v3.25.4
Combined Statements of Assets and Liabilities (Unaudited) - USD ($)
Dec. 31, 2025
Jun. 30, 2025
Assets    
Investment in securities, at fair value $ 1,893,020 $ 45,304,689
Segregated cash held by broker [1] 34,438,825 23,064,200
Due from Sponsor 28,703 25,661
Interest receivable 92,631 182,302
Total assets 36,453,179 68,576,852
Liabilities    
Due to Sponsor 48,913 136,622
Unrealized depreciation on futures contracts 1,027,725 922,393
Other accrued expenses 223,302 371,578
Total liabilities 1,299,940 1,430,593
Net Assets 35,153,239 67,146,259
Net Assets Consist Of:    
Paid-in Capital (18,360,022) 42,386,818
Total Distributable Earnings (Accumulated Deficit) 53,513,261 24,759,441
Net Assets 35,153,239 67,146,259
BREAKWAVE DRY BULK SHIPPING ETF    
Assets    
Investment in securities, at fair value 1,080,044 44,760,073
Segregated cash held by broker [1] 32,870,358 22,114,350
Due from Sponsor
Interest receivable 84,054 178,751
Total assets 34,034,456 67,053,174
Liabilities    
Due to Sponsor 48,913 136,622
Unrealized depreciation on futures contracts 648,045 861,490
Other accrued expenses 113,658 238,798
Total liabilities 810,616 1,236,910
Net Assets 33,223,840 65,816,264
Net Assets Consist Of:    
Paid-in Capital (19,202,320) 40,876,890
Total Distributable Earnings (Accumulated Deficit) 52,426,160 24,939,374
Net Assets $ 33,223,840 $ 65,816,264
Shares outstanding (unlimited authorized) (in Shares) 3,800,040 11,700,040
Net asset value per share (in Dollars per share) $ 8.74 $ 5.63
Market value per share (in Dollars per share) $ 8.77 $ 5.55
BREAKWAVE TANKER SHIPPING ETF    
Assets    
Investment in securities, at fair value $ 812,976 $ 544,616
Segregated cash held by broker [1] 1,568,467 949,850
Due from Sponsor 28,703 25,661
Interest receivable 8,577 3,551
Total assets 2,418,723 1,523,678
Liabilities    
Due to Sponsor
Unrealized depreciation on futures contracts 379,680 60,903
Other accrued expenses 109,644 132,780
Total liabilities 489,324 193,683
Net Assets 1,929,399 1,329,995
Net Assets Consist Of:    
Paid-in Capital 842,298 1,509,928
Total Distributable Earnings (Accumulated Deficit) 1,087,101 (179,933)
Net Assets $ 1,929,399 $ 1,329,995
Shares outstanding (unlimited authorized) (in Shares) 100,100 125,100
Net asset value per share (in Dollars per share) $ 19.27 $ 10.63
Market value per share (in Dollars per share) $ 19.26 $ 10.64
[1] Required margin held as collateral for open futures contracts