UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22986

abrdn ETFs

(Exact name of registrant as specified in charter)

1900 Market Street, Suite 200

Philadelphia, Pennsylvania 19103

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

251 Little Falls Drive

Wilmington, Delaware 19808

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (844) 383-7289

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

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

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 844-383-7289.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
ETF Shares	$16	0.30%

Footnote	Description
Footnote^*	Annualized

Fund Statistics (as of June 30, 2026)

Table Summary
Total Net Assets	$383,913,363
Total Number of Portfolio Holdings	64
Portfolio Turnover Rate^{Footnote Reference(*)}	0%

Footnote	Description
Footnote^(*)	Derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate. If these instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. In-Kind transactions are not included in the portfolio turnover.

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund as of June 30, 2026. The percentages indicated are based on the notional value of futures contracts held by the Fund.

Sector Allocation^{Footnote Reference*} (%)

Table Summary
Value	Value
Energy	34.4%
Agriculture	29.7%
Precious Metals	15.7%
Industrial Metals	15.1%
Livestock	5.1%

Footnote	Description
Footnote^*	Short-term investments held have been excluded.

Top Ten Fund Holdings* (%)

Table Summary
Gold 100 oz. Future	12.8%
Brent Crude Future	9.4%
Natural Gas Future	7.8%
WTI Crude Future	7.6%
Copper Future	6.4%
Soybean Future	5.4%
Corn Future	5.0%
Low Sulphur Gasoil Future	3.8%
PRI Aluminum Future	3.7%
Live Cattle Future	3.6%

Material Fund Changes

Below is a summary of certain material changes and planned changes affecting the Fund since January 1, 2026. For additional information, please refer to the Fund's current prospectus dated May 1, 2026 or the Fund's next prospectus expected to be dated February 28, 2027, available at aberdeeninvestments.com/us/literature or upon request at 844-383-7289.

Effective September 2026, the Fund will no longer utilize Vident Asset Management as sub-adviser. Following this change, abrdn Inc., the Fund's investment adviser, will provide all investment management services directly and the Fund will no longer have a sub-adviser.

Effective October 31, 2026, the Fund’s fiscal year end will change from December 31 to October 31. As a result, the Fund will have a short fiscal period from January 1, 2026 through October 31, 2026, after which the Fund’s shareholder reporting and related regulatory filings will align with the October 31 fiscal year end. This change is not expected to result in any changes to the Fund’s investment operations, investment policies, or principal risks.

Availability of Additional Information

You can find additional information about the Fund, including its prospectus, financial information, fund holdings, and proxy voting information at aberdeeninvestments.com/us/literature or by calling 844-383-7289.

Certain of these materials are also available by scanning the QR code below, which provides direct access to the Fund’s prospectus, financial information, and portfolio holdings.

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.aberdeeninvestments.com/en-us/investor/funds/fund-literature

ALPS Distributors, Inc. ("ALPS") is the distributor for the series of abrdn ETFs. ALPS is not affiliated with the Adviser.

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

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

Principal Listing Exchange: NYSE Arca

Semi-Annual Shareholder Report - June 30, 2026

This semi-annual shareholder report contains important information about the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at aberdeeninvestments.com/us/literature. You can also request this information by contacting us at 844-383-7289.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Share Class	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment^{Footnote Reference*}
ETF Shares	$14	0.27%

Footnote	Description
Footnote^*	Annualized

Fund Statistics (as of June 30, 2026)

Table Summary
Total Net Assets	$2,285,206,733
Total Number of Portfolio Holdings	55
Portfolio Turnover Rate^{Footnote Reference(*)}	0%

Footnote	Description
Footnote^(*)	Derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate. If these instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. In-Kind transactions are not included in the portfolio turnover.

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

What did the Fund invest in?

The tables below show the investment makeup of the Fund as of June 30, 2026. The percentages indicated are based on the notional value of futures contracts held by the Fund.

Sector Allocation^{Footnote Reference*} (%)

Table Summary
Value	Value
Energy	34.8%
Agriculture	29.2%
Precious Metals	15.4%
Industrial Metals	15.1%
Livestock	5.5%

Footnote	Description
Footnote^*	Short-term investments held have been excluded.

Top Ten Fund Holdings* (%)

Table Summary
Gold 100 oz. Future	12.6%
Brent Crude Future	9.5%
WTI Crude Future	7.7%
Natural Gas Future	7.3%
Copper Future	6.3%
Soybean Future	5.3%
Corn Future	4.8%
Low Sulphur Gasoil Future	4.0%
Live Cattle Future	3.7%
PRI Aluminum Future	3.7%

Material Fund Changes

Availability of Additional Information

Certain of these materials are also available by scanning the QR code below, which provides direct access to the Fund’s prospectus, financial information, and portfolio holdings.

ALPS Distributors, Inc. ("ALPS") is the distributor for the series of abrdn ETFs. ALPS is not affiliated with the Adviser.

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

The complete schedule of investments is included in the report to shareholders in Item 7 of this Form N-CSR.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Consolidated Schedule of Portfolio Investments

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

June 30, 2026 (Unaudited)

As of June 30, 2026, the Fund held the following futures contracts:

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date	Notional Amount	Fair Value	Unrealized Appreciation/ (Depreciation)
Long Contract Positions
Aluminum LME *	1,100	7/15/2026	$96,817,088	$84,600,175	$(12,216,913 )
Aluminum LME *	1,119	9/16/2026	98,796,372	86,343,439	(12,452,933 )
Brent Crude Oil	2,964	9/30/2026	284,387,874	216,223,800	(68,164,074 )
Cocoa	616	9/30/2026	23,897,082	31,280,480	7,383,398
Coffee	440	9/30/2026	40,411,337	48,914,250	8,502,913
Copper	923	9/30/2026	146,874,930	144,311,050	(2,563,880 )
Corn	5,262	9/30/2026	112,080,406	109,646,925	(2,433,481 )
Cotton	1,046	12/31/2026	40,003,631	40,166,400	162,769
Gasoline	634	9/30/2026	78,092,313	72,723,731	(5,368,582 )
Gold	710	8/31/2026	335,679,425	286,733,500	(48,945,925 )
KC Wheat	1,433	9/30/2026	45,800,906	44,799,163	(1,001,743 )
Lead LME *	396	7/15/2026	19,159,946	18,234,810	(925,136 )
Lead LME *	401	9/16/2026	19,856,504	18,718,881	(1,137,623 )
Lean Hog	1,115	8/31/2026	42,765,346	43,797,200	1,031,854
Live Cattle	874	8/31/2026	85,381,618	84,751,780	(629,838 )
Low Sulfur Gasoil	1,028	9/30/2026	102,157,672	90,746,700	(11,410,972 )
Natural Gas	5,253	9/30/2026	166,955,719	167,780,820	825,101
New York Harbor Ultra Low Sulfur Diesel	541	9/30/2026	79,398,463	71,803,792	(7,594,671 )
Nickel LME *	444	7/15/2026	46,935,723	42,927,669	(4,008,054 )
Nickel LME *	453	9/16/2026	49,131,445	44,183,862	(4,947,583 )
Silver	216	9/30/2026	72,167,199	64,715,760	(7,451,439 )
Soybean	2,134	11/30/2026	121,199,764	122,038,125	838,361
Soybean Meal	2,042	12/31/2026	62,734,353	61,893,020	(841,333 )
Soybean Oil	2,029	12/31/2026	85,842,344	79,557,090	(6,285,254 )
Sugar	3,740	10/30/2026	60,705,828	62,078,016	1,372,188
Wheat	2,234	9/30/2026	66,720,654	65,819,225	(901,429 )
WTI Crude Oil	2,525	9/30/2026	215,265,935	174,906,750	(40,359,185 )
Zinc LME *	606	7/15/2026	50,517,824	54,182,914	3,665,090
Zinc LME *	619	9/16/2026	54,487,411	55,221,299	733,888
					$(215,124,486 )
Short Contract Positions
Aluminum LME *	(1,100)	7/15/2026	(97,903,404 )	(84,600,175 )	13,303,229
Aluminum LME *	(24)	9/16/2026	(1,931,587 )	(1,851,870 )	79,717
Lead LME *	(396)	7/15/2026	(19,393,595 )	(18,234,810 )	1,158,785
Lead LME *	(8)	9/16/2026	(384,919 )	(373,444 )	11,475
Nickel LME *	(444)	7/15/2026	(47,808,767 )	(42,927,669 )	4,881,098
Nickel LME *	(11)	9/16/2026	(1,127,252 )	(1,072,897 )	54,355
Zinc LME *	(606)	7/15/2026	(53,216,902 )	(54,182,915 )	(966,013 )
Zinc LME *	(14)	9/16/2026	(1,221,702 )	(1,248,947 )	(27,245 )
					$18,495,401
					$(196,629,085 )


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

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, 2026 (Unaudited)

As of June 30, 2026, the Fund held the following futures contracts:

Futures Contracts	Number of Contracts Long/(Short)	Expiration Date	Notional Amount	Fair Value	Unrealized Appreciation/ (Depreciation)
Long Contract Positions
Aluminum LME *	172	7/15/2026	$13,587,784	$13,228,391	$(359,393 )
Aluminum LME *	183	9/16/2026	15,580,198	14,120,509	(1,459,689 )
Aluminum LME *	189	11/18/2026	16,419,769	14,560,088	(1,859,681 )
Brent Crude Oil	499	1/31/2027	42,438,733	36,167,520	(6,271,213 )
Cocoa	104	12/31/2026	4,808,612	5,395,520	586,908
Coffee	74	12/31/2026	7,329,598	7,828,275	498,677
Copper	155	12/31/2026	25,527,794	24,557,812	(969,982 )
Corn	886	12/31/2026	22,024,016	19,314,800	(2,709,216 )
Cotton	176	12/31/2026	6,216,935	6,758,400	541,465
Gasoline	107	11/30/2026	12,130,802	10,542,025	(1,588,777 )
Gold	120	12/31/2026	58,853,398	49,182,000	(9,671,398 )
KC Wheat	241	12/31/2026	8,704,517	7,715,013	(989,504 )
Lead LME *	62	7/15/2026	3,230,134	2,854,945	(375,189 )
Lead LME *	65	9/16/2026	3,222,005	3,034,233	(187,772 )
Lead LME *	68	11/18/2026	3,442,483	3,222,350	(220,133 )
Lean Hog	188	12/31/2026	5,643,950	5,536,600	(107,350 )
Live Cattle	147	12/31/2026	13,669,569	13,898,850	229,281
Low Sulfur Gasoil	173	11/30/2026	16,531,795	14,423,875	(2,107,920 )
Natural Gas	885	11/30/2026	30,621,215	30,028,050	(593,165 )
New York Harbor Ultra Low Sulfur Diesel	91	11/30/2026	12,889,489	11,598,241	(1,291,248 )
Nickel LME *	70	7/15/2026	7,548,148	6,767,876	(780,272 )
Nickel LME *	74	9/16/2026	7,896,172	7,217,673	(678,499 )
Nickel LME *	77	11/18/2026	8,895,889	7,575,081	(1,320,808 )
Silver	36	12/31/2026	15,491,519	10,903,860	(4,587,659 )
Soybean	359	11/30/2026	20,779,099	20,530,313	(248,786 )
Soybean Meal	344	12/31/2026	10,814,121	10,426,640	(387,481 )
Soybean Oil	342	12/31/2026	13,037,065	13,409,820	372,755
Sugar	630	3/31/2027	10,857,986	11,120,256	262,270
Wheat	376	12/31/2026	12,755,104	11,364,600	(1,390,504 )
WTI Crude Oil	425	11/30/2026	35,126,315	29,189,000	(5,937,315 )
Zinc LME *	95	7/15/2026	7,648,734	8,494,021	845,287
Zinc LME *	101	9/16/2026	8,380,077	9,010,261	630,184
Zinc LME *	104	11/18/2026	9,045,036	9,210,292	165,256
					$(41,960,871 )
Short Contract Positions
Aluminum LME *	(172)	7/15/2026	(14,699,294 )	(13,228,391 )	1,470,903
Aluminum LME *	(183)	9/16/2026	(16,142,875 )	(14,120,509 )	2,022,366
Aluminum LME *	(5)	11/18/2026	(422,170 )	(385,188 )	36,982
Lead LME *	(62)	7/15/2026	(3,032,978 )	(2,854,945 )	178,033
Lead LME *	(65)	9/16/2026	(3,255,045 )	(3,034,233 )	220,812
Lead LME *	(2)	11/18/2026	(101,666 )	(94,775 )	6,891
Nickel LME *	(70)	7/15/2026	(7,408,455 )	(6,767,876 )	640,579
Nickel LME *	(74)	9/16/2026	(8,496,816 )	(7,217,673 )	1,279,143
Nickel LME *	(3)	11/18/2026	(320,819 )	(295,133 )	25,686
Zinc LME *	(95)	7/15/2026	(7,875,066 )	(8,494,021 )	(618,955 )
Zinc LME *	(101)	9/16/2026	(8,795,179 )	(9,010,261 )	(215,082 )
Zinc LME *	(2)	11/18/2026	(177,264 )	(177,121 )	143
					$5,047,501
					$(36,913,370 )

See accompanying notes to the consolidated financial statements.

Consolidated Financial Highlights

For the Periods Indicated


	Selected Data For A Share Outstanding Throughout The Periods Indicated
	Per Share Operating Performance
	Investment Operations				Distributions
	Net asset value, beginning of period	Net investment income (loss)(a)	Net realized and unrealized gain (loss) on investments	Total Investment Activities	Net investment income	Tax return of Capital	Total distributions
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
Six Months Ended June 30, 2026 *	$19.53	$0.39	$2.36	$2.75	$–	$–	$–
Year Ended December 31, 2025	19.70	0.83	2.22	3.05	(2.72 )	(0.50 )	(3.22 )
Year Ended December 31, 2024	19.38	0.97	– (d)	0.97	(0.65 )	(– )(d)	(0.65 )
Year Ended December 31, 2023	21.98	0.99	(2.83 )	(1.84 )	(0.76 )	(– )(d)	(0.76 )
Year Ended December 31, 2022	22.93	0.32	3.14	3.46	(2.89 )	(1.52 )	(4.41 )
Year Ended December 31, 2021	21.77	(0.05 )	5.68	5.63	(4.47 )	–	(4.47 )
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
Six Months Ended June 30, 2026 *	30.94	0.58	2.61	3.19	–	–	–
Year Ended December 31, 2025	31.30	1.31	3.66	4.97	(4.24 )	(1.09 )	(5.33 )
Year Ended December 31, 2024	30.66	1.54	0.23 (e)	1.77	(1.12 )	(0.01 )	(1.13 )
Year Ended December 31, 2023	34.58	1.56	(4.10 )	(2.54 )	(1.37 )	(0.01 )	(1.38 )
Year Ended December 31, 2022	30.76	0.47	5.15	5.62	(1.74 )	(0.06 )	(1.80 )
Year Ended December 31, 2021	25.20	(0.07 )	8.18	8.11	(2.55 )	–	(2.55 )


*	Unaudited
(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.
(c)	Derivative instruments and instruments with a maturity of one year or less at the time of acquisition are excluded from the calculation of the portfolio turnover rate. If these instruments were included in the calculation, the Fund would have a higher portfolio turnover rate. In-Kind transactions are not included in the portfolio turnover.
(d)	Less than $0.005 per share.
(e)	The amount shown for a share outstanding throughout the period is not in accordance with the aggregate net realized and unrealized gain (loss) for that period because of the timing of sales and repurchases of the Fund shares in relation to fluctuating market value of the investments in the Fund.

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

See accompanying notes to the consolidated financial statements.

Notes to Consolidated Financial Statements

June 30, 2026 (Unaudited)

1. Organization

abrdn ETFs (the “Trust”) was organized as a Delaware statutory trust on January 9, 2014 and is authorized to issue multiple series or portfolios. The Trust currently consists of two series: abrdn Bloomberg All Commodity Strategy K-1 Free ETF and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (each a “Fund” and collectively, the “Funds”). The Trust is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The offering of the Trust’s shares is registered under the Securities Act of 1933, as amended (the “Securities Act”).

Each of the abrdn Bloomberg All Commodity Strategy K-1 Free ETF and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF commenced investment operations on March 30, 2017.

Each Fund’s investment objective seeks to provide investment results that closely correspond, before fees and expenses, to the performance of an underlying index (respectively, an “Index” and collectively the “Indices”). Prior to August 3, 2021, each of the abrdn Bloomberg All Commodity Strategy K-1 Free ETF and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF operated under certain different investment policies in connection with a change from an actively-managed ETF to a passively-managed ETF. Prior to changing from an actively-managed ETF to a passively-managed ETF, however, each of the abrdn Bloomberg All Commodity Strategy K-1 Free ETF and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF generally sought to hold similar interests to those included in its respective Index and sought exposure to many of the commodities included in the Index under the same futures rolling schedule as the Index.

Basis of Consolidation

The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of the Funds include the accounts of abrdn All Commodity Fund Limited, a wholly-owned controlled foreign corporation of the abrdn Bloomberg All Commodity Strategy K-1 Free ETF and abrdn All Commodity Longer Dated Fund Limited, a wholly-owned controlled foreign corporation of the abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF. Each of these subsidiaries is organized under the laws of the Cayman Islands (together, the “Subsidiaries” and, each, a “Subsidiary”). All intercompany balances and transactions between a Fund and its Subsidiary have been eliminated in consolidation.

