ETF Managers Group Commodity Tr (BWET) 10-Q 13 Feb 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Dec. 31, 2022	Feb. 01, 2023
Document Information Line Items
Entity Registrant Name	ETF Managers Group Commodity Trust I
Trading Symbol	BDRY
Document Type	10-Q
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding		3,950,040
Amendment Flag	false
Entity Central Index Key	0001610940
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36851
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4793446
Entity Address, Address Line One	30 Maple Street
Entity Address, Address Line Two	Suite 2
Entity Address, City or Town	Summit
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07910
Local Phone Number	383-6477
City Area Code	844
Title of 12(b) Security	Shares of Breakwave Dry Bulk Shipping ETF
Security Exchange Name	NYSEArca
Entity Interactive Data Current	Yes

Statements of Assets and Liabil

Statements of Assets and Liabilities (Unaudited) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
BREAKWAVE DRY BULK SHIPPING ETF
Assets
Investment in securities, at fair value	$ 5,055,745	$ 17,208,763
Segregated cash held by broker	27,548,468	37,188,477
Receivable for fund shares sold		1,684,835
Receivable on open futures contracts	4,344,615
Interest receivable	29,408	17,241
Total assets	36,978,236	56,099,316
Liabilities
Due to Sponsor	30,814	271,746
Payable on open futures contracts		9,265,175
Other accrued expenses	110,927	75,227
Total liabilities	141,741	9,612,148
Net Assets	$ 36,836,495	$ 46,487,168
Shares outstanding (unlimited authorized) (in Shares)	3,925,040	2,725,040
Net asset value per share (in Dollars per share)	$ 9.38	$ 17.06
Market value per share (in Dollars per share)	$ 9.19	$ 17.17
ETF MANAGERS GROUP COMMODITY TRUST I
Assets
Investment in securities, at fair value	$ 5,055,745	$ 17,208,763
Segregated cash held by broker	27,548,468	37,188,477
Receivable for fund shares sold		1,684,835
Receivable on open futures contracts	4,344,615
Interest receivable	29,408	17,241
Total assets	36,978,236	56,099,316
Liabilities
Due to Sponsor	30,814	271,746
Payable on open futures contracts		9,265,175
Other accrued expenses	110,927	75,227
Total liabilities	141,741	9,612,148
Net Assets	$ 36,836,495	$ 46,487,168

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
BREAKWAVE DRY BULK SHIPPING ETF
Securities, at fair value	$ 5,055,745	$ 17,208,763
ETF MANAGERS GROUP COMMODITY TRUST I
Securities, at fair value	$ 5,055,745	$ 17,208,763

Schedule of Investments (Unaudi

Schedule of Investments (Unaudited) - USD ($)	Dec. 31, 2022		Jun. 30, 2022
BREAKWAVE DRY BULK SHIPPING ETF [Member]
MONEY MARKET FUNDS - 13.7%
TOTAL NET ASSETS	$ 36,836,495		$ 46,487,168
ETF MANAGERS GROUP COMMODITY TRUST I [Member]
MONEY MARKET FUNDS - 13.7%
TOTAL NET ASSETS	36,836,495		46,487,168
Money Market Funds [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
MONEY MARKET FUNDS - 13.7%
TOTAL MONEY MARKET FUNDS	5,055,745		17,208,763
Money Market Funds [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
MONEY MARKET FUNDS - 13.7%
TOTAL MONEY MARKET FUNDS	5,055,745		17,208,763
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
MONEY MARKET FUNDS - 13.7%
First American US Treasury Obligations Fund, Class X	5,055,745	[1]	17,208,763	[2]
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
MONEY MARKET FUNDS - 13.7%
First American US Treasury Obligations Fund, Class X	5,055,745	[1]	17,208,763	[2]
Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
MONEY MARKET FUNDS - 13.7%
Total Investments	5,055,745		17,208,763
Investments [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
MONEY MARKET FUNDS - 13.7%
Total Investments	5,055,745		17,208,763
Other Assets in Excess of Liabilities [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
MONEY MARKET FUNDS - 13.7%
Other Assets in Excess of Liabilities	31,780,750	[3]	29,278,405	[4]
Other Assets in Excess of Liabilities [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
MONEY MARKET FUNDS - 13.7%
Other Assets in Excess of Liabilities	$ 31,780,750	[3]	$ 29,278,405	[4]
[1] Annualized seven-day yield as of December 31, 2022. Annualized seven-day yield as of June 30, 2022. $27,548,468 of cash is pledged as collateral for futures contracts. $37,188,477 of cash is pledged as collateral for futures contracts.

Schedule of Investments (Unau_2

Schedule of Investments (Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2022	Jun. 30, 2022
BREAKWAVE DRY BULK SHIPPING ETF [Member]
Net Assets Percentage	100%	100%
ETF MANAGERS GROUP COMMODITY TRUST I [Member]
Net Assets Percentage	100%	100%
Money Market Funds [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
Money Market Funds, Cost (in Dollars)	$ 5,055,745	$ 17,208,763
Investment Cost (in Dollars)	5,055,745	17,208,763
Money Market Funds [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
Money Market Funds, Cost (in Dollars)	5,055,745	17,208,763
Investment Cost (in Dollars)	$ 5,055,745	$ 17,208,763
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
American US Treasury Obligations Fund, Percentage	13.70%	37%
American US Treasury Obligations Fund, Par Value Percentage	4.18%	1.31%
American US Treasury Obligations Fund, Shares (in Shares)	5,055,745	17,208,763
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
American US Treasury Obligations Fund, Percentage	13.70%	37%
American US Treasury Obligations Fund, Par Value Percentage	4.18%	1.31%
American US Treasury Obligations Fund, Shares (in Shares)	5,055,745	17,208,763
Investments [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
Money Market Funds, Cost (in Dollars)	$ 20,715,990	$ 17,208,763
Investment Cost (in Dollars)	$ 20,715,990	$ 17,208,763
Investment Percentage	13.70%	37%
Investments [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
Money Market Funds, Cost (in Dollars)	$ 20,715,990	$ 17,208,763
Investment Cost (in Dollars)	$ 20,715,990	$ 17,208,763
Investment Percentage	13.70%	37%
Other Assets in Excess of Liabilities [Member] | BREAKWAVE DRY BULK SHIPPING ETF [Member]
Assets in Excess of Liabilities Percentage	86.30%	63%
Other Assets in Excess of Liabilities [Member] | ETF MANAGERS GROUP COMMODITY TRUST I [Member]
Assets in Excess of Liabilities Percentage	86.30%	63%

