abrdn Focused U.S. Small Cap Active ETF Q3 2025 Commentary

2025-11-10 11:43:00 ET

Fund performance

The Fund gained (gross of fees) but underperformed the Russell 2000 Index.

At the stock level, Brinker International (EAT) detracted. Its shares declined, consistent with broader trends in casual dining, amid concerns of heightened competition as quick-service restaurants expand their promotional offerings. Q2 Holdings’ (QTWO) shares fell as investors reacted negatively to otherwise strong second-quarter results due to an uptick in customer churn, which the company believes is temporary. Vertex’s (VERX) shares underperformed as heightened customer caution slowed the pace of enterprise-resource-planning cloud migrations, putting pressure on both the company’s results and forward guidance....

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