Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 01, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ETF Managers Group Commodity Trust I | |
Entity Central Index Key | 0001610940 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity File Number | 001-36851 | |
Entity Incorporation State Country Code | DE | |
Entity Common Stock, Shares Outstanding | 2,375,040 |
Statements of Assets and Liabil
Statements of Assets and Liabilities (Unaudited) - USD ($) | Dec. 31, 2020 | Nov. 18, 2020 | Jun. 30, 2020 |
Assets | |||
Investment in securities, at fair value | $ 12,866,631 | ||
Segregated cash held by broker | 28,222,274 | ||
Receivable on open futures contracts | 8,581,555 | ||
Interest receivable | 545 | ||
Total assets | 49,671,005 | ||
Liabilities | |||
Options written, at fair value | 4,148 | ||
Payable on open futures contracts | 5,144 | ||
Payable for Fund shares redeemed | 192,533 | ||
Due to Sponsor | 88,459 | ||
Other accrued expenses | 37,053 | ||
Total liabilities | 327,337 | ||
Net Assets | $ 25,180,185 | 49,343,668 | |
BREAKWAVE DRY BULK SHIPPING ETF | |||
Assets | |||
Investment in securities, at fair value | 7,803,092 | 7,986,862 | |
Segregated cash held by broker | 13,545,258 | 28,020,391 | |
Receivable on open futures contracts | 4,303,595 | 8,581,555 | |
Interest receivable | 281 | 545 | |
Total assets | 25,652,226 | 44,589,353 | |
Liabilities | |||
Options written, at fair value | |||
Payable on open futures contracts | |||
Payable for Fund shares redeemed | 393,560 | 192,533 | |
Due to Sponsor | 67,492 | 84,280 | |
Other accrued expenses | 37,053 | ||
Other liabilities | 10,989 | ||
Total liabilities | 472,041 | 313,866 | |
Net Assets | $ 25,180,185 | $ 44,275,487 | |
Shares outstanding (unlimited authorized) | $ 3,175,040 | $ 5,750,040 | |
Net asset value per share | 7.93 | 7.70 | |
Market value per share | $ 7.70 | $ 7.39 | |
ETF MANAGERS GROUP COMMODITY TRUST I | |||
Assets | |||
Investment in securities, at fair value | $ 7,803,092 | ||
Segregated cash held by broker | 13,545,258 | ||
Receivable on open futures contracts | 4,303,595 | ||
Interest receivable | 281 | ||
Total assets | 25,652,226 | ||
Liabilities | |||
Payable for Fund shares redeemed | 393,560 | ||
Due to Sponsor | 67,492 | ||
Other liabilities | 10,989 | ||
Total liabilities | 472,041 | ||
Net Assets | $ 25,180,185 | ||
SIT RISING RATE ETF | |||
Assets | |||
Investment in securities, at fair value | $ 4,879,769 | ||
Segregated cash held by broker | 201,883 | ||
Receivable on open futures contracts | |||
Interest receivable | |||
Total assets | 5,081,652 | ||
Liabilities | |||
Options written, at fair value | 4,148 | ||
Payable on open futures contracts | 5,144 | ||
Payable for Fund shares redeemed | |||
Due to Sponsor | 4,179 | ||
Total liabilities | 13,471 | ||
Net Assets | $ 5,068,181 | ||
Shares outstanding (unlimited authorized) | $ 250,040 | ||
Net asset value per share | 20.27 | ||
Market value per share | $ 20.26 |
Statements of Assets and Liab_2
Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) | Dec. 31, 2020 | Nov. 18, 2020 | Jun. 30, 2020 |
BREAKWAVE DRY BULK SHIPPING ETF | |||
Securities, at fair value | $ 7,803,092 | $ 7,986,862 | |
Options written, premiums received | $ 0 | ||
SIT RISING RATE ETF | |||
Securities, at fair value | $ 4,883,666 | ||
Options written, premiums received | $ 3,204 |
Combined Schedules of Investmen
Combined Schedules of Investments (Unaudited) | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Number | Jun. 30, 2020USD ($)Numbershares | Nov. 18, 2020USD ($) | ||||
Investment owned, at Fair value | $ 25,180,185 | $ 49,343,668 | ||||
US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | 4,849,667 | |||||
ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | 25,180,185 | |||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||||
Investment owned, at Fair value | 25,180,185 | 44,275,487 | ||||
BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | 25,180,185 | 44,275,487 | ||||
BREAKWAVE DRY BULK SHIPPING ETF | US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | [1] | |||||
SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | $ 5,068,181 | |||||
SIT RISING RATE ETF | US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | [1] | 4,849,667 | ||||
Money Market Funds [Member] | ||||||
Investment owned, at Fair value | 8,002,668 | |||||
Money Market Funds [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | 7,803,092 | |||||
Money Market Funds [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | 7,803,092 | 7,986,862 | ||||
Money Market Funds [Member] | SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | 15,806 | |||||
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X | ||||||
Investment owned, at Fair value | $ 7,986,862 | |||||
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | [2] | 7,803,092 | ||||
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X | BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||||
Investment owned, Balance, Shares | shares | [3] | 7,986,862 | ||||
Investment owned, at Fair value | 7,803,092 | [2] | $ 7,986,862 | [3] | ||
Money Market Funds [Member] | First American US Treasury Money Market Fund Class Z [Member] | ||||||
Investment owned, at Fair value | $ 15,806 | |||||
Money Market Funds [Member] | First American US Treasury Money Market Fund Class Z [Member] | SIT RISING RATE ETF | ||||||
Investment owned, Balance, Shares | shares | [3] | 15,806 | ||||
Investment owned, at Fair value | [3] | $ 15,806 | ||||
Investments [Member] | ||||||
Investment owned, at Fair value | 12,866,631 | |||||
Investments [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | 7,803,092 | |||||
Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||||
Investment owned, at Fair value | 7,803,092 | 7,986,862 | ||||
Investments [Member] | SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | 4,879,769 | |||||
Other Assets in Excess of Liabilities | ||||||
Investment owned, at Fair value | [1] | 36,477,037 | ||||
Other Assets in Excess of Liabilities | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | [4] | 17,377,093 | ||||
Other Assets in Excess of Liabilities | BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||||
Investment owned, at Fair value | 17,377,093 | [4] | 36,288,625 | [1] | ||
Other Assets in Excess of Liabilities | SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | [1] | 188,412 | ||||
Futures Contracts | ||||||
Value investment owned, Appreciation/(Depreciation) | 8,581,555 | |||||
Futures Contracts | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | 4,303,595 | |||||
Futures Contracts | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 4,303,595 | 8,581,555 | ||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 556,225 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 556,225 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 28, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 512,475 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 512,475 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 25, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 492,625 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 492,625 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | (5,020) | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | (5,020) | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 28, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 199,250 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 199,250 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 25, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 222,470 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 222,470 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring July 31, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 3,644,720 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 3,644,720 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring August 28, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | 1,977,550 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | 1,977,550 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring September 25, 2020 [Member] | ||||||
Value investment owned, Appreciation/(Depreciation) | $ 981,260 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 520 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 981,260 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 350 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 350 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 350 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 180 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 180 | |||||
Futures Contracts | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 180 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 380 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 450 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring January 29, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 389,075 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring January 29, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 340 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 389,075 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring February 26, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 198,310 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring February 26, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 355 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 198,310 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring March 31, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 469,610 | |||||
Futures Contracts | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 340 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 469,610 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring January 29, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 121,280 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring January 29, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 80 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 121,280 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring February 26, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 34,375 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring February 26, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 80 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 34,375 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring March 31, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 55,815 | |||||
Futures Contracts | Baltic Exchange Supramax Average Shipping Route Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 80 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 55,815 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring January 29, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 1,491,755 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring January 29, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 370 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 1,491,755 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring February 26, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 881,460 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring February 26, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 400 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 881,460 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring March 31, 2021 [Member] | ETF MANAGERS GROUP COMMODITY TRUST I | ||||||
Investment owned, at Fair value | $ 661,915 | |||||
Futures Contracts | Baltic Capesize Time Charter Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, Balance, Contracts | Number | 370 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 661,915 | |||||
Short Futures Contracts | ||||||
Value investment owned, Appreciation/(Depreciation) | $ (5,144) | |||||
Short Futures Contracts | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Short Futures Contracts | SIT RISING RATE ETF | ||||||
Value investment owned, Appreciation/(Depreciation) | (5,144) | |||||
Short Futures Contracts | US Treasury 5 Year Note | ||||||
Value investment owned, Appreciation/(Depreciation) | (5,899) | |||||
Short Futures Contracts | US Treasury 5 Year Note | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Short Futures Contracts | US Treasury 5 Year Note | SIT RISING RATE ETF | ||||||
Investment owned, Balance, Contracts | Number | 37 | |||||
Value investment owned, Appreciation/(Depreciation) | $ (5,899) | |||||
Short Futures Contracts | US Treasury 2 Year Note | ||||||
Value investment owned, Appreciation/(Depreciation) | 755 | |||||
Short Futures Contracts | US Treasury 2 Year Note | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Short Futures Contracts | US Treasury 2 Year Note | SIT RISING RATE ETF | ||||||
Investment owned, Balance, Contracts | Number | 46 | |||||
Value investment owned, Appreciation/(Depreciation) | $ 755 | |||||
Purchased Options [Member] | ||||||
Investment owned, at Fair value | 14,296 | |||||
Purchased Options [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Purchased Options [Member] | SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | $ 14,296 | |||||
Purchased Options [Member] | U.S. Treasury 10 Year Note [Member] | ||||||
Investment owned, Balance, Contracts | Number | 15 | |||||
Investment owned, at Fair value | $ 14,296 | |||||
Purchased Options [Member] | U.S. Treasury 10 Year Note [Member] | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Purchased Options [Member] | U.S. Treasury 10 Year Note [Member] | SIT RISING RATE ETF | ||||||
Investment owned, at Fair value | 14,296 | |||||
Short-term Investments [Member] | US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | 4,849,667 | |||||
Short-term Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF | US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | [1] | |||||
Short-term Investments [Member] | SIT RISING RATE ETF | US Treasury Securities [Member] | ||||||
Investment owned, at Fair value | [1] | 4,849,667 | ||||
Written Options Contracts [Member] | US Treasury 5 Year Note | ||||||
Investment owned, at Fair value | (4,148) | |||||
Written Options Contracts [Member] | US Treasury 5 Year Note | BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment owned, at Fair value | ||||||
Written Options Contracts [Member] | US Treasury 5 Year Note | SIT RISING RATE ETF | ||||||
Investment owned, Balance, Contracts | Number | 9 | |||||
Investment owned, at Fair value | $ (4,148) | |||||
[1] | $27,827,859 and $4,849,667, respectively, of cash is pledged as collateral for futures contracts abd written options | |||||
[2] | Annualized seven-day yield as of December 31, 2020 | |||||
[3] | Annualized seven-day yield as of June 30, 2020. | |||||
[4] | $13,545,258 of cash is pledged as collateral for futures contracts |
Combined Schedules of Investm_2
Combined Schedules of Investments (Unaudited) (Parenthetical) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2020 | Dec. 31, 2020 | ||||
SIT RISING RATE ETF [Member] | |||||
Investment owned, Percent of net assets | 100.00% | ||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Percent of net assets | 100.00% | 100.00% | |||
Purchased Options [Member] | U.S. Treasury 10 Year Note [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, Subject to option, Price | $ 139.50 | ||||
Investment owned, Subject to option, Exercise dates | 08/21/20 | ||||
Investment owned, at cost | $ 22,316 | ||||
Investment owned, Percent of net assets | 0.30% | ||||
Purchased Options [Member] | U.S. Treasury 10 Year Note [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Percent of net assets | [1] | 0.12% | |||
Short-term Investments [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, Percent of net assets | 95.70% | ||||
Short-term Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Percent of net assets | 0.00% | ||||
Short-term Investments [Member] | U.S. Treasury 10 Year Note [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, at cost | $ 4,845,544 | ||||
Investment owned, Principal amount | [1] | $ 4,850,000 | |||
Written Options Contracts [Member] | U.S. Treasury 5 Year Note [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, Subject to option, Price | $ 125.50 | ||||
Investment owned, Subject to option, Exercise dates | [1] | 07/23/2020 | |||
Investment owned premiums received | $ 3,204 | ||||
Short Futures Contracts [Member] | U.S. Treasury 5 Year Note [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, Principal amount | 4,652,461 | ||||
Short Futures Contracts [Member] | U.S. Treasury 2 Year Note [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, Principal amount | 10,158,094 | ||||
Money Market Funds [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, at cost | $ 15,806 | ||||
Investment owned, Percent of net assets | 0.03% | ||||
Money Market Funds [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, at cost | $ 7,986,862 | $ 7,803,092 | |||
Investment owned, Percent of net assets | 18.00% | 31.00% | |||
Money Market Funds [Member] | First American US Treasury Money Market Fund Class Z [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, at cost | [2] | $ 15,806 | |||
Investment owned, Percent of net assets | [2] | 0.04% | |||
Money Market Funds [Member] | First American US Treasury Obligations Fund Class X [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, at cost | $ 7,986,862 | [2] | $ 7,803,092 | [3] | |
Investment owned, Percent of net assets | 0.08% | [2] | 0.04% | [3] | |
Investments [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned, at cost | $ 4,883,666 | ||||
Investment owned, Percent of net assets | 96.30% | ||||
Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, at cost | $ 7,986,862 | $ 7,803,092 | |||
Investment owned, Percent of net assets | 18.00% | 31.00% | |||
Other Assets in Excess of Liabilities [Member] | SIT RISING RATE ETF [Member] | |||||
Investment owned Percent of other liabilities | [1] | 3.70% | |||
Other Assets in Excess of Liabilities [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned Percent of other liabilities | 82.00% | [1] | 69.00% | [4] | |
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring January 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | $ 3,304,460 | ||||
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring February 28, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 3,137,490 | ||||
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 3,504,040 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax Average Shipping Route Expiring January 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 838,320 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax Average Shipping Route Expiring February 28, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 695,680 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax Average Shipping Route Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 761,680 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring January 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 4,797,420 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring February 28, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 4,012,400 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring March 31, 2021 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | $ 3,740,330 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | $ 1,769,220 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 9,431,220 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 8,851,050 | ||||
Futures Contracts [Member] | Baltic Capesize Time Charter Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 9,041,760 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 1,746,000 | ||||
Futures Contracts [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 1,536,480 | ||||
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 3,799,600 | ||||
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 28, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | 3,768,100 | ||||
Futures Contracts [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 25, 2020 [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Investment owned, Principal amount | $ 3,753,750 | ||||
[1] | $27,827,859 and $4,849,667, respectively, of cash is pledged as collateral for futures contracts abd written options | ||||
[2] | Annualized seven-day yield as of June 30, 2020. | ||||
[3] | Annualized seven-day yield as of December 31, 2020 | ||||
[4] | $13,545,258 of cash is pledged as collateral for futures contracts |
Combined Statements of Operatio
Combined Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Investment Income | ||||||
Interest | $ 574 | $ 37,492 | $ 6,675 | $ 94,145 | ||
Expenses | ||||||
Sponsor fee | 37,329 | 50,272 | 88,084 | 100,544 | ||
CTA fee | 86,278 | 9,692 | 218,036 | 23,377 | ||
Audit fees | 50,399 | 35,797 | 90,841 | 71,594 | ||
Tax preparation fees | 10,653 | 25,136 | 30,036 | 50,272 | ||
Admin/accounting/custodian/transfer agent fees | 21,076 | 30,027 | 52,054 | 60,054 | ||
Legal fees | 24,220 | 20,108 | 44,386 | 40,216 | ||
Chief Compliance Officer fees | 8,356 | 12,584 | 20,958 | 25,162 | ||
Principal Financial Officer fees | 8,356 | 12,584 | 20,958 | 25,162 | ||
Regulatory reporting fees | 13,356 | 12,584 | 25,958 | 25,162 | ||
Brokerage commissions | 84,011 | 8,129 | 160,466 | 18,292 | ||
Distribution fees | 5,217 | 7,883 | 13,034 | 15,766 | ||
Insurance expense | 5,014 | 7,540 | 12,576 | 15,080 | ||
Listing & calculation agent fees | 3,771 | 6,334 | 10,022 | 12,668 | ||
Other expenses | 4,304 | 6,404 | 10,557 | 12,808 | ||
Website Support and Marketing Materials | 5,014 | 12,576 | ||||
Printing and Postage | 3,539 | 5,304 | 8,833 | 10,608 | ||
Wholesale support fees | 13,649 | 8,393 | 31,917 | 17,493 | ||
Interest expense | 108 | 14 | 302 | 14 | ||
Total Expenses | 384,650 | 258,785 | 851,594 | 524,272 | ||
Less: Waiver of CTA fee | (18,432) | (6,561) | (18,432) | (16,213) | ||
Less: Expenses absorbed by Sponsor | (32,532) | (212,585) | (136,902) | (414,794) | ||
Net Expenses | 333,686 | 39,639 | 696,260 | 93,265 | ||
Net Investment Income (Loss) | (333,112) | (2,147) | (689,585) | 880 | ||
Net Realized Gain (Loss) on | ||||||
Investments, futures and options contracts | (3,586,156) | (550,056) | 6,484,358 | 85,453 | ||
Change in Unrealized Gain (Loss) on | ||||||
Investments, futures and options contracts | 2,797,281 | 273,261 | (4,267,501) | 1,034,836 | ||
Net realized and unrealized gain (loss) | (788,875) | (276,795) | 2,216,857 | 1,120,289 | ||
Net income (loss) | (1,121,987) | (278,942) | 1,527,272 | 1,121,169 | ||
BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Investment Income | ||||||
Interest | 393 | 6,346 | 1,067 | 19,013 | ||
Expenses | ||||||
Sponsor fee | 31,165 | 31,420 | 63,016 | 62,840 | ||
CTA fee | 85,781 | 6,561 | 214,994 | 16,213 | ||
Audit fees | 22,042 | 13,785 | 44,084 | 27,570 | ||
Tax preparation fees | 6,428 | 12,568 | 12,856 | 25,136 | ||
Admin/accounting/custodian/transfer agent fees | 16,284 | 15,548 | 32,568 | 31,096 | ||
Legal fees | 11,343 | 11,311 | 22,686 | 22,622 | ||
Chief Compliance Officer fees | 6,301 | 6,283 | 12,602 | 12,566 | ||
Principal Financial Officer fees | 6,301 | 6,283 | 12,602 | 12,566 | ||
Regulatory reporting fees | 6,301 | 6,283 | 12,602 | 12,566 | ||
Brokerage commissions | 83,830 | 7,202 | 159,042 | 15,499 | ||
Distribution fees | 3,959 | 3,977 | 7,918 | 7,954 | ||
Insurance expense | 3,781 | 3,770 | 7,562 | 7,540 | ||
Listing & calculation agent fees | 2,571 | 3,167 | 5,142 | 6,334 | ||
Other expenses | 3,404 | 4,211 | 6,808 | 8,422 | ||
Website Support and Marketing Materials | 3,781 | 7,562 | ||||
Printing and Postage | 2,647 | 2,665 | 5,294 | 5,330 | ||
Wholesale support fees | 13,400 | 6,827 | 30,395 | 13,910 | ||
Interest expense | 82 | 82 | ||||
Total Expenses | 309,401 | 141,861 | 657,815 | 288,164 | ||
Less: Waiver of CTA fee | (18,432) | (6,561) | (18,432) | (16,213) | ||
Less: Expenses absorbed by Sponsor | (112,262) | (217,318) | ||||
Net Expenses | 290,969 | 23,038 | 639,383 | 54,633 | ||
Net Investment Income (Loss) | (290,576) | (16,692) | (638,316) | (35,620) | ||
Net Realized Gain (Loss) on | ||||||
Investments, futures and options contracts | (3,591,274) | (243,845) | 6,513,496 | 338,181 | ||
Change in Unrealized Gain (Loss) on | ||||||
Investments, futures and options contracts | 2,788,440 | (117,845) | (4,277,960) | 666,605 | ||
Net realized and unrealized gain (loss) | (802,834) | (361,690) | 2,235,536 | 1,004,786 | ||
Net income (loss) | (1,093,410) | (378,382) | 1,597,220 | 969,166 | ||
SIT RISING RATE ETF | ||||||
Investment Income | ||||||
Interest | 181 | [1] | 31,146 | 5,608 | [2] | 75,132 |
Expenses | ||||||
Sponsor fee | 6,164 | [1] | 18,852 | 25,068 | [2] | 37,704 |
CTA fee | 497 | [1] | 3,131 | 3,042 | [2] | 7,164 |
Audit fees | 28,357 | [1] | 22,012 | 46,757 | [2] | 44,024 |
Tax preparation fees | 4,225 | [1] | 12,568 | 17,180 | [2] | 25,136 |
Admin/accounting/custodian/transfer agent fees | 4,792 | [1] | 14,479 | 19,486 | [2] | 28,958 |
Legal fees | 12,877 | [1] | 8,797 | 21,700 | [2] | 17,594 |
Chief Compliance Officer fees | 2,055 | [1] | 6,301 | 8,356 | [2] | 12,596 |
Principal Financial Officer fees | 2,055 | [1] | 6,301 | 8,356 | [2] | 12,596 |
Regulatory reporting fees | 7,055 | [1] | 6,301 | 13,356 | [2] | 12,596 |
Brokerage commissions | 181 | [1] | 927 | 1,424 | [2] | 2,793 |
Distribution fees | 1,258 | [1] | 3,906 | 5,116 | [2] | 7,812 |
