| 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 three and six months
ended December 31, 2025 and 2024, 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.
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BREAKWAVE DRY BULK | | |
BREAKWAVE TANKER | |
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SHIPPING ETF | | |
SHIPPING ETF | |
| | |
For the Three Months Ended
December 31, | | |
For the Three Months Ended
December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
| | |
| | |
| | |
| |
| Net Asset Value | |
| | |
| | |
| | |
| |
| Net asset value per Share, beginning of period | |
$ | 7.61 | | |
$ | 10.71 | | |
$ | 14.64 | | |
$ | 14.85 | |
| Net investment loss* | |
| (0.03 | ) | |
| (0.03 | ) | |
| (0.09 | ) | |
| (0.05 | ) |
| Net realized and unrealized gain (loss) | |
| 1.16 | | |
| (4.64 | ) | |
| 4.72 | | |
| (4.92 | ) |
| Net Income (Loss) | |
| 1.13 | | |
| (4.67 | ) | |
| 4.63 | | |
| (4.97 | ) |
| Net Asset Value per Share, end of period | |
$ | 8.74 | | |
$ | 6.04 | | |
$ | 19.27 | | |
$ | 9.88 | |
| Market Value per Share, end of period | |
$ | 8.77 | | |
$ | 6.08 | | |
$ | 19.26 | | |
$ | 9.82 | |
| Ratios to Average Net Assets** | |
| | | |
| | | |
| | | |
| | |
| Expense Ratio | |
| 4.31 | % | |
| 5.24 | % | |
| 5.20 | % | |
| 5.18 | % |
| Expense Ratio**** before Waiver/Assumption | |
| 4.38 | % | |
| 7.45 | % | |
| 20.89 | % | |
| 22.48 | % |
| Net Investment Loss after waiver | |
| (1.27 | )% | |
| (1.74 | )% | |
| (1.76 | )% | |
| (1.44 | )% |
| Total Return, at Net Asset Value*** | |
| 14.81 | % | |
| (43.62 | )% | |
| 31.63 | % | |
| (33.44 | )% |
| Total Return, at Market Value*** | |
| 16.78 | % | |
| (43.39 | )% | |
| 30.65 | % | |
| (33.46 | )% |
| * | Calculated based on average shares outstanding during the period. |
| ** | Percentages are annualized |
| *** | Percentages are not annualized | | | | | **** | Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any |
| | |
BREAKWAVE DRY BULK | | |
BREAKWAVE TANKER | |
| | |
SHIPPING ETF | | |
SHIPPING ETF | |
| | |
For the Six Months Ended
December 31, | | |
For the Six Months Ended
December 31, | |
| | |
2025 | | |
2024 | | |
2025 | | |
2024 | |
| | |
| | |
| | |
| | |
| |
| Net Asset Value | |
| | |
| | |
| | |
| |
| Net asset value per Share, beginning of period | |
$ | 5.63 | | |
$ | 12.13 | | |
$ | 10.63 | | |
$ | 16.69 | |
| Net investment loss* | |
| (0.04 | ) | |
| (0.05 | ) | |
| (0.14 | ) | |
| (0.10 | ) |
| Net realized and unrealized gain (loss) | |
| 3.15 | ***** | |
| (6.04 | ) | |
| 8.78 | | |
| (6.71 | ) |
| Net Income (Loss) | |
| 3.11 | | |
| (6.09 | ) | |
| 8.64 | | |
| (6.81 | ) |
| Net Asset Value per Share, end of period | |
$ | 8.74 | | |
$ | 6.04 | | |
$ | 19.27 | | |
$ | 9.88 | |
| Market Value per Share, end of period | |
$ | 8.77 | | |
$ | 6.08 | | |
$ | 19.26 | | |
$ | 9.82 | |
| Ratios to Average Net Assets** | |
| | | |
| | | |
| | | |
| | |
| Expense Ratio | |
| 3.99 | % | |
| 4.78 | % | |
| 5.07 | % | |
| 5.06 | % |
| Expense Ratio**** before Waiver/Assumption | |
| 4.02 | % | |
| 6.43 | % | |
| 23.25 | % | |
| 19.23 | % |
| Net Investment Loss after waiver | |
| (0.91 | )% | |
| (1.19 | )% | |
| (1.77 | )% | |
| (1.31 | )% |
| Total Return, at Net Asset Value*** | |
| 55.42 | % | |
| (50.18 | )% | |
| 81.25 | % | |
| (40.79 | )% |
| Total Return, at Market Value*** | |
| 58.02 | % | |
| (50.33 | )% | |
| 80.97 | % | |
| (41.52 | )% |
| * | Calculated based on average shares outstanding during the period. |
| ** | Percentages are annualized |
| *** | Percentages are not annualized | | | | | **** | Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any |
| ***** | Realized and unrealized gains and losses per shares in this
caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with
aggregate gains and losses in the Combined Statement of Operations due to share transactions for the period. |
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