Abrdn Commodity ETF Prospectus - Combined

Filed pursuant to Rule 424(b)(3)
Registration Statement No. 333-267881
abrdn Gold ETF Trust

(the “Trust”)
Supplement dated May 28, 2024 to the Prospectus dated October 21, 2022
This Supplement dated May 28, 2024 amends and supplements the prospectus for the Trust dated October 21, 2022, as supplemented to date (the
“Prospectus”), and should be read in conjunction with, and must be delivered with, the Prospectus.
Appointment of New Custodian and Elimination of Loco-Zurich Delivery
On May 23, 2024, The Bank of New York Mellon (the “Trustee”), in its capacity as Trustee of the Trust, and at the direction of abrdn ETFs Sponsor LLC (the
“Sponsor”), the Trust’s Sponsor, entered into an Allocated Account Agreement and Unallocated Account Agreement (collectively, the “New Custody
Agreements”) with ICBC Standard Bank Plc (the “New Custodian”) providing for the custody of the Trust’s gold by the New Custodian.
On May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (“JPMorgan” or the “Former Custodian”), custodian of the Trust’s gold, notice of
termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated as of September 1, 2009 and as amended, between the
Trustee, and the Former Custodian (collectively, the “Former Custody Agreements”). Pursuant to the terms of the Former Custody Agreements, the notice of
termination delivered by the Trustee will become effective on the date on which all gold held in the allocated and unallocated accounts governed by the Former
Custody Agreements has been transferred to the allocated and unallocated accounts governed by the New Custody Agreements with the New Custodian (the
“Termination Effective Date”). Until the Termination Effective Date, the Trust will have available custodian services under both the Former Custody
Agreements and the New Custody Agreements. Following the Termination Effective Date, the custody of all gold of the Trust will be pursuant to the New
Custody Agreements.
Additionally, in connection with the change in custodian, effective June 18, 2024, the Trust will no longer accept delivery of gold loco Zurich, and all delivery
of gold in relation to the creation or redemption of a Basket will be conducted loco London. Accordingly, the Prospectus is hereby amended to reflect that the
Trust no longer utilizes a Zurich Sub-Custodian or provides for the custody of its gold at vaults located in Zurich, Switzerland.
References throughout the Prospectus to the Custodian (and related accounts or agreements with the Custodian) and its role are hereby amended to refer to both
Custodians or to either the Former Custodian or the New Custodian, as context may require. Information with respect to the Former Custodian will be removed
as of the Termination Effective Date. Additionally, effective immediately, the Prospectus is hereby supplemented with the following information with respect to
the New Custodian:
Custody of the Trust’s Gold under the Custody Agreements with ICBC Standard Bank Plc
ICBC Standard Bank Plc (“ICBCS”), a public limited company incorporated under the laws of England and Wales, serves as a Custodian of the Trust’s
gold. ICBCS’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.
Description of the Custody Agreements
The following is a description of the material terms of the Custody Agreements between the Trustee and ICBC Standard Bank Plc as the custodian under
which the Custodian will hold the gold that belongs to the Trust. In this section, all references to the “Custodian” are to ICBC Standard Bank Plc, in its
capacity as such.
The Allocated Account Agreement between the Trustee and the Custodian establishes the Trust Allocated Account. The Unallocated Account Agreement
between the Trustee and the Custodian establishes the Trust Unallocated Account. These agreements are sometimes referred to together as the “Custody
Agreements” in this prospectus. As the Custody Agreements are similar in form, they are discussed together, with material distinctions between the
agreements noted.
Reports
The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of gold in
and out of the Trust Allocated Account and the credits and debits of gold to the Trust Unallocated Account and containing sufficient information to
identify each bar of gold held in the Trust Allocated Account and whether the Custodian has possession of such bar. The Custodian also provides the
Trustee with monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as of the last business day of each month.
Under the Custody Agreements, a “business day” generally means any day that is both a “London Business Day,” when commercial banks generally and
the London gold market are open for the transaction of business in London.
The Custodian’s records of all deposits to and withdrawals from, and all debits and credits to, the Trust Allocated Account and the Trust Unallocated
Account which are to occur on a business day, and all end of business day account balances in the Trust Allocated Account and Trust Unallocated
Account, are stated as of the close of the Custodian’s business (usually 4:00 p.m. London time) on such business day.
Sub-custodians
Under the Allocated Account Agreement, the Custodian may select sub-custodians solely for the temporary holding of gold for it until transported to the
Custodian’s vault premises. These sub-custodians may in turn select other sub-custodians to perform their duties, including temporarily holding gold for
them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those other sub-custodians. The Allocated
Account Agreement requires the Custodian to use reasonable care in selecting any sub-custodian and provides that, except for the Custodian’s obligation
to use commercially reasonable efforts to obtain delivery of gold held by any other sub-custodians when necessary, the Custodian will not be liable for the
acts or omissions, or for the solvency, of any sub-custodian that it selects unless the selection of that sub-custodian was made negligently or in bad faith.
Any sub-custodian selected by the Custodian shall be a member of the LBMA, except for the Governor and Company of the Bank of England. As of the
date of the Allocated Account Agreement, the sub-custodians that the Custodian uses are: Brinks’ Global Services, Malca-Amit, Loomis and the Governor
and Company of the Bank of England. The Allocated Account Agreement provides that the Custodian will notify the Trustee if it selects any additional
sub-custodians or stops using any sub-custodian it has previously selected.
Location and Segregation of Gold; Access
Gold bullion held for the Trust Allocated Account by the Custodian is held at the Custodian’s London vault premises. Gold bullion may be temporarily
held for the Trust Allocated Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults located in
England or in other locations. Where the gold bullion is held for the Trust Allocated Account by a sub-custodian, the Custodian agrees to use
commercially reasonable efforts to promptly arrange for the delivery of any such gold bullion held on behalf of the Trust to the Custodian’s London vault
premises at the Custodian’s own cost and risk.
The Custodian segregates by identification in its books and records the Trust’s gold in the Trust Allocated Account from any other gold which it owns or
holds for others and requires any sub-custodians it selects to so segregate the Trust’s gold held by them. This requirement reflects the current custody
practice in the London gold market. The Custodian’s books and records are expected, as a matter of current London bullion market custody practice, to
identify each bar of gold held in the Trust Allocated Account in its own vault by refiner, assay or fineness, serial number and gross and fine weight. Any
sub-custodians selected by the Custodian are also expected, as a matter of current industry practice, to identify in their books and records each bar of gold
held for the Custodian by serial number and such sub-custodians may use other identifying information.
Under the Custody Agreements, the Trustee, the Sponsor and the Trust’s auditors and inspectors may visit the premises of the Custodian for the purpose of
examining the Trust’s gold and certain related records maintained by the Custodian as they may reasonably require to perform their respective audit duties
in respect of the gold and with regard to investors in the Shares. Any such access is subject to execution of a confidentiality agreement and agreement to
the Custodian’s security procedures, and such inspections are at the Trust’s expense. Under the Custody Agreements, the Custodian agreed to procure
similar inspection rights from any sub-custodian (except for the Bank of England, which has a policy to not permit any audit visits to its vault premises).
Transfers into the Trust Unallocated Account
The Custodian credits to the Trust Unallocated Account the amount of gold it receives from the Trust Allocated Account, an Authorized Participant
Unallocated Account or from other third-party unallocated accounts for credit to the Trust Unallocated Account. Unless otherwise agreed by the Custodian
in writing, the only gold the Custodian accepts in physical form for credit to the Trust Unallocated Account is gold that the Trustee has transferred from
the Trust Allocated Account, an Authorized Participant Unallocated Account or a third-party unallocated account.
Transfers from the Trust Unallocated Account
The Custodian transfers gold from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of gold
from the Trust Unallocated Account may only be made (1) by transferring gold to an Authorized Participant Unallocated Account or other loco London
account maintained on an unallocated basis by the Custodian or a gold clearing bank for a beneficial owner of Shares; (2) by transferring gold to pay the
Sponsor’s Fee; (3) by transferring gold to the Trust Allocated Account; (4) by making gold available for collection at the Custodian’s vault premises or at
such other location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day prior to the
proposed delivery date, at the Trust’s expense and risk; (5) by delivering the gold to such location as the Trustee directs, at the Trust’s expense and risk; (6)
by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection with the sale of gold or other transfers
permitted under the Trust Agreement; (7) by transfer of gold to an unallocated account with another custodian of the Trust’s gold, at the Trust’s expenses
and risk; or (8) by delivering gold to another custodian of the Trust’s gold, at the Trust’s expense and risk. Transfers made pursuant to clauses (4), (5) and
(8) will be made only on an exceptional basis. Transfers under clause (6) would include transfers made in connection with a sale of gold to pay expenses
of the Trust not paid by the Sponsor or with the liquidation of the Trust. Any gold made available in physical form will be in a form which complies with
the rules, regulations, practices and customs of the LBMA, the Bank of England or any applicable regulatory body (“Custody Rules”) or in such other
form as may be agreed between the Trustee and the Custodian, and in all cases all gold made available will comprise one or more whole gold bars selected
by the Custodian.
The Custodian uses commercially reasonable efforts to transfer gold from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m.
London time on each business day. In doing so, the Custodian shall identify bars of a weight most closely approximating, but not exceeding, the balance in
the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated Account.
Transfers into the Trust Allocated Account
The Custodian receives transfers of gold into the Trust Allocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of
gold into the Trust Allocated Account may only be made (1) at the Trustee’s instructions given pursuant to the Unallocated Account Agreement by
debiting gold from the Trust Unallocated Account and crediting such gold to the Trust Allocated Account; (2) by physical transfer of gold to the Trust
Allocated Account from another custodian of the Trust’s gold; or (3) other physical transfers of gold to the Trust Allocated Account otherwise permitted
under the Custody Agreements.
Transfers from the Trust Allocated Account
The Custodian transfers gold from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, the Custodian transfers gold
from the Trust Allocated Account only by debiting gold from the Trust Allocated Account and crediting the gold to the Trust Unallocated Account.
Transfers may also be made on an exceptional basis only (1) by making gold available for collection at the Custodian’s vault premises or at such other
location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day prior to the proposed delivery
date, at the Trust’s expense and risk; (2) by delivering gold to such location as the Trustee directs, at the Trust’s expense and risk; or (3) by delivering gold
to another custodian of the Trust’s gold, at the Trust’s expense and risk.
Right to Refuse Transfers or Amend Transfer Procedures
The Custodian may refuse to accept instructions to transfer gold to or from the Trust Unallocated Account and the Trust Allocated Account if in the
Custodian’s opinion they are or may be contrary to the rules, regulations, practices and customs of the LBMA, or the Bank of England or contrary to any
applicable law. The Custodian may amend the procedures for transferring gold to or from the Trust Unallocated Account or for the physical withdrawal of
gold from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the transfer of gold to or from
the Trust Unallocated Account as the Custodian may from time to time consider necessary due to a change in rules of the LBMA, the Bank of England or
a banking or regulatory association governing the Custodian. The Custodian will notify the Trustee within a commercially reasonable time before the
Custodian amends these procedures or imposes additional ones.
The Custodian receives no fee under the Unallocated Account Agreement.

