XML 41 R14.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investments | 6 Months Ended
--- | ---
Dec. 31, 2024
Investments [Abstract] |
Investments | (3) Investments (a) Short -Term Investments The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be used as margin for the Funds’ trading in futures contracts. (b) Accounting for Derivative Instruments In seeking to achieve each Fund’s investment objective, the commodity trading advisor uses a mathematical approach to investing. Using this approach, the commodity trading advisor determines the type, quantity and mix of investment positions that it believes in combination should produce returns consistent with the Fund’s objective. All open derivative positions at December 31, 2024 and at June 30, 2024, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these open positions relative to the shareholders’ capital of the Funds is generally representative of the notional value of open positions to shareholders’ capital throughout the reporting periods for the Funds. The volume associated with derivative positions varies on a daily basis as the Funds transact in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to shareholders’ capital consistent with the applicable Fund’s investment objective. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures. (c) Futures Contracts The Funds enter into futures contracts to gain exposure to changes in the value of the Benchmark Portfolios. A futures contract obligates the seller to deliver (and the purchaser to accept) the future cash settlement of a specified quantity and type of a freight futures contract at a specified time and place. The contractual obligations of a buyer or seller of a freight futures contract may generally be satisfied by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Upon entering into a futures contract, the Funds are required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities and is restricted as to its use. Pursuant to the futures contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. The Funds will realize a gain or loss upon closing a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically freight futures price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure the Funds have in the particular classes of instruments. Additional risks associated with the use of futures contracts include imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal counterparty risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default. Average Derivative Volume, for the six months ended December 31, 2024
Fund |  | Monthly Average Quantity |  |  | Monthly Average Notional Value |
Breakwave Dry Bulk Shipping ETF |  |  | 822 |  |  | $ | 11,141,521 |
Breakwave Tanker Shipping ETF |  |  | 63 |  |  | $ | 894,451 |
Amplify Commodity Trust (combined) |  |  | 885 |  |  | $ | 12,035,972 |
Average Derivative Volume, for the period ended June 30, 2024
Fund |  | Monthly Average Quantity |  |  | Monthly Average Notional Value |
Breakwave Dry Bulk Shipping ETF |  |  | 782 |  |  | $ | 15,359,875 |
Breakwave Tanker Shipping ETF |  |  | 117 |  |  | $ | 1,543,866 |
Amplify Commodity Trust (combined) |  |  | 898 |  |  | $ | 16,903,741 |
BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of December 31, 2024
|  | Asset Derivatives |  | Liability Derivatives |  |  |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Total(a) |
Dry Bulk Index Rates Market Risk |  | Unrealized appreciation on futures contracts |  | $ | 992,720 |  |  | Unrealized depreciation on futures contracts |  | $ | 3,295,155 |  |  | $ | 2,302,435 |
(a) | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2024
|  | Asset Derivatives |  | Liability Derivatives |  |  |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Total(a) |
Dry Bulk Index Rates Market Risk |  | Receivable on open futures contracts and unrealized appreciation on futures contracts |  | $ | 328,945 |  |  | Payable on open futures contracts and Unrealized depreciation on futures contracts |  | $ | 1,117,620 |  |  | $ | 788,675 |
(a) | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2024
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Dry Bulk Index Rates Market Risk |  | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts |  | $ | (9,194,227 | ) |  | $ | (2,196,210 | )
The futures contracts open at December 31, 2024 are indicative of the activity for the three months ended December 31, 2024. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2023
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Gain on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Dry Bulk Index Rates Market Risk |  | Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts |  | $ | 27,728,859 |  |  | $ | 17,188,035 |
The futures contracts open at December 31, 2023 are indicative of the activity for the three months ended December 31, 2023. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2024
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Dry Bulk Index Rates Market Risk |  | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts |  | $ | (14,038,246 | ) |  | $ | (1,513,760 | )
The futures contracts open at December 31, 2024 are indicative of the activity for the six months ended December 31, 2024. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2023
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Gain on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Dry Bulk Index Rates Market Risk |  | Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts |  | $ | 9,477,594 |  |  | $ | 36,924,759 |
The futures contracts open at December 31, 2023 are indicative of the activity for the six months ended December 31, 2023. BREAKWAVE TANKER SHIPPING ETF Fair Value of Derivative Instruments, as of December 31, 2024
|  | Asset Derivatives |  | Liability Derivatives |  |  |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Total(a) |
Crude Oil Tanker Index Rates Market Risk |  | Unrealized appreciation on futures contracts |  | $ | - |  |  | Unrealized depreciation on futures contracts |  | $ | 184,850 |  |  | $ | 184,850 |
(a) | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE TANKER SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2024
|  | Asset Derivatives |  | Liability Derivatives |  |  |
Derivatives |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Combined Statements of Assets and Liabilities |  | Fair Value |  |  | Total(a) |
Crude Oil Tanker Index Rates Market Risk |  | Unrealized appreciation on futures contracts |  | $ | - |  |  | Unrealized depreciation on futures contracts |  | $ | 115,880 |  |  | $ | 115,880 |
(a) | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.
BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2024
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Crude Oil Tanker Index Rates Market Risk |  | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts |  | $ | (728,787 | ) |  | $ | (34,492 | )
The futures contracts open at December 31, 2024 are indicative of the activity for the three months ended December 31, 2024. BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2023
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Gain on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Crude Oil Tanker Index Rates Market Risk |  | Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts |  | $ | 96,553 |  |  | $ | (12,008 | )
The futures contracts open at December 31, 2023 are indicative of the activity for the three months ended December 31, 2023. BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2024
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Loss on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Crude Oil Tanker Index Rates Market Risk |  | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts |  | $ | (1,021,428 | ) |  | $ | (68,970 | )
The futures contracts open at December 31, 2024 are indicative of the activity for the six months ended December 31, 2024. BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2023
Derivatives |  | Location of Gain (Loss) on Derivatives |  | Realized Gain on Derivatives Recognized in Income |  |  | Change in Unrealized Gain (Loss) on Derivatives Recognized in Income |
Crude Oil Tanker Index Rates Market Risk |  | Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts |  | $ | 130,178 |  |  | $ | (908,697 | )
The futures contracts open at December 31, 2023 are indicative of the activity for the six months ended December 31, 2023.

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration