# EDGAR Filing Document

**Accession Number:** 0001597934
**File Stem:** 0001410368-25-032522
**Filing Date:** 2025-11
**Character Count:** 61715
**Document Hash:** fb82f35c4db793413d036f8bc905e82d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032522.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032522

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn ETFs
- **CENTRAL INDEX KEY:** 0001597934

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22986
- **FILM NUMBER:** 251529422

**BUSINESS ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 215-405-5700

**MAIL ADDRESS:**
- **STREET 1:** 1900 MARKET STREET
- **STREET 2:** SUITE 200
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Aberdeen Standard Investments ETFs
- **DATE OF NAME CHANGE:** 20181001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ETFS Trust
- **DATE OF NAME CHANGE:** 20140122

## Series and Classes Contracts Data

### abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (Series ID: S000056193)

| Class ID   | Class Name                                                       | Ticker Symbol   |
|:---|:---|:---|
| C000176936 | abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | BCD             |

## Nport-Ex

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg All Commodity Strategy K-1 Free ETF

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS—97.4%** | **SHORT-TERM INVESTMENTS—97.4%** |  |
| **MONEY MARKET FUNDS—7.3%** | **MONEY MARKET FUNDS—7.3%** |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09% (a) | 129485042 | &nbsp;&nbsp;$129485042 |
| **Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**129485042** |
| **U.S. TREASURIES—90.1%** | **U.S. TREASURIES—90.1%** |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.25%, 10/02/2025 (b) | $&nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73991762 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/07/2025 (b) | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73950051 |
| &nbsp;&nbsp;&nbsp;4.24%, 10/09/2025 (b)(c) | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74932608 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/14/2025 (b) | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73892078 |
| &nbsp;&nbsp;&nbsp;4.23%, 10/16/2025 (b)(c) | &nbsp;&nbsp;76000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75871775 |
| &nbsp;&nbsp;&nbsp;4.18%, 10/21/2025 (b) | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74831719 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/23/2025 (b)(c) | &nbsp;&nbsp;76000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75813126 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/28/2025 (b) | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74772750 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/30/2025 (b)(c) | &nbsp;&nbsp;76000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75752657 |
| &nbsp;&nbsp;&nbsp;4.06%, 11/04/2025 (b) | &nbsp;&nbsp;77000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76708802 |
| &nbsp;&nbsp;&nbsp;4.14%, 11/06/2025 (b)(c) | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73703260 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/12/2025 (b) | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79627078 |
| &nbsp;&nbsp;&nbsp;4.12%, 11/13/2025 (b) | &nbsp;&nbsp;74000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73646003 |
| &nbsp;&nbsp;&nbsp;3.97%, 11/18/2025 (b) | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79574816 |
| &nbsp;&nbsp;&nbsp;4.09%, 11/20/2025 (b) | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74586849 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/25/2025 (b) | &nbsp;&nbsp;81000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80506238 |
| &nbsp;&nbsp;&nbsp;4.06%, 11/28/2025 (b) | &nbsp;&nbsp;75000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74519084 |
| &nbsp;&nbsp;&nbsp;3.91%, 12/04/2025 (b) | &nbsp;&nbsp;77000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76466818 |
| &nbsp;&nbsp;&nbsp;3.93%, 12/11/2025 (b)(c) | &nbsp;&nbsp;79000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78401707 |
| &nbsp;&nbsp;&nbsp;3.88%, 12/18/2025 (b)(c) | &nbsp;&nbsp;79000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78339325 |
| &nbsp;&nbsp;&nbsp;3.87%, 12/26/2025 (b) | &nbsp;&nbsp;81000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80255025 |
| **Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;**1600143531** |
| **Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;**1729628573** |
| **Total Investments<br> (Cost $1,729,528,647)—97.4%** | **Total Investments<br> (Cost $1,729,528,647)—97.4%** | &nbsp;&nbsp;**1729628573** |
| **Other Assets in Excess of Liabilities—2.6%** | **Other Assets in Excess of Liabilities—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46209954** |
| **Net Assets—100.0%** | **Net Assets—100.0%** | **$1775838527** |

---

(a) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of September 30, 2025.

