(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 years ended June 30, 2026 and 2025, 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. | | | BREAKWAVE DRY BULK | | | BREAKWAVE TANKER | | | | | SHIPPING ETF | | | SHIPPING ETF | | | | | For the Year Ended
June 30, | | | For the Year Ended
June 30, | | | | | 2026 | | | 2025 | | | 2026 | | | 2025 | | | | | | | | | | | | | | | | | Net Asset Value | | | | | | | | | | | | | | Net asset value per Share, beginning of period | | $ | 5.63 | | | $ | 12.13 | | | $ | 10.63 | | | $ | 16.69 | | | Net investment loss* | | | (0.11 | ) | | | (0.08 | ) | | | (1.53 | ) | | | (0.20 | ) | | Net realized and unrealized gain (loss) | | | 6.60 | | | | (6.42 | ) | | | 141.95 | | | | (5.86 | ) | | Net Income (Loss) | | | 6.49 | | | | (6.50 | ) | | | 140.42 | | | | (6.06 | ) | | Net Asset Value per Share, end of period | | $ | 12.12 | | | $ | 5.63 | | | $ | 151.05 | | | $ | 10.63 | | | Market Value per Share, end of period | | $ | 11.87 | | | $ | 5.55 | | | $ | 148.38 | | | $ | 10.64 | | | Ratios to Average Net Assets** | | | | | | | | | | | | | | | | | | Expense Ratio | | | 4.12 | % | | | 4.61 | % | | | 4.68 | % | | | 5.10 | % | | Expense Ratio**** before Waiver/Assumption | | | 4.19 | % | | | 4.55 | % | | | 6.34 | % | | | 25.64 | % | | Net Investment Loss after waiver | | | (1.17 | )% | | | (1.16 | )% | | | (2.02 | )% | | | (1.57 | )% | | Total Return, at Net Asset Value*** | | | 115.48 | % | | | (53.62 | )% | | | 1320.79 | % | | | (36.30 | )% | | Total Return, at Market Value*** | | | 113.87 | % | | | (54.66 | )% | | | 1293.88 | % | | | (36.60 | )% | | * | 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 |
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