What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2020-09-28 compared with 2019-09-30 · 379 added, 308 removed, 258 unchanged (73% of the section changed)

for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

of RISE have traded on the NYSE Arca under the symbol “RISE”

10 unchanged sentences

Period of Redemption

Total Number of Shares Redeemed

Average Price Paid per Share

Period from April 1, 2020 through June 30, 2020

1 unchanged sentence

Period of Redemption

Total Number of Shares Redeemed

Average Price Paid per Share

Period from April 1, 2020 through June 30, 2020

Period from April 1, 2019 through June 30, 2019

Financial Data.

Selected Financial Data.

required for small reporting companies.

Management’s

Discussion and Analysis of Financial Condition and Results of Operations.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

following discussion should be read in conjunction with the financial statements and the notes thereto of the Trust and the Fund

57 unchanged sentences

the provisions of the DSTA and by the Trust Agreement.

January 29, 2015, the initial Form S-1 for the Fund was declared effective by the U.S.

On January 29, 2015, the initial Form S-1

for the Fund was declared effective by the U.S.

Securities and Exchange Commission (“SEC”).

On January 8, 2015, 4 Creation Baskets for the Fund were issued representing 200,000 shares and $5,000,000.

The Fund began trading

on the New York Stock Exchange (“NYSE”) Arca on February 19, 2015.

March 9, 2018, the initial Forms S-1 for BDRY was declared effective by the SEC.

On March 21, 2018, two Creation Baskets were

issued for the Fund, representing 100,000 shares and $2,500,000.

The Fund began trading on the New York Stock Exchange (“NYSE”)

Arca on March 22, 2018.

Fund is designed and managed to track the performance of a portfolio (a “Benchmark Portfolio”) consisting of futures

contracts and options on futures contracts (the “Benchmark Component Instruments”).

of Operations

commenced investment operations on February 19, 2015 at $25.00 per Share.

The Shares have been trading on the NYSE Arca since

February 19, 2015 under the symbol “RISE”.

commenced investment operations on March 22, 2018 at $25.00 per Share.

The Shares have been trading on the NYSE Arca since March

22, 2018 under the symbol “BDRY.”

Fund seeks to track the daily return of the applicable Benchmark Portfolio, over time, plus the excess, if any, of the Fund’s

interest income from its holdings of United States Treasury Obligations, options and futures, and, if applicable, other high credit

quality short-term fixed income securities over the expenses of the Fund.

following graphs illustrate changes in (i) the price of each Fund’s Shares (reflected, as applicable, by the graphs “Comparison

of Per Share RISE NAV to RISE Market Value for the Three Months Ended June 30, 2019 and 2018”

and “Comparison of Per

Share RISE NAV to RISE Market Value for the Year Ended June 30, 2019 and 2018 and (ii) the Fund’s NAV (as reflected by the

graphs “Comparison of RISE NAV to Benchmark Index for the Three Months Ended June 30, 2019 and 2018”

and “Comparison

of RISE NAV to Benchmark Index for the Year Ended June 30, 2019 and 2018”).

Benchmark Portfolio is frictionless, in that it does not take into account fees or expenses associated with investing in the applicable

The performance of the Funds involves friction, in that fees and expenses impose a drag on performance.

Rising Rate ETF

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of RISE and its NAV tracked closely for the three months ended June 30, 2019.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of RISE and its NAV tracked closely for the year ended June 30, 2019.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of RISE and its NAV tracked closely for the three months ended June 30, 2018.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of RISE and its NAV tracked closely for the year ended June 30, 2018.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of RISE with the benchmark portfolio returns for the three months ended June 30, 2019.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark.

The difference

is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of RISE with the benchmark portfolio returns for the year ended June 30, 2019.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV discount to the benchmark.

The difference is

related to the cumulative impact on NAV of the Fund’s expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of RISE with the benchmark portfolio returns for the three months ended June 30, 2018.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV discount to the benchmark.

The difference is

related to the cumulative impact on NAV of the Fund’s expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of RISE with the benchmark portfolio returns for the year ended June 30, 2018.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV discount to the benchmark.

The difference is

related to the cumulative impact on NAV of the Fund’s expenses.

THE YEAR ENDED JUNE 30, 2019

Share Price Performance

the year ended June 30, 2019, the NYSE Arca market value of each share decreased (-7.83%) from $24.66 per share, representing

the closing price on June 29, 2018, to $22.73 per share, representing the closing price on June 28, 2019.

The share price high

and low for the year ended June 30, 2019 and related change from the closing share price on June 29, 2018 was as follows:

traded from a high of $25.50 per share (+3.41%) on October 5, 2018 and November 8, 2018 to a low of $22.635 per share (-8.21%)

on June 25, 2019.

Share Net Asset Value Performance

the year ended June 30, 2019, the net asset value of each share decreased (-7.91%) from $24.65 per share to $22.70 per share.

