Amplify Commodity Trust
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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.
Dec 31, 2025 · Filed Feb 11, 2026
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 2025-09-30; filed 2025-11-14.
0001213900-25-110548
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-11.
0001213900-26-015020
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 133 previous paragraphs and 151 current paragraphs.
104 unchanged; 21 reworded; 26 added; 6 removed; 2 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 (26)
Current report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2025.
Current report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2024.
Current report
During the three months ended December 31, 2025, the NYSE Arca market value of each Share increased 16.78% from $7.55 per Share, representing the closing price on September 30, 2025, to $8.77 per Share, representing the closing price on December 31, 2025. The Share price high and low for the three months ended December 31, 2025 and related change from the closing Share price on September 30, 2025 were as follows: Shares traded from a high of $9.34 per share (+24.37%) on December 1, 2025 to a low of $7.58 per share (+0.93%) on October 1, 2025.
Current report
For the three months ended December 31, 2025, the net asset value of each Share increased (+14.81) from $7.61 per Share to $8.74 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 December 31, 2025.
Current report
Net income for the three months ended December 31, 2025, was $5,550,204, resulting from net realized gains on futures contracts of $5,395,507, unrealized gains on futures contracts of $276,975 and the net investment loss of ($122,278).
Current 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, 2024to a low of $5.71 per share (-46.83%) on December 11, 2024.
Current 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.
Current 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).
Current report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
Current report
Net income for the six months ended December 31, 2025, was $27,486,786, resulting from net realized gains on futures contracts of $27,482,465, unrealized gains on futures contracts of 213,445 and the net investment loss of ($209,124).
Current report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024
Current 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).
Current report
Geopolitical turmoil continues to have a material impact on global shipping. The recent disruption caused by the US-Venezuela conflict is reshaping shipping routes and is causing significant reshuffling of oil trade especially as it relates to larger tankers. In addition, with the US-Iran relationship showing considerable stress, and with a potential conflict increasingly likely, vessels are commanding significant premiums, pushing spot rates much higher in the process. Volatility has increased and the price range of both spot rates as well as the freight futures market has expanded.
Current report
The crude tanker orderbook for the next few years is now closer to historical averages, with few new vessel deliveries during the next year. However, looking further out, there could be sizable fleet supply increases.
Current report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2025.
Current report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2024.
Current report
During the three months ended December 31, 2025, the NYSE Arca market value of each Share increased (+30.65%) from $14.75 per Share, representing the closing price on September 30, 2025, to $19.26 per Share, representing the closing price on December 31, 2025. The Share price high and low for the three months ended December 31, 2025 and related change from the closing Share price on September 30, 2025 were as follows: Shares traded from a high of $26.32 per Share (+78.44%) on December 15, 2025 to a low of $13.58 per Share (-7.93%) on October 1, 2025.
Current report
For the three months ended December 31, 2025 the net asset value of each Share increased (+31.63%) from $14.64 per Share to $19.27 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 December 31, 2025.
Current report
Net income for the three months ended December 31, 2025, was $752,010, resulting from net realized gains on futures contracts of $1,300,488, net unrealized losses on futures contracts of ($535,874), and the net investment loss of ($12,604).
Current 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.
Current 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.
Current 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).
Current report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
Current report
Net income for the six months ended December 31, 2025, was $1,267,034, resulting from net realized gains on futures contracts of $1,605,969, net unrealized losses on futures contracts of ($318,777), and the net investment loss of ($20,158).
Current report
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024
Current 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).
Removed paragraphs (6)
Previous 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).
Previous report
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 report
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 report
The crude tanker orderbook for the next few years remains historically low, with very few new vessel deliveries during the period aiding the overall projected market balance. However, the orderbook has been steadily increasing during the period from the record low levels of summer 2023.
Previous 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).
Previous report
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).
Reworded paragraphs (21)
Previous 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.
Current wording
During the three months ended December 31, 2025, dry bulk spot rates remained relatively flat, absent a short-term spike during the month of December, with the benchmark Baltic Dry Index averaging about 9% higher versus the previous period.
Previous wording
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 wording
Strong demand for iron ore transportation combined with solid bauxite volumes out of West Africa continue to be the main reasons for the strong performance, while robust seasonality also aided spot rates.
Previous 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.
Current wording
During the three months ended December 31, 2025, iron ore trade volumes from Brazil to China remained particularly strong, while some new export volumes out of West Africa because of the brand new Simandou mine project in Guinea also added to the positive sentiment. As a result, portside inventories of iron ore increased sharply. The Chinese economy continues to grow at relatively weak rates versus recent years while the domestic real estate market remains subdued due to 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 remained weak versus recent past, because of a slower pace in growth from China and India.
