Columbia ETF Trust I
03/06/2026 | Press release | Distributed by Public on 03/06/2026 12:03
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22736
Columbia ETF Trust I
(Exact name of registrant as specified in charter)
290 Congress Street
Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Michael G. Clarke
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
Ryan C. Larrenaga, Esq.
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: (800) 345-6611
Date of fiscal year end: Last Day of December
Date of reporting period: December 31, 2025
Form N-CSRis 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-1under the Investment Company Act of 1940 (17 CFR 270.30e-1).The Commission may use the information provided on Form N-CSRin 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-CSRunless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
| Item 1. |
Reports to Stockholders. |
Columbia Research Enhanced Real Estate ETF
CRED | NYSE Arca, Inc.
Annual Shareholder Report | December 31, 2025
This annual shareholder report contains important information about Columbia Research Enhanced Real Estate ETF (the Fund) for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at columbiathreadneedleus.com/resources/literature. You can also request this information by contacting us at 1-800-426-3750.
What were the Fund costs for the reporting period?
(Based on a hypothetical $10,000 investment)
|
Fund
|
Cost of a $10,000 investment
|
Cost paid as a percentage of a $10,000 investment
|
|
Columbia Research Enhanced Real Estate ETF
|
$33
|
0.33%
|
Management's Discussion of Fund Performance
The performance of the Fund for the period presented is shown in the Average Annual Total Returns table.
Top Performance Contributors
Stock selection| Selections in the telecommunications REITs sub-sectors boosted the Fund's performance most during the annual period.
Allocations| Smaller allocations to the office and gaming REITs sub-sectors buoyed Fund performance during the annual period.
Individual holdings| Positions in Uniti Group, a developer of telecommunications properties; Equinix, a digital infrastructure company; and Hudson Pacific Properties, which develops, and operates sustainable office and state-of-the-art studio properties, were among the top contributors to Fund performance.
Top Performance Detractors
Stock selection |Selections in the office, specialty and gaming sub-sectors hurt the Fund's performance during the annual period.
Allocations|Smaller weightings in telecommunications REITs, regional malls and specialty sub-sectors detracted from Fund performance.
Individual holdings| Fund positions in Simon Property Group, which owns, develops, and manages shopping, dining, entertainment, and mixed-used destinations; Digital Realty Trust, a data center operator; and Crown Castle, owner and operator of communications infrastructure, were top detractors from Fund performance during the period.
Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/26) | 1
Fund Performance
The following shows the change in value of a hypothetical $10,000 investment in shares of Columbia Research Enhanced Real Estate ETF during the stated time period.
Growth of $10,000
|
Columbia Research Enhanced Real Estate ETF-Net Asset Value (11,527)
|
Beta Advantage® Research Enhanced REIT Index (11,641)
|
FTSE Nareit All Equity REITs Index (11,996)
|
Russell 3000® Index (17,256)
|
|
|
04/26/23
|
10,000
|
10,000
|
10,000
|
10,000
|
|
12/23
|
11,210
|
11,247
|
11,180
|
11,898
|
|
12/24
|
11,816
|
11,893
|
11,730
|
14,731
|
|
12/25
|
11,527
|
11,641
|
11,996
|
17,256
|
|
Average Annual Total Return (%)
|
1 year
|
Since Fund Inception
|
|
Columbia Research Enhanced Real Estate ETF-Net Asset Value
|
-2.45
|
5.43
|
|
Beta Advantage®Research Enhanced REIT IndexFootnote Reference(a)
|
-2.12
|
5.82
|
|
FTSE Nareit All Equity REITs Index
|
2.27
|
7.01
|
|
Russell 3000®Index
|
17.15
|
22.51
|
| Footnote | Description |
|
Footnote(a)
|
Effective March 31, 2025, the name of the Fund's tracked index, Beta Advantage®Lionstone Research Enhanced REIT Index (the Index's Former Name), changed to Beta Advantage®Research Enhanced REIT Index (the Index's New Name). |
The Fund's past performance is not a good predictor of the Fund's future performance. Performance does not reflect the deduction of taxes that a shareholder may pay on fund distributions or on the redemptions of fund shares. Performance results reflect the effect of any fee waivers/expense reimbursements, if applicable. All results shown assume reinvestment of distributions. Visit columbiathreadneedleus.com/investment-products/exchange-traded-funds/for the most recent performance information.
Key Fund Statistics
|
Fund net assets
|
$3,003,540
|
|
Total number of portfolio holdings
|
69
|
|
Investment management fees (represents 0.33% of Fund average net assets)
|
$10,556
|
|
Portfolio turnover for the reporting period
|
30%
|
Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/26) | 2
Graphical Representation of Fund Holdings
The tables below show the investment makeup of the Fund represented as a percentage of the Fund net assets. Derivatives are excluded from the tables unless otherwise noted. The Fund's portfolio composition is subject to change.
Asset Allocation
|
Value
|
Value
|
|
Money Market Funds
|
0.7%
|
|
Common Stocks
|
99.2%
|
Top Holdings
|
Simon Property Group, Inc.
|
8.7%
|
|
American Tower Corp.
|
8.7%
|
|
Equinix, Inc.
|
7.9%
|
|
Public Storage
|
6.7%
|
|
Crown Castle, Inc.
|
6.5%
|
|
Digital Realty Trust, Inc.
|
5.4%
|
|
VICI Properties, Inc.
|
4.2%
|
|
Ventas, Inc.
|
3.5%
|
|
AvalonBay Communities, Inc.
|
2.8%
|
|
Iron Mountain, Inc.
|
2.4%
|
Sub-Industry Allocation
|
Value
|
Value
|
|
Industrial REITs
|
2.3%
|
|
Diversified REITs
|
3.9%
|
|
Office REITs
|
3.9%
|
|
Hotel & Resort REITs
|
4.7%
|
|
Health Care REITs
|
9.6%
|
|
Residential REITs
|
12.1%
|
|
Retail REITs
|
12.5%
|
|
Specialized REITs
|
50.1%
|
Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/26) | 3
Availability of Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, federal tax information and proxy voting information, visit the Fund's website included at the beginning of this report or scan the QR code below.
Columbia Management Investment Advisers, LLC serves as the investment manager to the ETFs. ALPS Distributors, Inc.(Member FINRA) is the distributor for Columbia Threadneedle Investments ETFs. Columbia Management Investment Distributors, Inc., LLC (Member FINRA) is a marketing agent for the ETFs. ALPS Distributors, Inc. is not affiliated with Columbia Threadneedle Investments.
