v3.25.4
Investments
 6 Months Ended
Dec. 31, 2025
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 December 31, 2025 and at June 30, 2025, 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 Funds 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 freight futures contract may generally be satisfied by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.

 

Upon entering into a futures contract, the 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 have 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. 

Average Derivative Volume, for the six months ended December 31, 2025

 

Fund  Monthly
Average
Quantity		   Monthly
Average
Notional
Value		 
Breakwave Dry Bulk Shipping ETF   1,027   $17,014,104 
Breakwave Tanker Shipping ETF   67   $1,107,934 
Amplify Commodity Trust (combined)   1,094   $18,122,038 

 

Average Derivative Volume, for the period ended June 30, 2025

 

Fund  Monthly
Average
Quantity		   Monthly
Average
Notional
Value		 
Breakwave Dry Bulk Shipping ETF   1,233   $16,859,719 
Breakwave Tanker Shipping ETF   52   $710,033 
Amplify Commodity Trust (combined)   1,285   $17,569,752 

 

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as of December 31, 2025

 

   Asset Derivatives  Liability Derivatives    
Derivatives  Combined Statements of
Assets and Liabilities		  Fair Value   Combined Statements of
Assets and Liabilities		  Fair Value   Total(a) 
Dry Bulk Index Rates Market Risk  Unrealized appreciation on futures contracts  $1,579,390   Unrealized depreciation on futures contracts  $2,227,435   $648,045 

 

  (a) 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, 2025

 

   Asset Derivatives  Liability Derivatives    
Derivatives  Combined Statements of
Assets and Liabilities		  Fair Value   Combined Statements of
Assets and Liabilities		  Fair Value   Total(a) 
Dry Bulk Index Rates Market Risk  Unrealized appreciation on futures contracts  $1,932,930   Unrealized depreciation on futures contracts  $2,794,420   $861,490 

 

  (a) 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 Three Months Ended December 31, 2025

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Gain on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain
(Loss) on
Derivatives
Recognized in
Income		 
Dry Bulk Index Rates Market Risk  Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts  $5,395,507   $276,975 

  

The futures contracts open at December 31, 2025 are indicative of the activity for the three months ended December 31, 2025.

 

 

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2024 (Unaudited)

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Loss on
Derivatives
Recognized in
Income		   Change in
Unrealized Gain
(Loss) on
Derivatives
Recognized in
Income		 
Dry Bulk Index Rates Market Risk  Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts  $(9,194,227)  $(2,196,210)

 

The futures contracts open at December 31, 2024 are indicative of the activity for the three months ended December 31, 2024.

 

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2025

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Gain on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain
(Loss) on
Derivatives
Recognized in
Income		 
Dry Bulk Index Rates Market Risk  Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts  $27,482,465   $213,445 

  

The futures contracts open at December 31, 2025 are indicative of the activity for the six months ended December 31, 2025.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2024

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Loss on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain
(Loss) on
Derivatives
Recognized in
Income		 
Dry Bulk Index Rates Market Risk  Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts  $(14,038,246)  $(1,513,760)

  

The futures contracts open at December 31, 2024 are indicative of the activity for the six months ended December 31, 2024.

 

 BREAKWAVE TANKER SHIPPING ETF

Fair Value of Derivative Instruments, as of December 31, 2025

 

   Asset Derivatives  Liability Derivatives    
Derivatives  Combined Statements  of
Assets and Liabilities		  Fair Value   Combined Statements of
Assets and Liabilities		  Fair Value   Total(a) 
Crude Oil Tanker Index Rates Market Risk  Unrealized appreciation on futures contracts  $8,920   Unrealized depreciation on futures contracts  $388,600   $379,680 

 

(a) 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, 2025

 

   Asset Derivatives  Liability Derivatives    
Derivatives  Combined Statements  of
Assets and Liabilities		  Fair Value   Combined Statements of
Assets and Liabilities		  Fair Value   Total(a) 
Crude Oil Tanker Index Rates Market Risk  Unrealized appreciation on futures contracts  $4,464   Unrealized depreciation on futures contracts  $65,367   $60,903 
                      

 

(a) 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 Three Months Ended December 31, 2025

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Gain on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain (Loss) on Derivatives Recognized in 
Income		 
Crude Oil Tanker Index Rates Market Risk  Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts  $1,300,488   $(535,874)

 

The futures contracts open at December 31, 2025 are indicative of the activity for the three months ended December 31, 2025.

 

BREAKWAVE TANKER SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2024 (Unaudited)

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Loss on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain (Loss) on Derivatives Recognized in
Income		 
Crude Oil Tanker Index Rates Market Risk  Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts  $(728,787)  $(34,492)

 

The futures contracts open at December 31, 2024 are indicative of the activity for the three months ended December 31, 2024.

BREAKWAVE TANKER SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2025

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Gain on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain (Loss) on Derivatives Recognized in 
Income		 
Crude Oil Tanker Index Rates Market Risk  Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts  $1,605,969   $(318,777)

 

The futures contracts open at December 31, 2025 are indicative of the activity for the six months ended December 31, 2025.

 

BREAKWAVE TANKER SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2024 (Unaudited)

 

Derivatives  Location of Gain (Loss) on Derivatives  Realized
Loss on
Derivatives
Recognized in
Income		   Change in
Unrealized
Gain (Loss) on Derivatives Recognized in
Income		 
Crude Oil Tanker Index Rates Market Risk  Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts  $(1,021,428)  $(68,970)

 

The futures contracts open at December 31, 2024 are indicative of the activity for the six months ended December 31, 2024.