Net losses in the futures and options contracts more than offset Fund net investment income resulting in the overall decrease

in the NAV per share during the year ended June 30, 2019.

loss for the year ended June 30, 2019, was $2,753,749, resulting from net realized losses on investments, futures and options

contracts of $3,673,921, net unrealized gains on investments, futures and options contracts of $443,911, and the net investment

income of $476,261.

THE YEAR ENDED JUNE 30, 2018

Share Price Performance

the year ended June 30, 2018, the NYSE Arca market value of each share increased (+7.12%) from $23.02 per share, representing

the closing price on June 30, 2017, to $24.66 per share, representing the closing price on June 29, 2018.

The share price high

and low for the year ended June 30, 2018 and related change from the closing share price on June 30, 2017 was as follows:

traded from a high of $25.18 per share (+9.38%) on May 17, 2018 to a low of $22.59 per share (-1.87%) on August 29, 2017.

Share Net Asset Value Performance

the year ended June 30, 2018, the net asset value of each share increased (+6.48%) from $23.15 per share to $24.65 per share.

Net gains in the futures and options contracts more than offset Fund expenses resulting in the overall increase in the NAV per

share during the year ended June 30, 2018.

income for the year ended June 30, 2018, was $2,096,834, resulting from net realized gains on investments, futures and options

contracts of $2,954,497, net unrealized losses on investments, futures and options contracts of $862,151, and the net investment

income of $4,488.

THE THREE MONTHS ENDED JUNE 30, 2019

Share Price Performance

the three months ended June 30, 2019, the NYSE Arca market value of each Share decreased (-3.65%) from $23.59 per Share, representing

the closing price on March 29, 2019, to $22.73 per Share, representing the closing price on June 28, 2019.

The Share price high

and low for the three months ended June 30, 2019 and related change from the closing Share price on March 29, 2019 was as follows:

Shares traded from a high of $24.045 per Share (+1.93%) on April 17, 2019 to a low of $22.635 per Share (-4.05%) on June 25, 2019.

Share Net Asset Performance

the three months ended June 30, 2019, the net asset value of each Share decreased (-4.02%) from $23.65 per Share to $22.70 per

For the three months ended June 30, 2019, losses in the investments, futures and options contracts more than offset Fund

net investment income resulting in the overall decrease in the NAV per Share during the period.

loss for the three months ended June 30, 2019, was $439,961, resulting from net realized losses on investments, futures and options

contracts of $759,399, net unrealized gains on investments, futures and options contracts of $276,630, and the net investment

income of $42,808.

THE THREE MONTHS ENDED JUNE 30, 2018

Share Price Performance

the three months ended June 30, 2018, the NYSE Arca market value of each Share increased (+0.93%) from $24.43 per Share, representing

the closing price on March 30, 2018, to $24.66 per Share, representing the closing price on June 30, 2018.

The Share price high

and low for the three months ended June 30, 2018 and related change from the closing Share price on March 30, 2018 was as follows:

Shares traded from a high of $25.18 per Share (+3.07%) on May 17, 2018 to a low of $24.15 per Share (-1.15%) on June 29, 2018.

Share Net Asset Performance

the three months ended June 30, 2018, the net asset value of each Share increased (+1.07%) from $24.39 per Share to $24.65 per

For the three months ended June 30, 2018, gains in the investments, futures and options contracts more than offset Fund

expenses resulted in the overall increase in the NAV per Share during the period.

income for the three months ended June 30, 2018, was $342,683, resulting from net realized gains on investments, futures and options

contracts of $770,627, net unrealized losses on investments, futures and options contracts of $493,966, and the net investment

income of $66,022.

Breakwave Dry Bulk Shipping ETF

● During the year ended June 30, 2019 dry bulk rates experienced

considerable volatility reflecting both economic factors as well as unforeseen events.

The escalation of the US-China trade dispute

dominated headlines for most of the year, leading to increased economic uncertainty that also had an impact on shipping rates

for the latter part of 2018.

In January 2019, a major accident in Brazil, where a tailings dam ruptured killing hundreds of people,

lead to a significant disruption in iron ore exports form one of the most important regions in the word when it comes to dry bulk.

As a result, significant curtailments in iron ore exports out of Brazil lead to a considerable decline in freight rates during

the first quarter of 2019.

However, a rapid subsequent recovery in operations and exports combined with high iron ore prices that

encouraged production and exports from other parts of the world, pushed rates higher during the second quarter of the year.

a result, at the end of June 2019, freight rates were almost unchanged compared to the previous year with the Baltic Dry Index

only marginally lower (-2.2%) year over year.

● Uncertainty regarding global trade and the ongoing discussions

and China regarding trade remain the main economic uncertainty and an unfavorable conclusion of the ongoing discussions

can have a negative impact on shipping.

On the other hand, the upcoming 2020 fuel regulations should start to have a positive

impact on the market, and with several ships out of service due to scrubber retrofitting, freight rates could potentially remain

strong for the remainder of the 2019 and early 2020.

In addition, seasonality favors stronger rates during the second half of

the year, on average which can potentially continue to support a favorable environment for dry bulk freight rates.