Columbia Threadneedle Investments® (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies.
© 2026 Columbia Threadneedle. All rights reserved.
Not FDIC or NCUA Insured • No Financial Institution Guarantee • May Lose Value
CET002669
Columbia Research Enhanced Real Estate ETF | ASR322_00_(02/26) | 4
Item 2. Code of Ethics.
The registrant has adopted a code of ethics (the "Code") that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code that relates to any element of the code of ethics definition enumerated in paragraph (b) of Item 2 of Form N-CSR. Duringthe period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (b) of Item 2 of Form N-CSR. Acopy of the Code is attached hereto.
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that J. Kevin Connaughton, Brian J. Gallagher, Douglas A. Hacker, David M. Moffett and Sandra L. Yeager qualify as "audit committee financial experts," as such term is defined in Form N-CSR.Mr. Connaughton, Mr. Gallagher, Mr. Hacker, Mr. Moffett and Ms. Yeager, are also each "independent" members of the Audit Committee pursuant to paragraph (a)(2) of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for the series of the relevant registrant whose reports to shareholders are included in this annual filing.
| Amount billed to the registrant ($) |
Amount billed to the registrant's investment advisor ($) |
|||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
|
Audit fees (a) |
16,773 | 16,284 | 0 | 0 | ||||||||||||
|
Audit-related fees (b) |
0 | 0 | 0 | 0 | ||||||||||||
|
Tax fees (c) |
7,385 | 7,035 | 0 | 0 | ||||||||||||
|
All other fees (d) |
0 | 0 | 0 | 0 | ||||||||||||
|
Non-auditfees (g) |
0 | 0 | 0 | 0 | ||||||||||||
(a) Audit Fees include amounts related to the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Audit-Related Fees include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported in Audit Fees above.
(c) Tax Fees include amounts for the review of annual tax returns, the review of required shareholder distribution calculations and typically include amounts for professional services by the principal accountant for tax compliance, tax advice, tax planning and foreign tax filings, if applicable.
(d) All Other Fees include amounts for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) above and typically include SOC-1reviews.
(e)(1) Audit Committee Pre-ApprovalPolicies and Procedures
The registrant's Audit Committee is required to pre-approvethe engagement of the registrant's independent auditors to provide audit and non-auditservices to the registrant and non-auditservices to its investment adviser (excluding any sub-adviserwhose role is primarily portfolio management and is sub-contractedor overseen by another investment adviser (the "Adviser") or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (a "Control Affiliate") if the engagement relates directly to the operations and financial reporting of the registrant.
The Audit Committee has adopted a Policy for Engagement of Independent Auditors for Audit and Non-AuditServices (the "Policy"). The Policy sets forth the understanding of the Audit Committee regarding the engagement of the registrant's independent accountants to provide (i) audit and permissible audit-related, tax and other services to the registrant ("Fund Services"); (ii) non-auditservices to the registrant's Adviser and any Control Affiliates, that relates directly to the operations and financial reporting of a Fund ("Fund-related Adviser Services"); and (iii) certain other audit and non-auditservices to the registrant's Adviser and its Control Affiliates. A service will require specific pre-approvalby the Audit Committee if it is to be provided by the Fund's independent auditor; provided, however, that pre-approvalof non-auditservices to the Fund, the Adviser or Control Affiliates may be waived if certain de minimis requirements set forth in the SEC's rules are met.
Under the Policy, the Audit Committee may delegate pre-approvalauthority to any pre-designatedmember or members who are independent board members. The member(s) to whom such authority is delegated must report, for informational purposes only, any pre-approvaldecisions to the Audit Committee at its next regular meeting. The Audit Committee's responsibilities with respect to the pre-approvalof services performed by the independent auditor may not be delegated to management.
On an annual basis, at a regularly scheduled Audit Committee meeting, the Fund's Treasurer or other Fund officer shall submit to the Audit Committee a schedule of the types of Fund Services and Fund-related Adviser Services that are subject to specific pre-approval.This schedule will provide a description of each type of service that is subject to specific pre-approval,along with total projected fees for each service. The pre-approvalwill generally cover a one-yearperiod. The Audit Committee will review and approve the types of services and the projected fees for the next one-yearperiod and may add to, or subtract from, the list of pre-approvedservices from time to time, based on subsequent determinations. This specific approval acknowledges that the Audit Committee is in agreement with the specific types of services that the independent auditor will be permitted to perform and the projected fees for each service.
The Fund's Treasurer or other Fund officer shall report to the Audit Committee at each of its regular meetings regarding all Fund Services or Fund-related Adviser Services provided since the last such report was rendered, including a description of the services, by category, with forecasted fees for the annual reporting period, proposed changes requiring specific pre-approvaland a description of services provided by the independent auditor, by category, with actual fees during the current reporting period.
(e)(2) None, or 0%, of the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund or affiliated entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01of Regulation S-X(which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).
(f) Not applicable.
(g) The aggregate non-auditfees billed by the registrant's accountant for services rendered to the registrant and rendered to the registrant's investment adviser (not including any sub-adviserwhose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.
(h) The registrant's Audit Committee of the Board of Directors has considered whether the provision of non-auditservices that were rendered to the registrant's adviser (not including any sub-adviserwhose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-X,is compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in Section 10A-3of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of such Act. The members of such committee are J. Kevin Connaughton, Brian J. Gallagher,Douglas A. Hacker, David M. Moffett and Sandra L. Yeager.
Item 6. Investments.
(a) The registrant's "Schedule I - Investments in securities of unaffiliated issuers" (as set forth in 17 CFR 210.12-12)is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.
Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
Columbia
Research
Enhanced
Real
Estate
ETF
Annual
Financial
Statements
and
Additional
Information
December
31,
2025
Indexed
ETF
|
2025
TABLE
OF
CONTENTS
Portfolio
of
Investments
3
Statement
of
Assets
and
Liabilities
6
Statement
of
Operations
7
Statement
of
Changes
in
Net
Assets
8
Financial
Highlights
9
Notes
to
Financial
Statements
10
Report
of
Independent
Registered
Public
Accounting
Firm
16
Federal
Income
Tax
Information
17
PORTFOLIO
OF
INVESTMENTS
December
31,
2025
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
3
Notes
to
Portfolio
of
Investments
Common
Stocks
99.2%
Issuer
Shares
Value
($)
Communication
Services 0.1%
Diversified
Telecommunication
Services
0.1%
Uniti
Group,
Inc.