Schedule of Futures Contracts

Schedule of Futures Contracts - Futures Contracts [Member] - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Unrealized Appreciation/ (Depreciation) [Member]
Unrealized Appreciation/(Depreciation)	$ 4,344,615	$ (9,265,175)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 1 [Member]
Unrealized Appreciation/(Depreciation)	2,144,200	(2,692,960)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 2 [Member]
Unrealized Appreciation/(Depreciation)	526,900	(1,694,040)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 3 [Member]
Unrealized Appreciation/(Depreciation)	1,619,050	(879,460)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 1 [Member]
Unrealized Appreciation/(Depreciation)	(360,910)	(1,256,570)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 2 [Member]
Unrealized Appreciation/(Depreciation)	(227,635)	(1,079,305)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 3 [Member]
Unrealized Appreciation/(Depreciation)	664,010	(960,195)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 1 [Member]
Unrealized Appreciation/(Depreciation)	(39,340)	(247,875)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 2 [Member]
Unrealized Appreciation/(Depreciation)	(61,285)	(205,395)
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 3 [Member]
Unrealized Appreciation/(Depreciation)	79,625	(249,375)
ETF MANAGERS GROUP COMMODITY TRUST I [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	4,344,615	(9,265,175)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 1 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	2,144,200	(2,692,960)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 2 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	526,900	(1,694,040)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 3 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	1,619,050	(879,460)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 1 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	(360,910)	(1,256,570)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 2 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	(227,635)	(1,079,305)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 3 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	664,010	(960,195)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 1 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	(39,340)	(247,875)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 2 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	(61,285)	(205,395)
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 3 [Member]
ETF MANAGERS GROUP COMMODITY TRUST I	$ 79,625	$ (249,375)

Schedule of Futures Contracts (

Schedule of Futures Contracts (Parentheticals) - Futures Contracts [Member] - USD ($)	Dec. 31, 2022	Jun. 30, 2022
Unrealized Appreciation/ (Depreciation) [Member]
Unrealized Appreciation/(Depreciation) Market Value		$ 5,657,430
ETF MANAGERS GROUP COMMODITY TRUST I Market Value		5,657,430
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	$ 6,759,450	6,462,040
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	6,759,450	6,462,040
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	5,142,150	7,460,960
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	5,142,150	7,460,960
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Capesize Time 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	6,234,300	8,275,540
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	6,234,300	8,275,540
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	4,638,840
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	4,638,840
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	4,754,115	5,836,695
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	4,754,115	5,836,695
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Panamax 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	5,675,010	5,957,055
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	5,675,010	5,957,055
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,169,910	1,479,000
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	1,169,910	1,479,000
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,147,965	1,521,480
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	1,147,965	1,521,480
Unrealized Appreciation/ (Depreciation) [Member] | Baltic Exchange Supramax 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,288,875	1,477,500
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	1,288,875	1,477,500
ETF MANAGERS GROUP COMMODITY TRUST I [Member]
Unrealized Appreciation/(Depreciation) Market Value		5,657,430
ETF MANAGERS GROUP COMMODITY TRUST I Market Value		5,657,430
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	6,759,450	6,462,040
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	6,759,450	6,462,040
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	5,142,150	7,460,960
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	5,142,150	7,460,960
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Capesize Time 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	6,234,300	8,275,540
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	6,234,300	8,275,540
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	4,638,840
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	4,638,840
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	4,754,115	5,836,695
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	4,754,115	5,836,695
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Panamax 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	5,675,010	5,957,055
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	5,675,010	5,957,055
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 1 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,169,910	1,479,000
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	1,169,910	1,479,000
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 2 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,147,965	1,521,480
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	1,147,965	1,521,480
ETF MANAGERS GROUP COMMODITY TRUST I [Member] | Baltic Exchange Supramax 3 [Member]
Unrealized Appreciation/(Depreciation) Market Value	1,288,875	1,477,500
ETF MANAGERS GROUP COMMODITY TRUST I Market Value	$ 1,288,875	$ 1,477,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
BREAKWAVE DRY BULK SHIPPING ETF
Investment Income
Interest	$ 117,420	$ 621	$ 204,840	$ 1,402
Expenses
Sponsor fee	31,508	34,965	63,016	69,347
CTA fee	134,383	289,928	272,120	622,289
Audit fees	21,677	22,080	43,354	44,147
Tax preparation fees	55,453	184,123	107,179	245,106
Admin/accounting/custodian/transfer agent fees	16,637	16,284	33,274	32,581
Legal fees	11,343	11,343	22,686	22,686
Chief Compliance Officer fees	6,301	6,301	12,602	12,602
Principal Financial Officer fees	6,301	6,301	12,602	12,602
Regulatory reporting fees	6,301	6,301	12,602	12,602
Brokerage commissions	142,544	198,545	252,166	376,338
Distribution fees	3,959	3,959	7,918	7,918
NJ Filing fees	26,163	121,301	50,110	174,876
Insurance expense	3,781	3,781	7,562	7,562
Listing and calculation agent fees	2,320	2,571	4,639	5,142
Amortization of Offering Costs		7,309		14,618
Marketing expense	9,075		18,149
Other expenses	3,781	3,401	7,562	10,769
Website Support and Marketing Materials	2,647	3,781	5,294	7,562
Printing and Postage	4,033	2,647	7,385	8,267
Wholesale support fees	17,422	30,294	35,122	64,101
Interest expense		52	1,561	52
Total Expenses	505,629	955,267	976,903	1,751,167
Less: Waiver of CTA fee	(38,707)		(66,332)
Less: Expenses absorbed by Sponsor
Net Expenses	466,922	955,267	910,571	1,751,167
Net Investment Income (Loss)	(349,502)	(954,646)	(705,731)	(1,749,765)
Net Realized Gain (Loss) on
Investments and futures contracts	(2,935,993)	(1,117,138)	(31,400,798)	18,463,560
Change in Unrealized Gain (Loss) on
Investments and futures contracts	7,140,215	(16,869,110)	13,609,790	(18,595,890)
Net realized and unrealized gain (loss)	4,204,222	(17,986,248)	(17,791,008)	(132,330)
Net income (loss)	3,854,720	(18,940,894)	(18,496,739)	(1,882,095)
ETF MANAGERS GROUP COMMODITY TRUST I
Investment Income
Interest	117,420	621	204,840	1,402
Expenses
Sponsor fee	31,508	34,965	63,016	69,347
CTA fee	134,383	289,928	272,120	622,289
Audit fees	21,677	22,080	43,354	44,147
Tax preparation fees	55,453	184,123	107,179	245,106
Admin/accounting/custodian/transfer agent fees	16,637	16,284	33,274	32,581
Legal fees	11,343	11,343	22,686	22,686
Chief Compliance Officer fees	6,301	6,301	12,602	12,602
Principal Financial Officer fees	6,301	6,301	12,602	12,602
Regulatory reporting fees	6,301	6,301	12,602	12,602
Brokerage commissions	142,544	198,545	252,166	376,338
Distribution fees	3,959	3,959	7,918	7,918
NJ Filing fees	26,163	121,301	50,110	174,876
Insurance expense	3,781	3,781	7,562	7,562
Listing and calculation agent fees	2,320	2,571	4,639	5,142
Amortization of Offering Costs		7,309		14,618
Marketing expense	9,075		18,149
Other expenses	3,781	3,401	7,562	10,769
Website Support and Marketing Materials	2,647	3,781	5,294	7,562
Printing and Postage	4,033	2,647	7,385	8,267
Wholesale support fees	17,422	30,294	35,122	64,101
Interest expense		52	1,561	52
Total Expenses	505,629	955,267	976,903	1,751,167
Less: Waiver of CTA fee	(38,707)		(66,332)
Less: Expenses absorbed by Sponsor
Net Expenses	466,922	955,267	910,571	1,751,167
Net Investment Income (Loss)	(349,502)	(954,646)	(705,731)	(1,749,765)
Net Realized Gain (Loss) on
Investments and futures contracts	(2,935,993)	(1,117,138)	(31,400,798)	18,463,560
Change in Unrealized Gain (Loss) on
Investments and futures contracts	7,140,215	(16,869,110)	13,609,790	(18,595,890)
Net realized and unrealized gain (loss)	4,204,222	(17,986,248)	(17,791,008)	(132,330)
Net income (loss)	$ 3,854,720	$ (18,940,894)	$ (18,496,739)	$ (1,882,095)