Insurance expense | 1,233 | [1] | 3,770 | 5,014 | [2] | 7,540 |
Listing & calculation agent fees | 1,200 | [1] | 3,167 | 4,880 | [2] | 6,334 |
Other expenses | 900 | [1] | 2,193 | 3,749 | [2] | 4,386 |
Website Support and Marketing Materials | 1,233 | [1] | 5,014 | [2] | ||
Printing and Postage | 892 | [1] | 2,639 | 3,539 | [2] | 5,278 |
Wholesale support fees | 249 | [1] | 1,566 | 1,522 | [2] | 3,583 |
Interest expense | 26 | [1] | 14 | 220 | [2] | 14 |
Total Expenses | 75,249 | [1] | 116,924 | 193,779 | [2] | 236,108 |
Less: Waiver of CTA fee | [1] | [2] | ||||
Less: Expenses absorbed by Sponsor | (32,532) | [1] | (100,323) | (136,902) | [2] | (197,476) |
Net Expenses | 42,717 | [1] | 16,601 | 56,877 | [2] | 38,632 |
Net Investment Income (Loss) | (42,536) | [1] | 14,545 | (51,269) | [2] | 36,500 |
Net Realized Gain (Loss) on | ||||||
Investments, futures and options contracts | 5,118 | [1] | (306,211) | (29,138) | [2] | (252,728) |
Change in Unrealized Gain (Loss) on | ||||||
Investments, futures and options contracts | 8,841 | [1] | 391,106 | 10,459 | [2] | 368,231 |
Net realized and unrealized gain (loss) | 13,959 | [1] | 84,895 | (18,679) | [2] | 115,503 |
Net income (loss) | $ (28,577) | [1] | $ 99,440 | $ (69,948) | [2] | $ 152,003 |
[1] | Period from October 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. | |||||
[2] | Period from July 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. |
Combined Statements of Changes
Combined Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
BREAKWAVE DRY BULK SHIPPING ETF | ||||||
Net Assets at Beginning of Period | $ 30,291,037 | $ 1,965,548 | $ 44,275,487 | $ 4,308,262 | ||
Increase (decrease) in Net Assets from share transactions | ||||||
Addition of shares | 653,748 | 1,151,130 | 2,101,301 | 1,151,130 | ||
Redemption of shares | (4,671,190) | (431,515) | (22,793,823) | (4,121,777) | ||
Net Increase (decrease) in Net Assets from share transactions | (4,017,442) | 719,615 | (20,692,522) | (2,970,647) | ||
Increase (decrease) in Net Assets from operations | ||||||
Net investment gain (loss) | (290,576) | (16,692) | (638,316) | (35,620) | ||
Net realized gain (loss) | (3,591,274) | (243,845) | 6,513,496 | 338,181 | ||
Change in net unrealized gain (loss) | 2,788,440 | (117,845) | (4,277,960) | 666,605 | ||
Net Increase (decrease) in Net Assets from operations | (1,093,410) | (378,382) | 1,597,220 | 969,166 | ||
Net Assets at End of Period | 25,180,185 | 2,306,781 | 25,180,185 | 2,306,781 | ||
SIT RISING RATE ETF | ||||||
Net Assets at Beginning of Period | 3,018,360 | [1] | 6,218,812 | 5,068,181 | [2] | 11,920,149 |
Increase (decrease) in Net Assets from share transactions | ||||||
Addition of shares | [1] | [2] | ||||
Redemption of shares | (2,989,783) | [1] | (577,766) | (4,998,233) | [2] | (6,331,666) |
Net Increase (decrease) in Net Assets from share transactions | (2,989,783) | [1] | (577,766) | (4,998,233) | [2] | (6,331,666) |
Increase (decrease) in Net Assets from operations | ||||||
Net investment gain (loss) | (42,536) | [1] | 14,545 | (51,269) | [2] | 36,500 |
Net realized gain (loss) | 5,118 | [1] | (306,211) | (29,138) | [2] | (252,728) |
Change in net unrealized gain (loss) | 8,841 | [1] | 391,106 | 10,459 | [2] | 368,231 |
Net Increase (decrease) in Net Assets from operations | (28,577) | [1] | 99,440 | (69,948) | [2] | 152,003 |
Net Assets at End of Period | [1] | 5,740,486 | [1] | 5,740,486 | ||
Net Assets at Beginning of Period | 33,309,397 | 8,184,360 | 49,343,668 | 16,228,411 | ||
Addition of shares | 653,748 | 1,151,130 | 2,101,301 | 1,151,130 | ||
Redemption of shares | (7,660,973) | (1,009,281) | (27,792,056) | (10,453,443) | ||
Net Increase (decrease) in Net Assets from share transactions | (7,007,225) | 141,849 | (25,690,755) | (9,302,313) | ||
Net investment gain (loss) | (333,112) | (2,147) | (689,585) | 880 | ||
Net realized gain (loss) | (3,586,156) | (550,056) | 6,484,358 | 85,453 | ||
Change in net unrealized gain (loss) | 2,797,281 | 273,261 | (4,267,501) | 1,034,836 | ||
Net Increase (decrease) in Net Assets from operations | (1,121,987) | (278,942) | 1,527,272 | 1,121,169 | ||
Net Assets at End of Period | $ 25,180,185 | $ 8,047,267 | $ 25,180,185 | $ 8,047,267 | ||
[1] | Period from October 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. | |||||
[2] | Period from July 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. |
Combined Statements of Change_2
Combined Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
BREAKWAVE DRY BULK SHIPPING ETF | ||||
Addition during the period | 100,000 | 75,000 | 275,000 | 75,000 |
Redemption during the period | 600,000 | 25,000 | 2,850,000 | 250,000 |
SIT RISING RATE ETF | ||||
Addition during the period | 0 | 0 | 0 | 0 |
Redemption during the period | 150,040 | 25,000 | 250,040 | 275,000 |
Combined Statements of Cash Flo
Combined Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows provided by (used in) operating activities | |||
Net income (loss) | $ 1,527,272 | $ 1,121,169 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net realized loss (gain) on investments | (6,484,358) | (85,453) | |
Change in net unrealized loss (gain) on investments | 4,267,501 | (1,034,836) | |
Change in operating assets and liabilities: | |||
Sale (purchase) of investments, net | 7,280,396 | 8,041,466 | |
Decrease in interest receivable | 264 | 4,247 | |
Increase (decrease) in receivable on open futures contracts | 4,277,960 | 375,537 | |
Decrease in options written, at fair value | (4,148) | (13,430) | |
Increase (decrease) in payable on open futures contracts | (5,144) | (221,332) | |
Decrease in due to Sponsor | (20,967) | (11,408) | |
Decrease in other liabilities | (26,064) | (1,218) | |
Net cash provided by (used in) operating activities | 10,812,712 | 9,302,313 | |
Cash flows from financing activities | |||
Proceeds from sale of shares | 2,101,301 | 1,151,130 | |
Paid on redemption of shares | (27,792,056) | (10,453,443) | |
Increase in payable for Fund shares redeemed | 201,027 | ||
Net cash provided by (used in) financing activities | (25,489,728) | (9,302,313) | |
Net increase (decrease) in cash and restricted cash | (14,677,016) | (1,127,591) | |
Cash and restricted cash, beginning of period | 28,222,274 | 3,197,026 | |
Cash and restricted cash, end of period | 13,545,258 | 2,069,455 | |
BREAKWAVE DRY BULK SHIPPING ETF | |||
Cash flows provided by (used in) operating activities | |||
Net income (loss) | 1,597,220 | 969,166 | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net realized loss (gain) on investments | (6,513,496) | (338,181) | |
Change in net unrealized loss (gain) on investments | 4,277,960 | (666,605) | |
Change in operating assets and liabilities: | |||
Sale (purchase) of investments, net | 2,419,306 | 1,549,179 | |
Decrease in interest receivable | 264 | 3,993 | |
Increase (decrease) in receivable on open futures contracts | 4,277,960 | 391,415 | |
Decrease in options written, at fair value | |||
Increase (decrease) in payable on open futures contracts | 105,125 | ||
Decrease in due to Sponsor | (16,788) | (6,813) | |
Decrease in other liabilities | (26,064) | (1,218) | |
Net cash provided by (used in) operating activities | 6,016,362 | 2,006,061 | |
Cash flows from financing activities | |||
Proceeds from sale of shares | 2,101,301 | 1,151,130 | |
Paid on redemption of shares | (22,793,823) | (4,121,777) | |
Increase in payable for Fund shares redeemed | 201,027 | ||
Net cash provided by (used in) financing activities | (20,491,495) | (2,970,647) | |
Net increase (decrease) in cash and restricted cash | (14,475,133) | (964,586) | |
Cash and restricted cash, beginning of period | 28,020,391 | 2,831,566 | |
Cash and restricted cash, end of period | 13,545,258 | 1,866,980 | |
SIT RISING RATE ETF | |||
Cash flows provided by (used in) operating activities | |||
Net income (loss) | (69,948) | [1] | 152,003 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net realized loss (gain) on investments | 29,138 | [1] | 252,728 |
Change in net unrealized loss (gain) on investments | (10,459) | [1] | (368,231) |
Change in operating assets and liabilities: | |||
Sale (purchase) of investments, net | 4,861,090 | [1] | 6,492,287 |
Decrease in interest receivable | [1] | 254 | |
Increase (decrease) in receivable on open futures contracts | [1] | (15,878) | |
Decrease in options written, at fair value | (4,148) | (13,430) | |
Increase (decrease) in payable on open futures contracts | (5,144) | [1] | (326,457) |
Decrease in due to Sponsor | (4,179) | [1] | (4,595) |
Decrease in other liabilities | [1] | ||
Net cash provided by (used in) operating activities | 4,796,350 | [1] | 6,331,666 |
Cash flows from financing activities | |||
Proceeds from sale of shares | [1] | ||
Paid on redemption of shares | (4,998,233) | [1] | (6,331,666) |
Net cash provided by (used in) financing activities | (4,998,233) | [1] | (6,331,666) |
Net increase (decrease) in cash and restricted cash | (201,883) | (162,985) | |
Cash and restricted cash, beginning of period | 201,883 | 365,460 | |
Cash and restricted cash, end of period | $ 202,475 | ||
[1] | Period from July 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. |
Combined Statements of Cash F_2
Combined Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Cash | ||||
Segregated cash held by broker | 13,545,258 | 2,069,455 | ||
Total cash and restricted cash as shown on the statement of cash flows | 13,545,258 | $ 28,222,274 | 2,069,455 | $ 3,197,026 |
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||
Cash | ||||
Segregated cash held by broker | 13,545,258 | 1,866,980 | ||
Total cash and restricted cash as shown on the statement of cash flows | 13,545,258 | 28,020,391 | 1,866,980 | 2,831,566 |
SIT RISING RATE ETF [Member] | ||||
Cash | ||||
Segregated cash held by broker | 202,475 | |||
Total cash and restricted cash as shown on the statement of cash flows | $ 201,883 | $ 202,475 | $ 365,460 |
Organization
Organization | 6 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | (1) Organization ETF Managers Group Commodity Trust I (the "Trust") was organized as a Delaware statutory trust on July 23, 2014. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and currently consists of one separate series. BREAKWAVE DRY BULK SHIPPING ETF ("BDRY," the "Fund"), is a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on NYSE Arca. The Fund is managed and controlled by ETF Managers Capital LLC (the "Sponsor"), a Delaware limited liability company. The Sponsor is registered with the Commodity Futures Trading Commission ("CFTC") as a "commodity pool operator" ("CPO") and is a member of the National Futures Trading Association ("NFA"). Breakwave Advisors, LLC ("Breakwave") is registered as a "commodity trading advisor" ("CTA") with the CFTC and serves as BDRY's commodity trading advisor. RISE Closure On October 16, 2020, the Sponsor announced that it would close and liquidate the SIT RISING RATE ETF ("RISE") because of current market conditions and the Fund's asset size. The last day the liquidated fund accepted creation orders was on October 30, 2020. Trading in RISE was suspended after the close of the NYSE Arca on October 30, 2020. Proceeds of the liquidation were sent to shareholders on November 18, 2020 (the "Distribution Date"). From October 30, 2020 through the distribution date, shares of RISE did not trade on the NYSE Arca nor was there a secondary market for the shares. Any shareholders that remained in RISE on the Distribution Date automatically had their shares redeemed for cash at the current net asset value on November 18, 2020. BDRY commenced investment operations on March 22, 2018. BDRY commenced trading on NYSE Arca on March 22, 2018 and trades under the symbol "BDRY." BDRY's investment objective is to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of BDRY, by tracking the performance of a portfolio (the "BDRY Benchmark Portfolio") consisting of a three-month strip of the nearest calendar quarter of futures contracts on specified indexes (each a "Reference Index") that measure rates for shipping dry bulk freight ("Freight Futures"). Each Reference Index is published each United Kingdom business day by the London-based Baltic Exchange Ltd. (the "Baltic Exchange") and measures the charter rate for shipping dry bulk freight in a specific size category of cargo ship – Capesize, Panamax or Supramax. The three Reference Indexes are as follows: ● Capesize ● Panamax ● Supramax The value of the Capesize 5TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax 6TC Index each is disseminated at 1:00 p.m., London Time. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely disseminated by Reuters and/or other major market data vendors. BDRY seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting the BDRY Benchmark Portfolio. The BDRY Benchmark Portfolio includes all existing positions to maturity and settles them in cash. During any given calendar quarter, the BDRY Benchmark Portfolio progressively increases its positions to the next calendar quarter three-month strip, thus maintaining constant exposure to the Freight Futures market as positions mature. The BDRY Benchmark Portfolio maintains long-only positions in Freight Futures. The BDRY Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight Futures. More specifically, the BDRY Benchmark Portfolio includes 50% exposure in Capesize Freight Futures contracts, 40% exposure in Panamax Freight Futures contracts and 10% exposure in Supramax Freight Futures contracts. The BDRY Benchmark Portfolio does not include and BDRY does not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through exchanges or clearing houses. BDRY may hold exchange-traded options on Freight Futures. The BDRY Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually. The Freight Futures currently constituting the BDRY Benchmark Portfolio, as well as the daily holdings of BDRY are available on BDRY's website at www.drybulketf.com. When establishing positions in Freight Futures, BDRY will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Freight Futures position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant exchanges, clearing houses or BDRY's FCM, ED&F Man Capital Markets, Inc. On a daily basis, BDRY is obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Freight Futures positions. Any assets not required to be posted as margin with the FCM may be held at BDRY's custodian or remain with the FCM in cash or cash equivalents, as discussed below. BDRY was created to provide investors with a cost-effective and convenient way to gain exposure to daily changes in the price of Freight Futures. BDRY is intended to be used as a diversification opportunity as part of a complete portfolio, not a complete investment program. The Fund will incur certain expenses in connection with their operations. The Fund will hold cash or cash equivalents such as U.S. Treasuries or other high credit quality, short-term fixed-income or similar securities for direct investment or as collateral for the Treasury Instruments and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation between changes in the Fund's net asset value ("NAV") and changes in the Benchmark Portfolio, because the Benchmark Portfolio does not reflect expenses or income. The Fund seeks to trade its positions prior to maturity; accordingly, natural market forces may cost the Fund while rebalancing. Each time the Fund seeks to reconstitute its positions, barring movement in the underlying securities, the futures and option prices may be higher or lower. Such differences in price, barring a movement in the price of the underlying security, will constitute "roll yield" and may inhibit the Fund's ability to achieve its respective investment objective. Several factors determine the total return from investing in a futures contract position. One factor that impacts the total return that will result from investing in near month futures contracts and "rolling" those contracts forward each month is the price relationship between the current near month contract and the next month contract. The CTA will close existing positions when it determines it would be appropriate to do so and reinvest the proceeds in other positions. Positions may also be closed out to meet orders for redemption baskets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Basis of Accounting The accompanying interim combined financial statements of the Fund have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). The Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S. GAAP. The accompanying interim combined financial statements are unaudited, but in the opinion of management, contain all adjustments (which include normal recurring adjustments) considered necessary to present fairly the interim combined financial statements. These interim combined financial statements should be read in conjunction with BDRY's annual report on Form 10-K for the year ended June 30, 2020 and BDRY's prospectus dated March 13, 2020 (the "BDRY Prospectus,"). Interim period results are not necessarily indicative of results for a full-year period. (b) Use of Estimates The preparation of the interim combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim combined financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of the interim combined financial statements. (c) Cash Cash, when shown in the Combined Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments. (d) Cash Held by Broker Breakwave is registered as a "commodity trading advisor" and acts as such for BDRY. The Fund's arrangement with its FCM requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker (as defined below). These amounts are shown as Segregated cash held by broker in the Combined Statements of Assets and Liabilities. The Fund deposits cash or United States Treasury Obligations, as applicable, with its FCM subject to the CFTC regulations and various exchange and broker requirements. The combination of the Fund's deposits with its FCM of cash and United States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation margin) represents the Fund's overall equity in its brokerage trading account. The Fund uses its cash held by its FCM to satisfy variation margin requirements. The Fund earns interest on its cash deposited with its FCM and interest income is recorded on the accrual basis. (e) Final Net Asset Value for Fiscal Period The calculation time of the Fund's final net asset value for creation and redemption of Fund shares for the three and six months ended December 31, 2020 and 2019 was at 4:00 p.m. Eastern Time on December 31, 2020 and 2019, respectively. Although the Fund's shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, the 4:00 p.m. Eastern Time represented the final opportunity to transact in creation or redemption baskets for the three and six months ended December 31, 2020 and 2019. Fair value per share is determined at the close of the NYSE Arca. For financial reporting purposes, the Fund values its investment positions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these interim combined financial statements differ from those used in the calculations of the Fund's final creation/redemption NAVs at December 31, 2020 and 2019. (f) Investment Valuation Short-term investments, excluding U.S. Treasury Bills, are carried at amortized cost, which approximates fair value. U.S. Treasury Bills are valued as determined by an independent pricing service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Futures and options contracts are valued at the last settled price on the applicable exchange on which that futures and/or options contract trades. (g) Financial Instruments and Fair Value The Fund discloses the fair value of its investments in accordance with the Financial Accounting Standards Board ("FASB") fair value measurement and disclosure guidance which requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent to the Fund (observable inputs); and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level II: Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III: Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. The following table summarizes BDRY's valuation of investments at December 31, 2020 and at June 30, 2020 using the fair value hierarchy: December 31, 2020 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 7,803,092 a $ 4,303,595 b $ 12,106,687 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2020 (audited) Short-Term Futures Total Level I – Quoted Prices $ 7,986,862 a $ 8,581,555 b $ 16,568,417 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the six months ended December 31, 2020 and the year ended June 30, 2020, BDRY recognized no transfers from Level 1, Level 2 or Level 3. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize RISE's valuation of investments at June 30, 2019 using the fair value hierarchy: June 30, 2020 (audited) Short-Term Purchased Written Futures Total Level I – Quoted Prices $ 4,865,473 a $ 14,296 a $ (4,148 )b $ (5,144 )c $ 4,870,477 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Options written, at fair value in the Combined Statements of Assets and Liabilities. c – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the year ended June 30, 2020, RISE recognized no transfers from Level 1, Level 2 or Level 3. (h) Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis, and marked to market daily. Unrealized gain/loss on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations. BDRY's interest earned on short-term securities and on cash deposited with ED & F Man Capital Markets Inc. is accrued daily and reflected as Interest Income, when applicable, in the Combined Statements of Operations. (i) Federal Income Taxes The Fund is registered as a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner is required to take into account their allocable share of the Fund's income, gain, loss, deductions and other items for the Fund's taxable year ending with or within the beneficial owner's taxable year. Management of the Fund has reviewed the open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns at December 31, 2020 and June 30, 2020. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management will monitor its tax positions taken to determine if adjustments to its conclusions are necessary based on factors including, but not limited to, further implementation of guidance expected from the FASB and on-going analysis of tax law, regulation, and interpretations thereof. The Fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed. (j) Reclassification and Changes in Presentation Certain reclassifications and changes in presentation have been made to the prior unaudited interim combined financial statements to conform with the current period presentation. |
Investments
Investments | 6 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Investments | (3) Investments (a) Short-Term Investments The Fund 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 Fund's trading in futures contracts. (b) Accounting for Derivative Instruments In seeking to achieve the 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, 2020 and at June 30, 2020, 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 Fund is generally representative of the notional value of open positions to shareholders' capital throughout the reporting periods for the Fund. The volume associated with derivative positions varies on a daily basis as the Fund transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to shareholders' capital consistent with the Fund's investment objective. Following is a description of the derivative instruments used by the Fund during the reporting period, including the primary underlying risk exposures. (c) Futures Contracts The Fund enters into futures contracts to gain exposure to changes in the value of the Benchmark Portfolio. 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 treasury futures contract at a specified time and place. The contractual obligations of a buyer or seller of a treasury 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 Fund is 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 Fund agrees 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 Fund as unrealized gains or losses. The Fund will realize a gain or loss upon closing a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically treasury 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 Fund has 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 Fund 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. BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of December 31, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Fair Interest Rate Risk Receivable on open futures contracts $ 4,303,595 * — — * Represents cumulative appreciation 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, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Fair Interest Rate Risk Receivable on open futures contracts $ 8,581,555 * — — * Represents cumulative appreciation 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, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (3,591,274 ) $ 2,788,440 The futures contracts open at December 31, 2020 are indicative of the activity for the three months ended December 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (243,845 ) $ (117,845 ) The futures contracts open at December 31, 2019 are indicative of the activity for the three months ended December 31, 2019. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 6,513,496 $ (4,277,960 ) The futures contracts open at December 31, 2020 are indicative of the activity for the six months ended December 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 338,181 $ 666,605 The futures contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019. SIT RISING RATE ETF Fair Value of Derivative Instruments, as of June 30, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Fair Value Combined Fair Value Interest Rate Risk Purchased options $ 14,296 * Payable on open futures contracts $ (5,144 )** Interest Rate Risk — — Written options, at fair value $ (4,148 )* * Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities. ** Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2020* Derivatives Location of Gain (Loss) on Derivatives Realized Gain on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ 5,118 $ 8,841 * The operations include the activity of Sit Rising Rate ETF through November 18, 2020, the date of liquidation. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (306,211 ) $ 391,106 The futures and options contracts open at December 31, 2019 are indicative of the activity for the three months ended December 31, 2019. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Gain on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (29,138 ) $ 10,459 The operations include the activity of Sit Rising Rate ETF through November 18, 2020, the date of liquidation. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Loss on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (252,728 ) $ 368,231 The futures and options contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019. |
