Amplify Commodity Trust
For the period ended Jun 30, 2026. Filed Sep 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 25, 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-K
Period ended 2025-06-30; filed 2025-09-26.
0001213900-25-092470
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-25.
0001213900-26-103611
Item 7. 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 112 previous paragraphs and 108 current paragraphs.
85 unchanged; 4 reworded; 19 added; 23 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 previous and 18 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 (19)
Current report
During the fiscal year ended June 30, 2026, dry bulk spot rates demonstrated robust performance, with benchmark Capesize rates consistently sustained well above breakeven levels. The convergence of positive demand growth in dry bulk transportation and severe disruptions to vessel supply, driven by both geopolitical events and cyclical factors, yielded one of the strongest markets for dry bulk owners in recent years. Over the 12-month period ending June 30, 2026, the Baltic Dry Index averaged approximately 2,200 points, marking its strongest performance in three years.
Current report
Despite relatively muted growth in the Chinese economy, particularly within the critical real estate sector, iron ore imports to China continued to expand even as domestic steel demand recorded another annual decline. This divergence between two highly interdependent commodities is attributable to significant iron ore inventory accumulation, falling domestic ore production, and a structural shift toward more affordable, lower-grade material, which requires greater volume to achieve equivalent steel output. While these conditions are unsustainable over the long term, the current landscape is expected to continue supporting high volumes of iron ore imports into the country.
Current report
Concurrently, emerging iron ore exports from West Africa following the highly anticipated commissioning of the Simandou project, coupled with robust regional bauxite exports, are extending average sailing distances (ton-mile demand). This development has effectively reduced available vessel capacity across the global fleet.
Current report
Furthermore, ongoing geopolitical developments in the Middle East are indirectly impacting the dry bulk shipping sector. Fuel availability has become a critical challenge for numerous vessel operators, resulting in extended waiting times and substantial route diversions to secure bunker fuel. Finally, because a large segment of the global dry bulk fleet is approaching its 15-year special survey, drydocking requirements have exceeded historical annual averages, further tightening available vessel supply.
Current report
The convergence of these variables serves as the primary catalyst for the strong dry bulk market observed over the past 12 months. While the continuation of these tailwinds depends on several variables, upcoming newbuild deliveries are gradually accelerating fleet growth beyond projected demand growth, a trend that needs monitoring as it could ultimately cap further rate appreciation.
Current report
During the year ended June 30, 2026, the NYSE Arca market value of each share increased (113.87%) from $5.55 per share, representing the closing price on June 30, 2025, to $11.87 per share, representing the closing price on June 30, 2026. The share price high and low for the year ended June 30, 2026 and related change from the closing share price on June 30, 2025 was as follows: shares traded from a high of $13.33 per share (+140.18%) on May 13, 2026 to a low of $5.63 per share (+1.44%) on July 1, 2025.
Current report
For the year ended June 30, 2026, the net asset value of each share increased (+115.48%) from $5.63 per share to $12.12 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2026.
Current report
Net Income for the year ended June 30, 2026, was $40,388,599, resulting from net realized gains on futures contracts of $39,708,795, net unrealized gains on futures contracts of $1,177,999, and the net investment loss of $498,195.
Current report
During the three months ended June 30, 2026, the NYSE Arca market value of each Share increased (+19.06%) from $9.97 per Share, representing the closing price on March 31, 2026, to $11.87 per Share, representing the closing price on June 30, 2026. The Share price high and low for the three months ended June 30, 2026 and related change from the closing Share price on March 31, 2026 was as follows: Shares traded from a high of $13.13 per Share (+33.70%) on May 13, 2026 to a low of $9.94 per Share (-0.30%) on April 6, 2026.
Current report
For the three months ended June 30, 2026, the net asset value of each Share increased (+20.12%) from $10.09 per Share to $12.12 per Share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the three months ended June 30, 2026.
