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
BDRY ETF-Fund PriceFund Pricesas of 12/14/2018

Fund Symbol NAV NAV Price Change Market Price Close Market Price Changes Premium/ Discount(%)
Breakwave Dry Bulk Shipping ETF BDRY 18.93 -0.13 18.81 0.60 -0.64

BDRY ETF-Monthly PerformanceMonth End
Performance
as of 11/30/2018

1 Month 3 Month 6 Month 1 Year YTD Since Inception
NAV % -22.88 -35.19 -18.54 - - -34.06
Market Value % -21.23 -31.96 -19.19 - - -34.09

BDRY ETF-Quarterly PerformanceQuarter End
Performance
as of 09/30/2018

1 Month 3 Month 6 Month 1 Year YTD Since Inception
NAV % -9.81 4.08 0.70 - - -8.24
Market Value % -6.33 3.20 0.64 - - -9.26

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).

BDRY ETF-HoldingsFund Holdings as of 12/17/2018

Name % Total Net Assets Ticker Lots Held Market Value USD
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/DECEMBER 201814.97%BFFATC Z18 INDEX25.00425000.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JANUARY 201914.05%BFFATC F19 INDEX25.00398950.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/MARCH 201912.98%BFFAP H19 INDEX30.00368490.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/FEBRUARY 201912.73%BFFAP G19 INDEX30.00361500.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JANUARY 201912.52%BFFAP F19 INDEX30.00355500.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/DECEMBER 201812.45%BFFAP Z18 INDEX30.00353490.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/MARCH 201911.55%BFFATC H19 INDEX25.00328125.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/FEBRUARY 201910.95%BFFATC G19 INDEX25.00311050.00
BALTIC EXCHANGE SUPRAMAX AVERAGE SHIPPING ROUTE/DECEMBER 20183.86%BFFAS Z18 INDEX10.00109490.00
BALTIC EXCHANGE SUPRAMAX AVERAGE SHIPPING ROUTE/MARCH 20192.00%BFFAS H19 INDEX5.0056790.00
BALTIC EXCHANGE SUPRAMAX AVERAGE SHIPPING ROUTE/JANUARY 20191.98%BFFAS F19 INDEX5.0056315.00
BALTIC EXCHANGE SUPRAMAX AVERAGE SHIPPING ROUTE/FEBRUARY 20191.93%BFFAS G19 INDEX5.0054875.00

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.