
LLC
5.500%,
05/01/28
(b)
60,000
58,895
FS
KKR
Capital
Corp.
3.125%,
10/12/28
50,000
45,153
GGAM
Finance
Ltd.
8.000%,
06/15/28
(b)
50,000
52,321
Global
Aircraft
Leasing
Co.
Ltd.
8.750%,
09/01/27
(b)
50,000
49,863
Golub
Capital
BDC,
Inc.
6.000%,
07/15/29
60,000
60,152
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Morgan
Stanley
Direct
Lending
Fund
6.150%,
05/17/29
50,000
50,930
Navient
Corp.
5.500%,
03/15/29
100,000
94,731
Nuveen
Churchill
Direct
Lending
Corp.
6.650%,
03/15/30
5,000
5,076
Oaktree
Strategic
Credit
Fund
8.400%,
11/14/28
50,000
53,791
OneMain
Finance
Corp.
3.500%,
01/15/27
115,000
110,093
3.875%,
09/15/28
60,000
55,521
6.625%,
05/15/29
50,000
50,198
Pennymac
Financial
Services,
Inc.
7.875%,
12/15/29
(b)
50,000
52,127
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(b)
50,000
48,269
Sixth
Street
Lending
Partners
6.125%,
07/15/30
(b)
50,000
50,183
SLM
Corp.
3.125%,
11/02/26
35,000
33,886
Total
1,491,533
Food
and
Beverage
1.5%
Bunge
Ltd.
Finance
Corp.
3.250%,
08/15/26
40,000
39,361
Conagra
Brands,
Inc.
4.850%,
11/01/28
60,000
60,360
Constellation
Brands,
Inc.
4.350%,
05/09/27
85,000
84,820
General
Mills,
Inc.
2.875%,
04/15/30
60,000
55,383
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
5.500%,
01/15/30
60,000
60,984
Kellanova
Series
B,
7.450%,
04/01/31
50,000
56,724
Keurig
Dr
Pepper,
Inc.
3.200%,
05/01/30
75,000
70,211
Lamb
Weston
Holdings,
Inc.
4.875%,
05/15/28
(b)
50,000
49,354
McCormick
&
Co.,
Inc.
1.850%,
02/15/31
50,000
42,533
Mondelez
International,
Inc.
2.750%,
04/13/30
60,000
55,250
Sysco
Corp.
3.300%,
07/15/26
100,000
98,620
The
Campbell's
Company
2.375%,
04/24/30
60,000
53,830
Tyson
Foods,
Inc.
4.350%,
03/01/29
60,000
59,487
Total
786,917
Gaming
0.9%
Caesars
Entertainment,
Inc.
7.000%,
02/15/30
(b)
50,000
51,233
GLP
Capital
LP
/
GLP
Financing
II,
Inc.
5.300%,
01/15/29
40,000
39,972
Las
Vegas
Sands
Corp.
6.000%,
08/15/29
50,000
50,422
Melco
Resorts
Finance
Ltd.
Series
REGS,
5.250%,
04/26/26
85,000
83,738
MGM
Resorts
International
6.125%,
09/15/29
50,000
49,809
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
VICI
Properties
LP
5.125%,
11/15/31
25,000
24,761
Wynn
Macau
Ltd.
5.125%,
12/15/29
(b)
200,000
183,623
Total
483,558
Health
Care
3.4%
AMN
Healthcare,
Inc.
4.625%,
10/01/27
(b)
50,000
47,855
Avantor
Funding,
Inc.
3.875%,
11/01/29
(b)
40,000
36,938
4.625%,
07/15/28
(b)
40,000
38,580
Baxter
International,
Inc.
1.915%,
02/01/27
85,000
81,325
Becton
Dickinson
&
Co.
4.693%,
02/13/28
30,000
30,205
Cardinal
Health,
Inc.
3.410%,
06/15/27
30,000
29,478
Cencora,
Inc.
3.450%,
12/15/27
40,000
39,128
Cigna
Group
(The)
3.400%,
03/01/27
50,000
49,182
4.375%,
10/15/28
50,000
49,893
CVS
Health
Corp.
4.300%,
03/25/28
330,000
327,651
7.000%,
03/10/55
50,000
50,587
Encompass
Health
Corp.
4.750%,
02/01/30
50,000
48,640
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/27
100,000
102,846
HCA,
Inc.
3.500%,
09/01/30
20,000
18,676
5.450%,
04/01/31
94,000
95,846
IQVIA,
Inc.
5.000%,
05/15/27
(b)
70,000
69,445
6.250%,
02/01/29
25,000
26,015
Laboratory
Corp.
of
America
Holdings
1.550%,
06/01/26
40,000
38,778
Medline
Borrower
LP
3.875%,
04/01/29
(b)
255,000
237,870
Revvity,
Inc.
3.300%,
09/15/29
30,000
28,261
Solventum
Corp.
5.450%,
03/13/31
50,000
51,071
Stryker
Corp.
1.950%,
06/15/30
50,000
44,209
Teleflex,
Inc.
4.625%,
11/15/27
50,000
48,950
Tenet
Healthcare
Corp.
4.250%,
06/01/29
14,000
13,345
4.375%,
01/15/30
100,000
94,820
5.125%,
11/01/27
100,000
99,194
Universal
Health
Services,
Inc.
2.650%,
01/15/32
30,000
24,805
Zimmer
Biomet
Holdings,
Inc.
5.050%,
02/19/30
5,000
5,077
Total
1,828,670
Healthcare
Insurance
0.5%
Centene
Corp.
3.375%,
02/15/30
80,000
72,972
4.625%,
12/15/29
60,000
57,858
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Elevance
Health,
Inc.
4.101%,
03/01/28
40,000
39,751
Humana,
Inc.
1.350%,
02/03/27
85,000
80,387
Total
250,968
Healthcare
REIT
0.3%
Healthcare
Realty
Holdings
LP
3.625%,
01/15/28
60,000
58,144
Omega
Healthcare
Investors,
Inc.
4.750%,
01/15/28
85,000
85,093
Ventas
Realty
LP
2.500%,
09/01/31
25,000
21,839
Total
165,076
Home
Construction
0.3%
Century
Communities,
Inc.
3.875%,
08/15/29
(b)
50,000
44,733
Mattamy
Group
Corp.
4.625%,
03/01/30
(b)
50,000
45,815
MDC
Holdings,
Inc.
3.850%,
01/15/30
60,000
57,254
Total
147,802
Independent
Energy
1.4%
APA
Corp.
4.250%,
01/15/30
(b)
6,000
5,605
Ascent
Resources
Utica
Holdings
LLC
/
ARU
Finance
Corp.
8.250%,
12/31/28
(b)
15,000
15,152
California
Resources
Corp.
8.250%,
06/15/29
(b)
60,000
57,212
Canadian
Natural
Resources
Ltd.
3.850%,
06/01/27
44,000
43,419
Civitas
Resources,
Inc.
8.375%,
07/01/28
(b)
50,000
49,122
Coterra
Energy,
Inc.
4.375%,
03/15/29
85,000
83,616
Crescent
Energy
Finance
LLC
9.250%,
02/15/28
(b)
50,000
50,536
Devon
Energy
Corp.
4.500%,
01/15/30
50,000
48,854
Diamondback
Energy,
Inc.
3.125%,
03/24/31
60,000
54,256
EQT
Corp.
6.500%,
07/01/27
(b)
75,000
76,246
7.000%,
02/01/30
19,000
20,268
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
5.750%,
02/01/29
(b)
65,000
60,777
Matador
Resources
Co.
6.875%,
04/15/28
(b)
60,000
59,663
Occidental
Petroleum
Corp.
7.500%,
05/01/31
60,000
64,337
Permian
Resources
Operating
LLC
8.000%,
04/15/27
(b)
50,000
50,851
Total
739,914
Leisure
0.8%
Carnival
Corp.
6.000%,
05/01/29
(b)
200,000
198,777
Live
Nation
Entertainment,
Inc.
3.750%,
01/15/28
(b)
60,000
57,550
NCL
Corp.
Ltd.
8.125%,
01/15/29
(b)
50,000
52,274
Royal
Caribbean
Cruises
Ltd.
5.375%,
07/15/27
(b)
50,000
49,932
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.500%,
04/01/28
(b)
100,000
99,889
Total
458,422
Life
Insurance
0.6%
CNO
Financial
Group,
Inc.
5.250%,
05/30/29
85,000
85,074
Corebridge
Financial,
Inc.
3.850%,
04/05/29
50,000
48,463
Global
Atlantic
Fin
Co.
4.700%,
10/15/51
(b)
50,000
47,574
Lincoln
National
Corp.
3.050%,
01/15/30
50,000
46,426
3.800%,
03/01/28
40,000
39,184
Sagicor
Financial
Co.
Ltd.
5.300%,
05/13/28
(b)
50,000
49,004
Total
315,725
Lodging
0.5%
Hilton
Domestic
Operating
Co.,
Inc.
3.750%,
05/01/29
(b)
69,000
65,058
5.375%,
05/01/25
(b)
53,000
53,000
Hyatt
Hotels
Corp.
4.375%,
09/15/28
85,000
83,683
Marriott
International,
Inc.
Series
HH,
2.850%,
04/15/31
60,000
53,699
Travel
+
Leisure
Co.
4.500%,
12/01/29
(b)
25,000
23,464
6.625%,
07/31/26
(b)
15,000
15,099
Total
294,003
Media
and
Entertainment
1.3%
AMC
Networks,
Inc.
10.250%,
01/15/29
(b)
30,000
31,019
Interpublic
Group
of
Cos.,
Inc.
(The)
4.650%,
10/01/28
50,000
50,204
Netflix,
Inc.
6.375%,
05/15/29
60,000
64,593
Paramount
Global
6.375%,
03/30/62
60,000
57,680
7.875%,
07/30/30
40,000
43,837
Take-Two
Interactive
Software,
Inc.
4.950%,
03/28/28
60,000
61,027
TEGNA,
Inc.
4.625%,
03/15/28
80,000
76,459
5.000%,
09/15/29
25,000
23,339
Warnermedia
Holdings,
Inc.
