abrdn ETFs
Semiannual Report

June 30, 2022

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

Principal U.S. Listing Exchange: NYSE Arca

abrdn ETFs

Table of Contents

Consolidated Schedules of Portfolio Investments

1

abrdn Bloomberg All Commodity Strategy K-1 Free ETF

1

abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF

3

abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF

6

Consolidated Statements of Assets and Liabilities

8

Consolidated Statements of Operations

9

Consolidated Statements of Changes in Net Assets

10

Consolidated Financial Highlights

12

Notes to Consolidated Financial Statements

14

Expense Examples

30

Board Approval of Advisory and Sub-Advisory Agreements

31

Review of Liquidity Risk Management Program

35

Additional Information

36

1

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg All Commodity Strategy K-1 Free ETF

June 30, 2022 (Unaudited)

See accompanying notes to the consolidated financial statements.

Shares or
Principal
Amount
(US$)

Value
(US$)

SHORT-TERM INVESTMENTS (104.2%)

MONEY MARKET FUNDS (2.1%)

Invesco Government & Agency Portfolio, 1.08% (a)

21,336,895

21,336,895

Total Money Market Funds

21,336,895

 

U.S. TREASURIES (102.1%)

U.S. Treasury Bills

0.22%, 07/07/2022 (b)

23,000,000

22,997,197

0.27%, 07/14/2022 (b)

9,000,000

8,996,693

0.61%, 07/21/2022 (b)

42,000,000

41,976,871

0.41%, 07/28/2022 (b)

15,000,000

14,989,200

0.50%, 08/04/2022 (b)

26,000,000

25,971,423

0.61%, 08/11/2022 (b)(c)

53,000,000

52,919,644

0.64%, 08/18/2022 (b)

15,300,000

15,272,868

0.82%, 08/25/2022 (b)

38,000,000

37,914,223

0.65%, 09/01/2022 (b)(c)

97,000,000

96,747,120

0.97%, 09/08/2022 (b)

38,000,000

37,887,715

1.71%, 09/15/2022 (b)

10,000,000

9,966,592

0.95%, 09/22/2022 (b)

20,500,000

20,423,669

1.25%, 09/29/2022 (b)(c)

75,000,000

74,693,438

1.11%, 10/06/2022 (b)

53,000,000

52,752,975

1.17%, 10/13/2022 (b)

25,500,000

25,364,177

1.25%, 10/20/2022 (b)

44,000,000

43,741,725

1.35%, 10/27/2022 (b)(c)

91,000,000

90,429,245

1.45%, 11/03/2022 (b)

36,200,000

35,952,382

1.40%, 11/10/2022 (b)(c)

57,000,000

56,579,649

1.50%, 11/17/2022 (b)(c)

97,000,000

96,235,027

1.50%, 11/25/2022 (b)(c)

87,000,000

86,281,507

1.58%, 12/01/2022 (b)(c)

76,500,000

75,785,131

1.73%, 12/08/2022 (b)(c)

18,000,000

17,820,700

2.33%, 12/22/2022 (b)

5,500,000

5,436,377

2.50%, 12/29/2022 (b)

10,000,000

9,878,579

Total U.S. Treasuries

1,057,014,127

 

Total Short-Term Investments

1,078,351,022

 

Total Investments
(Cost $1,079,825,472) —104.2%

1,078,351,022

Liabilities in Excess of Other Assets—(4.2)%

(43,129,585

)

Net Assets—100.0%

1,035,221,437

(a)The rate shown is the 7 day yield as of June 30, 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 $253,348,050.

As of June 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

$14,659,445

Aggregate gross unrealized depreciation

(251,978,028

)

Net unrealized depreciation

(237,318,583

)

Federal income tax cost of investment securities

$1,250,155,428


2

See accompanying notes to the consolidated financial statements.

