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Creations and Redemptions

9 Months Ended

Mar. 31, 2020

Creations and Redemptions [Abstract]

(5) Creations and Redemptions

Each Fund issues and redeems Shares from time to time, but only in one or more Creation Baskets. A Creation Basket is a block of 25,000 Shares (50,000 Shares prior to August 17, 2018) of each Fund. Baskets may be created or redeemed only by Authorized Participants.

Except when aggregated in Creation Baskets, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with each Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Interim Combined Financial Statements – such as references to the Transaction Fee imposed on creations and redemptions – is not relevant to retail investors.

(a) Transaction Fees on Creation and Redemption Transactions

In connection with orders to create and redeem one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $500 per order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Funds.

(b) Share Transactions

SIT RISING RATE ETF

Summary of Share Transactions for the Three Months Ended March 31, 2020
	Shares		Net Assets Decrease
Shares Sold		—	$	—
Shares Redeemed		—		—
Net Decrease		—	$	—

Summary of Share Transactions for the Three Months Ended March 31, 2019
	Shares			Net Assets Decrease
Shares Sold		—		$	—
Shares Redeemed		(1,275,000	)		(30,628,345	)
Net Increase		(1,275,000	)	$	(30,628,345	)

Summary of Share Transactions for the Nine Months Ended March 31, 2020
	Shares			Net Assets Decrease
Shares Sold		—		$	—
Shares Redeemed		(275,000	)		(6,331,666	)
Net Decrease		(275,000	)	$	(6,331,666	)

Summary of Share Transactions for the Nine Months Ended March 31, 2019
	Shares			Net Assets Decrease
Shares Sold		975,000		$	24,297,005
Shares Redeemed		(1,850,000	)		(44,791,745	)
Net Increase		(875,000	)	$	(20,494,740	)

BREAKWAVE DRY BULK SHIPPING ETF

Summary of Share Transactions for the Three Months Ended March 31, 2020
	Shares			Net Assets Increase
Shares Sold		2,775,000		$	21,611,870
Shares Redeemed		(50,000	)		(695,550	)
Net Increase		2,725,000		$	20,916,320

Summary of Share Transactions for the Three Months Ended March 31, 2019
	Shares		Net Assets Increase
Shares Sold		175,000	$	1,795,803
Shares Redeemed		—		—
Net Increase		175,000	$	1,795,803

Summary of Share Transactions for the Nine Months Ended March 31, 2020
	Shares			Net Assets Increase
Shares Sold		2,850,000		$	22,763,000
Shares Redeemed		(300,000	)		(4,817,327	)
Net Decrease		2,550,000		$	(17,945,673	)

Summary of Share Transactions for the Nine Months Ended March 31, 2019
	Shares		Net Assets Increase
Shares Sold		175,000	$	1,795,803
Shares Redeemed		—		—
Net Increase		175,000	$	1,795,803