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v3.19.3.a.u2

Combined Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018
Investment Income |  |  |  |
Interest | $ 37,492 | $ 384,625 | $ 94,145 | $ 680,490
Expenses |  |  |  |
Sponsor fee | 50,272 | 56,609 | 100,544 | 110,249
CTA fee | 9,692 | 44,293 | 23,377 | 86,842
Audit fees | 35,797 | 37,859 | 71,594 | 75,718
Tax preparation fees | 25,136 | 57,598 | 50,272 | 115,196
Admin/accounting/custodian/transfer agent fees | 30,027 | 29,667 | 60,054 | 59,334
Legal fees | 20,108 | 20,166 | 40,216 | 40,332
Printing and postage expenses | 5,304 | 13,106 | 10,608 | 26,212
Chief Compliance Officer fees | 12,584 | 12,602 | 25,162 | 25,204
Principal Financial Officer fees | 12,584 | 12,602 | 25,162 | 25,204
Regulatory reporting fees | 12,584 | 12,602 | 25,162 | 25,204
Brokerage commissions | 8,129 | 25,590 | 18,292 | 50,955
Distribution fees | 7,883 | 8,568 | 15,766 | 17,136
Insurance expense | 7,540 | 7,562 | 15,080 | 15,124
Listing & calculation agent fees | 6,334 | 6,352 | 12,668 | 12,704
Other expenses | 6,404 | 10,315 | 12,808 | 20,630
Wholesale support fees | 8,393 | 24,082 | 17,493 | 46,218
Interest expense | 14 |  | 14 |
Total Expenses | 258,785 | 379,573 | 524,272 | 752,262
Less: Waiver of CTA fee | (6,561) | (10,462) | (16,213) | (23,499)
Less: Expenses absorbed by Sponsor | (212,585) | (149,113) | (414,794) | (304,369)
Net Expenses | 39,639 | 219,998 | 93,265 | 424,394
Net Investment Income (Loss) | (2,147) | 164,627 | 880 | 256,096
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (550,056) | (470,824) | 85,453 | (890,946)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | 273,261 | (3,190,200) | 1,034,836 | (1,645,088)
Net realized and unrealized gain (loss) | (276,795) | (3,661,024) | 1,120,289 | (2,536,034)
Net income (loss) | (278,942) | (3,496,397) | 1,121,169 | (2,279,938)
SIT RISING RATE ETF |  |  |  |
Investment Income |  |  |  |
Interest | 31,146 | 371,146 | 75,132 | 653,882
Expenses |  |  |  |
Sponsor fee | 18,852 | 25,103 | 37,704 | 47,237
CTA fee | 3,131 | 33,831 | 7,164 | 63,343
Audit fees | 22,012 | 21,537 | 44,024 | 43,074
Tax preparation fees | 12,568 | 25,205 | 25,136 | 50,410
Admin/accounting/custodian/transfer agent fees | 14,479 | 14,191 | 28,958 | 28,382
Legal fees | 8,797 | 8,823 | 17,594 | 17,646
Printing and postage expenses | 2,639 | 6,553 | 5,278 | 13,106
Chief Compliance Officer fees | 6,301 | 6,301 | 12,596 | 12,602
Principal Financial Officer fees | 6,301 | 6,301 | 12,596 | 12,602
Regulatory reporting fees | 6,301 | 6,301 | 12,596 | 12,602
Brokerage commissions | 927 | 19,434 | 2,793 | 35,862
Distribution fees | 3,906 | 4,410 | 7,812 | 8,820
Insurance expense | 3,770 | 3,781 | 7,540 | 7,562
Listing & calculation agent fees | 3,167 | 3,176 | 6,334 | 6,352
Other expenses | 2,193 | 4,644 | 4,386 | 9,288
Wholesale support fees | 1,566 | 16,915 | 3,583 | 31,671
Interest expense | 14 |  | 14 |
Total Expenses | 116,924 | 206,506 | 236,108 | 400,559
Less: Waiver of CTA fee |  |  |  |
Less: Expenses absorbed by Sponsor | (100,323) | (17,920) | (197,476) | (47,986)
Net Expenses | 16,601 | 188,586 | 38,632 | 352,573
Net Investment Income (Loss) | 14,545 | 182,560 | 36,500 | 301,309
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (306,211) | 266,684 | (252,728) | (456,707)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | 391,106 | (3,327,205) | 368,231 | (1,611,508)
Net realized and unrealized gain (loss) | 84,895 | (3,060,521) | 115,503 | (2,068,215)
Net income (loss) | 99,440 | (2,877,961) | 152,003 | (1,766,906)
BREAKWAVE DRY BULK SHIPPING ETF |  |  |  |
Investment Income |  |  |  |
Interest | 6,346 | 13,479 | 19,013 | 26,608
Expenses |  |  |  |
Sponsor fee | 31,420 | 31,506 | 62,840 | 63,012
CTA fee | 6,561 | 10,462 | 16,213 | 23,499
Audit fees | 13,785 | 16,322 | 27,570 | 32,644
Tax preparation fees | 12,568 | 32,393 | 25,136 | 64,786
Admin/accounting/custodian/transfer agent fees | 15,548 | 15,476 | 31,096 | 30,952
Legal fees | 11,311 | 11,343 | 22,622 | 22,686
Printing and postage expenses | 2,665 | 6,553 | 5,330 | 13,106
Chief Compliance Officer fees | 6,283 | 6,301 | 12,566 | 12,602
Principal Financial Officer fees | 6,283 | 6,301 | 12,566 | 12,602
Regulatory reporting fees | 6,283 | 6,301 | 12,566 | 12,602
Brokerage commissions | 7,202 | 6,156 | 15,499 | 15,093
Distribution fees | 3,977 | 4,158 | 7,954 | 8,316
Insurance expense | 3,770 | 3,781 | 7,540 | 7,562
Listing & calculation agent fees | 3,167 | 3,176 | 6,334 | 6,352
Other expenses | 4,211 | 5,671 | 8,422 | 11,342
Wholesale support fees | 6,827 | 7,167 | 13,910 | 14,547
Interest expense |  |  |  |
Total Expenses | 141,861 | 173,067 | 288,164 | 351,703
Less: Waiver of CTA fee | (6,561) | (10,462) | (16,213) | (23,499)
Less: Expenses absorbed by Sponsor | (112,262) | (131,193) | (217,318) | (256,383)
Net Expenses | 23,038 | 31,412 | 54,633 | 71,821
Net Investment Income (Loss) | (16,692) | (17,933) | (35,620) | (45,213)
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (243,845) | (737,508) | 338,181 | (434,239)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (117,845) | 137,005 | 666,605 | (33,580)
Net realized and unrealized gain (loss) | (361,690) | (600,503) | 1,004,786 | (467,819)
Net income (loss) | $ (378,382) | $ (618,436) | $ 969,166 | $ (513,032)

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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of open derivatives, commodity, or energy contracts, held at each balance sheet date, that was included in earnings for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3602-108585 + Details
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- References No definition available. + Details
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