(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 $238,135,270.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg All Commodity Strategy K-1 Free ETF (continued)

------

September 30, 2025 (Unaudited)

**As of September 30, 2025, the Fund held the following futures contracts:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Contract Positions** |  |  |  |  |  |
| Aluminum LME \* | &nbsp;&nbsp;1079 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;$70452808 | &nbsp;&nbsp;$72324561 | &nbsp;&nbsp;$1871753 |
| Brent Crude Oil | &nbsp;&nbsp;1703 | &nbsp;&nbsp;1/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;112417002 | &nbsp;&nbsp;&nbsp;&nbsp;111750860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(666142) |
| Coffee | &nbsp;&nbsp;409 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47361077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57492619 | &nbsp;&nbsp;&nbsp;&nbsp;10131542 |
| Copper | &nbsp;&nbsp;837 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94776874 | &nbsp;&nbsp;&nbsp;&nbsp;101622262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6845388 |
| Corn | &nbsp;&nbsp;4011 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80828966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83328525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499559 |
| Cotton | &nbsp;&nbsp;766 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25981249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25189910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(791339) |
| Gasoline | &nbsp;&nbsp;411 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32265289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33182743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917454 |
| Gold | &nbsp;&nbsp;875 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;297708502 | &nbsp;&nbsp;&nbsp;&nbsp;338905000 | &nbsp;&nbsp;&nbsp;&nbsp;41196498 |
| KC Wheat | &nbsp;&nbsp;1083 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28915978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26953162 | &nbsp;&nbsp;&nbsp;&nbsp;(1962816) |
| Lead LME \* | &nbsp;&nbsp;309 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15500147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15227443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272704) |
| Lean Hog | &nbsp;&nbsp;894 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31626466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31728060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101594 |
| Live Cattle | &nbsp;&nbsp;750 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70062665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70432500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369835 |
| Low Sulfur Gasoil | &nbsp;&nbsp;668 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43495166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45891600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2396434 |
| Natural Gas | &nbsp;&nbsp;4187 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;143055684 | &nbsp;&nbsp;&nbsp;&nbsp;138296610 | &nbsp;&nbsp;&nbsp;&nbsp;(4759074) |
| New York Harbor Ultra Low Sulfur Diesel | &nbsp;&nbsp;365 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34452762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35628453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175691 |
| Nickel LME \* | &nbsp;&nbsp;426 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39004155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38734851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269304) |
| Silver | &nbsp;&nbsp;478 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92843413 | &nbsp;&nbsp;&nbsp;&nbsp;111469600 | &nbsp;&nbsp;&nbsp;&nbsp;18626187 |
| Soybean | &nbsp;&nbsp;1954 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;100752987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97870975 | &nbsp;&nbsp;&nbsp;&nbsp;(2882012) |
| Soybean Meal | &nbsp;&nbsp;1899 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57996992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51899670 | &nbsp;&nbsp;&nbsp;&nbsp;(6097322) |
| Soybean Oil | &nbsp;&nbsp;2220 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64987411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65920680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933269 |
| Sugar | &nbsp;&nbsp;2246 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41425462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41757632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332170 |
| Wheat | &nbsp;&nbsp;1701 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45282246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43205400 | &nbsp;&nbsp;&nbsp;&nbsp;(2076846) |
| WTI Crude Oil | &nbsp;&nbsp;1547 | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96217235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96486390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269155 |
| Zinc LME \* | &nbsp;&nbsp;516 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36543484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38394399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850915 |
|  |  |  |  |  | &nbsp;&nbsp;**$69739885** |