Current report
Net income for the three months ended June 30, 2026, was $8,356,379, resulting from net realized gains on futures contracts of $6,025,490, net unrealized gains on futures contracts of $2,473,894, and the net investment loss of $143,005.
Current report
While global oil demand and vessel capacity historically served as the primary drivers of tanker markets, the past six months have seen market dynamics shift decisively toward geopolitical risk factors. Consequently, the near-term outlook for tanker freight rates remains highly contingent upon political developments in the Middle East and the trajectory of the U.S.–Iran conflict. Traditional fundamental metrics currently imply a much softer freight environment, rendering conventional supply-demand modeling unreliable for accurate forecasting. Accordingly, the probability of a sharp correction in freight rates remains exceptionally high; once regional hostilities cease and normal transits resume through the Strait of Hormuz, freight rates are widely projected to decline sharply from their current elevated baselines.
Current report
A critical downside risk to the medium-term tanker outlook is the pronounced softening of Chinese oil demand, alongside questions regarding its structural persistence beyond any eventual normalization in the Middle East. China remains the primary global demand center for crude oil transportation, yet its recent maritime import volumes contracted to their lowest levels in at least eight years. While it remains unclear whether this demand destruction is cyclical or indicative of a permanent structural shift, the risk of a structurally lower import baseline must be factored into future projections. Overall, the expectationfor a significant downward correction in tanker freight rates over the medium term remains highly probable, necessitating continuous, close monitoring of both geopolitical developments and underlying industry supply-demand fundamentals.
Current report
During the year ended June 30, 2026, the NYSE Arca market value of each share increased (+1,293.88%) from $10.64 per share, representing the closing price on June 30,2025, to $148.38 per share, representing the closing price on June 30, 2026. The share price high and low for the year ended June 30, 2026 and related change from the closing share price on June 30, 2025 was as follows: shares traded from a high of $217.75 per share (+1946.52%) on June 22, 2026 to a low of $10.26 per share (-3.57%) on April 1, 2026.
Current report
For the year ended June 30, 2026, the net asset value of each share increased (+1,320.79%) from $10.63 per share to $151.05 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2026.
Current report
Net Income for the year ended June 30, 2026, was $38,797,444, resulting from net realized gains on futures contracts of $43,765,463, net unrealized losses on futures contracts of $4,692,712, and the net investment loss of $275,307.
Current report
During the three months ended June 30, 2026, the NYSE Arca market value of each Share increased (+50.64%) from $98.50 per Share, representing the closing price on March 31, 2026, to $148.38 per Share, representing the closing price on June 30, 2026. The Share price high and low for the three months ended June 30, 2026 and related change from the closing Share price on March 31, 2026 was as follows: Shares traded from a high of $217.75 per Share (+121.07%) on June 22, 2026 to a low of $116.32 per Share (+18.09%) on April 1, 2026.
Current report
For the three months ended June 30, 2026, the net asset value of each Share increased (+26.12%) from $119.77 per Share to $151.05 per Share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the three months ended June 30, 2026.
Current report
Net income for the three months ended June 30, 2026, was $11,670,914, resulting from net realized gains on futures contracts of $33,882,431, net unrealized losses on futures contracts of $22,020,347, and the net investment loss of $191,170.
Removed paragraphs (23)
Previous report
During the year ended June 30, 2025, dry bulk spot rates declined versus the previous year, with the benchmark Baltic Dry Index (BDI) falling steadily, reaching its lowest point in January 2025 before recovering and trading in a tight range for the remainder of the period. The BDI averaged 1,475, down from 1,730 during the previous year.
Previous report
Geopolitical turmoil has greatly affected shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and ceasefire agreements and thus the impact of the conflict on dry bulk shipping has been minimized.
Previous report
In addition, low water levels in the main lake that feeds the Panama Canal locks led to a decrease in the daily vessel transits of the Canal for most of the year, further pressuring the global supply of ships. However, increasing rains during the spring and early summer months led to a gradual increase in the daily transits which by the end of the period were approaching normal levels.