Statements of Changes in Net As

Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
BREAKWAVE DRY BULK SHIPPING ETF
Net Assets at Beginning of Period	$ 35,203,185	$ 110,436,434	$ 46,487,168	$ 114,077,152
Increase (decrease) in Net Assets from share transactions
Addition of shares	11,574,875	39,550,333	35,223,901	60,081,658
Redemption of shares	(13,796,285)	(59,883,921)	(26,377,835)	(101,114,763)
Net Increase (decrease) in Net Assets from share transactions	(2,221,410)	(20,333,588)	8,846,066	(41,033,105)
Increase (decrease) in Net Assets from operations
Net investment gain (loss)	(349,502)	(954,646)	(705,731)	(1,749,765)
Net realized loss	(2,935,993)	(1,117,138)	(31,400,798)	18,463,560
Change in net unrealized gain (loss)	7,140,215	(16,869,110)	13,609,790	(18,595,890)
Net Increase (Decrease) in Net Assets from operations	3,854,720	(18,940,894)	(18,496,739)	(1,882,095)
Net Assets at End of Period	36,836,495	71,161,952	36,836,495	71,161,952
ETF MANAGERS GROUP COMMODITY TRUST I
Net Assets at Beginning of Period	35,203,185	110,436,434	46,487,168	114,077,152
Increase (decrease) in Net Assets from share transactions
Addition of shares	11,574,875	39,550,333	35,223,901	60,081,658
Redemption of shares	(13,796,285)	(59,883,921)	(26,377,835)	(101,114,763)
Net Increase (decrease) in Net Assets from share transactions	(2,221,410)	(20,333,588)	8,846,066	(41,033,105)
Increase (decrease) in Net Assets from operations
Net investment gain (loss)	(349,502)	(954,646)	(705,731)	(1,749,765)
Net realized loss	(2,935,993)	(1,117,138)	(31,400,798)	18,463,560
Change in net unrealized gain (loss)	7,140,215	(16,869,110)	13,609,790	(18,595,890)
Net Increase (Decrease) in Net Assets from operations	3,854,720	(18,940,894)	(18,496,739)	(1,882,095)
Net Assets at End of Period	$ 36,836,495	$ 71,161,952	$ 36,836,495	$ 71,161,952

