Funds | Ticker | Asset Class | Inception Date |
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | BCI | Broad Commodity | March 30, 2017 |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | BCD | Broad Commodity | March 30, 2017 |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | BCIM | Industrial Metals | September 22, 2021 |
1
1 | The BCOM TR Index is composed of futures contracts on physical commodities and reflects the returns of a fully collateralized investment in the BCOM, which reflects commodity futures price movements. The BCOM TR Index combines the returns of BCOM with the returns on cash collateral invested in short-term investment grade fixed income securities that include U.S. government securities and money market instruments, as well as cash and other cash equivalents. |
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Average Annual Total Returns as of 12/31/2022 * | 1 Year | 5 Years | Since Inception of Fund (03/30/2017) |
abrdn Bloomberg All Commodity Strategy K-1 Free ETF NAV Price | 15.13% | 5.96% | 5.71% |
abrdn Bloomberg All Commodity Strategy K-1 Free ETF Market Price | 15.24% | 6.03% | 5.77% |
Bloomberg Commodity Index Total Return | 16.09% | 6.44% | 6.32% |
| |
* | Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Returns less than one year are cumulative; greater than one year and since inception are annualized. |
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Average Annual Total Returns as of 12/31/2022 * | 1 Year | 5 Years | Since Inception of Fund (03/30/2017) |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF NAV Price | 18.33% | 9.65% | 9.11% |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF Market Price | 18.43% | 9.90% | 9.11% |
Bloomberg Commodity Index 3 Month Forward Total Return | 19.53% | 10.11% | 9.69% |
Bloomberg Commodity Index Total Return | 16.09% | 6.44% | 6.32% |
| |
* | Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Returns less than one year are cumulative; greater than one year and since inception are annualized. |
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Average Annual Total Returns as of 12/31/2022 * | 1 Year | Since Inception of Fund (09/22/2021) |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF NAV Price | -3.25% | 0.99% |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF Market Price | -3.30% | 1.07% |
Bloomberg Industrial Metals Total Return Subindex | -2.40% | 1.43% |
Bloomberg Commodity Index Total Return | 16.09% | 6.32% |
| |
* | Market price returns reflect the midpoint of the bid/ask spread as of the close of trading on the exchange where Fund shares are listed. Market price returns do not represent the returns you would receive if you traded shares at other times. Returns less than one year are cumulative; greater than one year and since inception are annualized. |
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14
Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—100.4% | ||||
MONEY MARKET FUNDS—5.6% | ||||
Invesco Government & Agency Portfolio, 3.67% (a) | 48,650,947 | $ 48,650,947 | ||
Total Money Market Funds | 48,650,947 | |||
U.S. TREASURIES—94.8% | ||||
U.S. Treasury Bills | ||||
3.82%, 01/03/2023 (b) | $ | 50,000,000 | 50,000,000 | |
3.07%, 01/05/2023 (b) | 53,000,000 | 52,989,311 | ||
3.88%, 01/10/2023 (b) | 50,000,000 | 49,964,877 | ||
3.58%, 01/12/2023 (b)(c) | 35,000,000 | 34,969,659 | ||
4.03%, 01/17/2023 (b) | 50,000,000 | 49,928,566 | ||
3.94%, 01/19/2023 (b) | 30,500,000 | 30,450,997 | ||
4.09%, 01/24/2023 (b) | 50,000,000 | 49,888,124 | ||
3.93%, 01/26/2023 (b)(c) | 53,000,000 | 52,868,771 | ||
4.04%, 01/31/2023 (b) | 50,000,000 | 49,846,972 | ||
4.03%, 02/02/2023 (b)(c) | 40,000,000 | 39,873,256 | ||
3.95%, 02/07/2023 (b) | 20,000,000 | 19,924,073 | ||
3.53%, 02/09/2023 (b) | 30,000,000 | 29,880,470 | ||
4.13%, 02/16/2023 (b)(c) | 50,000,000 | 49,751,659 | ||
4.01%, 02/21/2023 (b) | 40,000,000 | 39,773,974 | ||
4.21%, 02/23/2023 (b)(c) | 50,000,000 | 49,699,445 | ||
3.99%, 02/28/2023 (b) | 40,000,000 | 39,733,280 | ||
4.26%, 03/02/2023 (b) | 50,000,000 | 49,658,938 | ||
4.23%, 03/09/2023 (b)(c) | 50,000,000 | 49,617,380 | ||
4.34%, 03/30/2023 (b) | 40,000,000 | 39,590,724 | ||
Total U.S. Treasuries | 828,410,476 | |||
Total Short-Term Investments | 877,061,423 | |||
Total Investments (Cost $876,858,293)—100.4% |
877,061,423 | |||
Liabilities in Excess of Other Assets—(0.4%) | (3,320,265) | |||
Net Assets—100.0% | $873,741,158 |
| |
(a) | The rate shown is the 7-day yield as of December 31, 2022. |
(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 $155,268,820. |
Federal Tax Cost | $876,876,657 |
Unrealized Appreciation | $56,869,019 |
Unrealized Depreciation | (57,963,490) |
Net Unrealized Appreciation (Depreciation) | $(1,094,471) |
15
At December 31, 2022, 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 * | 575 | 1/18/2023 | $33,097,685 | $33,774,206 | $676,521 |
