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 06/21/2019

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

BDRY ETF-Monthly PerformanceMonth End
Performance
as of 05/31/2019

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

BDRY ETF-Quarterly PerformanceQuarter End
Performance
as of 03/31/2019

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).

BDRY ETF-HoldingsFund Holdings as of 06/24/2019

Name % Total Net Assets Ticker Lots Held Market Value USD
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JUNE 201924.47%BFFATC M19 INDEX65.001015105.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JULY 201913.09%BFFATC N19 INDEX30.00543000.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/SEPTERMBER 201913.09%BFFATC U19 INDEX30.00543240.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/AUGUST 201912.99%BFFATC Q19 INDEX30.00538890.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JUNE 201911.30%BFFAP M19 INDEX50.00468750.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/SEPTEMBER 201911.27%BFFAP U19 INDEX45.00467640.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/AUGUST 201911.18%BFFAP Q19 INDEX45.00463680.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/ JULY 201910.63%BFFAP N19 INDEX45.00440820.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M3.04%S58FM M19 INDEX15.00126000.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M2.50%S58FM U19 INDEX10.00103830.00
SUPRAMAX 58 TC FFA 58KT TIMECHART AVERAGE M2.45%S58FM Q19 INDEX10.00101830.00
SUPRAMAX 58 TC FFA 58KT TIME CHARTER AVERAGE M2.28%S58FM N19 SSYF INDEX10.0094460.00

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