As of September 30, 2024, Amplify Commodity Trust, previously known as ETF Managers Group Commodity Trust I, reported significant changes in its financial performance compared to the previous fiscal period. The Trust's total assets decreased to $28.1 million from $42.5 million as of June 30, 2024, while total liabilities fell to $772,236 from $1.3 million. Consequently, net assets dropped to $27.3 million from $41.2 million.
The Breakwave Dry Bulk Shipping ETF (BDRY) and Breakwave Tanker Shipping ETF (BWET) experienced notable fluctuations in net asset values (NAV). BDRY's NAV per share decreased from $12.13 to $10.71, while BWET's NAV per share fell from $16.69 to $14.85. Market values followed a similar trend, with BDRY's market value per share declining from $12.24 to $10.74 and BWET's from $16.79 to $14.76.
Investment income for the three months ended September 30, 2024, totaled $300,847, a decrease from $544,116 in the same period of 2023. BDRY contributed $274,416, down from $537,710, while BWET's income rose to $26,431 from $6,406. Total expenses for the quarter were $543,451, down from $846,812 year-over-year, with BDRY's expenses decreasing significantly from $701,671 to $424,449.
The Trust reported a combined net loss of $4.6 million for the quarter, compared to a net income of $418,591 in the prior year. This loss was primarily attributed to net realized losses on investments and futures contracts. BDRY recorded a net loss of $4.2 million, while BWET's loss was $335,663.
Share transactions also reflected a downturn, with BDRY experiencing a net decrease of 950,000 shares, leading to a net assets decrease of $10.5 million. In contrast, BWET sold 75,000 shares, resulting in a net assets increase of $1.2 million.
Strategically, the Trust underwent a change in sponsorship, transferring from ETF Managers Capital LLC to Amplify Investments LLC effective February 14, 2024. Additionally, the Trust dismissed its previous auditor, WithumSmith+Brown PC, and appointed Cohen & Company, Ltd. as the new auditor starting with the fiscal quarter ending September 30, 2024.
Overall, the financial results for the quarter reflect a challenging environment for the Trust, influenced by market conditions and strategic shifts within its operations.
About ETF Managers Group Commodity Trust I
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