(a)
471
3,302
Total
Communication
Services
3,302
Real
Estate 99.1%
Diversified
REITs
3.9%
Alexander
&
Baldwin,
Inc.
315
6,501
Broadstone
Net
Lease,
Inc.
992
17,231
Essential
Properties
Realty
Trust,
Inc.
604
17,915
Gladstone
Commercial
Corp.
246
2,625
Global
Net
Lease,
Inc.
1,222
10,509
WP
Carey,
Inc.
960
61,786
Total
116,567
Health
Care
REITs
9.6%
CareTrust
REIT,
Inc.
712
25,746
Global
Medical
REIT,
Inc.
72
2,429
Healthpeak
Properties,
Inc.
3,708
59,625
Omega
Healthcare
Investors,
Inc.
1,428
63,317
Sabra
Health
Care
REIT,
Inc.
1,205
22,823
Sila
Realty
Trust,
Inc.
284
6,620
Ventas,
Inc.
1,372
106,165
Total
286,725
Hotel
&
Resort
REITs
4.7%
Apple
Hospitality
REIT,
Inc.
1,354
16,045
Chatham
Lodging
Trust
171
1,165
DiamondRock
Hospitality
Co.
701
6,281
Host
Hotels
&
Resorts,
Inc.
3,164
56,098
Park
Hotels
&
Resorts,
Inc.
1,134
11,862
Pebblebrook
Hotel
Trust
422
4,777
RLJ
Lodging
Trust
866
6,452
Ryman
Hospitality
Properties,
Inc.
255
24,128
Summit
Hotel
Properties,
Inc.
527
2,566
Sunstone
Hotel
Investors,
Inc.
683
6,106
Xenia
Hotels
&
Resorts,
Inc.
332
4,694
Total
140,174
Industrial
REITs
2.3%
First
Industrial
Realty
Trust,
Inc.
436
24,970
LXP
Industrial
Trust
Class
REIT
312
15,469
STAG
Industrial,
Inc.
812
29,849
Total
70,288
Office
REITs
3.9%
Brandywine
Realty
Trust
925
2,701
COPT
Defense
Properties
480
13,344
Cousins
Properties,
Inc.
707
18,226
Douglas
Emmett,
Inc.
771
8,473
Easterly
Government
Properties,
Inc.
238
5,043
Empire
State
Realty
Trust,
Inc.
Class
A
554
3,612
Highwoods
Properties,
Inc.
579
14,950
Kilroy
Realty
Corp.
608
22,721
Orion
Properties,
Inc.
298
674
Common
Stocks
(continued)
Issuer
Shares
Value
($)
Piedmont
Realty
Trust,
Inc.
Class
A
656
5,471
Vornado
Realty
Trust
633
21,066
Total
116,281
Residential
REITs
12.1%
American
Homes
4
Rent
Class
A
1,183
37,974
AvalonBay
Communities,
Inc.
467
84,672
Camden
Property
Trust
343
37,758
Equity
LifeStyle
Properties,
Inc.
610
36,972
Essex
Property
Trust,
Inc.
205
53,644
Invitation
Homes,
Inc.
1,970
54,746
UDR,
Inc.
1,422
52,159
Veris
Residential,
Inc.
300
4,464
Total
362,389
Retail
REITs
12.5%
Brixmor
Property
Group,
Inc.
1,333
34,951
InvenTrust
Properties
Corp.
247
6,968
NNN
REIT,
Inc.
804
31,863
Phillips
Edison
&
Co.,
Inc.
407
14,477
Simon
Property
Group,
Inc.
1,419
262,671
SITE
Centers
Corp.
286
1,836
Tanger
,
Inc.
373
12,447
Urban
Edge
Properties
569
10,919
Total
376,132
Specialized
REITs
50.1%
American
Tower
Corp.
1,484
260,546
Crown
Castle,
Inc.
2,190
194,625
Digital
Realty
Trust,
Inc.
1,052
162,755
EPR
Properties
411
20,509
Equinix
,
Inc.
310
237,510
Gaming
and
Leisure
Properties,
Inc.
1,456
65,069
Iron
Mountain,
Inc.
884
73,328
Lamar
Advertising
Co.
Class
A
479
60,632
Outfront
Media,
Inc.
932
22,461
Public
Storage
777
201,631
Rayonier,
Inc.
617
13,358
SBA
Communications
Corp.
347
67,120
VICI
Properties,
Inc.
4,502
126,596
Total
1,506,140
Total
Real
Estate
2,974,696
Total
Common
Stocks
(Cost
$2,928,008)
2,977,998
Money
Market
Funds
0.7%
Issuer
Shares
Value
($)
Goldman
Sachs
Financial
Square
Treasury
Instruments
Fund,
Institutional
Shares
3.630%
(b)
21,875
21,875
Total
Money
Market
Funds
(Cost
$21,875)
21,875
Total
Investments
in
Securities
(Cost
$2,949,883)
2,999,873
Other
Assets
&
Liabilities,
Net
3,667
Net
Assets
3,003,540
(a)
Non-income
producing
investment.
(b)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
December
31,
2025.
PORTFOLIO
OF
INVESTMENTS
(continued)
December
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
4
Indexed
ETF
|
2025
Abbreviation
Legend
REIT
Real
Estate
Investment
Trust
Fair
Value
Measurements
The
Fund
categorizes
its
fair
value
measurements
according
to
a
three-level
hierarchy
that
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
prioritizing
that
the
most
observable
input
be
used
when
available.
Observable
inputs
are
those
that
market
participants
would
use
in
pricing
an
investment
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
are
those
that
reflect
the
Fund's
assumptions
about
the
information
market
participants
would
use
in
pricing
an
investment.
An
investment's
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
deemed
significant
to
the
asset's
or
liability's
fair
value
measurement.
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
investments
at
that
level.
For
example,
certain
U.S.
government
securities
are
generally
high
quality
and
liquid,
however,
they
are
reflected
as
Level
2
because
the
inputs
used
to
determine
fair
value
may
not
always
be
quoted
prices
in
an
active
market.
Fair
value
inputs
are
summarized
in
the
three
broad
levels
listed
below:
Level
1
-
Valuations
based
on
quoted
prices
for
investments
in
active
markets
that
the
Fund
has
the
ability
to
access
at
the
measurement
date.
