v3.26.3
Creations and Redemptions
 12 Months Ended
Jun. 30, 2026
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 and 5,000 Shares for BDRY and BWET, respectively, 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. BWET Creation Basket size was subsequently changed to 5,000 units beginning May 1, 2026. 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 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 Year Ended June 30, 2026

 

    Shares     Net Assets
Decrease		  
Shares Sold     3,775,000     $ 36,413,078  
Shares Redeemed     (13,000,000 )     (112,618,000 )
Net Decrease     (9,225,000 )   $ (76,204,922 )

 

BREAKWAVE DRY BULK SHIPPING ETF

 

Summary of Share Transactions for the Year Ended June 30, 2025

 

    Shares     Net Assets
Increase		  
Shares Sold     10,500,000     $ 61,471,098  
Shares Redeemed     (2,025,000 )     (18,297,475 )
Net Increase     8,475,000     $ 43,173,623  

 

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Year Ended June 30, 2026

 

    Shares     Net Assets
Decrease		  
Shares Sold     1,050,000     $ 99,159,804  
Shares Redeemed     (1,075,000 )     (124,166,973 )
Net Decrease     (25,000 )   $ (25,007,169 )

 

BREAKWAVE TANKER SHIPPING ETF

 

Summary of Share Transactions for the Year Ended June 30, 2025

 

    Shares     Net Assets
Increase		  
Shares Sold     100,000     $ 1,501,605  
Shares Redeemed     (100,000 )     (1,231,170 )
Net Increase     -     $ 270,435