1 | |
1 | |
4 | |
7 | |
10 | |
11 | |
12 | |
14 | |
16 | |
35 | |
36 | |
42 | |
43 |
Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—97.1% | ||||
MONEY MARKET FUNDS—4.3% | ||||
Invesco Government & Agency Portfolio, 4.50% (a) | 37,978,799 | $ 37,978,799 | ||
Total Money Market Funds | 37,978,799 | |||
U.S. TREASURIES—92.8% | ||||
U.S. Treasury Bills | ||||
5.025%, 07/05/2023 (b) | $ | 37,000,000 | 36,989,910 | |
4.17%, 07/06/2023 (b) | 45,000,000 | 44,981,451 | ||
4.83%, 07/11/2023 (b) | 40,000,000 | 39,955,756 | ||
4.86%, 07/13/2023 (b)(c) | 45,000,000 | 44,937,104 | ||
5.085%, 07/18/2023 (b) | 38,000,000 | 37,920,932 | ||
5.00%, 07/20/2023 (b) | 30,000,000 | 29,929,096 | ||
5.00%, 07/20/2023 (b)(c) | 15,000,000 | 14,964,548 | ||
5.015%, 07/25/2023 (b) | 40,000,000 | 39,878,175 | ||
4.99%, 07/27/2023 (b) | 37,000,000 | 36,876,358 | ||
5.15%, 08/01/2023 (b) | 37,000,000 | 36,849,333 | ||
5.08%, 08/03/2023 (b) | 40,000,000 | 39,824,678 | ||
5.05%, 08/08/2023 (b) | 37,000,000 | 36,810,467 | ||
5.07%, 08/10/2023 (b)(c) | 1,000,000 | 994,590 | ||
5.07%, 08/10/2023 (b) | 39,000,000 | 38,789,021 | ||
5.07%, 08/15/2023 (b) | 38,000,000 | 37,766,436 | ||
5.09%, 08/17/2023 (b) | 35,000,000 | 34,774,228 | ||
5.12%, 08/22/2023 (b) | 40,000,000 | 39,713,565 | ||
5.19%, 08/24/2023 (b)(c) | 40,000,000 | 39,700,952 | ||
5.155%, 08/31/2023 (b) | 38,000,000 | 37,678,771 | ||
5.15%, 09/07/2023 (b) | 37,000,000 | 36,650,701 | ||
5.09%, 09/14/2023 (b) | 38,000,000 | 37,602,766 | ||
5.14%, 09/21/2023 (b)(c) | 38,000,000 | 37,564,196 | ||
5.17%, 09/28/2023 (b) | 40,000,000 | 39,500,838 | ||
Total U.S. Treasuries | 820,653,872 | |||
Total Short-Term Investments | 858,632,671 | |||
Total Investments (Cost $858,418,140)—97.1% |
858,632,671 | |||
Other Assets in Excess of Liabilities—2.9% | 25,295,811 | |||
Net Assets—100.0% | $883,928,482 |
| |
(a) | The rate shown is the 7 day yield as of June 30, 2023. |
(b) | The rate shown is the discount yield at the time of purchase. |
(c) | All or a portion of the security pledged as collateral for Futures Contracts, with a total collateral value of $166,986,510. |
Federal Tax Cost | $858,436,504 |
Unrealized Appreciation | $3,005,355 |
Unrealized Depreciation | (18,187,770) |
Net Unrealized Appreciation (Depreciation) | $(15,182,415) |
1
At June 30, 2023, the Fund held the following futures contracts: |
Futures Contracts | Number
of Contracts Long/(Short) |
Expiration Date |
Notional Amount |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
Long Contract Positions | |||||
Aluminum LME * | 678 | 7/17/2023 | $39,705,855 | $35,950,950 | $(3,754,905) |
Aluminum LME * | 675 | 9/18/2023 | 37,772,809 | 36,239,063 | (1,533,746) |
Brent Crude Oil | 866 | 7/31/2023 | 65,421,964 | 65,305,060 | (116,904) |
Coffee | 453 | 9/19/2023 | 31,050,208 | 27,010,125 | (4,040,083) |
Copper | 503 | 9/27/2023 | 47,728,719 | 47,275,712 | (453,007) |
Corn | 1,587 | 9/14/2023 | 42,481,799 | 38,762,475 | (3,719,324) |
Cotton | 343 | 12/06/2023 | 13,918,943 | 13,783,455 | (135,488) |
Gasoline | 219 | 8/31/2023 | 22,061,046 | 22,650,075 | 589,029 |
Gold | 747 | 8/29/2023 | 152,466,841 | 144,126,180 | (8,340,661) |
KC Wheat | 397 | 9/14/2023 | 15,812,170 | 15,880,000 | 67,830 |
Lead LME * | 161 | 7/17/2023 | 8,551,095 | 8,458,538 | (92,557) |
Lead LME * | 161 | 9/18/2023 | 8,298,956 | 8,462,563 | 163,607 |
Lean Hog | 511 | 8/14/2023 | 17,426,905 | 18,927,440 | 1,500,535 |
Live Cattle | 498 | 8/31/2023 | 32,230,098 | 35,293,260 | 3,063,162 |
Low Sulfur Gasoil | 305 | 9/12/2023 | 21,032,191 | 21,372,875 | 340,684 |
Natural Gas | 2,203 | 8/29/2023 | 53,294,233 | 61,111,220 | 7,816,987 |
New York Harbor ULSD | 161 | 8/31/2023 | 15,980,415 | 16,512,804 | 532,389 |
Nickel LME * | 157 | 7/17/2023 | 22,411,329 | 19,211,148 | (3,200,181) |
Nickel LME * | 156 | 9/18/2023 | 19,912,996 | 19,196,424 | (716,572) |
Silver | 360 | 9/27/2023 | 43,545,282 | 41,436,000 | (2,109,282) |
Soybean Meal | 696 | 12/14/2023 | 25,771,944 | 27,652,080 | 1,880,136 |
Soybean Oil | 730 | 11/14/2023 | 44,171,904 | 49,028,625 | 4,856,721 |
Soybean Oil | 811 | 12/14/2023 | 25,157,073 | 28,694,802 | 3,537,729 |
Sugar | 1,133 | 9/29/2023 | 31,426,218 | 28,919,598 | (2,506,620) |
Wheat | 708 | 9/14/2023 | 22,817,523 | 23,045,400 | 227,877 |
WTI Crude Oil | 988 | 8/22/2023 | 69,193,643 | 69,930,640 | 736,997 |
Zinc LME * | 365 | 7/17/2023 | 25,538,372 | 21,774,531 | (3,763,841) |
Zinc LME * | 362 | 9/18/2023 | 21,607,684 | 21,622,713 | 15,029 |
$(9,154,459) | |||||
Short Contract Positions | |||||
Aluminum LME * | (678) | 7/17/2023 | (37,729,796) | (35,950,950) | 1,778,846 |
Aluminum LME * | (2) | 9/18/2023 | (112,692) | (107,375) | 5,317 |
Lead LME * | (161) | 7/17/2023 | (8,304,371) | (8,458,538) | (154,167) |
Lead LME * | (1) | 9/18/2023 | (52,927) | (52,563) | 364 |
Nickel LME * | (157) | 7/17/2023 | (20,171,503) | (19,211,148) | 960,355 |
Zinc LME * | (365) | 7/17/2023 | (21,972,226) | (21,774,531) | 197,695 |
Zinc LME * | (1) | 9/18/2023 | (62,145) | (59,731) | 2,414 |
$2,790,824 | |||||
$(6,363,635) |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
Commodity Allocation Summary* | |
Agriculture | 28.4% |
Energy | 27.8% |
Precious Metals | 22.1% |
Base Metals | 16.1% |
Livestock | 5.6% |
100.0% |
2
| |
* | Based on notional value of futures contracts. Short-term investments held as collateral for futures contracts have been excluded. Holdings and allocations are subject to change. |
