Amplify Commodity Trust
For the period ended Mar 31, 2026. Filed May 15, 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.
Mar 31, 2026 · Filed May 15, 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 2025-12-31; filed 2026-02-11.
0001213900-26-015020
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001213900-26-057535
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 151 previous paragraphs and 150 current paragraphs.
101 unchanged; 24 reworded; 25 added; 26 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 26 previous and 27 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 (25)
Current report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2026.
Current report
The per Share market value of BDRY and its NAV tracked closely for the nine months ended March 31, 2025.
Current report
During the three months ended March 31, 2026, the NYSE Arca market value of each Share increased (+13.68%) from $8.77 per Share, representing the closing price on December 31, 2025, to $9.97 per Share, representing the closing price on March 31, 2026. The Share price high and low for the three months ended March 31, 2026 and related change from the closing Share price on December 31, 2025 were as follows: Shares traded from a high of $12.50 per share (+42.53%) on March 3, 2026 to a low of $8.46 per share (-3.53%) on January 2, 2026.
Current report
For the three months ended March 31, 2026, the net asset value of each Share increased (+15.39) from $8.74 per Share to $10.09 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, 2026.
Current report
Net income for the three months ended March 31, 2026, was $4,545,434, resulting from net realized gains on futures contracts of $6,200,840, unrealized losses on futures contracts of ($1,509,340) and the net investment loss of ($146,066).
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 $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, 2026
Current report
Net income for the nine months ended March 31, 2026, was $32,032,220, resulting from net realized gains on futures contracts of $33,683,305, unrealized losses on futures contracts of ($1,295,895) and the net investment loss of ($355,190).
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
Geopolitical turmoil is the primary reason for the significant outperformance in tanker rates. The recent disruption caused by the U.S. and Iran conflict has led to a major readjustment in tanker rates as risk premiums, reshuffling of routes, and more importantly, the closure of the straits of Hormuz, has pushed spot tanker rates significantly higher. Although very little cargo flow out of the Arabian Gulf found its way to the global oil markets, the implied rate for such voyages reached an all-time high during the month of March. The trajectory of the current conflict is likely to be the primary determinant of tanker rates. Given the heightened uncertainty, the risk of a significant correction in spot tanker rates is also very high.
Current report
The resolution of the current conflict in the Middle East will be the primary determinant of spot tanker rates near term. Given the extremely fluid situation as of mid-April, it is difficult to predict any outcome with any degree of confidence. The risk of a sharp correction in spot rates is high, which will have a negative impact on freight futures as well, and as a result, on BWET price performance.
Current report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2026.
Current report
The per Share market value of BWET and its NAV tracked closely for the nine months ended March 31, 2025.
Current report
During the three months ended March 31, 2026, the NYSE Arca market value of each Share increased (+411.31%) from $19.26 per Share, representing the closing price on December 31, 2025, to $98.50 per Share, representing the closing price on March 31, 2026. The Share price high and low for the three months ended March 31, 2026 and related change from the closing Share price on December 30, 2025 were as follows: Shares traded from a high of $122.32 per Share (+535.10%) on March 30, 2026 to a low of $18.73 per Share (-2.75%) on January 2, 2026.
Current report
Net income for the three months ended March 31, 2026, was $25,859,496, resulting from net realized gains on futures contracts of $8,277,063, net unrealized gains on futures contracts of $17,646,412, and the net investment loss of ($63,979).
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 5, 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
FOR THE NINE MONTHS ENDED MARCH 31, 2026
Current report
Net income for the nine months ended March 31, 2026, was $27,126,530, resulting from net realized gains on futures contracts of $9,883,032, net unrealized gains on futures contracts of $17,327,635, and the net investment loss of ($84,137).
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).
Removed paragraphs (26)
Previous report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2025.
Previous report
The per Share market value of BDRY and its NAV tracked closely for the six months ended December 31, 2024.
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, 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.
Previous 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.
Previous 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).
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, 2024to 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
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
Previous 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).
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
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.
Previous report
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 report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2025.
Previous report
The per Share market value of BWET and its NAV tracked closely for the six months ended December 31, 2024.
Previous 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.
Previous 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).
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
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
Previous 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).
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).
Reworded paragraphs (24)
Previous 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.
Current wording
During the three months ended March 31, 2026, dry bulk spot rates remained relatively flat, with the benchmark Baltic Dry Index averaging about 3% lower versus the previous period. However, on a year-over-year basis, The Baltic Dry Index averaged more than 70% higher, leading to one of the best first quarter periods in history, especially given the seasonal weakness the dry bulk market usually experiences.
Previous 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.
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 favorable weather patterns that usually disrupt operations were generally absent.
Previous 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.
Current wording
During the three months ended March 31, 2026, iron ore trade volumes from Brazil to China remained strong, while some export volumes out of West Africa because of the brand new Simandou mine project in Guinea also marginally added to the positive sentiment. As a result, portside inventories of iron ore increased to record levels. 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 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.
Current wording
The recent conflict in the Middle East increases the likelihood of slower global economic growth, especially in Asia. Furthermore, record 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 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.
Current wording
The dry bulk orderbook continues to increase throughout the period from relatively low levels, currently standing at approximately 13% 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 December 31, 2025 and 2024, and the six months ended December 31, 2025 and 2024.
Current wording
The graphs above compare the returns of BDRY with the benchmark portfolio returns for the three months ended March 31, 2026 and 2025, and the nine months ended March 31, 2026 and 2025.
