Amplify Commodity Trust
For the period ended Mar 31, 2025. Filed May 15, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 15, 2025
BDRY$13.24+1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-31; filed 2025-02-14.
0001213900-25-014137
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0001213900-25-043979
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 150 previous paragraphs and 150 current paragraphs.
103 unchanged; 18 reworded; 28 added; 29 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 27 previous and 26 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
Although geopolitical turmoil continues to affect spot freight rates, slower demand for bulk transportation towards the end of the last calendar year weighed on sentiment and thus pushed rates lower. However, with better-than-expected weather in the northern hemisphere plus some unforeseen delays in certain key ports around the globe and especially in the West Africa region, rates for the large Capesize vessels increased substantially in March, leading to a sharp outperformance in the overall dry bulk sector during the period.
Current report
The seasonally weak first quarter of the year offset by global disruptions and delays due to geopolitical conflicts and weather-related issues that have been supportive for spot rates for dry bulk shipping during the period, led to a volatile three months for dry bulk spot rates.
Current report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2025.
Current report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2024.
Current report
During the three months ended March 31, 2025, the NYSE Arca market value of each Share increased 2.80% from $6.08 per Share, representing the closing price on December 31, 2024, to $6.25 per Share, representing the closing price on March 31, 2025. The Share price high and low for the three months ended March 31, 2025 and related change from the closing Share price on December 31, 2024 were as follows: Shares traded from a high of $7.14 per share (+17.43%) on March 12, 2025 to a low of $5.14 per share (-15.46%) on January 23, 2025.
Current report
For the three months ended March 31, 2025, the net asset value of each Share increased (+5.00%) from $6.04 per Share to $6.34 per Share. Gains in the futures contracts in addition to an overall net investment loss resulting in the overall increase in the NAV per Share during the three months ended March 31, 2025.
Current report
Net income for the three months ended March 31, 2025, was $5,782,492, resulting from net realized gains on futures contracts of $1,177,137, unrealized gains on futures contracts of $4,763,435 and the net investment loss of ($158,080).
Current report
During the three months ended March 31, 2024, the NYSE Arca market value of each Share increased (+19.90%) from $11.56 per Share, representing the closing price on December 29, 2023, to $13.86 per Share, representing the closing price on March 31, 2024. The Share price high and low for the three months ended March 31, 2024 and related change from the closing Share price on December 31, 2024 were as follows: Shares traded from a high of $16.84 per share (+45.67%) on March 8, 2024 to a low of $9.00 per share (-22.15%) on January 9, 2024.
Current report
For the three months ended March 31, 2024, the net asset value of each Share increased (+20.17%) from $11.64 per Share to $13.91 per Share. Gains in the investments and futures contracts more than offset the net investment loss resulting in the overall increase in the NAV per Share during the three months ended March 31, 2024.
Current report
Net income for the three months ended March 31, 2024, was $8,558,136, resulting from net realized gains on investments and futures contracts of $31,148,394, unrealized losses on futures contracts of ($22,417,090) and the net investment loss of ($173,168).
Current report
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Current report
Net loss for the nine months ended March 31, 2025, was ($9,926,054), resulting from net realized losses on futures contracts of ($12,861,109), unrealized losses on futures contracts of ($3,249,675) and the net investment loss of ($314,620).
Current report
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Current report
Net income for the nine months ended March 31, 2024, was $54,603,987, resulting from net realized gains on investments and futures contracts of $40,625,989, unrealized gains on futures contracts of $14,553,830 and the net investment loss of ($575,832).
Current report
During the three months ended March 31, 2025, crude tanker spot rates experienced low volatility, with average spot rates for Very Large Crude Carriers (VLCC) trading at a tight range for most of the period. Spot rates increased sharply in the first few days of the year but then remained relatively flat for the rest of the period, although below the average of last year.
Current report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2025.
Current report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2024.