Aluminum LME * | 582 | 3/15/2023 | 35,884,650 | 34,512,746 | (1,371,904) |
Brent Crude Oil | 705 | 3/31/2023 | 63,959,351 | 60,566,550 | (3,392,801) |
Coffee | 261 | 3/21/2023 | 16,203,047 | 16,374,488 | 171,441 |
Copper | 412 | 3/29/2023 | 38,713,923 | 39,248,150 | 534,227 |
Corn | 1,538 | 3/14/2023 | 51,193,655 | 52,176,650 | 982,995 |
Cotton | 218 | 3/09/2023 | 9,284,227 | 9,087,330 | (196,897) |
Gasoline | 186 | 3/28/2023 | 16,605,301 | 19,360,480 | 2,755,179 |
Gold | 696 | 2/24/2023 | 122,365,162 | 127,103,520 | 4,738,358 |
KC Wheat | 360 | 3/14/2023 | 16,660,453 | 15,984,000 | (676,453) |
Lean Hog | 439 | 2/14/2023 | 15,584,340 | 15,400,120 | (184,220) |
Live Cattle | 541 | 2/28/2023 | 33,448,648 | 34,169,560 | 720,912 |
Low Sulfur Gasoil | 313 | 3/10/2023 | 25,484,692 | 27,622,250 | 2,137,558 |
Natural Gas | 1,800 | 3/24/2023 | 101,132,496 | 73,872,000 | (27,260,496) |
New York Harbor ULSD | 166 | 3/28/2023 | 19,840,259 | 22,165,382 | 2,325,123 |
Nickel LME * | 220 | 1/18/2023 | 29,885,841 | 39,469,320 | 9,583,479 |
Nickel LME * | 222 | 3/15/2023 | 39,570,312 | 40,019,940 | 449,628 |
Silver | 355 | 3/29/2023 | 38,853,148 | 42,671,000 | 3,817,852 |
Soybean | 693 | 3/14/2023 | 51,367,846 | 52,806,600 | 1,438,754 |
Soybean Meal | 711 | 3/14/2023 | 32,516,964 | 33,488,100 | 971,136 |
Soybean Oil | 745 | 3/14/2023 | 27,413,919 | 28,639,290 | 1,225,371 |
Sugar | 1,139 | 3/28/2023 | 23,191,665 | 25,564,627 | 2,372,962 |
Wheat | 634 | 3/14/2023 | 26,212,520 | 25,106,400 | (1,106,120) |
WTI Crude Oil | 846 | 3/21/2023 | 61,988,967 | 68,060,700 | 6,071,733 |
Zinc LME * | 346 | 1/18/2023 | 25,444,365 | 25,865,663 | 421,298 |
Zinc LME * | 350 | 3/15/2023 | 28,339,325 | 26,044,375 | (2,294,950) |
$4,910,686 | |||||
Short Contract Positions | |||||
Aluminum LME * | (575) | 1/18/2023 | (35,147,742) | (33,774,206) | 1,373,536 |
Aluminum LME * | (99) | 3/15/2023 | (5,899,845) | (5,870,725) | 29,120 |
Nickel LME * | (220) | 1/18/2023 | (38,755,095) | (39,469,320) | (714,225) |
Nickel LME * | (38) | 3/15/2023 | (6,441,880) | (6,850,260) | (408,380) |
Zinc LME * | (346) | 1/18/2023 | (28,145,449) | (25,865,663) | 2,279,786 |
Zinc LME * | (59) | 3/15/2023 | (4,655,524) | (4,390,338) | 265,186 |
$2,825,023 | |||||
$7,735,709 |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
16
Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—98.3% | ||||
MONEY MARKET FUNDS—3.7% | ||||
Invesco Government & Agency Portfolio, 3.67% (a) | 10,332,977 | $ 10,332,977 | ||
Total Money Market Funds | 10,332,977 | |||
U.S. TREASURIES—94.6% | ||||
U.S. Treasury Bills | ||||
3.82%, 01/03/2023 (b) | $ | 9,000,000 | 9,000,000 | |
3.30%, 01/05/2023 (b) | 10,000,000 | 9,997,983 | ||
3.86%, 01/10/2023 (b) | 8,000,000 | 7,994,380 | ||
3.58%, 01/12/2023 (b)(c) | 19,500,000 | 19,483,096 | ||
3.63%, 01/17/2023 (b) | 11,000,000 | 10,984,285 | ||
4.27%, 01/19/2023 (b)(c) | 15,000,000 | 14,975,900 | ||
4.09%, 01/24/2023 (b) | 13,000,000 | 12,970,912 | ||
3.93%, 01/26/2023 (b) | 14,000,000 | 13,965,336 | ||
4.04%, 01/31/2023 (b) | 10,000,000 | 9,969,394 | ||
4.03%, 02/02/2023 (b) | 15,000,000 | 14,952,471 | ||
3.95%, 02/07/2023 (b) | 14,000,000 | 13,946,851 | ||
1.32%, 02/09/2023 (b) | 6,000,000 | 5,976,094 | ||
3.96%, 02/14/2023 (b) | 11,000,000 | 10,948,354 | ||
4.13%, 02/16/2023 (b)(c) | 14,000,000 | 13,930,465 | ||
4.01%, 02/21/2023 (b) | 11,000,000 | 10,937,843 | ||
4.21%, 02/23/2023 (b) | 12,000,000 | 11,927,867 | ||
4.27%, 02/28/2023 (b) | 11,000,000 | 10,926,652 | ||
4.21%, 03/02/2023 (b) | 18,000,000 | 17,877,218 | ||
4.18%, 03/09/2023 (b)(c) | 14,000,000 | 13,892,866 | ||
4.23%, 03/16/2023 (b) | 7,000,000 | 6,942,019 | ||
4.21%, 03/23/2023 (b) | 11,000,000 | 10,897,739 | ||
4.34%, 03/30/2023 (b) | 11,000,000 | 10,887,449 | ||
Total U.S. Treasuries | 263,385,174 | |||
Total Short-Term Investments | 273,718,151 | |||
Total Investments (Cost $273,652,648)—98.3% |
273,718,151 | |||
Other Assets in Excess of Liabilities—1.7% | 4,672,781 | |||
Net Assets —100.0% | $278,390,932 |
| |
(a) | The rate shown is the 7-day yield as of December 31, 2022. |
(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 $42,321,950. |
Amounts listed as “—” are 0% or round to 0%. |
Federal Tax Cost | $273,654,032 |
Unrealized Appreciation | $24,161,825 |
Unrealized Depreciation | (20,130,099) |
Net Unrealized Appreciation (Depreciation) | $4,031,726 |
17
At December 31, 2022, 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 * | 159 | 1/18/2023 | $9,420,602 | $9,339,302 | $(81,300) |
Aluminum LME * | 159 | 3/15/2023 | 9,165,524 | 9,428,740 | 263,216 |
Aluminum LME * | 166 | 5/17/2023 | 9,915,098 | 9,939,250 | 24,152 |
Brent Crude Oil | 270 | 5/20/2023 | 22,360,549 | 21,721,500 | (639,049) |
Brent Crude Oil | 225 | 7/31/2023 | 17,597,103 | 18,945,000 | 1,347,897 |
Coffee | 83 | 5/18/2023 | 5,141,019 | 5,196,319 | 55,300 |
Copper | 131 | 5/26/2023 | 12,231,071 | 12,492,487 | 261,416 |
Corn | 491 | 5/12/2023 | 16,404,452 | 16,644,900 | 240,448 |
