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v3.20.1

Combined Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019
Investment Income |  |  |  |
Interest | $ 36,923 | $ 261,390 | $ 131,068 | $ 941,880
Expenses |  |  |  |
Sponsor fee | 49,725 | 50,073 | 150,269 | 160,322
CTA fee | 27,930 | 29,579 | 51,307 | 116,421
Audit fees | 35,604 | 37,434 | 107,198 | 113,152
Tax preparation fees | 24,864 | 49,314 | 75,136 | 164,510
Admin/accounting/custodian/transfer agent fees | 29,701 | 29,023 | 89,755 | 88,357
Legal fees | 19,889 | 19,727 | 60,105 | 60,059
Printing and postage expenses | 5,246 | 12,822 | 15,854 | 39,034
Chief Compliance Officer fees | 12,373 | 12,328 | 37,535 | 37,532
Principal Financial Officer fees | 12,373 | 12,328 | 37,535 | 37,532
Regulatory reporting fees | 12,373 | 12,328 | 37,535 | 37,532
Brokerage commissions | 62,528 | 21,356 | 80,820 | 72,311
Distribution fees | 7,796 | 8,382 | 23,562 | 25,518
Insurance expense | 7,458 | 7,398 | 22,538 | 22,522
Listing & calculation agent fees | 6,264 | 6,214 | 18,932 | 18,918
Other expenses | 6,334 | 10,091 | 19,142 | 30,721
Wholesale support fees | 9,670 | 17,439 | 27,163 | 63,657
Interest | 21 |  | 35 |
Total Expenses | 330,149 | 335,836 | 854,421 | 1,088,098
Less: Waiver of Sponsor fee |  |  |  |
Less: Waiver of CTA fee | (25,190) | (8,427) | (41,403) | (31,926)
Less: Expenses absorbed by Sponsor | (167,909) | (179,945) | (582,703) | (484,314)
Net Expenses | 137,050 | 147,464 | 230,315 | 571,858
Net Investment Income (Loss) | (100,127) | 113,926 | (99,247) | 370,022
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (2,894,956) | (3,414,702) | (2,809,503) | (4,305,648)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (2,315,967) | 1,267,409 | (1,281,131) | (377,679)
Net realized and unrealized gain (loss) | (5,210,923) | (2,147,293) | (4,090,634) | (4,683,327)
Net income (loss) | (5,311,050) | (2,033,367) | (4,189,881) | (4,313,305)
SIT RISING RATE ETF |  |  |  |
Investment Income |  |  |  |
Interest | 20,709 | 249,816 | 95,841 | 903,698
Expenses |  |  |  |
Sponsor fee | 18,647 | 19,252 | 56,351 | 66,489
CTA fee | 2,740 | 21,152 | 9,904 | 84,495
Audit fees | 21,889 | 21,304 | 65,913 | 64,378
Tax preparation fees | 12,432 | 24,657 | 37,568 | 75,067
Admin/accounting/custodian/transfer agent fees | 14,322 | 13,883 | 43,280 | 42,265
Legal fees | 8,701 | 8,631 | 26,295 | 26,277
Printing and postage expenses | 2,610 | 6,411 | 7,888 | 19,517
Chief Compliance Officer fees | 6,158 | 6,164 | 18,754 | 18,766
Principal Financial Officer fees | 6,158 | 6,164 | 18,754 | 18,766
Regulatory reporting fees | 6,158 | 6,164 | 18,754 | 18,766
Brokerage commissions | 1,120 | 11,906 | 3,913 | 47,768
Distribution fees | 3,863 | 4,314 | 11,675 | 13,134
Insurance expense | 3,729 | 3,699 | 11,269 | 11,261
Listing & calculation agent fees | 3,132 | 3,107 | 9,466 | 9,459
Other expenses | 2,169 | 4,543 | 6,555 | 13,831
Wholesale support fees | 1,369 | 10,577 | 4,952 | 42,248
Interest | 12 |  | 26 |
Total Expenses | 115,209 | 171,928 | 351,317 | 572,487
Less: Waiver of Sponsor fee |  |  |  |
Less: Waiver of CTA fee |  |  |  |
Less: Expenses absorbed by Sponsor | (100,377) | (54,256) | (297,853) | (102,242)
Net Expenses | 14,832 | 117,672 | 53,464 | 470,245
Net Investment Income (Loss) | 5,877 | 132,144 | 42,377 | 433,453
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (167,895) | (2,457,815) | (420,623) | (2,914,522)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (444,797) | 1,778,789 | (76,566) | 167,281
Net realized and unrealized gain (loss) | (612,692) | (679,026) | (497,189) | (2,747,241)
Net income (loss) | (606,815) | (546,882) | (454,812) | (2,313,788)
BREAKWAVE DRY BULK SHIPPING ETF |  |  |  |
Investment Income |  |  |  |
Interest | 16,214 | 11,574 | 35,227 | 38,182
Expenses |  |  |  |
Sponsor fee | 31,078 | 30,821 | 93,918 | 93,833
CTA fee | 25,190 | 8,427 | 41,403 | 31,926
Audit fees | 13,715 | 16,130 | 41,285 | 48,774
Tax preparation fees | 12,432 | 24,657 | 37,568 | 89,443
Admin/accounting/custodian/transfer agent fees | 15,379 | 15,140 | 46,475 | 46,092
Legal fees | 11,188 | 11,096 | 33,810 | 33,782
Printing and postage expenses | 2,636 | 6,411 | 7,966 | 19,517
Chief Compliance Officer fees | 6,215 | 6,164 | 18,781 | 18,766
Principal Financial Officer fees | 6,215 | 6,164 | 18,781 | 18,766
Regulatory reporting fees | 6,215 | 6,164 | 18,781 | 18,766
Brokerage commissions | 61,408 | 9,450 | 76,907 | 24,543
Distribution fees | 3,933 | 4,068 | 11,887 | 12,384
Insurance expense | 3,729 | 3,699 | 11,269 | 11,261
Listing & calculation agent fees | 3,132 | 3,107 | 9,466 | 9,459
Other expenses | 4,165 | 5,548 | 12,587 | 16,890
Wholesale support fees | 8,301 | 6,862 | 22,211 | 21,409
Interest | 9 |  | 9 |
Total Expenses | 214,940 | 163,908 | 503,104 | 515,611
Less: Waiver of Sponsor fee |  |  |  |
Less: Waiver of CTA fee | (25,190) | (8,427) | (41,403) | (31,926)
Less: Expenses absorbed by Sponsor | (67,532) | (125,689) | (284,850) | (382,072)
Net Expenses | 122,218 | 29,792 | 176,851 | 101,613
Net Investment Income (Loss) | (106,004) | (18,218) | (141,624) | (63,431)
Net Realized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (2,727,061) | (956,887) | (2,388,880) | (1,391,126)
Change in Unrealized Gain (Loss) on |  |  |  |
Investments, futures and options contracts | (1,871,170) | (511,380) | (1,204,565) | (544,960)
Net realized and unrealized gain (loss) | (4,598,231) | (1,468,267) | (3,593,445) | (1,936,086)
Net income (loss) | $ (4,704,235) | $ (1,486,485) | $ (3,735,069) | $ (1,999,517)

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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 derivative instruments, including options, swaps, futures, and forward 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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- 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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