What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2020-09-28 compared with 2019-09-30 · 790 added, 751 removed, 443 unchanged (78% of the section changed)

Statements and Supplemental Data.

Financial Statements and Supplemental Data.

MANAGERS GROUP COMMODITY TRUST I

Statements of Assets and Liabilities

BREAKWAVE DRY BULK

SIT RISING RATE ETF

BREAKWAVE DRY BULK SHIPPING

Investment in securities, at fair value (cost $4,883,666 and

1 unchanged sentence

Interest receivable

Segregated cash held by broker

Receivable on open futures contracts

Segregated cash held by broker

Options written, at fair value (premiums received $3,204 and $-0-, respectively)

Payable on open futures contracts

Payable for Fund shares redeemed

Due to Sponsor

Other Liabilities

Other accrued expenses

Total liabilities

5 unchanged sentences

Statements of Assets and Liabilities

BREAKWAVE DRY BULK

SIT RISING RATE ETF

Investment in securities, at fair value (cost $51,268,060 and $1,249,009, respectively)

Interest receivable

Segregated cash held by broker

Receivable on open futures contracts

Options written, at fair value (premiums received $48,680 and $-0-, respectively)

Payable on open futures contracts

Due to Sponsor

Other accrued expenses

Total liabilities

Shares outstanding (unlimited authorized)

Net asset value per share

Market value per share

See accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Schedule of Investments

June 30, 2019

BREAKWAVE DRY BULK

PURCHASED OPTIONS - 0.3% and 0.0%, respectively

Treasury 10 Year Note, Strike Price $123.50 Expiring 08/23/19 (40 contracts)

TOTAL PURCHASED OPTIONS (Cost $58,883)

DRY BULK SHIPPING

in securities, at fair value (cost $11,928,143 and $1,095,625, respectively)

cash held by broker

on open futures contracts

written, at fair value (premiums received $16,128 and $-0-, respectively)

on open futures contracts

outstanding (unlimited authorized)

asset value per share

value per share

accompanying notes to combined financial statements.

MANAGERS GROUP COMMODITY TRUST I

Schedule of Investments

SIT RISING RATE ETF

BREAKWAVE DRY BULK SHIPPING ETF

PURCHASED PUT OPTIONS - 0.3% and 0.0%, respectively

US Treasury 10 Year Note, Strike Price $139.50 Expiring 08/21/20 (15 contracts)

TOTAL PURCHASED PUT OPTIONS (Cost $22,316)

SHORT-TERM INVESTMENTS - 95.7% and 0.0%, respectively

US TREASURY BILLS - 95.7% and 0.0%, respectively

States Treasury Bills 2.082%, 12/12/2019 ($11,700,000 principal amount) (a)

United States Treasury Bills 0.1200%, 07/23/2020 ($4,850,000 principal amount) (a)

TOTAL US TREASURY BILLS (Cost $4,845,544)

MONEY MARKET FUNDS - 0.3% and 18.0%, respectively

First American US Treasury Money Market

Fund, Class Z, 2.40% (b) (282,538 shares)

First American

US Treasury Obligations Fund, Class X, 2.27% (b) (1,095,625 shares)

MONEY MARKET FUNDS (Cost $282,538 and $1,095,625, respectively

Investments (Cost $11,928,143 and $1,095,625, respectively) - 99.9% and 25.4%, respectively

Assets in Excess of Liabilities - 0.1% and 74.6%, respectively (a)

TOTAL NET ASSETS - 100.0%

and 100.0%, respectively

or a portion of this security is held as collateral for futures contracts and written options.