Cotton | 69 | 5/08/2023 | 2,915,855 | 2,879,025 | (36,830) |
Gasoline | 59 | 5/28/2023 | 6,608,902 | 6,494,838 | (114,064) |
Gold | 222 | 6/28/2023 | 40,771,503 | 41,240,940 | 469,437 |
KC Wheat | 115 | 5/12/2023 | 5,329,278 | 5,072,937 | (256,341) |
Lean Hog | 140 | 6/14/2023 | 5,882,012 | 6,113,800 | 231,788 |
Live Cattle | 173 | 6/30/2023 | 10,774,862 | 10,921,490 | 146,628 |
Low Sulfur Gasoil | 100 | 5/11/2023 | 9,008,737 | 8,327,500 | (681,237) |
Natural Gas | 574 | 5/26/2023 | 27,255,442 | 22,563,940 | (4,691,502) |
New York Harbor ULSD | 53 | 5/28/2023 | 6,898,751 | 6,634,148 | (264,603) |
Nickel LME * | 61 | 1/18/2023 | 7,770,836 | 10,943,766 | 3,172,930 |
Nickel LME * | 60 | 3/15/2023 | 8,527,084 | 10,816,200 | 2,289,116 |
Nickel LME * | 63 | 5/17/2023 | 9,664,273 | 11,418,246 | 1,753,973 |
Silver | 113 | 5/26/2023 | 12,377,074 | 13,676,955 | 1,299,881 |
Soybean | 221 | 5/12/2023 | 16,111,550 | 16,906,500 | 794,950 |
Soybean Meal | 227 | 5/12/2023 | 9,115,310 | 10,464,700 | 1,349,390 |
Soybean Oil | 238 | 5/12/2023 | 9,888,373 | 9,130,632 | (757,741) |
Sugar | 364 | 5/28/2023 | 7,480,755 | 7,631,770 | 151,015 |
Wheat | 202 | 5/12/2023 | 8,525,219 | 8,067,375 | (457,844) |
Zinc LME * | 97 | 1/18/2023 | 7,144,691 | 7,251,356 | 106,665 |
Zinc LME * | 96 | 3/15/2023 | 7,520,674 | 7,143,600 | (377,074) |
Zinc LME * | 100 | 5/17/2023 | 7,223,091 | 7,399,375 | 176,284 |
$5,776,901 | |||||
Short Contract Positions | |||||
Aluminum LME * | (159) | 1/18/2023 | (9,118,107) | (9,339,302) | (221,195) |
Aluminum LME * | (159) | 3/15/2023 | (9,392,535) | (9,428,740) | (36,205) |
Aluminum LME * | (12) | 5/17/2023 | (727,231) | (718,500) | 8,731 |
Nickel LME * | (61) | 1/18/2023 | (8,633,896) | (10,943,766) | (2,309,870) |
Nickel LME * | (60) | 3/15/2023 | (8,990,027) | (10,816,200) | (1,826,173) |
Nickel LME * | (4) | 5/17/2023 | (683,659) | (724,968) | (41,309) |
Zinc LME * | (97) | 1/18/2023 | (7,674,903) | (7,251,356) | 423,547 |
Zinc LME * | (96) | 3/15/2023 | (6,970,251) | (7,143,600) | (173,349) |
Zinc LME * | (7) | 5/17/2023 | (558,558) | (517,956) | 40,602 |
$(4,135,221) | |||||
$1,641,680 |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
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Shares or Principal Amount |
Value | |||
SHORT-TERM INVESTMENTS—94.0% | ||||
MONEY MARKET FUNDS—13.6% | ||||
Invesco Government & Agency Portfolio, 3.67% (a) | 4,205,617 | $ 4,205,617 | ||
Total Money Market Funds | 4,205,617 | |||
U.S. TREASURIES—80.4% | ||||
U.S. Treasury Bills | ||||
3.82%, 01/03/2023 (b) | $ | 1,000,000 | 1,000,000 | |
3.39%, 01/05/2023 (b) | 1,000,000 | 999,798 | ||
3.51%, 01/10/2023 (b) | 5,000,000 | 4,996,488 | ||
3.55%, 01/12/2023 (b)(c) | 1,500,000 | 1,498,700 | ||
3.63%, 01/17/2023 (b) | 1,500,000 | 1,497,857 | ||
3.94%, 01/19/2023 (b)(c) | 1,450,000 | 1,447,670 | ||
4.04%, 01/31/2023 (b) | 1,000,000 | 996,940 | ||
3.95%, 02/07/2023 (b) | 1,500,000 | 1,494,306 | ||
4.00%, 02/14/2023 (b) | 1,500,000 | 1,492,957 | ||
4.01%, 02/21/2023 (b) | 1,500,000 | 1,491,524 | ||
4.27%, 02/28/2023 (b) | 1,500,000 | 1,489,998 | ||
4.21%, 03/02/2023 (b) | 500,000 | 496,589 | ||
4.18%, 03/09/2023 (b) | 1,500,000 | 1,488,521 | ||
4.23%, 03/16/2023 (b) | 1,500,000 | 1,487,576 | ||
4.21%, 03/23/2023 (b) | 1,500,000 | 1,486,055 | ||
4.34%, 03/30/2023 (b) | 1,500,000 | 1,484,652 | ||
Total U.S. Treasuries | 24,849,631 | |||
Total Short-Term Investments | 29,055,248 | |||
Total Investments (Cost $29,050,039)—94.0% |
29,055,248 | |||
Other Assets in Excess of Liabilities—6.0% | 1,861,736 | |||
Net Assets—100.0% | $30,916,984 |
| |
(a) | The rate shown is the 7-day yield as of December 31, 2022. |
(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 $2,946,361. |
Federal Tax Cost | $29,050,039 |
Unrealized Appreciation | $3,632,638 |
Unrealized Depreciation | (982,876) |
Net Unrealized Appreciation (Depreciation) | $2,649,762 |
19
At December 31, 2022, 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 * | 132 | 1/18/2023 | $7,576,455 | $7,753,383 | $176,928 |
Aluminum LME * | 122 | 3/15/2023 | 7,532,583 | 7,234,631 | (297,952) |
Copper | 104 | 3/29/2023 | 9,698,074 | 9,907,300 | 209,226 |
Nickel LME * | 50 | 1/18/2023 | 6,749,794 | 8,970,300 | 2,220,506 |
Nickel LME * | 47 | 3/15/2023 | 8,385,046 | 8,472,690 | 87,644 |
Zinc LME * | 80 | 1/18/2023 | 5,864,508 | 5,980,500 | 115,992 |
Zinc LME * | 74 | 3/15/2023 | 6,011,008 | 5,506,525 | (504,483) |
$2,007,861 | |||||
Short Contract Positions | |||||
Aluminum LME * | (132) | 1/18/2023 | (8,073,007) | (7,753,383) | 319,624 |
Aluminum LME * | (1) | 3/15/2023 | (59,596) | (59,300) | 296 |
Nickel LME * | (50) | 1/18/2023 | (8,800,298) | (8,970,300) | (170,002) |
Nickel LME * | (1) | 3/15/2023 | (169,862) | (180,270) | (10,408) |
Zinc LME * | (80) | 1/18/2023 | (6,473,098) | (5,980,500) | 492,598 |
Zinc LME * | (1) | 3/15/2023 | (78,996) | (74,413) | 4,583 |
$636,691 | |||||
$2,644,552 |
| |
