v3.25.4
Combined Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Investment Income        
Interest $ 318,240 $ 217,555 $ 748,818 $ 518,401
Expenses        
Sponsor fee 44,110 44,111 88,220 88,221
CTA fee 150,388 89,554 350,916 208,623
Audit fees 24,488 34,060 48,776 68,284
Tax preparation fees 103,730 76,824 159,850 157,760
NJ Filing fees 1,490 25,300 1,490 50,600
Admin/accounting/custodian/transfer agent fees 32,056 30,506 64,072 62,265
Legal fees 34,470 31,941 66,210 63,405
Chief Compliance Officer fees 12,602 12,513 25,114 25,025
Principal Financial Officer fees 12,602 12,513 25,114 25,025
Regulatory reporting fees 12,602 12,513 25,114 25,025
Brokerage commission fees 93,832 107,436 232,844 187,083
Distribution fees 1,746 6,238 3,402 12,008
Insurance fees 3,312 3,128 6,624 6,418
Listing and calculation agent fees 3,496 4,048 6,992 7,448
Marketing fees 7,544 7,544 15,088 15,088
Trustee fees 1,288 1,288 2,576 2,576
Printing and postage fees 7,862 16,129 16,694 32,494
Wholesale support fees 22,779 17,589 49,530 37,682
Miscellaneous fees 2,394 1,638 3,958 3,294
Total Expenses 572,791 534,873 1,192,584 1,078,324
Less: Waiver of CTA fee (17,636) (89,554) (23,773) (194,473)
Less: Expenses absorbed by Sponsor (102,033) (121,716) (190,711) (193,194)
Net Expenses 453,122 323,603 978,100 690,657
Net Investment Loss (134,882) (106,048) (229,282) (172,256)
Net Realized Gain on        
Futures contracts 6,695,995 (9,923,014) 29,088,434 (15,059,674)
Change in Unrealized Gain (Loss) on        
Futures contracts (258,899) (2,230,702) (105,332) (1,582,730)
Net realized and unrealized gain (loss) 6,437,096 (12,153,716) 28,983,102 (16,642,404)
Net Income (Loss) 6,302,214 (12,259,764) 28,753,820 (16,814,660)
BREAKWAVE DRY BULK SHIPPING ETF        
Investment Income        
Interest 293,573 198,965 711,248 473,381
Expenses        
Sponsor fee 31,507 31,508 63,014 63,015
CTA fee 140,000 82,348 334,391 191,224
Audit fees 12,344 20,995 24,488 42,155
Tax preparation fees 70,976 74,890 114,952 153,187
NJ Filing fees 1,490 24,380 1,490 48,760
Admin/accounting/custodian/transfer agent fees 16,232 15,991 32,424 32,080
Legal fees 16,536 15,983 32,912 31,715
Chief Compliance Officer fees 6,346 6,256 12,602 12,512
Principal Financial Officer fees 6,346 6,256 12,602 12,512
Regulatory reporting fees 6,346 6,256 12,602 12,512
Brokerage commission fees 81,638 99,067 215,005 168,344
Distribution fees 1,562 5,139 3,034 9,076
Insurance fees 1,656 1,564 3,312 3,209
Listing and calculation agent fees 1,748 2,024 3,496 3,724
Marketing fees 3,772 3,772 7,544 7,544
Trustee fees 644 644 1,288 1,288
Printing and postage fees 4,450 12,195 9,510 24,766
Wholesale support fees 17,932 13,072 40,276 28,338
Miscellaneous fees 1,574 819 2,678 1,647
Total Expenses 423,099 423,159 927,620 847,608
Less: Waiver of CTA fee (7,248) (82,348) (7,248) (168,344)
Less: Expenses absorbed by Sponsor (42,970) (49,343)
Net Expenses 415,851 297,841 920,372 629,921
Net Investment Loss (122,278) (98,876) (209,124) (156,540)
Net Realized Gain on        
Futures contracts 5,395,507 (9,194,227) 27,482,465 (14,038,246)
Change in Unrealized Gain (Loss) on        
Futures contracts 276,975 (2,196,210) 213,445 (1,513,760)
Net realized and unrealized gain (loss) 5,672,482 (11,390,437) 27,695,910 (15,552,006)
Net Income (Loss) 5,550,204 (11,489,313) 27,486,786 (15,708,546)
BREAKWAVE TANKER SHIPPING ETF        
Investment Income        
Interest 24,667 18,590 37,570 45,020
Expenses        
Sponsor fee 12,603 12,603 25,206 25,206
CTA fee 10,388 7,206 16,525 17,399
Audit fees 12,144 13,065 24,288 26,129
Tax preparation fees 32,754 1,934 44,898 4,573
NJ Filing fees 920 1,840
Admin/accounting/custodian/transfer agent fees 15,824 14,515 31,648 30,185
Legal fees 17,934 15,958 33,298 31,690
Chief Compliance Officer fees 6,256 6,257 12,512 12,513
Principal Financial Officer fees 6,256 6,257 12,512 12,513
Regulatory reporting fees 6,256 6,257 12,512 12,513
Brokerage commission fees 12,194 8,369 17,839 18,739
Distribution fees 184 1,099 368 2,932
Insurance fees 1,656 1,564 3,312 3,209
Listing and calculation agent fees 1,748 2,024 3,496 3,724
Marketing fees 3,772 3,772 7,544 7,544
Trustee fees 644 644 1,288 1,288
Printing and postage fees 3,412 3,934 7,184 7,728
Wholesale support fees 4,847 4,517 9,254 9,344
Miscellaneous fees 820 819 1,280 1,647
Total Expenses 149,692 111,714 264,964 230,716
Less: Waiver of CTA fee (10,388) (7,206) (16,525) (26,129)
Less: Expenses absorbed by Sponsor (102,033) (78,746) (190,711) (143,851)
Net Expenses 37,271 25,762 57,728 60,736
Net Investment Loss (12,604) (7,172) (20,158) (15,716)
Net Realized Gain on        
Futures contracts 1,300,488 (728,787) 1,605,969 (1,021,428)
Change in Unrealized Gain (Loss) on        
Futures contracts (535,874) (34,492) (318,777) (68,970)
Net realized and unrealized gain (loss) 764,614 (763,279) 1,287,192 (1,090,398)
Net Income (Loss) $ 752,010 $ (770,451) $ 1,267,034 $ (1,106,114)