First American US Treasury Money Market Fund, Class Z, 0.04% (b) (15,806 shares)

First American US Treasury Obligations Fund, Class X, 0.08% (b) (7,986,862 shares)

TOTAL MONEY MARKET FUNDS (Cost $15,806 and $7,986,862, respectively

Total Investments (Cost $4,883,666 and $7,986,862, respectively) - 96.3% and 18.0%, respectively

Other Assets in Excess of Liabilities - 3.7% and 82.0%, respectively (a)

TOTAL NET ASSETS - 100.0% and 100.0%, respectively

(a) $4,849,667

and $27,827,859, respectively, of cash is pledged as collateral for futures contracts

and written options

(b) Annualized

seven-day yield as of June 30, 2020

4 unchanged sentences

Appreciation/

June 30, 2020

(Depreciation)

1 unchanged sentence

(Depreciation)

Exchange Panamax T/C Average Shipping Route Index Expiring July 26, 2019 (Underlying Face Amount at Market Value - $489,015)

(45 contracts)

Baltic Exchange

Panamax T/C Average Shipping Route Index Expiring August 30, 2019 (Underlying Face Amount at Market Value - $497,835) (45

Baltic Exchange

Panamax T/C Average Shipping Route Index Expiring September 27, 2019 (Underlying Face Amount at Market Value - $495,945) (45

Baltic Exchange

Supramax T/C Average Shipping Route Expiring July 26, 2019 (Underlying Face Amount at Market Value - $147,435) (15 contracts)

Baltic Exchange

Supramax T/C Average Shipping Route Expiring August 30, 2019 (Underlying Face Amount at Market Value - $158,250) (15 contracts)

Baltic Exchange

Supramax T/C Average Shipping Route Expiring September 27, 2019 (Underlying Face Amount at Market Value - $161,505) (15 contracts)

Baltic Capesize

Time Charter Expiring July 26, 2019 (Underlying Face Amount at Market Value - $732,680) (40 contracts)

Baltic Capesize

Time Charter Expiring August 30, 2019 (Underlying Face Amount at Market Value - $719,840) (40 contracts)

Capesize Time Charter Expiring September 27, 2019 (Underlying Face Amount at Market Value - $723,160) (40 contracts)

RISING RATE ETF

Option Contracts

5 Year Note, Strike Price $117.75 Expiring 08/23/2019 (25 contracts) (Premiums

received $16,128)

RISING RATE ETF

Futures Contracts

5 Year Note Expiring September 2019 (Underlying Face Amount at Market Value - $12,051,938) (102 contracts)

Treasury 2 Year Note Expiring September 2019 (Underlying Face Amount

at Market Value - $22,809,047) (106 contracts)

See accompanying notes to combined financial

MANAGERS GROUP COMMODITY TRUST I

Combined Schedule of Investments

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2020 (Underlying Face Amount at Market Value - $3,799,600) (350 contracts)

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 28, 2020 (Underlying Face Amount at Market Value - $3,768,100) (350 contracts)

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 25, 2020 (Underlying Face Amount at Market Value - $3,753,750) (350 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2020 (Underlying Face Amount at Market Value - $1,536,480) (180 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring August 28, 2020 (Underlying Face Amount at Market Value - $1,746,000) (180 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring September 25, 2020 (Underlying Face Amount at Market Value - $1,769,220) (180 contracts)

Baltic Capesize Time Charter Expiring July 31, 2020 (Underlying Face Amount at Market Value - $9,431,220) (380 contracts)

Baltic Capesize Time Charter Expiring August 28, 2020 (Underlying Face Amount at Market Value - $8,851,050) (450 contracts)

Baltic Capesize Time Charter Expiring September 25, 2020 (Underlying Face Amount at Market Value - $9,041,760) (520 contracts)

SIT RISING RATE ETF

Written Call Option Contracts

June 30, 2020

BREAKWAVE DRY BULK

US 5 Year Note, Strike Price

$125.50 Expiring 08/21/2020 (9 contracts) (Premiums received $3,204)

SIT RISING RATE ETF

Short Futures Contracts

June 30, 2020

US Treasury 5 Year Note Expiring September 2020 (Underlying Face Amount at Market Value - $4,652,461) (37 contracts)

US Treasury 2 Year Note Expiring September 2020 (Underlying Face Amount at Market Value - $10,158,094) (46 contracts)

See accompanying notes to combined financial statements.

