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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.

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- References

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- 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

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- 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

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