Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF

C000176938 Fund Overview

Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF is a US ETF managed by abrdn ETFs, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: abrdn ETFs
• Category: Commodity
• Assets under management: $3.95M
• SEC CIK: 0001597934
• SEC series ID: S000056195
• Share class ID: C000176938

C000176938 Investment Objective and Strategy

Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by abrdn ETFs.

Investment objective

The ETFS Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF (the Fund) is an actively managed exchange traded fund that seeks to provide a total return designed to exceed the performance of the Bloomberg Energy Index 3 Month Forward SM which is calculated on an excess return basis (the Index).

Principal investment strategy

The Fund is an actively managed exchange traded fund that seeks to provide a total return designed to exceed the performance of the Index. The Fund is not an index tracking exchange traded fund and is not required to invest in all components of the Index. However, the Fund will generally seek to hold similar interests to those included in the Index and will seek exposure to many of the commodities included in the Index under the same futures rolling schedule as the Index. The Fund will also hold short-term fixed-income securities, which may be used as collateral for the Funds commodities futures holdings or to generate interest income and capital appreciation on the cash balances arising from its use of futures contracts (thereby providing a total return investment in the underlying commodities).

Under normal market conditions, the Fund intends to invest in exchange-traded commodity futures contracts through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). As a means to provide investment returns that are highly correlated to those of the 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 Investment Company Act of 1940, as amended (the 1940 Act) and any applicable exemptive relief (collectively, Commodities-Related Assets and, together with exchange-traded commodities futures contracts, Commodities Instruments). The Fund may invest up to 25% of its total assets in the Subsidiary.

The remainder of the Funds assets that are not invested in the Subsidiary ( i.e. , at least 75% of the Funds total assets) will principally be 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. The Fund will exercise its discretion to use such instruments to most efficiently utilize the cash balances arising from the use of futures contracts and generate a total return for investors. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in futures contracts and other securities in an amount that provides investment exposure to energy commodities. The Fund will not invest directly in commodity futures contracts but, instead, expects to gain exposure to these investments exclusively by investing in the Subsidiary.

The Funds investment in the Subsidiary is intended to enable the 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. The Subsidiary and the Fund have the same investment objective. However, the Subsidiary may invest without limitation in the Commodities Instruments. Except as otherwise noted, for the purposes of this Prospectus, references to the Funds investments include the Funds indirect investments through the Subsidiary. The Advisor and Sub-Advisor will use their discretion to determine the percentage of the Funds assets allocated to the Commodities Instruments held by the Subsidiary that will be invested in exchange-traded commodity futures contracts or Commodities-Related Assets.

In this regard, under normal market conditions, the Subsidiary is expected to invest in futures contracts in proportional weights and allocations that are similar to the Index. The Fund does not seek leveraged returns. However, the Funds use of instruments to collateralize the Subsidiarys investments in Commodity Instruments has a leveraging effect and is designed to provide a total return, outperforming the investment performance of the Index. The Index is a sub-index of the Bloomberg Commodity Index Forward 3 Month SM (BCOM). BCOM is a widely followed commodity index which is calculated and published by Bloomberg L.P. and/or Bloomberg Finance L.P. and/or an affiliate of them (together, Bloomberg). BCOM and its various sub-indices has been published since 1998 with simulated historical performance calculated back to 1991 and tracks movements in the prices of rolling positions in a basket of commodity futures with a maturity between four and six months.

At present, there are 26 commodity futures eligible for inclusion in BCOM but four of those commodities (cocoa, lead, platinum and tin) are currently not included in BCOM. With the exception of certain metals contracts (aluminum, lead, tin, nickel and zinc) that trade on the London Metals Exchange (LME) and the contract for Brent crude oil, each of the commodities is the subject of at least one futures contract that trades on a U.S. exchange. The Index includes only those commodities from BCOM which are related to energy being natural gas, WTI crude oil, Brent crude oil, gasoline and heating oil. BCOM and the Index use a consistent, systematic process to represent the commodity markets using both liquidity data and U.S. dollar-weighted production data in determining the weightings of included commodities.

Liquidity data is the relative amount of trading activity for a particular commodity and U.S. dollar-weighted production data takes the figures for production in the overall commodities market for all commodities in the Index and weights them in the Index in the same proportion in U.S. dollar terms. The values of BCOM and the Index are computed on the basis of hypothetical investments in the basket of commodities of which they are comprised. BCOM and the Index are rebalanced annually starting on the fifth business day of January. The Fund is classified as non-diversified under the 1940 Act.

C000176938 Costs and Fees

C000176938 costs about $39 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.39%
• Gross expense ratio: 0.46%
• Portfolio turnover: 0%
• Brokerage commissions: 4.00 bps of average net assets (SEC N-CEN)

C000176938 Cashflows

Over the 12 months to 2019-12, Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF had net inflows of $0, from monthly SEC N-PORT filings.

C000176938 Debt Constituents

No individual debt constituents are reported in Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF's latest SEC N-PORT filing.

C000176938 Prospectus and SEC Filings

Official Aberdeen Standard Bloomberg Energy Commodity Longer Dated Strategy K-1 Free ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-05-20
• Prospectus (485BPOS) — filed 2018-05-17
• Prospectus (485BPOS) — filed 2017-04-04
• Portfolio holdings (N-PORT) — filed 2020-02-20
• Portfolio holdings (N-PORT) — filed 2019-11-20
• Annual census (N-CEN) — filed 2020-03-13
• Annual census (N-CEN) — filed 2019-03-12

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.