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Creations and Redemptions

12 Months Ended

Jun. 30, 2024

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 or Redemption Baskets. A Creation or Redemption Basket is a block of 25,000 shares of the particular Fund. Baskets may be created or redeemed only by Authorized Participants.

Except when aggregated in Creation or Redemption Baskets, the shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem shares directly from or with the 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 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 or Redemption Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $300 per BDRY or BWET 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

BREAKWAVE DRY BULK SHIPPING ETF

Summary of Share Transactions for the Year Ended June 30, 2024

	Shares			Net Assets Increase
Shares Sold		4,700,000		$	38,500,878
Shares Redeemed		(12,550,000	)		(107,351,823	)
Net Decrease		(7,850,000	)	$	(68,850,945	)

BREAKWAVE DRY BULK SHIPPING ETF

Summary of Share Transactions for the Year Ended June 30, 2023

	Shares			Net Assets Increase
Shares Sold		14,975,000		$	112,635,604
Shares Redeemed		(6,625,000	)		(61,398,051	)
Net Increase		8,350,000		$	51,237,553

BREAKWAVE TANKER SHIPPING ETF

Summary of Share Transactions for the Year Ended June 30, 2024

	Shares			Net Assets Increase
Shares Sold		775,000		$	13,460,368
Shares Redeemed		(850,000	)		(15,222,375	)
Net Decrease		(75,000	)	$	(1,762,007	)

BREAKWAVE TANKER SHIPPING ETF

Summary of Share Transactions for the Period from May 3, 2023 to June 30, 2023

	Shares		Net Assets Increase
Shares Sold		200,100	$	3,001,500
Shares Redeemed		-		-
Net Increase		200,100	$	3,001,500