3
Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—99.5% | ||||
MONEY MARKET FUNDS—1.8% | ||||
Invesco Government & Agency Portfolio, 4.50% (a) | 4,485,654 | $ 4,485,654 | ||
Total Money Market Funds | 4,485,654 | |||
U.S. TREASURIES—97.7% | ||||
U.S. Treasury Bills | ||||
4.98%, 07/05/2023 (b) | $ | 13,000,000 | 12,996,455 | |
4.71%, 07/06/2023 (b) | 12,000,000 | 11,995,054 | ||
4.925%, 07/11/2023 (b) | 12,000,000 | 11,986,727 | ||
4.86%, 07/13/2023 (b)(c) | 13,000,000 | 12,981,830 | ||
5.145%, 07/18/2023 (b) | 12,000,000 | 11,975,031 | ||
5.00%, 07/20/2023 (b)(c) | 13,000,000 | 12,969,275 | ||
5.04%, 07/25/2023 (b) | 12,000,000 | 11,963,452 | ||
4.99%, 07/27/2023 (b) | 8,000,000 | 7,973,267 | ||
5.15%, 08/01/2023 (b) | 12,000,000 | 11,951,135 | ||
5.095%, 08/03/2023 (b) | 13,000,000 | 12,943,020 | ||
5.05%, 08/08/2023 (b) | 12,000,000 | 11,938,530 | ||
5.07%, 08/10/2023 (b)(c) | 13,000,000 | 12,929,674 | ||
5.06%, 08/15/2023 (b) | 12,000,000 | 11,926,243 | ||
5.09%, 08/17/2023 (b) | 13,000,000 | 12,916,142 | ||
5.12%, 08/22/2023 (b) | 9,000,000 | 8,935,552 | ||
5.19%, 08/24/2023 (b)(c) | 13,000,000 | 12,902,809 | ||
5.24%, 08/31/2023 (b)(c) | 12,000,000 | 11,898,559 | ||
5.15%, 09/07/2023 (b) | 12,000,000 | 11,886,714 | ||
5.10%, 09/14/2023 (b) | 11,000,000 | 10,885,011 | ||
5.14%, 09/21/2023 (b)(c) | 12,000,000 | 11,862,378 | ||
5.17%, 09/28/2023 (b) | 9,000,000 | 8,887,688 | ||
Total U.S. Treasuries | 246,704,546 | |||
Total Short-Term Investments | 251,190,200 | |||
Total Investments (Cost $251,125,277)—99.5% |
251,190,200 | |||
Other Assets in Excess of Liabilities—0.5% | 1,373,989 | |||
Net Assets—100.0% | $252,564,189 |
| |
(a) | The rate shown is the 7 day yield as of June 30, 2023. |
(b) | The rate shown is the discount yield at the time of purchase. |
(c) | All or a portion of the security pledged as collateral for Futures Contracts, with a total collateral value of $53,336,314. |
Federal Tax Cost | $251,126,661 |
Unrealized Appreciation | $8,963,508 |
Unrealized Depreciation | (17,844,535) |
Net Unrealized Appreciation (Depreciation) | $(8,881,027) |
4
At June 30, 2023, the Fund held the following futures contracts: |
Futures Contracts | Number
of Contracts Long/(Short) |
Expiration Date |
Notional Amount |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
Long Contract Positions | |||||
Aluminum LME * | 218 | 7/17/2023 | $13,809,214 | $11,559,450 | $(2,249,764) |
Aluminum LME * | 203 | 9/18/2023 | 12,110,364 | 10,898,563 | (1,211,801) |
Aluminum LME * | 201 | 11/13/2023 | 11,712,490 | 10,901,738 | (810,752) |
Brent Crude Oil | 245 | 11/30/2023 | 17,982,905 | 18,291,700 | 308,795 |
Coffee | 128 | 12/18/2023 | 8,694,933 | 7,588,800 | (1,106,133) |
Copper | 143 | 12/27/2023 | 13,855,996 | 13,484,900 | (371,096) |
Corn | 449 | 12/14/2023 | 11,740,286 | 11,107,138 | (633,148) |
Cotton | 97 | 12/06/2023 | 3,988,140 | 3,897,945 | (90,195) |
Gasoline | 62 | 10/31/2023 | 5,509,444 | 5,614,745 | 105,301 |
Gold | 211 | 12/27/2023 | 43,889,658 | 41,524,800 | (2,364,858) |
KC Wheat | 112 | 12/14/2023 | 4,635,111 | 4,481,400 | (153,711) |
Lead LME * | 52 | 7/17/2023 | 2,876,466 | 2,731,950 | (144,516) |
Lead LME * | 48 | 9/18/2023 | 2,515,125 | 2,523,000 | 7,875 |
Lead LME * | 48 | 11/13/2023 | 2,561,100 | 2,515,800 | (45,300) |
Lean Hog | 145 | 12/14/2023 | 4,278,702 | 4,358,700 | 79,998 |
Live Cattle | 141 | 12/29/2023 | 10,083,368 | 10,350,810 | 267,442 |
Low Sulfur Gasoil | 86 | 11/10/2023 | 5,895,859 | 5,994,200 | 98,341 |
Natural Gas | 624 | 10/27/2023 | 18,767,456 | 20,036,640 | 1,269,184 |
New York Harbor ULSD | 46 | 10/31/2023 | 4,608,679 | 4,695,919 | 87,240 |
Nickel LME * | 51 | 7/17/2023 | 8,350,213 | 6,240,564 | (2,109,649) |
Nickel LME * | 47 | 9/18/2023 | 6,698,783 | 5,783,538 | (915,245) |
Nickel LME * | 46 | 11/13/2023 | 6,459,803 | 5,697,192 | (762,611) |
Silver | 102 | 12/27/2023 | 13,299,159 | 11,901,870 | (1,397,289) |
Soybean Meal | 197 | 12/14/2023 | 8,510,933 | 7,826,810 | (684,123) |
Soybean Oil | 207 | 11/14/2023 | 14,045,672 | 13,902,637 | (143,035) |
Soybean Oil | 230 | 12/14/2023 | 7,693,786 | 8,137,860 | 444,074 |
Sugar | 321 | 2/29/2024 | 8,880,458 | 8,229,413 | (651,045) |
Wheat | 200 | 12/14/2023 | 6,727,621 | 6,692,500 | (35,121) |
WTI Crude Oil | 280 | 10/20/2023 | 19,859,250 | 19,762,400 | (96,850) |
Zinc LME * | 117 | 7/17/2023 | 9,327,855 | 6,979,781 | (2,348,074) |
Zinc LME * | 109 | 9/18/2023 | 8,000,359 | 6,510,706 | (1,489,653) |
Zinc LME * | 108 | 11/13/2023 | 7,151,782 | 6,454,350 | (697,432) |
$(17,843,151) | |||||
Short Contract Positions | |||||
Aluminum LME * | (218) | 7/17/2023 | (12,959,085) | (11,559,450) | 1,399,635 |
Aluminum LME * | (203) | 9/18/2023 | (11,699,675) | (10,898,563) | 801,112 |
Aluminum LME * | (11) | 11/13/2023 | (621,061) | (596,613) | 24,448 |
Lead LME * | (52) | 7/17/2023 | (2,718,464) | (2,731,950) | (13,486) |
Lead LME * | (48) | 9/18/2023 | (2,554,646) | (2,523,000) | 31,646 |
Lead LME * | (3) | 11/13/2023 | (157,519) | (157,238) | 281 |
Nickel LME * | (51) | 7/17/2023 | (7,365,469) | (6,240,564) | 1,124,905 |
Nickel LME * | (47) | 9/18/2023 | (6,557,696) | (5,783,538) | 774,158 |
Nickel LME * | (2) | 11/13/2023 | (266,728) | (247,704) | 19,024 |
Zinc LME * | (117) | 7/17/2023 | (8,692,494) | (6,979,781) | 1,712,713 |
