Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Sep. 01, 2024 | Dec. 31, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Entity Information [Line Items] | |||
Entity Registrant Name | Amplify Commodity Trust | ||
Entity Central Index Key | 0001610940 | ||
Entity File Number | 001-36851 | ||
Entity Tax Identification Number | 36-4793446 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 0 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 3333 Warrenville Road | ||
Entity Address, Address Line Two | Suite 350 | ||
Entity Address, City or Town | Lisle | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60532 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (855) | ||
Local Phone Number | 267-3837 | ||
Shares of Breakwave Dry Bulk Shipping ETF | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Shares of Breakwave Dry Bulk Shipping ETF | ||
Trading Symbol | BDRY | ||
Security Exchange Name | NYSE | ||
Shares of Breakwave Tanker Shipping ETF | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Shares of Breakwave Tanker Shipping ETF | ||
Trading Symbol | BWET | ||
Security Exchange Name | NYSE | ||
BDRY | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,400,040 | ||
BWET | |||
Entity Listings [Line Items] | |||
Entity Common Stock, Shares Outstanding | 200,100 |
Audit Information
Audit Information | 12 Months Ended |
Jun. 30, 2024 | |
Auditor [Table] | |
Auditor Name | WithumSmith+Brown, PC |
Auditor Firm ID | 100 |
Auditor Location | NY |
Combined Statements of Assets a
Combined Statements of Assets and Liabilities - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Assets | ||
Investment in securities, at fair value | $ 9,378,115 | $ 40,066,908 |
Segregated cash held by broker | 32,983,489 | 38,203,690 |
Due from Sponsor | 22,674 | |
Interest receivable | 124,030 | 147,795 |
Total assets | 42,508,308 | 79,243,680 |
Liabilities | ||
Due to Sponsor | 36,204 | 164,831 |
Payable on open futures contracts | 904,555 | 13,669,745 |
Other accrued expenses | 366,578 | 46,453 |
Total liabilities | 1,307,337 | 13,881,029 |
Net Assets | 41,200,971 | 65,362,651 |
Assets | ||
Receivable on open futures contracts | 825,287 | |
BREAKWAVE DRY BULK SHIPPING ETF | ||
Assets | ||
Investment in securities, at fair value | 8,348,195 | 39,591,860 |
Segregated cash held by broker | 31,739,612 | 35,323,736 |
Due from Sponsor | ||
Interest receivable | 119,526 | 145,794 |
Total assets | 40,207,333 | 75,061,390 |
Liabilities | ||
Due to Sponsor | 36,204 | 156,055 |
Payable on open futures contracts | 788,675 | 13,669,745 |
Other accrued expenses | 269,300 | 41,691 |
Total liabilities | 1,094,179 | 13,867,491 |
Net Assets | $ 39,113,154 | $ 61,193,899 |
Shares outstanding (unlimited authorized) (in Shares) | 3,225,040 | 11,075,040 |
Net asset value per share (in Dollars per share) | $ 12.13 | $ 5.53 |
Market value per share (in Dollars per share) | $ 12.24 | $ 5.55 |
Assets | ||
Receivable on open futures contracts | ||
BREAKWAVE TANKER SHIPPING ETF | ||
Assets | ||
Investment in securities, at fair value | $ 1,029,920 | 475,048 |
Segregated cash held by broker | 1,243,877 | 2,879,954 |
Due from Sponsor | 22,674 | |
Interest receivable | 4,504 | 2,001 |
Total assets | 2,300,975 | 4,182,290 |
Liabilities | ||
Due to Sponsor | 8,776 | |
Payable on open futures contracts | 115,880 | |
Other accrued expenses | 97,278 | 4,762 |
Total liabilities | 213,158 | 13,538 |
Net Assets | $ 2,087,817 | $ 4,168,752 |
Shares outstanding (unlimited authorized) (in Shares) | 125,100 | 200,100 |
Net asset value per share (in Dollars per share) | $ 16.69 | $ 20.83 |
Market value per share (in Dollars per share) | $ 16.79 | $ 20.88 |
Assets | ||
Receivable on open futures contracts | $ 825,287 |
Combined Statements of Assets_2
Combined Statements of Assets and Liabilities (Parentheticals) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
unlimited authorized | Unlimited | Unlimited |
BREAKWAVE DRY BULK SHIPPING ETF | ||
Securities, at fair value | $ 8,348,195 | $ 39,591,860 |
unlimited authorized | Unlimited | Unlimited |
BREAKWAVE TANKER SHIPPING ETF | ||
Securities, at fair value | $ 1,029,920 | $ 475,048 |
unlimited authorized | Unlimited | Unlimited |
Combined Schedule of Investment
Combined Schedule of Investments - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 | |||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
TOTAL NET ASSETS | $ 41,200,971 | $ 65,362,651 | |||
Investments [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Total Investments | 9,378,115 | 40,066,908 | |||
Other Assets in Excess of Liabilities [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Other Assets in Excess of Liabilities | 31,822,856 | [1] | 25,295,743 | [2] | |
Money Market Funds [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | 9,378,115 | 40,066,908 | |||
Money Market Funds [Member] | Invesco Government & Agency Portfolio Institutional Class [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [3] | 9,378,115 | |||
Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [4] | 40,066,908 | |||
BREAKWAVE DRY BULK SHIPPING ETF | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
TOTAL NET ASSETS | 39,113,154 | 61,193,899 | |||
BREAKWAVE DRY BULK SHIPPING ETF | Investments [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Total Investments | 8,348,195 | 39,591,860 | |||
BREAKWAVE DRY BULK SHIPPING ETF | Other Assets in Excess of Liabilities [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Other Assets in Excess of Liabilities | 30,764,959 | [1] | 21,602,039 | [2] | |
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | 8,348,195 | 39,591,860 | |||
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | Invesco Government & Agency Portfolio Institutional Class [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [3] | 8,348,195 | |||
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [4] | 39,591,860 | |||
BREAKWAVE TANKER SHIPPING ETF | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
TOTAL NET ASSETS | 2,087,817 | 4,168,752 | |||
BREAKWAVE TANKER SHIPPING ETF | Investments [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Total Investments | 1,029,320 | 475,048 | |||
BREAKWAVE TANKER SHIPPING ETF | Other Assets in Excess of Liabilities [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
Other Assets in Excess of Liabilities | 1,057,897 | [1] | 3,693,704 | [2] | |
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | 1,029,920 | 475,048 | |||
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | Invesco Government & Agency Portfolio Institutional Class [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [3] | $ 1,029,920 | |||
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | |||||
MONEY MARKET FUNDS – 21.3% and 49.3%, respectively | |||||
MONEY MARKET FUNDS | [4] | $ 475,048 | |||
[1]$31,739,612 and $1,243,877 respectively, of cash is pledged as collateral for futures contracts.[2]$35,323,736 and $2,879,954, respectively, of cash is pledged as collateral for futures contracts.[3]Annualized seven-day yield as of June 30, 2024.[4]Annualized seven-day yield as of June 30, 2023. |
Combined Schedule of Investme_2
Combined Schedule of Investments (Parentheticals) - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
BREAKWAVE DRY BULK SHIPPING ETF | ||
Schedule of Investments [Line Items] | ||
Investment Cost (in Dollars) | $ 8,348,195 | $ 39,591,860 |
Net Assets Percentage | 100% | 100% |
BREAKWAVE DRY BULK SHIPPING ETF | Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Cost (in Dollars) | $ 8,348,195 | $ 39,591,860 |
Investment Percentage | 21.30% | 64.70% |
BREAKWAVE DRY BULK SHIPPING ETF | Other Assets in Excess of Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Assets in Excess of Liabilities Percentage | 78.70% | 35.30% |
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Percentage | 21.30% | 64.70% |
Money Market Funds, Cost (in Dollars) | $ 8,348,195 | $ 39,591,860 |
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | Invesco Government & Agency Portfolio Institutional Class [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Par Value Percentage | 5.24% | |
First American US Treasury Obligations Fund, Shares (in Shares) | 8,348,195 | |
BREAKWAVE DRY BULK SHIPPING ETF | Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Par Value Percentage | 5.04% | |
BREAKWAVE TANKER SHIPPING ETF | ||
Schedule of Investments [Line Items] | ||
Investment Cost (in Dollars) | $ 1,029,920 | $ 475,048 |
Net Assets Percentage | 100% | 100% |
BREAKWAVE TANKER SHIPPING ETF | Investments [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Cost (in Dollars) | $ 1,029,920 | $ 475,048 |
Investment Percentage | 49.30% | 11.40% |
BREAKWAVE TANKER SHIPPING ETF | Other Assets in Excess of Liabilities [Member] | ||
Schedule of Investments [Line Items] | ||
Assets in Excess of Liabilities Percentage | 50.70% | 88.60% |
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Percentage | 49.30% | 11.40% |
Money Market Funds, Cost (in Dollars) | $ 1,029,920 | $ 475,048 |
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | Invesco Government & Agency Portfolio Institutional Class [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Par Value Percentage | 5.24% | |
First American US Treasury Obligations Fund, Shares (in Shares) | 1,029,920 | |
BREAKWAVE TANKER SHIPPING ETF | Money Market Funds [Member] | First American US Treasury Obligations Fund, Class X [Member] | ||
Schedule of Investments [Line Items] | ||
American US Treasury Obligations Fund, Par Value Percentage | 5.04% |
Schedule of Futures Contracts
Schedule of Futures Contracts - Futures Contracts - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | ||
Unrealized Appreciation/(Depreciation) | $ (788,675) | $ (13,669,745) |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | 328,945 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (229,410) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (94,660) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (454,310) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (244,935) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (15,125) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (33,195) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (25,715) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (20,270) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (2,288,410) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (1,668,410) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (1,059,570) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (3,404,475) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (2,248,325) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (1,356,325) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (732,250) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (547,000) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | (364,980) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | ||
Unrealized Appreciation/(Depreciation) | (115,880) | 825,287 |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (53,469) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (45,569) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