* | London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2. |
20
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 | $876,858,293 | $273,652,648 | $29,050,039 | ||
Investments, at value | 877,061,423 | 273,718,151 | 29,055,248 | ||
Cash | — | 101 | — | ||
Deposits at broker for futures contracts | 20,299,666 | 15,860,263 | 727,807 | ||
Due from broker | 13,550 | — | — | ||
Interest and dividends receivable | 210,215 | 24,380 | 9,222 | ||
Receivable for capital shares issued | 8,792,360 | — | — | ||
Unrealized appreciation on open futures contracts | 45,342,155 | 14,607,366 | 3,627,397 | ||
Total assets | 951,719,369 | 304,210,261 | 33,419,674 | ||
LIABILITIES: | |||||
Due to custodian | 12,477 | — | — | ||
Payable for investments purchased | 39,734,093 | 10,926,876 | 1,490,028 | ||
Payable for capital shares redeemed | — | 1,721,080 | — | ||
Unrealized depreciation on open futures contracts | 37,606,446 | 12,965,686 | 982,845 | ||
Advisory fees payable | 619,415 | 200,888 | 29,195 | ||
Legal fees | 5,780 | 4,799 | 622 | ||
Total liabilities | 77,978,211 | 25,819,329 | 2,502,690 | ||
NET ASSETS | $873,741,158 | $278,390,932 | $30,916,984 | ||
NET ASSETS CONSIST OF: | |||||
Paid in capital | $875,209,023 | $274,486,777 | $28,295,792 | ||
Distributable earnings/(accumulated loss) | (1,467,865) | 3,904,155 | 2,621,192 | ||
NET ASSETS | $873,741,158 | $278,390,932 | $30,916,984 | ||
Shares (unlimited number of shares authorized, no par value) | 39,750,001 | 8,050,001 | 1,250,000 | ||
Net Asset Value | $21.98 | $34.58 | $24.73 |
21
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 | $14,260,188 | $4,093,485 | $485,663 | ||
Total Income | 14,260,188 | 4,093,485 | 485,663 | ||
EXPENSES: | |||||
Advisory fee (See Note 4) | 3,087,423 | 932,643 | 168,331 | ||
Legal fees and expenses | 74,738 | 23,516 | 2,746 | ||
Total operating expenses before reimbursed/waived expenses | 3,162,161 | 956,159 | 171,077 | ||
Expenses waived and/or reimbursed by Advisor (see Note 4) | (601,781) | (174,509) | (43,860) | ||
Total Net Expenses after Waivers | 2,560,380 | 781,650 | 127,217 | ||
Net Investment Income | 11,699,808 | 3,311,835 | 358,446 | ||
NET REALIZED AND UNREALIZED GAIN (LOSS): | |||||
Realized loss on investment transactions | (420,261) | (152,269) | (53,746) | ||
Realized gain/(loss) on futures contracts | 65,766,621 | 5,888,922 | (5,274,499) | ||
Net realized gain/(loss) from investments and future transactions | 65,346,360 | 5,736,653 | (5,328,245) | ||
Net change in unrealized appreciation/(depreciation) on investment transactions | 220,787 | 67,017 | 5,656 | ||
Net change in unrealized appreciation/(depreciation) on futures contracts | 2,436,737 | 780,593 | 2,112,697 | ||
Net change in unrealized appreciation/(depreciation) from investments and futures contracts | 2,657,524 | 847,610 | 2,118,353 | ||
Net realized/unrealized gain/(loss) from investments and future transactions | 68,003,884 | 6,584,263 | (3,209,892) | ||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $79,703,692 | $9,896,098 | $(2,851,446) |
22
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 | |||||||||
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
Year
Ended December 31, 2022 |
Period
Ended December 31, 2021(a) | ||||||
FROM INVESTMENT ACTIVITIES: | |||||||||||
OPERATIONS: | |||||||||||
Net investment income/(loss) | $11,699,808 | $(1,270,531) | $3,311,835 | $(94,794) | $358,446 | $(25,151) | |||||
Net realized gain/(loss) from investments and future transactions | 65,346,360 | 133,037,531 | 5,736,653 | 8,466,120 | (5,328,245) | 605,144 | |||||
Net change in unrealized appreciation/(depreciation) on investments and futures contracts | 2,657,524 | (18,788,322) | 847,610 | 204,899 | 2,118,353 | 531,409 | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,703,692 | 112,978,678 | 9,896,098 | 8,576,225 | (2,851,446) | 1,111,402 | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
Distributable earnings | (113,253,029) | (117,946,756) | (13,365,522) | (5,866,728) | (221,713) | (423,843) | |||||
Return of Capital | (55,111,943) | — | (412,358) | — | — | — | |||||
Change in net assets from shareholder distributions | (168,364,972) | (117,946,756) | (13,777,880) | (5,866,728) | (221,713) | (423,843) | |||||
CAPITAL TRANSACTIONS: (b) | |||||||||||
Proceeds from shares issued | 555,573,344 | 406,195,177 | 260,093,618 | 73,604,954 | 13,231,416 | 26,347,843 | |||||
Cost of shares redeemed | (232,975,305) | (98,868,490) | (65,474,285) | — | (6,276,650) | (25) | |||||
Change in net assets from capital transactions | 322,598,039 | 307,326,687 | 194,619,333 | 73,604,954 | 6,954,766 | 26,347,818 | |||||
Change in net assets | 233,936,759 | 302,358,609 | 190,737,551 | 76,314,451 | 3,881,607 | 27,035,377 | |||||
NET ASSETS: | |||||||||||
Beginning of year | 639,804,399 | 337,445,790 | 87,653,381 | 11,338,930 | 27,035,377 | — | |||||