Previous wording
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 wording
As we enter the seasonally weak first quarter, trade tensions remain high and the outlook is uncertain. Furthermore, high portside iron ore inventories remain a headwind for any significant growth in iron ore trade. A lot of uncertainty remains around trade policies, geopolitics and the effect on trade, and thus the risk of adverse impact on shipping remains elevated.
Previous wording
The dry bulk orderbook continue to increase throughout the period from relatively low levels as period rates remained elevated, incentivizing owners to place new orders.
Current wording
The dry bulk orderbook continues to increase throughout the period from relatively low levels, currently standing at approximately 12% of the global fleet, as period rates remained elevated, incentivizing owners to place new orders.
Previous wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended September 30, 2025 and 2024.
Current wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended December 31, 2025 and 2024, and the six months ended December 31, 2025 and 2024.
Previous wording
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 wording
During the six months ended December 31, 2025, the NYSE Arca market value of each Share increased 58.02% from $5.55 per Share, representing the closing price on June 30, 2025, to $8.77 per Share, representing the closing price on December 31, 2025. The Share price high and low for the six months ended December 31, 2025 and related change from the closing Share price on September 30, 2025 were as follows: Shares traded from a high of $9.34 per share (+68.29%) on December 1, 2025 to a low of $5.63 per share (1.44%) on July 1, 2025.
Previous wording
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 wording
For the six months ended December 31, 2025, the net asset value of each Share increased (+55.42%) from $5.63 per Share to $8.74 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 six months ended December 31, 2025.
Previous 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..
Current 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, 2024and 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.
Previous 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.
Current 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.
Previous wording
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 wording
During the three months ended December 31, 2025, crude tanker spot rates increased, with average spot rates for Very Large Crude Carriers (VLCC) improving by about 60% during the period. Spot rates continued to increase following the trend of the previous quarter, this time also aided by strong seasonality, reaching the highest level in at least five years.
Previous wording
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 wording
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 and showed only a small increase in 2025. Yet, most of the increase reflects inventory builds and not real demand.
Previous wording
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 wording
Looking ahead, OPEC+ has gradually increased supply, which has supported spot VLCC rates. This trend is likely to persist, and 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 might continue, given the recent announcements of additional storage facilities being built in China. Such a trend is a positive factor for tankers.
Previous wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended September 30, 2025 and 2024.
Current wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended December 31, 2025 and 2024, and the six months ended December 31, 2025 and 2024.
Previous wording
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 wording
During the six months ended December 31, 2025, the NYSE Arca market value of each Share increased (+80.97%) from $10.64 per Share, representing the closing price on June 30, 2025, to $19.26 per Share, representing the closing price on December 31, 2025. The Share price high and low for the six months ended December 31, 2025 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $26.32 per Share (+147.37%) on December 15, 2025 to a low of $10.26 per Share (-3.57%) on July 2, 2025.
Previous wording
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 wording
For the six months ended December 31, 2025 the net asset value of each Share increased (+81.25) from $10.63 per Share to $19.27 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 six months ended December 31, 2025.
Previous 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.
Current 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.
Previous 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.
Current 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.
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 $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.
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 $293,573 and $198,965, respectively, in interest income during the three months ended December 31, 2025 and 2024, and $711,248 and $473,381, respectively, in interest income during the six months ended December 31, 2025 and 2024. BWET earned $24,667 and $18,590, respectively, in interest income during the three months ended December 31, 2025 and 2024, and $37,570 and $45,020, respectively, in interest income during the six months ended December 31, 2025 and 2024.
Previous 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.
Current wording
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to $- and $42,970 for the three months ended December 31, 2025 and 2024, respectively, and $- and $49,343 for the six months ended December 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 $7,248 and $82,348 for the three months ended December 31, 2025 and 2024, respectively, and $7,248 and $168,344 for the six months ended December 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 $423,099 and $423,159 for the three months ended December 31, 2025 and 2024, respectively, and $927,620 and $847,608 for the six months ended December 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 $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.
Current wording
The assumption of expenses by the Sponsor for BWET, pursuant to the BWET Expense Cap, amounted to $102,033 and $78,746 for the three months ended December 31, 2025 and 2024, respectively, and $190,711 and $143,851 for the six months ended December 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 $10,388 and $7,206 for the three months ended December 31, 2025 and 2024, respectively, and $16,525 and $26,129 for the six months ended December 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 $149,692 and $111,714 for the three months ended December 31, 2025 and 2024, respectively, and $264,964 and $230,716 for the six months ended December 31, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
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 — wording carried elsewhere
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.