XML 60 R24.htm IDEA: XBRL DOCUMENT
v3.20.1

Investments (Tables) | 9 Months Ended
--- | ---
Mar. 31, 2020
Investments [Abstract] |
Schedule of derivative instruments in statement of financial position | SIT RISING RATE ETF Fair Value of Derivative Instruments, as of March 31, 2020
|  | Asset Derivatives | Liability Derivatives |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value | Combined Statements of Assets and Liabilities |  | Fair Value
Interest Rate Risk |  | Purchased options |  | $ | 16,000 | * |  | Payable on open futures contracts |  | $ | (400,059 | )**
Interest Rate Risk |  | — |  |  | — |  |  | Written options, at fair value |  | $ | (18,867 | )*
| * | Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.
| ** | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
SIT RISING RATE ETF Fair Value of Derivative Instruments, as of June 30, 2019
|  | Asset Derivatives | Liability Derivatives |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value | Combined Statements of Assets and Liabilities |  | Fair Value
Interest Rate Risk |  | Purchased options |  | $ | 35,625 | * |  | Payable on open futures contracts |  | $ | (326,457 | )**
Interest Rate Risk |  | — |  |  | — |  |  | Written options, at fair value |  | $ | (19,336 | )*
| * | Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.
| ** | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
Schedule of derivative instruments, effect on other comprehensive income (loss) | SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended March 31, 2020
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts |  | $ | (167,895) |  |  | $ | (444,797) |
The futures and options contracts open at March 31, 2020 are indicative of the activity for the three months ended March 31, 2020. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended March 31, 2019
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized gain (loss) on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts |  | $ | (2,457,815 | ) |  | $ | 1,778,789 |
The futures and options contracts open at March 31, 2019 are indicative of the activity for the three months ended March 31, 2019. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Nine Months Ended March 31, 2020
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts |  | $ | (420,623) |  |  | $ | (76,566) |
The futures and options contracts open at March 31, 2020 are indicative of the activity for the nine months ended March 31, 2020. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Nine Months Ended March 31, 2019
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized gain (loss) on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts |  | $ | (2,914,522 | ) |  | $ | 167,281 |
The futures and options contracts open at March 31, 2019 are indicative of the activity for the nine months ended March 31, 2019. BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of March 31, 2020
|  | Asset Derivatives |  |  | Liability Derivatives |
Derivatives |  | Combined Statements of Assets and Liabilities |  |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  |  | Fair Value |
Interest Rate Risk |  |  |  |  |  |  |  |  | Payable on open futures contracts |  |  | $ | (1,976,295) | *
| * | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2019
|  | Asset Derivatives |  |  | Liability Derivatives |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  |  | Fair Value |
Interest Rate Risk |  | Receivable on open futures contracts |  | $ | 391,415 | * |  |  | — |  |  |  | — |
| * | Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended March 31, 2020
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts |  | $ | (2,727,061) |  |  | $ | (1,871,170) |
The futures contracts open at March 31, 2020 are indicative of the activity for the three months ended March 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended March 31, 2019
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts |  | $ | (956,887) |  |  | $ | (511,380 | )
The futures contracts open at March 31, 2019 are indicative of the activity for the three months ended March 31, 2019. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Nine Months Ended March 31, 2020
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts |  | $ | (2,388,880) |  |  | $ | (1,204,565) |
The futures contracts open at March 31, 2020 are indicative of the activity for the nine months ended March 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Nine Months Ended March 31, 2019
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Interest Rate Risk |  | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts |  | $ | (1,391,126) |  |  | $ | (544,960) |
The futures contracts open at March 31, 2019 are indicative of the activity for the nine months ended March 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration