Amplify Commodity Trust Revenue, Net Income & 10-K Summary

Overview

Structure: Delaware statutory trust organized July 23, 2014, now named Amplify Commodity Trust. It comprises two separate series:
- Breakwave Dry Bulk Shipping ETF (BDRY) — a commodity pool issuing shares traded on NYSE Arca.
- Breakwave Tanker Shipping ETF (BWET) — a commodity pool issuing shares traded on NYSE Arca.
Sponsor: Amplify Investments LLC. ETF Managers Capital LLC was the prior sponsor; the Transfer Agreement took effect after market close on February 14, 2024.
Governance: The Sponsor has exclusive management and control of the funds’ business. Wilmington Trust Company serves as sole trustee with limited duties.
Principal office: 3333 Warrenville Road, Suite 350, Lisle, IL 60532. Phone: (855) 267-3837.
Regulatory framework: The funds are commodity pools registered under the Commodity Exchange Act. The Sponsor is a commodity pool operator (CPO) and Breakwave is a commodity trading advisor (CTA); both are registered with the CFTC and are NFA members. The funds operate under CFTC/NFA oversight and reference U.S. and international regulatory frameworks, including Dodd-Frank and EU regimes (MiFID II, EMIR).

Both benchmark portfolios consist of exchange-cleared futures with daily settlement and cash settlement at maturity.
BDRY: Mix of Capesize, Panamax, and Supramax futures; monthly/annual rebalancing; Baltic Exchange index values and components are used for NAV calculations.
BWET: Mix of TD3C and TD20 futures; Baltic Exchange index values are used for NAV calculations.
As of June 30, 2026, BDRY’s benchmark portfolio included listed Capesize, Panamax, and Supramax futures with specific notional holdings; the fund schedule lists full components and USD values. Baltic Exchange index values for Capesize 5TC, Panamax 5TC, and Supramax 10TC are disseminated for NAV use.

Investments: Substantially all assets are held in exchange-cleared freight futures (dry freight for BDRY; oil freight for BWET). Holdings may include cash, cash equivalents, and U.S. Treasuries for liquidity and margin.
Margin and collateral: Initial margin generally ranges from 10% to 40% of notional value; daily variation margin applies.
Leverage and exposure: Funds maintain exposure aligned with their benchmark futures positions; tracking error and market risk are disclosed.
Distributions: The Sponsor has discretionary authority to declare distributions; distributions are not guaranteed.
Creation/redemption:
- Transactions occur via Authorized Participants (APs) using Creation Baskets and Redemption Baskets.
- APs must be registered broker-dealers or qualified institutions.
- Transaction fee: $300 per creation/redemption order to the custodian.
- Minimum baskets: BDRY = 25,000 shares; BWET = 5,000 shares.
- Creation/redemption may involve cash and U.S. Treasuries; NAV for baskets is determined using Baltic Exchange settlement prices and is fixed as of the order date.
Secondary market: Shares trade on NYSE Arca. Market price can differ from NAV and may trade at a discount or premium to the indicative fund value (IFV). Liquidity can be affected by freight futures market liquidity, including after Baltic/ICE close times.

Sponsor management fees:
- BDRY: the greater of 0.15% of average daily net assets (ADNA) or $125,000 per year (applied monthly).
- BWET: the greater of 0.30% of ADNA or $50,000 per year (applied monthly).
CTA/licensing fees to Breakwave: 1.45% of ADNA for each fund (subject to Sponsor-absorbed expenses to cap total fund expenses at 3.50% through 12/31/2026).
Expense caps: Both funds have expense caps of 3.50% of ADNA (excluding brokerage, interest, and extraordinary expenses) through 12/31/2026; Breakwave waives its CTA fee as needed and the Sponsor will cover differences through that date.
Administrative, custody, and transfer agent fees: Approximately 0.05% of ADNA with a $45,000 minimum; custody approximately 0.01% of ADNA with a $4,800 minimum.
Distribution and wholesale support:
- Distribution/wholesale support fee roughly 0.01% of ADNA plus minimums ($10,000).
- BDRY pays $25,000 annual wholesale support plus 0.12% of ADNA.
- BWET pays $15,000 annual wholesale support plus 0.15% of ADNA.
Futures commission merchant (FCM) and trading costs: Expected brokerage commissions on futures up to 0.40% of NAV (BDRY) and 1.35% of NAV (BWET) annually, excluding other trading costs; actual costs vary.
Creation/redemption transaction fee: $300 per basket to the custodian, per order.

NAV is calculated daily by the administrator using Baltic Exchange settlement prices for freight futures; other investments are priced via market quotes or fair value methodologies.
Indicative Fund Value (IFV) is disseminated during NYSE Arca trading hours to assist market participants. IFV is based on the prior day’s NAV adjusted with the latest futures price movements and is not the official end-of-day NAV.
Real-time market data for some freight futures is available via brokers and data vendors.

Sponsor/Advisor: Amplify Investments LLC
CTA / Benchmark maintenance: Breakwave Advisors LLC
Administrator / Transfer agent / Custodian / Fund accountant: U.S. Bank and U.S. Bancorp Fund Services (affiliate)
Distributor / Marketing: Foreside Fund Services, LLC (marketing agreement with Sponsor)
Clearing broker (FCM): Marex Financial
Legal counsel: Chapman and Cutler LLP
Trustee: Wilmington Trust Company

U.S. oversight: CFTC and NFA. The Sponsor is subject to CPO regulations and related filings. Dodd-Frank–related requirements (position limits, clearing, margin, reporting) are referenced as relevant considerations.
International considerations: EU regimes such as MiFID II and EMIR may affect derivatives trading costs and access. Ongoing regulatory changes could affect liquidity and costs.
Disclosures: The funds publish periodic reports and filings (Forms 10-K, 10-Q, 8-K) and file CFTC/NFA reports as required.

The Sponsor maintains a Cybersecurity Policies and Procedures Plan that includes risk assessments and third-party vendor risk management. Oversight is led by the Sponsor’s Chief Compliance Officer and governance bodies.

Principal office: 3333 Warrenville Road, Suite 350, Lisle, IL 60532
Phone: (855) 267-3837
Fund websites and filings:
- Breakwave Dry Bulk ETF: www.drybulketf.com
- Breakwave Tanker ETF: www.tankeretf.com