---

 <br> \* London Metal Exchange ("LME") futures contracts settle on their respective maturity date. See Note 2.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS—98.6%** | **SHORT-TERM INVESTMENTS—98.6%** |  |
| **MONEY MARKET FUNDS—5.3%** | **MONEY MARKET FUNDS—5.3%** |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09% (a) | 15846833 | &nbsp;&nbsp;$15846833 |
| **Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15846833** |
| **U.S. TREASURIES—93.3%** | **U.S. TREASURIES—93.3%** |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.24%, 10/02/2025 (b) | $13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12998553 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/07/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12991225 |
| &nbsp;&nbsp;&nbsp;4.24%, 10/09/2025 (b)(c) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12988319 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/14/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12981041 |
| &nbsp;&nbsp;&nbsp;4.23%, 10/16/2025 (b)(c) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12978067 |
| &nbsp;&nbsp;&nbsp;4.18%, 10/21/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12970831 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/23/2025 (b)(c) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13965576 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/28/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12960610 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/30/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13954437 |
| &nbsp;&nbsp;&nbsp;4.06%, 11/04/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13947055 |
| &nbsp;&nbsp;&nbsp;4.14%, 11/06/2025 (b)(c) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12947870 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/12/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13934739 |
| &nbsp;&nbsp;&nbsp;4.11%, 11/13/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12937811 |
| &nbsp;&nbsp;&nbsp;3.97%, 11/18/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13925593 |
| &nbsp;&nbsp;&nbsp;4.09%, 11/20/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12928387 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/25/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13914658 |
| &nbsp;&nbsp;&nbsp;4.06%, 11/28/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12916641 |
| &nbsp;&nbsp;&nbsp;3.91%, 12/04/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12909982 |
| &nbsp;&nbsp;&nbsp;3.93%, 12/11/2025 (b) | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp;12901547 |
| &nbsp;&nbsp;&nbsp;3.88%, 12/18/2025 (b)(c) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13882918 |
| &nbsp;&nbsp;&nbsp;3.87%, 12/26/2025 (b) | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp;13871239 |
| **Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;**279807099** |
| **Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;**295653932** |
| **Total Investments<br> (Cost $295,635,823)—98.6%** | **Total Investments<br> (Cost $295,635,823)—98.6%** | &nbsp;&nbsp;**295653932** |
| **Other Assets in Excess of Liabilities—1.4%** | **Other Assets in Excess of Liabilities—1.4%** | &nbsp;&nbsp;&nbsp;&nbsp;**4339520** |
| **Net Assets—100.0%** | **Net Assets—100.0%** | **$299993452** |

---

(a) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of September 30, 2025.

(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 $44,850,550.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (continued)

------

September 30, 2025 (Unaudited)