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg All Commodity Strategy K-1 Free ETF (concluded)

June 30, 2022 (Unaudited)

At June 30, 2022, the Fund held the following futures contracts:

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration
Date

Trading
Currency

Notional
Amount
(US$)

Unrealized
Appreciation/
(Depreciation)
(US$)

Long Contract Positions

LME Aluminum Base Metal (d)

533

07/18/2022

USD

43,792,429

(11,379,367

)

LME Nickel Base Metal (d)

203

07/18/2022

USD

40,059,694

(12,470,776

)

LME Zinc Base Metal (d)

321

07/18/2022

USD

34,460,737

(8,927,193

)

Brent Crude Oil

784

07/29/2022

USD

82,152,298

3,327,222

Lean Hogs

488

08/12/2022

USD

20,452,697

(522,777

)

WTI Crude Oil

940

08/22/2022

USD

108,834,646

(11,920,646

)

100 oz Gold

774

08/29/2022

USD

143,760,765

(3,875,745

)

Natural Gas

2,000

08/29/2022

USD

176,652,500

(68,812,500

)

Live Cattle

601

08/31/2022

USD

32,307,214

(436,184

)

NY Harbor ULSD

184

08/31/2022

USD

32,120,666

(3,025,519

)

RBOB Gasoline

207

08/31/2022

USD

33,227,239

(3,651,120

)

Low Sulphur Gasoil

347

09/12/2022

USD

42,285,697

(4,046,297

)

Corn

1,709

09/14/2022

USD

62,330,516

(8,603,828

)

KC HRW Wheat

399

09/14/2022

USD

23,215,192

(4,227,779

)

Wheat

704

09/14/2022

USD

38,213,066

(7,096,266

)

LME Aluminum Base Metal

549

09/19/2022

USD

37,499,609

(3,938,553

)

LME Nickel Base Metal

209

09/19/2022

USD

34,958,867

(6,491,813

)

LME Zinc Base Metal

331

09/19/2022

USD

30,905,717

(4,750,511

)

Coffee ‘C’

290

09/20/2022

USD

25,029,399

(6,024

)

Copper

458

09/28/2022

USD

49,966,504

(7,487,004

)

Silver

395

09/28/2022

USD

43,312,737

(3,117,537

)

Sugar No. 11

1,266

09/30/2022

USD

27,187,643

(956,123

)

Soybean

770

11/14/2022

USD

60,075,448

(3,942,448

)

Cotton

242

12/07/2022

USD

14,832,342

(2,872,702

)

Soybean Meal

790

12/14/2022

USD

31,479,141

650,159

Soybean Oil

828

12/14/2022

USD

38,315,351

(6,291,623

)

 

(184,872,954

)

 

Short Contract Positions

LME Aluminum Base Metal (d)

(533

)

07/18/2022

USD

(36,230,376

)

3,817,314

LME Nickel Base Metal (d)

(203

)

07/18/2022

USD

(33,884,633

)

6,295,714

LME Zinc Base Metal (d)

(321

)

07/18/2022

USD

(30,002,521

)

4,468,977

LME Nickel Base Metal (d)

(5

)

09/19/2022

USD

(696,291

)

15,261

LME Nickel Base Metal (d)

(13

)

09/19/2022

USD

(806,133

)

11,427

LME Zinc Base Metal (d)

(8

)

09/19/2022

USD

(678,167

)

46,017

 

14,654,710

 

(170,218,244

)

  

(d)London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2.

USDU.S. Dollar

Commodity Allocation Summary*

Energy

39.4%

Agriculture

26.6%

Precious Metals

15.5%

Base Metals

14.1%

Livestock

4.4%

 

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.

3

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF

June 30, 2022 (Unaudited)

See accompanying notes to the consolidated financial statements.