Trust Unallocated Account Credit and Debit Balances
No interest will be paid by the Custodian on any credit balance to the Trust Unallocated Account. The Trust Unallocated Account may not at any time
have a debit or negative balance.
Exclusion of Liability
The Custodian uses reasonable care in the performance of its duties under the Custody Agreements and is only responsible for any loss or damage suffered
by the Trust as a direct result of any negligence, fraud or willful default in the performance of its duties. The Custodian’s liability under the Custody
Agreements is further limited to the market value of the gold lost or damaged at the time such negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged gold.
Furthermore, the Custodian has no duty to make or take or to require any sub-custodians selected by it to make or take any special arrangements or
precautions beyond those required by the Custody Rules or as specifically set forth in the Custody Agreements.
Indemnity
The Trustee will, solely out of the Trust’s assets, indemnify the Custodian (on an after tax basis) on demand against all costs and expenses, damages,
liabilities and losses which the Custodian may suffer or incur in connection with the Custody Agreements, except to the extent that such sums are due
directly to the Custodian’s negligence, willful default or fraud.
Insurance
The Custodian maintains such insurance for its business, including its bullion and custody business, as it deems appropriate in connection with its
custodial and other obligations and is responsible for all costs, fees and expenses arising from the insurance policy or policies attributable to its
relationship with the Trust. The Trust is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the gold held by the
Custodian on behalf of the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all metal types held in
its and its sub-custodians’ vaults for the accounts of all its customers for a variety of events. The Trustee and the Sponsor may, subject to confidentiality
restrictions, be provided with details of this insurance coverage from time to time upon reasonable prior notice.
Force Majeure
The Custodian is not liable for any delay in performance or any non-performance of any of its obligations under the Custody Agreements by reason of any
cause beyond its reasonable control, including acts of God, war or terrorism.
Termination
The Custody Agreements have an initial four-year term commencing on May 23, 2024 and ending on the fourth anniversary of such date. At any time after
the initial term, the Trustee and the Custodian may each terminate any Custody Agreement for any reason upon 90 days’ prior written notice. The Custody
Agreements may also be terminated with immediate effect as follows: (1) by the Trustee, if the Custodian ceases to offer the services contemplated by
either Custody Agreement to its clients or proposed to withdraw from the gold bullion business; (2) by the Trustee, if the Custodian commits any material
breach of its obligations under this Agreement and, where such breach is capable of remedy, shall have failed to make good such breach within seven
business days of receipt of written notice requiring it to do so; (3) by the Trustee or the Custodian, if it becomes unlawful for the Custodian or the Trustee
to be a party to either Custody Agreement or for the Custodian to provide or the Trustee or Trust to receive the services thereunder; (4) by the Custodian, if
the Custodian determines in its reasonable view that the Trust is insolvent or faces impending insolvency; (5) by the Custodian, if it becomes unlawful for
the Sponsor to pay the Custodian’s fees and expenses; (6) by the Trustee if the Trustee determines in its sole view that the Custodian is insolvent or faces
impending insolvency; (7) by the Trustee, if the Trust is to be terminated; or (8) by the Trustee or the Custodian, if either of the Custody Agreements
ceases to be in full force and effect; or (9) by the Custodian, if the Trustee has (or the Custodian has reasonable grounds to believe the Trustee has)
breached sanctions relating to terrorism imposed, administered or enforced by certain sanctioning bodies.
If redelivery arrangements acceptable to the Custodian for the gold held in the Trust Allocated Account are not made, the Custodian may continue to store
the gold and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the gold and account to
the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account are not made, the
Custodian may continue to charge for its fees and expenses payable under the Allocated Account Agreement, and, after six months from the termination
date, the Custodian may close the Trust Unallocated Account and account to the Trustee for the proceeds.
Post-2012 Bullion
In transferring bullion into and out of the Allocated Account, the Custodian will, on a best-efforts basis and subject to availability, seek to allocate London
“Good Delivery” bullion bars that were refined on or after January 1, 2012 (“Post-2012 Bullion”). If, due to a lack of availability of Post-2012 Bullion, the
Custodian is unable to allocate Post-2012 Bullion to the Trust Allocated Account, the Custodian will allocate London “Good Delivery” Bullion bars that
were refined before January 1, 2012 (“Pre-2012 Bullion”) and substitute such allocated Pre-2012 Bullion for Post-2012 Bullion as soon as Post-2012
Bullion is available.
Governing Law
The Custody Agreements are governed by English law. The Trustee and the Custodian both consent to the non-exclusive jurisdiction of the courts of the
State of New York and the federal courts located in the borough of Manhattan in New York City. Such consent is not required for any person to assert a
claim of New York jurisdiction over the Trustee or the Custodian.
Amendment of Benchmark Price to Utilize LBMA Gold Price AM if LBMA Gold Price PM is Unavailable
On May 23, 2024, the Sponsor entered into an Amendment (the “Trust Amendment”) to the Depositary Trust Agreement (the “Trust Agreement”) with the
Trustee. The Trust Amendment reflects the following changes, effective as of June 18, 2024, as approved and directed by the Sponsor on behalf of the Trust: (1)
the amendment of the definition of “Benchmark Price” to mean, “as of any day, (i) such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if
such day’s LBMA Gold Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee at no cost to the Trustee
and which the Sponsor may determine fairly represents the commercial value of gold held by the Trust and instructs the Trustee to use as the Benchmark Price”;
(2) the replacement of the defined term for “London PM Gold Fix” with the defined term “LBMA Gold Price PM”, which means “the price of a troy ounce of
gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price selected by the LBMA, or any successor
administrator of the London gold price, at or about 3:00 p.m. London, England time”; and (3) the addition of the new definition for “LBMA Gold Price AM”
which means “the price of a troy ounce of gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price
selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time.” Accordingly, effective June 18,
2024, the Prospectus is hereby amended as follows:
References to the defined term “LBMA PM Gold Price” are replaced with “LBMA Gold Price PM”.
Under “GLOSSARY OF DEFINED TERMS”, the following definition is added immediately prior to the definition for “LBMA Gold Price PM”:
“LBMA Gold Price AM”— The USD price for an ounce of gold set by the LBMA-accredited participating bullion banks or market makers in an
electronic, tradable and auditable over-the-counter auction operated by IBA at 10:30 a.m. London time, on each London business day and disseminated
electronically by IBA to selected major market data vendors, such as Refinitiv and Bloomberg. See “Operation of the Gold Bullion Market—The
London Bullion Market” for a description of the operation of the LBMA Gold Price AM electronic auction process.
Under “THE OFFERING”, the section entitled “Net Asset Value” is deleted and replaced with the following:
Net Asset Value The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the
gold owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given day
by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee will
determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time). The
Trustee will value the Trust’s gold on the basis of LBMA Gold Price PM. If there is no LBMA Gold Price PM on any day, the
Trustee is authorized to use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee
will value the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. If the Sponsor
determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to be employed by the
Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different publicly available price which the
Sponsor determines to fairly represent the commercial value of the Trust’s gold. See “DESCRIPTION OF THE TRUST
AGREEMENT— Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset Value.”
Under “OVERVIEW OF THE GOLD INDUSTRY — The London Bullion Market”, the last sentence of the last paragraph is amended and restated in its
entirety to read as follows:
The Sponsor also determined that the LBMA Gold Price PM fairly represents the commercial value of gold bullion held by the Trust and the
“Benchmark Price” (as defined in Trust Agreement) as of any day is such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available.
The last sentence of the fourth paragraph under the heading “DESCRIPTION OF THE TRUST” is amended and restated in its entirety to read as follows:
If on a day when the Trust’s NAV is being calculated, the LBMA Gold Price PM is not available or has not been announced by 4:00 p.m. New York
time, the Trustee is authorized to use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee will value
the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM.
Under “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Gold, Definition of Net Asset Value and Adjusted Net Asset Value”, the first
sentence of the second paragraph is amended and restated in its entirety to read as follows:
At the Evaluation Time, the Trustee will value the Trust’s gold on the basis of LBMA Gold Price PM. If there is no LBMA Gold Price PM on any day,
the Trustee is authorized to use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee will value the
Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM.
Change to T+1 Standard Settlement Cycle effective May 28, 2024
Pursuant to an SEC rule amendment adopted in February 2023, the standard settlement cycle for most securities transactions by broker-dealers will be shortened
from two business days after the trade date (“T+2 Settlement”) to one business day following the trade date (“T+1 Settlement”), effective as of May 28, 2024.
Consistent with the rule amendment, beginning on May 28, 2024, the standard creation and redemption processes for the Trust will change from T+2 Settlement
to T+1 Settlement. Creation and redemption orders placed before May 28, 2024 will not be subject to this change. Accordingly, effective May 28, 2024, the
Prospectus is hereby amended as follows:
In the section “CREATION AND REDEMPTION OF SHARES”:
The first sentence of the fourth paragraph under the heading “CREATION AND REDEMPTION OF SHARES” is amended and restated in its entirety to read as
follows:
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a gold
clearing bank to establish an Authorized Participant Unallocated Account in London (Authorized Participant Unallocated Bullion Account Agreement).
Authorized Participant Unallocated Accounts may only be used for transactions with the Trust.
The first and second sentences of the first paragraph under the subheading “— Creation Procedures – Delivery of required deposits” are amended and restated
in their entirety to read as follows:
An Authorized Participant who places a purchase order is responsible for crediting its Authorized Participant Unallocated Account with the required
gold deposit amount by the prescribed settlement date in London. Upon receipt of the gold deposit amount, the Custodian, after receiving appropriate
instructions from the Authorized Participant and the Trustee, will transfer on the prescribed settlement date the gold deposit amount from the
Authorized Participant Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered
to the Authorized Participant’s DTC account.
The second paragraph under the subheading “— Redemption Procedures” is amended and restated in its entirety to read as follows:
By placing a redemption order, an Authorized Participant agrees to deliver the Baskets to be redeemed through DTC’s book-entry system to the Trust
by the prescribed settlement date. Prior to the delivery of the redemption distribution for a redemption order, the Authorized Participant must also have
wired to the Trustee the non-refundable transaction fee due for the redemption order.
The first paragraph under the subheading “— Redemption Procedures – Delivery of redemption distribution” is amended and restated in its entirety to read as
follows:
The redemption distribution due from the Trust will be delivered to the Authorized Participant on the prescribed settlement date following a loco
London redemption order date if, by 10:00 a.m. New York time on the settlement date, the Trustee’s DTC account has been credited with the Baskets
to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption, the redemption distribution due from the Trust will
be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the prescribed settlement
date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed
settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message
notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure. If such failure is
not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax
or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely
responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the
redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. New York time
on the prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system
on such terms as the Sponsor and the Trustee may from time to time agree upon.
*****
The Prospectus remains unchanged in all other respects. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
Prospectus.
abrdn Silver ETF Trust

(the “Trust”)
Supplement dated May 28, 2024 to the Prospectus dated February 12, 2024
This Supplement dated May 28, 2024 amends and supplements the prospectus for the Trust dated February 12, 2024, as supplemented to date (the
Appointment of New Custodian
Agreements”) with ICBC Standard Bank Plc (the “New Custodian”) providing for the custody of the Trust’s silver by the New Custodian.
On May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (“JPMorgan” or the “Former Custodian”), custodian of the Trust’s silver, notice of
termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated as of March 29, 2019 and as between the Trustee, and the
Former Custodian (collectively, and as amended, the “Former Custody Agreements”). Pursuant to the terms of the Former Custody Agreements, the notice of
termination delivered by the Trustee will become effective on the date on which all silver held in the allocated and unallocated accounts governed by the Former
Custody Agreements has been transferred to the allocated and unallocated accounts governed by the New Custody Agreements with the New Custodian (the
“Termination Effective Date”). Until the Termination Effective Date, the Trust will have available custodian services under both the Former Custody
Agreements and the New Custody Agreements. Following the Termination Effective Date, the custody of all silver of the Trust will be pursuant to the New
Custody Agreements.
the New Custodian:
Custody of the Trust’s Silver under the Custody Agreements with ICBC Standard Bank Plc
silver. ICBCS’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.
which the Custodian will hold the silver that belongs to the Trust. In this section, all references to the “Custodian” are to ICBC Standard Bank Plc, in its
capacity as such.
agreements noted.
Reports
The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of silver in
and out of the Trust Allocated Account and the credits and debits of silver to the Trust Unallocated Account and containing sufficient information to
identify each bar of silver held in the Trust Allocated Account and whether the Custodian has possession of such bar. The Custodian also provides the
Trustee with monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as of the last business day of each month.
Under the Custody Agreements, a “business day” generally means any day that is both a “London Business Day,” when commercial banks generally and
the London silver market are open for the transaction of business in London.
Sub-custodians
Under the Allocated Account Agreement, the Custodian may select sub-custodians solely for the temporary holding of silver for it until transported to the
Custodian’s vault premises. These sub-custodians may in turn select other sub-custodians to perform their duties, including temporarily holding silver for
them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those other sub-custodians. The Allocated
Account Agreement requires the Custodian to use reasonable care in selecting any sub-custodian and provides that, except for the Custodian’s obligation
to use commercially reasonable efforts to obtain delivery of silver held by any other sub-custodians when necessary, the Custodian will not be liable for
the acts or omissions, or for the solvency, of any sub-custodian that it selects unless the selection of that sub-custodian was made negligently or in bad
faith. Any sub-custodian selected by the Custodian shall be a member of the LBMA, except for the Governor and Company of the Bank of England. As of
the date of the Allocated Account Agreement, the sub-custodian that the Custodian uses is Brinks’ Global Services. The Allocated Account Agreement
provides that the Custodian will notify the Trustee if it selects any additional sub-custodians or stops using any sub-custodian it has previously selected.
Location and Segregation of Silver; Access
Silver bullion held for the Trust Allocated Account by the Custodian is held at the Custodian’s London vault premises. Silver bullion may be temporarily
held for the Trust Allocated Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults located in
England or in other locations. Where the silver bullion is held for the Trust Allocated Account by a sub-custodian, the Custodian agrees to use
commercially reasonable efforts to promptly arrange for the delivery of any such silver bullion held on behalf of the Trust to the Custodian’s London vault
premises at the Custodian’s own cost and risk.
The Custodian segregates by identification in its books and records the Trust’s silver in the Trust Allocated Account from any other silver which it owns or
holds for others and requires any sub-custodians it selects to so segregate the Trust’s silver held by them. This requirement reflects the current custody
practice in the London silver market, and under the Allocated Account Agreement, the Custodian is deemed to have communicated such requirements by
virtue of its participation in the London bullion market. The Custodian’s books and records are expected, as a matter of current London bullion market
custody practice, to identify each bar of silver held in the Trust Allocated Account in its own vault by refiner, assay or fineness, serial number and gross
and fine weight. Any sub-custodians selected by the Custodian are also expected, as a matter of current industry practice, to identify in their books and
records each bar of silver held for the Custodian by serial number and such sub-custodians may use other identifying information.
examining the Trust’s silver and certain related records maintained by the Custodian as they may reasonably require to perform their respective audit
duties in respect of the silver and with regard to investors in the Shares. Any such access is subject to execution of a confidentiality agreement and
agreement to the Custodian’s security procedures, and such inspections are at the Trust’s expense. Under the Custody Agreements, the Custodian agreed to
procure similar inspection rights from any sub-custodian (except for the Bank of England, which has a policy to not permit any audit visits to its vault
premises).
The Custodian credits to the Trust Unallocated Account the amount of silver it receives from the Trust Allocated Account, an Authorized Participant
in writing, the only silver the Custodian accepts in physical form for credit to the Trust Unallocated Account is silver that the Trustee has transferred from
the Trust Allocated Account, an Authorized Participant Unallocated Account or a third-party unallocated account.
The Custodian transfers silver from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of silver
from the Trust Unallocated Account may only be made (1) by transferring silver to an Authorized Participant Unallocated Account or other loco London
account maintained on an unallocated basis by the Custodian or a silver clearing bank for a beneficial owner of Shares; (2) by transferring silver to pay the
Sponsor’s Fee; (3) by transferring silver to the Trust Allocated Account; (4) by making silver available for collection at the Custodian’s vault premises or
at such other location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day prior to the
proposed delivery date, at the Trust’s expense and risk; (5) by delivering the silver to such location as the Trustee directs, at the Trust’s expense and risk;
(6) by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection with the sale of silver or other transfers
permitted under the Trust Agreement; (7) by transfer of silver to an unallocated account with another custodian of the Trust’s silver, at the Trust’s expenses
and risk; or (8) by delivering silver to another custodian of the Trust’s silver, at the Trust’s expense and risk. Transfers made pursuant to clauses (4), (5)
and (8) will be made only on an exceptional basis. Transfers under clause (6) would include transfers made in connection with a sale of silver to pay
expenses of the Trust not paid by the Sponsor or with the liquidation of the Trust. Any silver made available in physical form will be in a form which
complies with the rules, regulations, practices and customs of the LBMA, the Bank of England or any applicable regulatory body (“Custody Rules”) or in
such other form as may be agreed between the Trustee and the Custodian, and in all cases all silver made available will comprise one or more whole silver
bars selected by the Custodian.
The Custodian uses commercially reasonable efforts to transfer silver from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m.
London time on each business day. In doing so, the Custodian shall identify bars of a weight most closely approximating, but not exceeding, the balance in
the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated Account.
The Custodian receives transfers of silver into the Trust Allocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer
of silver into the Trust Allocated Account may only be made (1) at the Trustee’s instructions given pursuant to the Unallocated Account Agreement by
debiting silver from the Trust Unallocated Account and crediting such silver to the Trust Allocated Account; (2) by physical transfer of silver to the Trust
Allocated Account from another custodian of the Trust’s silver; or (3) other physical transfers of silver to the Trust Allocated Account otherwise permitted
under the Custody Agreements.
The Custodian transfers silver from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, the Custodian transfers
silver from the Trust Allocated Account only by debiting silver from the Trust Allocated Account and crediting the silver to the Trust Unallocated Account.
Transfers may also be made on an exceptional basis only (1) by making silver available for collection at the Custodian’s vault premises or at such other
location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day prior to the proposed delivery
date, at the Trust’s expense and risk; (2) by delivering silver to such location as the Trustee directs, at the Trust’s expense and risk; or (3) by delivering
silver to another custodian of the Trust’s silver, at the Trust’s expense and risk.
The Custodian may refuse to accept instructions to transfer silver to or from the Trust Unallocated Account and the Trust Allocated Account if in the
applicable law. The Custodian may amend the procedures for transferring silver to or from the Trust Unallocated Account or for the physical withdrawal
of silver from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the transfer of silver to or
from the Trust Unallocated Account as the Custodian may from time to time consider necessary due to a change in rules of the LBMA, the Bank of
England or a banking or regulatory association governing the Custodian. The Custodian will notify the Trustee within a commercially reasonable time
before the Custodian amends these procedures or imposes additional ones.

