# EDGAR Filing Document

**Accession Number:** 0001413594
**File Stem:** 0001133228-26-002665
**Filing Date:** 2026-2
**Character Count:** 25980
**Document Hash:** c306cfcbab2ae0e1d573c68a857aadca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-002665.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001133228-26-002665

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** abrdn Funds
- **CENTRAL INDEX KEY:** 0001413594

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146680
- **FILM NUMBER:** 26701210

**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 Funds
- **DATE OF NAME CHANGE:** 20070926

## Series and Classes Contracts Data

### abrdn Focused U.S. Small Cap Active ETF (Series ID: S000088604)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000254924 | abrdn Focused U.S. Small Cap Active ETF |  |

---

| | |
|:---|:---|
| **abrdn Funds: Summary Prospectus** | ![](sp2570img001.jpg)  |
| **abrdn Focused U.S. Small Cap Active ETF (Ticker:** **AFSC)** | ![](sp2570img001.jpg)  |
| **Principal U.S. Listing Exchange: The Nasdaq Stock Market® ("Nasdaq")** | ![](sp2570img001.jpg)  |
| February 28, 2026 | ![](sp2570img001.jpg)  |

---

<br>**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and** **its risks. You can find the Fund's Prospectus, Statement of Additional Information, shareholder reports and other** **information about the Fund online at https://www.aberdeeninvestments.com/us/literature. You can also get this** **information at no cost by e-mailing a request to Investor.Services.US@abrdn.com, calling (844) 383-7289 or asking** **your financial advisor. The Fund's Prospectus and Statement of Additional Information, both dated** **February 28, 2026,** **and the independent registered public accounting firm's report and financial statements in the Fund's Form N-CSR,** **dated** **October 31, 2025, are incorporated by reference into this summary prospectus.**

**Objective**

The abrdn Focused U.S. Small Cap Active ETF (the "Focused U.S. Small Cap Active ETF" or the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in** **the table and example below.**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** | &nbsp;&nbsp; **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |
| &nbsp;&nbsp; Management Fees | 0.65<br> %<br>|
| &nbsp;&nbsp; Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp; Other Expenses<sup>(1)</sup> | 0.44<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses | 1.09<br> %<br>|
| &nbsp;&nbsp; Less: Amount of Fee Limitations/Expense Reimbursements<sup>(2)</sup> | 0.44<br> %<br>|
| &nbsp;&nbsp; Total Annual Fund Operating Expenses After Fee Limitations/Expense Reimbursements | 0.65<br> %<br>|

---

(1) "Other
 Expenses" have been estimated to reflect expenses expected to be incurred by the Fund for the current fiscal year.

(2) abrdn
 Funds (the "Trust") and abrdn Inc. (the "Adviser") have entered into a written contract limiting operating expenses
 to 0.65% for the Fund.
 This contractual limitation
 may not be terminated before February
 28, 2027 without the approval of the Independent Trustees of the Board. This limit excludes (i)
 interest, taxes, brokerage fees and short sale dividend expenses; (ii) expenses incurred indirectly by the Fund as a result of investments
 in  short term investment
 vehicles such as money market funds that do not exceed 0.005% of a Fund's average net assets  ("acquired fund fees and
 expenses" or "AFFE") (but
 includes AFFE for other investment companies and pooled investment vehicles); and (iii) extraordinary expenses, if any. The Trust is authorized
 to reimburse the Adviser
 for management fees previously limited and/or for expenses previously paid by the Adviser, provided, however, that any reimbursements
 must be paid at a date not more than three years after the date when the Adviser limited the fees or reimbursed the expenses and the reimbursements
 do not cause the Fund to exceed the lesser of the applicable expense limitation in the contract at the time the fees were limited or expenses
 are paid or the applicable expense limitation in effect at the time the expenses are being recouped by the Adviser.