Current report
During the three months ended March 31, 2025, the NYSE Arca market value of each Share increased (+11.12%) from $9.82 per Share, representing the closing price on December 31, 2024, to $10.91 per Share, representing the closing price on March 31, 2025. The Share price high and low for the three months ended March 31, 2025 and related change from the closing Share price on December 31, 2024 were as follows: Shares traded from a high of $13.17 per Share (+34.14%) on February 4, 2025 to a low of $9.06 per Share (-7.72%) on January 6, 2025.
Current report
For the three months ended March 31, 2025 the net asset value of each Share increased (+10.17%) from $9.88 per Share to $10.89 per Share. Gains in the futures contracts in addition to an overall net investment loss resulting in the overall increase in the NAV per Share during the three months ended March 31, 2025.
Current report
Net income for the three months ended March 31, 2025, was $109,807, resulting from net realized gains on futures contracts of $264, net unrealized gains on futures contracts of $116,890, and the net investment loss of ($7,347).
Current report
During the three months ended March 31, 2024, the NYSE Arca market value of each Share increased (+15.35%) from $16.15 per Share, representing the closing price on December 31, 2023, to $18.63 per Share, representing the closing price on March 31, 2024. The Share price high and low for the three months ended March 31, 2024 and related change from the closing Share price on December 29, 2023 were as follows: Shares traded from a high of $20.98 per Share (+29.91%) on February 16, 2024 to a low of $15.80 per Share (-2.17%) on January 2, 2024.
Current report
For the three months ended March 31, 2024, the net asset value of each Share increased (+16.23%) from $16.04 per Share to $18.65 per Share. Gains in the investments and futures contracts more than offset the net investment loss resulting in the overall increase in the NAV per Share during the three months ended March 31, 2024.
Current report
Net income for the three months ended March 31, 2024, was $831,632, resulting from net realized gains on investments and futures contracts of $861,391, net unrealized losses on investments and futures contracts of $78,426, and the net investment loss of ($108,185).
Current report
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Current report
Net loss for the nine months ended March 31, 2025, was ($996,307), resulting from net realized losses on investments and futures contracts of ($1,021,164), net unrealized gains on futures contracts of $47,920, and the net investment loss of ($23,063).
Current report
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Current report
During the nine months ended March 31, 2024, the NYSE Arca market value of each Share decreased (-10.78%) from $20.88 per Share, representing the closing price on June 30, 2023, to $18.63 per Share, representing the closing price on March 31, 2024. The Share price high and low for the nine months ended March 31, 2024 and related change from the closing Share price on June 30, 2023 were as follows: Shares traded from a high of $20.98 per Share (0.48%) on February 16, 2024 to a low of $13.96 per Share (-33.14%) on October 5, 2023.
Current report
Net loss for the nine months ended March 31, 2024, was ($5,813), resulting from net realized gains on investments and futures contracts of $992,069, net unrealized losses on investments and futures contracts of ($830,771), and the net investment loss of ($167,111).
Removed paragraphs (29)
Previous report
Although geopolitical turmoil continues to affect spot freight rates, slower demand for bulk transportation towards the end of the calendar year weighed on sentiment and thus pushed rates lower. The Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage did and may continue to rearrange shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. Dry bulk has not been affected as much as other shipping segments from the ongoing conflict. Yet, spot rates have remained elevated for most of 2024 but weakened significantly towards the end of the year.
Previous report
The combination of continued strong Chinese bulk commodity demand combined with global disruptions due to geopolitical conflicts have been supportive for spot rates for dry bulk shipping during most of 2024, although the sudden weakening towards the end of the year is a cause of concern for the near future. Spot rate volatility increased considerably during the period, following an unusual stability in the freight futures market during prior months.
Previous report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2024.
Previous report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2023.