● Differences in the benchmark return and the BDRY net asset

value per share are due primarily to the following factors:

o Benchmark portfolio uses settlement prices of freight futures

BDRY closing Share price,

o Benchmark portfolio roll methodology assumes rolls that

can happen even at factions of lots vs.

BDRY that uses the real minimum market lot available (5 days per month),

o Benchmark portfolio assumes rolls are happening at the

settlement price of the day vs.

BDRY that buys at a transaction price during the day that might or might not be equal to the settlement

o Benchmark portfolio assumes no trading commissions vs.

BDRY that pays 10bps for each transaction,

o Benchmark portfolio assumes no clearing fees vs.

pays approximately 3-5bps of total clearing fees for each trade,

o Benchmark portfolio assumes no management fees vs.

fee structure of 3.50% of average net assets on an annualized basis, and

o Creations and redemptions that lead to transactions that

occur at prices that might be different than the settlement prices.

● There are no competitors.

On January 8, 2015, 4 Creation

Baskets for the Fund were issued representing 200,000 shares and $5,000,000.

The Fund began trading on the New York Stock Exchange

(“NYSE”) Arca on February 19, 2015.

On March 9, 2018, the initial Forms S-1

for BDRY was declared effective by the SEC.

On March 21, 2018, two Creation Baskets were issued for the Fund, representing 100,000

shares and $2,500,000.

The Fund began trading on the New York Stock Exchange (“NYSE”) Arca on March 22, 2018.

Each Fund is designed and managed to track

the performance of a portfolio (a “Benchmark Portfolio”) consisting of futures contracts and options on futures contracts

(the “Benchmark Component Instruments”).

Results of Operations

RISE commenced investment operations on

February 19, 2015 at $25.00 per Share.

The Shares have been trading on the NYSE Arca since February 19, 2015 under the symbol “RISE”.

BDRY commenced investment operations on

March 22, 2018 at $25.00 per Share.

The Shares have been trading on the NYSE Arca since March 22, 2018 under the symbol “BDRY.”

Each Fund seeks to track the daily return

of the applicable Benchmark Portfolio, over time, plus the excess, if any, of the Fund’s interest income from its holdings

of United States Treasury Obligations, options and futures, and, if applicable, other high credit quality short-term fixed income

securities over the expenses of the Fund.

The following graphs illustrate changes

in (i) the price of each Fund’s Shares (reflected, as applicable, by the graphs “Comparison of Per Share RISE NAV to

RISE Market Value for the Three Months Ended June 30, 2020 and 2019”

and “Comparison of Per Share RISE NAV to RISE

Market Value for the Year Ended June 30, 2020 and 2019 and (ii) the Fund’s NAV (as reflected by the graphs “Comparison

of RISE NAV to Benchmark Index for the Three Months Ended June 30, 2020 and 2019”

and “Comparison of RISE NAV to Benchmark

Index for the Year Ended June 30, 2020 and 2019”).

Each Benchmark Portfolio is frictionless,

in that it does not take into account fees or expenses associated with investing in the applicable Fund.

The performance of the

Funds involves friction, in that fees and expenses impose a drag on performance.

Sit Rising Rate ETF

During the year ended June 30, 2020, interest rates went from

being stable to declining sharply due to a flight to quality sparked by the COVID-19 pandemic.

RISE is particularly sensitive to

the impact of changes in the Fed funds rate which declined from 1.50% to nearly zero in March 2020.

As a result, this decline in

the Fed funds rate drove up treasury bond prices.

Since the RISE portfolio is short bond futures, this caused the net asset value

per share of RISE to decline.

The Federal Reserve reduced interest rates drastically to try

to help off-set some of the economic decline from the economy shutting down in an attempt to slow the spread of the virus.

Fed also pursued other policies in an attempt to stabilize financial markets.

While financial markets have stabilized, interest

rates remain low as investors expect the Fed to keep interest rates low until economic activity returns to a more normalized level,

which could be sometime in 2021 once a vaccine has been widely distributed.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of RISE and

its NAV tracked closely for the three months ended June 30, 2020.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of RISE and

its NAV tracked closely for the year ended June 30, 2020.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of RISE and

its NAV tracked closely for the three months ended June 30, 2019.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of RISE and its NAV tracked closely

for the year ended June 30, 2019.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

RISE with the benchmark portfolio returns for the three months ended June 30, 2020.

The difference in the NAV price and the benchmark

value often results in the appearance of a NAV premium or discount to the benchmark.

The difference is related to the cumulative

impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

RISE with the benchmark portfolio returns for the year ended June 30, 2020.

The difference in the NAV price and the benchmark value

often results in the appearance of a NAV discount to the benchmark.

The difference is related to the cumulative impact on NAV of

the Fund’s expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

RISE with the benchmark portfolio returns for the three months ended June 30, 2019.

The difference in the NAV price and the benchmark

value often results in the appearance of a NAV discount to the benchmark.