Under normal market conditions, each Fund intends to invest in exchange traded commodity futures contracts through its Subsidiary. As a means to provide investment returns that are designed to track those of its underlying Index, the Subsidiary may also invest directly in commodity-linked instruments, including pooled investment vehicles (such as exchange traded funds and other investment companies), swaps and exchange traded options on futures contracts, to the extent permitted under the 1940 Act and any applicable exemptive relief (collectively, “Commodities-Related Assets” and, together with exchange traded commodities futures contracts, “Commodities Instruments”). Each Fund may invest up to 25% of its total assets in its Subsidiary. As of June 30, 2026, the net assets of the abrdn All Commodity Fund Limited were $428,767,358, which was 19% of the net assets of abrdn Bloomberg All Commodity Strategy K-1 Free ETF. As of June 30, 2026, the net assets of the abrdn All Commodity Longer Dated Fund Limited were $63,218,165, which was 16% of the net assets of abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF.

As noted previously, each Fund will not invest directly in commodity futures contracts but, instead, expects to gain exposure to these investments exclusively by investing in its respective Subsidiary. Each Fund’s investment in its respective Subsidiary is intended to enable such Fund to gain exposure to relevant commodity markets within the limits of current federal income tax laws applicable to investment companies such as the Fund, which limit the ability of investment companies to invest directly in commodity futures contracts. Each Fund and its respective Subsidiary have the same investment objective. However, the Subsidiaries may invest without limitation in the Commodities Instruments.

The remainder of each Fund’s assets that are not invested in its Subsidiary will be principally invested in: (1) short-term investment grade fixed-income securities that include U.S. government securities and money market instruments; and (2) cash and other cash equivalents. Each Fund will use such instruments to generate a total return and to provide liquidity, serve as margin or otherwise collateralize investment in Commodities Instruments.

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

2. 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 – "Financial Services 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. The Funds value their securities at current market value or fair value, consistent with regulatory requirements. "Fair Value" is defined in the Funds' Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date. 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. The Funds sweep available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the 1940 Act, and has an objective, which is not guaranteed, to maintain a $1.00 per share NAV. Generally, these investment types are categorized as Level 1 investments.

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.

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees of the Funds (the "Board") designated abrdn Inc. (the "Advisor") as the valuation designee ("Valuation Designee") for the Funds to perform the fair valuation determinations relating to Fund investments 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 a Fund's NAV Calculation Time that may materially affect the value of a Fund's 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. Fair value pricing involves subjective judgments, and it is possible that a fair value determination for a security or other asset is materially different than the value that could be realized upon the sale of such security or asset. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Index. This may adversely affect a Fund's ability to track its Index.

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.).

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

• 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 six-month period ended June 30, 2026.

The following is a summary of the valuations as of June 30, 2026, for each Fund based upon the three levels defined above.

Investments, at Value	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
Assets
Investments in Securities
Short-Term Investments	$586,977,538	$1,732,531,043	$–	$2,319,508,581
Total Investments	$586,977,538	$1,732,531,043	$–	$2,319,508,581
Other Financial Instruments
Futures Contracts	44,004,221	–	–	44,004,221
Total Investment Assets	$630,981,759	$1,732,531,043	$–	$2,363,512,802
Liabilities
Other Financial Instruments
Futures Contracts	$(240,633,306 )	$–	$–	$(240,633,306 )
Total Investment Liabilities	$(240,633,306 )	$–	$–	$(240,633,306 )
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
Assets
Investments in Securities
Short-Term Investments	$82,105,905	$303,071,650	$–	$385,177,555
Total Investments	$82,105,905	$303,071,650	$–	$385,177,555
Other Financial Instruments
Futures Contracts	10,013,621	–	–	10,013,621
Total Investment Assets	$92,119,526	$303,071,650	$–	$395,191,176
Liabilities
Other Financial Instruments
Futures Contracts	$(46,926,991 )	$–	$–	$(46,926,991 )
Total Investment Liabilities	$(46,926,991 )	$–	$–	$(46,926,991 )

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

Short-Term Investments

Each Fund invests a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments in which a Fund may invest include: (i) short-term obligations issued by the U.S. Government; (ii) negotiable certificates of deposit (“CDs”), fixed time deposits and bankers' acceptances of U.S. and foreign banks and similar institutions; (iii) commercial paper rated at the date of purchase “Prime-1” by Moody's or “A-1+” or “A-1” by Standard & Poor's (“S&P”) or, if unrated, of comparable quality as determined by the Fund; and (iv) repurchase agreements. U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or government-sponsored enterprises and such obligations may be short-, intermediate- or long-term. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker's acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

Derivatives

Each Fund uses derivative instruments as part of its investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to bonds, interest rates, currencies, commodities, and related indexes. Examples of derivative instruments include forward contracts, currency and interest rate swaps, currency options, futures contracts, options on futures contracts and swap agreements. The Funds' use of derivative instruments will be underpinned by investments in short-term, high-quality instruments, such as U.S. money market securities.

Rule 18f-4 under the 1940 Act governs a registered investment company's use of derivatives and certain other instruments. Under Rule 18f-4, a fund must limit its derivatives exposure through a value-at-risk test, adopt and implement a derivatives risk management program, and comply with certain reporting requirements.

These requirements may limit the ability of a Fund to use derivatives and other relevant transactions as part of its investment strategies. These requirements may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors.

Commodity Futures

Each Fund, through its Subsidiary, invests in exchange traded commodity futures contracts as part of its principal investment strategies. Commodity futures contracts are an agreement to buy or sell a certain amount of a commodity at a specific price on a specific date (their expiry) which are negotiated and traded on futures exchanges. Commodity futures contracts are generally based upon commodities within the following commodity groups: energy, industrial metals, agriculture, precious metals, foods and fibers, and livestock.

Commodity futures contracts are traded on futures exchanges which provide a central marketplace to negotiate and transact futures contracts, a clearing corporation to process trades and a secondary market. Commodity futures exchanges provide standardization with regards to certain key features such as expiry dates, contract sizes and terms and conditions of delivery. Commodity futures exchanges set a maximum permissible price movement either up or down during a single trading day and when this limit has been reached, no trades may be placed that day at a price beyond that limit. This limit could prevent a Fund from trading when it may otherwise be advantageous to do so. Even with daily price limits, commodity futures contracts have historically experienced greater price volatility than traditional assets such as stocks or bonds. Accordingly, the NAV of a Fund's shares may be subject to greater volatility than if the Fund only invested in stocks or bonds. Exchanges may also impose position limit rules limiting the value or number of contracts in one commodity that may be held by one market participant to ensure that the amount of futures contracts that any one party may hold in a particular commodity at any point in time to ensure that no one participant can control a significant portion of the market in a particular commodity. In order to comply with the position limits established by the CFTC and the relevant exchanges, the Advisor and/or Vident Advisory, LLC (d/b/a Vident Asset Management) (the "Sub-Advisor") could in the future reduce the size of positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of a Fund in order to avoid exceeding such limits. A violation of position limits by the Advisor and/or Sub-Advisor could lead to regulatory action resulting in mandatory liquidation of certain positions held by the Advisor and/or Sub-Advisor on behalf of a Fund. There can be no assurance that the Advisor and/or Sub-Advisor will liquidate positions held on behalf of all the Advisor and/or Sub-Advisor's accounts in a proportionate manner or at favorable prices, which could result in substantial losses to the Fund. Such policies could affect the nature and extent of derivatives use by the Fund. In addition, the CFTC has adopted amendments to its position limits rules that established certain new and amended position limits for 25 specified physical commodity futures and related options contracts traded on exchanges, other futures contracts and related options directly or indirectly linked to such 25 specified contracts, and any OTC transactions that are economically equivalent to the 25 specified contracts. The limits may constrain the ability of the Funds to use such contracts. The amendments also modify the bona fide hedging exemption for which certain swap dealers were previously eligible, which could limit the amount of speculative OTC transaction capacity each such swap dealer would have available for the Funds going forward.

As futures contracts near expiry, they are often replaced with a later dated contract in a process known as “rolling”. This involves selling the contracts before they expire and purchasing similar contacts that have a later expiry date. Any difference between the price for the nearer delivery month contract and the price for distant month contract is known as a 'roll yield' and this can be either a positive amount or a negative amount. Futures contracts may be satisfied at expiry by delivery of the relevant commodity from one party to the other.

Commodity futures contract prices are generally comprised of the price of the relevant commodity as well as the costs of storing the physical commodity. Storage costs include (i) the time value of money invested in the physical commodity, (ii) plus the costs of storing

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

the commodity, (iii) less any benefits of owning the physical commodity not obtained by the holder of a futures contract (the “convenience yield”).

Due to the volatility of commodity futures and the risk of credit risk exposure to the counterparty to the contract, commodity futures exchanges each have clearing corporations which act as counterparty to all contracts by either buying or selling directly to the market participants. This means that when each Subsidiary purchases or sells commodity futures contracts, their obligations will be to the clearing house and it will be the clearing house that is obliged to satisfy the Subsidiaries' rights under a commodity futures contract.

