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Net Asset Value and Financial Highlights
 6 Months Ended
Dec. 31, 2024
Net Asset Value and Financial Highlights [Abstract]  
Net Asset Value and Financial Highlights

(10) Net Asset Value and Financial Highlights

 

The Funds are presenting, as applicable, the following net asset value and financial highlights related to investment performance for a Share outstanding throughout the three and six months ended December 31, 2024 and December 31, 2023, respectively. The net investment income and total expense ratios are calculated using average net assets. The net asset value presentation is calculated by dividing each Fund’s net assets by the average daily number of Shares outstanding. The net investment income (loss) and expense ratios have been annualized. The total return is based on the change in net asset value and market value of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of their transactions in Fund Shares.

(10) Net Asset Value and Financial Highlights - Continued

 

   BREAKWAVE DRY BULK   BREAKWAVE TANKER 
   SHIPPING ETF   SHIPPING ETF 
   For the Three Months Ended
December 31, 2024		   For the Three Months Ended
December 31, 2023		 
   2024   2023   2024   2023 
                 
Net Asset Value                
Net asset value per Share, beginning of period  $10.71   $5.50   $14.85   $15.48 
Net investment loss*   (0.03)   (0.02)   (0.05)   (0.16)
Net realized and unrealized loss   (4.64)   6.16    (4.92)   0.72 
Net Loss   (4.67)   6.14    (4.97)   0.56 
Net Asset Value per Share, end of period  $6.04   $11.64   $9.88   $16.04 
Market Value per Share, end of period  $6.08   $11.56   $9.82   $16.15 
Ratios to Average Net Assets**                    
Expense Ratio**   5.24%   4.38%   5.18%   5.24%
Expense Ratio**** before Waiver/Assumption   7.45%   4.38%   22.48%   21.42%
Net Investment Income (Loss)   (1.74)%   (1.30)%   (1.44)%   (3.77)%
Total Return, at Net Asset Value***   (43.62)%   111.64%   (33.44)%   3.62%
Total Return, at Market Value***   (43.39)%   110.56%   (33.46)%   2.41%

 

* Calculated based on average shares outstanding during the period.

** Percentages are annualized

*** Percentages are not annualized

**** Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any.

 

   BREAKWAVE DRY BULK   BREAKWAVE TANKER 
   SHIPPING ETF   SHIPPING ETF 
   For the Six Months Ended
December 31, 2024		   For the Six Months Ended
December 31, 2023		 
   2024   2023   2024   2023 
                 
Net Asset Value                
Net asset value per Share, beginning of period  $12.13   $5.53   $16.69   $20.83 
Net investment loss*   (0.05)   (0.03)   (0.10)   (0.37)
Net realized and unrealized loss   (6.04)   6.14    (6.71)   (4.42)
Net Loss   (6.09)   6.11    (6.81)   (4.79)
Net Asset Value per Share, end of period  $6.04   $11.64   $9.88   $16.04 
Market Value per Share, end of period  $6.08   $11.56   $9.82   $16.15 
Ratios to Average Net Assets**                    
Expense Ratio**   4.78%   4.32%   5.06%   5.24%
Expense Ratio**** before Waiver/Assumption   6.43%   4.32%   19.23%   18.27%
Net Investment Income (Loss)   (1.19)%   (1.14)%   (1.31)%   (4.24)%
Total Return, at Net Asset Value***   (50.18)%   110.49%   (40.79)%   (23.00)%
Total Return, at Market Value***   (50.33)%   108.29%   (41.52)%   (22.65)%

 

* Calculated based on average shares outstanding during the period.

** Percentages are annualized

*** Percentages are not annualized

**** Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any.