Statements of Changes in Net _2

Statements of Changes in Net Assets (Unaudited) (Parentheticals) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
BREAKWAVE DRY BULK SHIPPING ETF
Addition during the period	1,475,000	1,325,000	4,025,000	1,975,000
Redemption during the period	1,575,000	2,025,000	2,825,000	3,525,000
ETF MANAGERS GROUP COMMODITY TRUST I
Addition during the period	1,475,000	1,325,000	4,025,000	1,975,000
Redemption during the period	1,575,000	2,025,000	2,825,000	3,525,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
BREAKWAVE DRY BULK SHIPPING ETF
Cash flows provided by (used in) operating activities
Net income (loss)	$ (18,496,739)	$ (1,882,095)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net realized loss (gain) on investments	31,400,798	(18,463,560)
Change in net unrealized loss (gain) on investments	(13,609,790)	18,595,890
Change in operating assets and liabilities:
Decrease in receivable on open futures contracts		18,595,890
Decrease in prepaid expenses		14,537
Increase in other accrued expenses		217,307
Sale (Purchase) of investments, net	(5,645,080)	29,949,761
Decrease in receivable for fund shares sold	1,684,835
Increase in receivable on open futures contracts	(4,344,615)
Increase in interest receivable	(12,167)	331
Decrease in due to Sponsor	(240,932)	(194,396)
Decrease in payable on open futures contracts	(9,265,175)
Decrease in accrued expenses	42,790
Net cash provided by (used in) operating activities	(18,486,075)	46,833,665
Cash flows from financing activities
Proceeds from sale of shares	35,223,901	60,081,658
Paid on redemption of shares	(26,377,835)	(101,114,763)
Net cash provided by financing activities	8,846,066	(41,033,105)
Net increase (decrease) in cash and restricted cash	(9,640,009)	5,800,560
Cash and restricted cash, beginning of period	37,188,477	50,040,588
Cash and restricted cash, end of period	27,548,468	55,841,148
Cash		733,515
Segregated cash held by broker	27,548,468	55,107,633
Total cash and restricted cash as shown on the statement of cash flows	27,548,468	55,841,148
ETF MANAGERS GROUP COMMODITY TRUST I
Cash flows provided by (used in) operating activities
Net income (loss)	(18,496,739)	(1,882,095)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net realized loss (gain) on investments	31,400,798	(18,463,560)
Change in net unrealized loss (gain) on investments	(13,609,790)	18,595,890
Change in operating assets and liabilities:
Decrease in receivable on open futures contracts		18,595,890
Decrease in prepaid expenses		14,537
Increase in other accrued expenses		217,307
Sale (Purchase) of investments, net	(5,645,080)	29,949,761
Decrease in receivable for fund shares sold	1,684,835
Increase in receivable on open futures contracts	(4,344,615)
Increase in interest receivable	(12,167)	331
Decrease in due to Sponsor	(240,932)	(194,396)
Decrease in payable on open futures contracts	(9,265,175)
Decrease in accrued expenses	42,790
Net cash provided by (used in) operating activities	(18,486,075)	46,833,665
Cash flows from financing activities
Proceeds from sale of shares	35,223,901	60,081,658
Paid on redemption of shares	(26,377,835)	(101,114,763)
Net cash provided by financing activities	8,846,066	(41,033,105)
Net increase (decrease) in cash and restricted cash	(9,640,009)	5,800,560
Cash and restricted cash, beginning of period	37,188,477	50,040,588
Cash and restricted cash, end of period	27,548,468	55,841,148
Cash		733,515
Segregated cash held by broker	27,548,468	55,107,633
Total cash and restricted cash as shown on the statement of cash flows	$ 27,548,468	$ 55,841,148

Organization

Organization	6 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [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 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 the NYSE Arca. The Fund is currently the Trust’s only publicly offered series. However, the second series of the Trust, the Breakwave Tanker Shipping ETF may be offered in the future. 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. 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 Futures Commissions Merchant (“FCM”), Marex Financial (formerly 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 its 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 Freight futures 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, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Accounting The accompanying interim 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 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 financial statements. These interim financial statements should be read in conjunction with BDRY’s annual report on Form 10-K for the year ended June 30, 2022 and BDRY’s prospectus dated March 24, 2022 (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 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 financial statements and accompanying notes. Actual results could differ from those estimates. (c) Cash Cash, when shown in the 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 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, 2022 and 2021 was at 4:00 p.m. Eastern Time on December 30, 2022 and December 31, 2021, 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, 2022 and 2021. 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 financial statements differ from those used in the calculations of the Fund’s final creation/redemption NAVs at December 30, 2022 and December 31, 2021. (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, 2022 and at June 30, 2022 using the fair value hierarchy: December 31, 2022 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 5,055,745 a $ 4,344,615 b $ 9,400,630 a – Included in Investments in securities in the Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Statements of Assets and Liabilities. June 30, 2022 (audited) Short-Term Futures Total Level I – Quoted Prices $ 17,208,763 a $ (9,265,175) b $ 7,943,588 a – Included in Investments in securities in the Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the six months ended December 31, 2022 and the year ended June 30, 2022, 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. (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 Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Statements of Operations. BDRY’s interest earned on short-term securities and on cash deposited with Marex Financial (formerly ED&F Man Capital Markets, Inc.) is accrued daily and reflected as Interest Income, when applicable, in the 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, 2022 and June 30, 2022. 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.