Zinc LME * | (109) | 9/18/2023 | (7,202,656) | (6,510,706) | 691,950 |
Zinc LME * | (6) | 11/13/2023 | (364,846) | (358,575) | 6,271 |
$6,572,657 | |||||
$(11,270,494) |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
5
Commodity Allocation Summary* | |
Agriculture | 28.4% |
Energy | 27.6% |
Precious Metals | 21.7% |
Base Metals | 16.8% |
Livestock | 5.5% |
100.0% |
| |
* | Based on notional value of futures contracts. Short-term investments held as collateral for futures contracts have been excluded. Holdings and allocations are subject to change. |
6
Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—105.1% | ||||
MONEY MARKET FUNDS—3.3% | ||||
Invesco Government & Agency Portfolio, 4.50% (a) | 759,074 | $ 759,074 | ||
Total Money Market Funds | 759,074 | |||
U.S. TREASURIES—101.8% | ||||
U.S. Treasury Bills | ||||
4.98%, 07/05/2023 (b) | $ | 1,200,000 | 1,199,673 | |
4.83%, 07/11/2023 (b) | 1,200,000 | 1,198,673 | ||
4.97%, 07/13/2023 (b) | 1,200,000 | 1,198,323 | ||
5.17%, 07/18/2023 (b) | 1,200,000 | 1,197,503 | ||
5.00%, 07/20/2023 (b) | 1,200,000 | 1,197,164 | ||
5.08%, 07/25/2023 (b) | 1,200,000 | 1,196,345 | ||
4.99%, 07/27/2023 (b)(c) | 1,200,000 | 1,195,990 | ||
5.15%, 08/01/2023 (b) | 1,200,000 | 1,195,113 | ||
5.10%, 08/03/2023 (b)(c) | 1,200,000 | 1,194,740 | ||
5.05%, 08/08/2023 (b) | 1,200,000 | 1,193,853 | ||
5.07%, 08/10/2023 (b)(c) | 1,200,000 | 1,193,508 | ||
5.06%, 08/15/2023 (b) | 1,200,000 | 1,192,624 | ||
5.09%, 08/17/2023 (b) | 1,200,000 | 1,192,259 | ||
5.02%, 08/22/2023 (b) | 1,200,000 | 1,191,407 | ||
5.19%, 08/24/2023 (b)(c) | 1,200,000 | 1,191,029 | ||
5.24%, 08/31/2023 (b) | 1,200,000 | 1,189,856 | ||
5.15%, 09/07/2023 (b)(c) | 1,200,000 | 1,188,671 | ||
5.09%, 09/14/2023 (b) | 1,200,000 | 1,187,456 | ||
5.14%, 09/21/2023 (b)(c) | 1,200,000 | 1,186,238 | ||
5.17%, 09/28/2023 (b) | 1,000,000 | 987,521 | ||
Total U.S. Treasuries | 23,667,946 | |||
Total Short-Term Investments | 24,427,020 | |||
Total Investments (Cost $24,420,780)—105.1% |
24,427,020 | |||
Liabilities in Excess of Other Assets—(5.1%) | (1,174,944) | |||
Net Assets—100.0% | $23,252,076 |
| |
(a) | The rate shown is the 7 day yield as of June 30, 2023. |
(b) | The rate shown is the discount yield at the time of purchase. |
(c) | All or a portion of the security pledged as collateral for Futures Contracts, with a total collateral value of $6,851,457. |
Federal Tax Cost | $24,420,780 |
Unrealized Appreciation | $499,091 |
Unrealized Depreciation | (2,410,462) |
Net Unrealized Appreciation (Depreciation) | $(1,911,371) |
7
At June 30, 2023, the Fund held the following futures contracts: |
Futures Contracts | Number
of Contracts Long/(Short) |
Expiration Date |
Notional Amount |
Fair Value |
Unrealized Appreciation/ (Depreciation) |
Long Contract Positions | |||||
Aluminum LME * | 120 | 7/17/2023 | $7,011,267 | $6,363,000 | $(648,267) |
Aluminum LME * | 119 | 9/18/2023 | 6,668,895 | 6,388,813 | (280,082) |
Copper | 88 | 9/27/2023 | 8,350,750 | 8,270,900 | (79,850) |
Lead LME * | 28 | 7/17/2023 | 1,487,135 | 1,471,050 | (16,085) |
Lead LME * | 29 | 9/18/2023 | 1,493,109 | 1,524,313 | 31,204 |
Nickel LME * | 28 | 7/17/2023 | 3,984,686 | 3,426,192 | (558,494) |
Nickel LME * | 28 | 9/18/2023 | 3,583,502 | 3,445,512 | (137,990) |
Zinc LME * | 65 | 7/17/2023 | 4,537,739 | 3,877,656 | (660,083) |
Zinc LME * | 65 | 9/18/2023 | 3,881,128 | 3,882,531 | 1,403 |
$(2,348,244) | |||||
Short Contract Positions | |||||
Aluminum LME * | (120) | 7/17/2023 | (6,658,050) | (6,363,000) | 295,050 |
Aluminum LME * | (1) | 9/18/2023 | (56,815) | (53,688) | 3,127 |
Lead LME * | (28) | 7/17/2023 | (1,441,440) | (1,471,050) | (29,610) |
Lead LME * | (1) | 9/18/2023 | (53,521) | (52,563) | 958 |
Nickel LME * | (28) | 7/17/2023 | (3,561,328) | (3,426,192) | 135,136 |
Nickel LME * | (1) | 9/18/2023 | (138,254) | (123,054) | 15,200 |
Zinc LME * | (65) | 7/17/2023 | (3,883,999) | (3,877,656) | 6,343 |
Zinc LME * | (2) | 9/18/2023 | (123,891) | (119,462) | 4,429 |
$430,633 | |||||
$(1,917,611) |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
8
Commodity Allocation Summary* | |
Copper | 33.3% |
Aluminum | 27.8% |
Zinc | 17.6% |
Nickel | 15.4% |
Lead | 5.9% |
100.0% |
| |
* | Based on notional value of futures contracts. Short-term investments held as collateral for futures contracts have been excluded. Holdings and allocations are subject to change. |
9
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||
ASSETS: | |||||
Investments, at cost | $858,418,140 | $251,125,277 | $24,420,780 | ||
Investments, at value | 858,632,671 | 251,190,200 | 24,427,020 | ||
Cash | 13 | 4 | – | ||
Deposits at broker for futures contracts | 32,090,997 | 16,017,144 | 764,176 | ||
Interest and dividends receivable | 116,396 | 23,361 | 3,425 | ||
Unrealized appreciation on open futures contracts | 28,273,703 | 9,254,393 | 492,850 | ||
Total assets | 919,113,780 | 276,485,102 | 25,687,471 | ||
LIABILITIES: | |||||
Payable for capital shares redeemed | – | 3,197,010 | – | ||
Unrealized depreciation on open futures contracts | 34,637,338 | 20,524,887 | 2,410,461 | ||
Advisory fees payable | 535,328 | 193,552 | 24,203 | ||
Legal fees | 12,632 | 5,464 | 731 | ||
Total liabilities | 35,185,298 | 23,920,913 | 2,435,395 | ||
NET ASSETS | $883,928,482 | $252,564,189 | $23,252,076 | ||
NET ASSETS CONSIST OF: | |||||