MANAGERS GROUP COMMODITY TRUST I

Schedule of Investments

BREAKWAVE DRY BULK SHIPPING ETF

PURCHASED OPTIONS - 0.3% and 0.0%, respectively

Treasury 10 Year Note, Strike Price $120.00 Expiring 07/27/18 (149 contracts)

US Treasury 10 Year Note, Strike Price $123.50 Expiring 08/23/19 (40 contracts)

TOTAL PURCHASED OPTIONS (Cost $58,883)

and $0, respectively)

SHORT-TERM INVESTMENTS - 97.2% and 0.0%, respectively

TREASURY BILLS - 97.5% and 0.0%, respectively

United States Treasury Bills 0.000%, 10/04/2018 ($50,700,000 principal amount)

US TREASURY BILLS - 97.2% and 0.0%, respectively

United States Treasury Bills 2.082%, 12/12/2019 ($11,700,000 principal amount) (a)

TOTAL US TREASURY BILLS (Cost $11,586,722)

MONEY MARKET FUNDS - 1.4% and 25.4%, respectively

First American US Treasury Money Market

Fund, Class Z, 1.69%* (697,615 shares)

First American

US Treasury Obligations Fund, Class X, 1.79%* (1,249,009 shares)

MONEY MARKET FUNDS (Cost $697,615 and $1,249,009, respectively

Investments (Cost $51,268,060 and $1,249,009, respectively) - 98.9% and 37.9%, respectively

Other Assets in Excess

of Liabilities - 1.1% and 62.1%, respectively (a)

TOTAL NET ASSETS - 100.0%

and 100.0%, respectively

First American US Treasury Money Market Fund, Class Z, 2.40% (b) (282,538 shares)

First American US Treasury Obligations Fund, Class X, 2.27% (b) (1,095,625 shares)

TOTAL MONEY MARKET FUNDS (Cost $282,538 and $1,095,625, respectively)

Total Investments (Cost $11,928,143 and $1,095,625, respectively) - 99.9% and 25.4%, respectively

Other Assets in Excess of Liabilities - 0.1% and 74.6%, respectively (a)

TOTAL NET ASSETS - 100.0% and 100.0%, respectively

or a portion of this security is held as collateral for futures contracts and written options.

seven-day yield as of June 30, 2019.

(a) $1,386,738

and $1,941,874, respectively, of cash is pledged as collateral for futures contracts

and written options

BREAKWAVE DRY BULK SHIPPING ETF

3 unchanged sentences

Appreciation/

June 30, 2019

(Depreciation)

1 unchanged sentence

(Depreciation)

Baltic Exchange Panamax

T/C Average Shipping Route Index Expiring July 31, 2018 (Underlying Face Amount at Market Value - $348,300) (30 contracts)

Baltic Exchange Panamax T/C Average

Shipping Route Index Expiring August 31, 2018 (Underlying Face Amount at Market Value - $368,250) (30 contracts)

Baltic Exchange Panamax T/C Average

Shipping Route Index Expiring September 28, 2018 (Underlying Face Amount at Market Value - $390,600) (30 contracts)

Baltic Exchange Supramax T/C Average

Shipping Route Expiring July 31, 2018 (Underlying Face Amount at Market Value - $114,210) (10 contracts)

Baltic Exchange Supramax T/C Average

Shipping Route Expiring August 31, 2018 (Underlying Face Amount at Market Value - $117,760) (10 contracts)

Baltic Exchange Supramax T/C Average

Shipping Route Expiring September 28, 2018 (Underlying Face Amount at Market Value - $120,160) (10 contracts)

Baltic Capesize

Time Charter Expiring July 31, 2018 (Underlying Face Amount at Market Value - $543,300) (30 contracts)

Baltic Capesize

Time Charter Expiring August 31, 2018 (Underlying Face Amount at Market Value - $561,300) (30 contracts)

Capesize Time Charter Expiring September 28, 2018 (Underlying Face Amount at Market Value - $642,300) (30 contracts)

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 26, 2019 (Underlying Face Amount at Market Value - $489,015) (45 contracts)