4.054%,
03/15/29
290,000
271,194
Total
679,352
Media
Cable
0.1%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
02/01/28
(b)
60,000
58,531
Metals
and
Mining
1.0%
Alcoa
Nederland
Holding
BV
4.125%,
03/31/29
(b)
145,000
134,706
AngloGold
Ashanti
Holdings
PLC
3.750%,
10/01/30
50,000
46,681
Cleveland-Cliffs,
Inc.
6.875%,
11/01/29
(b)
50,000
48,451
FMG
Resources
August
2006
Pty
Ltd.
4.500%,
09/15/27
(b)
70,000
67,925
Mineral
Resources
Ltd.
9.250%,
10/01/28
(b)
100,000
94,462
Novelis
Corp.
3.250%,
11/15/26
(b)
80,000
77,649
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Vale
Overseas
Ltd.
3.750%,
07/08/30
50,000
46,649
Yamana
Gold,
Inc.
2.630%,
08/15/31
40,000
34,677
Total
551,200
Midstream
3.1%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
5.375%,
06/15/29
(b)
60,000
58,582
5.750%,
01/15/28
(b)
50,000
49,678
Buckeye
Partners
LP
3.950%,
12/01/26
85,000
82,868
Cheniere
Corpus
Christi
Holdings
LLC
5.125%,
06/30/27
40,000
40,445
Cheniere
Energy
Partners
LP
3.250%,
01/31/32
50,000
43,830
DCP
Midstream
Operating
LP
3.250%,
02/15/32
24,000
20,643
Enbridge,
Inc.
6.200%,
11/15/30
60,000
63,601
Energy
Transfer
LP
3.750%,
05/15/30
60,000
56,687
4.950%,
05/15/28
40,000
40,337
Hess
Midstream
Operations
LP
6.500%,
06/01/29
(b)
60,000
60,932
Kinder
Morgan,
Inc.
2.000%,
02/15/31
60,000
51,190
Kinetik
Holdings
LP
6.625%,
12/15/28
(b)
60,000
60,445
MPLX
LP
2.650%,
08/15/30
11,000
9,843
National
Fuel
Gas
Co.
3.950%,
09/15/27
40,000
39,428
NuStar
Logistics
LP
5.625%,
04/28/27
60,000
59,801
6.000%,
06/01/26
10,000
10,001
ONEOK,
Inc.
3.100%,
03/15/30
50,000
46,116
4.150%,
06/01/25
16,000
15,969
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp.
3.800%,
09/15/30
55,000
51,895
Rockies
Express
Pipeline
LLC
4.950%,
07/15/29
(b)
50,000
47,825
Sabine
Pass
Liquefaction
LLC
4.500%,
05/15/30
60,000
59,178
5.000%,
03/15/27
40,000
40,285
Sunoco
LP
7.000%,
05/01/29
(b)
50,000
51,406
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
40,000
39,847
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
5.500%,
03/01/30
60,000
59,878
TC
PipeLines
LP
3.900%,
05/25/27
50,000
49,306
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(b)
100,000
91,730
Venture
Global
LNG,
Inc.
7.000%,
01/15/30
(b)
50,000
47,111
8.125%,
06/01/28
(b)
120,000
119,238
9.500%,
02/01/29
(b)
60,000
62,170
Western
Midstream
Operating
LP
4.050%,
02/01/30
36,000
34,213
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Williams
Cos.,
Inc.
(The)
3.750%,
06/15/27
125,000
123,127
Total
1,687,605
Natural
Gas
0.2%
Sempra
3.400%,
02/01/28
40,000
38,850
Southwest
Gas
Corp.
5.450%,
03/23/28
80,000
81,864
Total
120,714
Office
REIT
0.3%
Alexandria
Real
Estate
Equities,
Inc.
3.950%,
01/15/27
40,000
39,732
Boston
Properties
LP
4.500%,
12/01/28
80,000
78,660
CubeSmart
LP
2.000%,
02/15/31
60,000
51,171
Piedmont
Operating
Partnership
LP
9.250%,
07/20/28
20,000
21,642
Total
191,205
Oil
Field
Services
0.2%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
04/01/28
(b)
50,000
49,852
Weatherford
International
Ltd.
8.625%,
04/30/30
(b)
50,000
49,552
Total
99,404
Other
Financial
Institutions
0.4%
Howard
Hughes
Corp.
(The)
4.125%,
02/01/29
(b)
100,000
91,642
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
5.250%,
05/15/27
100,000
94,727
6.250%,
05/15/26
24,000
23,906
Total
210,275
Other
Industry
0.3%
AECOM
5.125%,
03/15/27
50,000
49,834
Dycom
Industries,
Inc.
4.500%,
04/15/29
(b)
20,000
18,875
Quanta
Services,
Inc.
2.900%,
10/01/30
40,000
36,241
Williams
Scotsman,
Inc.
6.625%,
06/15/29
(b)
65,000
65,964
Total
170,914
Other
REIT
0.7%
Digital
Realty
Trust
LP
4.450%,
07/15/28
40,000
39,887
EPR
Properties
3.600%,
11/15/31
35,000
30,958
Extra
Space
Storage
LP
5.900%,
01/15/31
60,000
62,496
Host
Hotels
&
Resorts
LP
Series
I,
3.500%,
09/15/30
25,000
22,756
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
4.750%,
06/15/29
(b)
45,000
43,089
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
4.500%,
02/15/29
(b)
30,000
28,716
Starwood
Property
Trust,
Inc.
7.250%,
04/01/29
(b)
110,000
114,168
WP
Carey,
Inc.
2.400%,
02/01/31
50,000
43,606
Total
385,676
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Other
Utility
0.1%
American
Water
Capital
Corp.
2.300%,
06/01/31
45,000
39,231
Packaging
0.7%
Amcor
Group
Finance
PLC
5.450%,
05/23/29
50,000
50,997
Avery
Dennison
Corp.
4.875%,
12/06/28
50,000
50,408
Ball
Corp.
6.000%,
06/15/29
60,000
61,242
Berry
Global,
Inc.
5.800%,
06/15/31
60,000
62,853
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
VI
4.750%,
02/01/26
40,000
39,766
Sealed
Air
Corp./Sealed
Air
Corp.
US
6.125%,
02/01/28
(b)
100,000
100,648
Total
365,914
Paper
0.3%
Celulosa
Arauco
y
Constitucion
SA
3.875%,
11/02/27
85,000
82,665
Suzano
Austria
GmbH
3.750%,
01/15/31
60,000
54,333
Weyerhaeuser
Co.
4.000%,
04/15/30
25,000
24,193
Total
161,191
Pharmaceuticals
0.8%
Amgen,
Inc.
5.250%,
03/02/30
120,000
123,381
Biogen,
Inc.
2.250%,
05/01/30
20,000
17,782
Mylan,
Inc.
4.550%,
04/15/28
60,000
58,676
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(b)
200,000
188,655
Royalty
Pharma
PLC
2.150%,
09/02/31
50,000
42,052
Shire
Acquisitions
Investments
Ireland
DAC
3.200%,
09/23/26
2,000
1,970
Total
432,516
Property
&
Casualty
0.7%
Aon
Corp.
2.800%,
05/15/30
110,000
100,900
Assurant,
Inc.
4.900%,
03/27/28
40,000
40,136
CNA
Financial
Corp.
3.450%,
08/15/27
85,000
83,153
Enstar
Group
Ltd.
3.100%,
09/01/31
50,000
43,548
Fairfax
Financial
Holdings
Ltd.
4.850%,
04/17/28
45,000
45,361
Willis
North
America,
Inc.
2.950%,
09/15/29
60,000
55,876
Total
368,974
Railroads
0.1%
Canadian
Pacific
Railway
Co.
2.450%,
12/02/31
50,000
43,469
Refining
0.5%
HF
Sinclair
Corp.
5.000%,
02/01/28
50,000
49,461
Marathon
Petroleum
Corp.
3.800%,
04/01/28
50,000
49,123
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.150%,
03/01/30
50,000
50,423
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
6.000%,
02/15/28
90,000
79,615
Phillips
66
3.900%,
03/15/28
40,000
39,450
Total
268,072
Restaurants
0.6%
1011778
Bc
Ulc
/
New
Red
Finance,
Inc.
5.625%,
09/15/29
(b)
90,000
89,812
1011778
BC
ULC
/
New
Red
Finance,
Inc.
3.875%,
01/15/28
(b)
40,000
38,456
McDonald's
Corp.
Series
MTN,
3.800%,
04/01/28
80,000
79,360
Starbucks
Corp.
2.550%,
11/15/30
50,000
44,818
Yum!
Brands,
Inc.
4.750%,
01/15/30
(b)
50,000
48,566
Total
301,012
Retail
REIT
0.4%
Agree
LP
2.000%,
06/15/28
45,000
41,824
Brixmor
Operating
Partnership
LP
4.050%,
07/01/30
40,000
38,397
Kimco
Realty
OP
LLC
2.250%,
12/01/31
25,000
21,354
Regency
Centers
LP
3.700%,
06/15/30
40,000
38,416
Store
Capital
LLC
4.500%,
03/15/28
80,000
78,782
Total
218,773
Retailers
1.4%
Belron
UK
Finance
PLC
5.750%,
10/15/29
(b)
50,000
49,893
Dick's
Sporting
Goods,
Inc.
3.150%,
01/15/32
50,000
43,863
Dollar
Tree,
Inc.
4.200%,
05/15/28
40,000
39,455
Genuine
Parts
Co.
6.500%,
11/01/28
50,000
52,902
Group
1
Automotive,
Inc.
6.375%,
01/15/30
(b)
50,000
50,611
Lowe's
Cos.,
Inc.
3.650%,
04/05/29
85,000
82,477
O'Reilly
Automotive,
Inc.
3.600%,
09/01/27
80,000
78,624
Parkland
Corp.
4.500%,
10/01/29
(b)
50,000
47,247
Rakuten
Group,
Inc.
11.250%,
02/15/27
(b)
200,000
214,828
Tapestry,
Inc.
5.100%,
03/11/30
50,000
50,181
Under
Armour,
Inc.
3.250%,
06/15/26
60,000
58,193
Total
768,274
Supermarkets
0.5%
Albertsons
Cos.,
Inc.
/
Safeway,
Inc.