Unrealized Appreciation/(Depreciation) | (15,569) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (1,232) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation) | (41) | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 300,377 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 233,777 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 239,177 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 19,567 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 19,121 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation) | 13,268 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (788,675) | (13,669,745) |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 328,945 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (229,410) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (94,660) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (454,310) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (244,935) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (15,125) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (33,195) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (25,715) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (20,270) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (2,288,410) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (1,668,410) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (1,059,570) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 28, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (3,404,475) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (2,248,325) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (1,356,325) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (732,250) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (547,000) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (364,980) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (115,880) | 825,287 |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (53,469) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (45,569) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (15,569) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | (1,232) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | $ (41) | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 300,377 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 233,777 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 239,177 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 19,567 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | 19,121 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
ETF MANAGERS GROUP COMMODITY TRUST I | $ 13,268 |
Schedule of Futures Contracts (
Schedule of Futures Contracts (Parentheticals) - Futures Contracts - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 |
Unrealized Appreciation/ (Depreciation) | ||
Unrealized Appreciation/(Depreciation), Market Value | $ 7,122,330 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 7,122,330 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | $ 6,807,570 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,807,570 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 6,249,215 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,249,215 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 6,383,965 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,383,965 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 4,895,690 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 4,895,690 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 5,105,065 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 5,105,065 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 5,334,875 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 5,334,875 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,273,555 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,273,555 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,281,035 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,281,035 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,286,730 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,286,730 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 9,552,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 9,552,340 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 10,172,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 10,172,340 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 10,781,180 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 10,781,180 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 8,311,410 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 8,311,410 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,752,750 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,752,750 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,938,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,938,000 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 2,120,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 2,120,000 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 9,218,610 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 9,218,610 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 584,600 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 584,600 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 592,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 592,500 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 622,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 622,500 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 83,710 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 83,710 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 78,895 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 78,895 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,296,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,296,000 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | ||
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | ||
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,229,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,229,400 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,234,800 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,234,800 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 95,450 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 95,450 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 179,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 179,400 | |
Unrealized Appreciation/ (Depreciation) | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 89,150 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 89,150 | |
ETF MANAGERS GROUP COMMODITY TRUST I | ||
Unrealized Appreciation/(Depreciation), Market Value | 7,122,330 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 7,122,330 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 6,807,570 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,807,570 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 6,249,215 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,249,215 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 6,383,965 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 6,383,965 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring April 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 4,895,690 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 4,895,690 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring May 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 5,105,065 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 5,105,065 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Panamax T/C Average Shipping Route Index Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 5,334,875 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 5,334,875 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,273,555 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,273,555 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,281,035 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,281,035 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring June 30, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,286,730 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,286,730 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 9,552,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 9,552,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 10,172,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 10,172,340 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 23, 2022, September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 10,781,180 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 10,781,180 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 8,311,410 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 8,311,410 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 29, 2022, July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,752,750 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,752,750 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,938,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,938,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Dry Bulk Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 2,120,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 2,120,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 584,600 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 584,600 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 592,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 592,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route Middle East Gulf to China Expiring May 31 2024 One [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 622,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 622,500 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring July 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 83,710 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 83,710 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight Route West Africa to Continent Expiring August 31, 2024 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 78,895 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | $ 78,895 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,296,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,296,000 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Exchange Supramax T/C Average Shipping Route Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 9,218,610 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 9,218,610 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,229,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,229,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Capesize Time Charter Expiring September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 1,234,800 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 1,234,800 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent July 28, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 95,450 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 95,450 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent August 25, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 179,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | 179,400 | |
ETF MANAGERS GROUP COMMODITY TRUST I | Breakwave Tanker Shipping ETF [Member] | Baltic Freight RouteWest Africa to UK Continent September 29, 2023 [Member] | ||
Unrealized Appreciation/(Depreciation), Market Value | 89,150 | |
ETF MANAGERS GROUP COMMODITY TRUST I, Market Value | $ 89,150 |
Combined Statements of Operatio
Combined Statements of Operations - USD ($) | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | ||
Investment Income | |||
Interest | $ 1,859,341 | $ 1,260,251 | |
Expenses | |||
Sponsor fee | 175,002 | 136,680 | |
CTA fee | 874,438 | 767,663 | |
Audit fees | 135,872 | 98,000 | |
Tax preparation fees | 324,496 | 221,641 | |
Admin/accounting/custodian/transfer agent fees | 108,903 | 75,671 | |
Legal fees | 156,220 | 52,276 | |
Chief Compliance Officer fees | 49,956 | 29,040 | |
Principal Financial Officer fees | 49,956 | 29,040 | |
Regulatory reporting fees | 49,956 | 29,040 | |