**Example**

This Example is intended to help you compare the cost of investing in the Focused U.S. Small Cap Active ETF with the cost of investing in other funds.<br>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. It assumes a 5% return each year and that the Fund's operating expenses remain the same (taking into account the contractual limitation until its expiration). Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $66 | $303 | $558 | $1289 |

---

**Portfolio Turnover**

The Focused U.S. Small Cap Active ETF pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72% of the average value of its portfolio. The portfolio turnover rate includes that of abrdn Focused U.S. Small Cap Equity Fund (the "Predecessor Fund").

Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC) 1

------

**Principal Strategies**

As a non-fundamental policy, under normal circumstances, the Focused U.S. Small Cap Active ETF invests at least 80% of the value of its net assets, plus any borrowings for investment purposes, in equity securities issued by U.S. small-cap companies. The Fund will be managed pursuant to a "focused" strategy whereby the Fund's investment adviser will typically invest the Fund's assets in a small number of issuers. Generally, the Fund expects to hold approximately 35 to 45 issuers.

For purposes of the Fund's 80% policy, a company is considered to be a U.S. company if Fund management determines that the company meets one or more of the following criteria:

• the
 company is organized under the laws of the United States;

• the
 company has its principal office in, or management is located in, the United States; and/or

• the
 company has its principal securities trading market in the United States.

The Fund considers small-cap companies to be companies that have market capitalizations similar to those of companies include in the Russell 2000® Index at the time of investment. The range of the Russell 2000® Index was $5.61 million to $24.89 billion as of December 31, 2025.

Equity securities include, but are not limited to, common stock, preferred stock and depositary receipts.

The Fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector.

The Fund may invest in securities denominated in U.S. Dollars and the currencies of any foreign countries in which it is permitted to invest. The Fund typically has full currency exposure to those markets in which it invests. The Fund may also invest in non-U.S. companies.

In seeking to achieve the Fund's investment objective, the Adviser invests in quality companies and is an active, engaged owner. The Adviser then evaluates every company against its own quality criteria and builds conviction using a team-based approach and peer review process. The quality assessment covers five key factors: 1) the durability of the business model, 2) the attractiveness of the industry, 3) the strength of financials, 4) the capability of management, and 5) the most material environmental, social and governance ("ESG") factors impacting a company. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by the Adviser. Through fundamental research, supported by a global research presence, the Adviser seeks to identify companies whose quality and future prospects are not yet fully recognized by the market.

**Principal Risks**

The Focused U.S. Small Cap Active ETF cannot guarantee that it will achieve its investment objective.

As with any fund, the value of the Fund's investments – and therefore, the value of Fund shares – may fluctuate. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first seven risks).

**Market Risk –** Deteriorating market conditions might cause a general weakness in the market that reduces the prices, or yield, of securities in those markets in which the Fund invests.

**Issuer Risk –** The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

**Equity Securities Risk –** The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry), or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline).

**Active Management Risk –** The Fund is subject to the risk that the Adviser may make poor security selections. The Adviser and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Adviser may select securities that underperform the relevant market or other funds with similar investment objectives and strategies.

**Focus Risk –** Funds that invest a greater proportion of their assets in the securities of a smaller number of issuers will be subject to greater volatility with respect to their investments than funds that invest in a larger number of securities.

2 Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC)

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**Small-Cap Securities Risk –** Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, they generally involve greater risk. Small-cap companies may have limited product lines or markets, be less financially secure than larger companies, or depend on a small number of key personnel. If adverse developments occur, such as due to management changes or product failure, a Fund's investment in a small-cap company may lose substantial value.

**Market Trading Risk –** There can be no assurance as to the price at which, or volume in which, it may at any time be possible to buy or sell Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such Shares will develop or be maintained. Although it is expected that the market price of the Shares will approximate the Fund's NAV when purchased and sold in the secondary market, the Fund faces numerous market trading risks, including the potential lack of an active market for Shares, disruptions in the securities markets in which the Fund invests, periods of high market volatility and disruptions in the creation/redemption process. Any of these may lead to times when the market price of the Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount).