Agreements is further limited to the market value of the silver lost or damaged at the time such negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged silver.
Indemnity
Insurance
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the silver held by
the Custodian on behalf of the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all metal types held
in its and its sub-custodians’ vaults for the accounts of all its customers for a variety of events. The Trustee and the Sponsor may, subject to confidentiality
Force Majeure
Termination
either Custody Agreement to its clients or proposed to withdraw from the silver bullion business; (2) by the Trustee if the Custodian commits any material
If redelivery arrangements acceptable to the Custodian for the silver held in the Trust Allocated Account are not made, the Custodian may continue to
store the silver and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the silver and
account to the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account are not
made, the Custodian may continue to charge for its fees and expenses payable under the Allocated Account Agreement, and, after six months from the
termination date, the Custodian may close the Trust Unallocated Account and account to the Trustee for the proceeds.
Governing Law
follows:
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a silver
silver deposit amount by the prescribed settlement date in London. Upon receipt of the silver deposit amount, the Custodian, after receiving
appropriate instructions from the Authorized Participant and the Trustee, will transfer on prescribed settlement date the silver deposit amount from the
Authorized Participant Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets ordered
to the Authorized Participant’s DTC account.
follows:
London redemption order date if, by 10:00 a.m. New York time on the prescribed settlement date, the Trustee’s DTC account has been credited with
the Baskets to be redeemed. If a loco swap or physical transfer is necessary to effect a loco London redemption, the redemption distribution due from
the Trust will be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the first
business day after the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event
that, by 10:00 a.m. New York time on the prescribed settlement date, the Trustee’s DTC account has not been credited with the total number of Shares
corresponding to the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant
and the Custodian via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following receipt
of such notice to correct such failure. If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor)
will cancel such redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the
Custodian, and the Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the
cancelled order. The Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited
to the Trustee’s DTC account by 10:00 a.m. New York time on the prescribed settlement date if the Authorized Participant has collateralized its
obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.
LBMA Silver Price
Effective immediately, the following section entitled “LBMA Silver Price” is added at the end of the section entitled “LEGAL MATTERS”:
LBMA Silver Price
All references to LBMA Silver Price are used with the permission of IBA and have been provided for information purposes only. IBA accepts no
liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced.
THE LBMA SILVER PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY IBA, SERVES AS, OR AS PART OF, AN INPUT OR
UNDERLYING REFERENCE FOR THE TRUST.
THE LBMA SILVER PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE
ADMINISTRATOR OF THE LBMA SILVER PRICE. IBA IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA SILVER PRICE
AM, LBMA SILVER PRICE PM, AND THE TRADE MARKS LBMA SILVER PRICE AND IBA, ARE USED BY THE SPONSOR WITH
PERMISSION UNDER LICENCE BY IBA.
IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR
IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA SILVER PRICE OR THE APPROPRIATENESS OR
SUITABILITY OF THE LBMA SILVER PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH
RESPECT TO THE TRUST. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND
WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-
INFRINGEMENT, IN RELATION TO THE LBMA SILVER PRICE, ARE HEREBY EXCLUDED, AND NONE OF IBA OR ANY OF ITS
AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR
NUISANCE, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS,
FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA SILVER PRICE OR FOR ANY DAMAGE, EXPENSE
OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA
SILVER PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.
*****
Prospectus.
abrdn Platinum ETF Trust

(the “Trust”)
Supplement dated May 28, 2024 to the Prospectus dated January 19, 2024
This Supplement dated May 28, 2024 amends and supplements the prospectus for the Trust dated January 19, 2024, as supplemented to date (the
Agreements”) with ICBC Standard Bank Plc (the “New Custodian”) providing for the custody of the Trust’s platinum by the New Custodian.
On May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (“JPMorgan” or the “Former Custodian”), custodian of the Trust’s platinum, notice of
termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated as of December 30, 2009 and as between the Trustee, and
the Former Custodian (collectively, and as amended, the “Former Custody Agreements”). Pursuant to the terms of the Former Custody Agreements, the notice
of termination delivered by the Trustee will become effective on the date on which all platinum held in the allocated and unallocated accounts governed by the
Former Custody Agreements has been transferred to the allocated and unallocated accounts governed by the New Custody Agreements with the New Custodian
(the “Termination Effective Date”). Until the Termination Effective Date, the Trust will have available custodian services under both the Former Custody
Agreements and the New Custody Agreements. Following the Termination Effective Date, the custody of all platinum of the Trust will be pursuant to the New
Custody Agreements.
Additionally, in connection with the change in custodian, effective June 18, 2024, the Trust will no longer accept delivery of platinum loco Zurich, and all
delivery of platinum in relation to the creation or redemption of a Basket will be conducted loco London. Accordingly, the Prospectus is hereby amended to
reflect that the Trust no longer utilizes a Zurich Sub-Custodian or provides for the custody of its platinum at vaults located in Zurich, Switzerland.
the New Custodian:
Custody of the Trust’s Platinum under the Custody Agreements with ICBC Standard Bank Plc
platinum. ICBCS’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.
which the Custodian will hold the platinum that belongs to the Trust. In this section, all references to the “Custodian” are to ICBC Standard Bank Plc, in
its capacity as such.
agreements noted.
Reports
The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of platinum
in and out of the Trust Allocated Account and the credits and debits of platinum to the Trust Unallocated Account and containing sufficient information to
identify each plate or ingot of platinum held in the Trust Allocated Account and whether the Custodian has possession of such plate or ingot. The
Custodian also provides the Trustee with monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as of the last
business day of each month. Under the Custody Agreements, a “business day” generally means any day that is both a “London Business Day,” when
commercial banks generally and the London platinum market are open for the transaction of business in London.
Sub-custodians
Under the Allocated Account Agreement, the Custodian may select sub-custodians solely for the temporary holding of platinum for it until transported to
the Custodian’s vault premises. These sub-custodians may in turn select other sub-custodians to perform their duties, including temporarily holding
platinum for them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those other sub-custodians. The
Allocated Account Agreement requires the Custodian to use reasonable care in selecting any sub-custodian and provides that, except for the Custodian’s
obligation to use commercially reasonable efforts to obtain delivery of platinum held by any other sub-custodians when necessary, the Custodian will not
be liable for the acts or omissions, or for the solvency, of any sub-custodian that it selects unless the selection of that sub-custodian was made negligently
or in bad faith. Any sub-custodian selected by the Custodian shall be a member of the LPPM, except for the Governor and Company of the Bank of
England. The Custodian does not, as at the date of this Supplement, use any sub-custodians for platinum. The Allocated Account Agreement provides that
the Custodian will notify the Trustee if it selects any additional sub-custodians or stops using any sub-custodian it has previously selected.
Location and Segregation of Platinum; Access
Platinum bullion held for the Trust Allocated Account by the Custodian is held at the Custodian’s London vault premises. Platinum bullion may be
temporarily held for the Trust Allocated Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults
located in England or in other locations. Where the platinum bullion is held for the Trust Allocated Account by a sub-custodian, the Custodian agrees to
use commercially reasonable efforts to promptly arrange for the delivery of any such platinum bullion held on behalf of the Trust to the Custodian’s
London vault premises at the Custodian’s own cost and risk.
The Custodian segregates by identification in its books and records the Trust’s platinum in the Trust Allocated Account from any other platinum which it
owns or holds for others and requires any sub-custodians it selects to so segregate the Trust’s platinum held by them. This requirement reflects the current
custody practice in the London platinum market. The Custodian’s books and records are expected, as a matter of current London bullion market custody
practice, to identify each plate or ingot of platinum held in the Trust Allocated Account in its own vault by refiner, assay or fineness, serial number and
gross and fine weight. Any sub-custodians selected by the Custodian are also expected, as a matter of current industry practice, to identify in their books
and records each plate or ingot of platinum held for the Custodian by serial number and such sub-custodians may use other identifying information.
examining the Trust’s platinum and certain related records maintained by the Custodian as they may reasonably require to perform their respective audit
duties in respect of the platinum and with regard to investors in the Shares. Any such access is subject to execution of a confidentiality agreement and
premises).
The Custodian credits to the Trust Unallocated Account the amount of platinum it receives from the Trust Allocated Account, an Authorized Participant
in writing, the only platinum the Custodian accepts in physical form for credit to the Trust Unallocated Account is platinum that the Trustee has transferred
from the Trust Allocated Account, an Authorized Participant Unallocated Account or a third-party unallocated account.
The Custodian transfers platinum from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of
platinum from the Trust Unallocated Account may only be made (1) by transferring platinum to an Authorized Participant Unallocated Account or other
loco London account maintained on an unallocated basis by the Custodian or a platinum clearing bank for a beneficial owner of Shares; (2) by transferring
platinum to pay the Sponsor’s Fee; (3) by transferring platinum to the Trust Allocated Account; (4) by making platinum available for collection at the
Custodian’s vault premises or at such other location as the Custodian may direct by notice to the party taking delivery received not later than one London
Business Day prior to the proposed delivery date, at the Trust’s expense and risk; (5) by delivering the platinum to such location as the Trustee directs, at
the Trust’s expense and risk, or (6) by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection with the
sale of platinum or other transfers permitted under the Trust Agreement; (7) by transfer of platinum to an unallocated account with another custodian of
the Trust’s platinum, at the Trust’s expenses and risk; or (8) by delivering platinum to another custodian of the Trust’s platinum, at the Trust’s expense and
risk.. Transfers made pursuant to clauses (4), (5) and (8) will be made only on an exceptional basis. Transfers under clause (6) would include transfers
made in connection with a sale of platinum to pay expenses of the Trust not paid by the Sponsor or with the liquidation of the Trust. Any platinum made
available in physical form will be in a form which complies with the rules, regulations, practices and customs of the LPPM, the Bank of England or any
applicable regulatory body (“Custody Rules”) or in such other form as may be agreed between the Trustee and the Custodian, and in all cases all platinum
made available will comprise one or more whole platinum plates or ingots selected by the Custodian.
The Custodian uses commercially reasonable efforts to transfer platinum from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m.
London time on each business day. In doing so, the Custodian shall identify plates or ingots of a weight most closely approximating, but not exceeding,
the balance in the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated Account.
The Custodian receives transfers of platinum into the Trust Allocated Account in accordance with the Trustee’s instructions to the Custodian. A transfer of
platinum into the Trust Allocated Account may only be made (1) at the Trustee’s instructions given pursuant to the Unallocated Account Agreement by
debiting platinum from the Trust Unallocated Account and crediting such platinum to the Trust Allocated Account; (2) by physical transfer of platinum to
the Trust Allocated Account from another custodian of the Trust’s platinum; or (3) other physical transfers of platinum to the Trust Allocated Account
otherwise permitted under the Custody Agreements.
The Custodian transfers platinum from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, the Custodian transfers
platinum from the Trust Allocated Account only by debiting platinum from the Trust Allocated Account and crediting the platinum to the Trust
Unallocated Account. Transfers may also be made on an exceptional basis only (1) by making platinum available for collection at the Custodian’s vault
premises or at such other location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day
prior to the proposed delivery date, at the Trust’s expense and risk; (2) by delivering platinum to such location as the Trustee directs, at the Trust’s expense
and risk; or (3) by delivering platinum to another custodian of the Trust’s platinum, at the Trust’s expense and risk.
The Custodian may refuse to accept instructions to transfer platinum to or from the Trust Unallocated Account and the Trust Allocated Account if in the
applicable law. The Custodian may amend the procedures for transferring platinum to or from the Trust Unallocated Account or for the physical
withdrawal of platinum from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the transfer
of platinum to or from the Trust Unallocated Account as the Custodian may from time to time consider necessary due to a change in rules of the LPPM,
the Bank of England or a banking or regulatory association governing the Custodian. The Custodian will notify the Trustee within a commercially
reasonable time before the Custodian amends these procedures or imposes additional ones.
Agreements is further limited to the market value of the platinum lost or damaged at the time such negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged platinum.
Indemnity
Insurance
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the platinum held
by the Custodian on behalf of the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all metal types
held in its and its sub-custodians’ vaults for the accounts of all its customers for a variety of events. The Trustee and the Sponsor may, subject to
confidentiality restrictions, be provided with details of this insurance coverage from time to time upon reasonable prior notice.
Force Majeure
Termination
either Custody Agreement to its clients or proposed to withdraw from the platinum bullion business; (2) by the Trustee if the Custodian commits any
material breach of its obligations under this Agreement and, where such breach is capable of remedy, shall have failed to make good such breach within
seven business days of receipt of written notice requiring it to do so; (3) by the Trustee or the Custodian, if it becomes unlawful for the Custodian or the
Trustee to be a party to either Custody Agreement or for the Custodian to provide or the Trustee or Trust to receive the services thereunder; (4) by the
Custodian, if the Custodian determines in its reasonable view that the Trust is insolvent or faces impending insolvency; (5) by the Custodian, if it becomes
unlawful for the Sponsor to pay the Custodian’s fees and expenses; (6) by the Trustee if the Trustee determines in its sole view that the Custodian is
insolvent or faces impending insolvency; (7) by the Trustee, if the Trust is to be terminated; or (8) by the Trustee or the Custodian, if either of the Custody
Agreements ceases to be in full force and effect; or (9) by the Custodian, if the Trustee has (or the Custodian has reasonable grounds to believe the Trustee
has) breached sanctions relating to terrorism imposed, administered or enforced by certain sanctioning bodies.
If redelivery arrangements acceptable to the Custodian for the platinum held in the Trust Allocated Account are not made, the Custodian may continue to
store the platinum and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the platinum
and account to the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account are
not made, the Custodian may continue to charge for its fees and expenses payable under the Allocated Account Agreement, and, after six months from the
Governing Law
Amendment of Benchmark Price to Utilize LBMA Platinum Price AM if LBMA Platinum Price PM is Unavailable
the amendment of the definition of “Benchmark Price” to mean, “as of any day, (i) such day’s LBMA Platinum Price PM or such day’s LBMA Platinum Price
AM if such day’s LBMA Platinum Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee at no cost to
the Trustee and which the Sponsor may determine fairly represents the commercial value of platinum held by the Trust and instructs the Trustee to use as the
Benchmark Price”; (2) the deletion and replacement of the defined term for “London PM Fix” with the defined term “LBMA Platinum Price PM”, which means
“the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any
successor administrator of the London platinum price, at or about 2:00 p.m. London, England time”; and (3) the addition of the new definition for “LBMA
Platinum Price AM” which means “the price of a troy ounce of platinum as determined by the LME, the third party administrator of the London platinum price
selected by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m. London, England time.” Accordingly, effective June
18, 2024, the Prospectus is hereby amended as follows:
References to the defined term “LME PM Fix” are replaced with “LBMA Platinum Price PM” throughout the Prospectus. Additionally, under “GLOSSARY
OF DEFINED TERMS”, the defined term “LME PM Fix” is deleted and replaced with the following:
“LBMA Platinum Price PM” – The USD price for an ounce of platinum as determined by the LME, the third party administrator of the London
Platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 2:00 p.m. London, England time. See
“Operation of the Platinum Market” for a description of the operation of the LBMA Platinum Price PM for platinum.
Under “GLOSSARY OF DEFINED TERMS”, the following definition is added immediately prior to the definition for “LBMA Platinum Price PM”:
“LBMA Platinum Price AM” – The USD price for an ounce of platinum as determined by the LME, the third party administrator of the London
platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 9:45 a.m. London, England time. See
“Operation of the Platinum Market” for a description of the operation of the LBMA Platinum Price PM for platinum.
Net Asset Value The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the
value of the platinum owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset
value of the Trust on a given day by the number of Shares outstanding on that day. On each day on which the Exchange
is open for regular trading, the Trustee will determine the net asset value of the Trust and the NAV per Share as
promptly as practicable after 4:00 p.m. (New York time). The Trustee will value the Trust’s platinum on the basis of the
LBMA Platinum Price PM. If there is no LBMA Platinum Price PM on any day, the Trustee is authorized to use the
LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee will value the
Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM. If the
Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation to
be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different
publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s platinum.
See “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Platinum, Definition of Net Asset Value and
Adjusted Net Asset Value.”
Under “OPERATION OF THE PLATINUM MARKET— The Platinum Market—The Zurich and London Platinum Bullion Markets”, the first two
paragraphs are amended and restated in their entirety to read as follows:
Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through London and Zurich.
In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function of the
LPPM is its involvement in the promotion of refining standards by maintenance of the “London/Zurich Good Delivery Lists,” which are the lists of LPPM
accredited refiners of platinum. The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard
documentation.
Platinum is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically held in vaults in London or Zurich or is
transferred into accounts established in London or Zurich. Delivery of the platinum can either be by physical delivery or through the clearing systems to an
unallocated account.
Under “OPERATION OF THE PLATINUM MARKET— The Platinum Market—The Zurich and London Platinum Bullion Markets”, the last sentence of
the second to last paragraph is amended and restated in its entirety to read as follows:
The Sponsor also determined that the LME PM Fix fairly represents the commercial value of platinum bullion held by the Trust and the “Benchmark
Price” (as defined in Trust Agreement) as of any day is such day’s LME PM Fix or such day’s LME AM Fix if such day’s LME PM Fix is not
available.
If on a day when the Trust’s NAV is being calculated, the LBMA Platinum Price PM is not available or has not been announced by 4:00 p.m. New
York time, the Trustee is authorized to use the LBMA Platinum Price AM announced on that day. If neither price is available for that day, the Trustee
will value the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.
Under “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Platinum, Definition of Net Asset Value and Adjusted Net Asset Value”, the
first sentence of the second paragraph is amended and restated in its entirety to read as follows:
At the Evaluation Time, the Trustee will value the Trust’s platinum on the basis of the LBMA Platinum Price PM. If there is no LBMA Platinum Price
PMon any day, the Trustee is authorized to use the LBMA Platinum Price AMannounced on that day. If neither price is available for that day, the
Trustee will value the Trust’s platinum based on the most recently announced LBMA Platinum Price PM or LBMA Platinum Price AM.
follows:
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a platinum
platinum deposit amount by the prescribed settlement date in London. Upon receipt of the platinum deposit amount, the Custodian, after receiving
appropriate instructions from the Authorized Participant and the Trustee, will transfer on the prescribed settlement date the platinum deposit amount
from the Authorized Participant Unallocated Account to the Trust Unallocated Account and the Trustee will direct DTC to credit the number of Baskets
ordered to the Authorized Participant’s DTC account.
follows:
be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the first business day after
the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m.
New York time on the prescribed settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to
the total number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian
via fax or electronic mail message notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to
correct such failure. If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such
redemption order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the
Authorized Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The
Trustee is also authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC
account by 10:00 a.m. New York time on the prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the
Baskets through DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.
*****
Prospectus.
abrdn Palladium ETF Trust