/
New
Albertsons
LP
/
Albertsons
LLC
3.250%,
03/15/26
(b)
50,000
49,062
4.625%,
01/15/27
(b)
40,000
39,577
6.500%,
02/15/28
(b)
160,000
162,577
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Kroger
Co.
(The)
4.500%,
01/15/29
40,000
40,232
Total
291,448
Technology
4.3%
Amdocs
Ltd.
2.538%,
06/15/30
50,000
44,394
Autodesk,
Inc.
2.400%,
12/15/31
25,000
21,616
Block,
Inc.
2.750%,
06/01/26
35,000
34,159
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
3.875%,
01/15/27
125,000
124,085
Camelot
Finance
SA
4.500%,
11/01/26
(b)
50,000
49,284
CDW
LLC
/
CDW
Finance
Corp.
3.569%,
12/01/31
25,000
22,593
CGI,
Inc.
2.300%,
09/14/31
100,000
85,827
Dell
International
LLC
/
EMC
Corp.
4.900%,
10/01/26
40,000
40,168
5.300%,
10/01/29
60,000
61,225
Elastic
NV
4.125%,
07/15/29
(b)
50,000
47,070
Equifax,
Inc.
3.100%,
05/15/30
60,000
55,397
Equinix,
Inc.
3.200%,
11/18/29
60,000
56,470
Fair
Isaac
Corp.
4.000%,
06/15/28
(b)
30,000
28,813
Fiserv,
Inc.
3.200%,
07/01/26
40,000
39,462
3.500%,
07/01/29
100,000
95,318
Fortinet,
Inc.
2.200%,
03/15/31
20,000
17,442
Hewlett
Packard
Enterprise
Co.
4.550%,
10/15/29
50,000
49,559
HP,
Inc.
3.000%,
06/17/27
40,000
38,717
Imola
Merger
Corp.
4.750%,
05/15/29
(b)
80,000
76,542
Intel
Corp.
3.900%,
03/25/30
50,000
47,755
4.875%,
02/10/28
50,000
50,438
Iron
Mountain,
Inc.
4.875%,
09/15/27
(b)
50,000
49,290
5.000%,
07/15/28
(b)
100,000
97,642
Jabil,
Inc.
3.600%,
01/15/30
50,000
47,068
Keysight
Technologies,
Inc.
3.000%,
10/30/29
60,000
55,700
Leidos,
Inc.
2.300%,
02/15/31
50,000
43,182
Marvell
Technology,
Inc.
2.950%,
04/15/31
50,000
44,917
Micron
Technology,
Inc.
6.750%,
11/01/29
50,000
53,408
Motorola
Solutions,
Inc.
4.600%,
02/23/28
40,000
40,190
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
2.500%,
05/11/31
150,000
129,345
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
ON
Semiconductor
Corp.
3.875%,
09/01/28
(b)
44,000
41,634
Open
Text
Corp.
3.875%,
02/15/28
(b)
60,000
57,324
Oracle
Corp.
2.650%,
07/15/26
85,000
83,210
3.250%,
11/15/27
80,000
77,976
PTC,
Inc.
4.000%,
02/15/28
(b)
17,000
16,441
Roper
Technologies,
Inc.
2.950%,
09/15/29
50,000
46,742
Seagate
HDD
Cayman
4.875%,
06/01/27
36,000
35,625
Skyworks
Solutions,
Inc.
1.800%,
06/01/26
38,000
36,760
Synopsys,
Inc.
5.000%,
04/01/32
75,000
75,507
TD
SYNNEX
Corp.
1.750%,
08/09/26
57,000
54,455
TTM
Technologies,
Inc.
4.000%,
03/01/29
(b)
50,000
46,546
VMware
LLC
1.400%,
08/15/26
60,000
57,616
3.900%,
08/21/27
40,000
39,393
Western
Digital
Corp.
2.850%,
02/01/29
18,000
16,427
4.750%,
02/15/26
14,000
13,897
Total
2,346,629
Tobacco
0.3%
Altria
Group,
Inc.
3.400%,
05/06/30
85,000
79,952
BAT
Capital
Corp.
2.259%,
03/25/28
75,000
70,524
3.557%,
08/15/27
33,000
32,391
Total
182,867
Transportation
Services
0.1%
GXO
Logistics,
Inc.
1.650%,
07/15/26
50,000
47,912
Wireless
1.5%
American
Tower
Corp.
2.900%,
01/15/30
50,000
46,261
Crown
Castle,
Inc.
3.800%,
02/15/28
60,000
58,601
Rogers
Communications,
Inc.
5.000%,
02/15/29
100,000
100,846
5.250%,
03/15/82
(b)
50,000
48,723
SBA
Communications
Corp.
3.125%,
02/01/29
80,000
74,101
3.875%,
02/15/27
20,000
19,587
Sprint
Capital
Corp.
6.875%,
11/15/28
25,000
26,736
T-Mobile
USA,
Inc.
2.550%,
02/15/31
330,000
292,519
Vodafone
Group
PLC
3.250%,
06/04/81
80,000
76,937
Zegona
Finance
PLC
8.625%,
07/15/29
(b)
50,000
53,276
Total
797,587
Wirelines
1.0%
AT&T,
Inc.
2.750%,
06/01/31
85,000
76,287
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
4.350%,
03/01/29
85,000
84,943
British
Telecommunications
PLC
5.125%,
12/04/28
85,000
87,005
Deutsche
Telekom
International
Finance
BV
8.750%,
06/15/30
60,000
70,640
Verizon
Communications,
Inc.
4.016%,
12/03/29
250,000
245,401
Total
564,276
Total
Corporate
Bonds
(Cost
$26,608,953)
26,705,999
Foreign
Government
Obligations
(d)
19.8%
Principal
Amount
($)
Value
($)
Brazil
1.5%
Brazilian
Government
International
Bond
4.625%,
01/13/28
200,000
198,573
3.875%,
06/12/30
220,000
205,434
6.250%,
03/18/31
200,000
206,200
Petrobras
Global
Finance
BV
5.999%,
01/27/28
200,000
203,561
Total
813,768
Chile
0.3%
Corp
Nacional
del
Cobre
de
Chile
Series
REGS,
3.150%,
01/14/30
200,000
183,328
China
1.2%
CFAMC
III
Co.
Ltd.
Series
EMTN,
4.250%,
11/07/27
200,000
194,863
China
Cinda
Finance
2017
I
Ltd.
Series
EMTN,
4.750%,
02/08/28
200,000
200,291
China
Construction
Bank
Corp.
2.850%,
01/21/32
200,000
194,909
Total
590,063
Colombia
1.3%
Colombia
Government
International
Bond
3.875%,
04/25/27
200,000
195,202
3.000%,
01/30/30
200,000
169,006
3.125%,
04/15/31
200,000
161,146
Ecopetrol
SA
6.875%,
04/29/30
200,000
194,227
Total
719,581
Dominican
Republic
1.2%
Dominican
Republic
International
Bond
Series
REGS,
5.500%,
02/22/29
150,000
147,959
Series
REGS,
5.950%,
01/25/27
172,000
172,764
Series
REGS,
4.500%,
01/30/30
200,000
186,428
Series
REGS,
7.050%,
02/03/31
150,000
154,919
Total
662,070
Hungary
0.8%
Hungary
Government
International
Bond
Series
REGS,
5.250%,
06/16/29
200,000
199,822
Magyar
Export-Import
Bank
Zrt
Series
REGS,
6.125%,
12/04/27
200,000
203,701
Total
403,523
India
0.7%
Export-Import
Bank
of
India
Series
REGS,
3.875%,
02/01/28
200,000
195,860
Series
REGS,
2.250%,
01/13/31
200,000
173,082
Total
368,942
Indonesia
1.8%
Indonesia
Government
International
Bond
4.750%,
02/11/29
200,000
201,836
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
1.850%,
03/12/31
200,000
170,051
Perusahaan
Penerbit
SBSN
Indonesia
III
Series
REGS,
4.450%,
02/20/29
200,000
199,500
Series
REGS,
2.800%,
06/23/30
200,000
182,447
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
Series
REGS,
5.450%,
05/21/28
200,000
202,965
Total
956,799
Israel
0.3%
Israel
Electric
Corp.
Ltd.
Series
GMTN,
4.250%,
08/14/28
(b)
200,000
194,342
Jordan
0.3%
Jordan
Government
International
Bond
Series
REGS,
5.850%,
07/07/30
200,000
184,486
Kazakhstan
0.4%
KazMunayGas
National
Co.
JSC
Series
REGS,
5.375%,
04/24/30
200,000
196,308
Kuwait
0.4%
EQUATE
Petrochemical
Co.
KSC
Series
REGS,
4.250%,
11/03/26
200,000
197,996
Mexico
1.7%
Comision
Federal
de
Electricidad
Series
REGS,
4.688%,
05/15/29
200,000
192,659
Mexico
Government
International
Bond
4.500%,
04/22/29
200,000
195,729
3.250%,
04/16/30
200,000
182,045
5.000%,
05/07/29
200,000
199,393
6.000%,
05/13/30
200,000
205,576
Total
975,402
Oman
1.5%
Oman
Government
International
Bond
Series
REGS,
6.000%,
08/01/29
200,000
206,074
Series
REGS,
6.250%,
01/25/31
200,000
209,670
Series
REGS,
6.750%,
10/28/27
200,000
207,366
Oman
Sovereign
Sukuk
Co.
Series
REGS,
4.875%,
06/15/30
200,000
198,357
Total
821,467
Panama
0.7%
Panama
Government
International
Bond
3.875%,
03/17/28
200,000
191,383
3.160%,
01/23/30
200,000
175,432
Total
366,815
Peru
0.3%
Peruvian
Government
International
Bond
2.783%,
01/23/31
200,000
177,450
Philippines
1.4%
Philippine
Government
International
Bond
9.500%,
02/02/30
190,000
229,866
7.750%,
01/14/31
100,000
115,858
2.457%,
05/05/30
200,000
182,315
ROP
Sukuk
Trust
Series
REGS,
5.045%,
06/06/29
200,000
203,588
Total
731,627
Romania
1.0%
Romanian
Government
International
Bond
Series
REGS,
5.250%,
11/25/27
170,000
168,712
Series
REGS,
5.875%,
01/30/29
200,000
198,245
Series
REGS,
6.625%,
02/17/28
200,000
204,641
Total
571,598
Serbia
0.3%
Foreign
Government
Obligations
(d)
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Serbia
International
Bond
Series
REGS,
2.125%,
12/01/30
200,000
167,131
South
Africa
1.1%
Eskom
Holdings
SOC
Ltd.