Previous report
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
Previous report
During the three months ended December 31, 2024, the NYSE Arca market value of each Share decreased (43.39%) from $10.74 per Share, representing the closing price on September 30, 2024, to $6.08 per Share, representing the closing price on December 31, 2024. The Share price high and low for the three months ended December 31, 2024 and related change from the closing Share price on September 30, 2024 were as follows: Shares traded from a high of $10.35 per share (-3.63%) on October 3, 2024 to a low of $5.71 per share (-46.83%) on December 11, 2024.
Previous report
For the three months ended December 31, 2024, the net asset value of each Share decreased (43.64%) from $10.71 per Share to $6.04 per Share. Losses in the investments and futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the three months ended December 31, 2024.
Previous report
Net loss for the three months ended December 31, 2024, was ($11,489,313), resulting from net realized losses on investments and futures contracts of ($9,194,227), unrealized gains on futures contracts of ($2,196,210) and the net investment loss of ($98,876).
Previous report
During the three months ended December 31, 2023, the NYSE Arca market value of each Share increased (+110.56%) from $5.49 per Share, representing the closing price on September 30, 2023, to $11.56 per Share, representing the closing price on December 29, 2023. The Share price high and low for the three months ended December 31, 2023 and related change from the closing Share price on September 30, 2023 were as follows: Shares traded from a high of $11.78 per share (+114.57%) on December 29, 2023 to a low of $4.79 per share (-12.75%) on November 1, 2023.
Previous report
For the three months ended December 31, 2023, the net asset value of each Share increased (+111.64%) from $5.50 per Share to $11.64 per Share. Gains in the investments and futures contracts more than offset the net investment loss resulting in the overall increase in the NAV per Share during the three months ended December 31, 2023.
Previous report
Net income for the three months ended December 31, 2023, was $44,724,351, resulting from net realized gains on investments and futures contracts of $27,728,859, unrealized gains on futures contracts of $17,188,035 and the net investment loss of $192,543.
Previous report
FOR THE SIX MONTHS ENDED December 31, 2024
Previous report
Net loss for the six months ended December 31, 2024, was ($15,708,546), resulting from net realized losses on investments and futures contracts of ($14,038,246), unrealized losses on futures contracts of ($1,513,760) and the net investment loss of ($156,540).
Previous report
FOR THE SIX MONTHS ENDED December 31, 2023
Previous report
Net income for the six months ended December 31, 2023, was $46,045,849, resulting from net realized gains on investments and futures contracts of $9,477,594, unrealized gains on futures contracts of $36,924,759 and the net investment loss of $356,504.
Previous report
During the three months ended December 31, 2024, crude tanker spot rates experienced low volatility, with average spot rates for Very Large Crude Carriers (VLCC) declining considerably compared to last year. The unusual weakness during a historically strong period for tankers was rather surprising for market participants that were anticipating the usual seasonal strength. VLCC rates ended the year at the lowest point in three years.
Previous report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2024.
Previous report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2023.
Previous report
During the three months ended December 31, 2024, the NYSE Arca market value of each Share decreased (33.48%) from $14.76 per Share, representing the closing price on September 30, 2024, to $9.82 per Share, representing the closing price on December 31, 2024. The Share price high and low for the three months ended December 31, 2024 and related change from the closing Share price on September 30, 2024 were as follows: Shares traded from a high of $16.36 per Share (+10.84%) on October 4, 2024 to a low of $9.57 per Share (-35.16%) on December 11, 2024.
Previous report
For the three months ended December 31, 2024 the net asset value of each Share decreased (33.46%) from $14.85 per Share to $9.88 per Share. Losses in the investments and futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the three months ended December 31, 2024.
Previous report
Net loss for the three months ended December 31, 2024, was ($770,451), resulting from net realized losses on futures contracts of ($728,787), net unrealized losses on futures contracts of ($34,492), and the net investment loss of ($7,172).