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 30, 2019 (Underlying Face Amount at Market Value - $497,835) (45 contracts)

Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 27, 2019 (Underlying Face Amount at Market Value - $495,945) (45 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring July 26, 2019 (Underlying Face Amount at Market Value - $147,435) (15 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring August 30, 2019 (Underlying Face Amount at Market Value - $158,250) (15 contracts)

Baltic Exchange Supramax T/C Average Shipping Route Expiring September 27, 2019 (Underlying Face Amount at Market Value - $161,505) (15 contracts)

Baltic Capesize Time Charter Expiring July 26, 2019 (Underlying Face Amount at Market Value - $732,680) (40 contracts)

Baltic Capesize Time Charter Expiring August 30, 2019 (Underlying Face Amount at Market Value - $719,840) (40 contracts)

Baltic Capesize Time Charter Expiring September 27, 2019 (Underlying Face Amount at Market Value - $723,160) (40 contracts)

SIT RISING RATE ETF

1 unchanged sentence

June 30, 2019

5 Year Note, Strike Price $113.50 Expiring 07/27/2018 (201 contracts) (Premiums received $48,680)

US 5 Year Note, Strike Price $117.75 Expiring 08/23/2019 (25 contracts) (Premiums received $16,128)

SIT RISING RATE ETF

1 unchanged sentence

June 30, 2019

US Treasury 5 Year

Note Expiring September 2018 (Underlying Face Amount at Market Value - $53,400,078) (470 contracts)

Treasury 2 Year Note Expiring September 2018 (Underlying Face Amount at Market Value - $98,711,907) (466 contracts)

US Treasury 5 Year Note Expiring September 2019 (Underlying Face Amount at Market Value - $12,051,938) (102 contracts)

US Treasury 2 Year Note Expiring September 2019 (Underlying Face Amount at Market Value - $22,809,047) (106 contracts)

accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Statements of Operations

Ended June 30, 2019

BREAKWAVE DRY BULK

MANAGERS GROUP COMMODITY TRUST I

Statements of Operations

Ended Ended June 30, 2020

SIT RISING RATE ETF

BREAKWAVE DRY BULK SHIPPING

Investment Income

11 unchanged sentences

Wholesale support fees

Interest expense

Total Expenses

9 unchanged sentences

Net income (loss)

$ (2,753,749 )

$ (3,539,079 )

See accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Statements of Operations

Year Ended June 30, 2018

BREAKWAVE DRY BULK

SHIPPING ETF*

MANAGERS GROUP COMMODITY TRUST I

Statements of Operations

Ended June 30, 2019

BREAKWAVE DRY BULK SHIPPING

Investment Income

12 unchanged sentences

Total Expenses

Waiver of Sponsor fee

Waiver of CTA fee

1 unchanged sentence

Net Investment Income (Loss)

Realized and Unrealized Gain (Loss) on Investment Activity

Net Realized and Unrealized Gain (Loss) on Investment Activity

Net Realized Gain (Loss) on

4 unchanged sentences

Net income (loss)

Period from March 22, 2018 (commencement of investment operations) to June 30, 2018.

See accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Statements of Changes in Net Assets

$ (2,753,749 )

$ (3,539,079 )

accompanying notes to combined financial statements.

MANAGERS GROUP COMMODITY TRUST I

Statements of Changes in Net Assets

Ended June 30, 2020

BREAKWAVE DRY BULK

SIT RISING RATE ETF

BREAKWAVE DRY BULK SHIPPING

Net Assets at Beginning of Year

3 unchanged sentences

(12,675,293 )

(62,562,010 )

Net Increase (decrease) in Net Assets from share transactions

(37,101,090 )

(35,305,287 )

Increase (decrease) in Net Assets from operations

4 unchanged sentences

Net Assets at End of Year

See accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Statements of Changes in Net Assets

accompanying notes to combined financial statements.