Paid in capital | $961,481,738 | $270,096,711 | $24,332,949 | ||
Distributable earnings/(accumulated loss) | (77,553,256) | (17,532,522) | (1,080,873) | ||
NET ASSETS | $883,928,482 | $252,564,189 | $23,252,076 | ||
Shares (unlimited number of shares authorized, no par value) | 43,750,001 | 7,900,001 | 1,075,000 | ||
Net Asset Value | $20.20 | $31.97 | $21.63 |
10
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||
INVESTMENT INCOME: | |||||
Interest income | $19,637,267 | $6,222,573 | $682,756 | ||
Total Income | 19,637,267 | 6,222,573 | 682,756 | ||
EXPENSES: | |||||
Advisory fee (See Note 4) | 1,277,797 | 463,047 | 74,309 | ||
Legal fees and expenses | 49,413 | 15,548 | 1,816 | ||
Total operating expenses before reimbursed/waived expenses | 1,327,210 | 478,595 | 76,125 | ||
Expenses waived and/or reimbursed by Advisor (see Note 4) | (227,444) | (77,120) | (19,246) | ||
Total Net Expenses after Waivers | 1,099,766 | 401,475 | 56,879 | ||
Net Investment Income | 18,537,501 | 5,821,098 | 625,877 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||
Realized loss on investment transactions | (31,597) | (4,114) | (234) | ||
Realized gain/(loss) on futures contracts | (80,503,352) | (14,340,907) | 233,424 | ||
Net realized gain/(loss) from investments and future transactions | (80,534,949) | (14,345,021) | 233,190 | ||
Net change in unrealized appreciation/(depreciation) on investment transactions | 11,401 | (580) | 1,031 | ||
Net change in unrealized appreciation/(depreciation) on futures contracts | (14,099,344) | (12,912,174) | (4,562,163) | ||
Net change in unrealized appreciation/(depreciation) from investments and futures contracts | (14,087,943) | (12,912,754) | (4,561,132) | ||
Net realized/unrealized gain/(loss) from investments and future transactions | (94,622,892) | (27,257,775) | (4,327,942) | ||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(76,085,391) | $(21,436,677) | $(3,702,065) |
11
abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||||||||
Six-Month Period Ended June 30, 2023 (unaudited) |
Year Ended December 31, 2022 |
Six-Month Period Ended June 30, 2023 (unaudited) |
Year Ended December 31, 2022 |
Six-Month Period Ended June 30, 2023 (unaudited) |
Year
Ended December 31, 2022 | ||||||
FROM INVESTMENT ACTIVITIES: | |||||||||||
OPERATIONS: | |||||||||||
Net investment income | $18,537,501 | $11,699,808 | $5,821,098 | $3,311,835 | $625,877 | $358,446 | |||||
Net realized gain/(loss) from investments and future transactions | (80,534,949) | 65,346,360 | (14,345,021) | 5,736,653 | 233,190 | (5,328,245) | |||||
Net change in unrealized appreciation/(depreciation) on investments and futures contracts | (14,087,943) | 2,657,524 | (12,912,754) | 847,610 | (4,561,132) | 2,118,353 | |||||
Net Increase/(Decrease) in Net Assets Resulting from Operations | (76,085,391) | 79,703,692 | (21,436,677) | 9,896,098 | (3,702,065) | (2,851,446) | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
Distributable earnings | – | (113,253,029) | – | (13,365,522) | – | (221,713) | |||||
Return of Capital | – | (55,111,943) | – | (412,358) | – | – | |||||
Change in net assets from shareholder distributions | – | (168,364,972) | – | (13,777,880) | – | (221,713) | |||||
CAPITAL TRANSACTIONS: (a) | |||||||||||
Proceeds from shares issued | 247,554,415 | 555,573,344 | 48,531,789 | 260,093,618 | 3,112,625 | 13,231,416 | |||||
Cost of shares redeemed | (161,281,700) | (232,975,305) | (52,921,855) | (65,474,285) | (7,075,468) | (6,276,650) | |||||
Change in net assets from capital transactions | 86,272,715 | 322,598,039 | (4,390,066) | 194,619,333 | (3,962,843) | 6,954,766 | |||||
Change in net assets | 10,187,324 | 233,936,759 | (25,826,743) | 190,737,551 | (7,664,908) | 3,881,607 | |||||
NET ASSETS: | |||||||||||
Beginning of period | 873,741,158 | 639,804,399 | 278,390,932 | 87,653,381 | 30,916,984 | 27,035,377 | |||||
End of period | $883,928,482 | $873,741,158 | $252,564,189 | $278,390,932 | $23,252,076 | $30,916,984 | |||||
SHARE TRANSACTIONS: | |||||||||||
Beginning of period | 39,750,001 | 27,900,001 | 8,050,001 | 2,850,001 | 1,250,000 | 1,050,000 | |||||
Issued | 11,900,000 | 20,450,000 | 1,450,000 | 7,050,000 | 125,000 | 450,000 | |||||
Redeemed | (7,900,000) | (8,600,000) | (1,600,000) | (1,850,000) | (300,000) | (250,000) | |||||
Shares outstanding, end of period | 43,750,001 | 39,750,001 | 7,900,001 | 8,050,001 | 1,075,000 | 1,250,000 |
| |
(a) | Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
12
13
Selected Data For A Share Outstanding Throughout The Periods Indicated | |||||||||||||
Per Share Operating Performance | |||||||||||||
Investment Operations | Distributions | ||||||||||||
Net
asset value, beginning of period |
Net investment income (loss)(b) |
Net
realized and unrealized gain (loss) on investments |
Total
from investment operations |
Net investment income |
Tax return of Capital |
Total distributions | |||||||
abrdn
Bloomberg All Commodity Strategy K-1 Free ETF |
|||||||||||||
Six Months Ended June 30, 2023 | $21.98 | $0.45 | $(2.23) | $(1.78) | $– | $– | $– | ||||||
Year Ended December 31, 2022 | 22.93 | 0.32 | 3.14 | 3.46 | (2.89) | (1.52) | (4.41) | ||||||
Year Ended December 31, 2021 | 21.77 | (0.05) | 5.68 | 5.63 | (4.47) | – | (4.47) | ||||||
Year Ended December 31, 2020 | 22.64 | 0.05 | (0.77)(g) | (0.72) | (0.15) | – | (0.15) | ||||||