Series
REGS,
6.350%,
08/10/28
200,000
197,733
Republic
of
South
Africa
Government
International
Bond
4.300%,
10/12/28
200,000
188,932
4.850%,
09/30/29
200,000
188,055
Total
574,720
United
Arab
Emirates
1.1%
DP
World
Salaam
6.000%,
(US
5
Year
CMT
T-Note
+
5.750%),
01/01/74
(c)
200,000
199,320
Sharjah
Sukuk
Program
Ltd.
3.234%,
10/23/29
200,000
184,985
Series
EMTN,
4.226%,
03/14/28
200,000
195,413
Total
579,718
United
States
0.1%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.750%,
03/01/30
(b)
50,000
47,248
Uruguay
0.4%
Uruguay
Government
International
Bond
4.375%,
01/23/31
200,000
197,864
Total
Foreign
Government
Obligations
(Cost
$10,582,309)
10,682,246
Residential
Mortgage-Backed
Securities
-
Agency
10.0%
Principal
Amount
($)
Value
($)
Uniform
Mortgage-Backed
Security
TBA
10.0%
3.500%,
05/15/40
(e)
687,600
662,398
4.000%,
05/15/40
(e)
919,000
897,531
4.500%,
05/15/40
(e)
1,040,300
1,032,534
5.000%,
05/15/40
(e)
1,378,000
1,385,339
5.500%,
05/15/40
(e)
879,400
893,379
6.000%,
05/15/40
(e)
508,000
521,790
Total
5,392,971
Total
Residential
Mortgage-Backed
Securities
-
Agency
(Cost
$5,340,941)
5,392,971
Treasury
Bills
3.7%
Principal
Amount
($)
Value
($)
United
States
3.7%
U.S.
Treasury
Bill
4.329%,
05/29/25
2,000,000
1,993,441
Total
Treasury
Bills
(Cost
$1,993,389)
1,993,441
Money
Market
Funds
5.8%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
4.150%
(f)
3,151,400
3,151,400
Total
Money
Market
Funds
(Cost
$3,151,400)
3,151,400
Total
Investments
in
Securities
(Cost
$58,515,083)
58,755,182
Other
Assets
&
Liabilities,
Net
(4,746,222)
Net
Assets
54,008,960
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
Bond
ETF
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
(a)
Represents
a
variable
rate
security
with
a
step
coupon
where
the
rate
adjusts
according
to
a
schedule
for
a
series
of
periods,
typically
lower
for
an
initial
period
and
then
increasing
to
a
higher
coupon
rate
thereafter.
The
interest
rate
shown
was
the
current
rate
as
of
April
30,
2025.
(b)
Represents
privately
placed
and
other
securities
and
instruments
exempt
from
Securities
and
Exchange
Commission
registration
(collectively,
private
placements),
such
as
Section
4(a)(2)
and
Rule
144A
eligible
securities,
which
are
often
sold
only
to
qualified
institutional
buyers.
At
April
30,
2025,
the
total
value
of
these
securities
amounted
to
$8,735,042,
which
represents
16.17%
of
total
net
assets.
(c)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
April
30,
2025.
(d)
Principal
and
interest
may
not
be
guaranteed
by
a
governmental
entity.
(e)
Represents
a
security
purchased
on
a
when-issued
basis.
(f)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Abbreviation
Legend
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-
sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund’s
investments
at
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Asset-Backed
Securities
-
Non-Agency
–
5,448,710
–
5,448,710
Commercial
Mortgage-Backed
Securities
-
Non-Agency
–
5,380,415
–
5,380,415
Corporate
Bonds
–
26,705,999
–
26,705,999
Foreign
Government
Obligations
–
10,682,246
–
10,682,246
Residential
Mortgage-Backed
Securities
-
Agency
–
5,392,971
–
5,392,971
Treasury
Bills
–
1,993,441
–
1,993,441
Money
Market
Funds
3,151,400
–
–
3,151,400
Total
Investments
in
Securities
3,151,400
55,603,782
–
58,755,182
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
The
Fund’s
assets
assigned
to
the
Level
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
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$58,515,083)
$58,755,182
Cash
150
Foreign
currency
(cost
$8)
8
Receivable
for:
Investments
sold
1,152,849
Investments
sold
on
a
delayed
delivery
basis
848,147
Interest
509,158
Dividends
5,942
Reimbursement
due
from
Investment
Manager
264
Total
assets
61,271,700
Liabilities
Payable
for:
Investments
purchased
on
a
delayed
delivery
basis
6,198,106
Investments
purchased
1,052,298
Investment
management
fees
12,336
Total
liabilities
7,262,740
Net
assets
applicable
to
outstanding
capital
stock
$54,008,960
Represented
by:
Paid-in
capital
$56,212,581
Total
distributable
earnings
(loss)
(2,203,621)
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$54,008,960
Shares
outstanding
2,900,000
Net
asset
value
per
share
$18.62
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Investment
Income:
Interest
$1,434,156
Dividends
-
unaffiliated
issuers
74,537
Total
income
1,508,693
Expenses:
Investment
management
fees
74,463
Total
expenses
74,463
Fees
waived
or
expenses
reimbursed
by
Investment
Manager
(3,091)
Total
net
expenses
71,372
Net
Investment
Income
1,437,321
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
(92,227)
In-kind
transactions
-
unaffiliated
issuers
(13,431)
Net
realized
loss
(105,658)
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
400,919
Net
change
in
unrealized
appreciation
400,919
Net
realized
and
unrealized
gain
295,261
Net
Increase
in
net
assets
resulting
from
operations
$1,732,582
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$1,437,321
$2,394,119
Net
realized
loss
(105,658)
(252,449)
Net
change
in
unrealized
appreciation
400,919
2,672,649
Net
increase
in
net
assets
resulting
from
operations
1,732,582
4,814,319
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(1,429,696)
(2,397,194)
Shareholder
transactions
Proceeds
from
shares
sold
9,219,938
1,862,581
Cost
of
shares
redeemed
(11,095,764)
–
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(1,875,826)
1,862,581
Increase
(decrease)
in
net
assets
(1,572,940)
4,279,706
Net
Assets:
Net
assets
beginning
of
period
55,581,900
51,302,194
Net
assets
at
end
of
period
$54,008,960
$55,581,900
Capital
stock
activity
Shares
outstanding,
beginning
of
period
3,000,050
2,900,050
Shares
sold
500,000
100,000
Shares
redeemed
(600,050)
–
Shares
outstanding,
end
of
period
2,900,000
3,000,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2021
(a)
2024
2023
2022
Per
share
data
Net
asset
value,
beginning
of
period
$18.53
$17.69
$17.66
$19.86
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.44
0.82
0.67
0.44
0.03
Net
realized
and
unrealized
gain
(loss)
0.10
0.84
0.03
(2.20)
(0.17)
Total
from
investment
operations
0.54
1.66
0.70
(1.76)
(0.14)
Less
distributions
to
shareholders:
Net
investment
income
(0.45)
(0.82)
(0.67)
(0.44)
–
Total
distribution
to
shareholders
(0.45)
(0.82)
(0.67)
(0.44)
–
Net
asset
value,
end
of
period
$18.62
$18.53
$17.69
$17.66
$19.86
Total
Return
at
NAV
2.93%
9.56%
3.95%
(8.96)%
(0.70)%
Total
Return
at
Market
Price
2.65%
9.53%
4.36%
(9.25)%
(0.70)%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.25%
0.25%
0.25%
0.25%
0.25%
Total
net
expenses
(c)
0.24%
0.24%
(b)
0.25%
(b)
0.25%
(b)
0.25%
(b)
Net
investment
income
4.83%
4.48%
3.75%
2.39%
1.44%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$54,009
$55,582
$51,302
$47,691
$19,858
Portfolio
turnover
105%
169%
154%
163%
11%
(a)
The
Fund
commenced
operations
on
September
21,
2021.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
Short
Duration
Bond
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Debt
securities
generally
are
valued
based
on
prices
obtained
from
pricing
services,
which
are
intended
to
reflect
market
transactions
for
normal,
institutional-size
trading
units
of
similar
securities.
The
services
may
use
various
pricing
techniques
that
take
into
account,
as
applicable,
factors
such
as
yield,
quality,
coupon
rate,
maturity,
type
of
issue,
trading
characteristics
and
other
data,
as
well
as
approved
independent
broker-dealer
quotes.
Debt
securities
for
which
quotations
are
not
readily
available
or
not
believed
to
be
reflective
of
market
value
may
also
be
valued
based
upon
a
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Asset-
and
mortgage-backed
securities
are
generally
valued
by
pricing
services,
which
utilize
pricing
models
that
incorporate
the
securities’
cash
flow
and
loan
performance
data.
These
models
also
take
into
account
available
market
data,
including
trades,
market
quotations,
and
benchmark
yield
curves
for
identical
or
similar
securities.
Factors
used
to
identify
similar
securities
may
include,
but
are
not
limited
to,
issuer,
collateral
type,
vintage,
prepayment
speeds,
collateral
performance,
credit
ratings,
credit
enhancement
and
expected
life.
Asset-backed
securities
for
which
quotations
are
readily
available
may
also
be
valued
based
upon
an
over-the-counter
or
exchange
bid
quote
from
an
approved
independent
broker-dealer.
Debt
securities
maturing
in
60
days
or
less
are
valued
primarily
at
amortized
market
value,
unless
this
method
results
in
a
valuation
that
management
believes
does
not
approximate
fair
value.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Asset-
and
mortgage-backed
securities
The
Fund
may
invest
in
asset-backed
and
mortgage-backed
securities.
The
maturity
dates
shown
represent
the
original
maturity
of
the
underlying
obligation.
Actual
maturity
may
vary
based
upon
prepayment
activity
on
these
obligations.
All,
or
a
portion,
of
the
obligation
may
be
prepaid
at
any
time
because
the
underlying
asset
may
be
prepaid.
As
a
result,
decreasing
market
interest
rates
could
result
in
an
increased
level
of
prepayment.