(the “Trust”)
Supplement dated May 28, 2024 to the Prospectus dated September 27, 2023
This Supplement dated May 28, 2024 amends and supplements the prospectus for the Trust dated September 27, 2023, as supplemented to date (the
Reduction in Number of Shares per Basket
Effective June 18, 2024, the number of Shares in a block that constitutes a Basket for creations and redemptions in the Trust is being reduced from 25,000
Shares to 12,500 Shares. Therefore, effective June 18, 2024, all references in the Prospectus to the number of Shares in a Basket are amended with the deletion
of references to 25,000 Shares and replaced with 12,500 Shares.
Agreements”) with ICBC Standard Bank Plc (the “New Custodian”) providing for the custody of the Trust’s palladium by the New Custodian.
On May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (“JPMorgan” or the “Former Custodian”), custodian of the Trust’s palladium, notice of
termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated as of December 30, 2009 and as between the Trustee, and
of termination delivered by the Trustee will become effective on the date on which all palladium held in the allocated and unallocated accounts governed by the
Agreements and the New Custody Agreements. Following the Termination Effective Date, the custody of all palladium of the Trust will be pursuant to the New
Custody Agreements.
Additionally, in connection with the change in custodian, effective June 18, 2024, the Trust will no longer accept delivery of palladium loco Zurich, and all
delivery of palladium in relation to the creation or redemption of a Basket will be conducted loco London. Accordingly, the Prospectus is hereby amended to
reflect that the Trust no longer utilizes a Zurich Sub-Custodian or provides for the custody of its palladium at vaults located in Zurich, Switzerland.
the New Custodian:
Custody of the Trust’s Palladium under the Custody Agreements with ICBC Standard Bank Plc
palladium. ICBCS’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.
which the Custodian will hold the palladium that belongs to the Trust. In this section, all references to the “Custodian” are to ICBC Standard Bank Plc, in
its capacity as such.
agreements noted.
Reports
The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of
palladium in and out of the Trust Allocated Account and the credits and debits of palladium to the Trust Unallocated Account and containing sufficient
information to identify each plate or ingot of palladium held in the Trust Allocated Account and whether the Custodian has possession of such plate or
ingot. The Custodian also provides the Trustee with monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as
of the last business day of each month. Under the Custody Agreements, a “business day” generally means any day that is both a “London Business Day,”
when commercial banks generally and the London palladium market are open for the transaction of business in London.
Sub-custodians
Under the Allocated Account Agreement, the Custodian may select sub-custodians solely for the temporary holding of palladium for it until transported to
palladium for them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those other sub-custodians. The
obligation to use commercially reasonable efforts to obtain delivery of palladium held by any other sub-custodians when necessary, the Custodian will not
be liable for the acts or omissions, or for the solvency, of any sub-custodian that it selects unless the selection of that sub-custodian was made negligently
or in bad faith. Any sub-custodian selected by the Custodian shall be a member of the LPPM, except for the Governor and Company of the Bank of
England. The Custodian does not, as at the date of this Supplement, use any sub-custodians for palladium. The Allocated Account Agreement provides that
the Custodian will notify the Trustee if it selects any additional sub-custodians or stops using any sub-custodian it has previously selected.
Location and Segregation of Palladium; Access
Palladium bullion held for the Trust Allocated Account by the Custodian is held at the Custodian’s London vault premises. Palladium bullion may be
temporarily held for the Trust Allocated Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults
located in England or in other locations. Where the palladium bullion is held for the Trust Allocated Account by a sub-custodian, the Custodian agrees to
use commercially reasonable efforts to promptly arrange for the delivery of any such palladium bullion held on behalf of the Trust to the Custodian’s
London vault premises at the Custodian’s own cost and risk.
The Custodian segregates by identification in its books and records the Trust’s palladium in the Trust Allocated Account from any other palladium which it
owns or holds for others and requires any sub-custodians it selects to so segregate the Trust’s palladium held by them. This requirement reflects the current
custody practice in the London palladium market. The Custodian’s books and records are expected, as a matter of current London bullion market custody
practice, to identify each plate or ingot of palladium held in the Trust Allocated Account in its own vault by refiner, assay or fineness, serial number and
and records each plate or ingot of palladium held for the Custodian by serial number and such sub-custodians may use other identifying information.
examining the Trust’s palladium and certain related records maintained by the Custodian as they may reasonably require to perform their respective audit
duties in respect of the palladium and with regard to investors in the Shares. Any such access is subject to execution of a confidentiality agreement and
premises).
The Custodian credits to the Trust Unallocated Account the amount of palladium it receives from the Trust Allocated Account, an Authorized Participant
in writing, the only palladium the Custodian accepts in physical form for credit to the Trust Unallocated Account is palladium that the Trustee has
transferred from the Trust Allocated Account, an Authorized Participant Unallocated Account or a third-party unallocated account.
The Custodian transfers palladium from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of
palladium from the Trust Unallocated Account may only be made (1) by transferring palladium to an Authorized Participant Unallocated Account or other
loco London account maintained on an unallocated basis by the Custodian or a palladium clearing bank for a beneficial owner of Shares; (2) by
transferring palladium to pay the Sponsor’s Fee; (3) by transferring palladium to the Trust Allocated Account; (4) by making palladium available for
collection at the Custodian’s vault premises or at such other location as the Custodian may direct by notice to the party taking delivery received not later
than one London Business Day prior to the proposed delivery date, at the Trust’s expense and risk; (5) by delivering the palladium to such location as the
Trustee directs, at the Trust’s expense and risk; (6) by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in
connection with the sale of palladium or other transfers permitted under the Trust Agreement; (7) by transfer of palladium to an unallocated account with
another custodian of the Trust’s palladium, at the Trust’s expenses and risk; or (8) by delivering palladium to another custodian of the Trust’s palladium, at
the Trust’s expense and risk. Transfers made pursuant to clauses (4), (5) and (8) will be made only on an exceptional basis. Transfers under clause (6)
would include transfers made in connection with a sale of palladium to pay expenses of the Trust not paid by the Sponsor or with the liquidation of the
Trust. Any palladium made available in physical form will be in a form which complies with the rules, regulations, practices and customs of the LPPM,
the Bank of England or any applicable regulatory body (“Custody Rules”) or in such other form as may be agreed between the Trustee and the Custodian,
and in all cases all palladium made available will comprise one or more whole palladium plates or ingots selected by the Custodian.
The Custodian uses commercially reasonable efforts to transfer palladium from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m.
London time on each business day. In doing so, the Custodian shall identify plate or ingots of a weight most closely approximating, but not exceeding, the
balance in the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated Account.
The Custodian receives transfers of palladium into the Trust Allocated Account in accordance with the Trustee’s instructions to the Custodian. A transfer
of palladium into the Trust Allocated Account may only be made (1) only at the Trustee’s instructions given pursuant to the Unallocated Account
Agreement by debiting palladium from the Trust Unallocated Account and crediting such palladium to the Trust Allocated Account; (2) by physical
transfer of palladium to the Trust Allocated Account from another custodian of the Trust’s palladium; or (3) other physical transfers of palladium to the
Trust Allocated Account otherwise permitted under the Custody Agreements.
The Custodian transfers palladium from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, the Custodian transfers
palladium from the Trust Allocated Account only by debiting palladium from the Trust Allocated Account and crediting the palladium to the Trust
Unallocated Account. Transfers may also be made on an exceptional basis only (1) by making palladium available for collection at the Custodian’s vault
premises or at such other location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day
prior to the proposed delivery date, at the Trust’s expense and risk; (2) by delivering palladium to such location as the Trustee directs, at the Trust’s
expense and risk; or (3) by delivering palladium to another custodian of the Trust’s palladium, at the Trust’s expense and risk.
The Custodian may refuse to accept instructions to transfer palladium to or from the Trust Unallocated Account and the Trust Allocated Account if in the
applicable law. The Custodian may amend the procedures for transferring palladium to or from the Trust Unallocated Account or for the physical
withdrawal of palladium from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the
transfer of palladium to or from the Trust Unallocated Account as the Custodian may from time to time consider necessary due to a change in rules of the
LPPM, the Bank of England or a banking or regulatory association governing the Custodian. The Custodian will notify the Trustee within a commercially
reasonable time before the Custodian amends these procedures or imposes additional ones.
Agreements is further limited to the market value of the palladium lost or damaged at the time such negligence, fraud or willful default is discovered by
the Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged palladium.
Indemnity
Insurance
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the palladium held
by the Custodian on behalf of the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all metal types
held in its and its sub-custodians’ vaults for the accounts of all its customers for a variety of events. The Trustee and the Sponsor may, subject to
confidentiality restrictions, be provided with details of this insurance coverage from time to time upon reasonable prior notice.
Force Majeure
Termination
either Custody Agreement to its clients or proposed to withdraw from the palladium bullion business; (2) by the Trustee if the Custodian commits any
material breach of its obligations under this Agreement and, where such breach is capable of remedy, shall have failed to make good such breach within
seven business days of receipt of written notice requiring it to do so; (3) by the Trustee or the Custodian, if it becomes unlawful for the Custodian or the
Trustee to be a party to either Custody Agreement or for the Custodian to provide or the Trustee or Trust to receive the services thereunder; (4) by the
Custodian, if the Custodian determines in its reasonable view that the Trust is insolvent or faces impending insolvency; (5) by the Custodian, if it becomes
unlawful for the Sponsor to pay the Custodian’s fees and expenses; (6) by the Trustee if the Trustee determines in its sole view that the Custodian is
insolvent or faces impending insolvency; (7) by the Trustee, if the Trust is to be terminated; or (8) by the Trustee or the Custodian, if either of the Custody
Agreements ceases to be in full force and effect; or (9) by the Custodian, if the Trustee has (or the Custodian has reasonable grounds to believe the Trustee
has) breached sanctions relating to terrorism imposed, administered or enforced by certain sanctioning bodies.
If redelivery arrangements acceptable to the Custodian for the palladium held in the Trust Allocated Account are not made, the Custodian may continue to
store the palladium and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the palladium
and account to the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account are
not made, the Custodian may continue to charge for its fees and expenses payable under the Allocated Account Agreement, and, after six months from the
Governing Law
Amendment of Benchmark Price to Utilize LBMA Palladium Price AM if LBMA Palladium Price PM is Unavailable
the amendment of the definition of “Benchmark Price” to mean, “as of any day, (i) such day’s LBMA Palladium Price PM or such day’s LBMA Palladium Price
AM if such day’s LBMA Palladium Price PM is not available; or (ii) such other publicly available price which is reasonably available to the Trustee at no cost
to the Trustee and which the Sponsor may determine fairly represents the commercial value of palladium held by the Trust and instructs the Trustee to use as the
Benchmark Price”; (2) the deletion and replacement of the defined term for “London PM Fix” with the defined term “LBMA Palladium Price PM”, which
means “the price of a troy ounce of palladium as determined by the LME, the third party administrator of the London palladium price selected by the LBMA, or
any successor administrator of the London palladium price, at or about 2:00 p.m. London, England time”; and (3) the addition of the new definition for “LBMA
Palladium Price AM” which means “the price of a troy ounce of palladium as determined by the LME, the third party administrator of the London palladium
price selected by the LBMA, or any successor administrator of the London palladium price, at or about 9:45 a.m. London, England time.” Accordingly,
effective June 18, 2024, the Prospectus is hereby amended as follows:
References to the defined term “LME PM Fix” are replaced with “LBMA Palladium Price PM” throughout the Prospectus. Additionally, under “GLOSSARY
OF DEFINED TERMS”, the defined term “LME PM Fix” is deleted and replaced with the following:
“LBMA Palladium Price PM” – The USD price for an ounce of palladium as determined by the LME, the third party administrator of the London
palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 2:00 p.m. London, England time.
See “Operation of the Palladium Market” for a description of the operation of the LBMA Palladium Price PM for palladium.
Under “GLOSSARY OF DEFINED TERMS”, the following definition is added immediately prior to the definition for “LBMA Palladium Price PM”:
“LBMA Palladium Price AM” – The USD price for an ounce of palladium as determined by the LME, the third party administrator of the London
palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 9:45 a.m. London, England time.
See “Operation of the Palladium Market” for a description of the operation of the LBMA Palladium Price PM for palladium.
Net Asset Value The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the
value of the palladium owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset
value of the Trust on a given day by the number of Shares outstanding on that day. On each day on which the Exchange
is open for regular trading, the Trustee will determine the net asset value of the Trust and the NAV per Share as
promptly as practicable after 4:00 p.m. (New York time). The Trustee will value the Trust’s palladium on the basis of
LBMA Palladium Price PM. If there is no LBMA Palladium Price PM on any day, the Trustee is authorized to use the
LBMA Palladium Price AM announced on that day. If neither price is available for that day, the Trustee will value the
Trust’s Palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM. If
the Sponsor determines that such price is inappropriate to use, the Sponsor will identify an alternate basis for evaluation
to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a different
publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s palladium.
See “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Palladium, Definition of Net Asset Value and
Adjusted Net Asset Value.”
Under “OPERATION OF THE PALLADIUM MARKET— The Palladium Market—The Zurich and London Palladium Bullion Markets”, the first two
paragraphs are amended and restated in their entirety to read as follows:
Although the market for physical palladium is distributed globally, most palladium is stored and most OTC market trades are cleared through London and
Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A primary function
of the LPPM is its involvement in the promotion of refining standards by maintenance of the “London/Zurich Good Delivery Lists,” which are the lists of
LPPM accredited refiners of palladium. The LPPM also coordinates market clearing and vaulting, promotes good trading practices and develops standard
documentation.
Palladium is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically held in vaults in London or Zurich or is
transferred into accounts established in London or Zurich. Delivery of the palladium can either be by physical delivery or through the clearing systems to an
unallocated account.
Under “OPERATION OF THE PALLADIUM MARKET— The Palladium Market—The Zurich and London Palladium Bullion Markets”, the last
sentence of the second to last paragraph is amended and restated in its entirety to read as follows:
The Sponsor also determined that the LBMA Palladium Price PM fairly represents the commercial value of palladium bullion held by the Trust and the
“Benchmark Price” (as defined in Trust Agreement) as of any day is such day’s LBMA Palladium Price PM or such day’s LBMA Palladium Price AM
if such day’s LBMA Palladium Price PM is not available.
If on a day when the Trust’s NAV is being calculated, the LBMA Palladium Price PM is not available or has not been announced by 4:00 p.m. New
York time, the Trustee is authorized to use the LBMA Palladium Price AM announced on that day. If neither price is available for that day, the Trustee
will value the Trust’s palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM.
Under “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Palladium, Definition of Net Asset Value and Adjusted Net Asset Value”, the
first sentence of the second paragraph is amended and restated in its entirety to read as follows:
At the Evaluation Time, the Trustee will value the Trust’s palladium on the basis of LBMA Palladium Price PM. If there is no LBMA Palladium Price
PM on any day, the Trustee is authorized to use the LBMA Palladium Price AM announced on that day. If neither price is available for that day, the
Trustee will value the Trust’s palladium based on the most recently announced LBMA Palladium Price PM or LBMA Palladium Price AM.
follows:
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a palladium
palladium deposit amount by the prescribed settlement date in London. Upon receipt of the palladium deposit amount, the Custodian, after receiving
appropriate instructions from the Authorized Participant and the Trustee, will transfer on the prescribed settlement date the palladium deposit amount
follows:
be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the prescribed settlement
date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m. New York time on the prescribed
settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total number of Baskets to be
redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or electronic mail message
notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such failure. If such failure is
not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption order and will send via fax
or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized Participant will be solely
responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also authorized to deliver the
redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by 10:00 a.m. New York time
on the prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system
on such terms as the Sponsor and the Trustee may from time to time agree upon.
*****
Prospectus.
abrdn Precious Metals Basket ETF Trust