 

Shares or
Principal
Amount
(US$)

Value
(US$)

SHORT-TERM INVESTMENTS (100.6%)

MONEY MARKET FUNDS (0.7%)

UNITED STATES (0.7%)

Invesco Government & Agency Portfolio, 1.08%(a)

2,066,868

2,066,868

Total Money Market Funds

2,066,868

 

U.S. TREASURIES (99.9%)

U.S. Treasury Bills

0.27%, 07/14/2022 (b)(c)

6,000,000

5,997,795

0.36%, 07/21/2022 (b)

5,000,000

4,997,247

0.60%, 07/28/2022 (b)(c)

10,000,000

9,992,800

0.47%, 08/04/2022 (b)

23,500,000

23,474,171

0.64%, 08/11/2022 (b)

8,900,000

8,886,506

0.67%, 08/18/2022 (b)

8,400,000

8,385,104

0.69%, 08/25/2022 (b)

10,000,000

9,977,427

0.65%, 09/01/2022 (b)(c)

26,299,999

26,231,436

0.75%, 09/08/2022 (b)

8,850,000

8,823,849

1.71%, 09/15/2022 (b)

6,000,000

5,979,955

0.95%, 09/22/2022 (b)

20,000,000

19,925,531

1.01%, 09/29/2022 (b)

5,000,000

4,979,562

1.11%, 10/06/2022 (b)

9,000,000

8,958,052

1.17%, 10/13/2022 (b)(c)

19,400,000

19,296,668

1.27%, 10/20/2022 (b)

18,000,000

17,894,342

1.36%, 10/27/2022 (b)

12,000,000

11,924,736

1.38%, 11/03/2022 (b)

26,000,000

25,822,153

1.39%, 11/10/2022 (b)

11,000,000

10,918,880

1.48%, 11/17/2022 (b)(c)

16,000,000

15,873,819

1.45%, 11/25/2022 (b)

12,000,000

11,900,897

1.58%, 12/01/2022 (b)(c)

19,000,000

18,822,451

1.72%, 12/08/2022 (b)

23,000,000

22,770,894

2.29%, 12/15/2022 (b)

3,000,000

2,968,601

2.33%, 12/22/2022 (b)(c)

13,500,000

13,343,835

 

318,146,711

Total U.S. Treasuries

318,146,711

 

Total Short-Term Investments

320,213,579

 

Total Investments
(Cost $320,698,309) —100.6%

320,213,579

Liabilities in Excess of Other Assets—(0.6)%

(1,769,206

)

Net Assets—100.0%

318,444,373

(a)The rate shown is the 7 day yield as of June 30, 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 $62,609,620.

As of June 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

$11,317,140

Aggregate gross unrealized depreciation

(49,603,256

)

Net unrealized depreciation

(38,286,116

)

Federal income tax cost of investment securities

$355,631,205


4

See accompanying notes to the consolidated financial statements.

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (continued)

June 30, 2022 (Unaudited)

At June 30, 2022, the Fund held the following futures contracts:

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration
Date

Trading
Currency

Notional
Amount
(US$)

Unrealized
Appreciation/
(Depreciation)
(US$)

Long Contract Positions

LME Aluminum Base Metal (d)

105

07/18/2022

USD

8,122,476

(1,737,163

)

LME Nickel Base Metal (d)

42

07/18/2022

USD

5,723,971

(15,919

)

LME Zinc Base Metal (d)

65

07/18/2022

USD

5,824,464

(654,120

)

LME Aluminum Base Metal (d)

146

09/19/2022

USD

12,465,814

(3,540,651

)

LME Nickel Base Metal (d)

56

09/19/2022

USD

11,733,396

(4,105,861

)

LME Zinc Base Metal (d)

88

09/19/2022

USD

8,725,262

(1,771,612

)

WTI Crude Oil

294

10/20/2022

USD

28,547,413

191,087

Natural Gas

625

10/27/2022

USD

48,190,923

(13,690,923

)

NY Harbor ULSD

57

10/31/2022

USD

8,189,233

490,693

RBOB Gasoline

64

10/31/2022

USD

7,960,918

(86,422

)

Low Sulphur Gasoil

109

11/10/2022

USD

10,688,232

833,068

LME Nickel Base Metal (d)

65

11/14/2022

USD

11,107,320

(2,236,380

)

LME Nickel Base Metal (d)

169

11/14/2022

USD

11,761,239

(1,436,395

)

LME Zinc Base Metal (d)

102

11/14/2022

USD

9,223,587

(1,217,224

)

Soybean

241

11/14/2022

USD

17,888,386

(319,486

)

