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v3.24.3

Combined Statements of Operations - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2024 | Jun. 30, 2023
Investment Income |  |  |
Interest | $ 1,859,341 | $ 1,260,251 |
Expenses |  |  |
Sponsor fee | 175,002 | 136,680 |
CTA fee | 874,438 | 767,663 |
Audit fees | 135,872 | 98,000 |
Tax preparation fees | 324,496 | 221,641 |
Admin/accounting/custodian/transfer agent fees | 108,903 | 75,671 |
Legal fees | 156,220 | 52,276 |
Chief Compliance Officer fees | 49,956 | 29,040 |
Principal Financial Officer fees | 49,956 | 29,040 |
Regulatory reporting fees | 49,956 | 29,040 |
Brokerage commissions | 706,142 | 703,915 |
Distribution fees | 26,532 | 18,246 |
NJ Filing fees | 101,509 | 180,216 |
Insurance expense | 24,006 | 17,426 |
Listing and calculation agent fees | 13,443 | 10,294 |
Marketing expenses | 30,016 | 38,428 |
Other expenses |  | 17,426 |
Website support and marketing materials |  | 10,707 |
Trustee Fees | 5,016 |  |
Printing and Postage | 68,607 | 15,311 |
Wholesale support fees | 113,426 | 91,111 |
Interest expense |  | 1,561 |
Miscellaneous expenses | 6,193 |  |
Total Expenses | 3,019,689 | 2,543,692 |
Less: Waiver of CTA fee | (75,955) | (30,008) |
Less: Expenses absorbed by Sponsor | (277,458) | (77,450) |
Net Expenses | 2,666,276 | 2,436,234 |
Net Investment Income (Loss) | (806,935) | (1,175,983) |
Net Realized and Unrealized Gain (Loss) on Investment Activity |  |  |
Investments and futures contracts | 35,303,444 | (30,608,304) |
Change in Unrealized Gain (Loss) on |  |  |
Investments and futures contracts | 11,954,763 | (3,579,283) |
Net realized and unrealized gain (loss) | 47,258,207 | (34,187,587) |
Net income (loss) | 46,451,272 | (35,363,570) |
BREAKWAVE DRY BULK SHIPPING ETF |  |  |
Investment Income |  |  |
Interest | 1,816,833 | 1,255,773 |
Expenses |  |  |
Sponsor fee | 125,001 | 128,597 |
CTA fee | 822,362 | 760,089 |
Audit fees | 83,992 | 78,000 |
Tax preparation fees | 313,244 | 205,073 |
Admin/accounting/custodian/transfer agent fees | 56,653 | 66,005 |
Legal fees | 80,314 | 45,002 |
Chief Compliance Officer fees | 24,978 | 24,999 |
Principal Financial Officer fees | 24,978 | 24,999 |
Regulatory reporting fees | 24,978 | 24,999 |
Brokerage commissions | 584,320 | 684,169 |
Distribution fees | 15,193 | 15,707 |
NJ Filing fees | 98,381 | 172,716 |
Insurance expense | 12,503 | 15,001 |
Listing and calculation agent fees | 7,191 | 9,203 |
Marketing expenses | 15,012 | 36,003 |
Other expenses |  | 15,001 |
Website support and marketing materials |  | 10,502 |
Trustee Fees | 2,508 |  |
Printing and Postage | 54,307 | 15,111 |
Wholesale support fees | 93,035 | 87,902 |
Interest expense |  | 1,561 |
Miscellaneous expenses | 3,683 |  |
Total Expenses | 2,442,633 | 2,420,639 |
Less: Waiver of CTA fee | (23,879) | (22,434) |
Less: Expenses absorbed by Sponsor |  |  |
Net Expenses | 2,418,754 | 2,398,205 |
Net Investment Income (Loss) | (601,921) | (1,142,432) |
Net Realized and Unrealized Gain (Loss) on Investment Activity |  |  |
Investments and futures contracts | 34,476,191 | (30,983,820) |
Change in Unrealized Gain (Loss) on |  |  |
Investments and futures contracts | 12,895,930 | (4,404,570) |
Net realized and unrealized gain (loss) | 47,372,121 | (35,388,390) |
Net income (loss) | 46,770,200 | (36,530,822) |
BREAKWAVE TANKER SHIPPING ETF |  |  |
Investment Income |  |  |
Interest | 42,508 | 4,478 |
Expenses |  |  |
Sponsor fee | 50,001 | 8,083 |
CTA fee | 52,076 | 7,574 |
Audit fees | 51,880 | 20,000 |
Tax preparation fees | 11,252 | 16,568 |
Admin/accounting/custodian/transfer agent fees | 52,250 | 9,666 |
Legal fees | 75,906 | 7,274 |
Chief Compliance Officer fees | 24,978 | 4,041 |
Principal Financial Officer fees | 24,978 | 4,041 |
Regulatory reporting fees | 24,978 | 4,041 |
Brokerage commissions | 121,822 | 19,746 |
Distribution fees | 11,339 | 2,539 |
NJ Filing fees | 3,128 | 7,500 |
Insurance expense | 11,503 | 2,425 |
Listing and calculation agent fees | 6,252 | 1,091 |
Marketing expenses | 15,004 | 2,425 |
Other expenses |  | 2,425 |
Website support and marketing materials |  | 205 |
Trustee Fees | 2,508 |  |
Printing and Postage | 14,300 | 200 |
Wholesale support fees | 20,391 | 3,209 |
Interest expense |  |  |
Miscellaneous expenses | 2,510 |  |
Total Expenses | 577,056 | 123,053 |
Less: Waiver of CTA fee | (52,076) | (7,574) |
Less: Expenses absorbed by Sponsor | (277,458) | (77,450) |
Net Expenses | 247,522 | 38,029 |
Net Investment Income (Loss) | (205,014) | (33,551) |
Net Realized and Unrealized Gain (Loss) on Investment Activity |  |  |
Investments and futures contracts | 827,253 | 375,516 |
Change in Unrealized Gain (Loss) on |  |  |
Investments and futures contracts | (941,167) | 825,287 |
Net realized and unrealized gain (loss) | (113,914) | 1,200,803 |
Net income (loss) | $ (318,928) | $ 1,167,252 | [1]
[1] | Period from May 3, 2023 (commencement of investment operations) to June 30, 2023.

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