Not
FDIC
or
NCUA
Insured
No
Financial
Institution
Guarantee
May
Lose
Value
THIRD
QUARTER
REPORT
December
31,
2024
(Unaudited)
Columbia
Short
Duration
High
Yield
ETF
Columbia
U.S.
High
Yield
ETF
PORTFOLIO
OF
INVESTMENTS
Columbia
Short
Duration
High
Yield
ETF
December
31,
2024
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
2
Columbia
Short
Duration
High
Yield
ETF
|
2024
Corporate
Bonds
97.2%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
2.0%
TransDigm
,
Inc.
4.625%,
01/15/29
75,000
70,240
4.875%,
05/01/29
34,000
31,999
5.500%,
11/15/27
50,000
49,209
6.375%,
03/01/29
(a)
200,000
200,620
6.750%,
08/15/28
(a)
150,000
151,467
Total
503,535
Airlines
2.6%
Air
Canada
3.875%,
08/15/26
(a)
200,000
194,394
American
Airlines,
Inc.
8.500%,
05/15/29
(a)
125,000
131,111
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
62,500
62,353
5.750%,
04/20/29
(a)
75,000
74,426
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
100,000
98,288
4.625%,
04/15/29
(a)
125,000
118,820
Total
679,392
Automotive
1.9%
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.750%,
05/15/28
(a)
125,000
127,241
IHO
Verwaltungs
GMBH
6.375%,
05/15/29
(a),(b)
131,000
125,953
ZF
North
America
Capital,
Inc.
4.750%,
04/29/25
(a)
90,000
89,603
6.875%,
04/14/28
(a)
150,000
150,324
Total
493,121
Brokerage/Asset
Managers/Exchanges
1.0%
AG
Issuer
LLC
6.250%,
03/01/28
(a)
142,000
140,787
AG
TTMT
Escrow
Issuer
LLC
8.625%,
09/30/27
(a)
78,000
80,859
Aretec
Group,
Inc.
7.500%,
04/01/29
(a)
40,000
39,752
Total
261,398
Building
Materials
3.8%
American
Builders
&
Contractors
Supply
Co.,
Inc.
3.875%,
11/15/29
(a)
75,000
68,305
4.000%,
01/15/28
(a)
75,000
71,830
Beacon
Roofing
Supply,
Inc.
4.125%,
05/15/29
(a)
96,000
90,531
4.500%,
11/15/26
(a)
125,000
122,876
Interface,
Inc.
5.500%,
12/01/28
(a)
91,000
89,187
James
Hardie
International
Finance
DAC
5.000%,
01/15/28
(a)
181,000
175,158
Standard
Industries,
Inc.
4.750%,
01/15/28
(a)
100,000
95,884
5.000%,
02/15/27
(a)
151,000
147,703
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
5.250%,
01/15/29
(a)
75,000
75,299
White
Cap
Buyer
LLC
6.875%,
10/15/28
(a)
50,000
49,393
Total
986,166
Cable
and
Satellite
5.4%
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
02/01/28
(a)
350,000
337,413
5.125%,
05/01/27
(a)
75,000
73,665
5.375%,
06/01/29
(a)
125,000
119,414
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
DISH
Network
Corp.
11.750%,
11/15/27
(a)
165,000
174,512
Echostar
Corp.
Series
.,
10.750%,
11/30/29
145,844
156,854
Sirius
XM
Radio,
Inc.
3.125%,
09/01/26
(a)
60,000
57,664
4.000%,
07/15/28
(a)
50,000
46,074
5.000%,
08/01/27
(a)
150,000
145,801
Virgin
Media
Secured
Finance
PLC
5.500%,
05/15/29
(a)
100,000
93,729
Ziggo
Bond
Co.
BV
6.000%,
01/15/27
(a)
200,000
199,103
Total
1,404,229
Chemicals
3.8%
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV
4.750%,
06/15/27
(a)
75,000
73,346
Element
Solutions,
Inc.
3.875%,
09/01/28
(a)
100,000
94,831
HB
Fuller
Co.
4.250%,
10/15/28
75,000
70,187
INEOS
Finance
PLC
6.750%,
05/15/28
(a)
75,000
75,690
7.500%,
04/15/29
(a)
50,000
51,227
INEOS
Quattro
Finance
2
PLC
9.625%,
03/15/29
(a)
108,000
113,982
Ingevity
Corp.
3.875%,
11/01/28
(a)
50,000
45,685
Olympus
Water
US
Holding
Corp.
4.250%,
10/01/28
(a)
100,000
93,660
9.750%,
11/15/28
(a)
125,000
132,557
SNF
Group
SACA
3.125%,
03/15/27
(a)
75,000
70,750
WR
Grace
Holdings
LLC
4.875%,
06/15/27
(a)
125,000
121,102
5.625%,
08/15/29
(a)
50,000
46,052
Total
989,069
Construction
Machinery
2.2%
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
150,000
137,360
Herc
Holdings,
Inc.
5.500%,
07/15/27
(a)
175,000
172,495
6.625%,
06/15/29
(a)
75,000
75,914
Ritchie
Bros
Holdings,
Inc.
6.750%,
03/15/28
(a)
175,000
178,799
Total
564,568
Consumer
Cyclical
Services
2.1%
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl
4.625%,
06/01/28
(a)
27,000
25,510
Arches
Buyer,
Inc.
4.250%,
06/01/28
(a)
175,000
160,747
ASGN,
Inc.
4.625%,
05/15/28
(a)
100,000
94,965
Match
Group
Holdings
II
LLC
4.625%,
06/01/28
(a)
205,000
195,326
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
6.250%,
01/15/28
(a)
75,000
74,493
Total
551,041
Consumer
Products
1.6%
Acushnet
Co.
7.375%,
10/15/28
(a)
50,000
51,680
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
High
Yield
ETF
December
31,
2024
(Unaudited)
Columbia
Short
Duration
High
Yield
ETF
|
2024
3
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
CD&R
Smokey
Buyer,
Inc.
/
Radio
Systems
Corp.
9.500%,
10/15/29
(a)
92,000
90,567
Newell
Brands,
Inc.
5.700%,
04/01/26
47,000
46,985
6.375%,
09/15/27
75,000
75,622
Prestige
Brands,
Inc.
5.125%,
01/15/28
(a)
100,000
97,541
Scotts
Miracle-
Gro
Co.
(The)
5.250%,
12/15/26
50,000
48,976
Total
411,371
Diversified
Manufacturing
2.8%
Esab
Corp.
6.250%,
04/15/29
(a)
50,000
50,640
Gates
Corp.
6.875%,
07/01/29
(a)
98,000
99,715
Madison
IAQ
LLC
5.875%,
06/30/29
(a)
50,000
47,192
Resideo
Funding,
Inc.
4.000%,
09/01/29
(a)
75,000
67,916
TK
Elevator
Holdco
GmbH
7.625%,
07/15/28
(a)
50,000
49,941
TK
Elevator
US
Newco
,
Inc.
5.250%,
07/15/27
(a)
125,000
122,422
Velocity
Vehicle
Group
LLC
8.000%,
06/01/29
(a)
50,000
51,986
WESCO
Distribution,
Inc.
6.375%,
03/15/29
(a)
150,000
151,762
7.250%,
06/15/28
(a)
74,000
75,236
Total
716,810
Electric
5.7%
Atlantica
Sustainable
Infrastructure
PLC
4.125%,
06/15/28
(a)
90,000
85,035
Clearway
Energy
Operating
LLC
4.750%,
03/15/28
(a)
309,000
295,453
NextEra
Energy
Operating
Partners
LP
3.875%,
10/15/26
(a)
125,000
119,567
4.500%,
09/15/27
(a)
75,000
71,478
7.250%,
01/15/29
(a)
185,000
189,337
NRG
Energy,
Inc.
3.375%,
02/15/29
(a)
75,000
68,020
5.750%,
01/15/28
125,000
124,476
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations,
Inc.
4.500%,
08/15/28
(a)
50,000
46,853
TerraForm
Power
Operating
LLC
4.750%,
01/15/30
(a)
25,000
23,147
5.000%,
01/31/28
(a)
150,000
144,115
Vistra
Operations
Co.
LLC
5.000%,
07/31/27
(a)
175,000
171,658
5.625%,
02/15/27
(a)
125,000
124,628
Total
1,463,767
Environmental
0.6%
Waste
Pro
USA,
Inc.
5.500%,
02/15/26
(a)
150,000
149,818
Finance
Companies
5.1%
GGAM
Finance
Ltd.