An
increased
prepayment
rate
will
have
the
effect
of
shortening
the
maturity
of
the
security.
Unless
otherwise
noted,
the
coupon
rates
presented
are
fixed
rates.
To
be
announced
securities
The
Fund
may
trade
securities
on
a
To
Be
Announced
(TBA)
basis.
As
with
other
delayed-delivery
transactions,
a
seller
agrees
to
issue
a
TBA
security
at
a
future
date.
However,
the
seller
does
not
specify
the
particular
securities
to
be
delivered.
Instead,
the
Fund
agrees
to
accept
any
security
that
meets
specified
terms.
In
some
cases,
Master
Securities
Forward
Transaction
Agreements
(MSFTAs)
may
be
used
to
govern
transactions
of
certain
forward-settling
agency
mortgage-backed
securities,
such
as
delayed-delivery
and
TBAs,
between
the
Fund
and
counterparty.
The
MSFTA
maintains
provisions
for,
among
other
things,
initiation
and
confirmation,
payment
and
transfer,
events
of
default,
termination,
and
maintenance
of
collateral
relating
to
such
transactions.
Mortgage
dollar
roll
transactions
The
Fund
may
enter
into
mortgage
“dollar
rolls”
in
which
the
Fund
sells
securities
for
delivery
in
the
current
month
and
simultaneously
contracts
with
the
same
counterparty
to
repurchase
similar
but
not
identical
securities
(same
type,
coupon
and
maturity)
on
a
specified
future
date.
These
transactions
may
increase
the
Fund’s
portfolio
turnover
rate.
During
the
roll
period,
the
Fund
loses
the
right
to
receive
principal
and
interest
paid
on
the
securities
sold.
However,
the
Fund
may
benefit
because
it
receives
negotiated
amounts
in
the
form
of
reductions
of
the
purchase
price
for
the
future
purchase
plus
the
interest
earned
on
the
cash
proceeds
of
the
securities
sold
until
the
settlement
date
of
the
forward
purchase.
The
Fund
records
the
incremental
difference
between
the
forward
purchase
and
sale
of
each
forward
roll
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
as
a
realized
gain
or
loss.
Unless
any
realized
gains
exceed
the
income,
capital
appreciation,
and
gain
or
loss
due
to
mortgage
prepayments
that
would
have
been
realized
on
the
securities
sold
as
part
of
the
mortgage
dollar
roll,
the
use
of
this
technique
may
diminish
the
investment
performance
of
the
Fund
compared
to
what
the
performance
would
have
been
without
the
use
of
mortgage
dollar
rolls.
Mortgage
dollar
rolls
involve
the
risk
that
the
market
value
of
the
securities
the
Fund
is
obligated
to
repurchase
may
decline
below
the
repurchase
price,
or
that
the
counterparty
may
default
on
its
obligations.
All
cash
proceeds
will
be
invested
in
instruments
that
are
permissible
investments
for
the
Fund.
The
Fund
identifies
cash
or
liquid
securities
in
an
amount
equal
to
the
forward
purchase
price.
The
Fund
does
not
currently
enter
into
mortgage
dollar
rolls
that
are
accounted
for
as
financing
transactions.
Delayed
delivery
securities
The
Fund
may
trade
securities
on
other
than
normal
settlement
terms,
including
securities
purchased
or
sold
on
a
“when-
issued”
or
"forward
commitment"
basis.
This
may
increase
risk
to
the
Fund
since
the
other
party
to
the
transaction
may
fail
to
deliver,
which
could
cause
the
Fund
to
subsequently
invest
at
less
advantageous
prices.
The
Fund
designates
cash
or
liquid
securities
in
an
amount
equal
to
the
delayed
delivery
commitment.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Interest
income
is
recorded
on
an
accrual
basis.
Market
premiums
and
discounts,
including
original
issue
discounts,
are
amortized
and
accreted,
respectively,
over
the
expected
life
of
the
security
on
all
debt
securities,
unless
otherwise
noted.
The
Fund
classifies
gains
and
losses
realized
on
prepayments
received
on
mortgage-backed
securities
as
adjustments
to
interest
income.
The
Fund
may
place
a
debt
security
on
non-accrual
status
and
reduce
related
interest
income
when
it
becomes
probable
that
the
interest
will
not
be
collected
and
the
amount
of
uncollectible
interest
can
be
reasonably
estimated.
The
Fund
may
also
adjust
accrual
rates
when
it
becomes
probable
the
full
interest
will
not
be
collected
and
a
partial
payment
will
be
received.
A
defaulted
debt
security
is
removed
from
non-accrual
status
when
the
issuer
resumes
interest
payments
or
when
collectability
of
interest
is
reasonably
assured.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
monthly.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.25%
of
the
Fund’s
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
28,
2026,
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.25%
as
a
percentage
of
the
Fund’s
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund’s
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
taxes,
brokerage
commissions,
interest,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund’s
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
The
following
capital
loss
carryforwards,
determined
at
October
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$61,737,192
and
$61,486,177,
respectively,
for
the
six
months
ended
April
30,
2025,
of
which
$46,935,682
and
$47,139,480
respectively,
were
U.S.
government
securities.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
58,515,083
608,180
(368,081)
240,099
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
1,541,953
978,121
2,520,074
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
$5,730,676.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
April
30,
2025,
the
in-kind
redemption
cost
basis
was
$7,668,763,
the
proceeds
from
sales
were
$7,655,332
and
the
net
realized
loss
was
$13,431.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
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
six
months
ended
April
30,
2025.
Note
8.
Significant
risks
Credit
risk
Credit
risk
is
the
risk
that
the
value
of
debt
instruments
in
the
Fund’s
portfolio
may
decline
because
the
issuer
defaults
or
otherwise
becomes
unable
or
unwilling,
or
is
perceived
to
be
unable
or
unwilling,
to
honor
its
financial
obligations,
such
as
making
payments
to
the
Fund
when
due.
Credit
rating
agencies
assign
credit
ratings
to
certain
debt
instruments
to
indicate
their
credit
risk.
Lower-rated
or
unrated
debt
instruments
held
by
the
Fund
may
present
increased
credit
risk
as
compared
to
higher-rated
debt
instruments.
High-yield
investments
risk
Securities
and
other
debt
instruments
held
by
the
Fund
that
are
rated
below
investment
grade
(commonly
called
"high-
yield"
or
"junk"
bonds)
and
unrated
debt
instruments
of
comparable
quality
expose
the
Fund
to
a
greater
risk
of
loss
of
principal
and
income
than
a
fund
that
invests
solely
or
primarily
in
investment
grade
debt
instruments.
In
addition,
these
investments
have
greater
price
fluctuations,
are
less
liquid
and
are
more
likely
to
experience
a
default
than
higher-
rated
debt
instruments.
High-yield
debt
instruments
are
considered
to
be
predominantly
speculative
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal.
Interest
rate
risk
Interest
rate
risk
is
the
risk
of
losses
attributable
to
changes
in
interest
rates.
In
general,
if
interest
rates
rise,
the
values
of
debt
instruments
tend
to
fall,
and
if
interest
rates
fall,
the
values
of
debt
instruments
tend
to
rise.
Changes
in
the
value
of
a
debt
instrument
usually
will
not
affect
the
amount
of
income
the
Fund
receives
from
it
but
will
generally
affect
the
value
of
your
investment
in
the
Fund.
Changes
in
interest
rates
may
also
affect
the
liquidity
of
the
Fund’s
investments
in
debt
instruments.
In
general,
the
longer
the
maturity
or
duration
of
a
debt
instrument,
the
greater
its
sensitivity
to
changes
in
interest
rates.
For
example,
a
three-year
duration
means
a
bond
is
expected
to
decrease
in
value
by
3%
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
if
interest
rates
rise
1%
and
increase
in
value
by
3%
if
interest
rates
fall
1%.
Interest
rate
declines
also
may
increase
prepayments
of
debt
obligations,
which,
in
turn,
would
increase
prepayment
risk.
The
Fund
is
subject
to
the
risk
that
the
income
generated
by
its
investments
may
not
keep
pace
with
inflation.
Actions
by
governments
and
central
banking
authorities
can
result
in
increases
or
decreases
in
interest
rates.
Higher
periods
of
inflation
could
lead
such
authorities
to
raise
interest
rates.
Such
actions
may
negatively
affect
the
value
of
debt
instruments
held
by
the
Fund,
resulting
in
a
negative
impact
on
the
Fund’s
performance
and
NAV.
Any
interest
rate
increases
could
cause
the
value
of
the
Fund’s
investments
in
debt
instruments
to
decrease.
Rising
interest
rates
may
prompt
redemptions
from
the
Fund,
which
may
force
the
Fund
to
sell
investments
at
a
time
when
it
is
not
advantageous
to
do
so,
which
could
result
in
losses.
Liquidity
risk
Liquidity
risk
is
the
risk
associated
with
any
event,
circumstance,
or
characteristic
of
an
investment
or
market
that
negatively
impacts
the
Fund’s
ability
to
sell,
or
realize
the
proceeds
from
the
sale
of,
an
investment
at
a
desirable
time
or
price.
Liquidity
risk
may
arise
because
of,
for
example,
a
lack
of
marketability
of
the
investment,
which
means
that
when
seeking
to
sell
its
portfolio
investments,
the
Fund
could
find
that
selling
is
more
difficult
than
anticipated,
especially
during
times
of
high
market
volatility.
Market
participants
attempting
to
sell
the
same
or
a
similar
instrument
at
the
same
time
as
the
Fund
could
exacerbate
the
Fund’s
exposure
to
liquidity
risk.
The
Fund
may
have
to
accept
a
lower
selling
price
for
the
holding,
sell
other
liquid
or
more
liquid
investments
that
it
might
otherwise
prefer
to
hold
(thereby
increasing
the
proportion
of
the
Fund’s
investments
in
less
liquid
or
illiquid
securities),
or
forego
another
more
appealing
investment
opportunity.
The
liquidity
of
Fund
investments
may
change
significantly
over
time
and
certain
investments
that
were
liquid
when
purchased
by
the
Fund
may
later
become
illiquid,
particularly
in
times
of
overall
economic
distress.