Brokerage commissions | 706,142 | 703,915 | |
Distribution fees | 26,532 | 18,246 | |
NJ Filing fees | 101,509 | 180,216 | |
Insurance expense | 24,006 | 17,426 | |
Listing and calculation agent fees | 13,443 | 10,294 | |
Marketing expenses | 30,016 | 38,428 | |
Other expenses | 17,426 | ||
Website support and marketing materials | 10,707 | ||
Trustee Fees | 5,016 | ||
Printing and Postage | 68,607 | 15,311 | |
Wholesale support fees | 113,426 | 91,111 | |
Interest expense | 1,561 | ||
Miscellaneous expenses | 6,193 | ||
Total Expenses | 3,019,689 | 2,543,692 | |
Less: Waiver of CTA fee | (75,955) | (30,008) | |
Less: Expenses absorbed by Sponsor | (277,458) | (77,450) | |
Net Expenses | 2,666,276 | 2,436,234 | |
Net Investment Income (Loss) | (806,935) | (1,175,983) | |
Net Realized and Unrealized Gain (Loss) on Investment Activity | |||
Investments and futures contracts | 35,303,444 | (30,608,304) | |
Change in Unrealized Gain (Loss) on | |||
Investments and futures contracts | 11,954,763 | (3,579,283) | |
Net realized and unrealized gain (loss) | 47,258,207 | (34,187,587) | |
Net income (loss) | 46,451,272 | (35,363,570) | |
BREAKWAVE DRY BULK SHIPPING ETF | |||
Investment Income | |||
Interest | 1,816,833 | 1,255,773 | |
Expenses | |||
Sponsor fee | 125,001 | 128,597 | |
CTA fee | 822,362 | 760,089 | |
Audit fees | 83,992 | 78,000 | |
Tax preparation fees | 313,244 | 205,073 | |
Admin/accounting/custodian/transfer agent fees | 56,653 | 66,005 | |
Legal fees | 80,314 | 45,002 | |
Chief Compliance Officer fees | 24,978 | 24,999 | |
Principal Financial Officer fees | 24,978 | 24,999 | |
Regulatory reporting fees | 24,978 | 24,999 | |
Brokerage commissions | 584,320 | 684,169 | |
Distribution fees | 15,193 | 15,707 | |
NJ Filing fees | 98,381 | 172,716 | |
Insurance expense | 12,503 | 15,001 | |
Listing and calculation agent fees | 7,191 | 9,203 | |
Marketing expenses | 15,012 | 36,003 | |
Other expenses | 15,001 | ||
Website support and marketing materials | 10,502 | ||
Trustee Fees | 2,508 | ||
Printing and Postage | 54,307 | 15,111 | |
Wholesale support fees | 93,035 | 87,902 | |
Interest expense | 1,561 | ||
Miscellaneous expenses | 3,683 | ||
Total Expenses | 2,442,633 | 2,420,639 | |
Less: Waiver of CTA fee | (23,879) | (22,434) | |
Less: Expenses absorbed by Sponsor | |||
Net Expenses | 2,418,754 | 2,398,205 | |
Net Investment Income (Loss) | (601,921) | (1,142,432) | |
Net Realized and Unrealized Gain (Loss) on Investment Activity | |||
Investments and futures contracts | 34,476,191 | (30,983,820) | |
Change in Unrealized Gain (Loss) on | |||
Investments and futures contracts | 12,895,930 | (4,404,570) | |
Net realized and unrealized gain (loss) | 47,372,121 | (35,388,390) | |
Net income (loss) | 46,770,200 | (36,530,822) | |
BREAKWAVE TANKER SHIPPING ETF | |||
Investment Income | |||
Interest | 42,508 | 4,478 | |
Expenses | |||
Sponsor fee | 50,001 | 8,083 | |
CTA fee | 52,076 | 7,574 | |
Audit fees | 51,880 | 20,000 | |
Tax preparation fees | 11,252 | 16,568 | |
Admin/accounting/custodian/transfer agent fees | 52,250 | 9,666 | |
Legal fees | 75,906 | 7,274 | |
Chief Compliance Officer fees | 24,978 | 4,041 | |
Principal Financial Officer fees | 24,978 | 4,041 | |
Regulatory reporting fees | 24,978 | 4,041 | |
Brokerage commissions | 121,822 | 19,746 | |
Distribution fees | 11,339 | 2,539 | |
NJ Filing fees | 3,128 | 7,500 | |
Insurance expense | 11,503 | 2,425 | |
Listing and calculation agent fees | 6,252 | 1,091 | |
Marketing expenses | 15,004 | 2,425 | |
Other expenses | 2,425 | ||
Website support and marketing materials | 205 | ||
Trustee Fees | 2,508 | ||
Printing and Postage | 14,300 | 200 | |
Wholesale support fees | 20,391 | 3,209 | |
Interest expense | |||
Miscellaneous expenses | 2,510 | ||
Total Expenses | 577,056 | 123,053 | |
Less: Waiver of CTA fee | (52,076) | (7,574) | |
Less: Expenses absorbed by Sponsor | (277,458) | (77,450) | |
Net Expenses | 247,522 | 38,029 | |
Net Investment Income (Loss) | (205,014) | (33,551) | |
Net Realized and Unrealized Gain (Loss) on Investment Activity | |||
Investments and futures contracts | 827,253 | 375,516 | |
Change in Unrealized Gain (Loss) on | |||
Investments and futures contracts | (941,167) | 825,287 | |
Net realized and unrealized gain (loss) | (113,914) | 1,200,803 | |
Net income (loss) | $ (318,928) | $ 1,167,252 | [1] |
[1]Period from May 3, 2023 (commencement of investment operations) to June 30, 2023. |
Combined Statements of Changes
Combined Statements of Changes in Net Assets - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
BREAKWAVE DRY BULK SHIPPING ETF | ||
Net Assets at Beginning of Year | $ 61,193,899 | $ 46,487,168 |
Increase (decrease) in Net Assets from share transactions | ||
Addition shares | 38,500,878 | 112,635,604 |
Redemption shares | (107,351,823) | (61,398,051) |
Net increase (decrease) in Net Assets from share transactions | (68,850,945) | 51,237,553 |
Increase (decrease) in Net Assets from operations | ||
Net investment income (loss) | (601,921) | (1,142,432) |
Net realized gain (loss) | 34,476,191 | (30,983,820) |
Change in net unrealized gain (loss) | 12,895,930 | (4,404,570) |
Net increase (decrease) in Net Assets from operations | 46,770,200 | (36,530,822) |
Net Assets at End of Year | 39,113,154 | 61,193,899 |
BREAKWAVE TANKER SHIPPING ETF | ||
Net Assets at Beginning of Year | 4,168,752 | |
Increase (decrease) in Net Assets from share transactions | ||
Addition shares | 13,460,368 | 3,001,500 |
Redemption shares | (15,222,375) | |
Net increase (decrease) in Net Assets from share transactions | (1,762,007) | 3,001,500 |
Increase (decrease) in Net Assets from operations | ||
Net investment income (loss) | (205,014) | (33,551) |
Net realized gain (loss) | 827,253 | 375,516 |
Change in net unrealized gain (loss) | (941,167) | 825,287 |
Net increase (decrease) in Net Assets from operations | (318,928) | 1,167,252 |
Net Assets at End of Year | 2,087,817 | 4,168,752 |
COMBINED | ||
Net Assets at Beginning of Year | 65,362,651 | 46,487,168 |
Increase (decrease) in Net Assets from share transactions | ||
Addition shares | 51,961,246 | 115,637,104 |
Redemption shares | (122,574,198) | (61,398,051) |
Net increase (decrease) in Net Assets from share transactions | (70,612,952) | 54,239,053 |
Increase (decrease) in Net Assets from operations | ||
Net investment income (loss) | (806,935) | (1,175,983) |
Net realized gain (loss) | 35,303,444 | (30,608,304) |
Change in net unrealized gain (loss) | 11,954,763 | (3,579,283) |
Net increase (decrease) in Net Assets from operations | 46,451,272 | (35,363,570) |
Net Assets at End of Year | $ 41,200,971 | $ 65,362,651 |
Combined Statements of Change_2
Combined Statements of Changes in Net Assets (Parentheticals) - shares | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
BREAKWAVE DRY BULK SHIPPING ETF | ||
Addition during the period | 4,700,000 | |
Redemption during the period | 12,550,000 | |
BREAKWAVE TANKER SHIPPING ETF | ||
Addition during the period | 775,000 | |
Redemption during the period | 850,000 | |
COMBINED | ||
Addition during the period | 4,850,000 | |
Redemption during the period | 6,075,000 |
Combined Statements of Cash Flo
Combined Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | |||
BREAKWAVE DRY BULK SHIPPING ETF | ||||
Cash flows used in operating activities | ||||
Net income (loss) | $ 46,770,200 | $ (36,530,822) | ||
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: | ||||
Net realized (gain) loss on investments | (34,476,191) | 30,983,820 | ||
Change in net unrealized gain (loss) on investments | 4,404,570 | |||
Sale (purchase) of investments, net | 78,615,786 | (57,771,487) | ||
Change in net unrealized loss (gain) on futures | (12,895,930) | 4,404,570 | ||
Change in operating assets and liabilities: | ||||
Decrease in subscriptions receivable | 1,684,835 | |||
Decrease (Increase) in interest receivable | 26,268 | (128,553) | ||
Decrease (increase) in due from sponsor | ||||
Increase in receivable on open futures contracts | ||||
Increase in payable on open futures contracts | (12,881,080) | 4,404,570 | ||
Increase (decrease) in due to Sponsor | (119,851) | (115,691) | ||
Increase (Decrease) in accrued expenses | 227,609 | (33,536) | ||
Net cash used in operating activities | 65,266,821 | (53,102,294) | ||
Cash flows from financing activities | ||||
Proceeds from sale of shares | 38,500,878 | 112,635,604 | ||
Paid on redemption of shares | (107,351,823) | (61,398,051) | ||
Net cash provided by financing activities | (68,850,945) | 51,237,553 | ||
Net increase (decrease) in cash and restricted cash | (3,584,124) | (1,864,741) | ||
Cash and restricted cash, beginning of year | 35,323,736 | 37,188,477 | ||
Cash and restricted cash, end of year | 31,739,612 | 35,323,736 | ||
Cash | ||||
Segregated cash held by broker | 31,739,612 | 35,323,736 | ||
Total cash and restricted cash as shown on the combined statements of cash flows. | 31,739,612 | 35,323,736 | ||
BREAKWAVE TANKER SHIPPING ETF | ||||
Cash flows used in operating activities | ||||
Net income (loss) | (318,928) | 1,167,252 | [1] | |
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: | ||||
Net realized (gain) loss on investments | (827,253) | (375,516) | [1] | |
Change in net unrealized gain (loss) on investments | [1] | (825,287) | ||
Sale (purchase) of investments, net | (668,786) | 725,755 | [1] | |
Change in net unrealized loss (gain) on futures | 941,167 | (825,287) | ||
Change in operating assets and liabilities: | ||||
Decrease in subscriptions receivable | [1] | |||
Decrease (Increase) in interest receivable | (2,503) | (2,001) | [1] | |
Decrease (increase) in due from sponsor | (22,674) | |||
Increase in receivable on open futures contracts | 825,287 | (825,287) | [1] | |
Increase in payable on open futures contracts | 115,880 | [1] | ||
Increase (decrease) in due to Sponsor | (8,776) | 8,776 | [1] | |
Increase (Decrease) in accrued expenses | 92,516 | 4,762 | [1] | |
Net cash used in operating activities | 125,930 | (121,546) | [1] | |
Cash flows from financing activities | ||||
Proceeds from sale of shares | 13,460,368 | 3,001,500 | [1] | |
Paid on redemption of shares | (15,222,375) | [1] | ||
Net cash provided by financing activities | (1,762,007) | 3,001,500 | [1] | |
Net increase (decrease) in cash and restricted cash | (1,636,077) | 2,879,954 | [1] | |
Cash and restricted cash, beginning of year | [1] | 2,879,954 | ||
Cash and restricted cash, end of year | 1,243,877 | 2,879,954 | [1] | |
Cash | [1] | |||
Segregated cash held by broker | 1,243,877 | 2,879,954 | [1] | |
Total cash and restricted cash as shown on the combined statements of cash flows. | 1,243,877 | 2,879,954 | [1] | |
COMBINED | ||||
Cash flows used in operating activities | ||||
Net income (loss) | 46,451,272 | (35,363,570) | ||
Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities: | ||||
Net realized (gain) loss on investments | (35,303,444) | 30,608,304 | ||
Change in net unrealized gain (loss) on investments | 3,579,283 | |||
Sale (purchase) of investments, net | 77,947,000 | (57,045,732) | ||
Change in net unrealized loss (gain) on futures | (11,954,763) | |||
Change in operating assets and liabilities: | ||||
Decrease in subscriptions receivable | 1,684,835 | |||
Decrease (Increase) in interest receivable | 23,765 | (130,554) | ||
Decrease (increase) in due from sponsor | (22,674) | |||
Increase in receivable on open futures contracts | 825,287 | (825,287) | ||
Increase in payable on open futures contracts | (12,765,190) | 4,404,570 | ||
Increase (decrease) in due to Sponsor | (128,627) | (106,915) | ||