(the “Trust”)
Supplement dated May 28, 2024 to the Prospectus dated October 21, 2022
This Supplement dated May 28, 2024 amends and supplements the prospectus for the Trust dated October 21, 2022, as supplemented to date (the
Reduction in Number of Shares per Basket
Effective June 18, 2024, the number of Shares in a block that constitutes a Basket for creations and redemptions in the Trust is being reduced from 50,000
Shares to 25,000 Shares. Therefore, effective June 18, 2024, all references in the Prospectus to the number of Shares in a Basket are amended with the deletion
of references to 50,000 Shares and replaced with 25,000 Shares.
Agreements”) with ICBC Standard Bank Plc (the “New Custodian”) providing for the custody of the Trust’s gold, silver, platinum and palladium metal
(“Bullion”) by the New Custodian.
On May 23, 2024, the Trustee delivered to JPMorgan Chase Bank N.A. (“JPMorgan” or the “Former Custodian”), custodian of the Trust’s Bullion, notice of
termination of the Allocated Account Agreement and the Unallocated Account Agreement, each dated as of October 18, 2010 and as between the Trustee, and
of termination delivered by the Trustee will become effective on the date on which all Bullion held in the allocated and unallocated accounts governed by the
Agreements and the New Custody Agreements. Following the Termination Effective Date, the custody of all Bullion of the Trust will be pursuant to the New
Custody Agreements.
Additionally, in connection with the change in custodian, effective June 18, 2024, the Trust will no longer accept delivery of Bullion loco Zurich, and all
delivery of Bullion in relation to the creation or redemption of a Basket will be conducted loco London. Accordingly, the Prospectus is hereby amended to
reflect that the Trust no longer utilizes a Zurich Sub-Custodian or provides for the custody of its Bullion at vaults located in Zurich, Switzerland.
the New Custodian:
Custody of the Trust’s Bullion under the Custody Agreements with ICBC Standard Bank Plc
Bullion. ICBCS’s office is located at 20 Gresham Street, London, EC2V 7JE, United Kingdom.
which the Custodian will hold the Bullion that belongs to the Trust. In this section, all references to the “Custodian” are to ICBC Standard Bank Plc, in its
capacity as such.
agreements noted.
Reports
The Custodian will provide the Trustee with reports for each business day, no later than the following business day, identifying the movements of Bullion
in and out of the Trust Allocated Account and the credits and debits of Bullion to the Trust Unallocated Account and containing sufficient information to
identify each bar, plate or ingot of Bullion held in the Trust Allocated Account and whether the Custodian has possession of such bar, plate or ingot. The
Custodian also provides the Trustee with monthly statements of account for the Trust Allocated Account and the Trust Unallocated Account as of the last
business day of each month. Under the Custody Agreements, a “business day” generally means any day that is both a “London Business Day,” when
commercial banks generally and the London Bullion market are open for the transaction of business in London.
Sub-custodians
Under the Allocated Account Agreement, the Custodian may select sub-custodians solely for the temporary holding of Bullion for it until transported to
Bullion for them, but the Custodian is not responsible for (and therefore has no liability in relation to) the selection of those other sub-custodians. The
obligation to use commercially reasonable efforts to obtain delivery of Bullion held by any other sub-custodians when necessary, the Custodian will not be
liable for the acts or omissions, or for the solvency, of any sub-custodian that it selects unless the selection of that sub-custodian was made negligently or
in bad faith. Any sub-custodian selected by the Custodian shall be a member of the LBMA and/or LPPM, except for the Governor and Company of the
Bank of England. The sub-custodians selected and used by the Custodian as of the date of this Supplement are: (i) for gold, Brinks’ Global Services,
Malca-Amit, Loomis and the Governor and Company of the Bank of England; and (ii) for silver, Brinks’ Global Services. The Custodian does not, as at
the date of this Supplement, use any sub-custodians for platinum or palladium. The Allocated Account Agreement provides that the Custodian will notify
the Trustee if it selects any additional sub-custodians or stops using any sub-custodian it has previously selected.
Location and Segregation of Bullion; Access
Bullion held for the Trust Allocated Account by the Custodian is held at the Custodian’s London vault premises. Bullion may be temporarily held for the
Trust Allocated Account by other sub-custodians selected by the Custodian and by sub-custodians of sub-custodians in vaults located in England or in
other locations. Where the Bullion is held for the Trust Allocated Account by a sub-custodian, the Custodian agrees to use commercially reasonable efforts
to promptly arrange for the delivery of any such Bullion held on behalf of the Trust to the Custodian’s London vault premises at the Custodian’s own cost
and risk.
The Custodian segregates by identification in its books and records the Trust’s Bullion in the Trust Allocated Account from any other Bullion which it
owns or holds for others and requires any sub-custodians it selects to so segregate the Trust’s Bullion held by them. This requirement reflects the current
custody practice in the London Bullion market. The Custodian’s books and records are expected, as a matter of current London Bullion market custody
practice, to identify each bar, plate or ingot of Bullion held in the Trust Allocated Account in its own vault by refiner, assay or fineness, serial number and
and records each bar, plate or ingot of Bullion held for the Custodian by serial number and such sub-custodians may use other identifying information.
examining the Trust’s Bullion and certain related records maintained by the Custodian as they may reasonably require to perform their respective audit
duties in respect of the Bullion and with regard to investors in the Shares. Any such access is subject to execution of a confidentiality agreement and
premises).
The Custodian credits to the Trust Unallocated Account the amount of Bullion it receives from the Trust Allocated Account, an Authorized Participant
in writing, the only Bullion the Custodian accepts in physical form for credit to the Trust Unallocated Account is Bullion that the Trustee has transferred
from the Trust Allocated Account, an Authorized Participant Unallocated Account or a third-party unallocated account.
The Custodian transfers Bullion from the Trust Unallocated Account only in accordance with the Trustee’s instructions to the Custodian. A transfer of
Bullion from the Trust Unallocated Account may only be made (1) by transferring Bullion to an Authorized Participant Unallocated Account or other loco
London account maintained on an unallocated basis by the Custodian or a Bullion clearing bank for a beneficial owner of Shares; (2) by transferring
Bullion to pay the Sponsor’s Fee; (3) by transferring Bullion to the Trust Allocated Account; (4) by making Bullion available for collection at the
Custodian’s vault premises or at such other location as the Custodian may direct by notice to the party taking delivery received not later than one London
Business Day prior to the proposed delivery date, at the Trust’s expense and risk; (5) by delivering the Bullion to such location as the Trustee directs, at
the Trust’s expense and risk; (6) by transfer to an account maintained by the Custodian or by a third party on an unallocated basis in connection with the
sale of Bullion or other transfers permitted under the Trust Agreement; (7) by transfer of Bullion to an unallocated account with another custodian of the
Trust’s Bullion, at the Trust’s expenses and risk; or (8) by delivering Bullion to another custodian of the Trust’s Bullion, at the Trust’s expense and risk.
Transfers made pursuant to clauses (4), (5) and (8) will be made only on an exceptional basis. Transfers under clause (6) would include transfers made in
connection with a sale of Bullion to pay expenses of the Trust not paid by the Sponsor or with the liquidation of the Trust. Any Bullion made available in
physical form will be in a form which complies with the rules, regulations, practices and customs of the LBMA, LPPM, the Bank of England or any
applicable regulatory body (“Custody Rules”) or in such other form as may be agreed between the Trustee and the Custodian, and in all cases all Bullion
made available will comprise one or more whole Bullion bars, plates or ingots selected by the Custodian.
The Custodian uses commercially reasonable efforts to transfer Bullion from the Trust Unallocated Account to the Trust Allocated Account by 2:00 p.m.
London time on each business day. In doing so, the Custodian shall identify bars, plates or ingots of a weight most closely approximating, but not
exceeding, the balance in the Trust Unallocated Account and shall transfer such weight from the Trust Unallocated Account to the Trust Allocated
Account.
The Custodian receives transfers of Bullion into the Trust Allocated Account in accordance with the Trustee’s instructions to the Custodian. A transfer of
Bullion into the Trust Allocated Account may only be made (1) at the Trustee’s instructions given pursuant to the Unallocated Account Agreement by
debiting Bullion from the Trust Unallocated Account and crediting such Bullion to the Trust Allocated Account; (2) by physical transfer of Bullion to the
Trust Allocated Account from another custodian of the Trust’s Bullion; or (3) other physical transfers of gold to the Trust Allocated Account otherwise
permitted under the Custody Agreements.
The Custodian transfers Bullion from the Trust Allocated Account only in accordance with the Trustee’s instructions. Generally, the Custodian transfers
Bullion from the Trust Allocated Account only by debiting Bullion from the Trust Allocated Account and crediting the Bullion to the Trust Unallocated
Account. Transfers may also be made on an exceptional basis only (1) by making Bullion available for collection at the Custodian’s vault premises or at
such other location as the Custodian may direct by notice to the party taking delivery received not later than one London Business Day prior to the
proposed delivery date, at the Trust’s expense and risk; (2) by delivering Bullion to such location as the Trustee directs, at the Trust’s expense and risk; or
(3) by delivering Bullion to another custodian of the Trust’s Bullion, at the Trust’s expense and risk.
The Custodian may refuse to accept instructions to transfer Bullion to or from the Trust Unallocated Account and the Trust Allocated Account if in the
applicable law. The Custodian may amend the procedures for transferring Bullion to or from the Trust Unallocated Account or for the physical withdrawal
of Bullion from the Trust Unallocated Account or the Trust Allocated Account or impose such additional procedures in relation to the transfer of Bullion to
or from the Trust Unallocated Account as the Custodian may from time to time consider necessary due to a change in rules of the LBMA, LPPM, the Bank
of England or a banking or regulatory association governing the Custodian. The Custodian will notify the Trustee within a commercially reasonable time
before the Custodian amends these procedures or imposes additional ones.
Agreements is further limited to the market value of the Bullion lost or damaged at the time such negligence, fraud or willful default is discovered by the
Custodian, provided that the Custodian promptly notifies the Trustee after any discovery of such lost or damaged Bullion.
Indemnity
Insurance
The Custodian maintains such insurance for its business, including its Bullion and custody business, as it deems appropriate in connection with its
coverage. Therefore, Shareholders cannot be assured that the Custodian maintains adequate insurance or any insurance with respect to the Bullion held by
the Custodian on behalf of the Trust. Consistent with industry standards, the Custodian maintains a group insurance policy that covers all metal types held
in its and its sub-custodians’ vaults for the accounts of all its customers for a variety of events. The Trustee and the Sponsor may, subject to confidentiality
Force Majeure
Termination
the initial term, the Trustee and the Custodian may each terminate any Custody Agreement for any reason, upon 90 days’ prior written notice. The Custody
either Custody Agreement to its clients or proposed to withdraw from the Bullion business; (2) by the Trustee if the Custodian commits any material
If redelivery arrangements acceptable to the Custodian for the Bullion held in the Trust Allocated Account are not made, the Custodian may continue to
store the Bullion and continue to charge for its fees and expenses, and, after six months from the termination date, the Custodian may sell the Bullion and
account to the Trustee for the proceeds. If arrangements acceptable to the Custodian for redelivery of the balance in the Trust Unallocated Account are not
made, the Custodian may continue to charge for its fees and expenses payable under the Allocated Account Agreement, and, after six months from the
Governing Law
Amendment of Benchmark Price
the amendment of the definition of “Benchmark Price” to mean, “as of any day, as applicable (i) such day’s LBMA Price PM or such day’s LBMA Price AM if
such day’s LBMA Price PM is not available, for Gold, Platinum or Palladium, or such day’s LBMA Silver Price for Silver; or (ii) such other publicly available
price which is reasonably available to the Trustee and which the Sponsor may determine fairly represents the commercial value of Gold, Silver, Platinum or
Palladium held by the Trust and instructs the Trustee to use as the Benchmark Price”; (2) the deletion and replacement of the defined term for “London Fix”
with the defined term “LBMA Silver Price”, which means “the price of a troy ounce of silver as determined by ICE Benchmark Administration, the third party
administrator of the London silver price selected by the LBMA, or any successor administrator of the London silver price, at or about 12:00 p.m. London,
England time”; (3) the deletion and replacement of the defined term for “London PM Fix” with the defined term “LBMA Price PM”, which means “the price of
a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London gold price selected by the LBMA, or any
successor administrator of the London gold price, at or about 3:00 p.m. London, England time, (ii) Platinum as determined by as determined by the LME, the
third party administrator of the London platinum price selected by the LBMA, or any successor administrator of the London platinum price, at or about 2:00
p.m. London, England time, or (iii) Palladium as determined by the LME, the third party administrator of the London palladium price selected by the LBMA, or
any successor administrator of the London palladium price, at or about 2:00 p.m. London, England time”; and (4) the addition of the new definition for “LBMA
Price AM” which means “the price of a troy ounce of (i) Gold as determined by ICE Benchmark Administration, the third party administrator of the London
gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m. London, England time, (ii) Platinum as
determined by as determined by the LME, the third party administrator of the London platinum price selected by the LBMA, or any successor administrator of
the London platinum price, at or about 9:45 a.m. London, England time, or (iii) Palladium as determined by the LME, the third party administrator of the
London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 9:45 a.m. London, England time.”
Accordingly, effective June 18, 2024, the Prospectus is hereby amended as follows:
References to the defined term “LBMA PM Gold Price” are replaced with “LBMA Gold Price PM” throughout the Prospectus.
References to the defined term “LME PM Fix” are replaced with “LBMA Price PM” throughout the Prospectus. Additionally, under “GLOSSARY OF
DEFINED TERMS”, the defined term “LME PM Fix” is deleted and replaced with the following:
“LBMA Price PM” – means, as of any day, (i) with respect to gold, the USD price for an ounce of gold as determined by IBA, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 3:00 p.m. London,
England time, (ii) with respect to platinum, the USD price for an ounce of platinum as determined by the LME, the third party administrator of the
London platinum price selected by the LBMA, or any successor administrator of the London palladium price, at or about 2:00 p.m. London, England
time, or (iii) with respect to palladium, the USD price for an ounce of palladium as determined by the LME, the third party administrator of the
London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 2:00 p.m. London, England
time. See “Operation of the Bullion Markets” for a description of the operation of the LBMA Price PM electronic auction process for gold, platinum
and palladium.
Under “GLOSSARY OF DEFINED TERMS”, the following definition is added immediately prior to the definition for “LBMA Gold Price PM”:
“LBMA Gold Price AM”— The USD price for an ounce of gold set by the LBMA- accredited participating bullion banks or market makers in an
electronic, tradable and auditable over-the-counter auction operated by IBA at 10:30 a.m. London time, on each London business day and disseminated
electronically by IBA to selected major market data vendors, such as Refinitiv and Bloomberg. See “Operation of the Bullion Markets—The Gold
Bullion Market” for a description of the operation of the LBMA Gold Price AM electronic auction process.
References to the defined term “LME AM Fix” are replaced with “LBMA Price AM” throughout the Prospectus. Additionally, under “GLOSSARY OF
DEFINED TERMS”, the following definition is added immediately prior to the definition for “LBMA Price PM”:
“LBMA Price AM”— means, as of any day, (i) with respect to gold, the USD price for an ounce of gold as determined by IBA, the third party
administrator of the London gold price selected by the LBMA, or any successor administrator of the London gold price, at or about 10:30 a.m.
London, England time, (ii) with respect to platinum, the USD price for an ounce of platinum as determined by the LME, the third party administrator
of the London platinum price selected by the LBMA, or any successor administrator of the London palladium price, at or about 9:45 a.m. London,
England time, or (iii) with respect to palladium, the USD price for an ounce of palladium as determined by the LME, the third party administrator of
the London palladium price selected by the LBMA, or any successor administrator of the London palladium price, at or about 9:45 a.m. London,
England time. See “Operation of the Bullion Markets” for a description of the operation of the LBMA Price PM electronic auction process for gold,
platinum and palladium.
Under “GLOSSARY OF DEFINED TERMS”, the definition for “London Metal Price” is amended and restated as follows:
“London Metal Price” means, with respect to gold, the LBMA Gold Price PM (or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price
PM is not available), with respect to platinum and palladium, the LBMA Price PM (or such day’s LBMA Price AM if such day’s LBMA Price PM is
not available) and, with respect to silver, the LBMA Silver Price.
Net Asset Value The net asset value of the Trust will be obtained by subtracting the Trust’s expenses and liabilities on any day from the value of the
Bullion owned by the Trust on that day; the NAV per Share will be obtained by dividing the net asset value of the Trust on a given
day by the number of Shares outstanding on that day. On each day on which the Exchange is open for regular trading, the Trustee
will determine the net asset value of the Trust and the NAV per Share as promptly as practicable after 4:00 p.m. (New York time).
The Trustee will value the Trust’s gold on the basis of LBMA Gold Price PM. If there is no LBMA Gold Price PM on any day, the
Trustee is authorized to use the LBMA Gold Price AM announced on that day. If neither price is available for that day, the Trustee
will value the Trust’s gold based on the most recently announced LBMA Gold Price PM or LBMA Gold Price AM. The Trustee will
value the Trust’s platinum and palladium on the basis of the respective LBMA Price PM. If there is no LBMA Price PM for platinum
or palladium on any day, the Trustee is authorized to use the LBMA Price AM for such metal announced on that day. If neither price
is available for that day, the Trustee will value the Trust’s platinum or palladium based on the most recently announced LBMA Price
PM or LBMA Price AM for such metal. The Trustee will value the Trust’s silver on the basis of LBMA Silver Price. If there is no
LBMA Silver Price on a particular evaluation day, the next most recent LBMA Silver Price announced for silver will be used in the
determination of the NAV of the Trust, unless the Sponsor determines that such price is inappropriate to use as basis for such
determination. If the Sponsor determines that a London Metal Price is inappropriate to use, the Sponsor will identify an alternate
basis for evaluation to be employed by the Trustee. Further, the Sponsor may instruct the Trustee to use on an on-going basis a
different publicly available price which the Sponsor determines to fairly represent the commercial value of the Trust’s Bullion. See
“DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Bullion, Definition of Net Asset Value and Adjusted Net Asset
Value.”
Under “OPERATION OF THE BULLION MARKETS — The Gold Bullion Market —The London Gold Bullion Market”, the last sentence of the last
paragraph is amended and restated in its entirety to read as follows:
The Sponsor also determined that the LBMA Gold Price PM fairly represents the commercial value of gold bullion held by the Trust and the
“Benchmark Price” (as defined in Trust Agreement) as of any day is such day’s LBMA Gold Price PM or such day’s LBMA Gold Price AM if such
day’s LBMA Gold Price PM is not available.
Under “OPERATION OF THE BULLION MARKETS— The Platinum Market—The Zurich and London Platinum Markets”, the first two paragraphs are
amended and restated in their entirety to read as follows:
Although the market for physical platinum is distributed globally, most platinum is stored and most OTC market trades are cleared through London
and Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A
primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the “London/Zurich Good Delivery Lists,”
which are the lists of LPPM accredited refiners of platinum. The LPPM also coordinates market clearing and vaulting, promotes good trading practices
and develops standard documentation.
Platinum is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically held in vaults in London or Zurich or
is transferred into accounts established in London or Zurich. The basis for settlement and delivery of a spot trade is payment (generally in U.S. Dollars)
two business days (one business day effective May 28, 2024) after the trade date against delivery. Delivery of the platinum can either be by physical
delivery or through the clearing systems to an unallocated account.
Under “OPERATION OF THE BULLION MARKETS— The Platinum Market—The Zurich and London Platinum Markets”, the last sentence of the
second to last paragraph is amended and restated in its entirety to read as follows:
The Sponsor also determined that the LBMA Price PM fairly represents the commercial value of platinum bullion held by the Trust and the
“Benchmark Price” (as defined in Trust Agreement) of the Trust’s platinum bullion as of any day is such day’s LBMA Price PM or such day’s LBMA
Price AM if such day’s LBMA Price PM is not available.
Under “OPERATION OF THE BULLION MARKETS— The Palladium Market—The Zurich and London Palladium Markets”, the first two paragraphs
are amended and restated in their entirety to read as follows:
Although the market for physical platinum is distributed globally, most palladium is stored and most OTC market trades are cleared through London
and Zurich. In addition to coordinating market activities, the LPPM acts as the principal point of contact between the market and its regulators. A
primary function of the LPPM is its involvement in the promotion of refining standards by maintenance of the “London/Zurich Good Delivery Lists,”
which are the lists of LPPM accredited refiners of platinum. The LPPM also coordinates market clearing and vaulting, promotes good trading practices
and develops standard documentation.
Palladium is traded generally on a “loco London” or “loco Zurich” basis, meaning the precious metal is physically held in vaults in London or Zurich
or is transferred into accounts established in London or Zurich. Delivery of the platinum can either be by physical delivery or through the clearing
systems to an unallocated account.
Under “OPERATION OF THE BULLION MARKETS— The Palladium Market—The Zurich and London Palladium Markets”, the last sentence of the
second to last paragraph is amended and restated in its entirety to read as follows:
The Sponsor also determined that the LBMA Price PM fairly represents the commercial value of palladium bullion held by the Trust and the
“Benchmark Price” (as defined in Trust Agreement) of the Trust’s palladium bullion as of any day is such day’s LBMA Price PM or such day’s LBMA
Price AM if such day’s LBMA Price PM is not available.
The fourth paragraph under the heading “DESCRIPTION OF THE TRUST” is amended and restated in its entirety to read as follows:
The Trustee determines the NAV of the Trust on each day that the NYSE Arca is open for regular trading, as promptly as practicable after 4:00 p.m.
New York time. The NAV of the Trust is the aggregate value of the Trust’s assets less its estimated accrued but unpaid liabilities (which include
accrued expenses). In determining the Trust’s NAV, the Trustee values (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce
of gold, or such day’s LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available, (2) the silver held by the Trust based on the LBMA
Silver Price for an ounce of silver, (3) the platinum held by the Trust based on the LBMA Price PM price for a troy ounce of platinum, or such day’s
LBMA Price AM if such day’s LBMA Price PM is not available, and (4) the palladium held by the Trust based on the LBMA Price PM price for a troy
ounce of palladium or such day’s LBMA Price AM if such day’s LBMA Price PM is not available, or such other publicly available prices as the
Sponsor may deem fairly represent the commercial value of the Trust’s Bullion. The Trustee also determines the NAV per Share. If on a day when the
Trust’s NAV is being calculated, the London Metal Price referenced above is not available or has not been announced by 4:00 p.m. New York time, for
any Bullion metal, the price from the next most recent London Metal Price, as applicable, for such Bullion metal is used, unless the Sponsor
determines that such price is inappropriate to use.
Under “DESCRIPTION OF THE TRUST AGREEMENT— Valuation of Bullion, Definition of Net Asset Value and Adjusted Net Asset Value”, the first
sentence of the second paragraph is amended and restated in its entirety to read as follows:
At the Evaluation Time, the Trustee will value (1) the gold held by the Trust based on the LBMA Gold Price PM for an ounce of gold, or such day’s
LBMA Gold Price AM if such day’s LBMA Gold Price PM is not available, (2) the silver held by the Trust based on the LBMA Silver Price for an
ounce of silver, (3) the platinum held by the Trust based on the LBMA Price PM price for a troy ounce of platinum, or such day’s LBMA Price AM if
such day’s LBMA Price PM is not available, and (4) the palladium held by the Trust based on the LBMA Price PM price for a troy ounce of palladium
or such day’s LBMA Price AM if such day’s LBMA Price PM is not available. If the London Metal Price referenced above is not available or has not
been announced by the Evaluation Time, for any Bullion metal, the next most recent London Metal Price announced for such metal determined prior to
the Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate as a basis for evaluation.
follows:
Prior to initiating any creation or redemption order, an Authorized Participant must have entered into an agreement with the Custodian or a Bullion
Bullion deposit amount by the prescribed settlement date in London. Upon receipt of the Bullion deposit amount, the Custodian, after receiving
appropriate instructions from the Authorized Participant and the Trustee, will transfer on the prescribed settlement date the Bullion deposit amount
follows:
be delivered to the Authorized Participant on or before the prescribed settlement date if, by 10:00 a.m. New York time on the first business day after
the loco London redemption order date, the Trustee’s DTC account has been credited with the Baskets to be redeemed. In the event that, by 10:00 a.m.
New York time prescribed settlement date, the Trustee’s DTC account has not been credited with the total number of Shares corresponding to the total
number of Baskets to be redeemed pursuant to such redemption order, the Trustee shall send to the Authorized Participant and the Custodian via fax or
electronic mail message notice of such fact and the Authorized Participant shall have one business day following receipt of such notice to correct such
failure. If such failure is not cured within such one business day period, the Trustee (in consultation with the Sponsor) will cancel such redemption
order and will send via fax or electronic mail message notice of such cancellation to the Authorized Participant and the Custodian, and the Authorized
Participant will be solely responsible for all costs incurred by the Trust, the Trustee or the Custodian related to the cancelled order. The Trustee is also
authorized to deliver the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Trustee’s DTC account by
10:00 a.m. New York time on prescribed settlement date if the Authorized Participant has collateralized its obligation to deliver the Baskets through
DTC’s book entry system on such terms as the Sponsor and the Trustee may from time to time agree upon.
*****
Prospectus.
Summary Prospectus
May 1, 2024
abrdn ETFs
abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI)
Principal U.S. Listing Exchange: NYSE Arca
Before you invest, you may want to review the Fund’s complete Prospectus, which contains more information about the Fund and its
risks. You can find the Fund’s complete Prospectus and other information about the Fund online at www.abrdn.com/usa/etf. You can
also get this information at no cost by calling 1-844-383-7289 or by sending a request to abrdn ETFs, c/o ALPS Distributors, Inc.,
1290 Broadway, Suite 1000, Denver, Colorado 80203. The Fund’s complete Prospectus and Statement of Additional Information,
both dated May 1, 2024, as amended or supplemented from time to time, are incorporated by reference into this summary prospectus
(the “Summary Prospectus”) and may be obtained, free of charge, at the website, phone number or address noted above.
abrdn ETFs
abrdn Bloomberg All Commodity Strategy K-1 Free ETF
Investment Objective
The abrdn Bloomberg All Commodity Strategy K-1 Free ETF (the “Fund”) seeks to provide investment results that closely correspond,
before fees and expenses, to the performance of the Bloomberg Commodity Index Total ReturnSM (the “Index”).
Fees and Expenses of the Fund
The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund (“Shares”). You may pay
other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)
Management Fees of the Fund and the Subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.31%
Distribution and Service (12b-1) Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%
Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01%
Other Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01%
Other Expenses of the Subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00%
Total Annual Fund Operating Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.32%
Fee Waiver(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.06)%
Total Annual Fund Operating Expenses After Fee Waiver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.26%
(1)
abrdn ETFs Advisors LLC (the “Advisor”) has contractually agreed to waive the management fees that it receives from the Fund in an amount equal to the management
fee paid to the Advisor by the Subsidiary, as defined below. This undertaking will continue in effect for at least one year from the date of this Prospectus, and for so
long as the Fund invests in the Subsidiary, and may be terminated only with the approval of the Fund’s Board of Trustees.
Example
The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of
those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain
the same each year. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years

