Investment Objective
The Fund’s investment objective is to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of the Fund, by tracking the performance of a portfolio consisting of a three-month strip of the nearest calendar quarter of futures contracts on specified indexes that measure rates for shipping dry bulk freight.
Investing in BDRY – Why own exposure to dry bulk freight futures?
- Unique investment space, uncorrelated to other major assets, previously only available through private funds or shipping equities. Small capital outlay ability compared to the high minimum capital requirements of freight futures.
- Achieve direct exposure to shipping rates, which can move significantly. Volatility in rates offers a potentially attractive uncorrelated source of return. Unlike shipping equities, BDRY offers direct exposure to freight futures eliminating equity market risk, company-specific risk, potential dilution, etc.
- Relatively untouched investment space with commodity-driven fundamentals.
- Significant experience and track record in the shipping industry by the Fund’s Commodity Trading Advisor
| Fund | Symbol | NAV | NAV Price Change | Market Price Close | Market Price Changes | Premium/ Discount(%) |
|---|---|---|---|---|---|---|
| Breakwave Dry Bulk Shipping ETF | BDRY | 12.76 | 0.27 | 12.69 | 0.29 | -0.58 |
| 1 Month | 3 Month | 6 Month | 1 Year | YTD | Since Inception | |
|---|---|---|---|---|---|---|
| NAV % | -1.09 | 10.96 | -25.69 | -39.47 | -33.33 | -51.00 |
| Market Value % | 0.00 | 14.80 | -25.51 | -39.81 | -33.87 | -50.91 |
| 1 Month | 3 Month | 6 Month | 1 Year | YTD | Since Inception | |
|---|---|---|---|---|---|---|
| NAV % | -15.22 | -49.06 | -58.97 | -58.91 | -49.06 | -62.56 |
| Market Value % | -10.96 | -48.71 | -58.04 | -57.77 | -48.71 | -61.92 |
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).
| Name | % Total Net Assets | Ticker | Lots Held | Market Value USD |
|---|---|---|---|---|
| BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JUNE 2019 | 24.47% | BFFATC M19 INDEX | 65.00 | 1015105.00 |
| BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JULY 2019 | 13.09% | BFFATC N19 INDEX | 30.00 | 543000.00 |
| BALTIC CAPESIZE TIME CHARTER - BASE TICKER/SEPTERMBER 2019 | 13.09% | BFFATC U19 INDEX | 30.00 | 543240.00 |
| BALTIC CAPESIZE TIME CHARTER - BASE TICKER/AUGUST 2019 | 12.99% | BFFATC Q19 INDEX | 30.00 | 538890.00 |
| BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JUNE 2019 | 11.30% | BFFAP M19 INDEX | 50.00 | 468750.00 |
| BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/SEPTEMBER 2019 | 11.27% | BFFAP U19 INDEX | 45.00 | 467640.00 |
| BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/AUGUST 2019 | 11.18% | BFFAP Q19 INDEX | 45.00 | 463680.00 |
| BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/ JULY 2019 | 10.63% | BFFAP N19 INDEX | 45.00 | 440820.00 |
| SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M | 3.04% | S58FM M19 INDEX | 15.00 | 126000.00 |
| SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M | 2.50% | S58FM U19 INDEX | 10.00 | 103830.00 |
| SUPRAMAX 58 TC FFA 58KT TIMECHART AVERAGE M | 2.45% | S58FM Q19 INDEX | 10.00 | 101830.00 |
| SUPRAMAX 58 TC FFA 58KT TIME CHARTER AVERAGE M | 2.28% | S58FM N19 SSYF INDEX | 10.00 | 94460.00 |
Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.