Agreements
Agreements | 6 Months Ended |
Dec. 31, 2020 | |
Agreements [Abstract] | |
Agreements | (4) Agreements (a) Management Fee The Fund pays the Sponsor a sponsor fee (the "Sponsor Fee") in consideration of the Sponsor's advisory services to the Fund. Additionally, the Fund pays its commodity trading advisor a license and service fee (the "CTA fee"). BDRY pays the Sponsor an annual Sponsor Fee, monthly in arrears, in an amount calculated as the greater of 0.15% of its average daily net assets, or $125,000. BDRY also paid an annual fee to Breakwave, monthly in arrears, in an amount equal to 1.45% of BDRY's average daily net assets. Breakwave has agreed to waive its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BDRY such that Fund expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions and interest expense, of the value of BDRY's average daily net assets through February 28, 2022 (the "BDRY Expense Cap,"). The assumption of expenses by the Sponsor and waiver of BDRY's CTA fee are contractual on the part of the Sponsor and Breakwave, respectively. The waiver of BDRY's CTA fees, pursuant to the undertaking, amounted to $18,432 and $6,561, for the three months ended December 31, 2020 and 2019, respectively, and $18,432 and $16,213 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. The Fund currently accrues its daily expenses up to the Expense Cap, or if less, at accrual estimates established by the Sponsor. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund in excess of the Fund's Expense Cap, which in the case of RISE, aggregated $32,532 and $100,323 for the three months ended December 31, 2020 and 2019, respectively, and $136,902 and $197,476 for the six months ended December 31, 2020 and 2019, respectively, and in the case of BDRY, aggregated $-0- and $112,262 for the three months ended December 31, 2020 and 2019, respectively, and $-0- and $217,318 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. (b) The Administrator, Custodian, Fund Accountant and Transfer Agent The Fund has appointed U.S. Bank, a national banking association, with its principal office in Milwaukee, Wisconsin, as the custodian (the "Custodian"). Its affiliate, U.S. Bancorp Fund Services, is the Fund accountant ("the Fund accountant") of the Fund, transfer agent (the "Transfer Agent") for Fund shares and administrator for the Fund (the "Administrator"). It performs certain administrative and accounting services for the Fund and prepares certain SEC, NFA and CFTC reports on behalf of the Fund. (U.S. Bank and U.S. Bancorp Fund Services are referred to collectively hereinafter as "U.S. Bank"). BDRY has agreed to pay U.S. Bank 0.05% of AUM, with a $45,000 minimum annual fee payable for its administrative, accounting and transfer agent services and 0.01% of AUM, with an annual minimum of $4,800 for custody services. BDRY paid U.S. Bank $16,284 and $15,548 for the three months ended December 31, 2020 and 2019, respectively, and $32,568 and $31,096 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. Prior to its liquidation RISE paid U.S. Bank $4,792 and $14,479 for the three months ended December 31, 2020 and 2019, respectively, and $19,486 and $28,958 for the six months ended December 31, 2019, respectively, as disclosed in the Combined Statements of Operations. (c) The Distributor The Fund pays ETFMG Financial LLC. (the "Distributor"), an affiliate of the Sponsor, an annual fee for statutory and wholesaling distribution services and related administrative services equal to the greater of $15,000 or 0.02% of the Fund's average daily net assets, payable monthly. Pursuant to the Marketing Agent Agreement between the Sponsor, the Fund and the Distributor, the Distributor assists the Sponsor and the Fund with certain functions and duties relating to distribution and marketing services to the Fund, including reviewing and approving marketing materials and certain regulatory compliance matters. The Distributor also assists with the processing of creation and redemption orders. BDRY incurred $3,959 and $3,977 for the three months ended December 31, 2020 and 2019, respectively, and $7,918 and $7,954 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. Prior to its liquidation, RISE incurred $1,258 and $3,906 in distribution and related administrative services for the three months ended December 31, 2020 and 2019, respectively, and $5,116 and $7,812 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. Prior to its liquidation, BDRY pays the Sponsor an annual fee for wholesale support services of $25,000 plus 0.12% of BDRY's average daily net assets, payable monthly. Prior to its liquidation, RISE also paid the Sponsor an annual fee for wholesale support services equal to 0.1% of RISE's average daily net assets, payable monthly. BDRY incurred $13,400 and $6,827 in wholesale support fees for the three months ended December 31, 2020 and 2019, respectively, and $30,395 and $13,910 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. Prior to its liquidation, RISE incurred $249 and $1,566 in wholesale support fees for the three months ended December 31, 2020 and 2019, respectively, and $1,522 and $3,583 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. (d) The Commodity Broker ED&F Man Capital Inc., a Delaware limited liability company, serves as BDRY's clearing broker (the "Commodity Broker"). In its capacity as clearing broker, the Commodity Broker executes and clear the Funds' futures transactions and performs certain administrative services for the Funds. Prior to November 6, 2020, MacQuarie Futures USA LLC served as BDRY's clearing broker. The Fund pays respective brokerage commissions, including applicable exchange fees, National Futures Association ("NFA") fees, give–up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor does not expect brokerage commissions and fees to exceed 0.40% (excluding the impact on the Fund of creation and/or redemption activity) for BDRY of the net asset value of the Fund for execution and clearing services on behalf of the Fund, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater. The effects of trading spreads, financing costs associated with financial instruments, and costs relating to the purchase of U.S. Treasury Securities or similar high credit quality short-term fixed-income or similar securities are not included in the foregoing analysis. BDRY incurred $83,830 and $7,202 in brokerage commissions and fees for the three months ended December 31, 2020 and 2019, respectively, and $159,042 and $15,499 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. Prior to its liquidation, RISE incurred $181 and $927 in brokerage commissions and fees for the three months ended December 31, 2020 and 2019, respectively, and $1,424 and $2,793 for the six months ended December 31, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations. (e) The Trustee Under the respective Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement") for the Fund, Wilmington Trust Company, the Trustee of the Fund (the "Trustee") serves as the sole trustee of the Fund in the State of Delaware. The Trustee will accept service of legal process on the Fund in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. Under the Trust Agreement for the Fund, the Sponsor has the exclusive management and control of all aspects of the business of the Fund. The Trustee does not owe any other duties to the Fund, the Sponsor or the Shareholders of the Fund. The Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor. BDRY incurred $630 and $628 in trustee fees for the three months ended December 31, 2020 and 2019, respectively, and $1,260 and $1,256 for the six months ended December 31, 2020 and 2019, respectively, which is included in Other Expenses in the Combined Statements of Operations. Prior to its liquidation, RISE incurred $418 and $628, in trustee fees for the three months ended December 31, 2020 and 2019, respectively, and $843 and $1,256 for the six months ended December 31, 2020 and 2019, respectively, which is included in Other Expenses in the Combined Statements of Operations. (f) Routine Offering, Operational, Administrative and Other Ordinary Expenses The Sponsor, in accordance with the BDRY Expense Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, all of the routine offering, operational, administrative and other ordinary expenses of BDRY in excess of 3.50% (excluding brokerage commissions and interest expense) of BDRY's average daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator, Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing, mailing and duplication costs. BDRY incurred $309,401 and $141,861 for the three months ended December 31, 2020 and 2019, respectively, and $657,815 and $288,164 for the six months ended December 31, 2020 and 2019, respectively, in routine offering, operational, administrative or other ordinary expenses. The CTA fee waiver for BDRY by Breakwave was $18,432 and $6,561 for the three months ended December 31, 2020 and 2019, respectively, and $18,432 and $16,213 for the six months ended December 31, 2020 and 2019, respectively. In addition, the assumption of Fund expenses above the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $-0- and $112,262 for the three months ended December 31, 2020 and 2019, respectively, and $-0- and $217,318 for the six months ended December 31, 2020 and 2019, respectively. Prior to its liquidation, RISE incurred $75,249 (including $26 in interest expense) and $116,924 (including $14 in interest expense) for the three months ended December 31, 2020 and 2019, respectively, and $193,779 and $236,108 for the six months ended December 31, 2020 and 2019, respectively, in routine offering, operational, administrative or other ordinary expenses. Prior to its liquidation, the assumption of Fund expenses above the RISE Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $32,532 and $100,323 for the three months ended December 31, 2020 and 2019, respectively, and $136,902 and $197,476 for the six months ended December 31, 2020 and 2019, respectively. (g) Organizational and Offering Costs Expenses incurred in connection with organizing BDRY and up to the offering of its Shares upon commencement of its investment operations on March 22, 2018, were paid by the Sponsor and Breakwave without reimbursement. Accordingly, all such expenses are not reflected in the Statements of Operations. The Fund will bear the costs of its continuous offering of Shares and ongoing offering expenses. Such ongoing offering costs will be included as a portion of the Routine Offering, Operational, Administrative and Other Ordinary Expenses. These costs will include registration fees for regulatory agencies and all legal, accounting, printing and other expenses associated therewith. These costs will be accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. For the three and six months ended December 31, 2020 and 2019, BDRY incurred no such expenses. (h) Extraordinary Fees and Expenses The Fund will pay all extraordinary fees and expenses, if any. Extraordinary fees and expenses are fees and expenses which are nonrecurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the three and six months ended December 31, 2020 and 2019, respectively, BDRY incurred no such expenses. |