Investments

Investments	6 Months Ended
	Dec. 31, 2022
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, 2022 and at June 30, 2022, as applicable, are disclosed in the 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 freight futures contract at a specified time and place. The contractual obligations of a buyer or seller of a freight futures contract may generally be satisfied by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Upon entering into a futures contract, the 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 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 freight shipping 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, 2022 Asset Derivatives Liability Derivatives Derivatives Statements of Assets and Liabilities Fair Statements of Fair Dry Bulk Index Rates Market Risk Receivable on open futures contracts $ 4,344,615 * — — * Represents cumulative appreciation of futures contracts as reported in the Statements of Assets and Liabilities. BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2022 Asset Derivatives Liability Derivatives Derivatives Statements of Assets and Liabilities Fair Statements of Fair Dry Bulk Index Rates Market Risk Payable on open futures contracts $ 9,265,175* * Represents cumulative depreciation of futures contracts as reported in the Statements of Assets and Liabilities. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Statements of Operations For the Three Months Ended December 31, 2022 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (2,935,993 ) $ 7,140,215 The futures contracts open at December 31, 2022 are indicative of the activity for the three months ended December 31, 2022. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Three Months Ended December 31, 2021 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (1,117,138 ) $ (16,869,110) The futures contracts open at December 31, 2021 are indicative of the activity for the three months ended December 31, 2021. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Statements of Operations For the Six Months Ended December 31, 2022 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (31,400,798 ) $ 13,609,790 ) The futures contracts open at December 31, 2022 are indicative of the activity for the six months ended December 31, 2022. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Six Months Ended December 31, 2021 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 18,463,560 $ (18,595,890 ) The futures contracts open at December 31, 2021 are indicative of the activity for the six months ended December 31, 2021.

Agreements

Agreements	6 Months Ended
	Dec. 31, 2022
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 pays 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 March 31, 2024 (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 $38,707 and $-0-, for the three months ended December 31, 2022 and 2021, respectively, and $66,332 and $-0- for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the 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 BDRY, aggregated $-0- and $-0- for the three months ended December 31, 2022 and 2021, respectively, and $-0- and $-0- for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the 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 $16,637 and $16,284 for the three months ended December 31, 2022 and 2021, respectively, and $33,274 and $32,581 for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the 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 $3,959 for the three months ended December 31, 2022 and 2021, respectively, and $7,918 and $7,918 for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the Statements of Operations. 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. BDRY incurred $17,422 and $30,294 in wholesale support fees for the three months ended December 31, 2022 and 2021, respectively, and $35,122 and $64,101 for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the Statements of Operations. (d) The Commodity Broker Marex Financial (formerly ED&F Man Capital Markets Inc.), registered in England, serves as BDRY’s clearing broker (the “Commodity Broker”). In its capacity as clearing broker, the Commodity Broker executes and clears the Fund’s futures transactions and performs certain administrative services for the Fund. The Fund pays 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) 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 $142,544 and $198,545 in brokerage commissions and fees for the three months ended December 31, 2022 and 2021, respectively, and $252,166 and $376,338 for the six months ended December 31, 2022 and 2021, respectively, as disclosed in the Statements of Operations. (e) The Trustee Under the 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 $1,260 and $630 in trustee fees for the three months ended December 31, 2022 and 2021, respectively, and $2,520 and $1,260 for the six months ended December 31, 2022 and 2021, respectively, which is included in Other Expenses in the 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, if any, 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 $505,629 and $955,267 for the three months ended December 31, 2022 and 2021, respectively, and $976,903 and $1,751,167 for the six months ended December 31, 2022 and 2021, respectively, in routine offering, operational, administrative or other ordinary expenses. Effective September 1, 2022, Breakwave may recoup any fees waived on or after such date, pursuant to the Expense Cap; however, no repayment will be made if such repayment causes the Fund’s Total Expenses after the repayment to exceed either the Expense Cap in place at the time such amounts were waived, or the Fund’s current Expense Cap. Such recoupment is limited to three years from the date the amount is initially waived. The CTA fee waiver for BDRY by Breakwave was $38,707 and $-0- for the three months ended December 31, 2022 and 2021, respectively, and $66,332 and $-0- for the six months ended December 31, 2022 and 2021, 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 $-0- for the three months ended December 31, 2022 and 2021, respectively, and $-0- and $-0- for the six months ended December 31, 2022 and 2021, 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. For the three and six months ended December 31, 2022 and 2021, respectively, BDRY incurred no such expenses. During the year ended June 30, 2021 the Sponsor, in order to maintain the continuous offering of Shares, undertook to register additional Shares of the Fund, the costs of which were borne by the Fund and aggregated $28,997, of which $28,997 and $19,544 was amortized to expense at December 31, 2022 and 2021, respectively. Amortization of offering costs amounted to $-0- and $7,309, respectively, for the three and six months ended December 31, 2022 and $7,309 and $14,618 respectively for the three and six months ended December 31, 2021.

Creations and Redemptions

Creations and Redemptions	6 Months Ended
	Dec. 31, 2022
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 the 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 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 $300 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, 2022 Shares Net Assets Shares Sold 1,475,000 $ 11,574,875 Shares Redeemed (1,575,000 ) (13,796,285 ) Net Decrease (100,000 ) $ (2,221,410 ) Summary of Share Transactions for the Three Months Ended December 31, 2021 Shares Net Assets Shares Sold 1,325,000 $ 39,550,333 Shares Redeemed (2,025,000 ) (59,883,921 ) Net Decrease (700,000 ) $ (20,333,588 ) Summary of Share Transactions for the Six Months Ended December 31, 2022 Shares Net Assets Shares Sold 4,025,000 $ 35,223,901 Shares Redeemed (2,825,000 ) (26,377,835 ) Net Increase (1,200,000 ) $ 8,846,066 Summary of Share Transactions for the Six Months Ended December 31, 2021 Shares Net Assets Shares Sold 1,975,000 $ 60,081,658 Shares Redeemed (3,525,000 ) (101,114,763 ) Net Decrease (1,550,000 ) $ (41,033,105 )