Year Ended December 31, 2019 | 21.38 | 0.45 | 1.14 | 1.59 | (0.33) | – | (0.33) | ||||||
Year Ended December 31, 2018 | 24.48 | 0.40 | (3.26) | (2.86) | (0.24) | – | (0.24) | ||||||
abrdn
Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF |
|||||||||||||
Six Months Ended June 30, 2023 | 34.58 | 0.72 | (3.33) | (2.61) | – | – | – | ||||||
Year Ended December 31, 2022 | 30.76 | 0.47 | 5.15 | 5.62 | (1.74) | (0.06) | (1.80) | ||||||
Year Ended December 31, 2021 | 25.20 | (0.07) | 8.18 | 8.11 | (2.55) | – | (2.55) | ||||||
Year Ended December 31, 2020 | 24.48 | 0.03 | 1.02 | 1.05 | (0.33) | – | (0.33) | ||||||
Year Ended December 31, 2019 | 23.10 | 0.46 | 1.30 | 1.76 | (0.38) | – | (0.38) | ||||||
Year Ended December 31, 2018 | 26.04 | 0.40 | (2.97) | (2.57) | (0.37) | – | (0.37) | ||||||
abrdn
Bloomberg Industrial Metals Strategy K-1 Free ETF |
|||||||||||||
Six Months Ended June 30, 2023 | 24.73 | 0.52 | (3.62) | (3.10) | – | – | – | ||||||
Year Ended December 31, 2022 | 25.75 | 0.29 | (1.13) | (0.84) | (0.18) | – | (0.18) | ||||||
Year Ended December 31, 2021 (h) | 25.00 | (0.02) | 1.17 | 1.15 | (0.40) | – | (0.40) | ||||||
| |
(a) | Annualized for periods less than one year. |
(b) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(c) | Net asset value total return 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, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund. |
(d) | Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing price is defined as the last reported sale price from any primary listing market (e.g., NYSE and NASDAQ) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market. |
(e) | Not annualized for periods less than one year. |
(f) | Derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate. In-Kind transactions are not included in the portfolio turnover. |
(g) | The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund. |
(h) | For the period from September 22, 2021 (commencement of operations) through December 31, 2021. |
14
Selected Data For A Share Outstanding Throughout The Periods Indicated |
||||||||||||||||
Per Share Operating Performance | Ratios/Supplemental Data | |||||||||||||||
Total Return | Ratios To Average Net Assets(a) | Supplemental Data | ||||||||||||||
Net
asset value, end of period |
Net
asset value(c) |
Market
value (Unaudited)(d) |
Expenses before expense reductions |
Expenses net of waivers, if any |
Net investment income (loss) before expense reductions |
Net investment income (loss) net of waivers, if any |
Net
assets, end of period (000's) |
Portfolio turnover rate(e)(f) | ||||||||
$20.20 | (8.08%) | (8.61%) | 0.32% | 0.26% | 4.36% | 4.42% | $883,928 | – | ||||||||
21.98 | 15.13% | 15.24% | 0.32% | 0.26% | 1.12% | 1.18% | 873,741 | – | ||||||||
22.93 | 26.27% | 25.85% | 0.30% | 0.25% | (0.25%) | (0.20%) | 639,804 | – | ||||||||
21.77 | (3.17%) | (2.77%) | 0.31% | 0.25% | 0.20% | 0.26% | 337,446 | – | ||||||||
22.64 | 7.47% | 7.06% | 0.30% | 0.25% | 1.94% | 2.00% | 176,591 | – | ||||||||
21.38 | (11.70%) | (11.24%) | 0.34% | 0.29% | 1.62% | 1.67% | 195,583 | – | ||||||||
31.97 | (7.55%) | (7.78%) | 0.36% | 0.30% | 4.32% | 4.37% | 252,564 | – | ||||||||
34.58 | 18.33% | 18.43% | 0.37% | 0.30% | 1.20% | 1.27% | 278,391 | – | ||||||||
30.76 | 32.40% | 31.74% | 0.35% | 0.29% | (0.30%) | (0.24%) | 87,653 | – | ||||||||
25.20 | 4.29% | 4.79% | 0.35% | 0.29% | 0.06% | 0.12% | 11,339 | – | ||||||||
24.48 | 7.64% | 7.31% | 0.34% | 0.29% | 1.85% | 1.90% | 3,671 | – | ||||||||
23.10 | (9.89%) | (8.64%) | 0.34% | 0.29% | 1.48% | 1.53% | 3,466 | – | ||||||||
21.63 | (12.55%) | (12.70%) | 0.54% | 0.40% | 4.28% | 4.42% | 23,252 | – | ||||||||
24.73 | (3.25%) | (3.30%) | 0.54% | 0.40% | 0.99% | 1.13% | 30,917 | – | ||||||||
25.75 | 4.66% | 4.83% | 0.47% | 0.39% | (0.44%) | (0.35%) | 27,035 | – | ||||||||
15
16
• | Level 1— Unadjusted quoted prices in active markets for identical assets on the measurement date that the Funds have the ability to access. |
• | Level 2— Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3— Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
17
Investments, at Value | Level
1 – Quoted Prices |
Level
2 – Other Significant Observable Inputs |
Level
3 – Significant Unobservable Inputs |
Total | ||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | ||||||||
Assets | ||||||||
Investments in Securities | ||||||||
Short-Term Investments | $37,978,799 | $820,653,872 | $– | $858,632,671 | ||||
Total Investments | $37,978,799 | $820,653,872 | $– | $858,632,671 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | $28,273,703 | $– | $– | $28,273,703 | ||||
Total Assets | $66,252,502 | $820,653,872 | $– | $886,906,374 | ||||
Liabilities | ||||||||
Other Financial Instruments | ||||||||
Futures Contracts | $(34,637,338) | $– | $– | $(34,637,338) | ||||
Total Liabilities | $(34,637,338) | $– | $– | $(34,637,338) | ||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | ||||||||
Assets | ||||||||
Investments in Securities | ||||||||
Short-Term Investments | $4,485,654 | $246,704,546 | $– | $251,190,200 | ||||
Total Investments | $4,485,654 | $246,704,546 | $– | $251,190,200 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | $9,254,393 | $– | $– | $9,254,393 | ||||
Total Assets | $13,740,047 | $246,704,546 | $– | $260,444,593 | ||||
Liabilities | ||||||||
Other Financial Instruments | ||||||||