The difference is related to the cumulative impact on

NAV of the Fund’s expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

RISE with the benchmark portfolio returns for the year ended June 30, 2019.

The difference in the NAV price and the benchmark value

often results in the appearance of a NAV discount to the benchmark.

The difference is related to the cumulative impact on NAV of

the Fund’s expenses.

FOR THE YEAR ENDED JUNE 30, 2020

Fund Share Price Performance

During the year ended June 30, 2020, the

NYSE Arca market value of each share decreased (-10.87%) from $22.73 per share, representing the closing price on June 28, 2019,

to $20.26 per share, representing the closing price on June 30, 2020.

The share price high and low for the year ended June 30,

2020 and related change from the closing share price on June 30, 2019 was as follows:

shares traded from a high of $23.10 per share

(+1.63%) on December 18, 2019 to a low of $19.93 per share (-12.32%) on April 16, 2020.

Fund Share Net Asset Value Performance

For the year ended June 30, 2020, the net

asset value of each share decreased (-10.70%) from $22.70 per share to $20.27 per share.

Net losses in the futures and options

contracts more than offset Fund net investment income resulting in the overall decrease in the NAV per share during the year ended

June 30, 2020.

Net loss for the year ended June 30, 2020,

was $520,302, resulting from net realized losses on investments, futures and options contracts of $903,915, net unrealized gains

on investments, futures and options contracts of $336,740, and the net investment income of $46,873.

FOR THE YEAR ENDED JUNE 30, 2019

Fund Share Price Performance

During the year ended June 30, 2019, the

NYSE Arca market value of each share decreased (-7.83%) from $24.66 per share, representing the closing price on June 29, 2018,

to $22.73 per share, representing the closing price on June 28, 2019.

The share price high and low for the year ended June 30,

2019 and related change from the closing share price on June 29, 2018 was as follows:

shares traded from a high of $25.50 per share

(+3.41%) on October 5, 2018 and November 8, 2018 to a low of $22.635 per share (-8.21%) on June 25, 2019.

Fund Share Net Asset Value Performance

For the year ended June 30, 2019, the net

asset value of each share decreased (-7.91%) from $24.65 per share to $22.70 per share.

Net losses in the futures and options contracts

more than offset Fund net investment income resulting in the overall decrease in the NAV per share during the year ended June 30,

Net loss for the year ended June 30, 2019,

was $2,753,749, resulting from net realized losses on investments, futures and options contracts of $3,673,921, net unrealized

gains on investments, futures and options contracts of $443,911, and the net investment income of $476,261.

FOR THE THREE MONTHS ENDED JUNE 30, 2020

Fund Share Price Performance

During the three months ended June 30,

2020, the NYSE Arca market value of each Share decreased (-1.32%) from $20.53 per Share, representing the closing price on March

31, 2020, to $20.26 per Share, representing the closing price on June 30, 2020.

The Share price high and low for the three months

ended June 30, 2020 and related change from the closing Share price on March 31, 2020 was as follows:

Shares traded from a high

of $20.75 per Share (+1.07%) on June 5, 2020 to a low of $19.93 per Share (-2.92%) on April 16, 2020.

Fund Share Net Asset Performance

For the three months ended June 30, 2020,

the net asset value of each Share decreased (-1.27%) from $20.53 per Share to $20.27 per Share.

For the three months ended June

30, 2020, losses in the investments, futures and options contracts more than offset Fund net investment income resulting in the

overall decrease in the NAV per Share during the period.

Net loss for the three months ended June

30, 2020, was $65,490, resulting from net realized losses on investments, futures and options contracts of $483,292, net unrealized

gains on investments, futures and options contracts of $413,306, and the net investment income of $4,496.

FOR THE THREE MONTHS ENDED JUNE 30, 2019

Fund Share Price Performance

During the three months ended June 30,

2019, the NYSE Arca market value of each Share decreased (-3.65%) from $23.59 per Share, representing the closing price on March

29, 2019, to $22.73 per Share, representing the closing price on June 28, 2019.

The Share price high and low for the three months

ended June 30, 2019 and related change from the closing Share price on March 29, 2019 was as follows:

Shares traded from a high

of $24.045 per Share (+1.93%) on April 17, 2019 to a low of $22.635 per Share (-4.05%) on June 25, 2019.

Fund Share Net Asset Performance

For the three months ended June 30, 2019,

the net asset value of each Share decreased (-4.02%) from $23.65 per Share to $22.70 per Share.

For the three months ended June

30, 2019, losses in the investments, futures and options contracts more than offset Fund net investment income resulting in the

overall decrease in the NAV per Share during the period.

Net loss for the three months ended June

30, 2019, was $439,961, resulting from net realized losses on investments, futures and options contracts of $759,399, net unrealized

gains on investments, futures and options contracts of $276,630, and the net investment income of $42,808.

Breakwave Dry Bulk Shipping

During the year ended June 30, 2020, dry bulk spot rates experienced

considerable volatility for the second year in a row, as the disruption of iron ore exports out of Brazil following the 2019 Brumadinho

dam rupture combined with the extreme economic and trade disruption caused by the COVID-19 virus outbreak, dominated shipping market

fundamentals.

