Amplify Commodity Trust
For the period ended Sep 30, 2025. Filed Nov 14, 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.
Sep 30, 2025 · Filed Nov 14, 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 2025-03-31; filed 2025-05-15.
0001213900-25-043979
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001213900-25-110548
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 133 current paragraphs.
103 unchanged; 16 reworded; 14 added; 31 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 26 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 (14)
Current report
Strong demand for iron ore transportation combined with solid bauxite volumes out of West Africa were the main reasons for the strong performance, as an early July rally in spot rates on the back of solid cargo flow set the stage for one of the best summers in a while when it comes to dry bulk spot rates.
Current report
As we enter the seasonally strong calendar year fourth quarter, trade tensions remain high and could lead to some potentially negative outcomes for global trade. A lot of uncertainty remains around trade policies and the effect on trade, and thus the risk of adverse impact on shipping remains elevated.
Current 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.
Current report
During the three months ended September 30, 2025, the NYSE Arca market value of each Share increased 35.32% from $5.55 per Share, representing the closing price on June 30, 2025, to $7.51 per Share, representing the closing price on September 30, 2025. The Share price high and low for the three months ended September 30, 2025 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $8.60 per share (+54.95%) on August 26, 2025 to a low of $5.63 per share (1.44%) on July 1, 2025.
Current report
For the three months ended September 30, 2025, the net asset value of each Share increased (+35.37%) from $5.63 per Share to $7.61 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 September 30, 2025.
Current report
Net income for the three months ended September 30, 2025, was $21,936,582, resulting from net realized gains on futures contracts of $22,086,958, unrealized losses on futures contracts of ($63,530) and the net investment loss of ($86,846).
Current report
During the three months ended September 30, 2025, crude tanker spot rates increased, with average spot rates for Very Large Crude Carriers (VLCC) improving by about 30% during the period. Spot rates rose gradually despite negative seasonality, ending the quarter at the highest level for the time of the year in at least five years.
Current report
China remains the principal source of demand growth for crude oil, and consequently for crude tanker demand. Nonetheless, slower oil import growth and weaker domestic demand in China pose material downside risks to tanker rates. The Chinese economy has slowed, and although import activity has shown relative stability, crude oil imports declined in 2024 but has shown a small increase so far this year.
Current report
Looking ahead, OPEC+ is gradually increasing supply, which has supported spot VLCC rates. This trend is likely to persist, as a sizable volume of oil remains available on the world market, boosting fleet utilization. While underlying Chinese demand appears structurally and cyclically weak, substantial crude stockpiling in the domestic market, coupled with announcements of additional facilities being built in China, suggests a continued propensity to accumulate crude, making the probability of sustained stock builds comparatively high
Current 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.
Current 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.
Current report
During the three months ended September 30, 2025, the NYSE Arca market value of each Share increased (+38.57%) from $10.64 per Share, representing the closing price on June 30, 2025, to $14.75 per Share, representing the closing price on September 30, 2025. The Share price high and low for the three months ended September 30, 2025 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $15.26 per Share (+43.33%) on September 25, 2025 to a low of $10.26 per Share (-3.65%) on July 2, 2025.
Current report
For the three months ended September 30, 2025 the net asset value of each Share increased (+37.74%) from $10.63 per Share to $14.64 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 September 30, 2025.
Current report
Net income for the three months ended September 30, 2025, was $515,024, resulting from net realized gains on futures contracts of $305,479, net unrealized gains on futures contracts of $217,097, and the net investment loss of ($7,552).
Removed paragraphs (31)
Previous report
Change in Auditor. On November 5, 2024, the Sponsor dismissed WithumSmith+Brown PC as the Trust’s independent registered public accounting firm and appointed Cohen & Company, Ltd. as the Trust’s independent registered public accounting firm beginning with the fiscal quarter ending September 30, 2024.
Previous 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.
Previous 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.
Previous report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2025.
Previous report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2024.
Previous 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.
Previous 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.
Previous 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).
Previous 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.
Previous 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.
Previous 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).
Previous report
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Previous report
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Previous report
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 report
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 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).
Previous 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.
Previous report
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 report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2025.
Previous report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2024.
Previous 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.
Previous 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.
Previous 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).
Previous 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.
Previous 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.
Previous 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).
Previous report
FOR THE NINE MONTHS ENDED MARCH 31, 2025
Previous report
FOR THE NINE MONTHS ENDED MARCH 31, 2024
Previous 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.
Previous report
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 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).