Increase (Decrease) in accrued expenses | 320,125 | (28,774) | ||
Net cash used in operating activities | 65,392,751 | (53,223,840) | ||
Cash flows from financing activities | ||||
Proceeds from sale of shares | 51,961,246 | 115,637,104 | ||
Paid on redemption of shares | (122,574,198) | (61,398,051) | ||
Net cash provided by financing activities | (70,612,952) | 54,239,053 | ||
Net increase (decrease) in cash and restricted cash | (5,220,201) | 1,015,213 | ||
Cash and restricted cash, beginning of year | 38,203,690 | 37,188,477 | ||
Cash and restricted cash, end of year | 32,983,489 | 38,203,690 | ||
Cash | ||||
Segregated cash held by broker | 32,983,489 | 38,203,690 | ||
Total cash and restricted cash as shown on the combined statements of cash flows. | $ 32,983,489 | $ 38,203,690 | ||
[1]Period from May 3, 2023 (commencement of investment operations) to June 30, 2023. |
Organization
Organization | 12 Months Ended |
Jun. 30, 2024 | |
Organization [Abstract] | |
Organization | (1) Organization Amplify Commodity Trust (the “Trust”) was organized as a Delaware statutory trust on July 23, 2014. Effective after the close of trading on February 14, 2024, ETF Managers Capital LLC, as the prior sponsor and commodity pool operator (the “Former Sponsor”) of the Trust, entered into an agreement (the “Transfer Agreement”) to resign as Sponsor to the Trust and transfer its role as the Trust’s sponsor to Amplify Investments LLC (the “Sponsor.”) Under the terms of the Transfer Agreement, the Former Sponsor no longer has any involvement in the operations, management or marketing of the Fund. In connection with this change of Sponsor, Trust changed its name from the ETF Managers Group Commodity Trust I to the Amplify Commodity Trust. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and currently consists of two separate series. BREAKWAVE DRY BULK SHIPPING ETF (“BDRY”), is the first series of the Trust and is a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on the NYSE Arca. The second series of the Trust, BREAKWAVE TANKER SHIPPING ETF (“BWET”), each a “Fund” and together with BDRY, the “Funds”), is also a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on the NYSE Arca. The Funds are managed and controlled by 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 the Funds 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 FCM, Marex Financial Ltd (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 Treasury Instruments and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation between changes in the Fund’s net asset value (“NAV”) and changes in the Benchmark Portfolio, because the Benchmark Portfolio does not reflect expenses or income. The Fund seeks to trade its positions prior to maturity; accordingly, natural market forces may cost the Fund while rebalancing. Each time the Fund seeks to reconstitute its positions, barring movement in the underlying securities, the futures and option prices may be higher or lower. Such differences in price, barring a movement in the price of the underlying security, will constitute “roll yield” and may inhibit the Fund’s ability to achieve its 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. BWET commenced investment operations on May 3, 2023. BWET commenced trading on NYSE Arca on May 3, 2023 and trades under the symbol “BWET.” BWET’s investment objective is to provide investors with exposure to the daily change in the price of crude oil tanker freight futures, before expenses and liabilities of the Fund, by tracking the performance of a portfolio (the “BWET Benchmark Portfolio”) mainly consisting of the nearest calendar quarter of futures contracts on specified indexes (each a “Reference Index”) that measure prices for shipping crude oil (“Freight Futures”). Freight Futures reflect market expectations for the future cost of transporting crude oil. 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 crude oil in a specific size category of cargo ship and for a specific route. The two Reference Indexes are as follows: ● The TD3C Index ● The TD20 Index: The value of the TD3C Index and the TD20 Index is disseminated at 4:00 p.m. London Time by the Baltic Exchange. Such Reference Index information also is widely disseminated by Reuters, Bloomberg and/or other major market data vendors. The Fund seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting the BWET Benchmark Portfolio. The BWET Benchmark Portfolio includes a combination of TD3C and TD20 Freight Futures. More specifically, the Benchmark Portfolio includes 90% exposure in TD3C Freight Futures contracts and 10% exposure in TD20 Freight Futures contracts to maturity and settles them in cash. At any given time, the average maturity of the futures held by the Fund will be approximately 50 to 70 days. The BWET Benchmark Portfolio does not include and BWET does not invest in swaps, non-cleared freight forwards or other over-the-counter derivative instruments that are not cleared through exchanges or clearing houses. BWET may hold exchange-traded options on Freight Futures. The BWET Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually. The Freight Futures currently constituting the BWET Benchmark Portfolio, as well as the daily holdings of BWET are available on BWET’s website at www.tankeretf.com. When establishing positions in Freight Futures, BWET 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 BWET’s FCM, Marex Financial Ltd. On a daily basis, BWET 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 BWET’s custodian or remain with the FCM in cash or cash equivalents, as discussed below. BWET was created to provide investors with a cost-effective and convenient way to gain exposure to daily changes in the price of Freight Futures. BWET 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 Treasury Instruments and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis. The Fund may also realize interest income from its holdings in U.S. Treasuries or other market rate instruments. 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 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 | 12 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Basis of Accounting The accompanying combined financial statements of the Funds have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Each Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S. GAAP. (b) Use of Estimates The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of the combined financial statements. (c) Cash Cash, when shown in the Combined Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments. (d) Cash Held by Broker Breakwave is registered as a “commodity trading advisor” and acts as such for the Funds. The Funds’ arrangement with its FCM requires the Funds to meet its variation margin requirements related to the price movements, both positive and negative, on futures contracts held by the Funds by keeping cash on deposit with the Commodity Broker (as defined below). These amounts are shown as Segregated cash held by broker in the Combined Statements of Assets and Liabilities. Each Fund deposits cash or United States Treasury Obligations, as applicable, with the FCM subject to the CFTC regulations and various exchange and broker requirements. The combination of each Fund’s deposits with the FCM of cash and United States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation margin) represents each Fund’s overall equity in its brokerage trading account. The Funds use theirs cash held by the FCM to satisfy individual Fund variation margin requirements. The Funds earns interest on their cash deposited with the 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 years ended June 28, 2024 and June 30, 2023, was at 4:00 p.m. Eastern Time on June 28, 2024 and June 30, 2023, 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 years ended June 30, 2024 and June 30, 2023. Fair value per share is determined at the close of the NYSE Arca. For financial reporting purposes, each Fund values its investment positions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these combined financial statements differ from those used in the calculations of the Fund’s final creation/redemption NAVs at June 30, 2024 and June 30, 2023. (f) Investment Valuation Short-term investments, excluding U.S. Treasury Bills, are carried at amortized cost, which approximates fair value. U.S. Treasury Bills, when held by the Funds, 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 Each 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 tables summarize BDRY’s valuation of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy: June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 8,348,195 $ (788,675 ) $ 7,559,520 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 39,591,860 $ (13,669,745 ) $ 25,922,115 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the years ended June 30, 2024 and June 30, 2023 , BDRY recognized no transfers from Level 1, Level 2 or Level 3. The following table summarizes BWET’s valuation of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy: June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 1,029,920 $ (115,880 ) $ 914,040 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 475,048 $ 825,287 $ 1,300,335 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are recognized at the end of the reporting period. During the years ended June 30, 2024 and June 30, 2023, BWET recognized no transfers from Level 1, Level 2 or Level 3. (h) Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gain/loss on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations. The Funds interest earned on short-term securities and on cash deposited with Marex Financial Ltd. is accrued daily and reflected as Interest Income, when applicable, in the Combined Statements of Operations. (i) Federal Income Taxes Each Fund is registered as a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Funds do 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 Funds’ income, gain, loss, deductions and other items for the Funds’ taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds 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 June 30, 2024 and June 30, 2023. The Funds are 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 Funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed. |
Investments