**Authorized Participants Risk –** The Fund has entered into Authorized Participant (AP) agreements with only a limited number of institutions. Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares and new APs are not appointed in their place, Shares may trade at a discount to the Fund's NAV and possibly face delisting.

**Cybersecurity Risk –** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, the Adviser and/or its service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or lose operational functionality.

**Depositary Receipts Risk –** Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.

**ESG Integration Risk** **–** To the extent ESG factors are used to evaluate investments, the consideration of such factors may adversely affect the Fund's performance. Not every ESG factor may be identified or evaluated for every investment. ESG characteristics are not the only factors considered and, as a result, the issuers in which the Fund invests may not be issuers with favorable ESG characteristics or high ESG ratings. The application of ESG factors may result in the Fund performing differently than its benchmark index and other funds in its peer group that do not consider ESG factors or consider different ESG factors.

**Foreign Currency Exposure Risk –** The value of foreign currencies relative to the U.S. Dollar fluctuates in response to market, economic, political, regulatory, geopolitical or other conditions. A decline in the value of a foreign currency versus the U.S. Dollar reduces the value in U.S. Dollars of investments denominated in that foreign currency. This risk may impact the Fund more greatly to the extent the Fund does not hedge its currency risk, or hedging techniques used by the Adviser are unsuccessful.

**Foreign Securities Risk –** Foreign countries in which the Fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction of government or central bank support and political or financial instability. To the extent the Fund focuses its investments in a single country or only a few countries in a particular geographic region, economic, political, regulatory or other conditions affecting such country or region may have a greater impact on Fund performance relative to a more geographically diversified fund.

**Liquidity Risk –** Generally, only APs may redeem Shares. Investors other than APs wishing to realize their Shares will generally need to rely on secondary trading in the public trading market. There can be no assurance as to the price at which, or volume in which, it may at any time be possible to realize Shares in the public trading market. Although the Shares are listed for trading on Nasdaq, there can be no assurance that an active trading market for such shares will develop or be maintained.

**Preferred Shares Risk –** Preferred shares in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred shares on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

**Sector Risk –** To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Valuation Risk –** The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater

Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC) 3

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than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

If the value of the Fund's investments decreases, you may lose money.

For additional information regarding the above identified risks, see "Additional Information about Investments, Investment Techniques and Risks" in the prospectus.

**Performance**

The bar chart and table below can help you evaluate potential risks of the Focused U.S. Small Cap Active ETF. The bar chart shows how the Fund's annual total returns for Fund shares have varied from year to year. The table following the bar chart compares the Fund's performance over time with those of a broad measure of market performance and an additional index that more closely reflects the Fund's investment strategy. The table compares the Fund's average annual total returns to the returns of the Russell 3000® Index, a broad-based securities index, and Custom abrdn Focused U.S. Small Cap Active ETF Index (the "Custom Index"). The Custom Index reflects the returns of the Russell 2000® Index from March 1, 2024, the Russell 2500® Index from November 30, 2020 until February 29, 2024, the S&P 500® Index prior to November 30, 2020, and the FTSE 3-Month T-Bill Index for periods prior to November 15, 2017. The indices and time periods for the Custom Index align with the strategies utilized and benchmark for the Fund during the same time periods. Remember, however, that past performance (before and after taxes) is not necessarily indicative of how the Fund will perform in the future. For updated performance information, please visit www.aberdeeninvestments.com/usa/etf or call 844-383-7289.

Effective after the close of business on February 14, 2025, the Fund adopted the performance of the Predecessor Fund, a registered investment company, as a result of a reorganization (the "Reorganization") in which the Fund acquired all of the assets and assumed certain stated liabilities of the Predecessor Fund. Performance shown below for periods prior to the Reorganization is based on the investment objective and investment strategies utilized by the Predecessor Fund, which were the same as those of the Fund. The Predecessor Fund was managed by the same investment adviser as that of the Fund. The returns presented for the Fund prior to the Reorganization reflect the performance of Institutional Class shares of the Predecessor Fund. Prior to February 29, 2024, the Predecessor Fund pursued a different investment strategy.