Futures Contracts | $(20,524,887) | $– | $– | $(20,524,887) | ||||
Total Liabilities | $(20,524,887) | $– | $– | $(20,524,887) | ||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | ||||||||
Assets | ||||||||
Investments in Securities | ||||||||
Short-Term Investments | $759,074 | $23,667,946 | $– | $24,427,020 | ||||
Total Investments | $759,074 | $23,667,946 | $– | $24,427,020 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | $492,850 | $– | $– | $492,850 | ||||
Total Assets | $1,251,924 | $23,667,946 | $– | $24,919,870 | ||||
Liabilities | ||||||||
Other Financial Instruments |
18
Investments, at Value | Level
1 – Quoted Prices |
Level
2 – Other Significant Observable Inputs |
Level
3 – Significant Unobservable Inputs |
Total | ||||
Futures Contracts | $(2,410,461) | $– | $– | $(2,410,461) | ||||
Total Liabilities | $(2,410,461) | $– | $– | $(2,410,461) |
19
Derivative | abrdn Bloomberg All Commodity Strategy K-1 Free ETF |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||
Long Futures Contracts | $939,059,460 | $331,707,265 | $40,508,441 | |||
Short Futures Contracts | $(56,129,305) | $(59,087,034) | $(13,055,879) |
20
Risk Exposure Category | |||||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Other | Total | |||||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | |||||||||||||
Assets: | |||||||||||||
Unrealized appreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $28,273,703 | $– | $28,273,703 | ||||||
Total | $– | $– | $– | $– | $28,273,703 | $– | $28,273,703 | ||||||
Liabilities: | |||||||||||||
Unrealized depreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $34,637,338 | $– | $34,637,338 | ||||||
Total | $– | $– | $– | $– | $34,637,338 | $– | $34,637,338 |
Risk Exposure Category | |||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Total | ||||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | |||||||||||
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations: | |||||||||||
Realized gain (loss) on: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $(80,503,352) | $(80,503,352) | |||||
Total | $– | $– | $– | $– | $(80,503,352) | $(80,503,352) | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $(14,099,344) | $(14,099,344) | |||||
Total | $– | $– | $– | $– | $(14,099,344) | $(14,099,344) |
Risk Exposure Category | |||||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Other | Total | |||||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | |||||||||||||
Assets: | |||||||||||||
Unrealized appreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $9,254,393 | $– | $9,254,393 | ||||||
Total | $– | $– | $– | $– | $9,254,393 | $– | $9,254,393 |
21
Risk Exposure Category | |||||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Other | Total | |||||||
Liabilities: | |||||||||||||
Unrealized depreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $20,524,887 | $– | $20,524,887 | ||||||
Total | $– | $– | $– | $– | $20,524,887 | $– | $20,524,887 |
Risk Exposure Category | |||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Total | ||||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | |||||||||||
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations: | |||||||||||
Realized gain (loss) on: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $(14,340,907) | $(14,340,907) | |||||
Total | $– | $– | $– | $– | $(14,340,907) | $(14,340,907) | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $(12,912,174) | $(12,912,174) | |||||
Total | $– | $– | $– | $– | $(12,912,174) | $(12,912,174) |
Risk Exposure Category | |||||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Other | Total | |||||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||||||||||||
Assets: | |||||||||||||
Unrealized appreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $492,850 | $– | $492,850 | ||||||
Total | $– | $– | $– | $– | $492,850 | $– | $492,850 | ||||||
Liabilities: | |||||||||||||
Unrealized depreciation on: | |||||||||||||
Futures Contracts | $– | $– | $– | $– | $2,410,461 | $– | $2,410,461 | ||||||
Total | $– | $– | $– | $– | $2,410,461 | $– | $2,410,461 |
22
Risk Exposure Category | |||||||||||
Interest Rate Contracts |
Foreign Currency Contracts |
Credit Contracts |
Equity Contracts |
Commodity Contracts |
Total | ||||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||||||||||
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations: | |||||||||||
Realized gain (loss) on: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $233,424 | $233,424 | |||||
Total | $– | $– | $– | $– | $233,424 | $233,424 | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $– | $– | $– | $– | $(4,562,163) | $(4,562,163) | |||||
Total | $– | $– | $– | $– | $(4,562,163) | $(4,562,163) |
23
Fund | Annual Rate | Minimum Annual Fee | ||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 0.055% on first $250 million | $18,000 | ||
0.045% on next $250 million | ||||
0.04% on assets over $500 million | ||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 0.04% | $18,000 | ||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 0.04% | $18,000 |
24
25
Fund | Transaction Fee* |
Maximun Transaction Fee** | ||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $100 | 2% | ||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 100 | 2 | ||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 100 | 2 |
| |
