XML 35 R8.htm IDEA: XBRL DOCUMENT v3.25.0.1
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)