Risk

Risk	6 Months Ended
	Dec. 31, 2022
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 has 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 the next futures price higher than the current one) or “backwardation” (where 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. As of late January, the ongoing conflict between Russia and Ukraine has developed into a war, posing an increasing risk for global economic growth. Major economic sanctions against Russia are having a considerable impact on oil and gas prices, given the dependence of the EU on oil and gas exports out of Russia combined with limited spare capacity of such commodities globally. Energy prices have increased significantly, leading to major inflationary pressures in the major developed countries that rely heavily on oil and gas exports out of Russia. In addition, the combined Russia/Ukraine region account for approximately one quarter of global grain production, one of the main cargoes transported by dry bulk vessels, while coal and iron ore exports out of the region have also been reduced. The above factors can have a material negative impact on demand for dry bulk transportation, while slower economic growth could also negatively affect demand for dry bulk commodities in the rest of the world, leading to lower dry bulk freight rates. The recent conflict between Russia and Ukraine is having a profound impact on global commodities prices including grain and coal, two of the most important commodities for dry bulk shipping. Given the importance of the region in export volumes for both grains and coal, a prolonged stoppage could lead to significantly lower freight rates and thus a decline in freight futures prices and a decline in the value of the Fund. Although coal supplies could potentially be sourced from elsewhere partly mitigating the negative impact of the lost volumes, global grain production capacity is limited, and thus the impact of the lost volumes could not be easily mitigated. In addition, the recent geopolitical turmoil has led to an increase in government protectionism when it comes to commodities, and if such a trend continues, it could lead to lower bulk commodities trading globally over the long term. The impact of such a scenario on dry bulk shipping will be negative, leading to lower spot rates and as a result lower freight futures prices and a decline in the value of the Fund. (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 being 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, 2022
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, 2022
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, 2022, 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, 2022
Termination [Abstract]
Termination	(9) Termination The term of the Fund is perpetual unless terminated earlier in certain circumstances as described in the Prospectus.

Net Asset Value and Financial H

Net Asset Value and Financial Highlights	6 Months Ended
	Dec. 31, 2022
Net Asset Value and Financial Highlights [Abstract]
Net Asset Value and Financial Highlights	(10) Net Asset Value and Financial Highlights The Fund is presenting the following net asset value and financial highlights related to investment performance for a BDRY Share outstanding throughout the three and six months ended December 31, 2022 and December 31, 2021, respectively. The net investment income and total expense ratios are calculated using average net assets. The net asset value presentation is calculated by dividing the 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 THREE DECEMBER 31, DECEMBER 31, BREAKWAVE BREAKWAVE DRY BULK DRY BULK SHIPPING ETF SHIPPING ETF Net Asset Value Net asset value per Share, beginning of period $ 8.75 $ 35.62 Net investment income (loss) (0.08 ) (0.35 ) Net realized and unrealized gain (loss) 0.71 (5.62 ) Net Income (Loss) 0.63 (5.97 ) Net Asset Value per Share, end of period $ 9.38 $ 29.65 Market Value per Share, end of period $ 9.19 $ 29.49 Ratios to Average Net Assets* Expense Ratio*** 5.04 % 4.78 % Expense Ratio*** before Waiver/Assumption 5.46 % 4.78 % Net Investment Income (Loss) (3.77 )% (4.77 )% Total Return, at Net Asset Value** 7.20 % (16.46 )% Total Return, at Market Value** 1.66 % (18.11 )% * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, as of inception (March 22, 2018), Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses. SIX SIX DECEMBER 31, DECEMBER 31, BREAKWAVE BREAKWAVE DRY BULK DRY BULK SHIPPING ETF SHIPPING ETF Net Asset Value Net asset value per Share, beginning of period $ 17.06 $ 28.88 Net investment income (loss) (0.18 ) (0.59 ) Net realized and unrealized gain (loss) (7.50 ) 1.36 Net Income (Loss) (7.68 ) 0.77 Net Asset Value per Share, end of period 9.38 29.65 Market Value per Share, end of period $ 9.19 $ 29.49 Ratios to Average Net Assets* Expense Ratio*** 4.85 % 4.08 % Expense Ratio*** before Waiver/Assumption 5.21 % 4.08 % Net Investment Income (Loss) (3.76 )% (4.08 )% Total Return, at Net Asset Value** (45.02 )% 2.67 % Total Return, at Market Value** (46.48 )% 0.48 % * Percentages are annualized ** Percentages are not annualized *** For Breakwave Dry Bulk Shipping ETF, as of inception (March 22, 2018), Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	(11) Subsequent Events In preparing these interim financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the interim financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Basis of Accounting	(a) Basis of Accounting The accompanying interim 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 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 financial statements. These interim financial statements should be read in conjunction with BDRY’s annual report on Form 10-K for the year ended June 30, 2022 and BDRY’s prospectus dated March 24, 2022 (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 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 financial statements and accompanying notes. Actual results could differ from those estimates.
Cash	(c) Cash Cash, when shown in the 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 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, 2022 and 2021 was at 4:00 p.m. Eastern Time on December 30, 2022 and December 31, 2021, 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, 2022 and 2021. 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 financial statements differ from those used in the calculations of the Fund’s final creation/redemption NAVs at December 30, 2022 and December 31, 2021.
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, 2022 and at June 30, 2022 using the fair value hierarchy: December 31, 2022 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 5,055,745 a $ 4,344,615 b $ 9,400,630 a – Included in Investments in securities in the Statements of Assets and Liabilities. b – Included in Receivable on open futures contracts in the Statements of Assets and Liabilities. June 30, 2022 (audited) Short-Term Futures Total Level I – Quoted Prices $ 17,208,763 a $ (9,265,175) b $ 7,943,588 a – Included in Investments in securities in the Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the six months ended December 31, 2022 and the year ended June 30, 2022, 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.
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 Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Statements of Operations. BDRY’s interest earned on short-term securities and on cash deposited with Marex Financial (formerly ED&F Man Capital Markets, Inc.) is accrued daily and reflected as Interest Income, when applicable, in the 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, 2022 and June 30, 2022. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Schedule of balance sheet grouping	December 31, 2022 (unaudited) Short-Term Futures Total Level I – Quoted Prices $ 5,055,745 a $ 4,344,615 b $ 9,400,630 June 30, 2022 (audited) Short-Term Futures Total Level I – Quoted Prices $ 17,208,763 a $ (9,265,175) b $ 7,943,588

Investments (Tables)

Investments (Tables)	6 Months Ended
	Dec. 31, 2022
Investments [Abstract]
Schedule of fair value of derivative instruments	Asset Derivatives Liability Derivatives Derivatives Statements of Assets and Liabilities Fair Statements of Fair Dry Bulk Index Rates Market Risk Receivable on open futures contracts $ 4,344,615 * — — Asset Derivatives Liability Derivatives Derivatives Statements of Assets and Liabilities Fair Statements of Fair Dry Bulk Index Rates Market Risk Payable on open futures contracts $ 9,265,175*
Schedule of the effect of derivative instruments on the statements of operations	Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (2,935,993 ) $ 7,140,215 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (1,117,138 ) $ (16,869,110) Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ (31,400,798 ) $ 13,609,790 ) Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts $ 18,463,560 $ (18,595,890 )

Creations and Redemptions (Tabl

Creations and Redemptions (Tables)	6 Months Ended
	Dec. 31, 2022
Creations and Redemptions [Abstract]
Schedule of share transactions	Summary of Share Transactions for the Three Months Ended December 31, 2022 Shares Net Assets Shares Sold 1,475,000 $ 11,574,875 Shares Redeemed (1,575,000 ) (13,796,285 ) Net Decrease (100,000 ) $ (2,221,410 ) Summary of Share Transactions for the Three Months Ended December 31, 2021 Shares Net Assets Shares Sold 1,325,000 $ 39,550,333 Shares Redeemed (2,025,000 ) (59,883,921 ) Net Decrease (700,000 ) $ (20,333,588 ) Summary of Share Transactions for the Six Months Ended December 31, 2022 Shares Net Assets Shares Sold 4,025,000 $ 35,223,901 Shares Redeemed (2,825,000 ) (26,377,835 ) Net Increase (1,200,000 ) $ 8,846,066 Summary of Share Transactions for the Six Months Ended December 31, 2021 Shares Net Assets Shares Sold 1,975,000 $ 60,081,658 Shares Redeemed (3,525,000 ) (101,114,763 ) Net Decrease (1,550,000 ) $ (41,033,105 )

Net Asset Value and Financial_2

Net Asset Value and Financial Highlights (Tables)	6 Months Ended
	Dec. 31, 2022
Net Asset Value and Financial Highlights [Abstract]
Schedule of net investment income (loss) and expense ratios	THREE THREE DECEMBER 31, DECEMBER 31, BREAKWAVE BREAKWAVE DRY BULK DRY BULK SHIPPING ETF SHIPPING ETF Net Asset Value Net asset value per Share, beginning of period $ 8.75 $ 35.62 Net investment income (loss) (0.08 ) (0.35 ) Net realized and unrealized gain (loss) 0.71 (5.62 ) Net Income (Loss) 0.63 (5.97 ) Net Asset Value per Share, end of period $ 9.38 $ 29.65 Market Value per Share, end of period $ 9.19 $ 29.49 Ratios to Average Net Assets* Expense Ratio*** 5.04 % 4.78 % Expense Ratio*** before Waiver/Assumption 5.46 % 4.78 % Net Investment Income (Loss) (3.77 )% (4.77 )% Total Return, at Net Asset Value** 7.20 % (16.46 )% Total Return, at Market Value** 1.66 % (18.11 )% SIX SIX DECEMBER 31, DECEMBER 31, BREAKWAVE BREAKWAVE DRY BULK DRY BULK SHIPPING ETF SHIPPING ETF Net Asset Value Net asset value per Share, beginning of period $ 17.06 $ 28.88 Net investment income (loss) (0.18 ) (0.59 ) Net realized and unrealized gain (loss) (7.50 ) 1.36 Net Income (Loss) (7.68 ) 0.77 Net Asset Value per Share, end of period 9.38 29.65 Market Value per Share, end of period $ 9.19 $ 29.49 Ratios to Average Net Assets* Expense Ratio*** 4.85 % 4.08 % Expense Ratio*** before Waiver/Assumption 5.21 % 4.08 % Net Investment Income (Loss) (3.76 )% (4.08 )% Total Return, at Net Asset Value** (45.02 )% 2.67 % Total Return, at Market Value** (46.48 )% 0.48 %

Organization (Details)

Organization (Details) - BREAKWAVE DRY BULK SHIPPING ETF [Member]	6 Months Ended
	Dec. 31, 2022
Minimum [Member]
Organization (Details) [Line Items]
Concentration risk percentage	10%
Maximum [Member]
Organization (Details) [Line Items]
Concentration risk percentage	40%
Capesize Freight Futures Contracts [Member]
Organization (Details) [Line Items]
Concentration risk percentage	50%
Panamax Freight Futures Contracts [Member]
Organization (Details) [Line Items]
Concentration risk percentage	40%
Supramax Freight Futures Contracts [Member]
Organization (Details) [Line Items]
Concentration risk percentage	10%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - Schedule of balance sheet grouping - Level I – Quoted Prices [Member] - USD ($)		Dec. 31, 2022		Jun. 30, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-Term Investments	[1]	$ 5,055,745		$ 17,208,763
Futures Contracts		4,344,615	[2]	(9,265,175)	[3]
Total		$ 9,400,630		$ 7,943,588
[1]Included in Investments in securities in the Statements of Assets and Liabilities.[2]Included in Receivable on open futures contracts in the Statements of Assets and Liabilities.[3]Included in Payable on open futures contracts in the Statements of Assets and Liabilities.

Investments (Details) - Schedul

Investments (Details) - Schedule of fair value of derivative instruments - Dry Bulk Index Rates Market Risk [Member] - USD ($)	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Statements of Assets and Liabilities	Receivable on open futures contracts
Fair Value	$ 4,344,615
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Statements of Assets and Liabilities		Payable on open futures contracts
Fair Value		$ 9,265,175	[1]
[1]Represents cumulative appreciation of futures contracts as reported in the Statements of Assets and Liabilities.