End of year | $873,741,158 | $639,804,399 | $278,390,932 | $87,653,381 | $30,916,984 | $27,035,377 | |||||
SHARE TRANSACTIONS: | |||||||||||
Beginning of year | 27,900,001 | 15,500,001 | 2,850,001 | 450,001 | 1,050,000 | — | |||||
Issued | 20,450,000 | 16,150,000 | 7,050,000 | 2,400,000 | 450,000 | 1,050,001 | |||||
Redeemed | (8,600,000) | (3,750,000) | (1,850,000) | — | (250,000) | (1) | |||||
Shares outstanding, end of year | 39,750,001 | 27,900,001 | 8,050,001 | 2,850,001 | 1,250,000 | 1,050,000 |
| |
(a) | For the period from September 22, 2021 (commencement of operations) through December 31, 2021. |
(b) | Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
23
Selected Data For A Share Outstanding Throughout The Periods Indicated | |||||||||||||
Per Share Operating Performance | |||||||||||||
Investment Operations | Distributions | ||||||||||||
Net
asset value, beginning of year |
Net investment income (loss)(c) |
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 |
|||||||||||||
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 |
|||||||||||||
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 |
|||||||||||||
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) | Not annualized for periods less than one year. |
(b) | Annualized for periods less than one year. |
(c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
(d) | 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. |
(e) | 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 security 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. |
(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. If these instruments were included in the calculation, the Fund would have a higher 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. |
24
Selected Data For A Share Outstanding Throughout The Periods Indicated |
||||||||||||||||
Per Share Operating Performance | Ratios/Supplemental Data | |||||||||||||||
Total Return(a) | Ratios To Average Net Assets(b) | Supplemental Data | ||||||||||||||
Net
asset value, end of year |
Net
asset value(d) |
Market
value (Unaudited)(e) |
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 year (000's) |
Portfolio turnover rate(a)(f) | ||||||||
$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 | — | ||||||||
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 | — | ||||||||
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 | — | ||||||||
25
26
• | 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). |
27
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 | $48,650,947 | $828,410,476 | $— | $877,061,423 | ||||
Total Investments | $48,650,947 | $828,410,476 | $— | $877,061,423 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | 45,342,155 | — | — | 45,342,155 | ||||
Total Assets | $93,993,102 | $828,410,476 | $— | $922,403,578 | ||||
Liabilities | ||||||||
Other Financial Instruments | ||||||||
Futures Contracts | $(37,606,446) | $— | $— | $(37,606,446) | ||||
Total Liabilities | $(37,606,446) | $— | $— | $(37,606,446) | ||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | ||||||||
Assets | ||||||||
Investments in Securities | ||||||||
Short-Term Investments | $10,332,977 | $263,385,174 | $— | $273,718,151 | ||||
Total Investments | $10,332,977 | $263,385,174 | $— | $273,718,151 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | 14,607,366 | — | — | 14,607,366 | ||||
Total Assets | $24,940,343 | $263,385,174 | $— | $288,325,517 | ||||
Liabilities | ||||||||
Other Financial Instruments | ||||||||
Futures Contracts | $(12,965,686) | $— | $— | $(12,965,686) | ||||
Total Liabilities | $(12,965,686) | $— | $— | $(12,965,686) | ||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | ||||||||
Assets | ||||||||
Investments in Securities | ||||||||
Short-Term Investments | $4,205,617 | $24,849,631 | $— | $29,055,248 | ||||
Total Investments | $4,205,617 | $24,849,631 | $— | $29,055,248 | ||||
Other Financial Instruments | ||||||||
Futures Contracts | 3,627,397 | — | — | 3,627,397 | ||||
Total Assets | $7,833,014 | $24,849,631 | $— | $32,682,645 | ||||
Liabilities | ||||||||
Other Financial Instruments |
28
Investments, at Value | Level
1 — Quoted Prices |
Level
2 — Other Significant Observable Inputs |
Level
3 — Significant Unobservable Inputs |
Total | ||||
Futures Contracts | $(982,845) | $— | $— | $(982,845) | ||||
Total Liabilities | $(982,845) | $— | $— | $(982,845) |
29
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 | $1,058,010,800 | $312,008,391 | $44,292,984 | |||
Short Futures Contracts | $(53,772,521) | $(43,495,875) | $(14,066,846) |
30
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 | |||||||||||
Assets: | |||||||||||
Unrealized appreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $45,342,155 | $45,342,155 | |||||
Total | $— | $— | $— | $— | $45,342,155 | $45,342,155 | |||||
Liabilities: | |||||||||||
Unrealized depreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $37,606,446 | $37,606,446 | |||||
Total | $— | $— | $— | $— | $37,606,446 | $37,606,446 |