$27 $97 $174 $400
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio
turnover rate may cause the Fund to incur higher transaction costs and may result in higher taxes when Shares are held in a taxable account.
These costs, which are not reflected in Annual Fund Operating Expenses or the example above, may affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio. 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 which leads to the 0% portfolio turnover rate reported above. If these instruments were included in the calculation, the Fund would
have a higher portfolio turnover rate.
Principal Investment Strategies
The Fund employs a “passive management” – or indexing – investment approach designed to track the performance of the Index. The
Fund operates as an index fund and is not actively managed.
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Bloomberg Commodity Index Total ReturnSM
The Index reflects the return on a fully collateralized investment in the Bloomberg Commodity IndexSM (“BCOM”), which is composed
of futures contracts on physical commodities and is designed to be a highly liquid and broad-based benchmark for commodities futures
investments. Futures contracts on commodities generally are agreements between two parties where one party agrees to buy, and the
counterparty to sell, a set amount of a physical commodity (or, in some contracts, a cash equivalent) at a pre-determined future date and
price. The value of commodity futures contracts is based upon the price movements of the underlying commodities.
The Index combines the returns of the BCOM with the returns on cash collateral invested in 3-month U.S. Treasury Bills. These returns
are calculated by using the most recent weekly auction high rate for 13 week (3 Month) U.S. Treasury Bills, as reported on the website
http://www.treasurydirect.gov/ published by the Bureau of the Public Debt of the U.S. Treasury, or any successor source, which is
generally published once per week on Monday.
The BCOM is a widely followed commodity index which is calculated and published by Bloomberg Finance L.P. and its affiliates,
including Bloomberg Index Services Limited, the administrator of the Index (collectively, “Bloomberg” or the “Index Provider”).
BCOM has been published since 1998 and tracks movements in the price of a rolling position in a basket of commodity futures with a
maturity between 1 and 3 months. “Rolling” means selling a futures contract as it nears its expiration date and replacing it with a new
futures contract that has a later expiration date. The difference between the prices of the two contracts when they are rolled is sometimes
referred to as a “roll yield,” and the change in price that contracts experience while they are components of the BCOM is sometimes
referred to as a “spot return.” The Index is designed to track commodity futures contracts and is not linked to the current “spot” or cash
price of the underlying commodities. Futures contracts may perform very differently from the current or “spot” prices of underlying
commodities.
Futures contracts with a longer term to expiration may be priced higher than futures contracts with a shorter term to expiration, a
relationship called “contango.” When rolling futures contracts that are in contango, the BCOM will sell the expiring contract at a lower
price and buy a longer-dated contract at a higher price, resulting in a negative roll yield. Conversely, futures contracts with a longer
term to expiration may be priced lower than futures contracts with a shorter term to expiration, a relationship called “backwardation.”
When rolling futures contracts that are in backwardation, the Fund will sell the expiring contract at a higher price and buy a longer-dated
contract at a lower price, resulting in a positive roll yield.
As of the date of this Prospectus, the BCOM consists of 24 commodities futures contracts with respect to 22 commodities: aluminum,
coffee, copper, corn, cotton, crude oil (West Texas Intermediate, or WTI, and Brent), gold, lead, lean hogs, live cattle, low sulfur gas oil,
natural gas, nickel, RBOB (reformulated blendstock for oxygenate blending) gasoline, silver, soybean meal, soybean oil, soybeans, sugar,
wheat (Chicago and KC hard red winter), ULS (ultra low sulfur) diesel and zinc. As of the date of this Prospectus, there are 25 commodity
futures eligible for inclusion in the BCOM but 3 of those commodities (cocoa, platinum and tin) are currently not included in the BCOM.
With the exception of certain metals contracts (aluminum, lead, tin, nickel and zinc) that trade on the London Metals Exchange (“LME”)
and the contracts for Brent crude oil and low sulphur gas oil, each of the commodities is the subject of at least one futures contract that
trades on a U.S. exchange. The BCOM uses a consistent, systematic process to represent the commodity markets. The weightings of
the components of the BCOM are based on (1) liquidity data; (2) U.S. dollar-weighted production data; and (3) diversification rules that
attempt to reduce disproportionate weightings of any single commodity or sector, which potentially reduces volatility in comparison
with narrower commodity baskets. 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 BCOM and
weights them in the BCOM in the same proportion in U.S. dollar terms. The value of the BCOM is computed on the basis of hypothetical
investments in the basket of commodities that make up the BCOM. As of the date of this Prospectus, the BCOM invests significantly in,
and therefore the Fund has significant exposure to, the agriculture, energy and industrial/precious metals sectors.
The Index is sponsored by Bloomberg, which is independent of the Fund, the Advisor and Vident Asset Management (the “Sub-Advisor”).
Bloomberg determines the composition and relative weightings of the securities in the Index and publishes information regarding the
market value of the Index. The composition of the BCOM is rebalanced and published annually in the month of January.
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The Fund’s Investment Strategy
The Fund uses a “passive” or representative sampling indexing approach to attempt to achieve its investment objective. The Fund does
not try to outperform the Index and does not generally take temporary defensive positions. The Fund will invest in only a representative
sample of the instruments in the Index, and the Fund may invest in or gain exposure to instruments not contained in the Index or in
financial instruments, with the intent of tracking the Index. The Fund will also hold short-term fixed income securities, which may
be used as collateral for the Fund’s 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). In
managing the assets of the Fund, the Advisor and Sub-Advisor do not invest the assets of the Fund in instruments based on their view
of the investment merit of a particular instrument nor does it conduct conventional investment research or analysis or forecast market
movement or trends. The Fund seeks to remain fully invested at all times in financial instruments that, in combination, track the returns
of the Index without regard to market conditions, trends or direction. The Fund will rebalance its portfolio when the Index rebalances.
Additionally, if the Fund receives a creation unit in cash, the Fund repositions its portfolio in response to assets flowing into or out of
the Fund.
Under normal market conditions, the Fund intends to achieve its investment objective by investing 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 designed to track 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
Fund is called “K-1 Free” because it is designed to operate differently than commodity-based investments that distribute a “Schedule
K-1” to shareholders. Schedule K-1 is a tax form containing information regarding a fund’s income and expenses, which shareholders
may find complicates tax return preparation, thus requiring additional time, or the help of a professional tax adviser, at additional cost.
By comparison, the Fund is designed to be taxed like a conventional mutual fund and shareholders will instead receive a Form 1099
from the broker-dealer or other financial intermediary through which they invest, from which income, gains, and losses can be entered
onto the shareholder’s tax return.
The remainder of the Fund’s assets that are not invested in the Subsidiary (i.e., at least 75% of the Fund’s 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 seeks to use such instruments to generate a total return on the cash balances arising from
the use of futures contracts that, when combined with the Fund’s other investments, tracks the total return of the Index.
As noted previously, 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 Fund’s 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 a regulated investment
company (“RIC”) such as the Fund, which limit the ability of RICs 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 Fund’s investments include the Fund’s indirect
investments through the Subsidiary.
The Advisor and Sub-Advisor will determine the percentage of the Fund’s assets allocated to the Commodities Instruments held by the
Subsidiary that will be invested in exchange-traded commodity futures contracts or Commodities-Related Assets. The Fund does not
seek leveraged returns. However, the Fund’s use of instruments to collateralize the Subsidiary’s investments in Commodity Instruments
has a leveraging effect and is designed to provide a total return that tracks the return of the Index.
The Fund is classified as “non-diversified” under the 1940 Act.
Summary of Principal Risks of Investing in the Fund
As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The Fund’s principal risks are
summarized below. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first ten risks).
Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, total return and/or ability
to meet its objective. For more information about the risks of investing in the Fund, see the sections in the Fund’s Prospectus titled
“Additional Principal Risk Information about the Funds” and “Additional Non-Principal Risk Information about the Funds.”
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Market Risk. The prices of the assets in which the Fund invests may decline for a number of reasons, including in response to local,
regional or global economic developments, war, acts of terrorism, the spread of infectious illness or other public health issues, or other
events.
Commodity Price Risk. The NAV of the 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.
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 the 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.
Passive Management Risk. Because the Fund is not “actively” managed, unless a specific security is removed from the Index, the
Fund 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, the 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.
Index Tracking Risk. As with all index funds, the performance of the 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
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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.
Index-Related Risk. There is no guarantee that the 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 may cause the
Index Provider to postpone a scheduled rebalance, which could cause the Index to vary from its normal or expected composition.
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 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.
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.
Futures Contract 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.
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 Fund 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 the Fund.
Authorized Participants. Only an authorized participant that has entered into an agreement with the Fund’s distributor (an “Authorized
Participant” or “AP”) may engage in creation or redemption transactions directly with the Fund, and none of those APs is obligated to
engage in creation and/or redemption transactions. The Fund has entered into AP agreements with only a limited number of institutions.
Should these APs cease to act as such or, for any reason, be unable to create or redeem Shares and new APs are not appointed in their
place, Shares may trade at a discount to the Fund’s NAV and possibly face delisting.
Cash Redemption Risk. The Fund expects to effect its creations and redemptions primarily for cash due to the nature of its investments.
Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or
sell portfolio investments at an inopportune time in order to obtain the cash needed to distribute redemption proceeds. This may also
cause the Fund to recognize investment income and/or capital gain that it might not have recognized if it had made a redemption in-kind.
As a result, the Fund may be less tax efficient and may have to pay out higher annual distributions than if the Fund used the in-kind
redemption process. Disposing or selling portfolio investments may also cause the Fund to incur transaction costs. The Fund may also
incur borrowing fees and/or overdraft charges until the sales of portfolio investments necessary to cover a redemption request settle.
Commodity Pool Regulatory Risk. The Fund is deemed to be a commodity pool due to its investment exposure to commodity futures
contracts and is subject to regulation under the Commodity Exchange Act (“CEA”) and Commodity Futures Trading Commission
(“CFTC”) rules as well as the regulatory scheme applicable to registered investment companies. The Advisor is registered as a commodity
pool operator (“CPO”) and the Sub-Advisor is registered as a commodity trading advisor (“CTA”). Registration as a CPO and CTA
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imposes additional compliance obligations on the Advisor, the Sub-Advisor, and the Fund related to additional laws, regulations, and
enforcement policies, which could increase compliance costs for the Advisor or Sub-Advisor and may affect the operations and financial
performance of the Fund. These requirements are also subject to change at any time.
Cybersecurity Risk. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including
private shareholder information), or proprietary information, or cause the Fund, the Advisor and/or its service providers (including, but
not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data
corruption or lose operational functionality.
Investment Company Securities. To the extent the Fund or its Subsidiary invests in securities of other investment companies, including
exchange-traded funds, the Fund will bear a proportionate share of the fees and expenses paid by such other investment company,
including advisory and administrative fees.
Investment Risk. An investor may lose the value of their entire investment or part of their investment in Shares.
Leverage Risk. To the extent the Fund is exposed directly or indirectly to leverage (through investments in commodities futures
contracts) the value of the Fund may be more volatile than if no leverage were present.
Market Trading Risk. There can be no assurance as to the price at which, or volume in which, it may at any time be possible to buy
or sell Shares in the public trading market. Although the Shares are listed for trading on NYSE Arca, there can be no assurance that an
active trading market for such Shares will develop or be maintained. Although it is expected that the market price of the Shares will
approximate the Fund’s NAV when purchased and sold in the secondary market, the Fund faces numerous market trading risks, including
the potential lack of an active market for Shares, disruptions in the securities markets in which the Fund invests, periods of high market
volatility, and disruptions in the creation/redemption process. Any of these may lead to times when the market price of the Shares is more
than the NAV intra-day (premium) or less than the NAV intra-day (discount).
Non-Diversification Risk. As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other
funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held
by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Shares may be more volatile than the
values of shares of more diversified funds. However, the Fund intends to satisfy the asset diversification requirements for classification
as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
Sampling Risk. The Fund’s use of a representative sampling approach may result in it holding a smaller number of instruments than are
included in the Index. As a result, an adverse development respecting an investment held by the Fund could result in a greater decline
in NAV than would be the case if the Fund held all of the components of the Index. Conversely, a positive development relating to a
constituent of the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent the assets in the Fund
are smaller, these risks will be greater. A representative sampling strategy may increase the Fund’s susceptibility to Index Tracking Risk.
Subsidiary Investment Risk. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the
Subsidiary are organized, respectively, could result in the inability of the Subsidiary to operate as intended and could negatively affect
the Fund and its shareholders. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not
subject to the investor protections of the 1940 Act.
Swap Agreements. Swaps can involve greater risks than a direct investment in an underlying asset and these may increase or decrease
the overall volatility of the Fund’s investment and its share price. Swaps may be subject to illiquidity risk, and it may not be possible for
the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. As with other transactions,
the Fund will bear the risk that the counterparty will default, which could cause losses to the Fund.
Tax Risk. In order to qualify for the favorable U.S. federal income tax treatment accorded to a RIC under Subchapter M of the Code,
the Fund must, among other requirements, derive at least 90% of its gross income in each taxable year from certain categories of
income (“qualifying income”) and must satisfy certain asset diversification requirements. Certain of the Fund’s commodity-related
investments, if made directly, will not generate income that is qualifying income. The Fund intends to hold such commodity-related
investments indirectly, through the Subsidiary. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure
to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Code for qualification as a
RIC. The Advisor and/or Sub-Advisor will carefully monitor the Fund’s investment in the Subsidiary to ensure that no more than 25%
of the Fund’s assets are invested in the Subsidiary to ensure compliance with the Fund’s asset diversification test for qualification as
a RIC under Subchapter M of the Code. If the Fund was to fail to meet the qualifying income test or the asset diversification test and
fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would
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not be deductible by the Fund in computing its taxable income. The failure by the Fund to qualify as a RIC would have significant
negative tax consequences to Fund shareholders and would affect a shareholder’s return on its investment in such Fund. Under certain
circumstances, the Fund may be able to cure a failure to meet the qualifying income test or the asset diversification test if such failure
was due to reasonable cause and not willful neglect, but in order to do so the Fund may incur significant fund-level taxes, which would
effectively reduce (and could eliminate) the Fund’s returns. The Fund’s strategy of investing through its Subsidiary in commodity-
related instruments may cause the Fund to recognize more ordinary income than would be the case if the Fund did not invest through a
Subsidiary, resulting in distributions from the Fund that are taxable to individual shareholders at ordinary income tax rates rather than at
the more favorable tax rates for long-term capital gains.
Fund Performance
The bar chart and table that follow show how the Fund has performed on a calendar year basis and provides some indication of the risks
of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the Fund’s performance to
the Index, which is a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how
the Fund will perform in the future. Prior to its change to a passively-managed ETF on August 3, 2021, the fund operated under certain
different investment policies as an actively-managed ETF. The Fund’s historical performance prior to August 3, 2021 may not represent
its current investment policies. Updated performance information is available at www.abrdn.com/usa/etf.
Annual Returns as of December 31

