Your cottonwood’s yellow-spotted leaves falling in clusters with blackened twig tips indicate cottonwood leaf rust (Melampsora spp.). Yellow/orange pustules on leaf undersides release spores in midsummer; dark brown pustules follow in fall. The fungus needs an alternate host (often a conifer like larch or pine) to complete its cycle.
See this resource for details.
Cottonwood Leaf Rust: Same Disease, Same Advice
Cottonwood Leaf Rust in Spring: Same Disease, Wet Site
Canadian Red Chokecherry Leaf Scorch: Overwatering and Fungal Risk
Why "Cottonless" Cottonwood Is Producing Cotton
Poplar Leaf Spot: Fungus, Not Insects—Sanitation + Fungicide
Pin Oak Grove Decline: Drought, Insects, and Galls—Sorting the Damage
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