XML 41 R9.htm IDEA: XBRL DOCUMENT 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.