30% 26.27%
25%
20%
15.13%
15%
10% 7.47%
5%
0%
-5% -3.17%
-10% -8.35%
-15% -11.70%
2018 2019 2020 2021 2022 2023
For the period shown in the bar chart above:
Best Quarter March 31, 2022 25.29%

Worst Quarter March 31, 2020 -23.13%
Average Annual Total Returns Since Inception Inception Date

(for the periods ended December 31, 2023) One Year Five Years of Fund of Fund
Before Taxes -8.35% 6.76% 3.50% March 30, 2017
After Taxes on Distributions -9.76% 3.29% 0.61%
After Taxes on Distributions and Sale of Shares -4.94% 3.82% 1.47%
(reflects no deduction for fees, expenses or taxes) -7.91% 7.23% 4.08%
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may exceed the
return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of shares.
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abrdn ETFs
Management
Investment Advisor and Sub-Advisor
abrdn ETFs Advisors LLC serves as the investment advisor to the Fund and the Subsidiary.
Vident Asset Management serves as the sub-advisor to the Fund and the Subsidiary.
Portfolio Managers
Employee Length of Service Title

Austin Wen, CFA® Since October 2018 Co-Portfolio Manager
Rafael Zayas, CFA® Since April 2024 Co-Portfolio Manager
Buying and Selling Shares
The Fund is an ETF. Individual Shares may only be purchased and sold in the secondary market through a broker-dealer. Shares are listed
for trading on a national securities exchange, such as the NYSE Arca. The price of Shares is based on market price, and because ETF
Shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An
investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund
(bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market
(“the bid-ask spread”). Recent information, including information about the Fund’s NAV, market price, premiums and discounts, and
bid-ask spreads, is included on the Fund’s website at www.abrdn.com/usa/etf.
Tax Information
The Fund intends to make distributions that may be taxed as ordinary income or capital gains.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an “Intermediary”), the Advisor or its
affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make
Intermediaries more knowledgeable about exchange-traded products, including the Fund, or for other activities, such as marketing,
educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by
influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result
in increased Fund expenses. Ask your salesperson or visit the Intermediary’s website for more information.
8
AOE 0382-0524
Summary Prospectus
May 1, 2024
abrdn ETFs
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD)
abrdn ETFs
abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF
The abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (the “Fund”) seeks to provide investment results that
closely correspond, before fees and expenses, to the performance of the Bloomberg Commodity Index 3 Month Forward Total ReturnSM
(the “Index”).
other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01%
Fee Waiver(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.07)%
(1)
Example

