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Combined Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023
Investment Income |  |  |  |
Interest | $ 217,555 | $ 465,149 | $ 518,401 | $ 1,009,265
Expenses |  |  |  |
Sponsor fee | 44,111 | 43,955 | 88,221 | 87,959
CTA fee | 89,554 | 222,609 | 208,623 | 473,678
Audit fees | 34,060 | 32,977 | 68,284 | 70,189
Tax preparation fees | 76,824 | 55,886 | 157,760 | 118,896
Admin/accounting/custodian/transfer agent fees | 30,506 | 31,596 | 62,265 | 63,229
Legal fees | 31,941 | 22,608 | 63,405 | 45,240
Chief Compliance Officer fees | 12,513 | 12,560 | 25,025 | 25,136
Principal Financial Officer fees | 12,513 | 12,560 | 25,025 | 25,136
Regulatory reporting fees | 12,513 | 12,560 | 25,025 | 25,136
Brokerage commissions | 107,436 | 173,141 | 187,083 | 380,943
Distribution fees | 6,238 | 7,871 | 12,008 | 15,767
NJ Filing fees | 25,300 | 62,582 | 50,600 | 135,870
Share registration fees |  | 8,163 |  | 8,163
Insurance expense | 3,128 | 7,534 | 6,418 | 15,080
Listing and calculation agent fees | 4,048 | 4,008 | 7,448 | 8,025
Marketing expenses | 7,544 | 6,055 | 15,088 | 18,016
Other expenses |  | 761 |  | 3,720
Website Support and Marketing Materials |  | 7,791 |  | 15,582
Trustee Fees | 1,288 |  | 2,576 |
Printing and Postage | 16,129 | 4,905 | 32,494 | 10,057
Wholesale support fees | 17,589 | 28,622 | 37,682 | 59,734
Miscellaneous fees | 1,638 |  | 3,294 |
Total Expenses | 534,873 | 758,744 | 1,078,324 | 1,605,556
Less: Waiver of CTA fee | (89,554) | (7,347) | (194,473) | (20,130)
Less: Expenses absorbed by Sponsor | (121,716) | (74,622) | (193,194) | (160,731)
Net Expenses | 323,603 | 676,775 | 690,657 | 1,424,695
Net Investment Loss | (106,048) | (211,626) | (172,256) | (415,430)
Net Realized Gain (Loss) on |  |  |  |
Futures contracts | (9,923,014) | 27,825,412 | (15,059,674) | 9,607,772
Change in Unrealized Gain (Loss) on |  |  |  |
Futures contracts | (2,230,702) | 17,176,027 | (1,582,730) | 36,016,062
Net realized and unrealized gain (loss) | (12,153,716) | 45,001,439 | (16,642,404) | 45,623,834
Net income (loss) | (12,259,764) | 44,789,813 | (16,814,660) | 45,208,404
BREAKWAVE DRY BULK SHIPPING ETF |  |  |  |
Investment Income |  |  |  |
Interest | 198,965 | 457,674 | 473,381 | 995,384
Expenses |  |  |  |
Sponsor fee | 31,508 | 31,396 | 63,015 | 62,826
CTA fee | 82,348 | 215,262 | 191,224 | 453,548
Audit fees | 20,995 | 21,537 | 42,155 | 41,374
Tax preparation fees | 74,890 | 55,257 | 153,187 | 110,684
Admin/accounting/custodian/transfer agent fees | 15,991 | 16,576 | 32,080 | 33,173
Legal fees | 15,983 | 11,304 | 31,715 | 22,620
Chief Compliance Officer fees | 6,256 | 6,280 | 12,512 | 12,568
Principal Financial Officer fees | 6,256 | 6,280 | 12,512 | 12,568
Regulatory reporting fees | 6,256 | 6,280 | 12,512 | 12,568
Brokerage commissions | 99,067 | 164,318 | 168,344 | 356,616
Distribution fees | 5,139 | 3,944 | 9,076 | 7,893
NJ Filing fees | 24,380 | 62,582 | 48,760 | 125,711
Share registration fees |  | 7,184 |  | 7,184
Insurance expense | 1,564 | 3,767 | 3,209 | 7,542