Previous 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.
Current wording
During the nine months ended March 31, 2026, the NYSE Arca market value of each Share increased (+79.64%) from $5.55 per Share, representing the closing price on June 30, 2025, to $9.97 per Share, representing the closing price on March 31, 2026. The Share price high and low for the nine months ended March 31, 2026 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $12.50 per share (+125.23%) on March 3, 2026 to a low of $5.63 per share (1.44%) on July 1, 2025.
Previous 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.
Current wording
For the nine months ended March 31, 2026, the net asset value of each Share increased (+79.35%) from $5.63 per Share to $10.09 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 nine months ended March 31, 2026.
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, 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.
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 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.
Current wording
During the three months ended March 31, 2026, crude tanker spot rates increased considerably, with average spot rates for Very Large Crude Carriers (VLCC) more than doubling sequentially during the period. Spot rates jumped to the highest level in many years shortly after the military conflict in the Middle East began in early March.
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 and showed only a small increase in 2025. Yet, most of the increase reflects inventory builds and not real demand.
Current wording
Looking at market fundamentals, 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
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 wording
The crude tanker orderbook for the next few years is now above historical averages, with few new vessel deliveries during the next year, increasing to significantly higher deliveries in the subsequent years, leading to increases in fleet supply.
Previous 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.
Current wording
The graphs above compare the return of BWET with the benchmark portfolio returns for the three months ended March 31, 2026 and 2025, and the nine months ended March 31, 2026 and 2025.
Previous wording
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 wording
For the three months ended March 31, 2026 the net asset value of each Share increased (+521.21%) from $19.27 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 March 31, 2026.
Previous 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.
Current wording
During the nine months ended March 31, 2026, the NYSE Arca market value of each Share increased (+825.31%) from $10.64 per Share, representing the closing price on June 30, 2025, to $98.50 per Share, representing the closing price on March 31, 2026. The Share price high and low for the nine months ended March 31, 2026 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $122.32 per Share (+1,049.62%) on March 30, 2026 to a low of $10.26 per Share (-3.57%) on July 2, 2025.
Previous 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.
Current wording
For the nine months ended March 31, 2026 the net asset value of each Share increased (+1,026.28) from $10.63 per Share to $119.74 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 nine months ended March 31, 2026.
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
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.
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 $273,914 and $409,695, respectively, in interest income during the three months ended March 31, 2026 and 2025, and $985,162 and $883,076, respectively, in interest income during the nine months ended March 31, 2026 and 2025. BWET earned $80,765 and $10,616, respectively, in interest income during the three months ended March 31, 2026 and 2025, and $118,335 and $55,633, respectively, in interest income during the nine months ended March 31, 2026 and 2025.
Previous wording
The regulation of commodity interest transactions in the United States is an evolving area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Funds, or the ability of the Funds to continue to implement their investment strategies. In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Funds are impossible to predict but could be substantial and adverse.
Current wording
The regulation of commodity interest transactions in the U.S. is an evolving area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the U.S. There is a possibility of future regulatory changes within the U.S. altering, perhaps to a material extent, the nature of an investment in the Funds, or the ability of the Funds to continue to implement their investment strategies. In addition, various national governments outside of the U.S. have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the derivatives markets in general. The effect of any future regulatory change on the Funds are impossible to predict but could be substantial and adverse.
Previous wording
Futures exchanges in the United States are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market, exempt board of trade or electronic trading facility. Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as administered by the CFTC. The CFTC’s function is to implement the CEA’s objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various exchanges and clearing organizations themselves exercise regulatory and supervisory authority over their member firms.
Current wording
Futures exchanges in the U.S. are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market, exempt board of trade or electronic trading facility. Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as administered by the CFTC. The CFTC’s function is to implement the CEA’s objectives of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets. In addition, the various exchanges and clearing organizations themselves exercise regulatory and supervisory authority over their member firms.
Previous 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.
Current wording
The assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to expenses absorbed of ($2,513) and reimbursed of $84,434 for the three months ended March 31, 2026 and 2025, respectively, and absorbed of ($2,513) and reimbursed of $84,434 for the nine months ended March 31, 2026 and 2025, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $11,665 and $- for the three months ended March 31, 2026 and 2025, respectively, and $18,913 and $217,687 for the nine months ended March 31, 2026 and 2025, 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 $429,132 and $483,341 for the three months ended March 31, 2026 and 2025, respectively, and $1,356,752 and $1,330,949 for the nine months ended March 31, 2026 and 2025, 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 $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.
Current wording
The assumption of expenses by the Sponsor for BWET, pursuant to the BWET Expense Cap, amounted to $47,632 and $112,435 for the three months ended March 31, 2026 and 2025, respectively, and $205,749 and $265,016 for the nine months ended March 31, 2026 and 2025, respectively, as disclosed in the Combined Statements of Operations. The waiver of Breakwave’s CTA fees, pursuant to the undertaking, amounted to $11,862 and $5,065 for the three months ended March 31, 2026 and 2025, respectively, and $60,981 and $22,464 for the nine months ended March 31, 2026 and 2025, 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 $204,238 and $135,463 for the three months ended March 31, 2026 and 2025, respectively, and $469,202 and $366,176 for the nine months ended March 31, 2026 and 2025, respectively, as disclosed in the Combined Statements of Operations.