Valuation
adjustments
are
not
applied
to
Level
1
investments.
Level
2
-
Valuations
based
on
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risks,
etc.).
Level
3
-
Valuations
based
on
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
and
judgment
in
determining
the
fair
value
of
investments).
Inputs
that
are
used
in
determining
fair
value
of
an
investment
may
include
price
information,
credit
data,
volatility
statistics,
and
other
factors.
These
inputs
can
be
either
observable
or
unobservable.
The
availability
of
observable
inputs
can
vary
between
investments,
and
is
affected
by
various
factors
such
as
the
type
of
investment,
and
the
volume
and
level
of
activity
for
that
investment
or
similar
investments
in
the
marketplace.
The
inputs
will
be
considered
by
the
Investment
Manager,
along
with
any
other
relevant
factors
in
the
calculation
of
an
investment's
fair
value.
The
Fund
uses
prices
and
inputs
that
are
current
as
of
the
measurement
date,
which
may
include
periods
of
market
dislocations.
During
these
periods,
the
availability
of
prices
and
inputs
may
be
reduced
for
many
investments.
This
condition
could
cause
an
investment
to
be
reclassified
between
the
various
levels
within
the
hierarchy.
Investments
falling
into
the
Level
3
category,
if
any,
are
primarily
supported
by
quoted
prices
from
brokers
and
dealers
participating
in
the
market
for
those
investments.
However,
these
may
be
classified
as
Level
3
investments
due
to
lack
of
market
transparency
and
corroboration
to
support
these
quoted
prices.
Additionally,
valuation
models
may
be
used
as
the
pricing
source
for
any
remaining
investments
classified
as
Level
3.
These
models
may
rely
on
one
or
more
significant
unobservable
inputs
and/or
significant
assumptions
by
the
Investment
Manager.
Inputs
used
in
valuations
may
include,
but
are
not
limited
to,
financial
statement
analysis,
capital
account
balances,
discount
rates
and
estimated
cash
flows,
and
comparable
company
data.
The
Fund's
Board
of
Trustees
(the
Board)
has
designated
the
Investment
Manager,
through
its
Valuation
Committee
(the
Committee),
as
valuation
designee,
responsible
for
determining
the
fair
value
of
the
assets
of
the
Fund
for
which
market
quotations
are
not
readily
available
using
valuation
procedures
approved
by
the
Board.
The
Committee
consists
of
voting
and
non-voting
members
from
various
groups
within
the
Investment
Manager's
organization,
including
operations
and
accounting,
trading
and
investments,
compliance,
risk
management
and
legal.
The
Committee
meets
at
least
monthly
to
review
and
approve
valuation
matters,
which
may
include
a
description
of
specific
valuation
determinations,
data
regarding
pricing
information
received
from
approved
pricing
vendors
and
brokers
and
the
results
of
Board-approved
valuation
policies
and
procedures
(the
Policies).
The
Policies
address,
among
other
things,
instances
when
market
quotations
are
or
are
not
readily
available,
including
recommendations
of
third
party
pricing
vendors
and
a
determination
of
appropriate
pricing
methodologies;
events
that
require
specific
valuation
determinations
and
assessment
of
fair
value
techniques;
securities
with
a
potential
for
stale
pricing,
including
those
that
are
illiquid,
restricted,
or
in
default;
and
the
effectiveness
of
third-party
pricing
vendors,
including
periodic
reviews
of
vendors.
The
Committee
meets
more
frequently,
as
needed,
to
discuss
additional
valuation
matters,
which
may
include
the
need
to
review
back-testing
results,
review
time-sensitive
information
or
approve
related
valuation
actions.
Representatives
of
Columbia
Management
Investment
Advisers,
LLC
report
to
the
Board
at
each
of
its
regularly
scheduled
meetings
to
discuss
valuation
matters
and
actions
during
the
period,
similar
to
those
described
earlier.
The
following
table
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
at
December
31,
2025:
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Investments
in
Securities
Common
Stocks
Communication
Services
3,302
-
-
3,302
PORTFOLIO
OF
INVESTMENTS
(continued)
December
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
5
Fair
Value
Measurements
(continued)
Level
1
($)
Level
2
($)
Level
3
($)
Total
($)
Common
Stocks
(continued)
Real
Estate
2,974,696
-
-
2,974,696
Total
Common
Stocks
2,977,998
-
-
2,977,998
Money
Market
Funds
21,875
-
-
21,875
Total
Investments
in
Securities
2,999,873
-
-
2,999,873
See
the
Portfolio
of
Investments
for
all
investment
classifications
not
indicated
in
the
table.
STATEMENT
OF
ASSETS
AND
LIABILITIES
December
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
6
Indexed
ETF
|
2025
Assets
Investments
in
securities,
at
value
Unaffiliated
issuers
(cost
$2,949,883)
$2,999,873
Receivable
for:
Dividends
14,817
Total
assets
3,014,690
Liabilities
Payable
for:
Investments
purchased
10,294
Investment
management
fees
856
Total
liabilities
11,150
Net
assets
applicable
to
outstanding
capital
stock
$3,003,540
Represented
by:
Paid-in
capital
$2,960,455
Total
distributable
earnings
(loss)
43,085
Total
-
representing
net
assets
applicable
to
outstanding
capital
stock
$3,003,540
Shares
outstanding
150,000
Net
asset
value
per
share
$20.02
STATEMENT
OF
OPERATIONS
Year
Ended
December
31,
2025
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
7
Investment
Income:
Dividends
-
unaffiliated
issuers
$115,417
Total
income
115,417
Expenses:
Investment
management
fees
10,556
Total
expenses
10,556
Net
Investment
Income
104,861
Realized
and
unrealized
gain
(loss)
-
net
Net
realized
gain
(loss)
on:
Investments
-
unaffiliated
issuers
58,342
Net
realized
gain
58,342
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
issuers
(240,345)
Net
change
in
unrealized
depreciation
(240,345)
Net
realized
and
unrealized
loss
(182,003)
Net
Decrease
in
net
assets
resulting
from
operations
$(77,142)
STATEMENT
OF
CHANGES
IN
NET
ASSETS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
8
Indexed
ETF
|
2025
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Operations
Net
investment
income
$104,861
$97,421
Net
realized
gain
58,342
50,342
Net
change
in
unrealized
appreciation
(depreciation)
(240,345)
23,341
Net
increase
(decrease)
in
net
assets
resulting
from
operations
(77,142)
171,104
Distributions
to
shareholders
Net
investment
income
and
net
realized
gains
(165,248)
(156,315)
Shareholder
transactions
Cost
of
shares
redeemed
(1,077)
-
Net
decrease
in
net
assets
resulting
from
shareholder
transactions
(1,077)
-
Increase
(decrease)
in
net
assets
(243,467)
14,789
Net
Assets:
Net
assets
beginning
of
year
3,247,007
3,232,218
Net
assets
at
end
of
year
$3,003,540
$3,247,007
Capital
stock
activity
Shares
outstanding,
beginning
of
year
150,050
150,050
Shares
redeemed
(50)
-
Shares
outstanding,
end
of
year
150,000
150,050
FINANCIAL
HIGHLIGHTS
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
Indexed
ETF
|
2025
9
The
following
table
is
intended
to
help
you
understand
the
Fund's
financial
performance.