Listing and calculation agent fees | 2,024 | 2,312 | 3,724 | 4,631
Marketing expenses | 3,772 | 2,288 | 7,544 | 10,478
Other expenses |  | 629 |  | 1,691
Website Support and Marketing Materials |  | 6,535 |  | 13,070
Trustee Fees | 644 |  | 1,288 |
Printing and Postage | 12,195 | 2,392 | 24,766 | 5,031
Wholesale support fees | 13,072 | 24,094 | 28,338 | 50,112
Miscellaneous fees | 819 |  | 1,647 |
Total Expenses | 423,159 | 650,217 | 847,608 | 1,351,888
Less: Waiver of CTA fee | (82,348) |  | (168,344) |
Less: Expenses absorbed by Sponsor | (42,970) |  | (49,343) |
Net Expenses | 297,841 | 650,217 | 629,921 | 1,351,888
Net Investment Loss | (98,876) | (192,543) | (156,540) | (356,504)
Net Realized Gain (Loss) on |  |  |  |
Futures contracts | (9,194,227) | 27,728,859 | (14,038,246) | 9,477,594
Change in Unrealized Gain (Loss) on |  |  |  |
Futures contracts | (2,196,210) | 17,188,035 | (1,513,760) | 36,924,759
Net realized and unrealized gain (loss) | (11,390,437) | 44,916,894 | (15,552,006) | 46,402,353
Net income (loss) | (11,489,313) | 44,724,351 | (15,708,546) | 46,045,849
BREAKWAVE TANKER SHIPPING ETF |  |  |  |
Investment Income |  |  |  |
Interest | 18,590 | 7,475 | 45,020 | 13,881
Expenses |  |  |  |
Sponsor fee | 12,603 | 12,559 | 25,206 | 25,133
CTA fee | 7,206 | 7,347 | 17,399 | 20,130
Audit fees | 13,065 | 11,440 | 26,129 | 28,815
Tax preparation fees | 1,934 | 629 | 4,573 | 8,212
Admin/accounting/custodian/transfer agent fees | 14,515 | 15,020 | 30,185 | 30,056
Legal fees | 15,958 | 11,304 | 31,690 | 22,620
Chief Compliance Officer fees | 6,257 | 6,280 | 12,513 | 12,568
Principal Financial Officer fees | 6,257 | 6,280 | 12,513 | 12,568
Regulatory reporting fees | 6,257 | 6,280 | 12,513 | 12,568
Brokerage commissions | 8,369 | 8,823 | 18,739 | 24,327
Distribution fees | 1,099 | 3,927 | 2,932 | 7,874
NJ Filing fees | 920 |  | 1,840 | 10,159
Share registration fees |  | 979 |  | 979
Insurance expense | 1,564 | 3,767 | 3,209 | 7,538
Listing and calculation agent fees | 2,024 | 1,696 | 3,724 | 3,394
Marketing expenses | 3,772 | 3,767 | 7,544 | 7,538
Other expenses |  | 132 |  | 2,029
Website Support and Marketing Materials |  | 1,256 |  | 2,512
Trustee Fees | 644 |  | 1,288 |
Printing and Postage | 3,934 | 2,513 | 7,728 | 5,026
Wholesale support fees | 4,517 | 4,528 | 9,344 | 9,622
Miscellaneous fees | 819 |  | 1,647 |
Total Expenses | 111,714 | 108,527 | 230,716 | 253,668
Less: Waiver of CTA fee | (7,206) | (7,347) | (26,129) | (20,130)
Less: Expenses absorbed by Sponsor | (78,746) | (74,622) | (143,851) | (160,731)
Net Expenses | 25,762 | 26,558 | 60,736 | 72,807
Net Investment Loss | (7,172) | (19,083) | (15,716) | (58,926)
Net Realized Gain (Loss) on |  |  |  |
Futures contracts | (728,787) | 96,553 | (1,021,428) | 130,178
Change in Unrealized Gain (Loss) on |  |  |  |
Futures contracts | (34,492) | (12,008) | (68,970) | (908,697)
Net realized and unrealized gain (loss) | (763,279) | 84,545 | (1,090,398) | (778,519)
Net income (loss) | $ (770,451) | $ 65,462 | $ (1,106,114) | $ (837,445)

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