6.875%,
04/15/29
(a)
99,000
100,590
8.000%,
02/15/27
(a)
125,000
129,011
8.000%,
06/15/28
(a)
25,000
26,257
Navient
Corp.
6.750%,
06/25/25
116,000
116,194
6.750%,
06/15/26
50,000
50,547
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
OneMain
Finance
Corp.
3.500%,
01/15/27
50,000
47,599
3.875%,
09/15/28
90,000
82,945
6.625%,
05/15/29
202,000
204,472
Provident
Funding
Associates
LP
/
PFG
Finance
Corp.
9.750%,
09/15/29
(a)
71,000
72,818
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
2.875%,
10/15/26
(a)
200,000
189,423
3.625%,
03/01/29
(a)
75,000
67,761
United
Wholesale
Mortgage
LLC
5.500%,
11/15/25
(a)
25,000
24,881
5.500%,
04/15/29
(a)
26,000
24,968
5.750%,
06/15/27
(a)
150,000
148,154
UWM
Holdings
LLC
6.625%,
02/01/30
(a)
42,000
41,734
Total
1,327,354
Food
and
Beverage
1.8%
Darling
Ingredients,
Inc.
5.250%,
04/15/27
(a)
126,000
123,847
Post
Holdings,
Inc.
5.500%,
12/15/29
(a)
50,000
48,388
Primo
Water
Holdings,
Inc.
4.375%,
04/30/29
(a)
55,000
51,163
Triton
Water
Holdings,
Inc.
6.250%,
04/01/29
(a)
90,000
89,299
US
Foods,
Inc.
4.750%,
02/15/29
(a)
50,000
47,934
6.875%,
09/15/28
(a)
100,000
102,231
Total
462,862
Foreign
Government
Obligations
1.1%
NOVA
Chemicals
Corp.
4.250%,
05/15/29
(a)
75,000
67,805
5.250%,
06/01/27
(a)
50,000
48,551
8.500%,
11/15/28
(a)
150,000
158,820
Total
275,176
Gaming
1.5%
Caesars
Entertainment,
Inc.
4.625%,
10/15/29
(a)
110,000
103,052
7.000%,
02/15/30
(a)
50,000
50,916
Churchill
Downs,
Inc.
5.500%,
04/01/27
(a)
125,000
123,532
Light
&
Wonder
International,
Inc.
7.000%,
05/15/28
(a)
100,000
100,249
Total
377,749
Health
Care
5.6%
Acadia
Healthcare
Co.,
Inc.
5.000%,
04/15/29
(a)
107,000
99,909
5.500%,
07/01/28
(a)
101,000
96,525
Avantor
Funding,
Inc.
4.625%,
07/15/28
(a)
125,000
119,278
Bausch
+
Lomb
Corp.
8.375%,
10/01/28
(a)
50,000
52,005
Charles
River
Laboratories
International,
Inc.
4.250%,
05/01/28
(a)
75,000
71,144
CHS/Community
Health
Systems,
Inc.
5.625%,
03/15/27
(a)
150,000
143,842
Encompass
Health
Corp.
4.500%,
02/01/28
25,000
24,107
5.750%,
09/15/25
14,000
13,969
IQVIA,
Inc.
5.000%,
10/15/26
(a)
100,000
98,708
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
High
Yield
ETF
December
31,
2024
(Unaudited)
4
Columbia
Short
Duration
High
Yield
ETF
|
2024
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Medline
Borrower
LP
3.875%,
04/01/29
(a)
125,000
115,795
5.250%,
10/01/29
(a)
125,000
120,344
Medline
Borrower
LP/Medline
Co.-Issuer,
Inc.
6.250%,
04/01/29
(a)
125,000
126,272
Teleflex,
Inc.
4.625%,
11/15/27
25,000
24,244
Tenet
Healthcare
Corp.
4.625%,
06/15/28
50,000
47,890
5.125%,
11/01/27
175,000
171,601
6.125%,
10/01/28
125,000
124,840
Total
1,450,473
Home
Construction
0.4%
Taylor
Morrison
Communities,
Inc.
5.750%,
01/15/28
(a)
100,000
99,269
Independent
Energy
3.7%
Civitas
Resources,
Inc.
8.375%,
07/01/28
(a)
132,000
137,167
CNX
Resources
Corp.
6.000%,
01/15/29
(a)
50,000
49,012
Expand
Energy
Corp.
5.375%,
02/01/29
50,000
49,232
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
5.750%,
02/01/29
(a)
110,000
104,945
6.250%,
11/01/28
(a)
150,000
145,458
Matador
Resources
Co.
6.875%,
04/15/28
(a)
155,000
157,116
Permian
Resources
Operating
LLC
5.375%,
01/15/26
(a)
26,000
25,805
5.875%,
07/01/29
(a)
41,000
40,236
8.000%,
04/15/27
(a)
125,000
127,590
SM
Energy
Co.
6.750%,
08/01/29
(a)
125,000
123,754
Total
960,315
Leisure
8.0%
Boyne
USA,
Inc.
4.750%,
05/15/29
(a)
125,000
118,467
Carnival
Corp.
5.750%,
03/01/27
(a)
200,000
199,341
6.000%,
05/01/29
(a)
175,000
174,639
7.625%,
03/01/26
(a)
30,000
30,052
Cedar
Fair
LP
/
Canada's
Wonderland
Co.
/
Magnum
Management
Corp.
/
Millennium
Op
5.375%,
04/15/27
125,000
123,324
6.500%,
10/01/28
100,000
100,113
Cinemark
USA,
Inc.
5.250%,
07/15/28
(a)
195,000
190,052
Live
Nation
Entertainment,
Inc.
4.750%,
10/15/27
(a)
80,000
77,306
5.625%,
03/15/26
(a)
18,000
17,943
NCL
Corp.
Ltd.
5.875%,
03/15/26
(a)
125,000
124,867
5.875%,
02/15/27
(a)
100,000
99,729
Royal
Caribbean
Cruises
Ltd.
4.250%,
07/01/26
(a)
100,000
98,168
5.500%,
04/01/28
(a)
100,000
99,295
5.500%,
08/31/26
(a)
100,000
99,909
Six
Flags
Entertainment
Corp.
5.500%,
04/15/27
(a)
275,000
272,022
Viking
Cruises
Ltd.
5.875%,
09/15/27
(a)
130,000
129,022
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
7.000%,
02/15/29
(a)
100,000
100,358
Total
2,054,607
Lodging
0.7%
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
5.000%,
06/01/29
(a)
50,000
46,992
Marriott
Ownership
Resorts,
Inc.
4.500%,
06/15/29
(a)
50,000
46,615
4.750%,
01/15/28
100,000
96,040
Total
189,647
Media
and
Entertainment
1.6%
Clear
Channel
Outdoor
Holdings,
Inc.
5.125%,
08/15/27
(a)
75,000
72,214
9.000%,
09/15/28
(a)
125,000
130,877
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
4.250%,
01/15/29
(a)
50,000
46,525
5.000%,
08/15/27
(a)
90,000
87,646
Univision
Communications,
Inc.
6.625%,
06/01/27
(a)
50,000
49,838
8.000%,
08/15/28
(a)
25,000
25,457
Total
412,557
Metals
and
Mining
2.5%
Constellium
SE
3.750%,
04/15/29
(a)
75,000
67,890
5.625%,
06/15/28
(a)
125,000
122,090
Hudbay
Minerals,
Inc.
4.500%,
04/01/26
(a)
209,000
206,063
6.125%,
04/01/29
(a)
50,000
50,119
Kaiser
Aluminum
Corp.
4.625%,
03/01/28
(a)
75,000
70,578
Novelis
Corp.
3.250%,
11/15/26
(a)
50,000
47,677
4.750%,
01/30/30
(a)
75,000
69,538
Total
633,955
Midstream
4.9%
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
5.375%,
06/15/29
(a)
50,000
48,638
5.750%,
01/15/28
(a)
50,000
49,580
5.750%,
03/01/27
(a)
100,000
99,433
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
8.625%,
03/15/29
(a)
150,000
155,137
DT
Midstream,
Inc.
4.125%,
06/15/29
(a)
50,000
46,783
EQM
Midstream
Partners
LP
4.500%,
01/15/29
(a)
70,000
66,812
6.375%,
04/01/29
(a)
25,000
25,088
6.500%,
07/01/27
(a)
25,000
25,336
7.500%,
06/01/27
(a)
50,000
50,999
NuStar
Logistics
LP
5.625%,
04/28/27
50,000
49,710
5.750%,
10/01/25
75,000
74,949
6.000%,
06/01/26
25,000
25,016
Sunoco
LP
7.000%,
05/01/29
(a)
104,000
106,725
Sunoco
LP
/
Sunoco
Finance
Corp.