Per
share
net
investment
income
(loss)
amounts
are
calculated
based
on
average
shares
outstanding
during
the
period.
Total
return
assumes
reinvestment
of
all
dividends
and
distributions,
if
any.
Total
Return
at
NAV
is
calculated
assuming
an
initial
investment
made
at
the
net
asset
value
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
net
asset
value
during
the
period
and
redemption
on
the
last
day
of
the
period.
Total
Return
at
Market
Price
is
calculated
assuming
an
initial
investment
made
at
the
market
price
at
the
beginning
of
the
period,
reinvestment
of
all
dividends
and
distributions
at
market
price
during
the
period
and
redemption
on
the
last
day
of
the
period.
The
total
return
would
have
been
lower
if
certain
expenses
had
not
been
reimbursed/waived
by
the
Investment
Manager.
Market
Price
returns
are
based
on
closing
prices
reported
by
the
Fund's
primary
listing
exchange
(typically
4
pm
ET
close).
These
returns
do
not
represent
the
returns
an
investor
would
receive
if
shares
were
traded
at
other
times.
Total
return
and
portfolio
turnover
are
not
annualized
for
periods
of
less
than
one
year.
The
ratio
of
expenses
and
net
investment
income
are
annualized
for
periods
of
less
than
one
year.
The
portfolio
turnover
rate
is
calculated
without
regard
to
purchase
and
sales
transactions
of
short-term
instruments,
certain
derivatives
and
in-kind
transactions,
if
any.
If
such
transactions
were
included,
the
Fund's
portfolio
turnover
rate
may
be
higher.
Year
Ended
December
31,
2023
(a)
2025
2024
Per
share
data
Net
asset
value,
beginning
of
year
$21.64
$21.54
$19.79
Income
(loss)
from
investment
operations:
Net
investment
income
0.70
0.65
0.50
Net
realized
and
unrealized
gain
(loss)
(1.22)
0.49
1.84
Total
from
investment
operations
(0.52)
1.14
2.34
Less
distributions
to
shareholders:
Net
investment
income
(0.7
0
)
(0.69)
(0.51)
Net
realized
gains
(0.
40
)
(0.35)
(0.08)
Total
distribution
to
shareholders
(1.10)
(1.04)
(0.59)
Net
asset
value,
end
of
year
$20.02
$21.64
$21.54
Total
Return
at
NAV
(2.45)%
5.40%
12.10%
Total
Return
at
Market
Price
(2.26)%
5.36%
12.67%
Ratios
to
average
net
assets:
Total
gross
expenses
(b)
0.33%
0.33%
0.33%
Total
net
expenses
(b)(c)
0.33%
0.33%
0.33%
Net
investment
income
3.28%
2.99%
3.66%
Supplemental
data
Net
assets,
end
of
year
(in
thousands)
$3,004
$3,247
$3,232
Portfolio
turnover
30%
33%
2%
(a)
The
Fund
commenced
operations
on
April
26,
2023.
Per
share
data
and
total
return
reflect
activity
from
that
date.
(b)
In
addition
to
the
fees
and
expenses
that
the
Fund
bears
directly,
the
Fund
indirectly
bears
a
pro
rata
share
of
the
fees
and
expenses
of
any
other
funds
in
which
it
invests.
Such
indirect
expenses
are
not
included
in
the
Fund's
reported
expense
ratios.
(c)
Total
net
expenses
include
the
impact
of
certain
fee
waivers/expense
reimbursements
made
by
the
Investment
Manager
and
certain
of
its
affiliates,
if
applicable.
NOTES
TO
FINANCIAL
STATEMENTS
December
31,
2025
10
Indexed
ETF
|
2025
Note
1.
Organization
Columbia
Research
Enhanced
Real
Estate
ETF
(the
Fund),
a
series
of
Columbia
ETF
Trust
I
(the
Trust),
is
a
non-
diversified
fund.
The
Trust
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
1940
Act),
as
an
open-end
management
investment
company
organized
as
a
Massachusetts
business
trust.
The
Trust
may
issue
an
unlimited
number
of
shares
(without
par
value).
Fund
Shares
The
market
prices
of
the
Fund's
shares
may
differ
to
some
degree
from
the
Fund's
net
asset
value
(NAV).
Unlike
conventional
mutual
funds,
the
Fund
issues
and
redeems
shares
on
a
continuous
basis,
at
NAV,
only
in
a
large
specified
number
of
shares,
each
called
a
"Creation
Unit."
A
Creation
Unit
consists
of
50,000
shares.
Creation
Units
are
issued
and
redeemed
generally
in-kind
for
a
basket
of
securities
and/or
for
cash.
Investors
such
as
market
makers,
large
investors
and
institutions
who
wish
to
deal
in
Creation
Units
directly
with
the
Fund
must
have
entered
into
an
authorized
participant
agreement
(Authorized
Participants)
with
the
Fund's principal
underwriter
and
the
transfer
agent,
or
purchase
through
a
dealer
that
has
entered
into
such
an
agreement.
Authorized
participants
may
purchase
or
redeem
Fund
shares
directly
from
the
Fund
only
in
Creation
Units.
The
Fund's shares
are
also
listed
on
the
New
York
Stock
Exchange
for
which
investors
can
purchase
and
sell
shares
on
the
secondary
market
through
a
broker
at
market
prices
which
may
differ
from
the
NAV
of
the
Fund.
Note
2.
Summary
of
significant
accounting
policies
Basis
of
preparation
The
Fund
is
an
investment
company
that
applies
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
-
Investment
Companies
(ASC
946).