MANAGERS GROUP COMMODITY TRUST I

Statements of Changes in Net Assets

Ended June 30, 2019

BREAKWAVE DRY BULK

SHIPPING ETF*

BREAKWAVE DRY BULK SHIPPING

Net Assets at Beginning of Year

2 unchanged sentences

Redemption of 2,600,000 and -0- shares, respectively

(62,562,010 )

Net Increase (decrease) in Net Assets from share transactions

(37,101,090 )

(35,305,287 )

Increase (decrease) in Net Assets from operations

4 unchanged sentences

Net Assets at End of Year

* Period from March 22, 2018 (commencement of investment

operations) to June 30, 2018.

See accompanying notes to combined financial statements.

accompanying notes to combined financial statements.

ETF MANAGERS GROUP COMMODITY TRUST I

Combined Statements of Cash Flows

Ended June 30, 2019

Year Ended June 30, 2020

BREAKWAVE DRY BULK

1 unchanged sentence

Net income (loss)

$ (2,753,749 )

$ (3,539,079 )

Adjustments to reconcile net income (loss) to net cash provided by (used in)

operating activities:

Net realized loss on investments

Adjustments to reconcile net income (loss) to net cash provided by/used in operating activities:

Net realized loss (gain) on investments

Change in net unrealized loss (gain) on investments

Change in operating assets and liabilities:

Sale of investments - net

Decrease (increase) in interest receivable

Decrease (Increase) in segregated cash held by broker

Sale (Purchase) of investments - net

Decrease in interest receivable

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in options written, at fair value

Decrease in payable on open futures contracts

Increase in payable for Fund shares sold

Decrease in options written, at fair value

Increase in payable on open futures contracts

Increase (Decrease) in due to Sponsor

5 unchanged sentences

(12,675,293 )

(62,562,010 )

Net cash provided by (used in) financing

(37,101,090 )

(35,305,287 )

Net increase (decrease) in cash

Cash, beginning of year

Cash, end of year

See accompanying notes to combined financial statements.

Net cash provided by/used in

financing activities

Net increase (decrease) in cash and restricted cash

Cash and restricted cash, beginning of the year

Cash and restricted cash, end of the year

The following table provides a reconciliation of cash and restricted cash reported within

the Combined Statement of Assets and Liabilities that sum to the total of such amounts shown on the Combined Statement of

Segregated cash held by broker

Total cash and restricted cash as shown on the statement of cash flows

See accompanying notes to combined financial

ETF MANAGERS GROUP COMMODITY TRUST I

2 unchanged sentences

BREAKWAVE DRY BULK

SHIPPING ETF*

Cash flows provided by/used in operating activities

Net income (loss)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating

Net realized loss (gain) on investments

Change in net unrealized loss (gain) on investments

Change in operating assets and liabilities:

Purchase of investments - net

$ (2,753,749 )

$ (3,539,079 )

Increase in interest receivable

Decrease (Increase) in segregated cash held by broker

Adjustments to

reconcile net income (loss) to net cash provided by/used in operating activities:

Net realized loss on investments

Change in net unrealized loss (gain) on investments

Change in operating assets and liabilities:

Sale of investments - net

Decrease (increase) in interest receivable

Decrease (Increase) in receivable on open futures contracts

Increase (Decrease) in options written, at fair value

Increase (Decrease) in payable on open futures contracts

Increase in due to Sponsor

Decrease (Increase) in options written, at fair value

Decrease in payable on open futures contracts

Increase (decrease) in due to Sponsor

Increase in other accrued expenses

Net cash used in operating activities

(28,843,175 )

(32,323,805 )

Net cash provided by/used in

operating activities

Cash flows from financing activities

1 unchanged sentence

Paid on redemption of shares

Net cash provided by financing activities

(62,562,010 )

provided by/used in financing activities

(37,101,090 )

(35,305,287 )

Net increase (decrease) in cash

Cash, beginning of year

Cash, end of year

Period from March 22, 2018 (commencement of investment operations) to June 30, 2018.

and restricted cash

Cash and restricted cash,

beginning of the year

Cash and restricted cash, end of

The following table provides a reconciliation of cash and restricted cash reported within

the Combined Statement of Assets and Liabilities that sum to the total of such amounts shown on the Combined Statement of

Segregated cash held by broker

Total cash and restricted cash as shown on the statement of cash flows

See accompanying notes to combined financial statements.

Managers Group Commodity Trust I

to Combined Financial Statements

30, 2019 and 2018

Managers Group Commodity Trust I (the “Trust”) was organized as a Delaware statutory trust on July 23, 2014.

is a series trust formed pursuant to the Delaware Statutory Trust Act and currently includes two separate series.

SIT RISING RATE

ETF (“RISE”) is the first series of the Trust and is a commodity pool that continuously issues common shares of beneficial

interest that may be purchased and sold on the NYSE Arca, Inc.

ETF Managers Group Commodity Trust I

Notes to Combined Financial Statements

June 30, 2020 and 2019

(1) Organization

ETF Managers Group Commodity Trust I (the

“Trust”) was organized as a Delaware statutory trust on July 23, 2014.

The Trust is a series trust formed pursuant

to the Delaware Statutory Trust Act and currently includes two separate series.

SIT RISING RATE ETF (“RISE”) is the

first series of the Trust and is a commodity pool that continuously issues common shares of beneficial interest that may be purchased

and sold on the NYSE Arca, Inc.

stock exchange (“NYSE Arca”).

The second series of

the Trust, Breakwave Dry Bulk Shipping ETF (“BDRY,”

and together with RISE, the “Funds”), is also a commodity

pool that continuously issues shares of beneficial interest that may be purchased and sold on NYSE Arca.

The Funds are managed

and controlled by ETF Managers Capital LLC (the “Sponsor”), a Delaware limited liability company.

The Sponsor is registered

with the Commodity Futures Trading Commission (“CFTC”) as a “commodity pool operator”

(“CPO”)

and is a member of the National Futures Trading Association (“NFA”).

Sit Fixed Income Advisors II, LLC (“Sit”),

a subsidiary of Sit Investment Associates, Inc., is registered as a “commodity trading advisor”

(“CTA”)

with the CFTC and serves as RISE’s commodity trading advisor.

Breakwave Advisors, LLC (“Breakwave”) is registered

as a CTA with the CFTC and serves as BDRY’s commodity trading advisor.

commenced investment operations on February 19, 2015.

RISE commenced trading on NYSE Arca on February 19, 2015 and trades under

the symbol “RISE.”

BDRY commenced investment operations on March 22, 2018.

BDRY commenced trading on NYSE Arca on

March 22, 2018 and trades under the symbol “BDRY.”

the period from July 1, 2017 through December 31, 2017, RISE paid Sit a fee equal to 0.50% per annum of the value of RISE’s

average daily net assets for Sit’s services as the commodity trading advisor to RISE.

Effective January 1, 2018, Sit is

paid a fee equal to 0.20% per annum.

investment objective is to profit from rising interest rates by tracking the performance of a portfolio (the “RISE Benchmark

Portfolio”) consisting of exchange traded futures contracts and options on futures on 2, 5 and 10 year U.S.

Treasury securities

(“Treasury Instruments”) weighted to achieve a targeted negative 10-year average effective portfolio duration (the

“Benchmark Component Instruments”).

RISE seeks to achieve its investment objective by investing in the Benchmark Component

Instruments currently constituting the RISE Benchmark Portfolio.

The RISE Benchmark Portfolio is maintained by Sit and will be

rebalanced, reconstituted, or both, monthly (typically on the 15 th of each month and on the next business day if the

15 th is a holiday, weekend, or other day on which the national exchanges are closed) to maintain a negative 10-year

average effective duration.

The RISE Benchmark Portfolio and RISE will each maintain a short position in Treasury Instruments.

RISE does not use futures contracts or options to obtain leveraged investment results.

RISE will not invest in swaps or other

over the counter derivative instruments.

weighting of the Treasury Instruments constituting the Benchmark Component Instruments will be based on each maturity’s

duration contribution.