* | An additional charge of up to three (3) times the standard transaction fee may be charged to the extent a transaction is outside of the clearing process. |
** | In addition to the transaction fees listed above, a Fund may charge an additional variable fee for creations and redemptions in cash to offset brokerage and impact expenses associated with the cash transaction. The variable transaction fee will be calculated based on historical transaction cost data and the Advisor’s view of current market conditions; however, the actual variable fee charged for a given transaction may be lower or higher than the trading expenses incurred by a Fund with respect to that transaction. |
26
• | global or regional political, economic or financial events and situations, particularly war, terrorism, expropriation and other activities which might lead to disruptions to supply from countries that are major commodity producers; |
• | investment trading, hedging or other activities conducted by large trading houses, producers, users, hedge funds, commodities funds, governments or other speculators which could impact global supply or demand; |
• | the weather, which can affect short-term demand or supply for some commodities; |
• | the future rates of economic activity and inflation, particularly in countries which are major consumers of commodities; |
• | major discoveries of sources of commodities; and |
• | disruptions to the infrastructure or means by which commodities are produced, distributed and stored, which are capable of causing substantial price movements in a short period of time. |
• | commodity prices generally; |
• | trading activities on the exchanges upon which they trade, which might be impacted by the liquidity in the futures contracts; and |
• | trading activity specific to particular futures contract(s) and maturities. |
• | Agricultural Sector Investment Risk. The daily performance of the spot price of certain agricultural commodities, including coffee, corn, cotton, lean hogs, live cattle, soybean meal, soybean oil, soybeans, sugar, wheat (Chicago and KC hard red winter), has a direct impact on Fund performance. Investments in the agriculture sector may be highly volatile and the market values of such commodities can change quickly and unpredictably due to a number of factors, such as the supply of, and demand for, each commodity, the strength of the domestic and global economy, legislative or regulatory developments relating to food safety, as well as other significant events, including public health, political, legal, financial, accounting and tax matters that are beyond the Fund’s control. In addition, increased competition caused by economic recession, labor difficulties and changing consumer tastes and spending can impact the demand for agricultural products and, in turn, the value of such investments. |
• | Energy Sector Investment Risk. The daily performance of the spot price of certain energy-related commodities, including crude oil (West Texas Intermediate, or WTI, and Brent), low sulfur gas oil, natural gas, nickel, RBOB (reformulated blendstock for oxygenate blending) gasoline and ULS (ultra low sulfur) diesel, has a direct impact on Fund performance. Energy commodities’ market values are significantly impacted by a number of factors, such as the supply of, and demand for, each commodity, the strength of the domestic and global economy, significant world events, capital expenditures on exploration and production, energy conservation efforts, government regulation and subsidization and technological advances. Investments in the energy sector may |
27
be cyclical and/or highly volatile and subject to swift price fluctuations. In addition, significant declines in the price of oil may contribute to significant market volatility, which may adversely affect the Fund’s performance. The energy sector has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future. | |
• | Metals Sector Investment Risk. The daily performance of the spot price of certain industrial and precious metals, including aluminum, copper, gold, lead, nickel, silver and zinc, has a direct impact on Fund performance. Investments in metals may be highly volatile and the market values of such commodities can change quickly and unpredictably due to a number of factors, such as the supply of, and demand for, each metal, the strength of the domestic and global economy, international monetary policy, environmental or labor costs, as well as other significant events, including public health, political, legal, financial, accounting and tax matters that are beyond the Fund’s control. The United States or foreign governments may pass laws or regulations limiting metal investments for strategic or other policy reasons. Further, the principal supplies of metal industries may be concentrated in a small number of countries and regions. |
As of the date of this report, the Bloomberg Industrial Metals Subindex ("BCOMIN"), the index that the abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF seeks to track, consists of 5 commodities futures contracts with respect to the following industrial metals: aluminum, copper, lead, nickel and zinc. Consequently, in addition to factors affecting commodities generally, the BCOMIN may be subject to a number of additional factors specific to industrial metals, and in particular aluminum, copper, lead, nickel and zinc, that might cause price volatility. These may include, among others: |