To ensure a party to a futures contract fulfills its obligations to the clearing house, all participants are required to post and maintain a level of collateral (the collateral is known as “margin”). An exchange will set the margin requirements for the contracts which trade there and these can be modified by the terms of the futures contract. Margin requirements range upward from less than 5% of the value of the futures contract being traded. Margin requirements can be offset by other opposing futures transactions, in which situation margin payments will continue to be required.

When the price of a particular futures contract increases (in the case of a sale) or decreases (in the case of a purchase) and any loss on the futures contract means that the margin already held does not satisfy margin requirements, further margin must be posted. Conversely, if there is a favorable price change in the futures contract any excess margin may be removed from the relevant deposit account. Any gain or loss on London Metal Exchange (“LME”) futures contracts is not realized until their respective maturity dates. Any margin deposited by a Subsidiary should earn interest income.

For the six-month period ended June 30, 2026, the average notional value of the Futures Contracts held by the Funds was as follows:

Derivative	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
Long Futures Contracts	$2,428,963,343	$449,450,285
Short Futures Contracts	$119,802,133	$67,552,052

The following tables indicate the location of derivative instruments on the Consolidated Statements of Assets and Liabilities as well as the effect of derivative instruments on the Consolidated Statements of Operations during the reporting period.

abrdn Bloomberg All Commodity Strategy K-1 Free ETF

	Risk Exposure Category
	Commodity Contracts	Total
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
Assets:
Unrealized appreciation on:
Futures Contracts	$44,004,221	$44,004,221
Total	$44,004,221	$44,004,221
Liabilities:
Unrealized depreciation on:
Futures Contracts	$240,633,306	$240,633,306
Total	$240,633,306	$240,633,306

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

controlled foreign corporations, the Subsidiaries' net income and capital gains, if any, will be included each year in the Funds' investment company taxable income.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the most recent four fiscal years up to the most recent fiscal year ended December 31, 2025 are subject to such review. The management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

3. Investment Transactions and Related Income and Expenses

Throughout the reporting period, investment transactions are recorded on trade date.

Interest income is recognized on an accrual basis. Dividend income is recorded on the ex-dividend date, or as soon as information is available. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities.

4. Transactions with Related Parties, Investment Advisory Fees

Under the terms of the Trust's Investment Advisory Agreement (the "Investment Advisory Agreement"), the Advisor is subject to the supervision of the Board and is responsible for the day-to-day business of the Funds, including the day-to-day management of risk of the Funds in accordance with each Fund's investment objectives and policies. As compensation for its advisory services and assumption of each Fund's expenses, the Advisor is entitled to a management fee, computed daily and payable quarterly, at an annual rate of 0.25% (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) and 0.29% (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) of average daily net assets of the applicable Fund.

Pursuant to the Investment Advisory Agreement, the Advisor has agreed to pay all expenses of the Funds, including the fees payable to the Sub-Advisor, except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions or in connection with creation and redemption transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions or any creation or redemption transactions); (ii) legal fees or expenses in connection with any arbitration, litigation or pending or threatened arbitration or litigation, including any settlements in connection therewith; (iii) compensation and expenses of counsel to the Trustees of the Trust who are not officers, directors/trustees, partners or employees of the Advisor or its affiliates (the “Independent Trustees”); (iv) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (v) distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (vi) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); (vii) any fees and expenses related to the provision of securities lending services; and (viii) the advisory fee payable to the Advisor. The expenses of the Funds for which the Advisor has agreed to pay pursuant to the Investment Advisory Agreement are referred to as “Covered Expenses”. The internal expenses of pooled investment vehicles (such as exchange-traded funds and other unaffiliated investment companies) in which a Fund may invest (acquired fund fees and expenses) are not expenses of the Fund and are not paid by the Advisor.

The Advisor also serves as advisor to each Fund's Subsidiary. Pursuant to the investment advisory agreement between each Fund's Subsidiary and the Advisor, the Advisor has agreed to pay all expenses incurred by the Subsidiary except for: (i) brokerage expenses and other fees, charges, taxes, levies or expenses (such as stamp taxes) incurred in connection with the execution of portfolio transactions (including without limitation any fees, charges, taxes, levies or expenses related to the purchase or sale of an amount of any currency, or the patriation or repatriation of any security or other asset, related to the execution of portfolio transactions); (ii) extraordinary expenses (in each case as determined by a majority of the Independent Trustees); (iii) interest and taxes of any kind or nature (including, but not limited to, income, excise, transfer and withholding taxes); and (iv) the advisory fee payable by the Subsidiary to the Advisor (if any).

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

Effective May 1, 2025, the Advisor eliminated the contractual management fees payable by each Subsidiary to the Advisor. Previously, the Advisor was entitled to a management fee from each Fund's respective Subsidiary, based on the average daily net assets of the Subsidiary, and at the same advisory fee rate as the Fund. Prior to the elimination of each Subsidiary's contractual management fee, since each Fund's inception, the Advisor contractually waived (pursuant to a Subsidiary Fee Waiver Agreement) the management fees that it received from each Fund in an amount equal to the management fee paid to the Advisor by each Subsidiary.

A Trustee and certain Officers of the Trust are employees of the Advisor or its affiliates, or the Administrator.

Under the sub-advisory agreement between the Advisor and the Sub-Advisor (the “Sub-Advisory Agreement”), the Sub-Advisor is responsible for trading portfolio securities on behalf of the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the Index, subject to the supervision of the Advisor and the Board. Under the Sub-Advisory Agreement, the Advisor pays the Sub-Advisor a fee, calculated daily and paid monthly, at an annual rate based on a percentage of the average daily net assets of each Fund, subject to a minimum annual fee, as set forth below:

Fund	Annual Rate	Minimum Annual Fee
abrdn Bloomberg All Commodity Strategy K-1 Free ETF	0.04%	$18,000
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF	0.04%	$18,000

5. Administration Fees

abrdn Inc. (the “Administrator”) serves as the Funds' administrator, and State Street Bank and Trust Company (the “Sub-Administrator”) serves as sub-administrator. The Sub-Administrator provides certain administrative services to the Funds. For these services, the Sub-Administrator is entitled to certain fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses that are paid by the Advisor as described above.

6. Custodian Fees

State Street Bank and Trust Company (the “Custodian”) serves as custodian for the Funds in accordance with a Master Custody Agreement. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. As compensation for the services rendered under the agreement, the Custodian is entitled to fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses that are paid by the Advisor as described above.

7. Trustees Fees

The Advisor pays the compensation for the Independent Trustees of the Trust. Effective January 1, 2026, each Independent Trustee receives an aggregate fee consisting of a $50,000 annual retainer, payable quarterly, a $5,000 per meeting fee for regularly scheduled quarterly board meetings, and a $2,000 per meeting fee for special meetings, plus expenses, for his or her service as an Independent Trustee and as a member of any Board Committee. In addition, the Board Chair receives a $15,000 annual retainer and the Audit Committee Chair receives a $10,000 annual retainer. These fees and expenses are Covered Expenses that are paid by the Advisor as described above.

8. Distribution and Service Plan

ALPS Distributors, Inc. (the “Distributor”) serves as the Funds' distributor and distributes Creation Units (as defined in Note 9). Each Fund has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act pursuant to which payment of up to 0.25% of average daily net assets may be made. However, no such fee is currently paid by the Funds. This fee is not a Covered Expense and therefore, if charged by the Distributor, it would be paid by the Funds.

9. Issuance and Redemption of Fund Shares

Each Fund issues and redeems shares only to Authorized Participants (typically market makers, large investors and institutions) that have entered into agreements with the Fund's Distributor (“Authorized Participants” or, individually, an “Authorized Participant”) in exchange for the deposit or delivery of assets (securities and/or cash), in large blocks known as creation units ("Creation Units"), each of which is comprised of a specified number of shares. Retail investors may only purchase and sell Fund shares on a national securities exchange through a broker-dealer and such transaction may be subject to customary commission rates imposed by the broker-dealer.

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

Information related to share transactions for each Fund during the reporting period is presented on the Consolidated Statements of Changes in Net Assets. The Funds each offer one class of shares, which has no front end sales load, no deferred sales charge and no redemption fee.