Investments | 12 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Investments | (3) Investments (a) Short-Term Investments The Funds 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 Funds’ trading in futures contracts. (b) Accounting for Derivative Instruments In seeking to achieve each 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 June 30, 2024 and June 30, 2023, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these open positions relative to the shareholders’ capital of the Funds is generally representative of the notional value of open positions to shareholders’ capital throughout the reporting periods for the Funds. The volume associated with derivative positions varies on a daily basis as the Fund transact in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to shareholders’ capital consistent with the applicable Fund’s investment objective. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures. (c) Futures Contracts The Funds enter into futures contracts to gain exposure to changes in the value of the Benchmark Portfolios. 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 treasury futures contract may generally be satisfied by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Upon entering into a futures contract, the Funds are required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities, and is restricted as to its use. Pursuant to the futures contract, the Funds agree 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 Funds as unrealized gains or losses. The Funds will realize a gain or loss upon closing a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically freight futures 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 Funds haves 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 Funds 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 June 30, 2024 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Fair Combined Statements of Assets and Liabilities Fair Dry Bulk Index Rates Market Risk $ - Payable on open futures contracts $ 788,675 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. BREAKWAVE DRY BULK SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2023 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Fair Combined Statements of Assets and Liabilities Fair Dry Bulk Index Rates Market Risk $ - Payable on open futures contracts $ 13,669,745 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2024 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 34,476,191 $ 12,895,930 The futures contracts open at June 30, 2024 are indicative of the activity for the year ended June 30, 2024. BREAKWAVE DRY BULK SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2023 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ (30,983,820 ) $ (4,404,570 ) The futures contracts open at June 30, 2023 are indicative of the activity for the year ended June 30, 2023. BREAKWAVE TANKER SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2024 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Statements of Assets and Liabilities Fair Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ - Payable on open futures contracts $ 115,880 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. BREAKWAVE TANKER SHIPPING ETF Fair Value of Derivative Instruments, as of June 30, 2023 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Statements of Assets and Liabilities Fair Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ 825,287 * Payable on open futures contracts $ - * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2024 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 827,253 $ (941,167 ) The futures contracts open at June 30, 2024 are indicative of the activity for the year ended June 30, 2024. BREAKWAVE TANKER SHIPPING ETF The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2023 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 375,516 $ 825,287 The futures contracts open at June 30, 2023 are indicative of the activity for the period from May 3, 2023 (commencement of operations) to June 30, 2023. |
Agreements
Agreements | 12 Months Ended |
Jun. 30, 2024 | |
Agreements [Abstract] | |
Agreements | (4) Agreements (a) Management Fee Each Fund pays the Sponsor a sponsor fee (the “Sponsor Fee”) in consideration of the Sponsor’s advisory services to the Funds. Additionally, each Fund pays the 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, interest expense, and extraordinary expenses, if any, of the value of BDRY’s average daily net assets through March 31, 2025 (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 $23,879 and, $22,434 for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. Effective September 1, 2022 Breakwave may, during the term of the waiver agreement, recoup any fees waived pursuant to the contract; however, the Fund will only make repayments to Breakwave if such repayment does not cause the Fund’s expense ratio after the repayment is taken into account, to exceed either (i) the expense cap in place at the time such amounts were waived, or (ii) the Fund’s current expense cap. Such recoupment is limited to three years from the date the amount is initially waived. At June 30, 2024, BDRY is subject to potential future repayments of $23,879 to Breakwave. The potential future repayments expire during the year ending June 30, 2027 in the amount of $23,879. BWET pays the Sponsor an annual Sponsor Fee, monthly in arrears, in an amount calculated as the greater of 0.30% of its average daily net assets, or $50,000. BWET also pays an annual CTA license and service 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 BWET such that Fund expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, if any, of the value of BWET’s average daily net assets through December 31, 2024 (the “BWET Expense Cap”). The assumption of expenses by the Sponsor and waiver of BWET’s CTA fee are contractual on the part of the Sponsor and Breakwave, respectively. The waiver of BWET’s CTA fees, pursuant to the undertaking, amounted to $52,076 The Funds currently accrue their daily expenses up to the applicable 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 Funds in excess of the Fund’s respective Expense Cap, which in the case of BDRY, aggregated $ $-0- and $-0- for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. In the case of BWET, expenses absorbed by the Sponsor aggregated $277,458 (b) The Administrator, Custodian, Fund Accountant and Transfer Agent Each 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 Funds, transfer agent (the “Transfer Agent”) for Fund shares and administrator for the Funds (the “Administrator”). It performs certain administrative and accounting services for the Funds 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”). Each Fund has agreed to pay U.S. Bank 0.03% of average assets under management (“AUM”), with a $25,000 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 $56,653 and $66,005 for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. BWET paid U.S. Bank $52,250 and $9,666 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. (c) The Distributor Through August 13, 2023, each Fund paid ETFMG Financial LLC (the “former 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 respective Marketing Agent Agreements between the Sponsor, each Fund and the former Distributor, the former Distributor assisted the Sponsor and the applicable Fund with certain functions and duties relating to distribution and marketing services to the applicable Fund, including reviewing and approving marketing materials and certain regulatory compliance matters. The Distributor also assisted with the processing of creation and redemption orders. Effective August 14, 2023, the Sponsor entered into a Marketing Agent Agreement (the “Marketing Agreement”) on behalf of the Trust and the Funds with Foreside Fund Services, LLC (“Foreside”), pursuant to which Foreside provides certain marketing services to the Funds. Each Fund pays an annual fee for such distribution services and related administrative services, with a minimum of approximately $10,000 payable annually. Pursuant to the Marketing Agent Agreement between the Sponsor, the Funds and Foreside, Foreside assists the Sponsor and the Funds with certain functions and duties relating to distribution and marketing services to the Funds, including reviewing and approving marketing materials and certain regulatory compliance matters. Foreside also assists with the processing of creation and redemption orders. Foreside’s principal business office is located in Portland, ME. 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. BWET pays the Sponsor an annual fee for wholesale support services of $15,000 plus 0.15% of BWET’s average daily net assets, payable monthly. BDRY incurred $93,035 and $87,902 in wholesale support fees for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. BWET incurred $20,391 and $3,209 in wholesale support fees for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the Combined Statements of Operations. (d) The Commodity Broker Marex Financial Ltd., registered in England, serves as each Fund’s clearing broker, (the “Commodity Broker”). In its capacity as clearing broker, the Commodity Broker executes and clears each Fund’s futures transactions and performs certain administrative services for the Funds. The Funds pay respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor does not expect annual brokerage commissions and fees to exceed 0.40% for BDRY and 1.30% for BWET (excluding the impact on each Fund of creation and/or redemption activity) of the net asset value of BDRY and BWET, respectively, for execution and clearing services on behalf of the Funds, 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 freight futures or similar high credit quality short-term fixed-income or similar securities are not included in the foregoing analysis. BDRY incurred $584,320 and $684,169 in brokerage commissions and fees for the years ended June 30, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. BWET incurred $121,822 and $19,746 in brokerage commissions and fees for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023 as disclosed in the Combined Statement of Operations. (e) The Trustee Under the Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) for each Fund, Wilmington Trust Company, the Trustee of each of the Funds (the “Trustee”) serves as the sole trustee of each Fund in the State of Delaware. The Trustee will accept service of legal process on the Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. Under the Trust Agreement for each Fund, the Sponsor has the exclusive management and control of all aspects of the business of the Funds. The Trustee does not owe any other duties to the Funds, the Sponsor or the Shareholders of the Funds. 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 $2,508 and $4,603, respectively, in trustee fees for years ended June 30, 2024 and 2023, which is included in Other Expenses in the Combined Statements of Operations. BWET incurred $2,508 and $397 in trustee fees for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. (f) Routine Offering, Operational, Administrative and Other Ordinary Expenses The Sponsor, in accordance with the BDRY Expense Cap limitation paid, after the waiver of a portion of the CTA fee for BDRY by Breakwave, all of the routine offering, operational, administrative and other ordinary expenses of BDRY in excess of 3.50% (excluding brokerage commissions and interest expense) of BDRY’s average daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator, Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing, mailing and duplication costs. BDRY incurred $2,418,574 and $2,398,205 , respectively, during the years ended June 30, 2024 and 2023 in routine offering, operational, administrative or other ordinary expenses. The CTA fee waiver for BDRY by Breakwave was $23,879 and $22,434 respectively, for the years ended June 30, 2024 and 2023. 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-, respectively, for the years ended June 30, 2024 and 2023. The Sponsor, in accordance with the BWET Expense Cap limitation paid, after the waiver of a portion of the CTA fee for BWET by Breakwave, all of the routine offering, operational, administrative and other ordinary expenses of BWET in excess of 3.50% (excluding brokerage commissions and interest expense) of BWET’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. BWET incurred $524,980 and $115,479 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023 in routine offering, operational, administrative or other ordinary expenses. The CTA fee waiver for BDRY by Breakwave was $52,076 and $7,574 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. In addition, the assumption of Fund expenses above the BWET Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $277,458 and $77,450 for the year ended June 30, 2024, and for the period from May 3, 2023 (commencement of operations) to June 30, 2023. (g) Organizational and Offering Costs Expenses incurred in connection with organizing BDRY and BWET and up to the offering of its Shares upon commencement of its investment operations on March 22, 2018 and May 3, 2023, respectively, were paid by the Sponsor and Breakwave without reimbursement. Accordingly, all such expenses are not reflected in the Combined Statements of Operations. The Funds will bear the costs of their continuous offering of Shares and ongoing offering expenses. Such ongoing offering costs will be included as a portion of the Routine Offering, Operational, Administrative and Other Ordinary Expenses. These costs will include registration fees for regulatory agencies and all legal, accounting, printing and other expenses associated therewith. These costs will be accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. During the year ended June 30, 2021 the Sponsor, in order to maintain the continuous offering of Shares undertook to register additional shares of BDRY, the costs of which were borne by the Fund and aggregated $28,997, of which $24,071 was amortized to expense during the year ended June 30, 2022. (h) Extraordinary Fees and Expenses The Funds will pay all extraordinary fees and expenses, if any. Extraordinary fees and expenses are fees and expenses which are nonrecurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount. For the years ended June 30, 2024 and 2023, BDRY did not incur such expenses. For the year ended June 30, 2024, and the period from May 3, 2023 (commencement of operations) to June 30, 2023, BWET did not incur such expenses. |