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 | $— | $— | $— | $— | $65,766,621 | $65,766,621 | |||||
Total | $— | $— | $— | $— | $65,766,621 | $65,766,621 | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $2,436,737 | $2,436,737 | |||||
Total | $— | $— | $— | $— | $2,436,737 | $2,436,737 |
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 | |||||||||||
Assets: | |||||||||||
Unrealized appreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $14,607,366 | $14,607,366 | |||||
Total | $— | $— | $— | $— | $14,607,366 | $14,607,366 | |||||
Liabilities: | |||||||||||
Unrealized depreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $12,965,686 | $12,965,686 | |||||
Total | $— | $— | $— | $— | $12,965,686 | $12,965,686 |
31
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 | $— | $— | $— | $— | $5,888,922 | $5,888,922 | |||||
Total | $— | $— | $— | $— | $5,888,922 | $5,888,922 | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $780,593 | $780,593 | |||||
Total | $— | $— | $— | $— | $780,593 | $780,593 |
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 | |||||||||||
Assets: | |||||||||||
Unrealized appreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $3,627,397 | $3,627,397 | |||||
Total | $— | $— | $— | $— | $3,627,397 | $3,627,397 | |||||
Liabilities: | |||||||||||
Unrealized depreciation on: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $982,845 | $982,845 | |||||
Total | $— | $— | $— | $— | $982,845 | $982,845 |
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 | $— | $— | $— | $— | $(5,274,499) | $(5,274,499) | |||||
Total | $— | $— | $— | $— | $(5,274,499) | $(5,274,499) | |||||
Net Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized as a Result of Operations: | |||||||||||
Net change in unrealized appreciation (depreciation) of: | |||||||||||
Futures Contracts | $— | $— | $— | $— | $2,112,697 | $2,112,697 | |||||
Total | $— | $— | $— | $— | $2,112,697 | $2,112,697 |
32
Year Ended December 31, 2022 | Year Ended December 31, 2021 | |||||||||||||||
Distributions paid from ordinary income |
Distributions paid from net long term capital gains |
Tax
return of captial |
Total Distributions |
Distributions paid from ordinary income |
Distributions paid from net long term capital gains |
Tax
return of captial |
Total Distributions | |||||||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $113,253,029 | $— | $55,111,943 | $168,364,972 | $117,946,756 | $— | $— | $117,946,756 | ||||||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 13,365,522 | — | 412,358 | 13,777,880 | 5,866,728 | — | — | 5,866,728 | ||||||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 221,713 | — | — | 221,713 | 423,843 | — | — | 423,843 | ||||||||
Fund | Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Accumulated Capital and Other Losses |
Unrealized Appreciation/ (Depreciation) | ||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $— | $— | $(373,394) | $(1,094,471) | ||||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | — | — | (127,571) | 4,031,726 | ||||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 3,434 | — | (32,004) | 2,649,762 |
33
Fund | Paid-in Capital |
Distributable Earnings/ (Accumulated Loss) | ||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $(94,202,268) | $94,202,268 | ||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | (9,384,387) | 9,384,387 | ||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | (5,323,045) | 5,323,045 |
Fund | Short-Term | Total | ||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | $373,394 | $373,394 | ||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 127,571 | 127,571 | ||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 32,004 | 32,004 |
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 |
34
Fund | Annual Rate | Minimum Annual Fee | ||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 0.04% | $18,000 |
35
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. |
36
• | 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 |
37
• | 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 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, 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 4 commodities futures contracts with respect to the following industrial metals: aluminum, copper, 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, 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, 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; |
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• | 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. |
• | 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 |
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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 recent period of historically low rates and the effect of 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. |