Investments (Details) - Sched_2

Investments (Details) - Schedule of the effect of derivative instruments on the statements of operations - Dry Bulk Index Rates Market Risk [Member] - BREAKWAVE DRY BULK SHIPPING ETF [Member] - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Investments (Details) - Schedule of the effect of derivative instruments on the statements of operations [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 gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts
Realized Gain on Derivatives Recognized in Income	$ (2,935,993)	$ (1,117,138)	$ (31,400,798)	$ 18,463,560
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income	$ 7,140,215	$ (16,869,110)	$ 13,609,790	$ (18,595,890)

Agreements (Details)

Agreements (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Agreements (Details) [Line Items]
Less waiver of CTA fee		$ 38,707	$ 0	$ 66,332	$ 0
Sponsor expenses				6	0
BDRY incurred		17,422	30,294	$ 35,122	64,101
Fund expenses, description				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 $-0- for the three months ended December 31, 2022 and 2021, respectively, and $-0- and $-0- for the six months ended December 31, 2022 and 2021, respectively.
Fund aggregated amount	$ 28,997
Amortized to expense		28,997	19,544	$ 28,997	19,544
Amortization offering costs		0	7,309	7,309	$ 14,618
BDRY [Member]
Agreements (Details) [Line Items]
Advisory services management fees percentage					0.05%
Annual fee payable					$ 45,000
Assets under management percentage					0.01%
Custody fees					$ 4,800
Paid to bank		16,637	16,284	$ 33,274	32,581
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.
Brokerage commissions		142,544	198,545	$ 252,166	376,338
Trustee fees		1,260	630	$ 2,520	1,260
Percentage of brokerage commissions and fees				3.50%
Costs and expenses		505,629	955,267	$ 976,903	1,751,167
BDRY [Member] | Sponsors Advisory Services [Member]
Agreements (Details) [Line Items]
Management fee expense		125,000		$ 125,000
ETF Managers Group Commodity Trust I [Member] | Sponsors Advisory Services [Member]
Agreements (Details) [Line Items]
Advisory services management fees percentage				1.45%
Fund expenses annual rate percentage				3.50%
RISE [Member] | Sponsors Advisory Services [Member]
Agreements (Details) [Line Items]
Administrative and other expenses absorbed by sponsor				$ 15,000
Average daily net assets, percentage				0.02%
BDRY [Member]
Agreements (Details) [Line Items]
Less waiver of CTA fee		38,707	0	$ 66,332	0
BDRY incurred		$ 3,959	$ 3,959	$ 7,918	$ 7,918
Brokerage commissions fees				0.40%
Sponsor [Member]
Agreements (Details) [Line Items]
Average daily net assets, percentage				0.15%

Creations and Redemptions (Deta

Creations and Redemptions (Details)	Dec. 31, 2022 USD ($) shares
Creations and Redemptions [Abstract]
Number of shares | shares	25,000
Transaction fee | $	$ 300

Creations and Redemptions (De_2

Creations and Redemptions (Details) - Schedule of share transactions - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Share Transactions Abstract
Shares Sold	1,475,000	1,325,000	4,025,000	1,975,000
Shares Sold, Net Assets Decrease	$ 11,574,875	$ 39,550,333	$ 35,223,901	$ 60,081,658
Shares Redeemed	(1,575,000)	(2,025,000)	(2,825,000)	(3,525,000)
Shares Redeemed, Net Assets Decrease	$ (13,796,285)	$ (59,883,921)	$ (26,377,835)	$ (101,114,763)
Net Increase			(1,200,000)
Net Increase, Net Assets Increase			$ 8,846,066
Net Decrease	(100,000)	(700,000)		(1,550,000)
Net Decrease, Net Assets Decrease	$ (2,221,410)	$ (20,333,588)		$ (41,033,105)

Net Asset Value and Financial_3

Net Asset Value and Financial Highlights (Details)	Dec. 31, 2022
Net Asset Value and Financial Highlights (Details) [Line Items]
Percentage of fund expenses capped	3.50%
BREAKWAVE DRY BULK SHIPPING ETF [Member]
Net Asset Value and Financial Highlights (Details) [Line Items]
Percentage of fund expenses capped	3.50%

Net Asset Value and Financial_4

Net Asset Value and Financial Highlights (Details) - Schedule of net investment income (loss) and expense ratios - BREAKWAVE DRY BULK SHIPPING ETF [Member] - $ / shares		3 Months Ended		6 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net Asset Value
Net asset value per Share, beginning of period		$ 8.75	$ 35.62	$ 17.06	$ 28.88
Net investment income (loss)		(0.08)	(0.35)	(0.18)	(0.59)
Net realized and unrealized gain (loss)		0.71	(5.62)	(7.5)	1.36
Net Income (Loss)		0.63	(5.97)	(7.68)	0.77
Net Asset Value per Share, end of period		9.38	29.65	9.38	29.65
Market Value per Share, end of period		$ 9.19	$ 29.49	$ 9.19	$ 29.49
Ratios to Average Net Assets*
Expense Ratio	[1],[2]	5.04%	4.78%	4.85%	4.08%
Expense Ratio before Waiver/Assumption	[1],[2]	5.46%	4.78%	5.21%	4.08%
Net Investment Income (Loss)		(3.77%)	(4.77%)	(3.76%)	(4.08%)
Total Return, at Net Asset Value	[3]	7.20%	(16.46%)	(45.02%)	2.67%
Total Return, at Market Value	[3]	1.66%	(18.11%)	(46.48%)	0.48%
[1]For Breakwave Dry Bulk Shipping ETF, as of inception (March 22, 2018), Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses.[2]Percentages are annualized[3]Percentages are not annualized