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Combined Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2024 | Jun. 30, 2023
BREAKWAVE DRY BULK SHIPPING ETF |  |  |  |
Cash flows used in operating activities |  |  |  |
Net income (loss) |  | $ 46,770,200 | $ (36,530,822) |
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: |  |  |  |
Net realized (gain) loss on investments |  | (34,476,191) | 30,983,820 |
Change in net unrealized gain (loss) on investments |  |  | 4,404,570 |
Sale (purchase) of investments, net |  | 78,615,786 | (57,771,487) |
Change in net unrealized loss (gain) on futures |  | (12,895,930) | 4,404,570 |
Change in operating assets and liabilities: |  |  |  |
Decrease in subscriptions receivable |  |  | 1,684,835 |
Decrease (Increase) in interest receivable |  | 26,268 | (128,553) |
Decrease (increase) in due from sponsor |  |  |  |
Increase in receivable on open futures contracts |  |  |  |
Increase in payable on open futures contracts |  | (12,881,080) | 4,404,570 |
Increase (decrease) in due to Sponsor |  | (119,851) | (115,691) |
Increase (Decrease) in accrued expenses |  | 227,609 | (33,536) |
Net cash used in operating activities |  | 65,266,821 | (53,102,294) |
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  | 38,500,878 | 112,635,604 |
Paid on redemption of shares |  | (107,351,823) | (61,398,051) |
Net cash provided by financing activities |  | (68,850,945) | 51,237,553 |
Net increase (decrease) in cash and restricted cash |  | (3,584,124) | (1,864,741) |
Cash and restricted cash, beginning of year |  | 35,323,736 | 37,188,477 |
Cash and restricted cash, end of year |  | 31,739,612 | 35,323,736 |
Cash |  |  |  |
Segregated cash held by broker |  | 31,739,612 | 35,323,736 |
Total cash and restricted cash as shown on the combined statements of cash flows. |  | 31,739,612 | 35,323,736 |
BREAKWAVE TANKER SHIPPING ETF |  |  |  |
Cash flows used in operating activities |  |  |  |
Net income (loss) |  | (318,928) | 1,167,252 | [1]
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: |  |  |  |
Net realized (gain) loss on investments |  | (827,253) | (375,516) | [1]
Change in net unrealized gain (loss) on investments | [1] |  | (825,287) |
Sale (purchase) of investments, net |  | (668,786) | 725,755 | [1]
Change in net unrealized loss (gain) on futures |  | 941,167 | (825,287) |
Change in operating assets and liabilities: |  |  |  |
Decrease in subscriptions receivable | [1] |  |  |
Decrease (Increase) in interest receivable |  | (2,503) | (2,001) | [1]
Decrease (increase) in due from sponsor |  | (22,674) |  |
Increase in receivable on open futures contracts |  | 825,287 | (825,287) | [1]
Increase in payable on open futures contracts |  | 115,880 |  | [1]
Increase (decrease) in due to Sponsor |  | (8,776) | 8,776 | [1]
Increase (Decrease) in accrued expenses |  | 92,516 | 4,762 | [1]
Net cash used in operating activities |  | 125,930 | (121,546) | [1]
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  | 13,460,368 | 3,001,500 | [1]
Paid on redemption of shares |  | (15,222,375) |  | [1]
Net cash provided by financing activities |  | (1,762,007) | 3,001,500 | [1]
Net increase (decrease) in cash and restricted cash |  | (1,636,077) | 2,879,954 | [1]
Cash and restricted cash, beginning of year | [1] | 2,879,954 |  |
Cash and restricted cash, end of year |  | 1,243,877 | 2,879,954 | [1]
Cash |  |  |  | [1]
Segregated cash held by broker |  | 1,243,877 | 2,879,954 | [1]
Total cash and restricted cash as shown on the combined statements of cash flows. |  | 1,243,877 | 2,879,954 | [1]
COMBINED |  |  |  |
Cash flows used in operating activities |  |  |  |
Net income (loss) |  | 46,451,272 | (35,363,570) |
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: |  |  |  |
Net realized (gain) loss on investments |  | (35,303,444) | 30,608,304 |
Change in net unrealized gain (loss) on investments |  |  | 3,579,283 |
Sale (purchase) of investments, net |  | 77,947,000 | (57,045,732) |
Change in net unrealized loss (gain) on futures |  | (11,954,763) |  |
Change in operating assets and liabilities: |  |  |  |
Decrease in subscriptions receivable |  |  | 1,684,835 |
Decrease (Increase) in interest receivable |  | 23,765 | (130,554) |
Decrease (increase) in due from sponsor |  | (22,674) |  |
Increase in receivable on open futures contracts |  | 825,287 | (825,287) |
Increase in payable on open futures contracts |  | (12,765,190) | 4,404,570 |
Increase (decrease) in due to Sponsor |  | (128,627) | (106,915) |
Increase (Decrease) in accrued expenses |  | 320,125 | (28,774) |
Net cash used in operating activities |  | 65,392,751 | (53,223,840) |
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  | 51,961,246 | 115,637,104 |
Paid on redemption of shares |  | (122,574,198) | (61,398,051) |
Net cash provided by financing activities |  | (70,612,952) | 54,239,053 |
Net increase (decrease) in cash and restricted cash |  | (5,220,201) | 1,015,213 |
Cash and restricted cash, beginning of year |  | 38,203,690 | 37,188,477 |
Cash and restricted cash, end of year |  | 32,983,489 | 38,203,690 |
Cash |  |  |  |
Segregated cash held by broker |  | 32,983,489 | 38,203,690 |
Total cash and restricted cash as shown on the combined statements of cash flows. |  | $ 32,983,489 | $ 38,203,690 |
[1] | Period from May 3, 2023 (commencement of investment operations) to June 30, 2023.

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