Changing
regulatory,
market
or
other
conditions
or
environments
(for
example,
the
interest
rate
or
credit
environments)
may
also
adversely
affect
the
liquidity
and
the
price
of
the
Fund’s
investments.
Judgment
plays
a
larger
role
in
valuing
illiquid
or
less
liquid
investments
as
compared
to
valuing
liquid
or
more
liquid
investments.
Price
volatility
may
be
higher
for
illiquid
or
less
liquid
investments
as
a
result
of,
for
example,
the
relatively
less
frequent
pricing
of
such
securities
(as
compared
to
liquid
or
more
liquid
investments).
Generally,
the
less
liquid
the
market
at
the
time
the
Fund
sells
a
portfolio
investment,
the
greater
the
risk
of
loss
or
decline
of
value
to
the
Fund.
Overall
market
liquidity
and
other
factors
can
lead
to
an
increase
in
redemptions,
which
may
negatively
impact
Fund
performance
and
NAV,
including,
for
example,
if
the
Fund
is
forced
to
sell
investments
in
a
down
market.
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
Mortgage-
and
other
asset-backed
securities
risk
The
value
of
any
mortgage-backed
and
other
asset-backed
securities
including
collateralized
debt
obligations,
if
any,
held
by
the
Fund
may
be
affected
by,
among
other
things,
changes
or
perceived
changes
in:
interest
rates;
factors
concerning
the
interests
in
and
structure
of
the
issuer
or
the
originator
of
the
mortgages
or
other
assets;
the
creditworthiness
of
the
entities
that
provide
any
supporting
letters
of
credit,
surety
bonds
or
other
credit
enhancements;
or
the
market’s
assessment
of
the
quality
of
underlying
assets.
Payment
of
principal
and
interest
on
some
mortgage-backed
securities
(but
not
the
market
value
of
the
securities
themselves)
may
be
guaranteed
by
the
full
faith
and
credit
of
a
particular
U.S.
Government
agency,
authority,
enterprise
or
instrumentality,
and
some,
but
not
all,
are
also
insured
or
guaranteed
by
the
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
U.S.
Government.
Mortgage-backed
securities
issued
by
non-governmental
issuers
(such
as
commercial
banks,
savings
and
loan
institutions,
private
mortgage
insurance
companies,
mortgage
bankers
and
other
secondary
market
issuers)
may
entail
greater
risk
than
obligations
guaranteed
by
the
U.S.
Government.
Mortgage-
and
other
asset-backed
securities
are
subject
to
liquidity
risk
and
prepayment
risk.
A
decline
or
flattening
of
housing
values
may
cause
delinquencies
in
mortgages
(especially
sub-prime
or
non-prime
mortgages)
underlying
mortgage-backed
securities
and
thereby
adversely
affect
the
ability
of
the
mortgage-backed
securities
issuer
to
make
principal
and/or
interest
payments
to
mortgage-
backed
securities
holders,
including
the
Fund.
Rising
or
high
interest
rates
tend
to
extend
the
duration
of
mortgage-
and
other
asset-backed
securities,
making
their
prices
more
volatile
and
more
sensitive
to
changes
in
interest
rates.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Passive
investment
risk
The
Fund
is
not
“actively”
managed
and
may
be
affected
by
a
general
decline
in
market
segments
related
to
its
index’s
investment
exposures.
The
Fund
invests
in
securities
or
instruments
included
in,
or
believed
by
the
Investment
Manager
to
be
representative
of
the
index
regardless
of
their
investment
merits.
The
Fund
does
not
seek
temporary
defensive
positions
when
markets
decline
or
appear
overvalued.
The
decision
of
whether
to
remove
a
security
from
the
tracking
index
is
made
by
an
independent
index
provider
who
is
not
affiliated
with
the
Fund
or
the
Investment
Manager.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.
,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Select
Technology
ETF
Semiannual
Financial
Statements
and
Additional
Information
April
30,
2025
(Unaudited)
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
Results
of
Meeting
of
Shareholders
16
PORTFOLIO
OF
INVESTMENTS
April
30,
2025
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Notes
to
Portfolio
of
Investments
Common
Stocks
98.6%
Issuer
Shares
Value
($)
Communication
Services 9.4%
Entertainment
2.3%
Netflix,
Inc.
(a)
664
751,462
Interactive
Media
&
Services
7.1%
Alphabet,
Inc.
Class
A
7,909
1,255,949
Meta
Platforms,
Inc.
Class
A
2,054
1,127,646
Total
2,383,595
Total
Communication
Services
3,135,057
Consumer
Discretionary 4.9%
Broadline
Retail
4.1%
Amazon.com,
Inc.
(a)
7,359
1,357,147
Hotels,
Restaurants
&
Leisure
0.8%
Booking
Holdings,
Inc.
55
280,460
Total
Consumer
Discretionary
1,637,607
Financials 5.4%
Financial
Services
5.4%
Mastercard
,
Inc.
Class
A
1,473
807,292
Visa,
Inc.
Class
A
2,885
996,768
Total
1,804,060
Total
Financials
1,804,060
Industrials 1.2%
Ground
Transportation
1.2%
Uber
Technologies,
Inc.
(a)
4,912
397,921
Total
Industrials
397,921
Information
Technology 77.7%
Communications
Equipment
2.6%
Arista
Networks,
Inc.
(a)
3,170
260,796
Cisco
Systems,
Inc.
5,324
307,354
Motorola
Solutions,
Inc.
643
283,171
Total
851,321
IT
Services
1.9%
Accenture
PLC
Class
A
1,150
344,023
Shopify,
Inc.
Class
A
(a)
3,162
300,390
Total
644,413
Semiconductors
&
Semiconductor
Equipment
37.2%
Analog
Devices,
Inc.
1,819
354,559
Applied
Materials,
Inc.
3,525
531,253
Common
Stocks
(continued)
Issuer
Shares
Value
($)
ASML
Holding
NV
1,041
695,471
Broadcom,
Inc.
14,493
2,789,468
Lam
Research
Corp.
15,147
1,085,586
Marvell
Technology,
Inc.
4,604
268,735
Micron
Technology,
Inc.
2,852
219,461
NVIDIA
Corp.
47,539
5,177,948
NXP
Semiconductors
NV
1,615
297,661
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
5,921
986,972
Total
12,407,114
Software
25.1%
Adobe,
Inc.
(a)
705
264,361
Cadence
Design
Systems,
Inc.
(a)
1,053
313,520
Crowdstrike
Holdings,
Inc.
Class
A
(a)
1,499
642,876
Intuit,
Inc.
837
525,192
Microsoft
Corp.
9,269
3,663,665
Oracle
Corp.
3,265
459,451
Palo
Alto
Networks,
Inc.
(a)
1,925
359,840
Salesforce,
Inc.
1,644
441,759
SAP
SE
ADR
1,173
342,739
ServiceNow
,
Inc.
(a)
542
517,616
Synopsys,
Inc.
(a)
1,830
839,988
Total
8,371,007
Technology
Hardware,
Storage
&
Peripherals
10.9%
Apple,
Inc.
17,016
3,615,900
Total
Information
Technology
25,889,755
Total
Common
Stocks
(Cost
$30,001,618)
32,864,400
Money
Market
Funds
1.4%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
4.169%
(b)
468,610
468,610
Total
Money
Market
Funds
(Cost
$468,610)
468,610
Total
Investments
in
Securities
(Cost
$30,470,228)
33,333,010
Other
Assets
&
Liabilities,
Net
(13,448)
Net
Assets
33,319,562
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
April
30,
2025.
Abbreviation
Legend
ADR
American
Depositary
Receipts
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund’s
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment’s
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability’s
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
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:
PORTFOLIO
OF
INVESTMENTS
(continued)
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Fair
Value
Measurements
(continued)
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
April
30,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
3,135,057
–
–
3,135,057
Consumer
Discretionary
1,637,607
–
–
1,637,607
Financials
1,804,060
–
–
1,804,060
Industrials
397,921
–
–
397,921
Information
Technology
25,889,755
–
–
25,889,755
Total
Common
Stocks
32,864,400
–
–
32,864,400
Money
Market
Funds
468,610
–
–
468,610
Total
Investments
in
Securities
33,333,010
–
–
33,333,010
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$30,470,228)
$33,333,010
Receivable
for:
Investments
sold
32,689
Dividends
6,445
Reimbursement
due
from
Investment
Manager
76
Total
assets
33,372,220
Liabilities
Payable
for:
Investments
purchased
33,594
Investment
management
fees
19,064
Total
liabilities
52,658
Net
assets
applicable
to
outstanding
capital
stock
$33,319,562
Represented
by:
Paid-in
capital
$28,069,025
Total
distributable
earnings
(loss)
5,250,537
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$33,319,562
Shares
outstanding
1,475,000
Net
asset
value
per
share
$22.59
STATEMENT
OF
OPERATIONS
Six
Months
Ended
April
30,
2025
(Unaudited)
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Investment
Income:
Dividends
-
unaffiliated
issuers
$147,597
Foreign
taxes
withheld
(4,037)
Total
income
143,560
Expenses:
Investment
management
fees
136,344
Total
expenses
136,344
Fees
waived
or
expenses
reimbursed
by
Investment
Manager
(900)
Total
net
expenses
135,444
Net
Investment
Income
8,116
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
1,824,109
In-kind
transactions
-
unaffiliated
issuers
1,001,458
Net
realized
gain
2,825,567
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(6,006,522)
Net
change
in
unrealized
depreciation
(6,006,522)
Net
realized
and
unrealized
loss
(3,180,955)
Net
Decrease
in
net
assets
resulting
from
operations
$(3,172,839)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2024
Operations
Net
investment
income
$8,116
$72,100
Net
realized
gain
2,825,567
952,496
Net
change
in
unrealized
appreciation
(depreciation)
(6,006,522)
9,717,536
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(3,172,839)
10,742,132
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(377,129)
(273,443)
Shareholder
transactions
Proceeds
from
shares
sold
1,837,067
5,436,460
Cost
of
shares
redeemed
(3,193,081)
(1,761,176)
Net
increase
(decrease)
in
net
assets
resulting
from
shareholder
transactions
(1,356,014)
3,675,284
Increase
(decrease)
in
net
assets
(4,905,982)
14,143,973
Net
Assets:
Net
assets
beginning
of
period
38,225,544
24,081,571
Net
assets
at
end
of
period
$33,319,562
$38,225,544
Capital
stock
activity
Shares
outstanding,
beginning
of
period
1,525,050
1,375,050
Shares
sold
75,000
225,000
Shares
redeemed
(125,050)
(75,000)
Shares
outstanding,
end
of
period
1,475,000
1,525,050
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
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.