Creation/Redemption Transaction Fee. A transaction fee, as set forth in the table below, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units, as applicable. Authorized Participants will be required to pay a fixed creation transaction fee and/or a fixed redemption transaction fee, as applicable, on a given day regardless of the number of Creation Units created or redeemed on that day. Each Fund may adjust the transaction fee from time to time, and a Fund may waive all or a portion of its applicable transaction fee(s). An additional charge or a variable charge (discussed below) will be applied to certain creation and redemption transactions, including non-standard orders and whole or partial cash purchases or redemptions. With respect to creation orders, Authorized Participants are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the applicable Fund and with respect to redemption orders, Authorized Participants are responsible for the costs of transferring the applicable Fund Securities from the Trust to their account or on their order. Investors who use the services of a broker or other such intermediary may also be charged a fee for such services. To the extent a Fund cannot recoup the amount of transaction costs incurred in connection with a purchase or redemption because of the 2% transaction fee cap or otherwise, those transaction costs will be borne by the Fund and negatively affect the Fund's performance. Currently, the Funds only accept cash for the purchase or redemption of Creation Units.

Creation and Redemption Transaction Fees:

Fund	Transaction Fee ($)*	Maximum Aggregate Creation/Redemption Fee (%)**
abrdn Bloomberg All Commodity Strategy K-1 Free ETF	100	2
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF	100	2


*	An additional charge of up to three (3) times the standard transaction fee may be charged to the extent a transaction is outside of the clearing process.
**	In addition to the fixed transaction fee listed above, a Fund may charge a variable fee for creations and redemptions in cash to offset brokerage and impact expenses associated with the cash transaction. Any such variable fee is included within, and will not cause the aggregate transaction fee charge in connection with a redemption transaction to exceed 2.00% of the value of the applicable Creation Unit being redeemed.

10. Investment Transactions

For the six-month period ended June 30, 2026, there were no costs associated with securities purchased or proceeds from sales of long-term securities as all of the operational Funds were invested in short-term securities only.

11. In-Kind Transactions

Each Fund may deliver its investment securities in exchange for the redemption of shares (redemptions-in-kind). Cash and securities can be transferred for redemptions at fair value. For financial reporting purposes, each Fund records net realized gains and losses in connection with each transaction. Each Fund may also receive securities in exchange for subscriptions of shares (subscriptions-in-kind). For the six-month period ended June 30, 2026, there were no in-kind transactions.

12. Principal Risks

The Funds' investments are subject to a variety of risks that may cause the Funds' NAVs to fluctuate over time. Therefore, the value of an investment in the Funds could decline and an investor could lose money. Also, there is no assurance that the Advisor or the Sub-Advisor will achieve the Funds' objectives. Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

a. Market Risk

The prices of the assets in which the Funds invest may decline for a number of reasons, including in response to local, regional or global economic developments, interest rate changes, war or armed conflicts, acts of terrorism, trade disputes and tariffs, the spread of infectious illness or other public health issues, or other events. Deteriorating market conditions might cause a general weakness in the markets that reduces the prices, or yield, of assets in which the Fund invests.

b. Commodity Price Risk

The NAV of a Fund will be affected by movements in commodity prices generally and by the way in which those prices and other factors affect the prices of the commodity futures contracts. Commodity prices generally may fluctuate widely and may be affected by numerous factors.

c. Commodity Sector Risks

The daily performance of the current, or "spot", price of certain commodities has a direct impact on Fund performance. To the extent that a Fund has significant exposure to a particular commodity sector, the Fund may be more susceptible to loss due to adverse occurrences affecting that sector, including a decline in the price of commodities in such sector.

●

Agricultural Sector Investment Risk. The daily performance of the spot price of certain agricultural commodities has a direct impact on Fund performance. Investments in the agriculture sector may be highly volatile and the market values of such commodities can change quickly and unpredictably due to a number of factors, such as the supply of, and demand for, each commodity, the strength of the domestic and global economy, legislative or regulatory developments relating to food safety, the imposition of tariffs and other restraints on trade, as well as other significant events, including public health, political, legal, financial, accounting and tax matters that are beyond the Fund's control. In addition, increased competition caused by economic recession, labor difficulties and changing consumer tastes and spending can impact the demand for agricultural products and, in turn, the value of such investments.

●

Energy Sector Investment Risk. The daily performance of the spot price of certain energy-related commodities has a direct impact on Fund performance. Energy commodities' market values are significantly impacted by a number of factors, such as the supply of, and demand for, each commodity, the strength of the domestic and global economy, significant world events, wars or armed conflicts in geographic areas where energy infrastructures and resources are concentrated, capital expenditures on exploration and production, energy conservation efforts, government regulation and subsidization and technological advances. Investments in the energy sector may be cyclical and/or highly volatile and subject to swift price fluctuations. In addition, significant declines in the price of oil may contribute to significant market volatility, which may adversely affect the Fund's performance. The energy sector has recently experienced significant volatility due to dramatic changes in the prices of energy commodities, and it is possible that such volatility will continue in the future.

●

Metals Sector Investment Risk. The daily performance of the spot price of certain industrial and precious metals has a direct impact on Fund performance. Investments in metals may be highly volatile and the market values of such commodities can change quickly and unpredictably due to a number of factors, such as the supply of, and demand for, each metal, the strength of the domestic and global economy, international monetary policy, environmental or labor costs, as well as other significant events, including public health, war or armed conflict, political, legal, financial, accounting and tax matters that are beyond the Fund's control. The United States or foreign governments may pass laws or regulations limiting metal investments for strategic or other policy reasons. Further, the principal supplies of metal industries may be concentrated in a small number of countries and regions.

d. Passive Management Risk

Because the Funds are not “actively” managed, unless a specific security is removed from the Index, the Funds generally would not sell an investment because of the investment's performance. Additionally, unusual market conditions may cause the Index provider to postpone a scheduled rebalance or reconstitution, which could cause the Index to vary from its normal or expected composition. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more investments. As the Fund may not fully replicate the Index, it is subject to the risk that the investment strategy of the Advisor or Sub-Advisor may not produce the intended results.

Notes to Consolidated Financial Statements (continued)

June 30, 2026 (Unaudited)

e. Index Tracking Risk

As with all index funds, the performance of a Fund and the Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. Index tracking risk may also occur because of differences between the investments held in the Fund's portfolio and those included in the Index, pricing differences (including, as applicable, differences between a security's price at the local market close and the Fund's valuation of a security at the time of calculation of the Fund's NAV), differences in transaction costs, the Fund's holding of uninvested cash, differences in timing of the accrual of dividends or interest, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, changes to the Index or the need to meet various new or existing regulatory requirements, among other reasons. Moreover, the Fund may be delayed in purchasing or selling investments included in the Index. In addition, the Fund may not be fully invested in the investments included in the Index at all times or may hold investments that are not included in the Index. In addition, the Fund's use of a representative sampling approach may cause the Fund to not track the return of the Index as would be the case if the Fund purchased all of the instruments in the Index, or invested in them in the exact proportions in which they are represented in the Index. Index tracking risk may be heightened during times of increased market volatility or other unusual market conditions. Index ETFs that track indices with significant weight in futures contracts issuers may experience higher index tracking risk than other index ETFs that do not track such indices.

f. Index-Related Risk

There is no guarantee that a Fund's investment results will closely correspond, before fees and taxes, to the performance of the Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability to track the Index. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest, war or armed conflict) may cause the Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition.

g. Fixed-Income Securities Risk

Fixed income securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest or currency rates, lack of liquidity in the bond markets or adverse investor sentiment. The value of a fixed income security may also fall due to specific conditions that affect a particular sector of the securities market or a particular issuer. Fixed income securities are subject to, among other risks, credit risk, interest rate risk, inflation risk, market risk, liquidity risk, extension risk, and prepayment risk..

h. Money Market Instruments Risk

Money market instruments may be subject to market risk and credit risk. There is no guarantee that money market instruments will maintain their value.

i. Futures Contracts Risk

The primary risks associated with the use of futures contracts, or swaps or other derivatives referencing futures contracts, are: (i) an imperfect correlation between the value of the futures contract and the value of the underlying commodity; (ii) possible lack of a liquid secondary market for a futures contract; (iii) the inability to open or close a futures contract or cash commodity position when desired; (iv) losses caused by unanticipated market movement, which may result in losses in excess of the amount invested in the futures contract (and potentially may be unlimited); (v) in the event of adverse price movements, an obligation of the Fund to make daily cash payments to maintain its required margin, including at times when it may have insufficient cash and must sell securities from its portfolio to meet those margin requirements at a disadvantageous time; (vi) the possibility that a failure to close a position may result in delivery of an illiquid commodity to the Fund; and (vii) the possibility that rapid selling to avoid delivery of a commodity may result in unfavorable execution prices. Although it is intended that the Fund will only enter into futures contracts if there is an active market for such contracts, there is no assurance that an active market will exist for the contracts at any particular time.

Notes to Consolidated Financial Statements (concluded)

June 30, 2026 (Unaudited)

j. Roll Yield

During situations where the cost of any futures contracts for delivery on dates further in the future is higher than those for delivery closer in time, the value of the Funds holding such contracts will decrease over time unless the spot price of that contract increases by the same rate as the rate of the variation in the price of the futures contract. The rate of variation could be quite significant and last for an indeterminate period of time, reducing the value of a Fund.