Previous report
During the year ended June 30, 2025, iron ore trade volumes have been slightly weaker, as China’s import volumes have been weaker versus the previous year of the steelmaking material. At the same time, portside inventories of iron ore have remained elevated, as steel demand in China remains subdued due to weak domestic demand for new construction. Although various additional stimulus programs have been introduced during the period, the Chinese real estate sector remained in a relatively fragile state for the fourth year in a row, and while steel demand for manufacturing has increased, such improvement has been more than offset by weaker demand for construction. Iron ore prices have remained steady during the period, due to the aforementioned soft steel fundamentals partly offset by slightly better margins for steel mills. Coal trading volumes have also declined versus last year, as China’s import quantities have been weak on better solar and wind power generation and lower domestic coal prices. Grains trade experienced modest growth.
Previous report
The combination of relatively weaker Chinese bulk commodity demand combined with easing of global disruptions due to geopolitical conflicts pushed spot rates for dry bulk shipping lower, leading to the relative underperformance for average spot rates year over year.
Previous report
The dry bulk orderbook increased throughout the period as period rates remained relatively steady despite the weaker spot market, incentivizing owners to place new orders.
Previous report
During the year ended June 30, 2024, the NYSE Arca market value of each share increased (120.54%) from $5.55 per share, representing the closing price on June 30, 2023, to $12.24 per share, representing the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing share price on June 30, 2023 was 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, 2023.
Previous report
For the year ended June 30, 2024, the net asset value of each share increased (119.61%) from $5.53 per share to $12.13 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2024.
Previous report
Net income for the year ended June 30, 2024, was $46,770,200, resulting from net realized gains on futures contracts of $34,476,191, net unrealized gains on futures contracts of $12,895,930, and the net investment loss of $601,921.
Previous report
During the three months ended June 30, 2024, the NYSE Arca market value of each Share decreased (-11.69%) from $13.86 per Share, representing the closing price on March 31, 2024, to $12.24 per Share, representing the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the closing Share price on March 31, 2024 was as follows: Shares traded from a high of $14.60 per Share (+5.34%) on May 7, 2024 to a low of $11.40 per Share (-17.75%) on June 25, 2024.
Previous report
For the three months ended June 30, 2024, the net asset value of each Share decreased (-13.30%) from $13.99 per Share to $12.13 per Share. For the three months ended June 30, 2024, losses in the investments and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.
Previous report
Net loss for the three months ended June 30, 2024, was $8,985,451, resulting from net realized gains on investments and futures contracts of $6,149,798, net unrealized gains on investments and futures contracts of $1,657,900, and the net investment loss of $1,177,753.
Previous report
Geopolitical turmoil has greatly affected global shipping, as the Israel-Hamas conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and ceasefire agreements and thus the impact of the conflict on tanker shipping has been minimized.
Previous report
China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, steady imports and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the first half of 2025 oil imports declined for a second year in a row. With OPEC+ planning to increase its production quota, expectations for increasing tanker demand growth have so far failed to materialize, 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. Towards the end of the period, a relatively brief conflict between Israel/US and Iran and the bombardment of Iran’s nuclear and military facilities created some uncertainty amongst tanker owners which pushed tanker rates briefly higher, but such a short-term spike quickly subsided. Additional OPEC+ production increases planned in the next few months should all else equal, increase demand for crude tankers.
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.
Previous report
Fund Share Net Asset Value Performance
Previous report
During the year ended June 30, 2024, the NYSE Arca market value of each share decreased (-19.59%) from $20.88 per share, representing the closing price on June 30,2023, to $16.79 per share, representing the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing share price on June 30, 2023 was 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 year ended June 30, 2024, the net asset value of each share decreased (-19.89%) from $20.83 per share to $16.69 per share. Net losses in the futures contracts and Fund expenses resulted in the overall decrease in the NAV per share during the year ended June 30, 2024.
