v3.22.2.2
Creations and Redemptions
12 Months Ended
Jun. 30, 2022
Creations and Redemptions [Abstract]  
Creations and Redemptions

(5) Creations and Redemptions

 

The Fund issues and redeems Shares from time to time, but only in one or more Creation or Redemption Baskets. A Creation or Redemption Basket is a block of 25,000 shares of the Fund. Baskets may be created or redeemed only by Authorized Participants.

 

Except when aggregated in Creation 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 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 order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Fund.

 

(b) Share Transactions

 

BREAKWAVE DRY BULK SHIPPING ETF

 

Summary of Share Transactions for the Year Ended June 30, 2022
    Shares     Net Assets Increase
(Decrease)
 
Shares Sold     4,850,000     $ 125,116,790  
Shares Redeemed     (6,075,000 )     (159,308,038 )
Net Increase (Decrease)     (1,225,000   $   (34,191,248

 

Summary of Share Transactions for the Year Ended June 30, 2021
    Shares     Net Assets Increase
(Decrease)
 
Shares Sold     4,450,000     $ 95,774,278  
Shares Redeemed     (6,250,000 )     (85,383,922
Net Increase (Decrease)     (1,800,000   $ 10,390,356  

 

SIT RISING RATE ETF (PRIOR TO LIQUIDATION ON NOVEMBER 18, 2020)

 

Summary of Share Transactions for the Year Ended June 30, 2021
    Shares     Net Assets Increase
(Decrease)
 
Shares Sold     -     $ -  
Shares Redeemed (Including in Liquidation)     (250,040 )     (4,998,233 )
Net Decrease     (250,040 )   $ (4,998,233 )