Creations and Redemptions
Creations and Redemptions | 12 Months Ended |
Jun. 30, 2024 | |
Creations and Redemptions [Abstract] | |
Creations and Redemptions | (5) Creations and Redemptions Each Fund issues and redeems Shares from time to time, but only in one or more Creation or Redemption Baskets. A Creation or Redemption Basket is a block of 25,000 shares of the particular Fund. Baskets may be created or redeemed only by Authorized Participants. Except when aggregated in Creation or Redemption 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 Combined Financial Statements – such as references to the Transaction Fee imposed on creations and redemptions – is not relevant to retail investors. (a) Transaction Fees on Creation and Redemption Transactions In connection with orders to create and redeem one or more Creation or Redemption Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $300 per BDRY or BWET order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Funds. (b) Share Transactions BREAKWAVE DRY BULK SHIPPING ETF Summary of Share Transactions for the Year Ended June 30, 2024 Shares Net Assets Shares Sold 4,700,000 $ 38,500,878 Shares Redeemed (12,550,000 ) (107,351,823 ) Net Decrease (7,850,000 ) $ (68,850,945 ) BREAKWAVE DRY BULK SHIPPING ETF Summary of Share Transactions for the Year Ended June 30, 2023 Shares Net Assets Shares Sold 14,975,000 $ 112,635,604 Shares Redeemed (6,625,000 ) (61,398,051 ) Net Increase 8,350,000 $ 51,237,553 BREAKWAVE TANKER SHIPPING ETF Summary of Share Transactions for the Year Ended June 30, 2024 Shares Net Assets Shares Sold 775,000 $ 13,460,368 Shares Redeemed (850,000 ) (15,222,375 ) Net Decrease (75,000 ) $ (1,762,007 ) BREAKWAVE TANKER SHIPPING ETF Summary of Share Transactions for the Period from May 3, 2023 to June 30, 2023 Shares Net Assets Shares Sold 200,100 $ 3,001,500 Shares Redeemed - - Net Increase 200,100 $ 3,001,500 |
Risk
Risk | 12 Months Ended |
Jun. 30, 2024 | |
Risk [Abstract] | |
Risk | (6) Risk (a) Investment Related Risk The NAV of each Fund’s shares relates directly to the value of the respective freight futures portfolio, cash and cash equivalents held by each Fund. Fluctuations in the prices of these assets could materially adversely affect the values and performance of an investment in BDRY and BWET shares. Past performance is not necessarily indicative of future results; all or substantially all of an investment in BDRY or BWET could be lost. The NAV of BDRY and BWET shares relates directly to the value of the futures investments held by each Fund which are materially impacted by fluctuations in changes in spot charter rates. Charter rates for dry bulk vessels and crude oil tankers 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 and/or BWET may be required to enter into replacement contracts that are priced higher or that have less favorable terms than the contracts being replaced (see “Negative Roll Risk,” below). The Freight Futures market settles in cash against published indices, so there is no physical delivery against the futures contracts. Similar to other futures contracts, the Freight Futures curve shape could be either in “contango” (where the futures curve is upward sloping with next futures price higher than the current one) or “backwardation” (where each the next futures price is lower than the current one). Contango curves are generally characterized by negative roll cost, as the expiring contract value is lower that the next prompt contract value, assuming the same lot size. That means there could be losses incurred when the contracts are rolled each period (“Negative Roll Risk”) and such losses are independent of the Freight Futures price level. The Russia-Ukraine war poses 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 the case of BDRY, 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 word, leading to lower dry bulk freight rates. The 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 BDRY. 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 BDRY. In the case of BWET, the conflict between Russia and Ukraine has also had a profound impact on oil prices and as a result on tanker rates and might continue to impact the level of tanker rates for years to come. Russia accounts for more than 10% of global oil production. Sanctions put in place to limit the exports of crude oil and refined products from Russia has caused a reshuffling in tanker trade patterns and has led to increasing volatility in tanker freight rates. With limited seaborne crude exports out of Russia, refiners and oil traders have been seeking alternative sources for feedstock crude, causing major disruptions in the traditional crude oil trading patterns. Volatility in tanker rates has increased, especially for tankers carrying refined products. As volatility of spot charter rates increases, higher trading volumes in freight futures would be expected as market participants tend to increase their hedging requirements. In addition, oil price volatility has increased significantly, impacting tanker spot rate freight rates. The Hamas-Israel conflict has stoked fears of oil supply instability in the Middle East and globally. While not having an immediate impact on global oil production or tanker trade patterns, escalation or expansion of hostilities, interventions by other groups or nations, the imposition of economic sanctions on any of the oil producing nations, disruption of shipping transit in the Straits of Hormuz or other significant trade routes, or similar outcomes could lead to oil supply instability. The conflict is ongoing and, should it escalate and expand toother oil producing nations in the region, it may have a profound negative impact on oil prices and, as a result, the supply and demand for freight that could have a negative impact on spot freight rates for dry bulk and liquid freight and on Freight Futures. In addition, The People’s Republic of China (“China”) accounts for a sizable part of oil demand, and changes in the economic and political environment in China and policies adopted by the government to regulate its economy may have a material adverse effect on tanker charter rates and as a result, Freight Futures. (b) Liquidity Risk In certain circumstances, such as the disruption of the orderly markets for the futures contracts or Financial Instruments in which the Funds invest, the Funds 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 Funds may acquire increases the risk of illiquidity both by making their positions more difficult to liquidate and by potentially increasing losses while trying to do so. Such a situation may prevent the Funds from limiting losses, realizing gains or achieving a high correlation with the applicable Benchmark Portfolio. (c) Natural Disaster/Epidemic Risk Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their 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 Funds may have difficulty achieving their investment objectives 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 Funds’ 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 Funds’ investments. These factors can cause substantial market volatility. exchange trading suspensions and closures and can impact the ability of the Funds to complete redemptions and otherwise affect each Fund’s performance and the Funds’ trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current 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 Funds’ performance, resulting in losses to the Funds. |
Profit and Loss Allocations and
Profit and Loss Allocations and Distributions | 12 Months Ended |
Jun. 30, 2024 | |
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 of the Funds are allocated pro rata pro rata |
Indemnifications
Indemnifications | 12 Months Ended |
Jun. 30, 2024 | |
Indemnifications [Abstract] | |
Indemnifications | (8) Indemnifications The Sponsor, either in its own capacity or in its capacity as the Sponsor and on behalf of the Funds, 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 Funds. As of June 30, 2024, the Funds 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 | 12 Months Ended |
Jun. 30, 2024 | |
Termination [Abstract] | |
Termination | (9) Termination The term of each Fund is perpetual unless terminated earlier in certain circumstances as described in the applicable Prospectus. |
Net Asset Value and Financial H
Net Asset Value and Financial Highlights | 12 Months Ended |
Jun. 30, 2024 | |
Net Asset Value and Financial Highlights [Abstract] | |
Net Asset Value and Financial Highlights | (10) Net Asset Value and Financial Highlights The Funds are presenting, as applicable, the following net asset value and financial highlights related to investment performance for a Share outstanding throughout the years ended June 30, 2024 and 2023, respectively. The net investment income and total expense ratios are calculated using average net assets. The net asset value presentation is calculated by dividing each Fund’s net assets by the average daily number of Shares outstanding. The net investment income (loss) and expense ratios have been annualized. The total return is based on the change in net asset value and market value of the Shares during the period. An individual investor’s return and ratios may vary based on the timing of their transactions in Fund Shares. BREAKWAVE DRY BULK BREAKWAVE TANKER For the Year Ended June 30, For the Year Ended June 30, 2024 2023 2024 2023 (a) Net Asset Value Net asset value per Share, beginning of year $ 5.53 $ 17.06 $ 20.83 $ 15.00 Net investment income (loss) (0.08 ) (0.19 ) (1.03 ) (0.17 ) Net realized and unrealized gain (loss) 6.68 (11.34 ) (3.11 ) 6.00 Net Income (Loss) 6.60 (11.53 ) (4.14 ) 5.83 Net Asset Value per Share, end of year $ 12.13 $ 5.53 $ 16.69 $ 20.83 Market Value per Share, end of year $ 12.24 $ 5.55 $ 16.79 $ 20.88 Ratios to Average Net Assets (b) Expense Ratio (b) 4.31 % 4.57 % 16.07 % 7.28 % Expense Ratio (b)(c) 4.26 % 4.62 % 6.89 % 23.56 % Net Investment Income (Loss) (b) (1.10 )% (2.18 )% (5.71 )% (6.42 )% Total Return, at Net Asset Value (d) 119.61 % (67.58 )% (19.89 )% 38.89 % Total Return, at Market Value (d) 120.54 % (67.68 )% (19.59 )% 49.89 % (a) Period from May 3, 2023 (commencement of operations) to June 30, 2023 (b) Percentages are annualized. (c) Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. (d) Percentages are not annualized. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 46,451,272 | $ (35,363,570) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule10b51ArrangementModified | false |