Creations and Redemptions
Creations and Redemptions | 6 Months Ended |
Dec. 31, 2020 | |
Creations and Redemptions [Abstract] | |
Creations and Redemptions | (5) Creations and Redemptions The Fund issues and redeems Shares from time to time, but only in one or more Creation Baskets. A Creation Basket is a block of 25,000 Shares of each Fund. Baskets may be created or redeemed only by Authorized Participants. Except when aggregated in Creation Baskets, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with the Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Interim Combined Financial Statements – such as references to the Transaction Fee imposed on creations and redemptions – is not relevant to retail investors. (a) Transaction Fees on Creation and Redemption Transactions In connection with orders to create and redeem one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $250 ($500 prior to May 18, 2020) per order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Fund. (b) Share Transactions BREAKWAVE DRY BULK SHIPPING ETF Summary of Share Transactions for the Three Months Ended December 31, 2020 Shares Net Assets Shares Sold 100,000 $ 653,748 Shares Redeemed (600,000 ) (4,671,190 ) Net Decrease (500,000 ) $ (4,017,442 ) Summary of Share Transactions for the Three Months Ended December 31, 2019 Shares Net Assets Shares Sold 75,000 $ 1,151,130 Shares Redeemed (25,000 ) (431,515 ) Net Increase 50,000 $ 719,615 Summary of Share Transactions for the Six Months Ended December 31, 2020 Shares Net Assets Shares Sold 275,000 $ 2,101,301 Shares Redeemed (2,850,000 ) (22,793,823 ) Net Decrease (2,575,000 ) $ (20,692,522 ) Summary of Share Transactions for the Six Months Ended December 31, 2019 Shares Net Assets Shares Sold 75,000 $ 1,151,130 Shares Redeemed (250,000 ) (4,121,777 ) Net Decrease (175,000 ) $ (2,970,647 ) SIT RISING RATE ETF (PRIOR TO LIQUIDATION) Summary of Share Transactions for the Three Months Ended December 31, 2020 Shares Net Assets Shares Sold — $ — Shares Redeemed In Liquidation (150,040 ) (2,989,783 ) Net Decrease (150,040 ) $ (2,989,783 ) Summary of Share Transactions for the Three Months Ended December 31, 2019 Shares Net Assets Shares Sold — $ — Shares Redeemed (25,000 ) (577,766 ) Net Decrease (25,000 ) $ (577,766 ) Summary of Share Transactions for the Six Months Ended December 31, 2020 Shares Net Assets Shares Sold — $ — Shares Redeemed (Including in Liquidation) (250,040 ) (4,998,233 ) Net Decrease (250,040 ) $ (4,998,233 ) Summary of Share Transactions for the Six Months Ended December 31, 2019 Shares Net Assets Shares Sold — $ — Shares Redeemed (275,000 ) (6,331,666 ) Net Decrease (275,000 ) $ (6,331,666 ) |
Risk
Risk | 6 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Risk | (6) Risk (a) Investment Related Risk The NAV of BDRY's shares relates directly to the value of the futures portfolio, cash and cash equivalents held by BDRY. Fluctuations in the prices of these assets could materially adversely affect the value and performance of an investment in BDRY's shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in BDRY could be lost. The NAV of BDRY's shares relates directly to the value of futures investments held by BDRY which are materially impacted by fluctuations in changes in spot charter rates. Charter rates for dry bulk vessels are volatile and have declined significantly since their historic highs and may remain at low levels or decrease further in the future. Futures and options contracts have expiration dates. Before or upon the expiration of a contract, BDRY may be required to enter into a replacement contract that is priced higher or that have less favorable terms than the contract being replaced (see "Negative Roll Risk," below). The Freight Futures market settles in cash against published indices, so there is no physical delivery against the futures contracts. Similar to other futures contracts, the Freight Futures curve shape could be either in "contango" (where the futures curve is upward sloping with next futures price higher than the current one) or "backwardation" (where each the next futures price is lower than the current one). Contango curves are generally characterized by negative roll cost, as the expiring contract value is lower that the next prompt contract value, assuming the same lot size. That means there could be losses incurred when the contracts are rolled each period and such losses are independent of the Freight Futures price level. (b) Liquidity Risk In certain circumstances, such as the disruption of the orderly markets for the futures contracts or Financial Instruments in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent what the market value may have been in an orderly market. Futures and option positions cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position. The large size of the positions that the Fund may acquire increases the risk of illiquidity both by making its positions more difficult to liquidate and by potentially increasing losses while trying to do so. Such a situation may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Benchmark Portfolio. (c) Natural Disaster/Epidemic Risk Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Fund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the Fund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Fund's Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the Fund to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the present time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the Fund's performance, resulting in losses to the Fund. (d) Risk that Current Assumptions and Expectations Could Become Outdated as a result of Global Economic Shocks The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19. These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased at times. Financial markets across the globe have experienced, and may continue to experience, severe distress at least equal to what was experienced during the global financial crisis in 2008. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the Fund to become outdated quickly or inaccurate, resulting in significant losses. |
Profit and Loss Allocations and
Profit and Loss Allocations and Distributions | 6 Months Ended |
Dec. 31, 2020 | |
Profit and Loss Allocations and Distributions [Abstract] | |
Profit and Loss Allocations and Distributions | (7) Profit and Loss Allocations and Distributions Pursuant to the Trust Agreement, income and expenses are allocated pro rata pro rata |
Indemnifications
Indemnifications | 6 Months Ended |
Dec. 31, 2020 | |
Indemnifications [Abstract] | |
Indemnifications | (8) Indemnifications The Sponsor, either in its own capacity or in its capacity as the Sponsor and on behalf of the Fund, has entered into various service agreements that contain a variety of representations, or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Fund. As of December 31, 2020, the Fund had not received any claims or incurred any losses pursuant to these agreements and expects the risk of such losses to be remote. |
Termination
Termination | 6 Months Ended |
Dec. 31, 2020 | |
Termination [Abstract] | |
Termination | (9) Termination The term of the Fund is perpetual unless terminated earlier in certain circumstances as described in the Prospectus. On October 16, 2020, the Sponsor announced that it would close and liquidate the SIT RISING RATE ETF ("RISE") because of current market conditions and the Fund's asset size. The last day the liquidated fund accepted creation orders was on October 30, 2020. Trading in RISE was suspended after the close of the NYSE Arca on October 30, 2020. Proceeds of the liquidation were sent to shareholders on November 18, 2020 (the "Distribution Date"). From October 30, 2020 through the distribution date, shares of RISE did not trade on the NYSE Arca nor was there a secondary market for the shares. Any shareholders that remained in RISE on the Distribution Date automatically had their shares redeemed for cash at the current net asset value on November 18, 2020. |
Net Asset Value and Financial H
Net Asset Value and Financial Highlights | 6 Months Ended |
Dec. 31, 2020 | |
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 months ended September 30, 2020 and September 30, 2019, 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. THREE MONTHS DECEMBER 31, THREE MONTHS ENDED BREAKWAVE DRY SIT BREAKWAVE DRY Net Asset Value Net asset value per Share, beginning of period $ 8.24 $ 22.61 $ 19.65 Net investment income (loss) (0.09 ) 0.05 (0.17 ) Net realized and unrealized gain (loss) (0.22 ) 0.30 (4.11 ) Net Income (Loss) (0.31 ) 0.35 (4.28 ) Net Asset Value per Share, end of period $ 7.93 $ 22.96 $ 15.37 Market Value per Share, end of period $ 7.70 $ 22.97 $ 15.45 Ratios to Average Net Assets* Expense Ratio*** 4.93 % 1.06 % 5.09 % Expense Ratio*** before Waiver/Assumption 5.24 % 7.47 % 31.35 % Net Investment Income (Loss) (4.93 %) 0.93 % (3.69 %) Total Return, at Net Asset Value** (3.76 %) 1.55 % (21.78 %) Total Return, at Market Value** (6.55 %) 1.50 % (21.61 %) * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. Prior to the liquidation of Sit Rising Rate ETF, Fund expenses had been capped at 1.00% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. SIX MONTHS ENDED DECEMBER 31, SIX MONTHS ENDED BREAKWAVE DRY SIT BREAKWAVE DRY Net Asset Value Net asset value per Share, beginning of period $ 7.70 $ 22.70 $ 13.25 Net investment income (loss) (0.17 ) 0.12 (0.28 ) Net realized and unrealized gain (loss) 0.40 0.14 2.40 Net Income (Loss) 0.23 0.26 2.12 Net Asset Value per Share, end of period $ 7.93 $ 22.96 $ 15.37 Market Value per Share, end of period $ 7.70 $ 22.97 $ 15.45 Ratios to Average Net Assets* Expense Ratio*** 4.32 % 1.08 % 4.89 % Expense Ratio*** before Waiver/Assumption 4.45 % 6.59 % 25.77 % Net Investment Income (Loss) (4.32 %) 1.02 % (3.19 %) Total Return, at Net Asset Value** 2.99 % 1.15 % 16.00 % Total Return, at Market Value** 4.19 % 1.06 % 17.49 % * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. Prior to the liquidation of Sit Rising Rate ETF, Fund expenses had been capped at 1.00% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (11) Subsequent Events In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting | (a) Basis of Accounting The accompanying interim combined financial statements of the Fund have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"). The Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S. GAAP. The accompanying interim combined financial statements are unaudited, but in the opinion of management, contain all adjustments (which include normal recurring adjustments) considered necessary to present fairly the interim combined financial statements. These interim combined financial statements should be read in conjunction with BDRY's annual report on Form 10-K for the year ended June 30, 2020 and BDRY's prospectus dated March 13, 2020 (the "BDRY Prospectus,"). Interim period results are not necessarily indicative of results for a full-year period. |
Use of Estimates | (b) Use of Estimates The preparation of the interim combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim combined financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of the interim combined financial statements. |
Cash | (c) Cash Cash, when shown in the Combined Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments. |
Cash Held by Broker | (d) Cash Held by Broker Breakwave is registered as a "commodity trading advisor" and acts as such for BDRY. The Fund's arrangement with its FCM requires the Fund to meet its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with the Commodity Broker (as defined below). These amounts are shown as Segregated cash held by broker in the Combined Statements of Assets and Liabilities. The Fund deposits cash or United States Treasury Obligations, as applicable, with its FCM subject to the CFTC regulations and various exchange and broker requirements. The combination of the Fund's deposits with its FCM of cash and United States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation margin) represents the Fund's overall equity in its brokerage trading account. The Fund uses its cash held by its FCM to satisfy variation margin requirements. The Fund earns interest on its cash deposited with its FCM and interest income is recorded on the accrual basis. |