The
financial
statements
are
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(GAAP),
which
requires
management
to
make
certain
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
following
is
a
summary
of
significant
accounting
policies
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
Segment
reporting
The
intent
of
FASB
Accounting
Standards
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
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.
Investments
in
open-end
investment
companies
(other
than
exchange-traded
funds
(ETFs)),
are
valued
at
the
latest
net
asset
value
reported
by
those
companies
as
of
the
valuation
time.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2025
Indexed
ETF
|
2025
11
Investments
for
which
market
quotations
are
not
readily
available,
or
that
have
quotations
which
management
believes
are
not
reflective
of
market
value
or
reliable,
are
valued
at
fair
value
as
determined
in
good
faith
under
procedures
approved
by
the
Board
of
Trustees.
If
a
security
or
class
of
securities
(such
as
foreign
securities)
is
valued
at
fair
value,
such
value
is
likely
to
be
different
from
the
quoted
or
published
price
for
the
security,
if
available.
The
determination
of
fair
value
often
requires
significant
judgment.
To
determine
fair
value,
management
may
use
assumptions
including
but
not
limited
to
future
cash
flows
and
estimated
risk
premiums.
Multiple
inputs
from
various
sources
may
be
used
to
determine
fair
value.
GAAP
requires
disclosure
regarding
the
inputs
and
valuation
techniques
used
to
measure
fair
value
and
any
changes
in
valuation
inputs
or
techniques.
In
addition,
investments
shall
be
disclosed
by
major
category.
This
information
is
disclosed
following
the
Fund's
Portfolio
of
Investments.
Security
transactions
Security
transactions
are
accounted
for
on
the
trade
date.
Cost
is
determined
and
gains
(losses)
are
based
upon
the
specific
identification
method
for
both
financial
statement
and
federal
income
tax
purposes.
Income
recognition
Corporate
actions
and
dividend
income
are
recorded
on
the
ex-dividend
date.
The
Fund
may
receive
distributions
from
holdings
in
equity
securities,
business
development
companies
(BDCs),
exchange-traded
funds
(ETFs),
limited
partnerships
(LPs),
other
regulated
investment
companies
(RICs),
and
real
estate
investment
trusts
(REITs),
which
report
information
as
to
the
tax
character
of
their
distributions
annually.
These
distributions
are
allocated
to
dividend
income,
capital
gain
and
return
of
capital
based
on
actual
information
reported.
Return
of
capital
is
recorded
as
a
reduction
of
the
cost
basis
of
securities
held.
If
the
Fund
no
longer
owns
the
applicable
securities,
return
of
capital
is
recorded
as
a
realized
gain.
With
respect
to
REITs,
to
the
extent
actual
information
has
not
yet
been
reported,
estimates
for
return
of
capital
are
made
by
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.
(Ameriprise
Financial).
The
Investment
Manager's
estimates
are
subsequently
adjusted
when
the
actual
character
of
the
distributions
is
disclosed
by
the
REITs,
which
could
result
in
a
proportionate
change
in
return
of
capital
to
shareholders.
Awards
from
class
action
litigation
are
recorded
as
a
reduction
of
cost
basis
if
the
Fund
still
owns
the
applicable
securities
on
the
payment
date.
If
the
Fund
no
longer
owns
the
applicable
securities
on
the
payment
date,
the
proceeds
are
recorded
as
realized
gains.
Expenses
General
expenses
of
the
Trust
are
allocated
to
the
Fund
and
other
funds
of
the
Trust
based
upon
relative
net
assets
or
other
expense
allocation
methodologies
determined
by
the
nature
of
the
expense.
Expenses
directly
attributable
to
the
Fund
are
charged
to
the
Fund.
Determination
of
net
asset
value
The
net
asset
value
per
share
of
the
Fund
is
computed
by
dividing
the
value
of
the
net
assets
of
the
Fund
by
the
total
number
of
outstanding
shares
of
the
Fund,
rounded
to
the
nearest
cent,
at
the
close
of
regular
trading
(ordinarily
4:00
p.m.
Eastern
Time)
every
day
the
New
York
Stock
Exchange
is
open.
Federal
income
tax
status
The
Fund
intends
to
qualify
each
year
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code,
as
amended,
and
will
distribute
substantially
all
of
its
investment
company
taxable
income
and
net
capital
gain,
if
any,
for
its
tax
year,
and
as
such
will
not
be
subject
to
federal
income
taxes.
In
addition,
the
Fund
intends
to
distribute
in
each
calendar
year
substantially
all
of
its
ordinary
income,
capital
gain
net
income
and
certain
other
amounts,
if
any,
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)
December
31,
2025
12
Indexed
ETF
|
2025
Distributions
to
shareholders
Distributions
from
net
investment
income,
if
any,
are
declared
and
paid
each
calendar
quarter.
Net
realized
capital
gains,
if
any,
are
distributed
at
least
annually.
Income
distributions
and
capital
gain
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
Guarantees
and
indemnifications
Under
the
Trust's
organizational
documents
and,
in
some
cases,
by
contract,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust
or
its
funds.
In
addition,
certain
of
the
Fund's
contracts
with
its
service
providers
contain
general
indemnification
clauses.
The
Fund's
maximum
exposure
under
these
arrangements
is
unknown
since
the
amount
of
any
future
claims
that
may
be
made
against
the
Fund
cannot
be
determined,
and
the
Fund
has
no
historical
basis
for
predicting
the
likelihood
of
any
such
claims.
Note
3.
Investment
management
fees
Under
an
Investment
Management
Services
Agreement,
Columbia
Management
Investment
Advisers,
LLC
(the
Investment
Manager),
a
wholly-owned
subsidiary
of
Ameriprise
Financial,
Inc.,
determines
which
securities
will
be
purchased,
held
or
sold.
The
investment
management
fee
is
a
unitary
fee
paid
monthly
to
the
Investment
Manager
at
an
annual
rate
based
on
the
Fund's
average
daily
net
assets.
In
return
for
this
fee,
the
Investment
Manager
pays
the
operating
costs
and
expenses
of
the
Fund
other
than
the
following
expenses
(which
will
be
paid
by
the
Fund):
taxes;
interest
incurred
on
borrowing
by
the
Fund,
if
any,
brokerage
fees
and
commissions;
interest
and
fee
expense
related
to
the
Fund's
participation
in
inverse
floater
structures
and
any
other
portfolio
transaction
expenses;
infrequent
and/or
unusual
expenses,
including
without
limitation
litigation
expenses;
distribution
and/or
service
fees;
expenses
incurred
in
connection
with
lending
securities;
and
any
other
expenses
approved
by
the
Board
of
Trustees.