Brazil iron ore exports, a major commodity shipped by dry bulk vessels, ended the 2019 calendar year lower by about

10% as Vale’s exports were severely impacted by the rupture of the aforementioned tailings dam in January of 2019.

freight rates enjoyed a strong summer and autumn due to imbalances in ship supply between the Atlantic and the Pacific regions,

once such imbalances normalized, rates declined towards the end of 2019 as trade volumes remained weak.

In early 2020, the

COVID-19 outbreak caused a severe disruption in trade and global economies came to a virtual halt leading to a collapse in demand

for commodities.

China was the first major economy to see some gradual recovery toward the second calendar quarter of 2020, which

led to a slight uptick in dry bulk freight rates.

An ongoing economic recovery and

considerable stimulus efforts by the major economies around the globe because of COVID-19 should benefit the shipping

markets, which was also evident by strong realized freight rates during the summer of 2020.

Although the global economic

recovery seems strong, it is also highly fragile as the persistence of the COVID-19 virus remains a major risk globally.

the global economy remains on the path of growth, then shipping should benefit as trade flows should continue to increase.

Dry bulk should also see increasing demand due to high iron ore flows into China, as local steel demand remains robust

supporting strong imports.

Differences in the benchmark return and BDRY net asset value

per share are due primarily to the following factors:

● Benchmark portfolio uses settlement prices of freight futures vs.

closing share price for BDRY.

● Benchmark portfolio roll methodology assumes rolls that happen even at fractions of lots vs.

BDRY that transacts at real minimum

lot size available pursuant to market practice (5 lots minimum)

● Benchmark portfolio assumes rolls that are happening at settlement prices vs.

BDRY that transacts at prevailing prices

during the day that might or might not be equal to settlement prices.

● Benchmark portfolio assumes no trading commissions vs.

BDRY that pays 10bps of nominal value in commissions per transaction.

● Benchmark portfolio assumes no clearing fees vs BDRY that pays approximately $10 per lot in clearing fees per transaction.

● Benchmark portfolio assumes no management fees vs.

BDRY fee structure.

● Creations and redemptions that lead to transactions in the freight futures market might occur at prices that might be different

versus the settlement prices of that day.

There are no known competitors.

BDRY is the only freight futures

ETF globally.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of BDRY and its NAV tracked closely for the three months ended June 30, 2019.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of BDRY and its NAV tracked closely for the year ended June 30, 2019.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of BDRY and its NAV tracked closely for the three months ended June 30, 2018.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION

OF THE FUND’S FUTURE PERFORMANCE.

per Share market value of BDRY and its NAV tracked closely for the period from March 22, 2018 to June 30, 2018.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of BDRY with the benchmark portfolio returns for the three months ended June 30, 2019.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark.

The difference

is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of BDRY with the benchmark portfolio returns for the year ended June 30, 2019.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV discount to the benchmark.

The difference is

related to the cumulative impact on NAV of the Fund’s expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of BDRY with the benchmark portfolio returns for the three months ended June 30, 2018.

The difference

in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark.

The difference

is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS

AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

graph above compares the return of BDRY with the benchmark portfolio returns for the PERIOD FROM March 22, 2018 to June 30, 2018.

The difference in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark.

The difference is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented

in the chart above.

THE YEAR ENDED JUNE 30, 2019

Share Price Performance

the year ended June 30, 2019, the NYSE Arca market value of each share decreased (-40.34%) from $22.04 per share, representing

the closing price on June 29, 2018, to $13.15 per share, representing the closing price on June 28, 2019.

The share price high

and low for the year ended June 30, 2019 and related change from the closing share price on June 29, 2018 was as follows:

traded from a high of $25.60 per share (+16.15%) on August 21, 2018 and August 22, 2018 to a low of $9.20 per share (-58.26%)

on April 11, 2019.

Share Net Asset Value Performance

the year ended June 30, 2019, the net asset value of each share decreased (-39.72%) from $21.98 per share to $13.25 per share.

Net losses in the futures and options contracts and Fund expenses resulted in the overall decrease in the NAV per share during

the year ended June 30, 2019.

loss for the year ended June 30, 2019, was $785,330, resulting from net realized losses on investments, futures and options contracts

of $1,006,844, net unrealized gains on investments, futures and options contracts of $309,735, and the net investment loss of

THE PERIOD FROM MARCH 22, 2018 TO JUNE 30, 2018

Share Price Performance

the period from March 22, 2018 (commencement of Shares trading on the NYSE Arca) to June 30, 2018, the NYSE Arca market value

of each Share decreased (-13.23%) from $25.40 per Share, representing the initial trade on March 22, 2018, to $22.04 per Share,

representing the closing price on June 29, 2018.