NonRule10b51ArrangementModified | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Accounting | (a) Basis of Accounting The accompanying combined financial statements of the Funds have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Each Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S. GAAP. |
Use of Estimates | (b) Use of Estimates The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements and accompanying notes. Actual results could differ from those estimates. There were no significant estimates used in the preparation of the combined financial statements. |
Cash | (c) Cash Cash, when shown in the Combined Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments. |
Cash Held by Broker | (d) Cash Held by Broker Breakwave is registered as a “commodity trading advisor” and acts as such for the Funds. The Funds’ arrangement with its FCM requires the Funds to meet its variation margin requirements related to the price movements, both positive and negative, on futures contracts held by the Funds by keeping cash on deposit with the Commodity Broker (as defined below). These amounts are shown as Segregated cash held by broker in the Combined Statements of Assets and Liabilities. Each Fund deposits cash or United States Treasury Obligations, as applicable, with the FCM subject to the CFTC regulations and various exchange and broker requirements. The combination of each Fund’s deposits with the FCM of cash and United States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation margin) represents each Fund’s overall equity in its brokerage trading account. The Funds use theirs cash held by the FCM to satisfy individual Fund variation margin requirements. The Funds earns interest on their cash deposited with the 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 years ended June 28, 2024 and June 30, 2023, was at 4:00 p.m. Eastern Time on June 28, 2024 and June 30, 2023, 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 years ended June 30, 2024 and June 30, 2023. Fair value per share is determined at the close of the NYSE Arca. For financial reporting purposes, each Fund values its investment positions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these combined financial statements differ from those used in the calculations of the Fund’s final creation/redemption NAVs at June 30, 2024 and June 30, 2023. |
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, when held by the Funds, 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 Each 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 tables summarize BDRY’s valuation of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy: June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 8,348,195 $ (788,675 ) $ 7,559,520 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 39,591,860 $ (13,669,745 ) $ 25,922,115 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. Transfers between levels are recognized at the end of the reporting period. During the years ended June 30, 2024 and June 30, 2023 , BDRY recognized no transfers from Level 1, Level 2 or Level 3. The following table summarizes BWET’s valuation of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy: June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 1,029,920 $ (115,880 ) $ 914,040 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 475,048 $ 825,287 $ 1,300,335 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are recognized at the end of the reporting period. During the years ended June 30, 2024 and June 30, 2023, BWET recognized no transfers from Level 1, Level 2 or Level 3. |
Investment Transactions and Related Income | (h) Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gain/loss on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations. The Funds interest earned on short-term securities and on cash deposited with Marex Financial Ltd. is accrued daily and reflected as Interest Income, when applicable, in the Combined Statements of Operations. |
Federal Income Taxes | (i) Federal Income Taxes Each Fund is registered as a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Funds do 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 Funds’ income, gain, loss, deductions and other items for the Funds’ taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds 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 June 30, 2024 and June 30, 2023. The Funds are 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 Funds’ 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) | 12 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Fair Value Hierarchy Valuation of Investments | The following tables summarize BDRY’s valuation of investments at June 30, 2024 and June 30, 2023 using the fair value hierarchy: June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 8,348,195 $ (788,675 ) $ 7,559,520 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 39,591,860 $ (13,669,745 ) $ 25,922,115 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2024 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 1,029,920 $ (115,880 ) $ 914,040 b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. June 30, 2023 Short-Term (a) Futures (b) Total Level I – Quoted Prices $ 475,048 $ 825,287 $ 1,300,335 a – Included in Investments in securities in the Combined Statements of Assets and Liabilities. b – Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Investments [Abstract] | |
Schedule of Effect of Derivative Instruments on the Statements of Operations | Fair Value of Derivative Instruments, as of June 30, 2024 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Fair Combined Statements of Assets and Liabilities Fair Dry Bulk Index Rates Market Risk $ - Payable on open futures contracts $ 788,675 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. Fair Value of Derivative Instruments, as of June 30, 2023 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Fair Combined Statements of Assets and Liabilities Fair Dry Bulk Index Rates Market Risk $ - Payable on open futures contracts $ 13,669,745 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. Fair Value of Derivative Instruments, as of June 30, 2024 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Statements of Assets and Liabilities Fair Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ - Payable on open futures contracts $ 115,880 * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. Fair Value of Derivative Instruments, as of June 30, 2023 Asset Derivatives Liability Derivatives Derivatives Combined Statements of Assets and Liabilities Fair Combined Statements of Assets and Liabilities Fair Crude Oil Tanker Index Rates Market Risk Receivable on open futures contracts $ 825,287 * Payable on open futures contracts $ - * Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. |
Schedule of Effect of Derivative Instruments on the Statements of Operations | The Effect of Derivative Instruments on the Combined Statements of Operations Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 34,476,191 $ 12,895,930 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Dry Bulk Index Rates Market Risk Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts $ (30,983,820 ) $ (4,404,570 ) The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2024 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 827,253 $ (941,167 ) The Effect of Derivative Instruments on the Combined Statements of Operations For the Year Ended June 30, 2023 Derivatives Location of Gain (Loss) on Derivatives Realized Change in Crude Oil Tanker Index Rates Market Risk Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts $ 375,516 $ 825,287 |
Creations and Redemptions (Tabl
Creations and Redemptions (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Creations and Redemptions [Abstract] | |
Schedule of Share Transactions | Shares Net Assets Shares Sold 4,700,000 $ 38,500,878 Shares Redeemed (12,550,000 ) (107,351,823 ) Net Decrease (7,850,000 ) $ (68,850,945 ) Shares Net Assets Shares Sold 14,975,000 $ 112,635,604 Shares Redeemed (6,625,000 ) (61,398,051 ) Net Increase 8,350,000 $ 51,237,553 Shares Net Assets Shares Sold 775,000 $ 13,460,368 Shares Redeemed (850,000 ) (15,222,375 ) Net Decrease (75,000 ) $ (1,762,007 ) Shares Net Assets Shares Sold 200,100 $ 3,001,500 Shares Redeemed - - Net Increase 200,100 $ 3,001,500 |
Net Asset Value and Financial_2
Net Asset Value and Financial Highlights (Tables) | 12 Months Ended |
Jun. 30, 2024 | |
Net Asset Value and Financial Highlights [Abstract] | |
Schedule of Net Investment Income (Loss) and Expense Ratios | An individual investor’s return and ratios may vary based on the timing of their transactions in Fund Shares. BREAKWAVE DRY BULK BREAKWAVE TANKER For the Year Ended June 30, For the Year Ended June 30, 2024 2023 2024 2023 (a) Net Asset Value Net asset value per Share, beginning of year $ 5.53 $ 17.06 $ 20.83 $ 15.00 Net investment income (loss) (0.08 ) (0.19 ) (1.03 ) (0.17 ) Net realized and unrealized gain (loss) 6.68 (11.34 ) (3.11 ) 6.00 Net Income (Loss) 6.60 (11.53 ) (4.14 ) 5.83 Net Asset Value per Share, end of year $ 12.13 $ 5.53 $ 16.69 $ 20.83 Market Value per Share, end of year $ 12.24 $ 5.55 $ 16.79 $ 20.88 Ratios to Average Net Assets (b) Expense Ratio (b) 4.31 % 4.57 % 16.07 % 7.28 % Expense Ratio (b)(c) 4.26 % 4.62 % 6.89 % 23.56 % Net Investment Income (Loss) (b) (1.10 )% (2.18 )% (5.71 )% (6.42 )% Total Return, at Net Asset Value (d) 119.61 % (67.58 )% (19.89 )% 38.89 % Total Return, at Market Value (d) 120.54 % (67.68 )% (19.59 )% 49.89 % (a) Period from May 3, 2023 (commencement of operations) to June 30, 2023 (b) Percentages are annualized. (c) Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any. (d) Percentages are not annualized. |
Organization (Details)
Organization (Details) - Customer Concentration Risk [Member] | 12 Months Ended |
Jun. 30, 2024 | |
Capesize Freight Futures Contracts [Member] | Breakwave Dry Bulk Shipping ETF [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 50% |
Panamax Freight Futures Contracts [Member] | Breakwave Dry Bulk Shipping ETF [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 40% |
Supramax Freight Futures Contracts [Member] | Breakwave Dry Bulk Shipping ETF [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 10% |
Freight Futures Position [Member] | Breakwave Dry Bulk Shipping ETF [Member] | Minimum [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 10% |
Freight Futures Position [Member] | Breakwave Dry Bulk Shipping ETF [Member] | Maximum [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 40% |
Freight Futures Position [Member] | Breakwave Tanker Shipping ETF [Member] | Minimum [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 10% |
Freight Futures Position [Member] | Breakwave Tanker Shipping ETF [Member] | Maximum [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 40% |
TD3C Freight Futures contracts [Member] | Breakwave Tanker Shipping ETF [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 90% |
TD20 Freight Futures Contracts [Member] | Breakwave Tanker Shipping ETF [Member] | |