6.000%,
04/15/27
25,000
24,927
7.000%,
09/15/28
(a)
99,000
101,225
Venture
Global
Calcasieu
Pass
LLC
3.875%,
08/15/29
(a)
75,000
68,916
Venture
Global
LNG,
Inc.
8.125%,
06/01/28
(a)
125,000
130,023
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
High
Yield
ETF
December
31,
2024
(Unaudited)
Columbia
Short
Duration
High
Yield
ETF
|
2024
5
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
9.500%,
02/01/29
(a)
100,000
110,511
Total
1,259,808
Oil
Field
Services
1.5%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
04/01/28
(a)
75,000
74,593
Kodiak
Gas
Services
LLC
7.250%,
02/15/29
(a)
75,000
76,488
Nabors
Industries,
Inc.
7.375%,
05/15/27
(a)
75,000
74,939
Transocean
Titan
Financing
Ltd.
8.375%,
02/01/28
(a)
50,000
51,005
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
6.875%,
09/01/27
100,000
100,346
Total
377,371
Other
Industry
0.6%
Williams
Scotsman,
Inc.
4.625%,
08/15/28
(a)
111,000
105,802
6.625%,
06/15/29
(a)
50,000
50,580
Total
156,382
Other
REIT
2.2%
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
4.250%,
02/01/27
(a)
125,000
120,541
4.750%,
06/15/29
(a)
50,000
47,177
5.250%,
10/01/25
(a)
100,000
99,865
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
5.875%,
10/01/28
(a)
195,000
190,925
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
7.250%,
07/15/28
(a)
100,000
102,561
Total
561,069
Packaging
2.8%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
3.250%,
09/01/28
(a)
75,000
67,179
4.000%,
09/01/29
(a)
60,000
51,552
6.000%,
06/15/27
(a)
125,000
123,996
Berry
Global,
Inc.
4.500%,
02/15/26
(a)
50,000
49,291
Clydesdale
Acquisition
Holdings,
Inc.
6.625%,
04/15/29
(a)
50,000
50,337
Sealed
Air
Corp.
4.000%,
12/01/27
(a)
50,000
47,748
5.000%,
04/15/29
(a)
38,000
36,513
Sealed
Air
Corp./Sealed
Air
Corp.
US
6.125%,
02/01/28
(a)
50,000
50,187
Trivium
Packaging
Finance
BV
5.500%,
08/15/26
(a)
255,000
251,499
Total
728,302
Pharmaceuticals
0.2%
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
50,000
46,988
Property
&
Casualty
2.5%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
4.250%,
10/15/27
(a)
50,000
47,678
6.750%,
10/15/27
(a)
100,000
99,173
6.750%,
04/15/28
(a)
199,000
199,173
AmWINS
Group,
Inc.
6.375%,
02/15/29
(a)
125,000
125,553
AssuredPartners
,
Inc.
5.625%,
01/15/29
(a)
61,000
61,656
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
BroadStreet
Partners,
Inc.
5.875%,
04/15/29
(a)
25,000
24,183
HUB
International
Ltd.
5.625%,
12/01/29
(a)
100,000
97,156
Total
654,572
Restaurants
1.3%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.375%,
01/15/28
(a)
213,000
203,810
6.125%,
06/15/29
(a)
125,000
125,443
Total
329,253
Retailers
2.5%
Asbury
Automotive
Group,
Inc.
4.500%,
03/01/28
125,000
119,747
Bath
&
Body
Works,
Inc.
5.250%,
02/01/28
50,000
49,267
Group
1
Automotive,
Inc.
4.000%,
08/15/28
(a)
100,000
93,514
6.375%,
01/15/30
(a)
25,000
25,099
LCM
Investments
Holdings
II
LLC
4.875%,
05/01/29
(a)
50,000
46,687
Lithia
Motors,
Inc.
3.875%,
06/01/29
(a)
25,000
22,851
4.625%,
12/15/27
(a)
75,000
72,527
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
125,000
117,923
7.750%,
02/15/29
(a)
100,000
96,638
Total
644,253
Technology
9.9%
Block,
Inc.
2.750%,
06/01/26
50,000
48,157
Camelot
Finance
SA
4.500%,
11/01/26
(a)
150,000
145,909
Central
Parent
LLC
/
CDK
Global
II
LLC
/
CDK
Financing
Co.,
Inc.
8.000%,
06/15/29
(a)
66,000
66,939
Central
Parent,
Inc.
/
CDK
Global,
Inc.
7.250%,
06/15/29
(a)
96,000
94,990
Clarivate
Science
Holdings
Corp.
4.875%,
07/01/29
(a)
50,000
46,618
Cloud
Software
Group,
Inc.
6.500%,
03/31/29
(a)
275,000
269,886
9.000%,
09/30/29
(a)
50,000
50,782
Ellucian
Holdings,
Inc.
6.500%,
12/01/29
(a)
25,000
25,082
Entegris
,
Inc.
3.625%,
05/01/29
(a)
75,000
68,012
4.375%,
04/15/28
(a)
125,000
119,586
Gen
Digital,
Inc.
6.750%,
09/30/27
(a)
75,000
76,036
HealthEquity
,
Inc.
4.500%,
10/01/29
(a)
50,000
46,848
Helios
Software
Holdings,
Inc.
/
ION
Corporate
Solutions
Finance
Sarl
4.625%,
05/01/28
(a)
100,000
91,595
ION
Trading
Technologies
Sarl
5.750%,
05/15/28
(a)
82,000
77,566
Iron
Mountain,
Inc.
4.875%,
09/15/27
(a)
125,000
121,860
5.000%,
07/15/28
(a)
25,000
24,129
5.250%,
03/15/28
(a)
125,000
122,355
7.000%,
02/15/29
(a)
125,000
127,767
NCR
Atleos
Corp.
9.500%,
04/01/29
(a)
161,000
174,172
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
Short
Duration
High
Yield
ETF
December
31,
2024
(Unaudited)
6
Columbia
Short
Duration
High
Yield
ETF
|
2024
Notes
to
Portfolio
of
Investments
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
NCR
Voyix
Corp.
5.000%,
10/01/28
(a)
130,000
124,946
5.125%,
04/15/29
(a)
52,000
49,760
Neptune
Bidco
US,
Inc.
9.290%,
04/15/29
(a)
50,000
46,540
Open
Text
Corp.
3.875%,
02/15/28
(a)
75,000
70,436
Seagate
HDD
Cayman
4.750%,
01/01/25
51,000
51,000
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
4.625%,
11/01/26
(a)
150,000
147,468
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
90,000
89,016
Synaptics
,
Inc.
4.000%,
06/15/29
(a)
30,000
27,321
ZoomInfo
Technologies
LLC/
ZoomInfo
Finance
Corp.
3.875%,
02/01/29
(a)
167,000
151,396
Total
2,556,172
Transportation
Services
0.5%
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
4.750%,
04/01/28
(a)
25,000
23,363
5.375%,
03/01/29
(a)
50,000
46,829
5.750%,
07/15/27
(a)
50,000
48,867
Total
119,059
Wirelines
0.8%
Frontier
Communications
Holdings
LLC
5.875%,
10/15/27
(a)
100,000
99,634
Iliad
Holding
SASU
7.000%,
10/15/28
(a)
100,000
101,554
Total
201,188
Total
Corporate
Bonds
(Cost
$25,281,334)
25,052,666
Money
Market
Funds
1.4%
Shares
Value
($)
Dreyfus
Treasury
Securities
Cash
Management,
Institutional
Shares
4.330%
(c)
354,003
354,003
Total
Money
Market
Funds
(Cost
$354,003)
354,003
Total
Investments
in
Securities
(Cost
$25,635,337)
25,406,669
Other
Assets
&
Liabilities,
Net
370,474
Net
Assets
25,777,143
(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
December
31,
2024,
the
total
value
of
these
securities
amounted
to
$22,557,882,
which
represents
87.51%
of
total
net
assets.
(b)
Payment-in-kind
security.
Interest
can
be
paid
by
issuing
additional
par
of
the
security
or
in
cash.
(c)
The
rate
shown
is
the
seven-day
current
annualized
yield
at
December
31,
2024.
Investments
are
valued
using
policies
described
in
the
Notes
to
Financial
Statements
in
the
most
recent
shareholder
report.
PORTFOLIO
OF
INVESTMENTS
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
(Percentages
represent
value
of
investments
compared
to
net
assets)
Investments
in
Securities
Columbia
U.S.