The Share price high and low for the period from March 22, 2018 to June 30, 2018

and related change from the initial Share price on March 22, 2018 was as follows:

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of BDRY and

its NAV tracked closely for the three months ended June 30, 2020.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of BDRY and

its NAV tracked closely for the year ended June 30, 2020.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of BDRY and

its NAV tracked closely for the three months ended June 30, 2019.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE

The per Share market value of BDRY and

its NAV tracked closely for the year ended June 30, 2019.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

BDRY with the benchmark portfolio returns for the three months ended June 30, 2020.

The difference in the NAV price and the benchmark

value often results in the appearance of a NAV premium or discount to the benchmark.

The difference is related to the cumulative

impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

BDRY with the benchmark portfolio returns for the year ended June 30, 2020.

The difference in the NAV price and the benchmark value

often results in the appearance of a NAV discount to the benchmark.

The difference is related to the cumulative impact on NAV of

the Fund’s expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

BDRY with the benchmark portfolio returns for the three months ended June 30, 2019.

The difference in the NAV price and the benchmark

value often results in the appearance of a NAV premium or discount to the benchmark.

The difference is related to the cumulative

impact on NAV of the Fund’s income and expenses during the period presented in the chart above.

NEITHER THE PAST PERFORMANCE OF THE

FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S

FUTURE PERFORMANCE.

The graph above compares the return of

BDRY with the benchmark portfolio returns for the year ended June 30, 2019.

The difference in the NAV price and the benchmark value

often results in the appearance of a NAV premium or discount to the benchmark.

The difference is related to the cumulative impact

on NAV of the Fund’s income and expenses during the period presented in the chart above.

FOR THE YEAR ENDED JUNE 30, 2020

Fund Share Price Performance

During the year ended June 30, 2020, the

NYSE Arca market value of each share decreased (-43.80%) from $13.15 per share, representing the closing price on June 28, 2019,

to $7.39 per share, representing the closing price on June 30, 2020.

The share price high and low for the year ended June 30, 2020

and related change from the closing share price on June 28, 2019 was as follows:

shares traded from a high of $22.19 per share

(+1.26%) on March 22, 2018 to a low of $18.73 per Share (-26.25%) on May 29, 2018.

Share Net Asset Performance

the period from March 22, 2018 (commencement of investment operations) to June 30, 2018, the net asset value of each Share decreased

(-12.08%) from $25.00 per Share to $21.98 per Share.

Losses in the investments, futures and options contracts and Fund expenses

resulted in the overall decrease in the NAV per Share during the period from March 22, 2018 to June 30, 2018.

loss for the period from March 22, 2018 to June 30, 2018, was $216,121, resulting from net realized losses on investments, futures

and options contracts of $262,335, net unrealized gains on investments, futures and options contracts of $81,679 and the net investment

loss of $35,465.

THE THREE MONTHS ENDED JUNE 30, 2019

Share Price Performance

the three months ended June 30, 2019, the NYSE Arca market value of each Share increased (+40.49%) from $9.36 per Share, representing

the closing price on March 29, 2019, to $13.15 per Share, representing the closing price on June 28, 2019.

The Share price high

and low for the three months ended June 30, 2019 and related change from the closing Share price on March 29, 2019 was as follows:

Shares traded from a high of $13.15 per Share (+40.49%) on June 28, 2019 to a low of $9.20 per Share (-1.71%) on April 11, 2019.

Share Net Asset Performance

the three months ended June 30, 2019, the net asset value of each Share increased (+39.18%) from $9.52 per Share to $13.25 per

For the three months ended June 30, 2019, gains in the investments, futures and options contracts more than offset Fund

expenses resulting in the overall increase in the NAV per Share during the period.

income for the three months ended June 30, 2019, was $1,214,187, resulting from net realized gains on investments, futures and

options contracts of $854,695, net unrealized gains on investments, futures and options contracts of $384,282, and the net investment

loss of $24,790.

THE THREE MONTHS ENDED JUNE 30, 2018

Share Price Performance

the three months ended June 30, 2018, the NYSE Arca market value of each Share decreased (-3.25%) from $22.78 per Share, representing

the closing price on March 29, 2018, to $22.04 per Share, representing the closing price on June 29, 2018.

The Share price high

and low for the three months ended June 30, 2018 and related change from the closing Share price on March 30, 2018 was as follows:

Shares traded from a high of $24.46 per Share (+7.37%) on April 2, 2018 to a low of $18.73 per Share (-17.78%) on May 29, 2018.

Share Net Asset Performance

the three months ended June 30, 2018, the net asset value of each Share decreased (-2.48%) from $22.54 per Share to $21.98 per

For the three months ended June 30, 2018, losses in the investments, futures and options contracts and Fund expenses resulted

in the overall decrease in the NAV per Share during the period.

loss for the three months ended June 30, 2018, was $144,019, resulting from net realized losses on investments, futures and options

contracts of $262,335, net unrealized gains on investments, futures and options contracts of $433,829, and the net investment

loss of $27,475.

(+68.75%) on October 9, 2019 to a low of $3.75 per share (-71.48%) on May 13, 2020.