Reworded paragraphs (16)
Previous wording
The BDRY Benchmark Portfolio is maintained by Breakwave Advisors LLC (“Breakwave”), which also serves as BDRY’s CTA. The BDRY Benchmark Portfolio consists of the Dry Freight Futures, which are a three-month strip of the nearest calendar quarter of futures contracts on specified indexes (each a “Reference Index”) that measure rates for shipping dry bulk freight. Each Reference Index is published each United Kingdom business day by the London-based Baltic Exchange Ltd. (the “Baltic Exchange”) and measures the charter rate for shipping dry bulk freight in a specific size category of cargo ship – Capesize, Panamax or Supramax. The three Reference Indexes are as follows:
Current wording
The BDRY Benchmark Portfolio is maintained by Breakwave, which also serves as BDRY’s CTA. The BDRY Benchmark Portfolio consists of the Dry Freight Futures, which are a three month strip of the nearest calendar quarter of futures contracts on specified indexes (each a “Reference Index”) that measure rates for shipping dry bulk freight. Each Reference Index is published each United Kingdom business day by the London based Baltic Exchange Ltd. (the “Baltic Exchange”) and measures the charter rate for shipping dry bulk freight in a specific size category of cargo ship Capesize, Panamax or Supramax. The three Reference Indexes are as follows:
Previous 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.
Current wording
During the three months ended September 30, 2025, dry bulk spot rates increased, with the benchmark Baltic Dry Index increasing by about 43% of its value during the period, ending almost at 2,100 and at the best level since early 2024.
Previous 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.
Current wording
During the three months ended September 30, 2025, iron ore trade volumes from Brazil to China experienced a sharp increase versus the previous year, with the total amount for the quarter reaching its highest level ever. Portside inventories of iron ore have also declined to average for the season levels. 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. Coal volumes have declined versus last year, while coal prices have also 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 March 31, 2025 and 2024, and the nine months ended March 31, 2025 and 2024.
Current wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended September 30, 2025 and 2024.
Previous 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.
Current wording
During the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased (12.25%) from $12.24 per Share, representing the closing price on June 30, 2024, to $10.74 per Share, representing the closing price on September 30, 2024. The Share price high and low for the three months ended September 30, 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 (+16.39%) on July 1, 2024 to a low of $10.27 per share (4.38%) on September 13, 2024..
Previous 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.
Current wording
For the three months ended September 30, 2024, the net asset value of each Share decreased (11.65%) from $12.13 per Share to $10.71 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 September 30, 2024.
Previous wording
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 wording
Net loss for the three months ended September 30, 2024, was ($4,219,233), resulting from net realized losses on investments and futures contracts of ($4,844,019), unrealized gains on futures contracts of $682,450 and the net investment loss of ($57,664).
Previous wording
Geopolitical turmoil has greatly affected global shipping, as 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. For crude tanker shipping the impact has been relatively small, as most of the crude shipped in Very Large Crude Carriers (VLCCs) does not use the Suez Canal. Although the disruption initially had a knock-on effect on crude tanker rates, fundamentally this sub sector of the broader tanker market has not been affected by the conflict.
Current wording
Geopolitical turmoil continues to have a material impact on global shipping. The Israel–Hamas conflict and related attacks on vessels in the Red Sea are likely to continue reshaping routing patterns, potentially extending voyage durations and introducing broad-based disruptions across all shipping segments. In crude tanker shipping, the effect has been relatively modest, as the majority of crude transported by Very Large Crude Carriers (VLCCs) does not traverse the Suez Canal. While initial disruptions exerted a knock-on effect on tanker rates, this sub-sector of the broader tanker market has, in fundamental terms, remained resilient to the conflict.
Previous 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.
Current wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended September 30, 2025 and 2024.
Previous 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.
Current wording
During the three months ended September 30, 2024, the NYSE Arca market value of each Share decreased (-12.12%) from $16.79 per Share, representing the closing price on June 30, 2024, to $14.76 per Share, representing the closing price on September 30, 2024. The Share price high and low for the three months ended September 30, 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 (+13.96%) on July 22, 2024 to a low of $14.45 per Share (2.10%) on September 4, 2024.
Previous 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.
Current wording
For the three months ended September 30, 2024 the net asset value of each Share decreased (-11.05%) from $16.69 per Share to $14.85 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 September 30, 2024.
Previous wording
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 wording
Net loss for the three months ended September 30, 2024, was ($335,663), resulting from net realized losses on futures contracts of ($292,642), net unrealized losses on futures contracts of ($34,478), and the net investment loss of ($8,543).
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 $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.
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 $417,675 and $274,416, respectively, in interest income during the three months ended September 30, 2025 and 2024. BWET earned $12,905 and $26,431, respectively, in interest income during the three months ended September 30, 2025 and 2024.
Previous wording
Because the Funds trade futures contracts, their capital is at risk due to changes in the value of these contracts (market risk) or the inability of counter-parties to perform under the terms of the contracts (credit risk).
Current wording
Because the Funds trade futures contracts, their capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk).
Previous 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.
Current wording
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to $- and $- for the three months ended September 30, 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 $- and $92,369 for the three months ended September 30, 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 $504,521 and $424,449 for the three months ended September 30, 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 $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.
Current wording
The assumption of expenses by the Sponsor for BWET, pursuant to the BWET Expense Cap, amounted to $88,678 and $73,835 for the three months ended September 30, 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 $6,137 and $10,193 for the three months ended September 30, 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 $115,272 and $119,002 for the three months ended September 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.