Previous report
During the three months ended December 31, 2023, the NYSE Arca market value of each Share increased (+2.41%) from $15.77 per Share, representing the closing price on September 30, 2023, to $16.15 per Share, representing the closing price on December 29, 2023. The Share price high and low for the three months ended December 31, 2023 and related change from the closing Share price on September 30, 2023 were as follows: Shares traded from a high of $18.47 per Share (+17.12%) on October 30, 2023 to a low of $13.58 per Share (-13.89%) on October 6, 2023.
Previous report
For the three months ended December 31, 2023, the net asset value of each Share increased (+3.62%) from $15.48 per Share to $16.04 per Share. Gains in the investments and futures contracts more than offset the net investment loss resulting in the overall increase in the NAV per Share during the three months ended December 31, 2023.
Previous report
Net income for the three months ended December 31, 2023, was $65,462, resulting from net realized gains on investments and futures contracts of $96,553, net unrealized losses on investments and futures contracts of $12,008, and the net investment loss of $19,083.
Previous report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024
Previous report
Net loss for the six months ended December 31, 2024, was ($1,106,114), resulting from net realized losses on investments and futures contracts of ($1,021,428), net unrealized losses on investment and futures contracts of ($68,970), and the net investment loss of ($15,716).
Previous report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2023
Previous report
During the six months ended December 31, 2023, the NYSE Arca market value of each Share decreased (-22.65%) from $20.88 per Share, representing the closing price on June 30, 2023, to $16.15 per Share, representing the closing price on December 29, 2023. The Share price high and low for the six months ended December 31, 2023 and related change from the closing Share price on June 30, 2023 were as follows: Shares traded from a high of $20.64 per Share (-1.15%) on July 28, 2023 to a low of $13.58 per Share (-34.96%) on October 6, 2023.
Previous report
Net loss for the six months ended December 31, 2023, was $837,445, resulting from net realized gains on investments and futures contracts of $130,178, net unrealized losses on investments and futures contracts of $908,697, and the net investment loss of $58,926.
Reworded paragraphs (18)
Previous wording
The value of the Capesize 5TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax 10TC Index each is disseminated at 1:00 p.m., London Time. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely disseminated by Bloomberg, Reuters and/or other major market data vendors.
Current wording
The value of the Capesize 5TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax 10TC Index are each disseminated at 1:00 p.m., London Time. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely disseminated by Reuters and/or other major market data vendors
Previous wording
The value of the TD3C Index and the TD20 Index is disseminated daily at 4:00 p.m. London Time by the Baltic Exchange. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely disseminated by Bloomberg, Reuters and/or other major market data vendors.
Current wording
The value of the TD3C Index and the TD20 Index are each disseminated daily at 4:00 p.m. London Time by the Baltic Exchange. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely disseminated by Reuters and/or other major market data vendors.
Previous wording
When establishing positions in Oil Freight Futures, BWET will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Oil Freight Futures position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant exchanges, clearing houses or BWET’s FCM. On a daily basis, BWET will be obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Oil Freight Futures positions. Any assets not required to be posted as margin with BWET’s FCM will generally be held at BWET’s custodian in cash or cash equivalents, as discussed below.
Current wording
When establishing positions in Oil Freight Futures, BWET will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Oil Freight Futures position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant exchanges, clearing houses or BWET’s futures commission merchant (“FCM”). On a daily basis, BWET will be obligated to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Oil Freight Futures positions. Any assets not required to be posted as margin with BWET’s FCM will generally be held at BWET’s custodian in cash or cash equivalents, as discussed below.
Previous wording
During the three months ended December 31, 2024, dry bulk spot rates declined considerably, with the benchmark Baltic Dry Index losing more than 50% of its value during the period, ending below 1,000 for the first time since the summer of 2023.
Current wording
During the three months ended March 31, 2025, dry bulk spot rates increased considerably, with the benchmark Baltic Dry Index adding more than 60% of its value during the period, ending almost at 1,600 and at the best level in four months.