13. Indemnifications

Under the Trust's organizational documents, the Trustees (and its directors, employees and agents) and the Advisor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Funds expect the risk of loss to be remote.

14. Segment Reporting

Operating segments are components of a public entity that engage in business activities from which it may recognize revenues and incur expenses, have discrete financial information available, and have their operating results regularly reviewed by the public entity’s chief operating decision maker (“CODM”) when assessing segment performance and making decisions about segment resources. The Chief Financial Officer of the Funds act as each Fund's CODM. The CODM monitors the operating results of the Funds as a whole, and each Fund's asset allocation is managed in accordance with its Prospectus. Each Fund operates as a single operating and reporting segment pursuant to its investment objective and principal investment strategy. Each Fund's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within each Fund's financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

15. Recent Accounting Pronouncement

In December 2023, the FASB issued Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The Fund has adopted ASU 2023-09 as of December 31, 2025.

16. Subsequent Events

Management has evaluated subsequent events through August 27, 2026, the date the financial statements were available to be issued.

Subsequent to June 30, 2026, the Fund announced certain future changes that are disclosed in the Fund's Semi-Annual Shareholder Report. Effective September 2026, Vident Asset Management will cease serving as sub-adviser to the Fund, and abrdn Inc., the Fund's investment adviser, will provide all investment management services directly to the Fund. In addition, effective October 31, 2026, the Fund's fiscal year end will change from December 31 to October 31, resulting in a short fiscal period from January 1, 2026 through October 31, 2026. The fiscal year-end change is not expected to result in changes to the Fund's investment operations, investment policies, or principal risks.

Other than the matters described above, no events or transactions requiring recognition or additional disclosure in the financial statements were identified through August 27, 2026.

abrdn ETFs

Board Approval of Advisory and Sub-Advisory Agreements

Summary of Board Considerations in Approving the Investment Advisory and Sub-Advisory Agreements

At a regularly scheduled meeting (the “Meeting”) of the Board of Trustees (the “Board” and each member thereof, a “Trustee” and collectively, the “Trustees”) of abrdn ETFs (the “Trust”) held on June 8, 2026, the Board, including those Trustees who are not “interested persons” (as that term is defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Trust (the “Independent Trustees”), approved the continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between abrdn Inc. (the “Adviser”) and the Trust, on behalf of abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF and abrdn Bloomberg All Commodity Strategy K-1 Free ETF (each a “Fund” and collectively, the “Funds”), as well as the investment advisory agreement between the Adviser and each Fund’s respective wholly-owned Cayman Islands subsidiary1 (the “Subsidiary Investment Advisory Agreement”). The Board, including the Independent Trustees, also approved the continuation of the investment sub-advisory agreement (the “Sub-Advisory Agreement”) between Vident Advisory, LLC (d/b/a Vident Asset Management) (the “Sub-Adviser” and together with the Adviser, the “Advisers”) and the Adviser with respect to each Fund, as well as the sub-advisory agreement between the Sub-Adviser and the Adviser with respect to each Fund’s Subsidiary (the “Subsidiary Sub-Advisory Agreement,” and collectively with the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreement, and the Sub-Advisory Agreement, the “Advisory Agreements”).2 In connection with their consideration of whether to approve the continuation of the Advisory Agreements, the Trustees received and reviewed a variety of information provided by the Advisers relating to the Funds, the Advisory Agreements and the Advisers. The information provided to the Trustees included (but was not limited to) comparative performance and fee and expense information (as well as information on the limitations of such comparable data) of peer group(s) of funds as selected by Institutional Shareholder Services Inc. (“ISS”), an independent third-party provider of investment company data (the “Peer Funds”), and other performance information. The Board also received information regarding relevant benchmark indices and information regarding the nature, extent and quality of services provided by the Advisers under the Advisory Agreements. The materials provided to the Board generally included, among other items: (i) information on the investment performance of the Funds, the performance of the Peer Funds, comparable funds, if any, and each Fund’s performance benchmark; (ii) reports prepared by the Advisers in response to requests submitted by the Independent Trustees’ independent legal counsel on behalf of such Trustees; (iii) information on the Funds’ management fee and other expenses, including information comparing each Fund’s expenses to its respective Peer Funds, comparable accounts, if any, and information about the Funds’ fee structures and expense limitations, if any; (iv) information regarding the Adviser’s revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Adviser; and (v) a memorandum from the Independent Trustees’ independent legal counsel on the responsibilities of the Board in considering the approval of the Advisory Agreements under the 1940 Act and Delaware law.

The Independent Trustees met with representatives of the Adviser and Sub-Adviser and separately in executive session with independent legal counsel on June 8, 2026 to discuss the continuation of the Advisory Agreements. The Independent Trustees also met with representatives of the Adviser and separately in executive session with independent legal counsel on May 29, 2026 to discuss the materials provided to the Board by the Advisers in response to a request for information sent to them by the Independent Trustees’ independent legal counsel.

In evaluating whether to renew the Advisory Agreements for the Funds, the Board considered numerous factors, including: (i) the nature, extent and quality of services provided to the Funds by the Advisers under the Advisory Agreements; (ii) the costs of services provided to the Funds and the profits realized by the Adviser (and its affiliates) from its relationship with the Funds; (iii) each Fund’s total expense ratio as well as the management fee paid by each Fund pursuant to the Advisory Agreements relative to the total expense ratios of and the management fees charged to the Peer Funds and comparable accounts, if any; (iv) the investment performance of each Fund relative to that of its benchmark index, comparable funds, if any, as well as the performance of the Peer Funds; (v) any additional benefits (such as soft dollars, if any) received by the Advisers or their affiliates; (vi) the extent to which economies of scale are being realized by shareholders and will be realized as the Funds’ assets increase; (vii) the Advisers’ compliance programs; and (viii) any other considerations deemed relevant by the Board. The Independent Trustees also discussed the Advisory Agreements in an executive session with independent legal

Each Fund has a wholly-owned Cayman Islands subsidiary (each, a “Subsidiary”) as follows: abrdn All Commodity Fund Limited is the Subsidiary of abrdn Bloomberg All Commodity Strategy K-1 Free ETF; and abrdn All Commodity Longer Dated Fund Limited is the Subsidiary of abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF. Each Fund’s investment in its Subsidiary enables the Fund to gain exposure to relevant commodity markets within the limits of current federal income tax laws, which limit the ability of registered funds to invest directly in commodity futures contracts. Each Subsidiary invests in the commodity futures contracts. Each Subsidiary and its respective Fund have the same investment objective; however, the Subsidiary may invest without limit in commodities.

At its Meeting on June 8, 2026, the Board approved the termination of the Sub-Adviser, as sub-adviser to each Fund and its respective Subsidiary effective on or about September 21, 2026 (the “Effective Date”). As of the Effective Date, the Adviser will assume all services previously delegated to the Sub-Adviser under the Sub-Advisory Agreement, including day-to-day management of each Fund and its Subsidiary. The Funds and Subsidiaries will no longer have a sub-adviser as of the Effective Date.

abrdn ETFs

Board Approval of Advisory and Sub-Advisory Agreements (continued)

counsel at which no representatives of the Advisers were present. No single factor reviewed by the Board was identified as the principal factor in determining whether to renew the Advisory Agreements, and individual Trustees may have given different weight to various factors.

The discussion immediately below outlines in greater detail certain of the materials and information presented to the Board by the Advisers in connection with the Board’s consideration and approval of the continuation of the Advisory Agreements, and the conclusions made by the Board at the Meeting when determining to renew the Advisory Agreements.

The Nature, Extent and Quality of Services Provided to the Funds under the Advisory Agreements

The Trustees considered the nature, extent and quality of services provided by the Advisers to the Funds. They reviewed information about the resources dedicated to the Funds by the Advisers and their affiliates. Among other things, the Board reviewed and discussed the background and experience of the Advisers’ senior management personnel who serviced the Funds and the qualifications, background and responsibilities of the portfolio managers primarily responsible for providing day-to-day portfolio management services for the Funds.

The Trustees also considered the financial condition of the Advisers and the Advisers’ ability to provide quality service to the Funds. Management representatives reported to the Board and responded to questions on, among other things, the Advisers’ business plans and any current or proposed organizational changes. The Trustees also took into account the Advisers’ experience as asset managers and considered information regarding the Advisers’ compliance with applicable laws and Securities and Exchange Commission (“SEC”) and other regulatory agency inquiries or audits of the Funds, the Advisers and/or their affiliates. The Board considered reports from the Advisers on their risk management processes. The Board noted that it received information on a regular basis from the Funds’ Chief Compliance Officer regarding the Advisers’ compliance policies and procedures and information concerning the Advisers’ brokerage policies and practices. The Trustees also noted that the Advisers had provided information and periodic reporting, including updates on their management of the Funds and the quality of their performance, and had discussed these matters with the Trustees at meetings held regularly throughout the preceding year.