Brent Crude Oil

245

11/30/2022

USD

27,191,251

(3,034,251

)

Cotton

76

12/07/2022

USD

4,117,302

(361,382

)

Corn

534

12/14/2022

USD

19,398,355

(2,851,030

)

KC HRW Wheat

125

12/14/2022

USD

7,503,676

(1,498,989

)

Lean Hogs

153

12/14/2022

USD

5,295,375

(223,425

)

Soybean Meal

247

12/14/2022

USD

10,326,555

(281,065

)

Soybean Oil

259

12/14/2022

USD

10,421,628

(404,544

)

Wheat

220

12/14/2022

USD

12,352,697

(2,447,197

)

Coffee ‘C’

91

12/19/2022

USD

7,253,874

494,207

100 oz Gold

242

12/28/2022

USD

47,437,305

(3,211,805

)

Copper

143

12/28/2022

USD

15,056,846

(1,752,484

)

Silver

123

12/28/2022

USD

13,444,754

(832,949

)

Live Cattle

188

12/30/2022

USD

11,083,780

(189,180

)

Sugar No. 11

396

02/28/2023

USD

8,671,054

(346,184

)

 

(46,237,586

)

 

Short Contract Positions

LME Aluminum Base Metal (d)

(105

)

07/18/2022

USD

(9,119,051

)

2,733,738

LME Nickel Base Metal (d)

(42

)

07/18/2022

USD

(8,869,924

)

3,161,872

LME Zinc Base Metal (d)

(65

)

07/18/2022

USD

(6,406,755

)

1,236,411

LME Nickel Base Metal (d)

(56

)

09/19/2022

USD

(9,572,191

)

1,944,655

LME Nickel Base Metal (d)

(146

)

09/19/2022

USD

(10,144,330

)

1,219,168

LME Zinc Base Metal (d)

(88

)

09/19/2022

USD

(7,972,840

)

1,019,190

LME Nickel Base Metal (d)

(1

)

11/14/2022

USD

(136,472

)

(4

)

LME Nickel Base Metal (d)

(1

)

11/14/2022

USD

(61,089

)

(4

)

LME Zinc Base Metal (d)

(1

)

11/14/2022

USD

(78,489

)

(4

)

 

11,315,022

 

(34,922,564

)

  

(d)London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2.

USDU.S. Dollar

5

See accompanying notes to the consolidated financial statements.

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (concluded)

June 30, 2022 (Unaudited)

Commodity Allocation Summary*

Energy

37.1%

Agriculture

27.7%

Precious Metals

17.2%

Base Metals

13.4%

Livestock

4.6%

 

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

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF

June 30, 2022 (Unaudited)

See accompanying notes to the consolidated financial statements.

 

Shares or
Principal
Amount
(US$)

Value
(US$)

SHORT-TERM INVESTMENTS (127.5%)

MONEY MARKET FUNDS (15.2%)

UNITED STATES (15.2%)

Invesco Government & Agency Portfolio, 1.08%(a)

4,503,118

4,503,118

Total Money Market Funds

4,503,118

 

U.S. TREASURIES (112.3%)

U.S. Treasury Bills

0.65%, 07/07/2022 (b)

1,000,000

999,878

0.82%, 07/21/2022 (b)

1,000,000

999,449

0.50%, 08/04/2022 (b)

1,000,000

998,901

0.70%, 08/18/2022 (b)

700,000

698,759

0.71%, 09/08/2022 (b)(c)

4,700,000

4,686,112

1.36%, 09/22/2022 (b)(c)

15,000,000

14,944,148

1.60%, 10/06/2022 (b)(c)

2,000,000

1,990,678

1.15%, 10/13/2022 (b)(c)

1,500,000

1,492,011

1.30%, 10/20/2022 (b)(c)

1,500,000

1,491,195

2.33%, 12/22/2022 (b)

5,000,000

4,942,161

 

33,243,292

Total U.S. Treasuries

33,243,292

 

Total Short-Term Investments

37,746,410

 

Total Investments
(Cost $37,762,230) —127.5%

37,746,410

Liabilities in Excess of Other Assets—(27.5)%

(8,143,068

)

Net Assets—100.0%

29,603,342

(a)The rate shown is the 7 day yield as of June 30, 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 $14,939,995.