Fund Share Net Asset Value Performance

For the year ended June 30, 2020, the net

asset value of each share decreased (-41.89%) from $13.25 per share to $7.70 per share.

Net gains in the futures and options contracts,

the impact of the timing of Fund share purchases in the fourth quarter of the year, and Fund expenses resulted in the overall decrease

in the NAV per share during the year ended June 30, 2020.

Net income for the year ended June 30,

2020, was $6,159,382, resulting from net realized losses on investments and futures contracts of $1,565,921, net unrealized gains

on investments and futures contracts of $8,190,140, and the net investment loss of $464,837.

FOR THE YEAR ENDED JUNE 30, 2019

Fund Share Price Performance

During the year ended June 30, 2019, the

NYSE Arca market value of each share decreased (-40.34%) from $22.04 per share, representing the closing price on June 29, 2018,

to $13.15 per share, representing the closing price on June 28, 2019.

The share price high and low for the year ended June 30,

2019 and related change from the closing share price on June 29, 2018 was as follows:

shares traded from a high of $25.60 per share

(+16.15%) on August 21, 2018 and August 22, 2018 to a low of $9.20 per share (-58.26%) on April 11, 2019.

Fund Share Net Asset Value Performance

For the year ended June 30, 2019, the net

asset value of each share decreased (-39.72%) from $21.98 per share to $13.25 per share.

Net losses in the futures and options

contracts and Fund expenses resulted in the overall decrease in the NAV per share during the year ended June 30, 2019.

Net loss for the year ended June 30, 2019,

was $785,330, resulting from net realized losses on investments, futures and options contracts of $1,006,844, net unrealized gains

on investments, futures and options contracts of $309,735, and the net investment loss of $88,221.

FOR THE THREE MONTHS ENDED JUNE 30, 2020

Fund Share Price Performance

During the three months ended June 30,

2020, the NYSE Arca market value of each Share increased (+15.65%) from $6.39 per Share, representing the closing price on March

31, 2020, to $7.39 per Share, representing the closing price on June 30, 2020.

The Share price high and low for the three months

ended June 30, 2020 and related change from the closing Share price on March 31, 2020 was as follows:

Shares traded from a high

of $8.24 per Share (+28.95%) on June 25, 2020 to a low of $3.75 per Share (-41.31%) on April 8, 2020.

Fund Share Net Asset Performance

For the three months ended June 30, 2020,

the net asset value of each Share increased (+18.46%) from $6.50 per Share to $7.70 per Share.

For the three months ended June

30, 2020, gains in the investments, futures and options contracts more than offset Fund expenses resulting in the overall increase

in the NAV per Share during the period.

Net income for the three months ended June

30, 2020, was $9,894,451, resulting from net realized losses on investments and futures contracts of $340,186, net unrealized gains

on investments and futures contracts of $10,557,850, and the net investment loss of $323,213.

FOR THE THREE MONTHS ENDED JUNE 30, 2019

Fund Share Price Performance

During the three months ended June 30,

2019, the NYSE Arca market value of each Share increased (+40.49%) from $9.36 per Share, representing the closing price on March

29, 2019, to $13.15 per Share, representing the closing price on June 28, 2019.

The Share price high and low for the three months

ended June 30, 2019 and related change from the closing Share price on March 29, 2019 was as follows:

Shares traded from a high

of $13.15 per Share (+40.49%) on June 28, 2019 to a low of $9.20 per Share (-1.71%) on April 11, 2019.

Fund Share Net Asset Performance

For the three months ended June 30, 2019,

the net asset value of each Share increased (+39.18%) from $9.52 per Share to $13.25 per Share.

For the three months ended June

30, 2019, gains in the investments, futures and options contracts more than offset Fund expenses resulting in the overall increase

in the NAV per Share during the period.

Net income for the three months ended

June 30, 2019, was $1,214,187, resulting from net realized gains on investments, futures and options contracts of $854,695, net

unrealized gains on investments, futures and options contracts of $384,282, and the net investment loss of $24,790.

Accounting Policies

59 unchanged sentences

paying expenses.

Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, cash equivalents and their

investments in collateralizing Treasury Securities.

Generally, all of the net assets of the Funds are allocated to trading in

Benchmark Component Instruments.

Most of the assets of the Funds are held in Treasury Instruments, cash and/or cash equivalents

that could or are used as margin or collateral for trading in Benchmark Component Instruments.

The percentage that such assets

bear to the total net assets will vary from period to period as the market values of the Benchmark Component Instruments change.

Funds generate cash primarily from (i) the sale of Creation Baskets and (ii) interest earned on cash, cash equivalents and

their investments in collateralizing Treasury Securities.

Generally, all of the net assets of the Funds are allocated to

trading in Benchmark Component Instruments.

Most of the assets of the Funds are held in Treasury Instruments, cash and/or

cash equivalents that could or are used as margin or collateral for trading in Benchmark Component Instruments.

percentage that such assets bear to the total net assets will vary from period to period as the market values of the

Benchmark Component Instruments change.