Based on the totality of the information considered, the Board concluded that the nature, extent and quality of the Advisers’ services provided to the Funds were of a high quality, and that the Advisers have provided and could reasonably be expected to continue to provide these services on an ongoing basis based on their experience, operations and resources.

The Costs of Services Provided and Profits Realized by the Advisers and their Affiliates from their Relationships with the Funds

The Board reviewed information compiled by ISS that compared each Fund’s effective annual management fee rate with the fees paid by its Peer Funds. The Board reviewed with management the effective annual management fee rate paid by each Fund to the Adviser for investment management services. The Board considered the Funds’ management fee structures, including the “unitary fee” structure under which each Fund pays a single fee out of which all of the Fund’s expenses, except for certain excluded expenses, are paid by the Adviser. The Board reviewed and considered additional information about the Adviser’s fees, including the amount of the management fees retained by the Adviser after payment of the sub-advisory fees, as applicable. The Board considered that, as applicable, the compensation paid to the Sub-Adviser was paid by the Adviser and, accordingly, that the retention of the Sub-Adviser did not increase the fees or expenses otherwise incurred by the Fund’s shareholders. The Board considered the fee comparisons in light of the differences in resources and costs required to manage the different types of accounts. In evaluating each Fund’s management fee, the Board took into account the regulatory regimes, fund structure, level of services, complexity and quality of the investment management of the Funds.

In addition to the foregoing, the Board considered each Fund’s fees and expenses relative to the fees and expenses of its Peer Funds, as well as information on the limitations of such comparable data given differences between each Fund and its respective Peer Funds presented. The comparative fee and expense information for each Fund is detailed below:

abrdn Bloomberg All Commodity Strategy K-1 Free ETF

This information showed that the Fund’s net management fee and total net expenses were below the median of the Peer Funds.

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

This information showed that the Fund’s net management fee and total net expenses were below the median of the Peer Funds.

The Board reviewed each Fund’s management fee and total expense ratio and noted that no changes were being proposed. The Board also considered information about the sub-advisory fees paid to the Sub-Adviser, noting that the Adviser paid the sub-advisory fees out of the management fee it received from each Fund. The Board took into account that the Adviser did not receive any additional fees pursuant to

abrdn ETFs

Board Approval of Advisory and Sub-Advisory Agreements (continued)

the Subsidiary Investment Advisory Agreement and that the Sub-Adviser did not receive any additional fees pursuant to the Subsidiary Sub-Advisory Agreement.

The Board took into consideration management’s discussion of any differences in the investment strategies, restrictions, profile, and risks of the Peer Funds.

The Board also reviewed the profitability of the investment advisory relationship with the Funds to the Adviser. The Board concluded that the Funds’ respective fees and expenses, as well as the Adviser’s profitability with respect to each Fund, were reasonable in light of the nature, extent and quality of services provided.

Investment Performance of the Funds

The Board received and reviewed with the Funds’ management, among other performance data, information that compared each Fund’s return over various periods of time to those of each Fund’s Peer Funds and benchmark and discussed this information with management. The Board also received and considered information on the limitations of the comparability of the data provided based on differences between each Fund and the Peer Funds and benchmark(s) presented. The Trustees considered management’s discussion of the factors contributing to performance. Additionally, the Board considered the Adviser’s discussion of the Funds’ performance. The comparative Peer Fund performance information for each Fund is detailed below:

abrdn Bloomberg All Commodity Strategy K-1 Free ETF

The information comparing the Fund’s investment performance to the Fund’s Peer Funds and its benchmark showed, among other data, that the Fund outperformed the average of the Peer Funds for the 1-year period ended March 31, 2026, but underperformed the average of the Peer Funds for the 3- and 5-year periods ended March 31, 2026. In considering the funds identified by ISS as Peer Funds, the Trustees considered certain information provided by management regarding the limitations of comparability, including that many of the Peer Funds pursued objectives different from the Fund. The Fund underperformed its benchmark for the 1-, 3-, and 5-year periods ended March 31, 2026. In considering the differences in the performance of the Fund in relation to its benchmark index, the Trustees noted that the Fund modestly underperformed its benchmark for each of the time periods presented, which was to be expected since the index does not include any expenses or transaction costs. The Board noted Management’s explanation for the differences that, while the Fund invests with the intent to track the performance of its benchmark index after expenses, factors such as operating expenses, transaction costs, cash positioning, and the timing of portfolio rebalancing accounted for differences between the Fund’s performance after fees and expenses and that of its benchmark. The Board considered Management’s explanation of differences between the Fund and the Peer Funds, including the impact on the comparability of the ISS performance data, and also noted that the Fund’s investment objective and strategy had been changed in 2021 from active management to index tracking, and that performance prior to such date reflected the Fund’s prior investment objective and strategies.

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

The information comparing the Fund’s investment performance to the Fund’s Peer Funds and its benchmark showed, among other data, that the Fund underperformed the average of the Peer Funds for the 1-, 3- and 5-year periods ended March 31, 2026. In considering the funds identified by ISS as Peer Funds, the Trustees considered certain information provided by management regarding the limitations of comparability, including that many of the Peer Funds pursued objectives different from the Fund. The Fund underperformed its benchmark for the 1-, 3-, and 5-year periods ended March 31, 2026. In considering the differences in the performance of the Fund in relation to its benchmark index, the Trustees noted that the Fund modestly underperformed its benchmark for each of the time periods presented, which was to be expected since the index does not include any expenses or transaction costs. The Board noted Management’s explanation for the differences that, while the Fund invests with the intent to track the performance of its benchmark index after expenses, factors such as operating expenses, transaction costs, cash positioning, and the timing of portfolio rebalancing accounted for differences between the Fund’s performance after fees and expenses and that of its benchmark. The Board considered Management’s explanation of differences between the Fund and the Peer Funds, including the impact on the comparability of the ISS performance data, and also noted that the Fund’s investment objective and strategy had been changed in 2021 from active management to index tracking, and that performance prior to such date reflected the Fund’s prior investment objective and strategies.

With respect to each of the Funds, the Board noted that comparability between the Fund and its respective Peer Fund fees, expenses and performance would likely continue to be impacted by the differing indices pursued by the Peer Funds. The Board further noted that the comparability of the respective benchmark performance to the performance of the Funds would also likely continue to be impacted due to expenses and variations in collateral returns. The Board considered the reasons provided by management for each Fund’s relative underperformance, as well as that the investment results that the Adviser had achieved for the Funds were generally consistent with the Funds’ investment objectives of achieving the return of a specified index after expenses.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The statement regarding the basis for approval of investment advisory contracts is included in the response to Item 7, above.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	Shares or Principal Amount		Value
SHORT-TERM INVESTMENTS—101.5%
MONEY MARKET FUNDS—25.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.58% (a)		586,977,538	$586,977,538
Total Money Market Funds			586,977,538
U.S. TREASURIES—75.8%
U.S. Treasury Bills
3.63%, 07/02/2026 (b)	$	117,000,000	116,988,333
3.60%, 07/07/2026 (b)		116,000,000	115,930,710
3.57%, 07/14/2026 (b)		118,000,000	117,847,558
3.60%, 07/16/2026 (b)		106,000,000	105,841,000
3.60%, 07/21/2026 (b)		115,000,000	114,770,239
3.59%, 07/23/2026 (b)(c)		110,000,000	109,757,799
3.62%, 07/28/2026 (b)(c)		114,000,000	113,690,639
3.57%, 07/30/2026 (b)(c)		115,000,000	114,667,889
3.61%, 08/04/2026 (b)		110,000,000	109,626,130
3.60%, 08/06/2026 (b)(c)		113,000,000	112,592,070
3.60%, 08/11/2026 (b)		50,000,000	49,794,302
3.59%, 08/13/2026 (b)(c)		116,000,000	115,496,350
3.65%, 08/18/2026 (b)		50,000,000	49,758,000
3.59%, 08/20/2026 (b)(c)		116,000,000	115,412,838
3.65%, 08/25/2026 (b)		50,000,000	49,720,799
3.59%, 08/27/2026 (b)(c)		112,000,000	111,349,187
3.62%, 09/03/2026 (b)(c)		110,000,000	109,287,200
Total U.S. Treasuries			1,732,531,043
Total Short-Term Investments			2,319,508,581
Total Investments (Cost $2,319,537,052)—101.5%			2,319,508,581
Liabilities in Excess of Other Assets—(1.5%)			(34,301,848 )
Net Assets—100.0%			$2,285,206,733

Federal Tax Cost	$2,319,537,052
Unrealized Appreciation	$44,006,975
Unrealized Depreciation	(247,295,769 )
Net Unrealized Appreciation (Depreciation)	$(203,288,794 )

	Shares or Principal Amount		Value
SHORT-TERM INVESTMENTS—100.3%
MONEY MARKET FUNDS—21.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 3.58% (a)		82,105,905	$82,105,905
Total Money Market Funds			82,105,905
U.S. TREASURIES—78.9%
U.S. Treasury Bills
3.63%, 07/02/2026 (b)	$	17,000,000	16,998,305
3.60%, 07/07/2026 (b)		19,000,000	18,988,651
3.59%, 07/09/2026 (b)		17,000,000	16,986,324
3.57%, 07/14/2026 (b)		20,000,000	19,974,162
3.61%, 07/16/2026 (b)		17,000,000	16,974,500
3.60%, 07/21/2026 (b)		20,000,000	19,960,042
3.60%, 07/23/2026 (b)(c)		18,000,000	17,960,367
3.62%, 07/28/2026 (b)(c)		19,000,000	18,948,440
3.57%, 07/30/2026 (b)		19,000,000	18,945,130
3.60%, 08/04/2026 (b)		17,000,000	16,942,220
3.60%, 08/06/2026 (b)(c)		19,000,000	18,931,410
3.60%, 08/11/2026 (b)		8,000,000	7,967,088
3.59%, 08/13/2026 (b)		20,000,000	19,913,164
3.65%, 08/18/2026 (b)		8,000,000	7,961,280
3.59%, 08/20/2026 (b)(c)		20,000,000	19,898,765
3.65%, 08/25/2026 (b)		8,000,000	7,955,328
3.59%, 08/27/2026 (b)		19,000,000	18,889,594
3.63%, 09/03/2026 (b)(c)		19,000,000	18,876,880
Total U.S. Treasuries			303,071,650
Total Short-Term Investments			385,177,555
Total Investments (Cost $385,183,610)—100.3%			385,177,555
Liabilities in Excess of Other Assets—(0.3%)			(1,264,192 )
Net Assets—100.0%			$383,913,363

Federal Tax Cost	$385,183,610
Unrealized Appreciation	$10,325,215
Unrealized Depreciation	(46,933,474 )
Net Unrealized Appreciation (Depreciation)	$(36,608,259 )

	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
ASSETS:
Investments, at cost	$2,319,537,052	$385,183,610
Investments, at value	2,319,508,581	385,177,555
Deposits at broker for futures contracts	206,134,042	43,839,485
Interest and dividends receivable	890,173	95,223
Receivable for capital shares issued	6,685,110	–
Unrealized appreciation on open futures contracts	44,004,221	10,013,621
Total assets	2,577,222,127	439,125,884
LIABILITIES:
Due to custodian	129,307	33,995
Payable for investments purchased	49,721,181	7,955,389
Unrealized depreciation on open futures contracts	240,633,306	46,926,991
Advisory fees payable	1,531,600	296,146
Total liabilities	292,015,394	55,212,521
NET ASSETS	$2,285,206,733	$383,913,363
NET ASSETS CONSIST OF:
Paid in capital	$2,002,980,881	$350,571,534
Distributable earnings/(accumulated loss)	282,225,852	33,341,829
NET ASSETS	$2,285,206,733	$383,913,363
Shares (unlimited number of shares authorized, no par value)	102,550,000	11,250,000
Net Asset Value, per share	$22.28	$34.13

Financial Statements and Financial Highlights for Open-End Management Investment Companies (Item 7):
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
Consolidated Statements of Assets and Liabilities (Item 7)	6
Consolidated Statements of Operations	7
Consolidated Statements of Changes in Net Assets	8
Consolidated Financial Highlights	10
Notes to Consolidated Financial Statements	12
Changes in and Disagreement with Accountants for Open-End Management Investment Companies (Item 8)	24
Proxy Disclosures for Open-End Management Investment Companies (Item 9)	25
Remuneration paid to Directors, Officers and Others (Item 10)	26
Board Approval of the Investment Advisory and Sub-Advisory Agreements (Item 11)	27


(a)	Registered investment company advised by State Street Investment Management. The rate shown is the 7 day yield as of June 30, 2026.
(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 $419,257,810.

	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
INVESTMENT INCOME:
Interest income	$42,370,245	$6,846,427
Total Income	42,370,245	6,846,427
EXPENSES:
Advisory fee (See Note 4)	2,899,483	549,311
Legal fees and expenses	115,496	18,930
Total operating expenses before reimbursed/waived expenses	3,014,979	568,241
Total Net Expenses after Waivers	3,014,979	568,241
Net Investment Income	39,355,266	6,278,186
NET REALIZED AND UNREALIZED GAIN (LOSS):
Realized loss on investment transactions	(15,322 )	(368 )
Realized gain on futures contracts	446,489,030	63,776,359
Net realized gain from investments and future transactions	446,473,708	63,775,991
Net change in unrealized appreciation/(depreciation) on investment transactions	(362,575 )	(57,887 )
Net change in unrealized appreciation/(depreciation) on futures contracts	(213,325,603 )	(39,478,696 )
Net change in unrealized appreciation/(depreciation) from investments and futures contracts	(213,688,178 )	(39,536,583 )
Net realized/unrealized gain/(loss) from investments and future transactions	232,785,530	24,239,408
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$272,140,796	$30,517,594

	abrdn Bloomberg All Commodity Strategy K-1 Free ETF		abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
	Six-Month Period Ended June 30, 2026 (unaudited)	Year Ended December 31, 2025	Six-Month Period Ended June 30, 2026 (unaudited)	Year Ended December 31, 2025
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income	$39,355,266	$62,353,824	$6,278,186	$10,770,380
Net realized gain from investments and future transactions	446,473,708	163,351,122	63,775,991	27,272,208
Net change in unrealized appreciation/(depreciation) on investments and futures contracts	(213,688,178 )	4,403,344	(39,536,583 )	2,504,117
Net Increase in Net Assets Resulting from Operations	272,140,796	230,108,290	30,517,594	40,546,705
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings	–	(247,124,907 )	–	(39,398,874 )
Return of Capital	–	(45,229,301 )	–	(10,163,802 )
Change in net assets from shareholder distributions	–	(292,354,208 )	–	(49,562,676 )
CAPITAL TRANSACTIONS: (a)
Proceeds from shares issued	724,969,544	881,016,706	78,772,069	131,417,247
Cost of shares redeemed	(489,795,460 )	(308,786,080 )	(17,753,835 )	(63,228,905 )
Change in net assets from capital transactions	235,174,084	572,230,626	61,018,234	68,188,342
Change in net assets	507,314,880	509,984,708	91,535,828	59,172,371
NET ASSETS:
Beginning of period	1,777,891,853	1,267,907,145	292,377,535	233,205,164
End of period	$2,285,206,733	$1,777,891,853	$383,913,363	$292,377,535
SHARE TRANSACTIONS:
Beginning of period	91,050,000	64,350,000	9,450,000	7,450,000
Issued	32,650,000	41,450,000	2,300,000	3,900,000
Redeemed	(21,150,000 )	(14,750,000 )	(500,000 )	(1,900,000 )
Shares outstanding, end of period	102,550,000	91,050,000	11,250,000	9,450,000


(a)	Capital transactions may include transaction fees associated with Creation and Redemption transactions which occurred during the period. See Note 9 to the Financial Statements.


Selected Data For A Share Outstanding Throughout The Periods Indicated
Per Share Operating Performance		Ratios/Supplemental Data
	Total Return	Ratios To Average Net Assets				Supplemental Data
Net asset value, end of period	Net asset value(b)	Expenses before expense reductions	Expenses net of waivers, if any	Net investment income (loss) before expense reductions	Net investment income (loss) net of waivers, if any	Net assets, end of period (000's)	Portfolio turnover rate(c)

$22.28	14.12 %	0.27 %	0.27 %	3.50 %	3.50 %	$2,285,207	–
19.53	15.11 %	0.27 %	0.26 %	3.87 %	3.88 %	1,777,892	–
19.70	5.08 %	0.31 %	0.26 %	4.82 %	4.87 %	1,267,907	–
19.38	(8.35 %)	0.32 %	0.26 %	4.71 %	4.77 %	806,398	–
21.98	15.13 %	0.32 %	0.26 %	1.12 %	1.18 %	873,741	–
22.93	26.27 %	0.30 %	0.25 %	(0.25 %)	(0.20 %)	639,804	–

34.13	10.30 %	0.30 %	0.30 %	3.31 %	3.31 %	383,913	–
30.94	15.54 %	0.32 %	0.30 %	3.85 %	3.86 %	292,378	–
31.30	5.87 %	0.36 %	0.30 %	4.79 %	4.85 %	233,205	–
30.66	(7.36 %)	0.37 %	0.30 %	4.67 %	4.73 %	219,205	–
34.58	18.33 %	0.37 %	0.30 %	1.20 %	1.27 %	278,391	–
30.76	32.40 %	0.35 %	0.29 %	(0.30 %)	(0.24 %)	87,653	–

By:	/s/ Alan Goodson
	Alan Goodson
	President (Principal Executive Officer)
	September 8, 2026