$31 $112 $201 $461
Portfolio Turnover
1
abrdn ETFs
Bloomberg Commodity Index 3 Month Forward Total ReturnSM
The Index is a three-month forward version of the Bloomberg Commodity Index Total ReturnSM (“BCOMTR”), which reflects the return
on a fully collateralized investment in the Bloomberg Commodity IndexSM (“BCOM”). The Fund is called “Longer Dated” because the
Index it seeks to track is designed to track commodity futures with a longer maturity than that of the BCOMTR and BCOM.
The BCOM is composed of futures contracts on physical commodities and is designed to be a highly liquid and broad-based benchmark
for commodities futures investments. Futures contracts on commodities generally are agreements between two parties where one party
agrees to buy, and the counterparty to sell, a set amount of a physical commodity (or, in some contracts, a cash equivalent) at a pre-
determined future date and price. The value of commodity futures contracts is based upon the price movements of the underlying
commodities.
The BCOMTR combines the returns of the BCOM with the returns on cash collateral invested in 3-month U.S. Treasury Bills. These
returns are calculated by using the most recent weekly auction high rate for 13 week (3 Month) U.S. Treasury Bills, as reported on the
website http://www.treasurydirect.gov/ published by the Bureau of the Public Debt of the U.S. Treasury, or any successor source, which
is generally published once per week on Monday.
The BCOM is a widely followed commodity index which is calculated and published by Bloomberg Finance L.P. and its affiliates,
including Bloomberg Index Services Limited, the administrator of the Index (collectively, “Bloomberg” or the “Index Provider”).
BCOM has been published since 1998 and tracks movements in the price of a rolling position in a basket of commodity futures with a
maturity between 1 and 3 months (4 to 6 months for the Index). “Rolling” means selling a futures contract as it nears its expiration date
and replacing it with a new futures contract that has a later expiration date. The difference between the prices of the two contracts when
they are rolled is sometimes referred to as a “roll yield,” and the change in price that contracts experience while they are components
of the BCOM is sometimes referred to as a “spot return.” The Index is designed to track commodity futures contracts and is not linked
to the current “spot” or cash price of the underlying commodities. Futures contracts may perform very differently from the current or
“spot” prices of underlying commodities.
relationship called “contango.” When rolling futures contracts that are in contango, the BCOM will sell the expiring contract at a lower
As of the date of this Prospectus, the BCOM consists of 24 commodities futures contracts with respect to 22 commodities: aluminum,
coffee, copper, corn, cotton, crude oil (West Texas Intermediate, or WTI, and Brent), gold, lead, lean hogs, live cattle, low sulfur gas oil,
natural gas, nickel, RBOB (reformulated blendstock for oxygenate blending) gasoline, silver, soybean meal, soybean oil, soybeans, sugar,
wheat (Chicago and KC hard red winter), ULS (ultra low sulfur) diesel and zinc. As of the date of this Prospectus, there are 25 commodity
futures eligible for inclusion in the BCOM but 3 of those commodities (cocoa, platinum and tin) are currently not included in the BCOM.
With the exception of certain metals contracts (aluminum, lead, tin, nickel and zinc) that trade on the London Metals Exchange (“LME”)
and the contracts for Brent crude oil and low sulphur gas oil, each of the commodities is the subject of at least one futures contract that
trades on a U.S. exchange. The BCOM uses a consistent, systematic process to represent the commodity markets. The weightings of
the components of the BCOM are based on (1) liquidity data; (2) U.S. dollar-weighted production data; and (3) diversification rules that
attempt to reduce disproportionate weightings of any single commodity or sector, which potentially reduces volatility in comparison
weighted production data takes the figures for production in the overall commodities market for all commodities in the BCOM and
weights them in the BCOM in the same proportion in U.S. dollar terms. The value of the BCOM is computed on the basis of hypothetical
investments in the basket of commodities that make up the BCOM. As of the date of this Prospectus, the BCOM invests significantly in,
and therefore the Fund has significant exposure to, the agriculture, energy and industrial/precious metals sectors.
market value of the Index. The composition of the BCOM is rebalanced and published annually in the month of January.
2
abrdn ETFs
the Fund.
summarized below. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first ten risks).
3
abrdn ETFs
events.
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.
4
abrdn ETFs
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.
incur borrowing fees and/or overdraft charges until the sales of portfolio investments necessary to cover a redemption request settle.
5
abrdn ETFs
volatility, and disruptions in the creation/redemption process. Any of these may lead to times when the market price of the Shares is more
as a RIC under Subchapter M of the Code.
6
abrdn ETFs
Fund Performance
the BCOMTR, a broad measure of market performance, and to the Index. Past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future. Prior to its change to a passively-managed ETF on August 3, 2021, the fund operated
under certain different investment policies as an actively-managed ETF. The Fund’s historical performance prior to August 3, 2021 may
not represent its current investment policies. Updated performance information is available at www.abrdn.com/usa/etf.

35% 32.40%
30%
25%
20% 18.33%
15%
10% 7.64%
5%
0%
4. 29%
-5%
-10% -7.36%
-9.89%
2018 2019 2020 2021 2022 2023

Worst Quarter March 31, 2020 -19.93%

(for the periods ended December 31, 2023) One Year Five Years of Fund of Fund
Before Taxes -7.36% 10.25% 6.50% March 30, 2017
After Taxes on Distributions -8.99% 8.45% 5.11%
After Taxes on Distributions and Sale of Shares -4.36% 7.30% 4.49%
Bloomberg Commodity Index 3 Month Forward
Total ReturnSM
7
abrdn ETFs
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend
on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares
through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may exceed the
return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of shares.
Management
Portfolio Managers

Austin Wen, CFA® Since October 2018 Co-Portfolio Manager
Tax Information
8
AOE 0383-0524
Summary Prospectus
May 1, 2024
abrdn ETFs
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (BCIM)
abrdn ETFs
abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF
The abrdn Bloomberg Industrial Metals Strategy K-1 Free ETF (the “Fund”) seeks to provide investment results that closely correspond,
before fees and expenses, to the performance of the Bloomberg Industrial Metals Total Return SubindexSM (the “Index”).
other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

Other Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.01%
Fee Waiver(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.13)%
(1)
Example

$42 $160 $289 $665
Portfolio Turnover
1
abrdn ETFs
Bloomberg Industrial Metals Total Return SubindexSM
The Index reflects the return on a fully collateralized investment in the Bloomberg Industrial Metals SubindexSM (“BCOMIN”), which is
composed of futures contracts on certain industrial metals commodity futures contracts. Futures contracts on commodities generally are
agreements between two parties where one party agrees to buy, and the counterparty to sell, a set amount of a physical commodity (or,
in some contracts, a cash equivalent) at a pre-determined future date and price. The value of commodity futures contracts is based upon
the price movements of the underlying commodities.
The Index combines the returns of the BCOMIN with the returns on cash collateral invested in 3-month U.S. Treasury Bills. These
returns are calculated by using the most recent weekly auction high rate for 13 week (3 Month) U.S. Treasury Bills, as reported on the
website http://www.treasurydirect.gov/ published by the Bureau of the Public Debt of the U.S. Treasury, or any successor source, which
is generally published once per week on Monday.
The Index is a subindex of the widely followed Bloomberg Commodity IndexSM (“BCOM”), which is composed of futures contracts on
physical commodities and is designed to be a highly liquid and broad-based benchmark for commodities futures investments.
The Index and the BCOM are both calculated and published by Bloomberg Finance L.P. and its affiliates, including Bloomberg Index
Services Limited, the administrator of the Index (collectively, “Bloomberg” or the “Index Provider”). The Index tracks movements in
the price of a rolling position in a basket of industrial metals futures with a maturity between 1 and 3 months. “Rolling” means selling a
futures contract as it nears its expiration date and replacing it with a new futures contract that has a later expiration date. The difference
between the prices of the two contracts when they are rolled is sometimes referred to as a “roll yield,” and the change in price that
contracts experience while they are components of the BCOMIN is sometimes referred to as a “spot return.” The Index is designed to
track commodity futures contracts and is not linked to the current “spot” or cash price of the underlying commodities. Futures contracts
may perform very differently from the current or “spot” prices of underlying commodities.
relationship called “contango.” When rolling futures contracts that are in contango, the Index will sell the expiring contract at a lower
As of the date of this Prospectus, the Index consists of 5 commodities futures contracts with respect to aluminum, copper, lead, nickel
and zinc. As of the date of this Prospectus, there are 6 commodity futures eligible for inclusion in the Index, but 1 of those commodities
(tin) is not included in the Index. With the exception of copper, which trades on the Commodity Exchange, Inc. (COMEX), the other
industrial metals contracts (aluminum, lead, tin, nickel and zinc) trade on the London Metals Exchange (“LME”).
The Index uses a consistent, systematic process in determining the weightings of included industrial metals. Like the broad BCOM, the
weightings of the components of the Index are based on (1) liquidity data; (2) U.S. dollar-weighted production data; and (3) diversification
rules that attempt to reduce disproportionate weightings of any single commodity, which potentially reduces volatility in comparison
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 value of the Index is computed on the basis of hypothetical
investments in the basket of industrial metals that make up the Index. As of the date of this Prospectus, the Index invests significantly in,
and therefore the Fund has significant exposure to, the industrial metals sector.
As of April 1, 2024, the weightings for the contracts included in the Index were as follows:
Commodity Weighting
Copper 34.52%
Aluminum 26.75%
Zinc 16.25%
Nickel 16.84%
Lead 5.64%
2
abrdn ETFs
market value of the Index. The composition of the Index is rebalanced and published annually in the month of January.
the Fund.
3
abrdn ETFs
summarized below. The following is a list of the principal risks of investing in the Fund (in alphabetical order after the first 11 risks).
events.
Metals Sector Investment Risk. The daily performance of the spot price of certain industrial 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.
As of the date of this Prospectus, the Index consists of 5 commodities futures contracts with respect to the following industrial
metals: aluminum, copper, lead, nickel and zinc. Consequently, in addition to factors affecting commodities generally that
are described above, the Index may be subject to a number of additional factors specific to industrial metals, and in particular
aluminum, copper, lead, nickel and zinc, that might cause price volatility. These may include, among others:
• changes in the level of industrial activity using industrial metals, and in particular aluminum, copper, lead, nickel and
zinc, including the availability of substitutes such as man-made or synthetic substitutes;
• disruptions in the supply chain, from mining to storage to smelting or refining;
• adjustments to inventory;
• variations in production costs, including storage, labor and energy costs;
• costs associated with regulatory compliance, including environmental regulations; and
• changes in industrial, government and consumer demand, both in individual consuming nations and internationally.
4
abrdn ETFs
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. Certain of the futures contracts in
which the Fund may invest trade on non-U.S. exchanges that impose different requirements than U.S. exchanges. These futures contracts
may be subject to additional risks, including greater price volatility, temporary price aberrations and the potential imposition of trading
halts and/or limits that constrain appreciation or cause depreciation of the prices of such futures contracts, as well as different and longer
settlement periods. In certain circumstances, the Fund may be required to dispose of, or novate, certain of its futures contracts earlier than
the contracts’ prompt date in order to meet shareholder redemption requests. The counterparties through which the Fund or the Sub-Advisor
trade may impose additional fees and interest charges for novating futures contracts, which may reduce the proceeds due to the Fund on
such contracts below the price at which they are valued and the Fund’s NAV may decline as a result.
Small Fund Risk. There can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base,
certain of the Fund’s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent
that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such
liquidation may not be favorable to some shareholders.
5
abrdn ETFs
incur borrowing fees and/or overdraft charges until the sales of portfolio investments necessary to cover a redemption request settle. In
addition, settlement periods on the LME may result in the need for the Fund to dispose of, or novate, certain futures contracts early in
order to meet redemption requests. In such circumstances, the Fund may incur additional transaction fees and interest charges and the
Fund’s NAV may decline based on the difference between the price at which the Fund valued the contracts and the proceeds received.
volatility and disruptions in the creation/redemption process. Any of these may lead to times when the market price of the Shares is more
as a RIC under Subchapter M of the Code.
6
abrdn ETFs
Fund Performance
the Bloomberg Commodity Index Total ReturnSM, a broad measure of market performance, and to the Index. Past performance does not
necessarily indicate how the Fund will perform in the future. Updated performance information will be available at www.abrdn.com/usa/etf.
7
abrdn ETFs

20%
10%
0%
-3.25%
-10%
-9.61%
-20%
2022 2023

Worst Quarter June 30, 2022 -26.53%

(for the periods ended December 31, 2023) One Year of Fund of Fund
Before Taxes -9.61% -3.82% September 22, 2021
After Taxes on Distributions -10.83% -4.79%
After Taxes on Distributions and Sale of Shares -5.71% -3.28%
(reflects no deduction for fees, expenses or taxes) -13.72% -6.19%
Bloomberg Industrial Metals Total Return SubindexSM
(reflects no deduction for fees, expenses or taxes) -9.15% -3.37%
Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using the
historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax
returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors
who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns
may exceed the return before taxes due to an assumed tax benefit from realizing a capital loss on a sale of shares.
Management
Portfolio Managers

Austin Wen, CFA® Since the Fund’s inception Co-Portfolio Manager
8
abrdn ETFs
Tax Information
9
AOE 0384-0524

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Filed pursuant to Rule 424(b)(3)

Registration Statement No. 333-267881

abrdn Gold ETF Trust

Appointment of New Custodian and Elimination of Loco-Zurich Delivery

Description of the Custody Agreements

Location and Segregation of Gold; Access

Transfers into the Trust Unallocated Account

Transfers into the Trust Allocated Account

Transfers from the Trust Allocated Account

Right to Refuse Transfers or Amend Transfer Procedures

The Custodian receives no fee under the Unallocated Account Agreement.

Change to T+1 Standard Settlement Cycle effective May 28, 2024

In the section “CREATION AND REDEMPTION OF SHARES”:

abrdn Silver ETF Trust

Appointment of New Custodian

Description of the Custody Agreements

Location and Segregation of Silver; Access

Transfers into the Trust Unallocated Account

Transfers into the Trust Allocated Account

Transfers from the Trust Allocated Account

Right to Refuse Transfers or Amend Transfer Procedures

The Custodian receives no fee under the Unallocated Account Agreement.

Change to T+1 Standard Settlement Cycle effective May 28, 2024

In the section “CREATION AND REDEMPTION OF SHARES”:

LBMA Silver Price

LBMA Silver Price

abrdn Platinum ETF Trust

Appointment of New Custodian and Elimination of Loco-Zurich Delivery

Description of the Custody Agreements

Location and Segregation of Platinum; Access

Transfers into the Trust Unallocated Account

Transfers into the Trust Allocated Account

Transfers from the Trust Allocated Account

Right to Refuse Transfers or Amend Transfer Procedures

Trust Unallocated Account Credit and Debit Balances

In the section “CREATION AND REDEMPTION OF SHARES”:

abrdn Palladium ETF Trust

Reduction in Number of Shares per Basket

Appointment of New Custodian and Elimination of Loco-Zurich Delivery

Description of the Custody Agreements

Location and Segregation of Palladium; Access

Transfers from the Trust Unallocated Account

Transfers into the Trust Allocated Account

Transfers from the Trust Allocated Account

The Custodian receives no fee under the Unallocated Account Agreement.

Trust Unallocated Account Credit and Debit Balances

Change to T+1 Standard Settlement Cycle effective May 28, 2024

In the section “CREATION AND REDEMPTION OF SHARES”:

abrdn Precious Metals Basket ETF Trust

Reduction in Number of Shares per Basket

Appointment of New Custodian and Elimination of Loco-Zurich Delivery

Description of the Custody Agreements

Location and Segregation of Bullion; Access

Transfers from the Trust Unallocated Account

Transfers into the Trust Allocated Account

Transfers from the Trust Allocated Account

The Custodian receives no fee under the Unallocated Account Agreement.

Trust Unallocated Account Credit and Debit Balances