Interests earned on interest-bearing assets of the Funds are paid to the Funds.

to the economic uncertainty due to the impact of the COVID-19 pandemic, the Funds have experienced a significant

decrease in interest rates, and as such the Funds are experiencing a higher breakeven year over year.

investments of the Funds in Benchmark Component Instruments could be subject to periods of illiquidity because of market conditions,

33 unchanged sentences

pays the Sponsor a management fee (the “Sponsor Fee”), monthly in arrears, in an amount equal to the greater of 0.15%

per annum of the value of the Fund’s average daily net assets or $75,000 effective January 1, 2018.

The Sponsor Fee is paid

in consideration of the Sponsor’s management services to the Fund.

RISE also pays Sit a license and service fee (the “CTA

Fee”) monthly in arrears, for the use of RISE’s Benchmark Portfolio in an amount equal to 0.20% effective January

1, 2018 (0.50% prior to January 1, 2018) per annum of the Fund’s average daily net assets.

Prior to January 1, 2018, the

Sponsor Fee was calculated as the greater of 0.15% per annum of the value of the Fund’s average daily net assets or, $18,750

for the year ended December 31, 2017.

of January 1, 2018, the Sponsor has contractually agreed to waive the Sponsor Fee and/or assume RISE’s remaining

expenses so that the Fund’s expenses do not exceed an annual rate of 1.00%, excluding brokerage commissions, interest

expense, and extraordinary expenses, of the value of the Fund’s average daily net assets (the “Expense

The assumption of expenses and waiver of the Sponsor fee are contractual on the part of the Sponsor, through

September 30, 2020.

If after that date, the Sponsor no longer assumed expenses or waived the Sponsor Fee, RISE could be

adversely impacted, including in its ability to achieve its investment objective.

the period from the inception of RISE through December 31, 2017, Sit had agreed to waive its license and services fee and the

Sponsor agreed to correspondingly assume the remaining expenses of the Fund so that Fund expenses did not exceed an annual rate

of 1.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, of the value of the Fund’s average

per annum of the value of the Fund’s average daily net assets or $75,000.

The Sponsor Fee is paid in consideration of the

Sponsor’s management services to the Fund.

RISE also pays Sit a license and service fee (the “CTA Fee”) monthly

in arrears, for the use of RISE’s Benchmark Portfolio in an amount equal to 0.20% per annum of the Fund’s average

daily net assets.

The Sponsor has contractually agreed

to waive the Sponsor Fee and/or assume RISE’s remaining expenses so that the Fund’s expenses do not exceed an

annual rate of 1.00%, excluding brokerage commissions, interest expense, and extraordinary expenses, of the value of the

Fund’s average daily net assets (the “Expense Cap”).

The assumption of expenses and waiver of the Sponsor

fee are contractual on the part of the Sponsor, through September 30, 2021.

If after that date, the Sponsor no longer assumed

expenses or waived the Sponsor Fee, RISE could be adversely impacted, including in its ability to achieve its investment

Fund currently accrues its daily expenses up to the Expense Cap.

42 unchanged sentences

Benchmark Portfolio in an amount equal to 1.45% per annum of the Fund’s average daily net assets.

has agreed to waive its license and services fee and the Sponsor has agreed to correspondingly assume the remaining expenses

of the Fund so that Fund expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense,

and extraordinary expenses, of the value of the Fund’s average daily net assets (the “Expense Cap”).

assumption of expenses and waiver of the license and services fee are contractual on the part of the Sponsor and Breakwave,

respectively, through September 30, 2020.

If after that date, the Sponsor and/or Breakwave no longer assumed expenses or waived

the CTA Fee, respectively, BDRY could be adversely impacted, including in its ability to achieve its investment

Breakwave has agreed to waive its

license and services fee and the Sponsor has agreed to correspondingly assume the remaining expenses of the Fund so that Fund

expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary

expenses, of the value of the Fund’s average daily net assets (the “Expense Cap”).

The assumption of

expenses and waiver of the license and services fee are contractual on the part of the Sponsor and Breakwave, respectively,

through September 30, 2021.

If after that date, the Sponsor and/or Breakwave no longer assumed expenses or waived the CTA Fee,

respectively, BDRY could be adversely impacted, including in its ability to achieve its investment objective.

Fund currently accrues its daily expenses based on accrued expense amounts established and monitored by the Sponsor, subject to

the Expense Cap.

At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor has assumed, and is responsible

for the payment of, the routine operational, administrative and other ordinary expenses of the Fund which aggregated $344,625

and $151,627, of which $19,366 and $13,534 was waived by Breakwave for the three months ended June 30, 2020 and 2019, respectively.

No absorption of expenses was required by the Sponsor for the three months ended June 30, 2020 and $95,357 was absorbed by the

Sponsor for the three months ended June 30, 2019.

Fund’s ongoing fees, costs and expenses of its operation, not subject to the applicable Expense Cap include brokerage and

34 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity