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Combined Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023
Cash flows provided by (used in) operating activities |  |  |  |
Net income (loss) | $ (12,259,764) | $ 44,789,813 | $ (16,814,660) | $ 45,208,404
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |
Net realized loss (gain) on investments |  |  |  | (9,607,772)
Change in net unrealized loss (gain) on investments |  |  |  | (36,016,062)
Change in operating assets and liabilities: |  |  |  |
Decrease (increase) in receivable on open futures contracts |  |  |  | (22,461,028)
Decrease (increase) in payable on open futures contracts |  |  |  | (13,586,335)
Sale (Purchase) of investments, net |  |  | (10,980,583) | 73,389,364
Change in net unrealized loss (gain) on futures |  |  | 1,582,730 |
Decrease (increase) in interest receivable |  |  | 33,206 | 77,771
Decrease (Increase) in due from sponsor |  |  | (1,792) |
Increase (decrease) in due to sponsor |  |  | (26,708) | 14,647
Increase (Decrease) in accrued expenses |  |  | 194,979 | 42,523
Net cash provided by (used in) operating activities |  |  | (26,012,828) | 37,061,512
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  |  | 23,258,581 | 14,100,573
Paid on redemption of shares |  |  | (15,292,145) | (61,539,084)
Net cash provided by (used in) financing activities |  |  | 7,966,436 | (47,438,511)
Net increase (decrease) in cash and restricted cash |  |  | (18,046,392) | (10,376,999)
Cash and restricted cash, beginning of year |  |  | 32,983,489 | 38,203,690
Cash and restricted cash, end of year | 14,937,097 | 27,826,691 | 14,937,097 | 27,826,691
Cash |  |  |  |
Segregated cash held by broker | 14,937,097 | 27,826,691 | 14,937,097 | 27,826,691
Total cash and restricted cash as shown on the statement of cash flows | 14,937,097 | 27,826,691 | 14,937,097 | 27,826,691
BREAKWAVE DRY BULK SHIPPING ETF |  |  |  |
Cash flows provided by (used in) operating activities |  |  |  |
Net income (loss) | (11,489,313) | 44,724,351 | (15,708,546) | 46,045,849
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |
Net realized loss (gain) on investments |  |  |  | (9,477,594)
Change in net unrealized loss (gain) on investments |  |  |  | (36,924,759)
Change in operating assets and liabilities: |  |  |  |
Decrease (increase) in receivable on open futures contracts |  |  |  | (23,286,315)
Decrease (increase) in payable on open futures contracts |  |  |  | (13,669,745)
Sale (Purchase) of investments, net |  |  | (11,489,595) | 74,289,664
Change in net unrealized loss (gain) on futures |  |  | 1,513,760 |
Decrease (increase) in interest receivable |  |  | 33,211 | 78,457
Decrease (Increase) in due from sponsor |  |  |  |
Increase (decrease) in due to sponsor |  |  | (26,708) | 17,319
Increase (Decrease) in accrued expenses |  |  | 188,126 | 43,771
Net cash provided by (used in) operating activities |  |  | (25,489,752) | 37,116,647
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  |  | 22,040,013 | 13,708,463
Paid on redemption of shares |  |  | (14,328,055) | (59,822,874)
Net cash provided by (used in) financing activities |  |  | 7,711,958 | (46,114,411)
Net increase (decrease) in cash and restricted cash |  |  | (17,777,794) | (8,997,764)
Cash and restricted cash, beginning of year |  |  | 31,739,612 | 35,323,736
Cash and restricted cash, end of year | 13,961,818 | 26,325,972 | 13,961,818 | 26,325,972
Cash |  |  |  |
Segregated cash held by broker | 13,961,818 | 26,325,972 | 13,961,818 | 26,325,972
Total cash and restricted cash as shown on the statement of cash flows | 13,961,818 | 26,325,972 | 13,961,818 | 26,325,972
BREAKWAVE TANKER SHIPPING ETF |  |  |  |
Cash flows provided by (used in) operating activities |  |  |  |
Net income (loss) | (770,451) | 65,462 | (1,106,114) | (837,445)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |
Net realized loss (gain) on investments |  |  |  | (130,178)
Change in net unrealized loss (gain) on investments |  |  |  | 908,697
Change in operating assets and liabilities: |  |  |  |
Decrease (increase) in receivable on open futures contracts |  |  |  | 825,287
Decrease (increase) in payable on open futures contracts |  |  |  | 83,410
Sale (Purchase) of investments, net |  |  | 509,012 | (900,300)
Change in net unrealized loss (gain) on futures |  |  | 68,970 |
Decrease (increase) in interest receivable |  |  | (5) | (686)
Decrease (Increase) in due from sponsor |  |  | (1,792) |
Increase (decrease) in due to sponsor |  |  |  | (2,672)
Increase (Decrease) in accrued expenses |  |  | 6,853 | (1,248)
Net cash provided by (used in) operating activities |  |  | (523,076) | (55,135)
Cash flows from financing activities |  |  |  |
Proceeds from sale of shares |  |  | 1,218,568 | 392,110
Paid on redemption of shares |  |  | (964,090) | (1,716,210)
Net cash provided by (used in) financing activities |  |  | 254,478 | (1,324,100)
Net increase (decrease) in cash and restricted cash |  |  | (268,598) | (1,379,235)
Cash and restricted cash, beginning of year |  |  | 1,243,877 | 2,879,954
Cash and restricted cash, end of year | 975,279 | 1,500,719 | 975,279 | 1,500,719
Cash |  |  |  |
Segregated cash held by broker | 975,279 | 1,500,719 | 975,279 | 1,500,719
Total cash and restricted cash as shown on the statement of cash flows | $ 975,279 | $ 1,500,719 | $ 975,279 | $ 1,500,719

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