• | 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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Fund Name | Consolidated
Statements of Operations |
Consolidated
Statements of Changes in Net Assets |
Consolidated Financial Highlights |
abrdn Bloomberg All Commodity Strategy K-1 Free ETFand abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | For
the year ended December 31, 2022 |
For
the year ended December 31, 2022 and 2021 |
For
the years ended December 31, 2022, 2021, 2020, 2019, and 2018 |
abrdn
Bloomberg Industrial Metals Strategy K-1 Free ETF |
For
the year ended December 31, 2022 |
For the year ended December 31, 2022 and for the period from September 22, 2021 (commencement of operations) through December 31, 2021 |
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Fund | Percentage | |
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 7.97% | |
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 19.00 | |
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | 93.35 |
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Nominee | Votes For | Votes Withheld |
Rose DiMartino | 31,853,961 | 436,583 |
Christopher Demetriou | 32,160,975 | 129,569 |
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Beginning Account Value |
Ending Account Value 12/31/22 |
Expenses
Paid During the Period |
Annualized Expense Ratio During Period | ||||
abrdn Bloomberg All Commodity Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $976.70 | $1.35 | 0.27% | |||
Hypothetical | $1,000.00 | $1,023.84 | $1.38 | 0.27% | |||
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $1,011.50 | $1.57 | 0.31% | |||
Hypothetical | $1,000.00 | $1,023.64 | $1.58 | 0.31% | |||
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF | |||||||
Actual | $1,000.00 | $1,073.00 | $2.14 | 0.41% | |||
Hypothetical | $1,000.00 | $1,023.14 | $2.09 | 0.41% |
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Name,
Address and Year of Birth * |
Position(s)
Held with the Trust, Term of Office and Length of Time Served |
Principal
Occupation(s) During Past Five Years |
Number
of Funds in Fund Complex Overseen by Trustee** |
Other Directorships Held by Trustee*** | ||||
Interested Trustees | ||||||||
Christopher
Demetriou**** c/o abrdn Investments Limited 280 Bishopsgate London, EC2M 4AG Year of Birth: 1983 |
Trustee (since 2022) | Currently, Chief Executive Officer — UK, EMEA and Americas. Mr. Demetriou joined abrdn Inc. in 2013, as a result of the acquisition of SVG, a FTSE 250 private equity investor based in London. | 3 | None | ||||
Independent Trustees | ||||||||
Rose
DiMartino c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1952 |
Trustee (since 2022) | Retired since 2019. Partner (1991-2017) and Senior Counsel (2017-2019) at the law firm of Willkie Farr & Gallagher LLP. | 3 | None | ||||
John
Sievwright c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1955 |
Trustee (since 2018) | Mr. Sievwright is a Non-Executive Director of Burford Capital Ltd (since May 2020) (provider of legal, finance, complex strategies, post-settlement finance and asset management services and products) and Revolut Limited, a UK-based digital banking firm (since August 2021). Previously, he was a Non-Executive Director for the UK company: NEX Group plc (2017-2018) (financial). | 8 | Non-Executive Director of Burford Capital Ltd (provider of legal finance, complex strategies, post-settlement finance and asset management services and products) since May 2020. | ||||
William
Thomas c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1962 |
Chairman (since 2022) | Mr. Thomas is the President of Wedgewood Partners (August 2015 — Present). | 3 | None |
| |
* | Each Trustee serves during the lifetime of the Funds or until he or she dies, resigns, retires, is declared bankrupt or incompetent, or is removed, and until the election and qualification of his or her successor. |
** | As of December 31, 2022, the Fund Complex consists of: abrdn Income Credit Strategies Fund, abrdn Asia-Pacific Income Fund, Inc., abrdn Global Income Fund, Inc., abrdn Australia Equity Fund, Inc., abrdn Emerging Markets Equity Income Fund, Inc., abrdn Japan Equity Fund, Inc., The India Fund, Inc., abrdn Global Dynamic Dividend Fund, abrdn Total Dynamic Dividend Fund, abrdn Global Premier Properties Fund, abrdn Global Infrastructure Income Fund, abrdn Funds (which consists of 20 portfolios) and abdrn ETFs (which consists of 3 portfolios). For the purposes of listing the number of funds in the Fund Complex overseen by each Board Member, each portfolio of abrdn Funds and abrdn ETFs is counted individually. |
*** | Directorships (excluding Fund Complex) held in (1) any other investment companies registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (3) any company subject to the requirements of Section 15(d) of the Exchange Act. |
**** | Mr. Demetriou is considered to be an “interested person” of the Funds as defined in the 1940 Act because of his affiliation with the Advisor. |
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Name,