**As of September 30, 2025, the Fund held the following futures contracts:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Contract Positions** |  |  |  |  |  |
| Aluminum LME \* | &nbsp;&nbsp;176 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;$10821765 | &nbsp;&nbsp;$11797148 | &nbsp;&nbsp;&nbsp;&nbsp;$975383 |
| Aluminum LME \* | &nbsp;&nbsp;182 | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;11876305 | &nbsp;&nbsp;&nbsp;&nbsp;12210016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333711 |
| Aluminum LME \* | &nbsp;&nbsp;181 | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;12024936 | &nbsp;&nbsp;&nbsp;&nbsp;12175689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150753 |
| Brent Crude Oil | &nbsp;&nbsp;284 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;18476850 | &nbsp;&nbsp;&nbsp;&nbsp;18499760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22910 |
| Coffee | &nbsp;&nbsp;68 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527362 |
| Copper | &nbsp;&nbsp;139 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15936228 | &nbsp;&nbsp;&nbsp;&nbsp;17097000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160772 |
| Corn | &nbsp;&nbsp;669 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;14069888 | &nbsp;&nbsp;&nbsp;&nbsp;14450400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380512 |
| Cotton | &nbsp;&nbsp;128 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71148) |
| Gasoline | &nbsp;&nbsp;68 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16030) |
| Gold | &nbsp;&nbsp;146 | &nbsp;&nbsp;2/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;50608803 | &nbsp;&nbsp;&nbsp;&nbsp;57007160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6398357 |
| KC Wheat | &nbsp;&nbsp;180 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4968902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300152) |
| Lead LME \* | &nbsp;&nbsp;50 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28526) |
| Lead LME \* | &nbsp;&nbsp;53 | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85210) |
| Lead LME \* | &nbsp;&nbsp;52 | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12747) |
| Lean Hog | &nbsp;&nbsp;149 | &nbsp;&nbsp;2/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216173 |
| Live Cattle | &nbsp;&nbsp;125 | &nbsp;&nbsp;2/28/2026 | &nbsp;&nbsp;&nbsp;&nbsp;11582109 | &nbsp;&nbsp;&nbsp;&nbsp;11858750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276641 |
| Low Sulfur Gasoil | &nbsp;&nbsp;111 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54725 |
| Natural Gas | &nbsp;&nbsp;698 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;25213253 | &nbsp;&nbsp;&nbsp;&nbsp;25288540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75287 |
| New York Harbor Ultra Low Sulfur Diesel | &nbsp;&nbsp;61 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5748872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27029 |
| Nickel LME \* | &nbsp;&nbsp;69 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294715) |
| Nickel LME \* | &nbsp;&nbsp;72 | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35824) |
| Nickel LME \* | &nbsp;&nbsp;72 | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6655930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6648709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7221) |
| Silver | &nbsp;&nbsp;80 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15759959 | &nbsp;&nbsp;&nbsp;&nbsp;18880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120041 |
| Soybean | &nbsp;&nbsp;325 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;17368503 | &nbsp;&nbsp;&nbsp;&nbsp;16830938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537565) |
| Soybean Meal | &nbsp;&nbsp;317 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9040840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349203) |
| Soybean Oil | &nbsp;&nbsp;370 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;11553323 | &nbsp;&nbsp;&nbsp;&nbsp;11155500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397823) |
| Sugar | &nbsp;&nbsp;374 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6953408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303388) |
| Wheat | &nbsp;&nbsp;283 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345097) |
| WTI Crude Oil | &nbsp;&nbsp;258 | &nbsp;&nbsp;3/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp;15979741 | &nbsp;&nbsp;&nbsp;&nbsp;15830880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148861) |
| Zinc LME \* | &nbsp;&nbsp;84 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5617978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6250251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632273 |
| Zinc LME \* | &nbsp;&nbsp;87 | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6008122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431770 |
| Zinc LME \* | &nbsp;&nbsp;87 | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6285811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127981 |
|  |  |  |  |  | &nbsp;&nbsp;**$12978170** |
| **Short Contract Positions** |  |  |  |  |  |
| Aluminum LME \* | &nbsp;&nbsp;(176) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(11440975) | &nbsp;&nbsp;&nbsp;&nbsp;(11797148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356173) |
| Aluminum LME \* | &nbsp;&nbsp;(182) | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;(12046765) | &nbsp;&nbsp;&nbsp;&nbsp;(12210016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163251) |
| Aluminum LME \* | &nbsp;&nbsp;(1) | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| Lead LME \* | &nbsp;&nbsp;(50) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2558929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2463988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94941 |
| Lead LME \* | &nbsp;&nbsp;(53) | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2660529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2644144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16385 |
| Lead LME \* | &nbsp;&nbsp;(1) | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| Nickel LME \* | &nbsp;&nbsp;(69) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6296617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6273955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22662 |
| Nickel LME \* | &nbsp;&nbsp;(72) | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6603642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6602053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 |
| Nickel LME \* | &nbsp;&nbsp;(1) | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |
| Zinc LME \* | &nbsp;&nbsp;(84) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5766846) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6250251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483405) |
| Zinc LME \* | &nbsp;&nbsp;(87) | &nbsp;&nbsp;1/21/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6285999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6439892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153893) |
| Zinc LME \* | &nbsp;&nbsp;(1) | &nbsp;&nbsp;3/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(765) |
|  |  |  |  |  | &nbsp;&nbsp;**$(1021428)** |
|  |  |  |  |  | &nbsp;&nbsp;**$11956742** |

---

 <br> \* London Metal Exchange ("LME") futures contracts settle on their respective maturity date. See Note 2.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF

------

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS—98.8%** | **SHORT-TERM INVESTMENTS—98.8%** |  |
| **MONEY MARKET FUNDS—13.9%** | **MONEY MARKET FUNDS—13.9%** |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 4.09% (a) | 3221870 | &nbsp;&nbsp;$3221870 |
| **Total Money Market Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3221870** |
| **U.S. TREASURIES—84.9%** | **U.S. TREASURIES—84.9%** |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.24%, 10/02/2025 (b) | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999889 |
| &nbsp;&nbsp;&nbsp;4.20%, 10/07/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999325 |
| &nbsp;&nbsp;&nbsp;4.24%, 10/09/2025 (b)(c) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999101 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/14/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998542 |
| &nbsp;&nbsp;&nbsp;4.23%, 10/16/2025 (b)(c) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998313 |
| &nbsp;&nbsp;&nbsp;4.18%, 10/21/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997756 |
| &nbsp;&nbsp;&nbsp;4.25%, 10/23/2025 (b)(c) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997541 |
| &nbsp;&nbsp;&nbsp;4.13%, 10/28/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996970 |
| &nbsp;&nbsp;&nbsp;4.19%, 10/30/2025 (b) | &nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797396 |
| &nbsp;&nbsp;&nbsp;4.06%, 11/04/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996218 |
| &nbsp;&nbsp;&nbsp;4.14%, 11/06/2025 (b)(c) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995990 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/12/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995339 |
| &nbsp;&nbsp;&nbsp;4.11%, 11/13/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995216 |
| &nbsp;&nbsp;&nbsp;3.97%, 11/18/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994685 |
| &nbsp;&nbsp;&nbsp;4.09%, 11/20/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994491 |
| &nbsp;&nbsp;&nbsp;3.99%, 11/25/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993904 |
| &nbsp;&nbsp;&nbsp;3.91%, 11/28/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993588 |
| &nbsp;&nbsp;&nbsp;3.91%, 12/04/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993076 |
| &nbsp;&nbsp;&nbsp;3.88%, 12/18/2025 (b)(c) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991637 |
| &nbsp;&nbsp;&nbsp;3.87%, 12/26/2025 (b) | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990803 |
| **Total U.S. Treasuries** |  | &nbsp;&nbsp;&nbsp;**19719780** |
| **Total Short-Term Investments** |  | &nbsp;&nbsp;&nbsp;**22941650** |
| **Total Investments<br> (Cost $22,940,757)—98.8%** | **Total Investments<br> (Cost $22,940,757)—98.8%** | &nbsp;&nbsp;**22941650** |
| **Other Assets in Excess of Liabilities—1.2%** | **Other Assets in Excess of Liabilities—1.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**272896** |
| **Net Assets—100.0%** | **Net Assets—100.0%** | **$23214546** |

---

(a) Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of September 30, 2025.

(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 $4,234,395.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Consolidated Schedule of Portfolio Investments<br> abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (continued)

------

September 30, 2025 (Unaudited)

**As of September 30, 2025, the Fund held the following futures contracts:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | &nbsp;&nbsp;**Number of<br> Contracts<br> Long/(Short)** | &nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Fair<br> Value** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| **Long Contract Positions** |  |  |  |  |  |
| Aluminum LME \* | &nbsp;&nbsp;113 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;$7411333 | &nbsp;&nbsp;$7574305 | &nbsp;&nbsp;$162972 |
| Copper | &nbsp;&nbsp;72 | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;8207953 | &nbsp;&nbsp;&nbsp;&nbsp;8741700 | &nbsp;&nbsp;&nbsp;&nbsp;533747 |
| Lead LME \* | &nbsp;&nbsp;34 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1703178 | &nbsp;&nbsp;&nbsp;&nbsp;1675512 | &nbsp;&nbsp;&nbsp;&nbsp;(27666) |
| Nickel LME \* | &nbsp;&nbsp;45 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;4121216 | &nbsp;&nbsp;&nbsp;&nbsp;4091710 | &nbsp;&nbsp;&nbsp;&nbsp;(29506) |
| Zinc LME \* | &nbsp;&nbsp;55 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3919183 | &nbsp;&nbsp;&nbsp;&nbsp;4092426 | &nbsp;&nbsp;&nbsp;&nbsp;173243 |
|  |  |  |  |  | &nbsp;&nbsp;**$812790** |
| **Short Contract Positions** |  |  |  |  |  |
| Aluminum LME \* | &nbsp;&nbsp;(19) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;(1261945) | &nbsp;&nbsp;&nbsp;&nbsp;(1273556) | &nbsp;&nbsp;&nbsp;&nbsp;(11611) |
| Lead LME \* | &nbsp;&nbsp;(7) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 |
| Nickel LME \* | &nbsp;&nbsp;(8) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(727415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 |
| Zinc LME \* | &nbsp;&nbsp;(10) | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744078) | &nbsp;&nbsp;&nbsp;&nbsp;(20667) |
|  |  |  |  |  | &nbsp;&nbsp;**$(25257)** |
|  |  |  |  |  | &nbsp;&nbsp;**$787533** |

---

 <br> \* London Metal Exchange ("LME") futures contracts settle on their respective maturity date. See Note 2.

*See accompanying notes to the consolidated schedule of portfolio investments.*

------

Notes to Consolidated Schedule of Portfolio of Investments <br>

------

September 30, 2025 (Unaudited)

1. Summary of Significant Accounting Policies

The Funds' consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America which may require management to make estimates and assumptions that affect the reported amounts and disclosures and disclosure of contingent assets and liabilities in the financial statements. Actual results could differ from those estimates. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 – Investment Companies.

#### Investment Valuation:
The net asset value ("NAV") of each Fund is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange Arca ("NYSE Arca" or the "Listing Exchange"), generally 4:00 p.m. Eastern Standard Time (the "NAV Calculation Time").

NAV per share is calculated by dividing a Fund's NAV by the number of Fund shares outstanding.

In calculating each Fund's NAV, Fund investments generally are valued using market valuations. Short-term debt securities with remaining maturities of sixty (60) days or less when originally acquired are valued on the basis of amortized cost, which approximates fair value. U.S. fixed income assets may be valued as of the announced closing time for such securities on any day that the Securities Industry and Financial Markets Association announces an early closing time. The values of any assets or liabilities of a Fund that are denominated in a currency other than the U.S. dollar are converted into U.S. dollars using an exchange rate deemed appropriate by the Fund.

Investments in futures are valued at market value, which is generally determined using the last reported official closing price or last trading price on the exchange or market on which the futures contract is primarily traded at the time of valuation.

In certain instances, such as when reliable market quotations are not readily available or are not deemed to reflect current market values, the Funds' investments will be valued in accordance with the Trust's pricing policy and procedures as determined in good faith by the Trust's Board of Trustees (the "Board"). The Board has by appropriate resolutions, designated the Fair Value Pricing Committee to make all necessary determinations of fair value of the portfolio securities for which market quotations are not readily available. Securities that may be valued using fair value pricing may include, but are not limited to, securities for which there are no current market quotations or whose issuer is in default or bankruptcy, securities subject to corporate actions (such as mergers or reorganizations), securities subject to non-U.S. investment limits or currency controls, and securities affected by "significant events." An example of a significant event is an event occurring after the close of the market in which a security trades but before the Funds' NAV Calculation Time that may materially affect the value of the Funds' investment (e.g., government action, natural disaster, or significant market fluctuation). Price movements in U.S. markets that are deemed to affect the value of foreign securities, or reflect changes to the value of such securities, also may cause securities to be "fair valued."

When fair value pricing is employed, the prices of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities.

Various inputs are used in determining the fair value of each Fund's investments. These inputs are summarized in three levels listed below:

• 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).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. For each of the Funds, there were no Level 3 investments held for the period ended September 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** abrdn ETFs

- **b. Investment Company Act file number:** 811-22986

- **c. CIK number of Registrant:** 0001597934

- **d. LEI of Registrant:** 54930044UD4VERB62W69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1900 Market Street

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19103

  - **Telephone number:** 844-383-7289

**Item A.2. Information about the Series.**

- **a. Name of Series:** abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF

- **b. EDGAR series identifier (if any):** S000056193

- **c. LEI of Series:** 549300QSPU0RXYOLEO32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $300217672.68

**Total Liabilities:** $225491.95

**Net Assets:** $299992180.73

**Amount of Assets Invested in Other Investment Companies:** $63275307.45

**Cash Not Reported:** $6441799.29

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176936 | -0.53%               | 2.08%                | 1.98%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-157.69                 | $-3843.71                                  |
| Month 2  | $2831.56                 | $43713.62                                  |
| Month 3  | $939.57                  | $-21354.86                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index 3 Month Forward