Organization [Line Items] | |
Concentration risk percentage | 10% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Federal tax returns period | 3 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Fair Value Hierarchy Valuation of Investments - Level I [Member] - USD ($) | Jun. 30, 2024 | Jun. 30, 2023 | |
BDRY [Member] | |||
Schedule of Fair Value Hierarchy [Line Items] | |||
Short-Term Investments | [1] | $ 8,348,195 | $ 39,591,860 |
Futures Contracts | [2] | (788,675) | (13,669,745) |
Total | 7,559,520 | 25,922,115 | |
BWET [Member] | |||
Schedule of Fair Value Hierarchy [Line Items] | |||
Short-Term Investments | [1] | 1,029,920 | 475,048 |
Futures Contracts | [2] | (115,880) | 825,287 |
Total | $ 914,040 | $ 1,300,335 | |
[1]Included in Investments in securities in the Combined Statements of Assets and Liabilities.[2]Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities. |
Investments (Details) - Schedul
Investments (Details) - Schedule of Fair Value of Derivative Instruments - Interest Rate Risk [Member] - USD ($) | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | |||
Dry Bulk Index Rates Market Risk [Member] | Asset Derivatives [Member] | ||||
Schedule of Fair Value of Derivative Instruments [Line Items] | ||||
Fair Value | [1] | |||
Dry Bulk Index Rates Market Risk [Member] | Liability Derivatives [Member] | ||||
Schedule of Fair Value of Derivative Instruments [Line Items] | ||||
Combined Statements of Assets and Liabilities | Payable on open futures contracts | Payable on open futures contracts | ||
Fair Value | $ 788,675 | $ 13,669,745 | [1] | |
Crude Oil Tanker Index Rates Market Risk [Member] | Asset Derivatives [Member] | ||||
Schedule of Fair Value of Derivative Instruments [Line Items] | ||||
Combined Statements of Assets and Liabilities | Receivable on open futures contracts | Receivable on open futures contracts | ||
Fair Value | $ 825,287 | |||
Crude Oil Tanker Index Rates Market Risk [Member] | Liability Derivatives [Member] | ||||
Schedule of Fair Value of Derivative Instruments [Line Items] | ||||
Combined Statements of Assets and Liabilities | Payable on open futures contracts | Payable on open futures contracts | ||
Fair Value | $ 115,880 | |||
[1]Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities. |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Effect of Derivative Instruments on the Statements of Operations - Breakwave Dry Bulk Shipping ETF [Member] - USD ($) | 12 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Dry Bulk Index Rates Market Risk [Member] | ||
Schedule of Effect of Derivative Instruments on the Statements of Operations [Line Items] | ||
Location of Gain (Loss) on Derivatives | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts | Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts |
Realized Loss on Derivatives Recognized in Income | $ 34,476,191 | $ (30,983,820) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 12,895,930 | $ (4,404,570) |
Crude Oil Tanker Index Rates Market Risk [Member] | ||
Schedule of Effect of Derivative Instruments on the Statements of Operations [Line Items] | ||
Location of Gain (Loss) on Derivatives | Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts | Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts |
Realized Loss on Derivatives Recognized in Income | $ 827,253 | $ 375,516 |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ (941,167) | $ 825,287 |
Agreements (Details)
Agreements (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Aug. 14, 2023 | Aug. 13, 2023 | Jun. 30, 2023 | Mar. 31, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Agreements [Line Items] | ||||||||
Waiver of CTA fee amount | $ 75,955 | $ 30,008 | ||||||
Aggregate expenses | 49,956 | 29,040 | ||||||
Sponsor expenses | 277,458 | 77,450 | ||||||
Paid to bank | 108,903 | 75,671 | ||||||
Distribution services and related administrative services | $ 10,000 | |||||||
Support fees | 113,426 | 91,111 | ||||||
Brokerage commissions | 706,142 | 703,915 | ||||||
Trustee fees | $ 5,016 | |||||||
Investment company average daily net assets percentage | 3.50% | |||||||
Fund expenses | 17,426 | |||||||
Sponsor amounted | $ 77,450 | |||||||
Offering cost | $ 24,071 | $ 28,997 | ||||||
BDRY [Member] | ||||||||
Agreements [Line Items] | ||||||||
Future repayments | $ 23,879 | |||||||
Aggregate expenses | 0 | 0 | ||||||
Paid to bank | 56,653 | |||||||
Support fees | 93,035 | 87,902 | ||||||
Trustee fees | 2,508 | 4,603 | ||||||
BWET [Member] | ||||||||
Agreements [Line Items] | ||||||||
Future repayments | 414,557 | |||||||
Paid to bank | 52,250 | |||||||
Support fees | 3,209 | 20,391 | ||||||
Trustee fees | 397 | 2,508 | ||||||
CTA fee waive fees | 7,574 | 52,076 | ||||||
Sponsor amounted | 277,458 | |||||||
Average Assets Under Management [Member] | ||||||||
Agreements [Line Items] | ||||||||
Custody fees | 4,800 | |||||||
U.S. Bank [Member] | ||||||||
Agreements [Line Items] | ||||||||
Paid to bank | 9,666 | 66,005 | ||||||
June 30, 2027 [Member] | ||||||||
Agreements [Line Items] | ||||||||
Future repayments | 333,888 | |||||||
June 30, 2027 [Member] | BDRY [Member] | ||||||||
Agreements [Line Items] | ||||||||
Future repayments | 23,879 | |||||||
June 30, 2026 [Member] | ||||||||
Agreements [Line Items] | ||||||||
Future repayments | $ 80,669 | |||||||
Sponsors Advisory Services [Member] | ETFMG Financial LLC [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.02% | |||||||
Average daily net assets | $ 15,000 | |||||||
Sponsor Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.15% | |||||||
Average daily net assets | $ 125,000 | |||||||
Average Assets Under Management [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.01% | |||||||
Average daily net assets | $ 25,000 | |||||||
Average Assets Under Management [Member] | U.S. Bank [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.03% | |||||||
Breakwave Dry Bulk Shipping ETF [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 1.45% | |||||||
Average daily net assets | $ 25,000 | |||||||
Waiver of CTA fee amount | 23,879 | 22,434 | ||||||
Aggregate expenses | 24,978 | 24,999 | ||||||
Sponsor expenses | ||||||||
Paid to bank | 56,653 | 66,005 | ||||||
Support fees | $ 93,035 | 87,902 | ||||||
Brokerage commissions fees | 0.40% | |||||||
Brokerage commissions | $ 584,320 | 684,169 | ||||||
Trustee fees | $ 2,508 | |||||||
Investment company average daily net assets percentage | 3.50% | |||||||
Other expense | $ 2,418,574 | 2,398,205 | ||||||
Fund expenses | 15,001 | |||||||
Breakwave Dry Bulk Shipping ETF [Member] | Sponsor [Member] | ||||||||
Agreements [Line Items] | ||||||||
Fund expenses | $ 0 | 0 | ||||||
Breakwave Dry Bulk Shipping ETF [Member] | Sponsor Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.12% | |||||||
Brokerage commissions | 684,169 | |||||||
Breakwave Dry Bulk Shipping ETF [Member] | Management Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 3.50% | |||||||
Breakwave Dry Bulk Shipping ETF [Member] | Service Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 1.45% | |||||||
Breakwave Dry Bulk Shipping ETF [Member] | CTA Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Waiver of CTA fee amount | $ 23,879 | 22,434 | ||||||
Breakwave Tanker Shipping ETF [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.15% | |||||||
Average daily net assets | $ 15,000 | |||||||
Waiver of CTA fee amount | 52,076 | 7,574 | ||||||
Aggregate expenses | 24,978 | 4,041 | ||||||
Sponsor expenses | 77,450 | 277,458 | 77,450 | |||||
Paid to bank | 52,250 | 9,666 | ||||||
Support fees | $ 20,391 | 3,209 | ||||||
Brokerage commissions fees | 1.30% | |||||||
Brokerage commissions | $ 121,822 | 19,746 | ||||||
Trustee fees | $ 2,508 | |||||||
Fund expenses | $ 2,425 | |||||||
Breakwave Tanker Shipping ETF [Member] | Sponsor Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 0.30% | |||||||
Average daily net assets | $ 50,000 | |||||||
Paid to bank | 115,479 | $ 524,980 | ||||||
Brokerage commissions | 19,746 | |||||||
Breakwave Tanker Shipping ETF [Member] | CTA Fee [Member] | ||||||||
Agreements [Line Items] | ||||||||
Average daily net assets percentage | 3.50% | |||||||
Waiver of CTA fee amount | $ 7,574 | $ 52,076 |
Creations and Redemptions (Deta
Creations and Redemptions (Details) | Jun. 30, 2024 USD ($) shares |
Creations and Redemptions [Line Items] | |
Number of shares | shares | 25,000 |
Transaction fee | $ | $ 300 |
Creations and Redemptions (De_2
Creations and Redemptions (Details) - Schedule of Share Transactions - USD ($) | 2 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Breakwave Dry Bulk Shipping ETF [Member] | |||
Schedule of Share Transactions [Line Items] | |||
Shares Sold | 4,700,000 | 14,975,000 | |
Shares Sold, Net Assets Increase | $ 38,500,878 | $ 112,635,604 | |
Shares Redeemed | (12,550,000) | (6,625,000) | |
Shares Redeemed, Net Assets Increase | $ (107,351,823) | $ (61,398,051) | |
Net Increase | (7,850,000) | 8,350,000 | |
Net Increase, Net Assets Increase | $ (68,850,945) | $ 51,237,553 | |
Breakwave Tanker Shipping ETF [Member] | |||
Schedule of Share Transactions [Line Items] | |||
Shares Sold | 200,100 | 775,000 | |
Shares Sold, Net Assets Increase | $ 3,001,500 | $ 13,460,368 | |
Shares Redeemed | (850,000) | ||
Shares Redeemed, Net Assets Increase | $ (15,222,375) | ||
Net Increase | 200,100 | (75,000) | |
Net Increase, Net Assets Increase | $ 3,001,500 | $ (1,762,007) |
Net Asset Value and Financial_3
Net Asset Value and Financial Highlights (Details) | 12 Months Ended |
Jun. 30, 2024 | |
Net Asset Value and Financial Highlights [Abstract] | |
Percentage of average daily net asset | 3.50% |
Net Asset Value and Financial_4
Net Asset Value and Financial Highlights (Details) - Schedule of Net Investment Income (Loss) and Expense Ratios - $ / shares | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | |||
BreakWave Dry Bulk Shipping ETF [Member] | ||||
Net Asset Value | ||||
Net asset value per Share, beginning of year | $ 5.53 | $ 17.06 | ||
Net investment income (loss) | (0.08) | (0.19) | ||
Net realized and unrealized gain (loss) | 6.68 | (11.34) | ||
Net Income (Loss) | 6.6 | (11.53) | ||
Net Asset Value per Share, end of year | 12.13 | 5.53 | ||
Market Value per Share, end of year | $ 12.24 | $ 5.55 | ||
Ratios to Average Net Assets(b) | ||||
Expense Ratio | [1] | 4.31% | 4.57% | |
Expense Ratio before Waiver/Assumption | [1],[2] | 4.26% | 4.62% | |
Net Investment Income (Loss) | [1] | (1.10%) | (2.18%) | |
Total Return, at Net Asset Value | [3] | 119.61% | (67.58%) | |
Total Return, at Market Value | [3] | 120.54% | (67.68%) | |
BreakWave Tanker Shipping ETF [Member] | ||||
Net Asset Value | ||||
Net asset value per Share, beginning of year | [4] | $ 20.83 | $ 15 | |
Net investment income (loss) | (1.03) | (0.17) | [4] | |
Net realized and unrealized gain (loss) | (3.11) | 6 | [4] | |
Net Income (Loss) | (4.14) | 5.83 | [4] | |
Net Asset Value per Share, end of year | 16.69 | 20.83 | [4] | |
Market Value per Share, end of year | $ 16.79 | $ 20.88 | [4] | |
Ratios to Average Net Assets(b) | ||||
Expense Ratio | [1] | 16.07% | 7.28% | [4] |
Expense Ratio before Waiver/Assumption | [1],[2] | 6.89% | 23.56% | [4] |
Net Investment Income (Loss) | [1] | (5.71%) | (6.42%) | [4] |
Total Return, at Net Asset Value | [3] | (19.89%) | 38.89% | [4] |
Total Return, at Market Value | [3] | (19.59%) | 49.89% | [4] |
[1]Percentages are annualized.[2]Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any.[3]Percentages are not annualized.[4]Period from May 3, 2023 (commencement of operations) to June 30, 2023 |