v3.25.4
Creations and Redemptions
 6 Months Ended
Dec. 31, 2025
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 Baskets. A Creation Basket is a block of 25,000 Shares of the particular Fund. At Fund formation, BDRY Creation Baskets consisted of 50,000 Shares and BWET consisted of 25,000 shares. BDRY Creation Basket size was subsequently changed to 25,000 units. Baskets may be created or redeemed only by Authorized Participants.

 

Except when aggregated in Creation Baskets, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with the Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Interim Combined Financial Statements – such as references to the Transaction Fee imposed on creations and redemptions – is not relevant to retail investors.

 

(a) Transaction Fees on Creation and Redemption Transactions

 

In connection with orders to create and redeem one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $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 Three Months Ended December 31, 2025

 

   Shares   Net Assets
Increase		 
Shares Sold   -   $
-
 
Shares Redeemed   (1,250,000)   (10,777,958)
Net Decrease   (1,250,000)  $(10,777,958)

 

BREAKWAVE DRY BULK SHIPPING ETF

 

Summary of Share Transactions for the Three Months Ended December 31, 2024 (Unaudited)

 

   Shares   Net Assets
Decrease		 
Shares Sold   3,300,000   $22,040,013 
Shares Redeemed   (425,000)   (3,808,987)
Net Increase   2,875,000   $18,231,026 

BREAKWAVE DRY BULK SHIPPING ETF

 

Summary of Share Transactions for the Six Months Ended December 31, 2025

 

   Shares   Net Assets
Increase		 
Shares Sold   1,650,000   $13,258,118 
Shares Redeemed   (9,550,000)   (73,337,328)
Net Decrease   (7,900,000)  $(60,079,210)

 

BREAKWAVE DRY BULK SHIPPING ETF

 

Summary of Share Transactions for the Six Months Ended December 31, 2024 (Unaudited)

 

   Shares   Net Assets
Decrease		 
Shares Sold   3,300,000   $22,040,013 
Shares Redeemed   (1,375,000)   (14,328,055)
Net Increase   1,925,000   $7,711,958 

 

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Three Months Ended December 31, 2025

 

   Shares   Net Assets
Increase		 
Shares Sold   125,000   $2,491,248 
Shares Redeemed   (150,000)   (3,145,810)
Net Decrease   (25,000)  $(654,562)

 

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Three Months Ended December 31, 2024 (Unaudited)

 

   Shares   Net Assets
Increase		 
Shares Sold   -   $
-
 
Shares Redeemed   (75,000)   (964,090)
Net Increase   (75,000)  $(964,090)

 

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Six Months Ended December 31, 2025

 

   Shares   Net Assets
Increase		 
Shares Sold   150,000   $2,767,068 
Shares Redeemed   (175,000)   (3,434,698)
Net Increase   (25,000)  $(667,630)

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Six Months Ended December 31, 2024 (Unaudited)

 

   Shares   Net Assets
Increase		 
Shares Sold   75,000   $1,218,568 
Shares Redeemed   (75,000)   (964,090)
Net Increase   -   $254,478