High
Yield
ETF
|
2024
7
Corporate
Bonds
98.4%
Issue
Description
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
3.3%
AAR
Escrow
Issuer
LLC
6.750%,
03/15/29
(a)
50,000
50,683
Bombardier,
Inc.
7.000%,
06/01/32
(a)
50,000
50,857
8.750%,
11/15/30
(a)
100,000
107,583
Spirit
Aerosystems
,
Inc.
4.600%,
06/15/28
50,000
47,392
9.750%,
11/15/30
(a)
50,000
55,287
TransDigm
,
Inc.
4.625%,
01/15/29
50,000
46,827
6.375%,
03/01/29
(a)
200,000
200,620
6.625%,
03/01/32
(a)
100,000
100,912
6.750%,
08/15/28
(a)
100,000
100,978
6.875%,
12/15/30
(a)
75,000
76,310
Total
837,449
Airlines
1.5%
Allegiant
Travel
Co.
7.250%,
08/15/27
(a)
50,000
50,263
American
Airlines,
Inc.
8.500%,
05/15/29
(a)
50,000
52,444
American
Airlines,
Inc./
AAdvantage
Loyalty
IP
Ltd.
5.500%,
04/20/26
(a)
25,000
24,941
5.750%,
04/20/29
(a)
100,000
99,235
Jetblue
Airways
Corp.
/
Jetblue
Loyalty
LP
9.875%,
09/20/31
(a)
50,000
53,182
United
Airlines,
Inc.
4.375%,
04/15/26
(a)
50,000
49,144
4.625%,
04/15/29
(a)
50,000
47,528
Total
376,737
Automotive
2.0%
Adient
Global
Holdings
Ltd.
7.000%,
04/15/28
(a)
50,000
50,604
8.250%,
04/15/31
(a)
50,000
51,125
Allison
Transmission,
Inc.
3.750%,
01/30/31
(a)
50,000
44,219
Clarios
Global
LP
/
Clarios
US
Finance
Co.
6.750%,
05/15/28
(a)
75,000
76,345
Garrett
Motion
Holdings,
Inc.
/
Garrett
LX
I
Sarl
7.750%,
05/31/32
(a)
50,000
50,656
Goodyear
Tire
&
Rubber
Co.
(The)
4.875%,
03/15/27
50,000
48,320
5.250%,
04/30/31
50,000
44,617
JB
Poindexter
&
Co.,
Inc.
8.750%,
12/15/31
(a)
50,000
52,608
Phinia
,
Inc.
6.750%,
04/15/29
(a)
50,000
51,003
Tenneco,
Inc.
8.000%,
11/17/28
(a)
50,000
46,512
Total
516,009
Banking
0.4%
Ally
Financial,
Inc.
6.700%,
02/14/33
50,000
50,444
Western
Alliance
Bancorp
3.000%,
(3M
U.S.
T-Bill
MMY
+
2.250%),
06/15/31
(b)
50,000
47,356
Total
97,800
Brokerage/Asset
Managers/Exchanges
1.2%
AG
Issuer
LLC
6.250%,
03/01/28
(a)
50,000
49,573
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Aretec
Group,
Inc.
10.000%,
08/15/30
(a)
50,000
54,539
Coinbase
Global,
Inc.
3.375%,
10/01/28
(a)
50,000
44,966
Hunt
Cos.,
Inc.
5.250%,
04/15/29
(a)
50,000
47,410
StoneX
Group,
Inc.
7.875%,
03/01/31
(a)
50,000
52,270
Vfh
Parent
LLC
/
Valor
Co.-Issuer,
Inc.
7.500%,
06/15/31
(a)
50,000
51,407
Total
300,165
Building
Materials
2.3%
Builders
FirstSource
,
Inc.
4.250%,
02/01/32
(a)
50,000
44,166
6.375%,
03/01/34
(a)
50,000
49,387
Cornerstone
Building
Brands,
Inc.
9.500%,
08/15/29
(a)
100,000
96,668
Eco
Material
Technologies,
Inc.
7.875%,
01/31/27
(a)
50,000
50,825
Mohegan
Tribal
Gaming
Authority
8.000%,
02/01/26
(a)
50,000
49,678
Smyrna
Ready
Mix
Concrete
LLC
8.875%,
11/15/31
(a)
100,000
104,870
Standard
Building
Solutions,
Inc.
6.500%,
08/15/32
(a)
50,000
50,136
Standard
Industries,
Inc.
4.375%,
07/15/30
(a)
100,000
91,180
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp.
7.250%,
01/15/31
(a)
50,000
53,036
Total
589,946
Cable
and
Satellite
6.0%
Cable
One,
Inc.
4.000%,
11/15/30
(a)
50,000
41,756
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
4.250%,
02/01/31
(a)
200,000
174,211
4.250%,
01/15/34
(a)
150,000
121,700
4.500%,
08/15/30
(a)
100,000
89,751
4.500%,
05/01/32
150,000
129,169
4.750%,
03/01/30
(a)
100,000
91,313
5.000%,
02/01/28
(a)
100,000
96,404
5.125%,
05/01/27
(a)
100,000
98,221
Directv
Financing
LLC
8.875%,
02/01/30
(a)
50,000
49,198
Directv
Financing
LLC
/
Directv
Financing
Co.-Obligor,
Inc.
5.875%,
08/15/27
(a)
100,000
97,294
DISH
Network
Corp.
11.750%,
11/15/27
(a)
155,000
163,936
Echostar
Corp.
Series
.,
10.750%,
11/30/29
73,491
79,039
Sirius
XM
Radio
LLC
4.125%,
07/01/30
(a)
100,000
87,271
Sirius
XM
Radio,
Inc.
4.000%,
07/15/28
(a)
100,000
92,148
5.000%,
08/01/27
(a)
100,000
97,200
Viasat
,
Inc.
5.625%,
04/15/27
(a)
50,000
48,379
Total
1,556,990
Chemicals
2.7%
Chemours
Co.
(The)
4.625%,
11/15/29
(a)
50,000
43,485
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
8
Columbia
U.S.
High
Yield
ETF
|
2024
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Element
Solutions,
Inc.
3.875%,
09/01/28
(a)
100,000
94,831
Ingevity
Corp.
3.875%,
11/01/28
(a)
50,000
45,685
Methanex
Corp.
5.125%,
10/15/27
50,000
48,764
Olin
Corp.
5.125%,
09/15/27
50,000
48,886
Olympus
Water
US
Holding
Corp.
9.750%,
11/15/28
(a)
100,000
106,046
Parkland
Corp.
4.625%,
05/01/30
(a)
75,000
68,899
Scih
Salt
Holdings,
Inc.
4.875%,
05/01/28
(a)
50,000
47,069
SK
Invictus
Internediate
II
Sarl
5.000%,
10/30/29
(a)
50,000
46,621
Tronox
,
Inc.
4.625%,
03/15/29
(a)
50,000
44,876
Windsor
Holdings
III
LLC
8.500%,
06/15/30
(a)
50,000
52,593
WR
Grace
Holdings
LLC
5.625%,
08/15/29
(a)
50,000
46,052
Total
693,807
Construction
Machinery
1.4%
EquipmentShare.Com,
Inc.
8.625%,
05/15/32
(a)
50,000
52,264
H&E
Equipment
Services,
Inc.
3.875%,
12/15/28
(a)
50,000
45,787
Herc
Holdings,
Inc.
5.500%,
07/15/27
(a)
50,000
49,284
6.625%,
06/15/29
(a)
50,000
50,609
Ritchie
Bros
Holdings,
Inc.
7.750%,
03/15/31
(a)
50,000
52,285
United
Rentals
North
America,
Inc.
5.250%,
01/15/30
50,000
48,575
6.125%,
03/15/34
(a)
50,000
49,635
Total
348,439
Consumer
Cyclical
Services
3.6%
Allied
Universal
Holdco
LLC
7.875%,
02/15/31
(a)
50,000
51,162
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
9.750%,
07/15/27
(a)
100,000
100,660
Allied
Universal
Holdco
LLC/Allied
Universal
Finance
Corp./Atlas
Luxco
4
Sarl
4.625%,
06/01/28
(a)
50,000
47,240
4.625%,
06/01/28
(a)
50,000
47,134
Arches
Buyer,
Inc.
6.125%,
12/01/28
(a)
50,000
44,620
Bcpe
Empire
Holdings,
Inc.
7.625%,
05/01/27
(a)
50,000
49,690
Compass
Group
Diversified
Holdings
LLC
5.250%,
04/15/29
(a)
50,000
47,836
Garda
World
Security
Corp.
6.000%,
06/01/29
(a)
75,000
71,026
Geo
Group,
Inc.