As of June 30, 2022, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation

$3,643,624

Aggregate gross unrealized depreciation

(13,552,648

)

Net unrealized depreciation

(9,909,024

)

Federal income tax cost of investment securities

$47,495,337


7

See accompanying notes to the consolidated financial statements.

Consolidated Schedule of Portfolio Investments

abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (concluded)

June 30, 2022 (Unaudited)

At June 30, 2022, the Fund held the following futures contracts:

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration
Date

Trading
Currency

Notional
Amount
(US$)

Unrealized
Appreciation/
(Depreciation)
(US$)

Long Contract Positions

LME Aluminum Base Metal (d)

131

07/18/2022

USD

10,798,370

(2,831,932

)

LME Nickel Base Metal (d)

50

07/18/2022

USD

9,925,360

(3,130,060

)

LME Zinc Base Metal (d)

79

07/18/2022

USD

8,538,465

(2,254,509

)

LME Aluminum Base Metal (d)

123

09/19/2022

USD

8,410,155

(891,012

)

LME Nickel Base Metal (d)

47

09/19/2022

USD

7,876,516

(1,474,833

)

LME Zinc Base Metal (d)

74

09/19/2022

USD

6,911,314

(1,063,927

)

Copper

105

09/28/2022

USD

11,466,853

(1,728,103

)

 

(13,374,376

)

 

Short Contract Positions

LME Aluminum Base Metal (d)

(131

)

07/18/2022

USD

(8,912,599

)

946,161

LME Nickel Base Metal (d)

(50

)

07/18/2022

USD

(8,369,741

)

1,574,441

LME Zinc Base Metal (d)

(79

)

07/18/2022

USD

(7,406,977

)

1,123,022

 

3,643,624

 

(9,730,752

)

  

(d)London Metal Exchange (“LME”) futures contracts settle on their respective maturity date. See Note 2.

USD U.S. Dollar

Commodity Allocation Summary*

Aluminum

26.2%

Copper

29.2%

Nickel

24.1%

Zinc

20.5%

 

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.

8

See accompanying notes to the consolidated financial statements.

Consolidated Statements of Assets and Liabilities

June 30, 2022 (Unaudited)

 

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

$1,079,825,473

$320,698,309

$37,762,230

Investments, at value

$1,078,351,022

$320,213,579

$37,746,410

 

Cash collateral pledged for futures

120,778,568

25,971,764

1,555,182

Cash

1,296

1,505,987

67,402

Unrealized appreciation on open futures contracts

18,632,091

13,324,089

3,643,624

Receivable for capital shares issued

16,200,000

4,300,000

Receivable for investments sold

6,999,125

9,497,076

Receivable from Advisor

163,974

49,361

11,393

Interest and dividends receivable

13,101

4,145

1,152

Total assets

1,241,139,177

374,866,001

43,025,163

Liabilities:

Payable for investments purchased

16,200,000

4,300,000

Payable for capital shares redeemed

3,598,230

Unrealized depreciation on open futures contracts

188,850,335

48,246,653

13,374,376

Advisory fees payable

867,405

276,745

47,445

Total liabilities

205,917,740

56,421,628

13,421,821

Net Assets

$1,035,221,437

$318,444,373

$29,603,342

 

Investments

$1,079,825,473

$320,698,309

$37,762,230

 

Net Assets Consist of:

Capital

$986,974,812

$312,694,099

$34,121,473

Distributable earnings (accumulated loss)

48,246,625

5,750,274

(4,518,131

)

Net Assets

$1,035,221,437

$318,444,373

$29,603,342

Shares (unlimited number of shares authorized, no par value)

38,300,001

8,850,001

1,275,000

Net Asset Value

$27.03

$35.98

$23.22

  

Amounts listed as “-” are $0 or round to $0.

9

See