v3.26.3
Combined Statements of Operations - USD ($)
 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Investment Income    
Interest $ 1,621,926 $ 1,470,225
Expenses    
CTA Fees (See Note 4) 816,285 617,161
Brokerage commissions 521,429 487,659
Tax Preparation Fees 365,705 210,471
Sponsor Fee (See Note 4) 192,687 175,003
Wholesale support fees 111,693 91,429
Legal fees 126,640 164,492
Admin/accounting/custodian/transfer agent fees 128,339 126,439
Audit Fees 99,980 101,888
Regulatory reporting fees 50,182 50,004
Principal Financial Officer fees 50,182 49,808
Chief Compliance Officer fees 50,182 49,808
NJ Filing fees 28,459 109,915
Marketing expenses 29,930 29,930
Printing and Postage 18,624 33,536
Miscellaneous expenses 16,266 695
Listing and calculation agent fees 15,238 15,020
Insurance expense 13,140 12,670
Distribution fees 6,640 6,658
Trustee fees 5,110 5,110
Interest Expense 4,493  
Total Expenses 2,651,204 2,337,696
Less: Waiver of CTA fee (See Note 4) (273,951) (245,168)
Less: Expenses reimbursed to/(absorbed by) Sponsor (See Note 4) 18,175 (119,838)
Net Expenses 2,395,428 1,972,690
Net Investment Loss (773,502) (502,465)
Net Realized Gain (Loss) on    
Futures contracts 83,474,258 (16,978,467)
Change in Unrealized Gain (Loss) on    
Futures contracts (3,514,713) (17,838)
Net realized and unrealized gain (loss) 79,959,545 (16,996,305)
Net Income (Loss) 79,186,043 (17,498,770)
BREAKWAVE DRY BULK SHIPPING ETF    
Investment Income    
Interest 1,260,266 1,403,394
Expenses    
CTA Fees (See Note 4) 618,991 589,680
Brokerage commissions 365,183 457,339
Tax Preparation Fees 255,466 169,075
Sponsor Fee (See Note 4) 125,002 125,002
Wholesale support fees 76,318 73,621
Legal fees 63,682 84,541
Admin/accounting/custodian/transfer agent fees 65,359 63,163
Audit Fees 52,000 51,130
Regulatory reporting fees 25,091 25,002
Principal Financial Officer fees 25,091 24,904
Chief Compliance Officer fees 25,091 24,904
NJ Filing fees 28,459 106,265
Marketing expenses 14,965 14,965
Printing and Postage 11,548 19,065
Miscellaneous expenses 13,357 447
Listing and calculation agent fees 7,619 7,510
Insurance expense 6,570 6,384
Distribution fees 6,110 6,145
Trustee fees 2,555 2,555
Interest Expense  
Total Expenses 1,788,457 1,851,697
Less: Waiver of CTA fee (See Note 4) (33,760) (217,687)
Less: Expenses reimbursed to/(absorbed by) Sponsor (See Note 4) 3,764 242,025
Net Expenses 1,758,461 1,876,035
Net Investment Loss (498,195) (472,641)
Net Realized Gain (Loss) on    
Futures contracts 39,708,795 (15,925,057)
Change in Unrealized Gain (Loss) on    
Futures contracts 1,177,999 (72,815)
Net realized and unrealized gain (loss) 40,886,794 (15,997,872)
Net Income (Loss) 40,388,599 (16,470,513)
BREAKWAVE TANKER SHIPPING ETF    
Investment Income    
Interest 361,660 66,831
Expenses    
CTA Fees (See Note 4) 197,294 27,481
Brokerage commissions 156,246 30,320
Tax Preparation Fees 110,239 41,396
Sponsor Fee (See Note 4) 67,685 50,001
Wholesale support fees 35,375 17,808
Legal fees 62,958 79,951
Admin/accounting/custodian/transfer agent fees 62,980 63,276
Audit Fees 47,980 50,758
Regulatory reporting fees 25,091 25,002
Principal Financial Officer fees 25,091 24,904
Chief Compliance Officer fees 25,091 24,904
NJ Filing fees 3,650
Marketing expenses 14,965 14,965
Printing and Postage 7,076 14,471
Miscellaneous expenses 2,909 248
Listing and calculation agent fees 7,619 7,510
Insurance expense 6,570 6,286
Distribution fees 530 513
Trustee fees 2,555 2,555
Interest Expense 4,493  
Total Expenses 862,747 485,999
Less: Waiver of CTA fee (See Note 4) (240,191) (27,481)
Less: Expenses reimbursed to/(absorbed by) Sponsor (See Note 4) 14,411 (361,863)
Net Expenses 636,967 96,655
Net Investment Loss (275,307) (29,824)
Net Realized Gain (Loss) on    
Futures contracts 43,765,463 (1,053,410)
Change in Unrealized Gain (Loss) on    
Futures contracts (4,692,712) 54,977
Net realized and unrealized gain (loss) 39,072,751 (998,433)
Net Income (Loss) $ 38,797,444 $ (1,028,257)