v3.25.4
Net Asset Value and Financial Highlights (Tables)
 6 Months Ended
Dec. 31, 2025
Net Asset Value and Financial Highlights [Abstract]  
Schedule of Net Asset Value 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.
   BREAKWAVE DRY BULK   BREAKWAVE TANKER 
   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.