The
investment
management
fee
is
an
annual
fee
that
is
equal
to
0.33%
of
the
Fund's
average
daily
net
assets.
Compensation
of
Board
members
Members
of
the
Board
of
Trustees
who
are
not
officers
or
employees
of
the
Investment
Manager
or
Ameriprise
Financial
are
compensated
for
their
services
to
the
Fund.
Under
a
Deferred
Compensation
Plan
(the
Deferred
Plan),
these
members
of
the
Board
of
Trustees
may
elect
to
defer
payment
of
up
to
100%
of
their
compensation.
Deferred
amounts
are
treated
as
though
equivalent
dollar
amounts
had
been
invested
in
shares
of
certain
funds
managed
by
the
Investment
Manager.
The
Fund's
deferred
amount
is
adjusted
for
market
value
changes
and
it
is
distributed
in
accordance
with
the
Deferred
Plan
by
the
Investment
Manager.
The
expenses
of
the
compensation
of
the
members
of
the
Board
of
Trustees
that
are
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
Compensation
of
Chief
Compliance
Officer
The
Board
of
Trustees
has
appointed
a
Chief
Compliance
Officer
for
the
Fund
in
accordance
with
federal
securities
regulations.
A
portion
of
the
Chief
Compliance
Officer's
total
compensation
is
allocated
to
the
Fund,
along
with
other
allocations
to
affiliated
registered
investment
companies
managed
by
the
Investment
Manager
and
its
affiliates,
based
on
relative
net
assets.
The
expenses
of
the
Chief
Compliance
Officer
allocated
to
the
Fund
are
payable
by
the
Investment
Manager.
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.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2025
Indexed
ETF
|
2025
13
At
December
31,
2025,
these
differences
are
primarily
due
to
differing
treatment
for
deferral/reversal
of
wash
sale
losses,
re-characterization
of
distributions
from
investments,
distribution
reclassifications
and
post-October
capital
losses.
To
the
extent
these
differences
are
permanent,
reclassifications
are
made
among
the
components
of
the
Fund's
net
assets.
Temporary
differences
do
not
require
reclassifications.
The
following
reclassifications
were
made:
Net
investment
income
(loss)
and
net
realized
gains
(losses),
as
disclosed
in
the
Statement
of
Operations,
and
net
assets
were
not
affected
by
these
reclassifications.
The
tax
character
of
distributions
paid
during
the
years
indicated
was
as
follows:
Short-term
capital
gain
distributions,
if
any,
are
considered
ordinary
income
distributions
for
tax
purposes.
At
December
31,
2025,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
December
31,
2025,
the
cost
of
all
investments
for
federal
income
tax
purposes
along
with
the
aggregate
gross
unrealized
appreciation
and
depreciation
based
on
that
cost
was:
Tax
cost
of
investments
and
unrealized
appreciation/(depreciation)
may
also
include
timing
differences
that
do
not
constitute
adjustments
to
tax
basis.
Under
current
tax
rules,
regulated
investment
companies
can
elect
to
treat
certain
late-year
ordinary
losses
incurred
and
post-October
capital
losses
(capital
losses
realized
after
October
31)
as
arising
on
the
first
day
of
the
following
taxable
year.
As
of
December
31,
2025,
the
Fund
will
elect
to
treat
the
following
late-year
ordinary
losses
and
post-October
capital
losses
as
arising
on
January
1,
2026.
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
$970,297
and
$1,002,444,
respectively,
for
the
year
ended
December
31,
2025.
The
amount
of
purchase
and
sale
activity
impacts
the
portfolio
turnover
rate
reported
in
the
Financial
Highlights.
Undistributed
net
investment
income
($)
Accumulated
net
realized
gain
($)
Paid
in
capital
($)
4,545
(4,545)
-
Year
Ended
December
31,
2025
Year
Ended
December
31,
2024
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
Ordinary
income
($)
Long-term
capital
gain
($)
Total
($)
104,856
60,392
165,248
140,924
15,391
156,315
Undistributed
ordinary
income
($)
Undistributed
long-
term
capital
gains
($)
Capital-loss
carryforwards
($)
Net
unrealized
appreciation
($)
-
-
-
43,397
Federal
tax
cost
($)
Gross
unrealized
appreciation
($)
Gross
unrealized
depreciation
($)
Net
unrealized
appreciation
($)
2,956,476
310,753
(267,356)
43,397
Late
year
ordinary
losses
($)
Post-October
capital
losses
($)
-
312
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2025
14
Indexed
ETF
|
2025
Note
6.
In-kind
transactions
The
Fund
may
accept
in-kind
contributions
and
redemptions.
In-kind
contributions
are
accounted
for
at
the
fair
market
value
of
the
in-kind
securities
contributed
on
the
date
of
contribution.
For
the
year
ended
December
31,
2025,
the
Fund
did
not
have
in-kind
contributions.
Proceeds
from
the
sales
of
securities
include
the
value
of
securities
delivered
through
an
in-kind
redemption
of
certain
Fund
shares.
Net
realized
gains
on
these
securities
are
not
taxable
to
remaining
shareholders
in
the
Fund.
For
the
year
ended December
31,
2025,
the
Fund
did
not
have
in-kind
redemptions.
Note
7.
Line
of
credit
The
Fund
has
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
whereby
the
Fund
may
borrow
for
the
temporary
funding
of
shareholder
redemptions
or
for
other
temporary
or
emergency
purposes.
Pursuant
to
an
October
23,
2025
amendment
and
restatement,
the
credit
facility,
which
is
an
agreement
between
the
Fund
and
certain
other
funds
managed
by
the
Investment
Manager
or
an
affiliated
investment
manager,
severally
and
not
jointly,
permits
aggregate
borrowings
up
to
$750
million.
Interest
is
currently
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
Each
borrowing
under
the
credit
facility
matures
no
later
than
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
23,
2025
amendment
and
restatement,
the
Fund
had
access
to
a
revolving
credit
facility
with
a
syndicate
of
banks
led
by
JPMorgan
Chase
Bank,
N.A.,
Citibank,
N.A.
and
Wells
Fargo
Bank,
N.A.
which
permitted
collective
borrowings
up
to
$900
million.