Final Net Asset Value for Fiscal Period | (e) Final Net Asset Value for Fiscal Period The calculation time of the Fund's final net asset value for creation and redemption of Fund shares for the three and six months ended December 31, 2020 and 2019 was at 4:00 p.m. Eastern Time on December 31, 2020 and 2019, respectively. Although the Fund's shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, the 4:00 p.m. Eastern Time represented the final opportunity to transact in creation or redemption baskets for the three and six months ended December 31, 2020 and 2019. Fair value per share is determined at the close of the NYSE Arca. For financial reporting purposes, the Fund values its investment positions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these interim combined financial statements differ from those used in the calculations of the Fund's final creation/redemption NAVs at December 31, 2020 and 2019. |
Investment Valuation | (f) Investment Valuation Short-term investments, excluding U.S. Treasury Bills, are carried at amortized cost, which approximates fair value. U.S. Treasury Bills are valued as determined by an independent pricing service based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. Futures and options contracts are valued at the last settled price on the applicable exchange on which that futures and/or options contract trades. |
Financial Instruments and Fair Value | (g) Financial Instruments and Fair Value The Fund discloses the fair value of its investments in accordance with the Financial Accounting Standards Board ("FASB") fair value measurement and disclosure guidance which requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent to the Fund (observable inputs); and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I: Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level II: Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III: Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. The following table summarizes BDRY's valuation of investments at December 31, 2020 and at June 30, 2020 using the fair value hierarchy: December 31, 2020 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 7,803,092 a $ 4,303,595 b $ 12,106,687 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2020 (audited) Short-Term Futures Total Level I – Quoted Prices $ 7,986,862 a $ 8,581,555 b $ 16,568,417 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the six months ended December 31, 2020 and the year ended June 30, 2020, BDRY recognized no transfers from Level 1, Level 2 or Level 3. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize RISE's valuation of investments at June 30, 2019 using the fair value hierarchy: June 30, 2020 (audited) Short-Term Purchased Written Futures Total Level I – Quoted Prices $ 4,865,473 a $ 14,296 a $ (4,148 )b $ (5,144 )c $ 4,870,477 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Options written, at fair value in the Combined Statements of Assets and Liabilities. c – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the year ended June 30, 2020, RISE recognized no transfers from Level 1, Level 2 or Level 3. |
Investment Transactions and Related Income | (h) Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis, and marked to market daily. Unrealized gain/loss on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations. BDRY's interest earned on short-term securities and on cash deposited with ED & F Man Capital Markets Inc. is accrued daily and reflected as Interest Income, when applicable, in the Combined Statements of Operations. |
Federal Income Taxes | (i) Federal Income Taxes The Fund is registered as a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Fund does not expect to incur U.S. federal income tax liability; rather, each beneficial owner is required to take into account their allocable share of the Fund's income, gain, loss, deductions and other items for the Fund's taxable year ending with or within the beneficial owner's taxable year. Management of the Fund has reviewed the open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns at December 31, 2020 and June 30, 2020. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management will monitor its tax positions taken to determine if adjustments to its conclusions are necessary based on factors including, but not limited to, further implementation of guidance expected from the FASB and on-going analysis of tax law, regulation, and interpretations thereof. The Fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed. |
Reclassification and Changes in Presentation | Certain reclassifications and changes in presentation have been made to the prior unaudited interim combined financial statements to conform with the current period presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of balance sheet grouping | The following table summarizes BDRY's valuation of investments at December 31, 2020 and at June 30, 2020 using the fair value hierarchy: December 31, 2020 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 7,803,092 a $ 4,303,595 b $ 12,106,687 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2020 (audited) Short-Term Futures Total Level I – Quoted Prices $ 7,986,862 a $ 8,581,555 b $ 16,568,417 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the six months ended December 31, 2020 and the year ended June 30, 2020, BDRY recognized no transfers from Level 1, Level 2 or Level 3. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize RISE's valuation of investments at June 30, 2019 using the fair value hierarchy: June 30, 2020 (audited) Short-Term Purchased Written Futures Total Level I – Quoted Prices $ 4,865,473 a $ 14,296 a $ (4,148 )b $ (5,144 )c $ 4,870,477 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Options written, at fair value in the Combined Statements of Assets and Liabilities. c – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the year ended June 30, 2020, RISE recognized no transfers from Level 1, Level 2 or Level 3. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Investments [Abstract] | |
Schedule of derivative instruments in statement of financial position | BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of December 31, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Fair Interest Rate Risk Receivable on open futures contracts $ 4,303,595 * — — * Represents cumulative appreciation 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, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Fair Interest Rate Risk Receivable on open futures contracts $ 8,581,555 * — — * Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. |
Schedule of derivative instruments, effect on other comprehensive income (loss) | BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (3,591,274 ) $ 2,788,440 The futures contracts open at December 31, 2020 are indicative of the activity for the three months ended December 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (243,845 ) $ (117,845 ) The futures contracts open at December 31, 2019 are indicative of the activity for the three months ended December 31, 2019. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 6,513,496 $ (4,277,960 ) The futures contracts open at December 31, 2020 are indicative of the activity for the six months ended December 31, 2020. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 338,181 $ 666,605 The futures contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019. SIT RISING RATE ETF Fair Value of Derivative Instruments, as of June 30, 2020 Asset Derivatives Liability Derivatives Derivatives Combined Fair Value Combined Fair Value Interest Rate Risk Purchased options $ 14,296 * Payable on open futures contracts $ (5,144 )** Interest Rate Risk — — Written options, at fair value $ (4,148 )* * Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities. ** Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2020* Derivatives Location of Gain (Loss) on Derivatives Realized Gain on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ 5,118 $ 8,841 * The operations include the activity of Sit Rising Rate ETF through November 18, 2020, the date of liquidation. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended September 30, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (306,211 ) $ 391,106 The futures and options contracts open at September 30, 2019 are indicative of the activity for the three months ended September 30, 2019. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2020 Derivatives Location of Gain (Loss) on Derivatives Realized Gain on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (29,138 ) $ 10,459 The operations include the activity of Sit Rising Rate ETF through November 18, 2020, the date of liquidation. SIT RISING RATE ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2019 Derivatives Location of Gain (Loss) on Derivatives Realized Loss on Change in (Loss) on Interest Rate Risk Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts $ (252,728 ) $ 368,231 The futures and options contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019. |
Creations and Redemptions (Tabl
Creations and Redemptions (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Creations and Redemptions [Abstract] | |
Schedule of share transactions | BREAKWAVE DRY BULK SHIPPING ETF Summary of Share Transactions for the Three Months Ended December 31, 2020 Shares Net Assets Shares Sold 100,000 $ 653,748 Shares Redeemed (600,000 ) (4,671,190 ) Net Decrease (500,000 ) $ (4,017,442 ) Summary of Share Transactions for the Three Months Ended December 31, 2019 Shares Net Assets Shares Sold 75,000 $ 1,151,130 Shares Redeemed (25,000 ) (431,515 ) Net Increase 50,000 $ 719,615 Summary of Share Transactions for the Six Months Ended December 31, 2020 Shares Net Assets Shares Sold 275,000 $ 2,101,301 Shares Redeemed (2,850,000 ) (22,793,823 ) Net Decrease (2,575,000 ) $ (20,692,522 ) Summary of Share Transactions for the Six Months Ended December 31, 2019 Shares Net Assets Shares Sold 75,000 $ 1,151,130 Shares Redeemed (250,000 ) (4,121,777 ) Net Decrease (175,000 ) $ (2,970,647 ) SIT RISING RATE ETF (PRIOR TO LIQUIDATION) Summary of Share Transactions for the Three Months Ended December 31, 2020 Shares Net Assets Shares Sold — $ — Shares Redeemed In Liquidation (150,040 ) (2,989,783 ) Net Decrease (150,040 ) $ (2,989,783 ) Summary of Share Transactions for the Three Months Ended December 31, 2019 Shares Net Assets Shares Sold — $ — Shares Redeemed (25,000 ) (577,766 ) Net Decrease (25,000 ) $ (577,766 ) Summary of Share Transactions for the Six Months Ended December 31, 2020 Shares Net Assets Shares Sold — $ — Shares Redeemed (Including in Liquidation) (250,040 ) (4,998,233 ) Net Decrease (250,040 ) $ (4,998,233 ) Summary of Share Transactions for the Six Months Ended December 31, 2019 Shares Net Assets Shares Sold — $ — Shares Redeemed (275,000 ) (6,331,666 ) Net Decrease (275,000 ) $ (6,331,666 ) |
Net Asset Value and Financial_2
Net Asset Value and Financial Highlights (Tables) | 6 Months Ended |
Dec. 31, 2020 | |
Net Asset Value And Financial Highlights [Abstract] | |
Schedule of net asset value and ratios to average net assets | THREE MONTHS DECEMBER 31, THREE MONTHS ENDED BREAKWAVE DRY SIT BREAKWAVE DRY Net Asset Value Net asset value per Share, beginning of period $ 8.24 $ 22.61 $ 19.65 Net investment income (loss) (0.09 ) 0.05 (0.17 ) Net realized and unrealized gain (loss) (0.22 ) 0.30 (4.11 ) Net Income (Loss) (0.31 ) 0.35 (4.28 ) Net Asset Value per Share, end of period $ 7.93 $ 22.96 $ 15.37 Market Value per Share, end of period $ 7.70 $ 22.97 $ 15.45 Ratios to Average Net Assets* Expense Ratio*** 4.93 % 1.06 % 5.09 % Expense Ratio*** before Waiver/Assumption 5.24 % 7.47 % 31.35 % Net Investment Income (Loss) (4.93 %) 0.93 % (3.69 %) Total Return, at Net Asset Value** (3.76 %) 1.55 % (21.78 %) Total Return, at Market Value** (6.55 %) 1.50 % (21.61 %) * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. Prior to the liquidation of Sit Rising Rate ETF, Fund expenses had been capped at 1.00% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. SIX MONTHS ENDED DECEMBER 31, SIX MONTHS ENDED BREAKWAVE DRY SIT BREAKWAVE DRY Net Asset Value Net asset value per Share, beginning of period $ 7.70 $ 22.70 $ 13.25 Net investment income (loss) (0.17 ) 0.12 (0.28 ) Net realized and unrealized gain (loss) 0.40 0.14 2.40 Net Income (Loss) 0.23 0.26 2.12 Net Asset Value per Share, end of period $ 7.93 $ 22.96 $ 15.37 Market Value per Share, end of period $ 7.70 $ 22.97 $ 15.45 Ratios to Average Net Assets* Expense Ratio*** 4.32 % 1.08 % 4.89 % Expense Ratio*** before Waiver/Assumption 4.45 % 6.59 % 25.77 % Net Investment Income (Loss) (4.32 %) 1.02 % (3.19 %) Total Return, at Net Asset Value** 2.99 % 1.15 % 16.00 % Total Return, at Market Value** 4.19 % 1.06 % 17.49 % * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. Prior to the liquidation of Sit Rising Rate ETF, Fund expenses had been capped at 1.00% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. |