Performance for the Fund's shares has not been adjusted to reflect the Fund's lower expenses than those of the Predecessor Fund's Institutional Class Shares. Performance for the Predecessor Fund is based on the NAV per share of the Predecessor Fund shares rather than on market-determined prices.

**Annual Total Returns**<br>**(Years Ended Dec. 31)**

<br>![](sp2570img002.jpg)

Highest Return: 18.45% - 2nd quarter 2020

4 Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC)

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Lowest Return: -18.83% - 2nd quarter 2022

After-tax returns are calculated using the historical highest individual federal marginal income tax rates in effect and do not reflect the impact of state and local taxes. Your actual after-tax return depends on your personal tax situation and may differ from what is shown here. After-tax returns are not relevant to investors in tax-deferred arrangements, such as individual retirement accounts, 401(k) plans or certain other employer-sponsored retirement plans.

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp; Before Taxes | 11.90<br> %<br>| 6.94<br> %<br>| 10.40<br> %<br>|
| &nbsp;&nbsp; After Taxes on Distributions | 11.88<br> %<br>| 5.22<br> %<br>| 7.99<br> %<br>|
| &nbsp;&nbsp; After Taxes on Distributions and Sales of Shares | 7.06<br> %<br>| 4.89<br> %<br>| 7.63<br> %<br>|
| &nbsp;&nbsp; Russell 3000® Index<sup>(1)</sup> (reflects no deduction for fees, expenses or taxes) | 17.15<br> %<br>| 13.15<br> %<br>| 14.28<br> %<br>|
| &nbsp;&nbsp; Custom abrdn Focused U.S. Small Cap Active ETF Index<sup>(2)</sup> (reflects no deduction for fees, expenses or taxes) | 12.81<br> %<br>| 7.59<br> %<br>| 8.85<br> %<br>|

---

(1) The Russell 3000®
 Index is an unmanaged
 index considered representative of the US stock market. The Russell 3000 Index is a trademark/service mark of the
 Frank Russell Co. Russell® is a trademark of the Frank Russell Co.

(2) The Custom abrdn Focused
 U.S. Small Cap Active ETF Index is a
 custom index that reflects the returns of the Russell 2000® Index from March 1, 2024, the Russell
 2500® Index from November 30, 2020 until February 29, 2024, the S&P 500® Index prior to November 30, 2020, and the FTSE
 3-Month T-Bill Index for
 periods prior to November 15, 2017. The Russel 2000 is an unmanaged index considered representative of smallcap stocks. The Russell
 2000 Index is a trademark/service
 mark of the Frank Russell Co. Russell® is a trademark of the Frank Russell Co.

**Investment Adviser**

abrdn Inc. serves as the Focused U.S. Small Cap Active ETF's investment adviser.

**Portfolio Managers**

The Fund is managed using a team-based approach, with the following team members being jointly and primarily responsible for the day-to-day management of the Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name** | **Title** | **Served on the Fund Since** |
| &nbsp;&nbsp; Christopher Colarik | Head of U.S. Smaller Companies | 2024 |
| &nbsp;&nbsp; Scott Eun | Senior Investment Director | 2024 |
| &nbsp;&nbsp; Awais Khan, CFA® | Head of ETF Portfolio Management and Capital Markets | 2024 |

---

Messrs. Colarik and Eun also were the Predecessor Fund's portfolio managers since 2023 and 2024, respectively.

**Purchase and Sale of Fund Shares**

The Fund is an exchange-traded fund ("ETF"). Individual Shares may only be purchased and sold in the secondary market through a broker-dealer. Shares are listed for trading on a national securities exchange, such as the Nasdaq. The price of Shares is based on market price, and because ETF Shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund's website at www.aberdeeninvestments.com/usa/etf.

**Tax Information**

The Fund intends to make distributions that may be taxed as ordinary income or capital gains.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the Adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit the Intermediary's website for more information.

Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC) 5

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8 Summary - abrdn Focused U.S. Small Cap Active ETF (AFSC)