• | changes in the level of industrial activity using industrial metals, and in particular aluminum, copper, lead, nickel and zinc, including the availability of substitutes such as man-made or synthetic substitutes; |
• | disruptions in the supply chain, from mining to storage to smelting or refining; |
• | adjustments to inventory; |
• | variations in production costs, including storage, labor and energy costs; |
• | costs associated with regulatory compliance, including environmental regulations; and |
• | changes in industrial, government and consumer demand, both in individual consuming nations and internationally. |
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• | Credit Risk. Credit risk refers to the possibility that the issuer of a security will not be able to make principal and/or interest payments when due and is broadly gauged by the credit ratings of the securities in which a Fund invests. However, ratings are only the opinions of rating agencies and are not guarantees of the quality of the securities. In addition, the depth and liquidity of the market for a fixed-income security may affect its credit risk. Credit risk of a security may change over its life and rated securities are often reviewed and may be subject to downgrade by a rating agency. A Fund purchasing bonds faces the risk that the creditworthiness of an issuer may decline, or the market’s perception of an issuer’s creditworthiness may decline, causing the value of the bonds to decline. In addition, an issuer may not be able to make timely payments on the interest and/or principal on the bonds it has issued. |
• | Interest Rate Risk. Interest rates have an effect on the value of a Fund’s fixed income investments because the value of those investments will vary as interest rates fluctuate. Generally, fixed-income securities will decrease in value when interest rates rise and when interest rates decline, the value of fixed-income securities can be expected to rise. A Fund may be subject to a greater risk of rising interest rates due to the effect of recent and potential government fiscal policy initiatives and resulting market reaction to those initiatives. In periods of market volatility, the market values of fixed-income securities may be more sensitive to changes in interest rates. In addition, a Fund’s income may decline due to falling interest rates or other factors. Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments. For example, the price of a security with a ten-year duration would be expected to drop by approximately 10% in response to a 1% increase in interest rates. |
• | Inflation Risk. Inflation risk is the risk that prices of existing fixed-rate debt securities will decline due to inflation or the threat of inflation. The income produced by these securities is worth less when prices for goods and services rise. To compensate for this loss of purchasing power, the securities trade at lower prices. Inflation also reduces the purchasing power of any income you receive from a Fund. |
• | Liquidity Risk. A Fund may make investments that are, or may become, less liquid due to various factors, including general market conditions or conditions impacting the issuer of, or counterparty to, the investment. These investments may be more difficult to value or sell, particularly in times of market turmoil, and there may be fewer trading opportunities available for the investments. Less liquid investments may have higher risks than more liquid investments. These risks may be magnified as interest rates rise or in other circumstances. If a Fund is forced to sell a less liquid investment to fund redemptions or to raise cash, it may be forced to sell the investment at a loss or for less than its fair value. |
• | Extension Risk. Extension risk is the risk that principal repayments will not occur as quickly as anticipated, causing the expected maturity of a security to increase. Rapidly rising interest rates may cause prepayments to occur more slowly than expected, thereby lengthening the maturity of the securities held by the Fund and making their prices more sensitive to rate changes and more volatile. |
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• | Prepayment Risk. As interest rates decline, debt issuers may repay or refinance their loans or obligations earlier than anticipated. This forces the Fund to reinvest the proceeds from the principal prepayments at lower rates, which reduces the Fund’s income. |
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Beginning Account Value |
Ending Account Value 06/30/23 |
Expenses
Paid During the Period* |
Annualized Expense Ratio During Period | ||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $919.20 | $1.24 | 0.26% | |||
Hypothetical | $1,000.00 | $1,023.51 | $1.30 | 0.26% | |||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $924.50 | $1.43 | 0.30% | |||
Hypothetical | $1,000.00 | $1,023.31 | $1.51 | 0.30% | |||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $874.50 | $1.86 | 0.40% | |||
Hypothetical | $1,000.00 | $1,022.81 | $2.01 | 0.40% |
| |
* | Expenses are equal to the average account value multiplied by the Fund’s annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
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