Six
Months
Ended
April
30,
2025
(Unaudited)
Year
Ended
October
31,
2022
(a)
2024
2023
Per
share
data
Net
asset
value,
beginning
of
period
$25.07
$17.51
$14.88
$20.00
Income
(loss)
from
investment
operations:
Net
investment
income
0.01
0.05
0.05
0.00
(b)
Net
realized
and
unrealized
gain
(loss)
(2.24)
7.71
2.69
(5.12)
Total
from
investment
operations
(2.23)
7.76
2.74
(5.12)
Less
distributions
to
shareholders:
Net
investment
income
(0.05)
(0.05)
(0.03)
–
Net
realized
gains
(0.20)
(0.15)
(0.08)
–
Total
distribution
to
shareholders
(0.25)
(0.20)
(0.11)
–
Net
asset
value,
end
of
period
$22.59
$25.07
$17.51
$14.88
Total
Return
at
NAV
(9.02)%
44.43%
18.45%
(25.60)%
Total
Return
at
Market
Price
(9.38)%
44.90%
19.03%
(25.80)%
Ratios
to
average
net
assets:
Total
gross
expenses
(c)
0.75%
0.75%
0.75%
0.75%
Total
net
expenses
(d)
0.75%
0.74%
(c)
0.75%
(c)
0.75%
(c)
Net
investment
income
0.04%
0.20%
0.29%
0.09%
Supplemental
data
Net
assets,
end
of
period
(in
thousands)
$33,320
$38,226
$24,082
$12,278
Portfolio
turnover
58%
60%
26%
19%
(a)
The
Fund
commenced
operations
on
March
29,
2022.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
Rounds
to
zero.
(c)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund’s
reported
expense
ratios.
(d)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
April
30,
2025
(Unaudited)
Note
1.
Organization
Columbia
Select
Technology
ETF
(formerly
known
as
Columbia
Semiconductor
and
Technology
ETF)
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Effective
February
28,
2025,
Columbia
Semiconductor
and
Technology
ETF
was
renamed
Columbia
Select
Technology
ETF.
Fund
Shares
The
market
prices
of
the
Fund’s
shares
may
differ
to
some
degree
from
the
Fund’s
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
“Creation
Unit.”
A
Creation
Unit
consists
of
25,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund’s
principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund’s
shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
In
this
reporting
period,
the
Fund
adopted
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
Improvements
to
Reportable
Segment
Disclosures
(ASU
2023-07).
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
its
results
of
operations.
The
intent
of
the
ASU
2023-07
is
to
enable
investors
to
better
understand
an
entity’s
overall
performance
and
to
assess
its
potential
future
cash
flows
through
improved
segment
disclosures.
The
chief
operating
decision
maker
(CODM)
for
the
Fund
is
Columbia
Management
Investment
Advisers,
LLC
through
its
Investment
Oversight
Committee
and
Global
Executive
Group,
which
are
responsible
for
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
the
Fund
has
a
single
operating
segment
because
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund’s
long-term
strategic
asset
allocation
is
pre-determined
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Security
valuation
Equity
securities
listed
on
an
exchange
are
valued
at
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
Securities
with
a
closing
price
not
readily
available
or
not
listed
on
any
exchange
are
valued
at
the
mean
between
the
closing
bid
and
ask
prices.
Listed
preferred
stocks
convertible
into
common
stocks
are
valued
using
an
evaluated
price
from
a
pricing
service.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Foreign
equity
securities
are
valued
based
on
the
closing
price
or
last
trade
price
on
their
primary
exchange
at
the
close
of
business
of
the
New
York
Stock
Exchange.
If
any
foreign
equity
security
closing
prices
are
not
readily
available,
the
securities
are
valued
at
the
mean
of
the
latest
quoted
bid
and
ask
prices
on
such
exchanges
or
markets.
Foreign
currency
exchange
rates
are
generally
determined
at
the
close
of
London’s
exchange
at
11:00
a.m.
Eastern
(U.S.)
time.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund’s
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
generally
recorded
net
of
any
non-reclaimable
tax
withholdings,
on
the
ex-
dividend
date
or
upon
receipt
of
an
ex-dividend
notification
in
the
case
of
certain
foreign
securities.
The
Fund
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager’s
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
such
that
the
Fund
should
not
be
subject
to
federal
excise
tax.
Therefore,
no
federal
income
or
excise
tax
provision
is
recorded.
Foreign
taxes
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries,
as
applicable,
based
upon
its
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
it
invests.
Realized
gains
in
certain
countries
may
be
subject
to
foreign
taxes
at
the
Fund
level,
based
on
statutory
rates.
The
Fund
accrues
for
such
foreign
taxes
on
realized
and
unrealized
gains
at
the
appropriate
rate
for
each
jurisdiction,
as
applicable.
The
amount,
if
any,
is
disclosed
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
annually.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust’s
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund’s
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Recent
accounting
pronouncements
and
regulatory
updates
Accounting
Standards
Update
2023-09
Income
Taxes
(Topic
740)
In
December
2023,
the
FASB
issued
Accounting
Standards
Update
No.
2023-09
Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures.
The
amendments
were
issued
to
enhance
the
transparency
and
decision
usefulness
of
income
tax
disclosures
primarily
related
to
rate
reconciliation
and
income
taxes
paid
information.
The
amendments
are
effective
for
annual
periods
beginning
after
December
15,
2024,
with
early
adoption
permitted.
Management
expects
that
the
adoption
of
the
amendments
will
not
have
a
material
impact
on
its
financial
statements.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund’s
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund’s
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.75%
of
the
Fund’s
average
daily
net
assets.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund’s
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer’s
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Distribution
and
service
fees
ALPS
Distributors,
Inc.
(the
Distributor)
serves
as
the
distributor
for
the
Fund.
The
Fund
has
adopted
a
distribution
and
service
plan
(the
Distribution
Plan).
Under
the
Distribution
Plan,
the
Fund
is
authorized
to
pay
distribution
fees
to
the
Distributor
and
other
firms
that
provide
distribution
and
shareholder
services
at
the
maximum
annual
rate
of
0.25%
of
average
daily
net
assets
of
the
Fund.
No
distribution
or
service
fees
are
currently
paid
by
the
Fund
or
have
been
approved
for
payment
by
the
Board
of
Trustees.
There
are
no
current
plans
to
impose
these
fees.
Expenses
waived/reimbursed
by
the
Investment
Manager
The
Investment
Manager
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
(excluding
certain
fees
and
expenses
described
below),
through
February
28,
2026
unless
sooner
terminated
at
the
sole
discretion
of
the
Board
of
Trustees,
so
that
the
Fund’s
net
operating
expenses,
after
giving
effect
to
fees
waived/expenses
reimbursed,
and
any
balance
credits
and/or
overdraft
charges
from
the
Fund’s
custodian,
do
not
exceed
the
annual
rate
of
0.75%
as
a
percentage
of
the
Fund’s
average
daily
net
assets.
Under
the
agreement,
the
following
fees
and
expenses
are
excluded
from
the
Fund's
operating
expenses
when
calculating
the
waiver/reimbursement
commitment,
and
therefore
will
be
paid
by
the
Fund,
if
applicable:
taxes,
brokerage
commissions,
interest,
infrequent
and/or
unusual
expenses
and
any
other
expenses
the
exclusion
of
which
is
specifically
approved
by
the
Fund's
Board.
This
agreement
may
be
modified
or
amended
only
with
approval
from
all
parties.
Any
fees
waived
and/
or
expenses
reimbursed
under
the
expense
reimbursement
arrangements
described
above
are
not
recoverable
by
the
Investment
Manager
in
future
periods.
Note
4.
Federal
tax
information
The
timing
and
character
of
income
and
capital
gain
distributions
are
determined
in
accordance
with
income
tax
regulations,
which
may
differ
from
GAAP
because
of
temporary
or
permanent
book
to
tax
differences.
At
April
30,
2025,
the
approximate
cost
of
all
investments
for
federal
income
tax
purposes
and
the
aggregate
gross
approximate
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
Federal
Tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
(depreciation)
($)
30,470,228
4,338,753
(1,475,971)
2,862,782
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
The
following
capital
loss
carryforwards,
determined
at
October
31,
2024,
may
be
available
to
reduce
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Internal
Revenue
Code.
Management
of
the
Fund
has
concluded
that
there
are
no
significant
uncertain
tax
positions
in
the
Fund
that
would
require
recognition
in
the
financial
statements.
However,
management’s
conclusion
may
be
subject
to
review
and
adjustment
at
a
later
date
based
on
factors
including,
but
not
limited
to,
new
tax
laws,
regulations,
and
administrative
interpretations
(including
relevant
court
decisions).
Generally,
the
Fund’s
federal
tax
returns
for
the
prior
three
fiscal
years
remain
subject
to
examination
by
the
Internal
Revenue
Service.
Note
5.
Portfolio
information
The
cost
of
purchases
and
proceeds
from
sales
of
securities,
excluding
short-term
investments
and
in-kind
transactions,
if
any,
aggregated
to
$20,686,548
and
$20,677,817,
respectively,
for
the
six
months
ended
April
30,
2025.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
six
months
ended
April
30,
2025,
the
cost
basis
of
securities
contributed
was
$1,644,769.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
six
months
ended
April
30,
2025,
the
in-kind
redemption
cost
basis
was
$1,521,484,
the
proceeds
from
sales
were
$2,522,942
and
the
net
realized
gain
was
$1,001,458.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
24,
2024
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$900
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
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
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
six
months
ended
April
30,
2025.
Note
8.
Significant
risks
Active
management
risk
The
Fund
is
actively
managed
and
its
performance
therefore
will
reflect,
in
part,
the
ability
of
the
portfolio
managers
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
an
index
fund
(it
does
not
seek
to
track
the
performance
of
an
index).