- **Index Identifier:** BCOMF3 Index

### Schedule of Portfolio Investments

| Name                         | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| New York Mercantile Exchange | NATURAL GAS FUTR MAR26                                       | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       698 | NC      | $75287.34     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE JAN26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        53 | NC      | $-85209.62    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR MAR26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $-42.04       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RM1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13947054.94  | 4.65%             | 2025-11-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13925592.80  | 4.64%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12970831.25  | 4.32%             | 2025-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12916641.14  | 4.31%             | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange | WTI CRUDE FUTURE MAR26                                       | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |       258 | NC      | $-148860.66   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade       | SOYBEAN MEAL FUTR MAR26                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       317 | NC      | $-349202.90   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE JAN26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -87 | NC      | $-153892.98   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13954436.86  | 4.65%             | 2025-10-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commodities Exchange Center  | COPPER FUTURE MAR26                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |       139 | NC      | $1160771.87   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR JAN26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       182 | NC      | $333710.97    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE MAR26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $199.46       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange  | LEAN HOGS FUTURE FEB26                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |       149 | NC      | $216173.17    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade       | KC HRW WHEAT FUT MAR26                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       180 | NC      | $-300152.04   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12978066.79  | 4.33%             | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE NOV25                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -69 | NC      | $22661.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13882918.43  | 4.63%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12901546.71  | 4.30%             | 2025-12-11      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.       | COTTON NO.2 FUTR MAR26                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       128 | NC      | $-71147.56    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12928387.16  | 4.31%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.       | SUGAR 11 (WORLD) MAR26                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |       374 | NC      | $-303388.48   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.       | COFFEE 'C' FUTURE MAR26                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        68 | NC      | $1527362.39   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13871238.92  | 4.62%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  15846833 | NS      | $15846832.81  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE MAR26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $324.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE MAR26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        52 | NC      | $-12747.08    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE MAR26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -1 | NC      | $-764.79      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center  | SILVER FUTURE MAR26                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |        80 | NC      | $3120041.40   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12937811.25  | 4.31%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ICE Futures Europe           | LOW SU GASOIL G MAR26                                        | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |       111 | NC      | $54725.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12960610.00  | 4.32%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade       | WHEAT FUTURE(CBT) MAR26                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       283 | NC      | $-345097.10   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR NOV25                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       176 | NC      | $975382.46    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade       | CORN FUTURE MAR26                                            | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       669 | NC      | $380511.99    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RB5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12991225.26  | 4.33%             | 2025-10-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12998552.84  | 4.33%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12981040.67  | 4.33%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade       | SOYBEAN FUTURE MAR26                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       325 | NC      | $-537565.00   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR JAN26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |      -182 | NC      | $-163250.78   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE MAR26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        72 | NC      | $-7220.94     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE NOV25                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -50 | NC      | $94940.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13934738.58  | 4.65%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange  | LIVE CATTLE FUTR FEB26                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |       125 | NC      | $276640.85    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE JAN26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        72 | NC      | $-35824.26    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  14000000 | PA      | $13965575.83  | 4.66%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange | NY HARB ULSD FUT MAR26                                       | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        61 | NC      | $27028.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade       | SOYBEAN OIL FUTR MAR26                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       370 | NC      | $-397823.50   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe           | BRENT CRUDE FUTR MAR26                                       | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |       284 | NC      | $22909.99     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE MAR26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        87 | NC      | $127980.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange | GASOLINE RBOB FUT MAR26                                      | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        68 | NC      | $-16030.16    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12947870.00  | 4.32%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE NOV25                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        50 | NC      | $-28525.75    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12988318.72  | 4.33%             | 2025-10-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commodities Exchange Center  | GOLD 100 OZ FUTR FEB26                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |       146 | NC      | $6398357.20   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE NOV25                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        84 | NC      | $632272.89    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE JAN26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        87 | NC      | $431769.52    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR MAR26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       181 | NC      | $150753.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME PRI ALUM FUTR NOV25                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |      -176 | NC      | $-356172.54   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME ZINC FUTURE NOV25                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -84 | NC      | $-483405.36   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE JAN26                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -72 | NC      | $1589.22      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange        | LME LEAD FUTURE JAN26                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -53 | NC      | $16385.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury       | U.S. Treasury Bills                                          | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  13000000 | PA      | $12909982.28  | 4.30%             | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| London Metal Exchange        | LME NICKEL FUTURE NOV25                                      | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        69 | NC      | $-294714.81   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** abrdn ETFs

**Signature:** Michael Marsico

**Name of Signer:** Michael Marsico

**Title:** Treasurer