Previous wording
During the three months ended December 31, 2024, iron ore trade volumes to China experienced a decline versus the previous year, as lower overall steel production had a negative impact on demand for iron ore. Portside inventories of iron ore remain elevated and thus demand was also negatively affected. Although additional stimulus programs have been introduced during the period, the Chinese real estate sector remained in a relatively fragile state for the third year in a row, and while steel demand for manufacturing has increased, such improvement has been more than offset by weaker demand for construction. Iron ore prices remained subdued during the period due to the beforementioned demand issues. Coal volumes have remained relatively flat versus last year, on a slower pace in growth from China and India offset by weakening flows into Europe.
Current wording
During the three months ended March 31, 2025, iron ore trade volumes to China experienced a decline versus the previous year, as lower overall steel production had a negative impact on demand for iron ore. In addition, portside inventories of iron ore remain elevated and thus demand for imports was also negatively affected. The Chinese economy continues to grow at relatively weak rates versus recent years while the domestic real estate market remains subdued, limited demand for new construction and thus demand for steel products. Iron ore prices remained rangebound to approximately $100/ton during the period due to the beforementioned demand and high inventory issues. Coal volumes have remained relatively flat versus last year, while coal prices have declined considerably versus recent past, because of a slower pace in growth from China and India.
Previous wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended December 31, 2024 and 2023, and the six months ended December 31, 2024 and 2023.
Current wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended March 31, 2025 and 2024, and the nine months ended March 31, 2025 and 2024.
Previous wording
During the six months ended December 31, 2024, the NYSE Arca market value of each Share decreased (50.33%) from $12.24 per Share, representing the closing price on June 30, 2024, to $6.08 per Share, representing the closing price on December 31, 2024. The Share price high and low for the six months ended December 31, 2024 and related change from the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $12.50 per share (+2.12%) on July 1, 2024 to a low of $5.71 per share (-53.35%) on December 11, 2024.
Current wording
During the nine months ended March 31, 2025, the NYSE Arca market value of each Share decreased (-48.94%) from $12.24 per Share, representing the closing price on June 30, 2024, to $6.25 per Share, representing the closing price on March 31, 2025. The Share price high and low for the nine months ended March 31, 2025 and related change from the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $12.50 per share (+2.12%) on July 1, 2024 to a low of $5.14 per share (-58.01%) on January 23, 2025.
Previous wording
For the six months ended December 31, 2024, the net asset value of each Share decreased (50.19%) from $12.13 per Share to $6.04 per Share. Losses in the investments and futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the six months ended December 31, 2024.
Current wording
For the nine months ended March 31, 2025, the net asset value of each Share decreased (-47.69%) from $12.13 per Share to $6.34 per Share. Losses in the futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the nine months ended March 31, 2025.
Previous wording
During the six months ended December 31, 2023, the NYSE Arca market value of each Share increased (+108.29%) from $5.55 per Share, representing the closing trade on June 30, 2023, to $11.56 per Share, representing the closing price on December 29, 2023. The Share price high and low for the six months ended December 31, 2023 and related change from the closing Share price on June 30, 2023 were as follows: Shares traded from a high of $11.78 per Share (+112.25%) on December 29, 2023 to a low of $4.48 per Share (-19.28%) on July 5, 2023.
Current wording
During the nine months ended March 31, 2024, the NYSE Arca market value of each Share increased (+149.73%) from $5.55 per Share, representing the closing trade on June 30, 2023, to $13.86 per Share, representing the closing price on March 31, 2024. The Share price high and low for the nine months ended March 31, 2024 and related change from the closing Share price on June 30, 2023 were as follows: Shares traded from a high of $16.84 per Share (+203.42%) on March 8, 2024 to a low of $4.50 per Share (-18.92%) on July 19, 2024.
Previous wording
For the six months ended December 31, 2023, the net asset value of each Share increased (+110.49%) from $5.53 per Share to $11.64 per Share. Gains in the futures contracts more than offset the net investment loss, resulting in the overall increase in the NAV per Share during the six months ended December 31, 2023.