(The)
10.250%,
04/15/31
50,000
54,548
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
5.250%,
12/01/27
(a)
50,000
49,154
Match
Group
Holdings
II
LLC
4.625%,
06/01/28
(a)
50,000
47,641
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
5.750%,
04/15/26
(a)
100,000
99,978
Service
Corp.
International
4.000%,
05/15/31
75,000
66,807
Staples,
Inc.
10.750%,
09/01/29
(a)
100,000
98,460
Wash
Multifamily
Acquisition,
Inc.
5.750%,
04/15/26
(a)
50,000
49,619
Total
925,575
Consumer
Products
1.5%
Edgewell
Personal
Care
Co.
5.500%,
06/01/28
(a)
50,000
48,934
Energizer
Holdings,
Inc.
4.375%,
03/31/29
(a)
75,000
69,603
Newell
Brands,
Inc.
6.375%,
09/15/27
50,000
50,415
6.625%,
09/15/29
100,000
101,799
Perrigo
Finance
Unlimited
Co.
4.900%,
06/15/30
50,000
46,873
Tempur
Sealy
International,
Inc.
3.875%,
10/15/31
(a)
75,000
65,378
Total
383,002
Diversified
Manufacturing
1.4%
Chart
Industries,
Inc.
7.500%,
01/01/30
(a)
50,000
51,999
EMRLD
Borrower
LP
/
Emerald
Co.-Issuer,
Inc.
6.625%,
12/15/30
(a)
100,000
100,123
Griffon
Corp.
5.750%,
03/01/28
50,000
49,011
Husky
Injection
Molding
Systems
Ltd.
/
Titan
Co.-Borrower
LLC
9.000%,
02/15/29
(a)
50,000
52,254
Madison
IAQ
LLC
5.875%,
06/30/29
(a)
50,000
47,192
WESCO
Distribution,
Inc.
6.625%,
03/15/32
(a)
50,000
50,721
Total
351,300
Electric
3.0%
Calpine
Corp.
4.625%,
02/01/29
(a)
100,000
94,313
5.125%,
03/15/28
(a)
50,000
48,488
Clearway
Energy
Operating
LLC
3.750%,
02/15/31
(a)
50,000
43,512
Lightning
Power
LLC
7.250%,
08/15/32
(a)
50,000
51,462
NextEra
Energy
Operating
Partners
LP
7.250%,
01/15/29
(a)
100,000
102,344
NRG
Energy,
Inc.
3.375%,
02/15/29
(a)
50,000
45,347
3.625%,
02/15/31
(a)
50,000
43,675
5.750%,
07/15/29
(a)
50,000
49,068
PG&E
Corp.
5.000%,
07/01/28
50,000
48,838
TerraForm
Power
Operating
LLC
4.750%,
01/15/30
(a)
50,000
46,294
Vistra
Operations
Co.
LLC
4.375%,
05/01/29
(a)
100,000
94,155
6.875%,
04/15/32
(a)
100,000
102,361
Total
769,857
Environmental
0.6%
GFL
Environmental,
Inc.
4.750%,
06/15/29
(a)
50,000
48,049
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
Columbia
U.S.
High
Yield
ETF
|
2024
9
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
6.750%,
01/15/31
(a)
50,000
51,389
Wrangler
Holdco
Corp.
6.625%,
04/01/32
(a)
50,000
50,888
Total
150,326
Finance
Companies
4.2%
Firstcash
,
Inc.
5.625%,
01/01/30
(a)
50,000
48,199
Fortress
Transportation
And
Infrastructure
Investors
LLC
7.000%,
06/15/32
(a)
50,000
51,017
7.875%,
12/01/30
(a)
50,000
52,588
Freedom
Mortgage
Corp.
12.000%,
10/01/28
(a)
100,000
108,483
12.250%,
10/01/30
(a)
50,000
55,338
Goeasy
Ltd.
7.625%,
07/01/29
(a)
50,000
51,092
Nationstar
Mortgage
Holdings,
Inc.
5.125%,
12/15/30
(a)
100,000
93,311
Navient
Corp.
4.875%,
03/15/28
50,000
47,646
9.375%,
07/25/30
50,000
53,541
Onemain
Finance
Corp.
5.375%,
11/15/29
100,000
96,262
OneMain
Finance
Corp.
3.500%,
01/15/27
50,000
47,599
3.875%,
09/15/28
50,000
46,080
7.875%,
03/15/30
50,000
52,164
Pennymac
Financial
Services,
Inc.
7.875%,
12/15/29
(a)
100,000
104,773
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co.-Issuer,
Inc.
3.875%,
03/01/31
(a)
50,000
43,561
4.000%,
10/15/33
(a)
50,000
41,625
United
Wholesale
Mortgage
LLC
5.500%,
04/15/29
(a)
50,000
48,016
5.750%,
06/15/27
(a)
50,000
49,385
Total
1,090,680
Food
and
Beverage
2.8%
Aramark
Services,
Inc.
5.000%,
02/01/28
(a)
50,000
48,544
B&G
Foods,
Inc.
8.000%,
09/15/28
(a)
50,000
51,423
BellRing
Brands,
Inc.
7.000%,
03/15/30
(a)
50,000
51,244
Darling
Ingredients,
Inc.
6.000%,
06/15/30
(a)
50,000
49,331
Lamb
Weston
Holdings,
Inc.
4.375%,
01/31/32
(a)
50,000
45,234
Performance
Food
Group,
Inc.
4.250%,
08/01/29
(a)
50,000
46,386
5.500%,
10/15/27
(a)
50,000
49,562
Post
Holdings,
Inc.
4.500%,
09/15/31
(a)
50,000
44,790
4.625%,
04/15/30
(a)
50,000
46,084
5.500%,
12/15/29
(a)
100,000
96,776
Primo
Water
Holdings,
Inc.
4.375%,
04/30/29
(a)
50,000
46,512
Simmons
Foods,
Inc./Simmons
Prepared
Foods,
Inc./Simmons
Pet
Food,
Inc./Simmons
Feed
4.625%,
03/01/29
(a)
50,000
46,228
United
Natural
Foods,
Inc.
6.750%,
10/15/28
(a)
50,000
49,208
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
US
Foods,
Inc.
4.625%,
06/01/30
(a)
50,000
46,859
Total
718,181
Gaming
3.3%
Affinity
Interactive
6.875%,
12/15/27
(a)
25,000
18,678
Boyd
Gaming
Corp.
4.750%,
06/15/31
(a)
50,000
46,159
Caesars
Entertainment,
Inc.
4.625%,
10/15/29
(a)
100,000
93,684
6.000%,
10/15/32
(a)
50,000
48,205
7.000%,
02/15/30
(a)
100,000
101,832
Churchill
Downs,
Inc.
5.500%,
04/01/27
(a)
50,000
49,413
5.750%,
04/01/30
(a)
50,000
49,069
Light
&
Wonder
International,
Inc.
7.250%,
11/15/29
(a)
50,000
51,107
MGM
Resorts
International
4.750%,
10/15/28
50,000
47,854
5.500%,
04/15/27
50,000
49,634
Midwest
Gaming
Borrower
LLC
/
Midwest
Gaming
Finance
Corp.
4.875%,
05/01/29
(a)
50,000
47,148
Molina
Healthcare,
Inc.
3.875%,
11/15/30
(a)
75,000
66,733
Scientific
Games
Holdings
LP/Scientific
Games
US
Finco
,
Inc.
6.625%,
03/01/30
(a)
50,000
47,919
Station
Casinos
LLC
4.625%,
12/01/31
(a)
50,000
44,731
Wynn
Las
Vegas
LLC
/
Wynn
Las
Vegas
Capital
Corp.
5.250%,
05/15/27
(a)
50,000
49,404
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
5.125%,
10/01/29
(a)
50,000
47,891
Total
859,461
Health
Care
4.8%
AdaptHealth
LLC
5.125%,
03/01/30
(a)
50,000
45,269
Bausch
+
Lomb
Corp.
8.375%,
10/01/28
(a)
50,000
52,005
Chs
/Community
Health
Systems,
Inc.
4.750%,
02/15/31
(a)
50,000
38,842
CHS/Community
Health
Systems,
Inc.
5.250%,
05/15/30
(a)
50,000
41,104
5.625%,
03/15/27
(a)
50,000
47,947
6.000%,
01/15/29
(a)
50,000
44,744
6.875%,
04/15/29
(a)
50,000
37,687
10.875%,
01/15/32
(a)
50,000
51,586
DaVita,
Inc.
4.625%,
06/01/30
(a)
100,000
91,858
6.875%,
09/01/32
(a)
100,000
100,754
Encompass
Health
Corp.