Due
to
its
active
management,
the
Fund
could
underperform
its
No
expiration
short-term
($)
No
expiration
long-term
($)
Total
($)
201,682
-
201,682
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
benchmark
index
and/or
other
funds
with
similar
investment
objectives
and/or
strategies.
Active
trading
of
portfolio
securities
may
result
in
added
expenses,
a
lower
return
and
increased
tax
liability,
including
relative
to
other
ETFs.
Information
technology
sector
risk
The
Fund
is
vulnerable
to
the
particular
risks
that
may
affect
companies
in
the
information
technology
sector.
Companies
in
the
information
technology
sector
are
subject
to
certain
risks,
including
the
risk
that
new
services,
equipment
or
technologies
will
not
be
accepted
by
consumers
and
businesses
or
will
become
rapidly
obsolete.
Performance
of
such
companies
may
be
affected
by
factors
including
obtaining
and
protecting
patents
(or
the
failure
to
do
so)
and
significant
competitive
pressures,
including
aggressive
pricing
of
their
products
or
services,
new
market
entrants,
competition
for
market
share
and
short
product
cycles
due
to
an
accelerated
rate
of
technological
developments.
Such
competitive
pressures
may
lead
to
limited
earnings
and/or
falling
profit
margins.
As
a
result,
the
value
of
their
securities
may
fall
or
fail
to
rise.
In
addition,
many
information
technology
sector
companies
have
limited
operating
histories
and
prices
of
these
companies’
securities
historically
have
been
more
volatile
than
other
securities,
especially
over
the
short
term.
Some
companies
in
the
information
technology
sector
are
facing
increased
government
and
regulatory
scrutiny
and
may
be
subject
to
adverse
government
or
regulatory
action,
which
could
negatively
impact
the
value
of
their
securities.
Market
risk
The
Fund
may
incur
losses
due
to
declines
in
the
value
of
one
or
more
securities
in
which
it
invests.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
In
addition,
turbulence
in
financial
markets
and
reduced
liquidity
in
equity,
credit
and/or
fixed
income
markets
may
negatively
affect
many
issuers,
which
could
adversely
affect
the
Fund’s
ability
to
price
or
value
hard-to-value
assets
in
thinly
traded
and
closed
markets
and
could
cause
significant
redemptions
and
operational
challenges.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
–
or
the
potential
for
such
events
–
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions
and
could
result
in
increased
premiums
or
discounts
to
the
Fund’s
net
asset
value.
Non-diversification
risk
A
non-diversified
fund
is
permitted
to
invest
a
greater
percentage
of
its
total
assets
in
fewer
issuers
than
a
diversified
fund.
This
increases
the
risk
that
a
change
in
the
value
of
any
one
investment
held
by
the
Fund
could
affect
the
overall
value
of
the
Fund
more
than
it
would
affect
that
of
a
diversified
fund
holding
a
greater
number
of
investments.
Accordingly,
the
Fund
value
will
likely
be
more
volatile
than
the
value
of
a
more
diversified
fund.
Semiconductor
and
semiconductor
equipment
industry
risk
The
Fund
will
concentrate
(have
at
least
25%
of
its
assets)
in
companies
in
the
semiconductor
and
semiconductor
equipment
industry
as
categorized
by
GICS®.
Companies
in
the
same
or
related
industries
may
be
similarly
affected
by
economic,
regulatory,
political
or
market
events
or
conditions,
which
may
make
the
Fund
more
vulnerable
to
unfavorable
developments
than
funds
that
invest
more
broadly.
Generally,
the
more
broadly
a
fund
invests,
the
more
it
spreads
risk
and
potentially
reduces
the
risks
of
loss
and
volatility.
The
Fund
is
sensitive
to,
and
its
performance
may
depend
to
a
greater
extent
on,
the
overall
condition
of
the
semiconductor
and
semiconductor
equipment
industry.
The
risks
of
investments
in
the
industry
include:
intense
competition,
both
domestically
and
internationally,
including
competition
from
subsidized
foreign
competitors
with
lower
production
costs;
wide
fluctuations
in
securities
prices
due
to
risks
of
rapid
obsolescence
of
products
and
related
technology;
economic
performance
of
the
customers
of
semiconductor
and
related
companies;
their
research
costs
and
the
risks
that
their
products
may
not
prove
commercially
successful;
and
thin
capitalization
and
limited
product
lines,
markets,
financial
resources
or
quality
management
and
personnel.
These
companies
rely
on
a
combination
of
patents,
trade
secret
laws
and
contractual
provisions
to
protect
their
technologies.
The
industry
is
characterized
by
frequent
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
April
30,
2025
(Unaudited)
litigation
regarding
patent
and
other
intellectual
property
rights,
which
may
require
such
companies
to
defend
against
competitors’
assertions
of
intellectual
property
infringement
or
misappropriation.
The
international
operations
of
many
companies
expose
them
to
the
risks
associated
with
instability
and
changes
in
economic
and
political
conditions,
foreign
currency
fluctuations,
changes
in
foreign
regulations,
tariffs,
and
trade
disputes.
Business
conditions
in
this
industry
can
change
rapidly
from
periods
of
strong
demand
to
periods
of
weak
demand.
Any
future
downturn
in
the
industry
could
harm
the
business
and
operating
results
of
these
companies.
The
stock
prices
of
companies
in
the
industry
have
been
and
will
likely
continue
to
be
volatile
relative
to
the
overall
market.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued.
Other
than
as
noted
below,
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
Following
the
period
end,
authorized
participants
of
the
Fund
redeemed
$14,927,398,
which
represented
approximately
44.8%
of
the
Fund’s
net
assets
as
of
April
30,
2025.
Note
10.
Information
regarding
pending
and
settled
legal
proceedings
Ameriprise
Financial
and
certain
of
its
affiliates
are
involved,
in
the
normal
course
of
business,
in
legal
proceedings
that
include
regulatory
inquiries,
arbitration
and
litigation
(including
class
actions)
concerning
matters
arising
in
connection
with
the
conduct
of
their
activities
as
part
of
a
diversified
financial
services
firm.
Ameriprise
Financial
believes
that
the
Fund
is
not
currently
the
subject
of,
and
that
neither
Ameriprise
Financial
nor
any
of
its
affiliates
are
the
subject
of,
any
pending
legal,
arbitration
or
regulatory
proceedings
that
are
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund.
Ameriprise
Financial
is
required
to
make
quarterly
(10-Q),
annual
(10-K)
and,
as
necessary,
8-K
filings
with
the
Securities
and
Exchange
Commission
(SEC)
on
legal
and
regulatory
matters
that
relate
to
Ameriprise
Financial
and
its
affiliates.
Copies
of
these
filings
may
be
obtained
by
accessing
the
SEC
website
at
www.sec.gov.
There
can
be
no
assurance
that
these
matters,
or
the
adverse
publicity
associated
with
them,
will
not
result
in
increased
Fund
redemptions,
reduced
sale
of
Fund
shares
or
other
adverse
consequences
to
the
Fund.
Further,
although
we
believe
proceedings
are
not
likely
to
have
a
material
adverse
effect
on
the
Fund
or
the
ability
of
Ameriprise
Financial
or
its
affiliates
to
perform
under
their
contracts
with
the
Fund,
these
proceedings
are
subject
to
uncertainties
and,
as
such,
it
is
inherently
difficult
to
determine
whether
any
loss
is
probable
or
even
reasonably
possible,
or
to
reasonably
estimate
the
amount
of
any
loss
that
may
result
from
such
matters.
An
adverse
outcome
in
one
or
more
of
these
proceedings
could
result
in
adverse
judgments,
settlements,
fines,
penalties
or
other
relief,
and
may
lead
to
further
claims,
examinations,
adverse
publicity
or
reputational
damage,
each
of
which
could
have
a
material
adverse
effect
on
the
consolidated
financial
condition
or
results
of
operations
or
financial
condition
of
Ameriprise
Financial
or
one
or
more
of
its
affiliates
that
provide
services
to
the
Fund.
RESULTS
OF
MEETING
OF
SHAREHOLDERS
(Unaudited)
During
the
period,
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
solicited
approval
of
a
proposal
to
change
Columbia
Select
Technology
ETF’s
fundamental
policy
regarding
industry
concentration
(the
Proposal).
At
a
Joint
Special
Meeting
of
Shareholders
held
on
January
30,
2025,
Columbia
Select
Technology
ETF’s
shareholders
approved
the
Proposal.
Votes
For
Votes
Against
Abstentions
Broker
Non-Votes
18,793,349.991
148,143.673
8,743.810
0
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
Investors
should
consider
the
investment
objectives,
risks,
charges
and
expenses
of
an
exchange-traded
fund
(ETF)
carefully
before
investing.
For
a
free
prospectus
and
summary
prospectus,
which
contains
this
and
other
important
information
about
the
ETFs,
visit
columbiathreadneedleus.com/etfs.
Read
the
prospectus
and
summary
prospectus
carefully
before
investing.
Columbia
Management
Investment
Advisers,
LLC
serves
as
the
investment
manager
to
the
ETFs.
The
ETFs
are
distributed
by
ALPS
Distributors,
Inc.
,
which
is
not
affiliated
with
Columbia
Management
Investment
Advisers,
LLC,
or
its
parent
company,
Ameriprise
Financial,
Inc.
©
2025
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Proxy Disclosures for Open-End Management Investment Companies is included in Item 7 of this Form N- CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Columbia Management Investment Advisers, LLC, the funds’ investment advisor, is responsible for bearing expenses associated with Independent Trustees’ compensation pursuant to the management fee arrangement with each Fund. Refer to the Registrant’s financial statements included on Item 7 of this Form N-CSR for further detail.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K or Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a)The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b)There was no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
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 |
June 18, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) |
/s/ Daniel J. Beckman |
|
Daniel J. Beckman, President and Principal Executive Officer |
Date |
June 18, 2025 |
By (Signature and Title) |
/s/ Michael G. Clarke |
|
Michael G. Clarke, Chief Financial Officer, |
|
Principal Financial Officer and Senior Vice President |
Date |
June 18, 2025 |
By (Signature and Title) |
/s/ Marybeth Pilat |
|
Marybeth Pilat, Treasurer, Chief Accounting |
|
Officer and Principal Financial Officer |
Date |
June 18, 2025 |