Current wording
For the nine months ended March 31, 2024, the net asset value of each Share increased (+153.35%) from $5.53 per Share to $13.99 per Share. Gains in the futures contracts more than offset the net investment loss, resulting in the overall increase in the NAV per Share during the nine months ended March 31, 2024.
Previous wording
China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, slower oil import growth and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the first nine months of 2024 oil imports declined marginally. With OPEC+ maintaining its existing production quota throughout the period, there has been little room for tanker demand growth, and although longer sailing distances associated with Brazilian and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. The recent announcement by OPEC+ to gradually increase oil production sometime in 2025, should, if implemented, increase demand for crude tankers.
Current wording
China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, slower oil import growth and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the 2024 oil imports declined. With OPEC+ maintaining its existing production quota throughout the period, there has been little room for tanker demand growth, and although longer sailing distances associated with Brazilian and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. The recent announcement by OPEC+ to increase oil production starting in May 2025, should lead to an rise in demand for crude tankers.
Previous wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended December 31, 2024 and 2023, and the six months ended December 31, 2024 and 2023.
Current wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended March 31, 2025 and 2024, and the nine months ended March 31, 2025 and 2024.
Previous wording
During the six months ended December 31, 2024, the NYSE Arca market value of each Share decreased (41.52%) from $16.79 per Share, representing the closing price on June 30, 2024, to $9.82 per Share, representing the closing price on December 31, 2024. The Share price high and low for the six months ended December 31, 2024 and related change from the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $16.82 per Share (+0.18%) on July 22, 2024 to a low of $9.57 per Share (-43.00%) on December 11, 2024.
Current wording
During the nine months ended March 31, 2025, the NYSE Arca market value of each Share decreased (-35.02%) from $16.79 per Share, representing the closing price on June 30, 2024, to $10.91 per Share, representing the closing price on March 31, 2025. The Share price high and low for the nine months ended March 31, 2025 and related change from the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $16.82 per Share (+0.18%) on July 22, 2024 to a low of $9.06 per Share (-46.04%) on January 6, 2025.
Previous wording
For the six months ended December 31, 2024 the net asset value of each Share decreased (40.79%) from $16.69 per Share to $9.88 per Share. Losses in the investments and futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the six months ended December 31, 2024.
Current wording
For the nine months ended March 31, 2025 the net asset value of each Share decreased (-34.77%) from $16.69 per Share to $10.89 per Share. Losses in the futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the nine months ended March 31, 2025.
Previous wording
For the six months ended December 31, 2023, the net asset value of each Share decreased (-23.00%) from $20.83 per Share to $16.04 per Share. Losses in the investments and futures contracts and the net investment loss resulted in the overall decrease in the NAV per Share during the six months ended December 31, 2023.
Current wording
For the nine months ended March 31, 2024, the net asset value of each Share decreased (-10.49%) from $20.83 per Share to $18.65 per Share. Losses in the investments and futures contracts and the net investment loss resulted in the overall decrease in the NAV per Share during the nine months ended March 31, 2024.
Previous wording
The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, cash equivalents and its investments in collateralizing Treasury Securities, if any. Generally, all of the net assets of the Funds are allocated to trading in Benchmark Component Instruments. Most of the assets of the Funds are held in cash and/or cash equivalents that could or are used as margin or collateral for trading in Benchmark Component Instruments. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Benchmark Component Instruments change. Interest earned on interest-bearing assets of the Funds are paid to the Funds. BDRY earned $198,965 and $457,674, respectively, in interest income during the three months ended December 31, 2024 and 2023 and $473,381 and $995,384, respectively, in interest income during the six months ended December 31, 2024 and 2023. BWET earned $18,590 and $7,475, respectively, in interest income during the three months ended December 31, 2024 and 2023 and $45,020 and $13,881, respectively, in interest income during the six months ended December 31, 2024 and 2023.