4.750%,
02/01/30
50,000
47,455
Legacy
LifePoint
Health
LLC
4.375%,
02/15/27
(a)
50,000
47,818
LifePoint
Health,
Inc.
9.875%,
08/15/30
(a)
50,000
54,020
10.000%,
06/01/32
(a)
50,000
50,853
Medline
Borrower
LP
5.250%,
10/01/29
(a)
75,000
72,207
Prime
Healthcare
Services,
Inc.
9.375%,
09/01/29
(a)
50,000
48,700
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
10
Columbia
U.S.
High
Yield
ETF
|
2024
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Star
Parent,
Inc.
9.000%,
10/01/30
(a)
50,000
51,936
Surgery
Center
Holdings,
Inc.
7.250%,
04/15/32
(a)
50,000
51,010
Tenet
Healthcare
Corp.
5.125%,
11/01/27
70,000
68,640
6.125%,
10/01/28
100,000
99,872
6.125%,
06/15/30
50,000
49,693
6.750%,
05/15/31
50,000
50,516
Total
1,244,516
Healthcare
Insurance
0.2%
Murphy
Oil
USA,
Inc.
3.750%,
02/15/31
(a)
50,000
43,964
Healthcare
REIT
0.1%
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
4.625%,
08/01/29
50,000
35,889
Home
Construction
0.5%
Brookfield
Residential
Properties,
Inc.
/
Brookfield
Residential
US
LLC
4.875%,
02/15/30
(a)
50,000
45,331
Century
Communities,
Inc.
3.875%,
08/15/29
(a)
50,000
44,800
Mattamy
Group
Corp.
5.250%,
12/15/27
(a)
50,000
48,879
Total
139,010
Independent
Energy
4.2%
Baytex
Energy
Corp.
8.500%,
04/30/30
(a)
50,000
51,207
Civitas
Resources,
Inc.
8.375%,
07/01/28
(a)
50,000
51,957
8.750%,
07/01/31
(a)
50,000
52,130
CNX
Resources
Corp.
6.000%,
01/15/29
(a)
50,000
49,012
Crescent
Energy
Finance
LLC
7.625%,
04/01/32
(a)
50,000
49,752
Encino
Acquisition
Partners
Holdings
LLC
8.500%,
05/01/28
(a)
50,000
51,070
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
6.000%,
04/15/30
(a)
50,000
47,057
6.250%,
04/15/32
(a)
50,000
46,032
6.875%,
05/15/34
(a)
50,000
46,668
Kraken
Oil
&
Gas
Partners
LLC
7.625%,
08/15/29
(a)
50,000
48,147
Matador
Resources
Co.
6.500%,
04/15/32
(a)
50,000
49,374
McAfee
Corp.
6.750%,
03/01/29
(a)
50,000
48,792
Meg
Energy
Corp.
5.875%,
02/01/29
(a)
50,000
48,856
Northern
Oil
&
Gas,
Inc.
8.125%,
03/01/28
(a)
50,000
50,679
Permian
Resources
Operating
LLC
5.875%,
07/01/29
(a)
50,000
49,068
6.250%,
02/01/33
(a)
50,000
49,368
7.000%,
01/15/32
(a)
50,000
50,833
Range
Resources
Corp.
8.250%,
01/15/29
50,000
51,510
Saturn
Oil
&
Gas,
Inc.
9.625%,
06/15/29
(a)
48,000
46,697
SM
Energy
Co.
6.750%,
08/01/29
(a)
50,000
49,502
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Talos
Production,
Inc.
9.375%,
02/01/31
(a)
50,000
50,984
TNGR
Intermediate
Holdings
LLC
5.500%,
10/15/29
(a)
50,000
46,762
Total
1,085,457
Leisure
3.1%
Carnival
Corp.
5.750%,
03/01/27
(a)
50,000
49,835
6.000%,
05/01/29
(a)
100,000
99,794
Carnival
Holdings
Bermuda
Ltd.
10.375%,
05/01/28
(a)
100,000
106,529
Cinemark
USA,
Inc.
7.000%,
08/01/32
(a)
50,000
50,999
Life
Time,
Inc.
6.000%,
11/15/31
(a)
50,000
49,493
Live
Nation
Entertainment,
Inc.
4.750%,
10/15/27
(a)
50,000
48,316
NCL
Corp.
Ltd.
5.875%,
03/15/26
(a)
50,000
49,947
NCL
Finance
Ltd.
6.125%,
03/15/28
(a)
50,000
50,124
Royal
Caribbean
Cruises
Ltd.
6.000%,
02/01/33
(a)
100,000
99,773
SIX
Flags
Entertainment
Corp.
/
SIX
Flags
Theme
Parks,
Inc.
6.625%,
05/01/32
(a)
50,000
50,651
SIX
Flags
Entertainment
Corp./de
7.250%,
05/15/31
(a)
50,000
51,058
Viking
Cruises
Ltd.
9.125%,
07/15/31
(a)
50,000
53,727
VOC
Escrow
Ltd.
5.000%,
02/15/28
(a)
50,000
48,696
Total
808,942
Life
Insurance
0.4%
Aph
Somerset
Investor
2
LLC
/
Aph2
Somerset
Investor
2
LLC
/
Aph3
Somerset
Inves
7.875%,
11/01/29
(a)
50,000
50,713
Global
Atlantic
Fin
Co.
7.950%,
(US
5
Year
CMT
T-Note
+
3.608%),
10/15/54
(a),(b)
50,000
52,164
Total
102,877
Lodging
0.7%
Hilton
Domestic
Operating
Co.,
Inc.
3.625%,
02/15/32
(a)
50,000
43,404
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6.625%,
01/15/32
(a)
50,000
50,162
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower,
Inc.
4.875%,
07/01/31
(a)
50,000
44,711
Travel
+
Leisure
Co.
4.500%,
12/01/29
(a)
50,000
46,656
Total
184,933
Media
and
Entertainment
3.5%
AMC
Networks,
Inc.
4.250%,
02/15/29
50,000
39,126
Clear
Channel
Outdoor
Holdings,
Inc.
5.125%,
08/15/27
(a)
50,000
48,143
7.500%,
06/01/29
(a)
50,000
43,766
9.000%,
09/15/28
(a)
50,000
52,351
Gray
Television,
Inc.
10.500%,
07/15/29
(a)
50,000
50,064
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
Columbia
U.S.
High
Yield
ETF
|
2024
11
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Lamar
Media
Corp.
3.625%,
01/15/31
50,000
44,027
McGraw-Hill
Education,
Inc.
5.750%,
08/01/28
(a)
50,000
48,767
8.000%,
08/01/29
(a)
50,000
50,124
Nexstar
Media,
Inc.
5.625%,
07/15/27
(a)
100,000
97,465
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
4.625%,
03/15/30
(a)
50,000
46,165
Paramount
Global
6.375%,
(US
5
Year
CMT
T-Note
+
3.999%),
03/30/62
(b)
50,000
48,317
ROBLOX
Corp.
3.875%,
05/01/30
(a)
50,000
45,065
TEGNA,
Inc.
4.625%,
03/15/28
100,000
94,888
Univision
Communications,
Inc.
4.500%,
05/01/29
(a)
50,000
44,659
6.625%,
06/01/27
(a)
50,000
49,838
7.375%,
06/30/30
(a)
50,000
47,883
8.000%,
08/15/28
(a)
50,000
50,914
Total
901,562
Metals
and
Mining
1.5%
Alcoa
Nederland
Holding
BV
7.125%,
03/15/31
(a)
50,000
51,672
Arsenal
AIC
Parent
LLC
11.500%,
10/01/31
(a)
50,000
55,863
Cleveland-Cliffs,
Inc.
7.000%,
03/15/32
(a)
100,000
98,186
Compass
Minerals
International,
Inc.
6.750%,
12/01/27
(a)
50,000
49,241
Kaiser
Aluminum
Corp.
4.500%,
06/01/31
(a)
50,000
44,114
Novelis
Corp.
4.750%,
01/30/30
(a)
100,000
92,718
Total
391,794
Midstream
6.7%
AmeriGas
Partners
LP
/
Amerigas
Finance
Corp.
5.750%,
05/20/27
50,000
46,424
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp.
5.750%,
03/01/27
(a)
50,000
49,716
6.625%,
02/01/32
(a)
50,000
50,386
Blue
Racer
Midstream
LLC
/
Blue
Racer
Finance
Corp.
7.250%,
07/15/32
(a)
50,000
51,377
Buckeye
Partners
LP
6.875%,
07/01/29
(a)
50,000
50,576
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp.