Interest
was
charged
to
each
participating
fund
based
on
its
borrowings
at
a
rate
equal
to
the
higher
of
(i)
the
federal
funds
effective
rate,
(ii)
the
secured
overnight
financing
rate
plus
0.10%
and
(iii)
the
overnight
bank
funding
rate,
plus
1.00%
in
each
case.
The
Fund
had
no
borrowings
during
the
year
ended December
31,
2025.
Note
8.
Risks
and
uncertainties
An
investment
in
the
Fund
involves
risks,
including
market
risk
and
concentration
risk,
among
others.
The
value
of
the
Fund's
holdings
and
the
Fund's
net
asset
value
may
go
down.
These
declines
may
be
due
to
factors
affecting
a
particular
issuer,
or
the
result
of,
among
other
things,
political,
regulatory,
market,
economic
or
social
developments
affecting
the
relevant
market(s)
more
generally.
Global
economies
and
financial
markets
are
increasingly
interconnected,
and
conditions
and
events
in
one
country,
region
or
financial
market
may
adversely
impact
issuers
in
a
different
country,
region
or
financial
market.
These
risks
may
be
magnified
if
certain
events
or
developments
adversely
interrupt
the
global
supply
chain;
in
these
and
other
circumstances,
such
risks
might
affect
companies
worldwide.
As
a
result,
local,
regional
or
global
events
such
as
terrorism,
war,
other
conflicts,
natural
disasters,
disease/virus
outbreaks
and
epidemics
or
other
public
health
issues,
recessions,
depressions
or
other
events
-
or
the
potential
for
such
events
-
could
have
a
significant
negative
impact
on
global
economic
and
market
conditions.
To
the
extent
that
the
Fund
concentrates
its
investment
in
particular
issuers,
countries,
geographic
regions,
industries
or
sectors,
the
Fund
may
be
subject
to
greater
risks
of
adverse
developments
in
such
areas
of
focus
than
a
fund
that
invests
in
a
wider
variety
of
issuers,
countries,
geographic
regions,
industries,
sectors
or
investments.
Additional
risk
factors
of
the
Fund
are
described
more
fully
in
the
Fund's
Prospectus
and
Statement
of
Additional
Information.
Note
9.
Subsequent
events
Management
has
evaluated
the
events
and
transactions
that
have
occurred
through
the
date
the
financial
statements
were
issued
and
noted
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
NOTES
TO
FINANCIAL
STATEMENTS
(continued)
December
31,
2025
Indexed
ETF
|
2025
15
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.
16
Indexed
ETF
|
2025
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Columbia
ETF
Trust
I
and
Shareholders
of
Columbia
Research
Enhanced
Real
Estate
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
portfolio
of
investments,
of
Columbia
Research
Enhanced
Real
Estate
ETF
(one
of
the
funds
constituting
Columbia
ETF
Trust
I,
referred
to
hereafter
as
the
"Fund")
as
of
December
31,
2025,
the
related
statement
of
operations
for
the
year
ended
December
31,
2025,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
for
the
period
April
26,
2023
(commencement
of
operations)
through
December
31,
2023
(collectively
referred
to
as
the
"financial
statements").
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
December
31,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
December
31,
2025,
and
the
financial
highlights
for
each
of
the
two
years
in
the
period
ended
December
31,
2025
and
for
the
period
April
26,
2023
(commencement
of
operations)
through
December
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund's
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
December
31,
2025
by
correspondence
with
the
custodian
and
broker;
when
replies
were
not
received
from
the
broker,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Minneapolis,
Minnesota
February
23,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Columbia
Funds
Complex
since
1977.
FEDERAL
INCOME
TAX
INFORMATION
(Unaudited)
Indexed
ETF
|
2025
17
The
Fund
hereby
designates
the
following
tax
attributes
for
the
fiscal
year
ended
December
31,
2025
.
Shareholders
will
be
notified
in
early
2026
of
the
amounts
for
use
in
preparing
2025
income
tax
returns.
Qualified
dividend
income
(QDI).
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
qualified
dividend
income
subject
to
reduced
tax
rates.
Section
199A
dividends
(199A).
For
taxable,
non-corporate
shareholders,
the
percentage
of
ordinary
income
distributed
during
the
fiscal
year
that
represents
Section
199A
dividends
potentially
eligible
for
a
20%
deduction.
Capital
gain
dividend.
The
Fund
designates
as
a
capital
gain
dividend
the
amount
reflected
above,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
fiscal
period.
Of
this
amount,
$59,461
was
subject
to
a
long
term
capital
gains
tax
rate
of
not
greater
than
20%
and
$3,951
was
subject
to
a
long
term
capital
gains
tax
rate
of
not
greater
than
25%.
QDI
199A
Capital
gain
dividend
2.70%
89.32%
$63,412
Columbia
ETF
Trust
I
290
Congress
Street
Boston,
MA
02210
ANN322_12_T01_(02/26)
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.
©
2026
Columbia
Management
Investment
Advisers,
LLC.
columbiathreadneedleus.com/etfs
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement 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-CSRfor 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-EndManagement Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees implemented since the registrant last provided disclosure as to such procedures in response to the requirements of Item 407(c)(2)(iv) of Regulation S-Kor Item 15 of Form N-CSR.
Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are effective and adequately designed to ensure that information required to be disclosed by the registrant in Form N-CSRis 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-EndManagement Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
| (a)(1) | Code of ethics required to be disclosed under Item 2 of Form N-CSR attached hereto as Exhibit 99.CODE ETH. | |
| (a)(2) | Not applicable. | |
| (a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT. | |
| (a)(4) | Not applicable. | |
| (a)(5) | Not applicable. | |
| (b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (registrant) | Columbia ETF Trust I | |
| By (Signature and Title) | /s/ Michael G. Clarke | |
|
Michael G. Clarke, President and Principal Executive Officer |
||
| Date | February 23, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Michael G. Clarke | |
|
Michael G. Clarke, President and Principal Executive Officer |
||
| Date | February 23, 2026 | |
| By (Signature and Title) | /s/ Charles H. Chiesa | |
|
Charles H. Chiesa, Chief Financial Officer and Principal Financial Officer |
||
| Date | February 23, 2026 | |
| By (Signature and Title) | /s/ Marybeth Pilat | |
|
Marybeth Pilat, Treasurer, Chief Accounting Officer and Principal Financial Officer |
||
| Date | February 23, 2026 | |
Columbia ETF Trust I published this content on March 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 06, 2026 at 18:03 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]