Address and Year of Birth |
Position(s)
Held with the Fund |
Term
of Office* and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Christopher
Demetriou ** c/o abrdn Investments Limited 280 Bishopsgate London, EC2M 4AG Year of Birth: 1983 |
Vice President | Since 2020 | Currently, Chief Executive Officer — UK, EMEA and Americas. Mr. Demetriou joined abrdn Inc. in 2013, as a result of the acquisition of SVG, a FTSE 250 private equity investor based in London. | |||
Steven
Dunn ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1969 |
Vice President | Since 2018 | Currently, Head of Exchange-traded Funds for abrdn Inc. Mr. Dunn served as Executive Director, Head of U.S. for the Advisor from September 2015 through abrdn Inc.’s acquisition of the Advisor from ETF Securities in April 2018. | |||
Sharon
Ferrari ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1977 |
Vice President | Since 2022 | Currently, Senior Product Manager — US for abrdn Inc. Ms. Ferrari joined abrdn Inc. as a Senior Fund Administrator in 2008. | |||
Alan
Goodson ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1974 |
President | President (2022 — present), Previously, Vice President (2018 — 2022) | Currently, Director, Vice President and Head of Product & Client Solutions — Americas, overseeing Product Management and Governance, Product Development and Client Solutions for registered and unregistered investment companies in the U.S., Brazil and Canada. Mr. Goodson is Director and Vice President of abrdn Inc. and joined abrdn Inc. in 2000. | |||
Heather
Hasson ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1982 |
Vice President | Since 2022 | Currently, Senior Product Solutions and Implementation Manager, Product Management and Governance US for abrdn Inc. Ms. Hasson joined abrdn Inc. as a Fund Administrator in 2006. | |||
Robert
Hepp ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1986 |
Vice President | Since 2022 | Currently, Senior Product Governance Manager — US for abrdn Inc. Mr. Hepp joined abrdn Inc. as a Senior Paralegal in 2016. | |||
Megan
Kennedy ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1974 |
Secretary and Vice President | Since 2018 | Currently, Senior Director, Product Governance for abrdn Inc. Ms. Kennedy joined abrdn Inc. in 2005. |
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Name,
Address and Year of Birth |
Position(s)
Held with the Fund |
Term
of Office* and Length of Time Served |
Principal Occupation(s) During Past Five Years | |||
Andrew
Kim ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1983 |
Vice President | Vice President (2022 — present), Previously, Assistant Secretary (2020 — 2022) | Currently, Senior Product Governance Manager — US for abrdn Inc. Mr. Kim joined abrdn Inc. as a Product Manager in 2013. | |||
Brian
Kordeck ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1978 |
Assistant Treasurer*** | Since 2018 | Currently, Senior Product Manager — US for abrdn Inc. Mr. Kordeck joined abrdn Inc. as a Senior Fund Administrator in 2013. | |||
Michael
Marisco ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1980 |
Vice President | Since 2022 | Currently, Senior Product Manager — US for abrdn Inc. Mr. Marsico joined abrdn Inc. as a Fund Administrator in 2014. | |||
Andrea
Melia ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1969 |
Principal Financial Officer and Treasurer*** | Since 2018 | Currently, Vice President and Director, Product Management for abrdn Inc. Ms. Melia joined abrdn Inc. in September 2009. | |||
Adam
Rezak ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1969 |
Chief Compliance Officer and Vice President | Since 2014 | Currently, Chief Compliance Officer — ETFs for abrdn Inc. Mr. Rezak served as Chief Compliance Officer of the Advisor from July 2014 through abrdn Inc.’s acquisition of the Advisor from ETF Securities in April 2018. | |||
Lucia
Sitar ** c\o abrdn Inc. 1900 Market Street Suite 200 Philadelphia, PA 19103 Year of Birth: 1971 |
Vice President | Since 2018 | Currently, Vice President and Head of Product Management and Governance for abrdn Inc. since 2020. Previously, Ms. Sitar was Managing U.S. Counsel for abrdn Inc. She joined abrdn Inc. as U.S. Counsel in July 2007. |
| |
* | Elected by and serves at the pleasure of the Board with no set term. |
** | Each officer may hold officer position(s) in one or more other funds which are part of the Fund Complex. |
*** | The information presented in this table is as of December 31, 2022. Subsequent to the reporting period, in connection with her retirement, Andrea Melia has resigned as Chief Financial Officer and Treasurer of the Trust, effective February 28, 2023. Brian Kordeck was appointed as Chief Financial Officer and Treasurer effective upon Andrea Melia's retirement on February 28, 2023. |
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