Current wording
The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, cash equivalents and its investments in collateralizing Treasury Securities, if any. Generally, all of the net assets of the Funds are allocated to trading in Benchmark Component Instruments. Most of the assets of the Funds are held in cash and/or cash equivalents that could or are used as margin or collateral for trading in Benchmark Component Instruments. The percentage that such assets bear to the total net assets will vary from period to period as the market values of the Benchmark Component Instruments change. Interest earned on interest-bearing assets of the Funds are paid to the Funds. BDRY earned $409,695 and $372,645, respectively, in interest income during the three months ended March 31, 2025 and 2024 and $883,076 and $1,321,869, respectively, in interest income during the nine months ended March 31, 2025 and 2024. BWET earned $10,616 and $19,748, respectively, in interest income during the three months ended March 31, 2025 and 2024 and $55,633 and $33,629, respectively, in interest income during the nine months ended March 31, 2025 and 2024.
Previous wording
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to $42,970 and $-0- for the three months ended December 31, 2024 and 2023, respectively, and $49,343 and $-0- for the six months ended December 31, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $82,348 and $-0- for the three months ended December 31, 2024 and 2023, respectively, and $168,344 and $-0- for the six months ended December 31, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. BDRY currently accrues its daily expenses based upon established individual expense amounts or the BDRY Expense Cap, whichever aggregate amount is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund. BDRY’s total expenses, prior to the assumption and waiver of expenses, amounted to $423,159 and $650,217 for the three months ended December 31, 2024 and 2023, respectively, and $847,608 and $1,351,888 for the six months ended December 31, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations.
Current wording
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, expenses recouped amounted to $84,434 and $-0- for the three months ended March 31, 2025 and 2024, respectively, and $-0- and $-0- for the nine months ended March 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $-0- and $-0- for the three months ended March 31, 2025 and 2024, respectively, and $217,687 and $-0- for the nine months ended March 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BDRY currently accrues its daily expenses based upon established individual expense amounts or the BDRY Expense Cap, whichever aggregate amount is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund. BDRY’s total expenses, prior to the assumption and waiver of expenses, amounted to $483,341 and $545,813 for the three months ended March 31, 2025 and 2024, respectively, and $1,330,949 and $1,897,701 for the nine months ended March 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.
Previous wording
The assumption of expenses by the Sponsor for BWET, pursuant to the BWET Expense Cap, amounted to $78,746 and $74,622 for the three months ended December 31, 2024 and 2023, respectively, and $143,851 and $160,731 for the six months ended December 31, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $7,206 and $7,347 for the three months ended December 31, 2024 and 2023, respectively, and $26,129 and $20,130 for the six months ended December 31, 2024 and 2023, respectively, as disclosed in the Combined Statements of Operations. BWET currently accrues its daily expenses based upon established individual expense category amounts or the BWET Expense Cap, whichever aggregate amount is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund. BWET’s total expenses, prior to the assumption and waiver of expenses, amounted to $111,714 and $108,527 for the three months ended December 31, 2024 and 2023, respectively, and $230,716 and $253,668 for the six months ended December 31, 2024 and 2023, respectively as disclosed in the Combined Statements of Operations.
Current wording
The assumption of expenses by the Sponsor for BWET, pursuant to the BWET Expense Cap, amounted to $112,435 and $37,363 for the three months ended March 31, 2025 and 2024, respectively, and $265,016 and $198,094 for the nine months ended March 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $5,065 and $21,196 for the three months ended March 31, 2025 and 2024, respectively, and $22,464 and $41,326 for the nine months ended March 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET currently accrues its daily expenses based upon established individual expense category amounts or the BWET Expense Cap, whichever aggregate amount is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund. BWET’s total expenses, prior to the assumption and waiver of expenses, amounted to $135,463 and $186,492 for the three months ended March 31, 2025 and 2024, respectively, and $366,176 and $440,160 for the nine months ended March 31, 2025 and 2024, respectively as disclosed in the Combined Statements of Operations.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
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