8.625%,
03/15/29
(a)
50,000
51,712
EQM
Midstream
Partners
LP
4.750%,
01/15/31
(a)
50,000
47,034
6.375%,
04/01/29
(a)
50,000
50,177
Ferrellgas
LP
/
Ferrellgas
Finance
Corp.
5.375%,
04/01/26
(a)
50,000
49,286
5.875%,
04/01/29
(a)
50,000
45,740
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.000%,
01/15/27
18,000
18,300
8.250%,
01/15/29
50,000
50,421
Harvest
Midstream
I
LP
7.500%,
05/15/32
(a)
50,000
50,902
Hess
Midstream
Operations
LP
4.250%,
02/15/30
(a)
50,000
46,165
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
5.125%,
06/15/28
(a)
50,000
48,651
Howard
Midstream
Energy
Partners
LLC
8.875%,
07/15/28
(a)
100,000
104,929
ITT
Holdings
LLC
6.500%,
08/01/29
(a)
50,000
45,730
Kinetik
Holdings
LP
6.625%,
12/15/28
(a)
50,000
51,081
New
Fortress
Energy,
Inc.
6.500%,
09/30/26
(a)
50,000
48,113
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%,
02/15/29
(a)
50,000
50,676
8.375%,
02/15/32
(a)
50,000
50,379
Nustar
Logistics
LP
6.375%,
10/01/30
50,000
50,128
NuStar
Logistics
LP
6.000%,
06/01/26
50,000
50,032
Sunoco
LP
7.000%,
05/01/29
(a)
50,000
51,310
Sunoco
LP
/
Sunoco
Finance
Corp.
4.500%,
04/30/30
50,000
46,302
7.000%,
09/15/28
(a)
50,000
51,124
Tallgrass
Energy
Partners
LP
/
Tallgrass
Energy
Finance
Corp.
5.500%,
01/15/28
(a)
50,000
48,125
6.000%,
12/31/30
(a)
50,000
47,390
Venture
Global
LNG,
Inc.
8.125%,
06/01/28
(a)
100,000
104,018
9.500%,
02/01/29
(a)
100,000
110,511
9.875%,
02/01/32
(a)
100,000
109,883
Total
1,726,598
Oil
Field
Services
2.6%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.625%,
09/01/32
(a)
50,000
50,030
Enerflex
Ltd.
9.000%,
10/15/27
(a)
46,000
47,960
Nabors
Industries,
Inc.
8.875%,
08/15/31
(a)
50,000
46,434
9.125%,
01/31/30
(a)
60,000
60,970
Noble
Finance
II
LLC
8.000%,
04/15/30
(a)
50,000
50,487
Transocean
Titan
Financing
Ltd.
8.375%,
02/01/28
(a)
50,000
51,005
Transocean,
Inc.
8.500%,
05/15/31
(a)
50,000
49,031
8.750%,
02/15/30
(a)
42,500
43,850
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp.
7.125%,
03/15/29
(a)
50,000
50,862
Valaris
Ltd.
8.375%,
04/30/30
(a)
50,000
50,548
Venture
Global
LNG,
Inc.
8.375%,
06/01/31
(a)
100,000
104,281
Weatherford
International
Ltd.
8.625%,
04/30/30
(a)
50,000
51,674
Total
657,132
Other
Financial
Institutions
1.3%
Credit
Acceptance
Corp.
9.250%,
12/15/28
(a)
50,000
52,818
Howard
Hughes
Corp.
(The)
4.125%,
02/01/29
(a)
50,000
46,140
5.375%,
08/01/28
(a)
50,000
48,574
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp.
6.250%,
05/15/26
30,000
29,770
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
12
Columbia
U.S.
High
Yield
ETF
|
2024
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
9.750%,
01/15/29
50,000
50,134
Kennedy-Wilson,
Inc.
4.750%,
03/01/29
15,000
13,540
4.750%,
02/01/30
50,000
44,190
Nationstar
Mortgage
Holdings,
Inc.
5.500%,
08/15/28
(a)
50,000
48,563
Total
333,729
Other
Industry
0.8%
Arcosa
,
Inc.
6.875%,
08/15/32
(a)
50,000
50,816
Brand
Industrial
Services,
Inc.
10.375%,
08/01/30
(a)
50,000
50,950
Hillenbrand,
Inc.
6.250%,
02/15/29
50,000
50,021
Williams
Scotsman,
Inc.
6.625%,
06/15/29
(a)
50,000
50,580
Total
202,367
Other
REIT
1.7%
Ladder
Capital
Finance
Holdings
LLLP
/
Ladder
Capital
Finance
Corp.
4.750%,
06/15/29
(a)
50,000
47,177
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co.-Issuer
4.875%,
05/15/29
(a)
50,000
47,028
Rhp
Hotel
Properties
LP
/
Rhp
Finance
Corp.
6.500%,
04/01/32
(a)
100,000
100,468
Rlj
Lodging
Trust
LP
4.000%,
09/15/29
(a)
50,000
45,244
Service
Properties
Trust
8.625%,
11/15/31
(a)
50,000
52,103
Starwood
Property
Trust,
Inc.
7.250%,
04/01/29
(a)
100,000
102,511
XHR
LP
4.875%,
06/01/29
(a)
50,000
47,159
Total
441,690
Packaging
1.8%
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
3.250%,
09/01/28
(a)
50,000
44,786
4.000%,
09/01/29
(a)
50,000
42,960
Clydesdale
Acquisition
Holdings,
Inc.
6.625%,
04/15/29
(a)
50,000
50,337
8.750%,
04/15/30
(a)
50,000
50,662
Labl
,
Inc.
5.875%,
11/01/28
(a)
50,000
44,625
Mauser
Packaging
Solutions
Holding
Co.
7.875%,
04/15/27
(a)
75,000
76,443
9.250%,
04/15/27
(a)
50,000
50,663
Owens-Brockway
Glass
Container,
Inc.
7.250%,
05/15/31
(a)
50,000
48,749
Pactiv
Evergreen
Group
Issuer
LLC
/ Pactiv
Evergreen
Group
Issuer,
Inc.
4.375%,
10/15/28
(a)
50,000
49,969
Total
459,194
Paper
0.2%
Veritiv
Operating
Co.
10.500%,
11/30/30
(a)
50,000
53,885
Pharmaceuticals
1.8%
Bausch
Health
Cos.,
Inc.
4.875%,
06/01/28
(a)
100,000
80,177
5.750%,
08/15/27
(a)
25,000
21,757
11.000%,
09/30/28
(a)
25,000
23,744
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Elanco
Animal
Health,
Inc.
6.650%,
08/28/28
50,000
50,853
ENDO
Finance
Holdings,
Inc.
8.500%,
04/15/31
(a)
50,000
52,908
Grifols
SA
4.750%,
10/15/28
(a)
100,000
91,940
Organon
&
Co.
/
Organon
Foreign
Debt
Co.-Issuer
BV
4.125%,
04/30/28
(a)
50,000
46,988
5.125%,
04/30/31
(a)
50,000
44,959
7.875%,
05/15/34
(a)
50,000
51,068
Total
464,394
Property
&
Casualty
3.1%
Acrisure
LLC
/
Acrisure
Finance,
Inc.
4.250%,
02/15/29
(a)
50,000
47,046
8.500%,
06/15/29
(a)
50,000
52,034
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co.-Issuer
6.750%,
10/15/27
(a)
50,000
49,587
6.750%,
04/15/28
(a)
50,000
50,043
7.000%,
01/15/31
(a)
50,000
50,191
Amwins
Group,
Inc.
4.875%,
06/30/29
(a)
50,000
46,918
BroadStreet
Partners,
Inc.
5.875%,
04/15/29
(a)
50,000
48,366
HUB
International
Ltd.
7.250%,
06/15/30
(a)
100,000
102,535
7.375%,
01/31/32
(a)
50,000
50,718
Jones
Deslauriers
Insurance
Management,
Inc.
10.500%,
12/15/30
(a)
50,000
53,974
Liberty
Mutual
Group,
Inc.
4.125%,
(US
5
Year
CMT
T-Note
+
3.315%),
12/15/51
(a),(b)
50,000
47,508
Panther
Escrow
Issuer
LLC
7.125%,
06/01/31
(a)
100,000
100,983
Usi
,
Inc./NY
7.500%,
01/15/32
(a)
100,000
103,408
Total
803,311
Railroads
0.4%
Genesee
&
Wyoming,
Inc.
6.250%,
04/15/32
(a)
50,000
50,263
Watco
Cos.
LLC
/
Watco
Finance
Corp.