Organization (Details)
Organization (Details) - BREAKWAVE DRY BULK SHIPPING ETF [Member] | 6 Months Ended |
Dec. 31, 2020 | |
Capesize Freight Futures contracts [Member] | |
Organization (Textual) | |
Percentage of concentration risk | 50.00% |
Panamax Freight Futures contracts [Member] | |
Organization (Textual) | |
Percentage of concentration risk | 40.00% |
Supramax Freight Futures contracts [Member] | |
Organization (Textual) | |
Percentage of concentration risk | 10.00% |
Minimum [Member] | |
Organization (Textual) | |
Percentage of freight futures position | 10.00% |
Maximum [Member] | |
Organization (Textual) | |
Percentage of freight futures position | 40.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2020 | Nov. 18, 2020 | Jun. 30, 2020 | |
Short-Term Investments | $ 12,866,631 | |||
Written Options Contracts | (4,148) | |||
SIT RISING RATE ETF [Member] | ||||
Short-Term Investments | $ 4,879,769 | |||
Written Options Contracts | $ (4,148) | |||
SIT RISING RATE ETF [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Short-Term Investments | [1] | 4,865,473 | ||
Purchased Options Contracts | [1] | 14,296 | ||
Written Options Contracts | [2] | (4,148) | ||
Futures Contracts | [3] | (5,144) | ||
Total | 4,870,477 | |||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||
Short-Term Investments | $ 7,803,092 | 7,986,862 | ||
Written Options Contracts | ||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Short-Term Investments | [1] | 7,803,092 | 7,986,862 | |
Futures Contracts | [4] | 4,303,595 | 8,581,555 | |
Total | $ 12,106,687 | $ 16,568,417 | ||
[1] | Included in Investments in securities in the Combined Statements of Assets and Liabilities. | |||
[2] | Included in Options Written, at fair value in the Combined Statements of Assets and Liabilities. | |||
[3] | Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. | |||
[4] | Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities. |
Investments (Details)
Investments (Details) - USD ($) | Dec. 31, 2020 | Nov. 18, 2020 | Jun. 30, 2020 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Payable on open futures contracts | $ 5,144 | |||
Written options, at fair value | (4,148) | |||
SIT RISING RATE ETF [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Payable on open futures contracts | $ 5,144 | |||
Written options, at fair value | $ (4,148) | |||
SIT RISING RATE ETF [Member] | Interest Rate Risk [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Purchased options | [1] | 14,296 | ||
Payable on open futures contracts | [2] | (5,144) | ||
Written options, at fair value | [1] | (4,148) | ||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Payable on open futures contracts | ||||
Written options, at fair value | ||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | Interest Rate Risk [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Receivable on open futures contracts | [3] | $ 4,303,595 | $ 8,581,555 | |
[1] | Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities. | |||
[2] | Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. | |||
[3] | Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. |
Investments (Details 1)
Investments (Details 1) - Interest Rate Risk [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
SIT RISING RATE ETF [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Location of Gain (Loss) on Derivatives | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts | Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts |
Realized Loss on Derivatives Recognized in Income | $ 5,118 | $ (306,211) | $ (29,138) | $ (252,728) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 8,841 | $ 391,106 | $ 10,459 | $ 368,231 |
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | ||||
Location of Gain (Loss) on Derivatives | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts | Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts | Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts |
Realized Loss on Derivatives Recognized in Income | $ (3,591,274) | $ (243,845) | $ 6,513,496 | $ 338,181 |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 2,788,440 | $ (117,845) | $ (4,277,960) | $ 666,605 |
Agreements (Details)
Agreements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Agreements (Textual) | ||||||
Waiver of commodity trading advisor fees | $ 18,432 | $ 6,561 | $ 18,432 | $ 16,213 | ||
Noninterest expense commission expense | 84,011 | 8,129 | 160,466 | 18,292 | ||
Costs and expenses | 384,650 | 258,785 | 851,594 | 524,272 | ||
Management fee expense | 8,356 | 12,584 | 20,958 | 25,162 | ||
Revised annual sponsor fee | 37,329 | 50,272 | 88,084 | 100,544 | ||
Admin/accounting/custodian/transfer agent fees | 21,076 | 30,027 | 52,054 | 60,054 | ||
Wholesale support fees | 13,649 | 8,393 | 31,917 | 17,493 | ||
Interest expense | 108 | 14 | 302 | 14 | ||
SIT RISING RATE ETF [Member] | ||||||
Agreements (Textual) | ||||||
Waiver of commodity trading advisor fees | [1] | [2] | ||||
Payments for fees | 100,323 | 97,153 | 136,902 | 197,476 | ||
Brokerage commissions fees | 181 | 927 | 1,424 | 2,793 | ||
Noninterest expense commission expense | 181 | [1] | 927 | 1,424 | [2] | 2,793 |
Trustee fees | 418 | 628 | 843 | 1,256 | ||
Costs and expenses | 75,249 | [1] | 116,924 | 193,779 | [2] | 236,108 |
Management fee expense | 2,055 | [1] | 6,301 | 8,356 | [2] | 12,596 |
Administrative and other expenses absorbed by sponsor | 1,258 | 3,906 | 5,116 | 7,812 | ||
Revised annual sponsor fee | 6,164 | [1] | 18,852 | 25,068 | [2] | 37,704 |
Admin/accounting/custodian/transfer agent fees | 4,792 | [1] | 14,479 | 19,486 | [2] | 28,958 |
Wholesale support fees | 249 | [1] | 1,566 | 1,522 | [2] | 3,583 |
Fund expenses | 32,532 | 100,323 | $ 136,902 | 197,476 | ||
Distributor, description | RISE also pays the Sponsor an annual fee for wholesale support services equal to 0.1% of RISE's average daily net assets, payable monthly. | |||||
Interest expense | 26 | [1] | 14 | $ 220 | [2] | 14 |
SIT RISING RATE ETF [Member] | Sponsors Advisory Services [Member] | ||||||
Agreements (Textual) | ||||||
Average daily net assets, percentage | 0.02% | |||||
Percentage of brokerage commissions and fees | 3.50% | |||||
Administrative and other expenses absorbed by sponsor | $ 15,000 | |||||
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Sponsors Advisory Services [Member] | ||||||
Agreements (Textual) | ||||||
Advisory services management fees percentage | 1.45% | |||||
Fund expenses annual rate percentage | 3.50% | |||||
Management fee expense | $ 125,000 | |||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||||
Agreements (Textual) | ||||||
Advisory services management fees percentage | 0.05% | |||||
Waiver of commodity trading advisor fees | 18,432 | 6,561 | $ 18,432 | 16,213 | ||
Assets under management percentage | 0.01% | |||||
Payments for fees | 0 | 112,262 | $ 0 | 217,318 | ||
Brokerage commissions fees | 83,830 | 7,202 | 159,042 | 15,499 | ||
Noninterest expense commission expense | 83,830 | 7,202 | 159,042 | 15,499 | ||
Trustee fees | 630 | 628 | 1,260 | 1,256 | ||
Costs and expenses | 309,401 | 141,861 | 657,815 | 288,164 | ||
Management fee expense | 6,301 | 6,283 | 12,602 | 12,566 | ||
Revised annual sponsor fee | 31,165 | 31,420 | 63,016 | 62,840 | ||
Admin/accounting/custodian/transfer agent fees | 16,284 | 15,548 | 32,568 | 31,096 | ||
Wholesale support fees | 13,400 | 6,827 | 30,395 | 13,910 | ||
Fund expenses | 0 | 112,262 | 0 | 217,318 | ||
CTA fee | 18,432 | 6,561 | $ 18,432 | 16,213 | ||
Distributor, description | BDRY pays the Sponsor an annual fee for wholesale support services of $25,000 plus 0.12% of BDRY's average daily net assets, payable monthly. | |||||
Interest expense | 82 | $ 82 | ||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | Minimum [Member] | ||||||
Agreements (Textual) | ||||||
Accrued professional fees, current | $ 45,000 | 45,000 | ||||
Custody fees | $ 4,800 | |||||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | Sponsors Advisory Services [Member] | ||||||
Agreements (Textual) | ||||||
Advisory services management fees percentage | 0.15% | |||||
Percentage of brokerage commissions and fees | 3.50% | |||||
[1] | Period from October 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. | |||||
[2] | Period from July 1, 2020 to October 30, 2020 - Sit Rising Rate ETF liquidated as of November 18, 2020. |
Creations and Redemptions (Deta
Creations and Redemptions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
SIT RISING RATE ETF (PRIOR TO LIQUIDATION) [Member] | ||||
Shares Sold, Shares | ||||
Shares Redeemed, Shares | (150,040) | (25,000) | (250,040) | (275,000) |
Net Increase (Decrease), Shares | (150,040) | (25,000) | (250,040) | (275,000) |
Shares Sold, Capital Increase (Decrease) | ||||
Shares Redeemed, Capital Increase (Decrease) | (2,989,783) | (577,766) | (4,998,233) | (6,331,666) |
Net Increase (Decrease), Capital Increase (Decrease) | $ (2,989,783) | $ (577,766) | $ (4,998,233) | $ (6,331,666) |
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||||
Shares Sold, Shares | 100,000 | 75,000 | 275,000 | 75,000 |
Shares Redeemed, Shares | (600,000) | (25,000) | (2,850,000) | (250,000) |
Net Increase (Decrease), Shares | (500,000) | 50,000 | (2,575,000) | (175,000) |
Shares Sold, Capital Increase (Decrease) | $ 653,748 | $ 1,151,130 | $ 2,101,301 | $ 1,151,130 |
Shares Redeemed, Capital Increase (Decrease) | (4,671,190) | (431,515) | (22,793,823) | (4,121,777) |
Net Increase (Decrease), Capital Increase (Decrease) | $ (4,017,442) | $ 719,615 | $ (20,692,522) | $ (2,970,647) |
Creations and Redemptions (De_2
Creations and Redemptions (Details Textual) - USD ($) | Dec. 31, 2020 | May 18, 2020 |
SIT RISING RATE ETF [Member] | ||
Creations and Redemptions (Textual) | ||
Number of shares in one or more baskets | 25,000 | |
BREAKWAVE DRY BULK SHIPPING ETF [Member] | ||
Creations and Redemptions (Textual) | ||
Number of shares in one or more baskets | 25,000 | |
Authorized participant transaction fee per order | $ 250 | $ 500 |
Net Asset Value and Financial_3
Net Asset Value and Financial Highlights (Details) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | ||
BREAKWAVE DRY BULK SHIPPING ETF [Member] | |||||
Net Asset Value | |||||
Net asset value per Share, beginning of period | $ 8.24 | $ 19.65 | $ 7.70 | $ 13.25 | |
Net investment income (loss) | (0.09) | (0.17) | (0.17) | (0.28) | |
Net realized and unrealized gain (loss) | (0.22) | (4.11) | 0.40 | 2.40 | |
Net Income (Loss) | (0.31) | (4.28) | 0.23 | 2.12 | |
Net Asset Value per Share, end of period | 7.93 | 15.37 | 7.93 | 15.37 | |
Market Value per Share, end of period | $ 7.70 | $ 15.45 | $ 7.70 | $ 15.45 | |
Ratios to Average Net Assets | |||||
Expense Ratio | [1],[2] | 4.93% | 5.09% | 4.32% | 4.89% |
Expense Ratio before Waiver/Assumption | [1],[2] | 5.24% | 31.35% | 4.45% | 25.77% |
Net Investment Income (Loss) | [2] | (4.93%) | (3.69%) | (4.32%) | (3.19%) |
Total Return, at Net Asset Value | [2],[3] | (3.76%) | (21.78%) | 2.99% | 16.00% |
Total Return, at Market Value | [2],[3] | (6.55%) | (21.61%) | 4.19% | 17.49% |
SIT RISING RATE ETF [Member] | |||||
Net Asset Value | |||||
Net asset value per Share, beginning of period | $ 22.61 | $ 22.70 | |||
Net investment income (loss) | 0.05 | 0.12 | |||
Net realized and unrealized gain (loss) | 0.30 | 0.14 | |||
Net Income (Loss) | 0.35 | 0.26 | |||
Net Asset Value per Share, end of period | 22.96 | 22.96 | |||
Market Value per Share, end of period | $ 22.97 | $ 22.97 | |||
Ratios to Average Net Assets | |||||
Expense Ratio | [1],[2] | 1.06% | 1.08% | ||
Expense Ratio before Waiver/Assumption | [1],[2] | 7.47% | 6.59% | ||
Net Investment Income (Loss) | [2] | 0.93% | 1.02% | ||
Total Return, at Net Asset Value | [2],[3] | 1.55% | 1.15% | ||
Total Return, at Market Value | [2],[3] | 1.50% | 1.06% | ||
[1] | For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. Prior to the liquidation of Sit Rising Rate ETF, Fund expenses had been capped at 1.00% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. | ||||
[2] | Percentages are annualized. | ||||
[3] | Percentages are not annualized. |
Net Asset Value and Financial_4
Net Asset Value and Financial Highlights (Details Textual) | Dec. 31, 2020 |
Sit Rising Rate ETF [Member] | |
Net Asset Value and Financial Highlights (Textual) | |
Percentage of fund expenses capped | 1.00% |
Breakwave Dry Bulk Shipping ETF [Member] | |
Net Asset Value and Financial Highlights (Textual) | |
Percentage of fund expenses capped | 3.50% |