Previous report
Net loss for the year ended June 30, 2024, was $318,928, resulting from net realized gains on futures contracts of $827,253, net unrealized losses on futures contracts of $941,167, and the net investment loss of $205,014.
Previous report
Fund Share Net Asset Performance
Previous report
During the three months ended June 30, 2024, the NYSE Arca market value of each Share decreased (-9.88%) from $18.63 per Share, representing the closing price on March 31, 2024, to $16.79 per Share, representing the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the closing Share price on March 31, 2024 was as follows: Shares traded from a high of $19.80 per Share (+6.28%) on April 12, 2024 to a low of $16.18 per Share (-13.15%) on June 18, 2024.
Previous report
For the three months ended June 30, 2024, the net asset value of each Share decreased (-10.51%) from $18.65 per Share to $16.69 per Share. For the three months ended June 30, 2024, losses in the investments and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.
Previous report
Net loss for the three months ended June 30, 2024, was $658,305, resulting from net realized gains on investments and futures contracts of $164,816, net unrealized gain son investments and futures contracts of $121,364, and the net investment loss of $372,125.
Reworded paragraphs (4)
Previous wording
Differences in the benchmark return and BDRY net asset value per share are due primarily to the following factors:
Current wording
Differe nces in the benchmark return and BDRY net asset value per share are due primarily to the following factors:
Previous wording
During the period ended June 30, 2025, crude tanker spot rates experienced another year of low volatility, with average spot rates for Very Large Crude Carriers (VLCC) remaining relatively steady.
Current wording
During the reporting period ended June 30, 2026, crude tanker spot rates exhibited extreme volatility, with spot rates for Very Large Crude Carriers (VLCCs) reaching unprecedented historical peaks as a direct consequence of the U.S.–Iran conflict that commenced in March 2026. Given the VLCC sector’s heavy exposure to the Middle East, the operational impact of the Strait of Hormuz closure drove spot freight rates to extraordinary levels, driven by shipowners demanding a substantial risk premium to transit an active combat zone. This severe geopolitical disruption, characterized by near-daily attacks on commercial shipping lanes, has decoupled spot rates from standard supply-and-demand fundamentals, which would otherwise point to a significantly lower equilibrium.
Previous wording
The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, and cash equivalents. 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 Freight Futures, 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 is paid to the Funds. During the years ended June 30, 2025 and 2024, BDRY earned $1,403,394 and $1,816,833, respectively, in interest income. BWET earned $66,831 and $42,508 for the year ended June 30, 2025 and 2024, respectively.
Current wording
The Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, and cash equivalents. 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 Freight Futures, 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 is paid to the Funds. Please refer to the Statement of Operations for interest income received for the years ended June 30, 2026 and 2025.
Previous wording
The Funds currently accrue their daily expenses based on accrued expense amounts established and monitored by the Sponsor, subject to the Expense Cap. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible for the payment of, the routine operational, administrative and other ordinary expenses of the Funds. BDRY aggregated $1,394,358 and $1,858,313, of which $217,687 and $23,879 was waived by Breakwave for the years ended June 30, 2025 and 2024, respectively. BWET aggregated $455,679 and $455,234, of which $27,481 and $52,076 was waived by Breakwave for the years ended June 30, 2025 and 2024, respectively. In addition, expenses reimbursed to the Sponsor for BDRY aggregated $242,025 and $- for the years ended June 30, 2025 and 2024, respectively. For BWET, the Sponsor assumed $361,863 and $277,458 of expenses for the years ended June 30, 2025 and 2024, respectively.
Current wording
The Funds currently accrue their daily expenses based on accrued expense amounts established and monitored by the Sponsor, subject to the Expense Cap. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible for the payment of, the routine operational, administrative and other ordinary expenses of the Funds.