7.125%,
08/01/32
(a)
50,000
51,577
Total
101,840
Refining
0.2%
PBF
Holding
Co.
LLC
/
PBF
Finance
Corp.
7.875%,
09/15/30
(a)
50,000
49,074
Restaurants
1.3%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.000%,
10/15/30
(a)
100,000
89,435
6.125%,
06/15/29
(a)
50,000
50,177
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co.,
Inc.
6.750%,
01/15/30
(a)
100,000
92,203
Yum!
Brands,
Inc.
5.375%,
04/01/32
100,000
96,968
Total
328,783
Retail
REIT
0.2%
Brookfield
Property
REIT,
Inc.
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
Ggsi
Sellco
LLC
4.500%,
04/01/27
(a)
50,000
47,427
Retailers
4.6%
Asbury
Automotive
Group,
Inc.
5.000%,
02/15/32
(a)
50,000
45,761
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
Columbia
U.S.
High
Yield
ETF
|
2024
13
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Bath
&
Body
Works,
Inc.
6.875%,
11/01/35
75,000
76,691
Carvana
Co.
9.000%,
12/01/28
(a),(c)
42,971
45,874
13.000%,
06/01/30
(a),(c)
50,000
55,066
14.000%,
06/01/31
(a),(c)
50,000
59,958
Gap,
Inc.
(The)
3.875%,
10/01/31
(a)
50,000
43,162
Group
1
Automotive,
Inc.
6.375%,
01/15/30
(a)
50,000
50,198
Hanesbrands,
Inc.
9.000%,
02/15/31
(a)
50,000
53,309
Lcm
Investments
Holdings
II
LLC
8.250%,
08/01/31
(a)
50,000
51,820
Lithia
Motors,
Inc.
4.375%,
01/15/31
(a)
50,000
45,370
Mavis
Tire
Express
Services
Topco
Corp.
6.500%,
05/15/29
(a)
50,000
47,840
Miter
Brands
Acquisition
Holdco,
Inc.
/
Miwd
Borrower
LLC
6.750%,
04/01/32
(a)
50,000
50,271
NCL
Corp.
Ltd.
8.125%,
01/15/29
(a)
50,000
52,669
Nordstrom,
Inc.
5.000%,
01/15/44
50,000
37,359
PetSmart,
Inc.
/
PetSmart
Finance
Corp.
4.750%,
02/15/28
(a)
50,000
47,169
7.750%,
02/15/29
(a)
50,000
48,319
Qvc
,
Inc.
4.750%,
02/15/27
50,000
45,600
Sonic
Automotive,
Inc.
4.875%,
11/15/31
(a)
50,000
44,810
Victoria's
Secret
&
Co.
4.625%,
07/15/29
(a)
50,000
45,417
Walgreens
Boots
Alliance,
Inc.
4.800%,
11/18/44
50,000
35,797
8.125%,
08/15/29
100,000
98,772
Wand
Newco
3,
Inc.
7.625%,
01/30/32
(a)
50,000
51,420
Wolverine
World
Wide,
Inc.
4.000%,
08/15/29
(a)
50,000
43,844
Total
1,176,496
Technology
8.4%
Amentum
Holdings,
Inc.
7.250%,
08/01/32
(a)
50,000
50,428
AthenaHealth
Group
Inc.
6.500%,
02/15/30
(a)
75,000
71,314
Block,
Inc.
6.500%,
05/15/32
(a)
50,000
50,513
Boost
Newco
Borrower
LLC
7.500%,
01/15/31
(a)
75,000
78,570
Capstone
Borrower,
Inc.
8.000%,
06/15/30
(a)
50,000
51,776
Central
Parent,
Inc.
/
CDK
Global,
Inc.
7.250%,
06/15/29
(a)
50,000
49,474
Cloud
Software
Group,
Inc.
6.500%,
03/31/29
(a)
150,000
147,211
8.250%,
06/30/32
(a)
100,000
103,105
9.000%,
09/30/29
(a)
150,000
152,345
Conduent
Business
Services
LLC
/
Conduent
State
&
Local
Solutions,
Inc.
6.000%,
11/01/29
(a)
50,000
47,566
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Fortress
Intermediate
3,
Inc.
7.500%,
06/01/31
(a)
50,000
50,939
Gen
Digital,
Inc.
6.750%,
09/30/27
(a)
50,000
50,691
Helios
Software
Holdings,
Inc.
/
ION
Corporate
Solutions
Finance
Sarl
8.750%,
05/01/29
(a)
50,000
51,215
Imola
Merger
Corp.
4.750%,
05/15/29
(a)
50,000
47,524
Iron
Mountain,
Inc.
4.500%,
02/15/31
(a)
100,000
91,421
4.875%,
09/15/29
(a)
50,000
47,402
5.000%,
07/15/28
(a)
50,000
48,258
5.250%,
03/15/28
(a)
100,000
97,884
7.000%,
02/15/29
(a)
50,000
51,107
McAfee
Corp.
7.375%,
02/15/30
(a)
50,000
48,666
NCR
Atleos
Corp.
9.500%,
04/01/29
(a)
50,000
54,091
NCR
Voyix
Corp.
5.125%,
04/15/29
(a)
15,000
14,354
Neptune
Bidco
US,
Inc.
9.290%,
04/15/29
(a)
75,000
69,810
Open
Text
Corp.
3.875%,
12/01/29
(a)
50,000
45,322
Open
Text
Holdings,
Inc.
4.125%,
02/15/30
(a)
50,000
45,434
Sabre
Glbl
,
Inc.
10.750%,
11/15/29
(a)
54,000
55,717
Seagate
HDD
Cayman
9.625%,
12/01/32
50,000
56,358
Sensata
Technologies,
Inc.
3.750%,
02/15/31
(a)
50,000
43,644
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
08/15/32
(a)
50,000
50,870
SS&C
Technologies,
Inc.
5.500%,
09/30/27
(a)
50,000
49,453
6.500%,
06/01/32
(a)
50,000
50,444
Twilio
,
Inc.
3.875%,
03/15/31
50,000
44,837
UKG,
Inc.
6.875%,
02/01/31
(a)
100,000
101,473
Western
Digital
Corp.
4.750%,
02/15/26
50,000
49,500
Xerox
Holdings
Corp.
8.875%,
11/30/29
(a)
50,000
44,885
Total
2,163,601
Transportation
Services
0.6%
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance,
Inc.
5.375%,
03/01/29
(a)
50,000
46,828
8.000%,
02/15/31
(a)
50,000
51,165
Rand
Parent
LLC
8.500%,
02/15/30
(a)
50,000
50,280
Total
148,273
Wirelines
2.5%
Consolidated
Communications,
Inc.
6.500%,
10/01/28
(a)
50,000
48,149
Frontier
Communications
Holdings
LLC
5.000%,
05/01/28
(a)
75,000
73,601
6.000%,
01/15/30
(a)
100,000
99,766
8.625%,
03/15/31
(a)
50,000
53,170
PORTFOLIO
OF
INVESTMENTS
(continued)
Columbia
U.S.
High
Yield
ETF
December
31,
2024
(Unaudited)
14
Columbia
U.S.
High
Yield
ETF
|
2024
Notes
to
Portfolio
of
Investments
Corporate
Bonds
(continued)
Issue
Description
Principal
Amount
($)
Value
($)
Level
3
Financing,
Inc.
10.500%,
04/15/29
(a)
50,000
55,703
10.750%,
12/15/30
(a)
50,000
56,046
11.000%,
11/15/29
(a)
100,000
112,563
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC
10.500%,
02/15/28
(a)
100,000
106,596
Zayo
Group
Holdings,
Inc.
4.000%,
03/01/27
(a)
50,000
46,087
Total
651,681
Total
Corporate
Bonds
(Cost
$25,596,891)
25,314,143
Total
Investments
in
Securities
(Cost
$25,596,891)
25,314,143
Other
Assets
&
Liabilities,
Net
416,311
Net
Assets
25,730,454
(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
December
31,
2024,
the
total
value
of
these
securities
amounted
to
$22,143,753,
which
represents
86.06%
of
total
net
assets.
(b)
Variable
rate
security.
The
interest
rate
shown
was
the
current
rate
as
of
December
31,
2024.
(c)
Payment-in-kind
security.
Interest
can
be
paid
by
issuing
additional
par
of
the
security
or
in
cash.
Investments
are
valued
using
policies
described
in
the
Notes
to
Financial
Statements
in
the
most
recent
shareholder
report.
You
may
at
any
time
request,
free
of
charge,
to
receive
a
paper
copy
of
this
report
by
calling
800.345.6611.