The expected range for the duration weighted percentage of the 2 year and 5 year maturity Treasury Instruments

will be from 30% to 70%.

The expected range for the duration weighted percentage of the 10-year maturity Treasury Instruments

will be from 5% to 25%.

The relative weightings of the Benchmark Component Instruments will be shifted between maturities when

there are material changes in the shape of the yield curve, for example, if the Federal Reserve began raising short term interest

rates more than long term interest rates.

In such an instance, Sit, which maintains the RISE Benchmark Portfolio, will elect to

increase the weightings of the 2 year and reduce the weighting in the 10-year maturity.

Conversely, Sit will do the opposite if

the Federal Reserve began raising long term interest rates more than short term interest rates.

Reconstitution and rebalancing

each will occur monthly, on the 15th, except for as noted above or if there are radical changes in the yield curve such that effective

duration is outside of a range from negative nine to negative 11-year average effective duration, in which case Sit will adjust

the maturities of the Treasury Instruments before the next expected monthly reconstitution.

Sponsor anticipates that approximately 5% to 15% of RISE’s assets will be used as payment for or collateral for Treasury

In order to collateralize its Treasury Instrument positions, RISE will hold such assets, from which it will post

margin to its futures commission merchant (“FCM”), SG Americas Securities, LLC, in an amount equal to the margin required

by the relevant exchange, and transfer to its FCM any additional amounts that may be separately required by the FCM.

When establishing

positions in Treasury Instruments, RISE will be required to deposit initial margin with a value of approximately 3% to 10% of

the value of each Treasury Instrument position at the time it is established.

These margin requirements are subject to change

from time to time by the exchange or the FCM.

On a daily basis, RISE will be obligated to pay, or entitled to receive, variation

margin in an amount equal to the change in the daily settlement level of its Treasury Instruments positions.

Any assets not required

to be posted as margin with the FCM will be held at RISE’s custodian in cash or cash equivalents, as discussed below.

RISE Benchmark Portfolio will be invested in Benchmark Component Instruments and rebalanced, as noted above to maintain a negative

average effective portfolio duration of approximately 10 years.

Duration is a measure of estimated price sensitivity relative

to changes in interest rates.

Portfolios with longer durations are typically more sensitive to changes in interest rates.

example, if interest rates rise by 1%, the market value of a security with an effective duration of 5 years would decrease by

5%, with all other factors being constant, and likewise the market value of a security with an effective duration of negative

5 years would increase by 5%, with all other factors being constant.

The correlation between duration and price sensitivity is

greater for securities rated investment-grade than it is for securities rated below investment-grade.

estimates are based on assumptions by Sit and are subject to a number of limitations.

Effective duration is calculated based on

historical price changes of U.S.

Treasuries and Treasury Instruments held by the RISE Benchmark Portfolio, and therefore is a

more accurate estimate of price sensitivity provided interest rates remain within their historical range.

Investments in debt

securities typically decrease in value when interest rates rise.

The second series of the Trust, Breakwave Dry Bulk Shipping

ETF (“BDRY,”

and together with RISE, the “Funds”), is also a commodity pool that continuously issues shares

of beneficial interest that may be purchased and sold on NYSE Arca.

The Funds are managed and controlled by ETF Managers Capital

LLC (the “Sponsor”), a Delaware limited liability company.

The Sponsor is registered with the Commodity Futures Trading

Commission (“CFTC”) as a “commodity pool operator”

(“CPO”) and is a member of the National

Futures Trading Association (“NFA”).

Sit Fixed Income Advisors II, LLC (“Sit”), a subsidiary of Sit Investment

Associates, Inc., is registered as a “commodity trading advisor”

(“CTA”) with the CFTC and serves as RISE’s

commodity trading advisor.

Breakwave Advisors, LLC (“Breakwave”) is registered as a CTA with the CFTC and serves as

BDRY’s commodity trading advisor.

RISE commenced investment operations on

February 19, 2015.

RISE commenced trading on NYSE Arca on February 19, 2015 and trades under the symbol “RISE.”

commenced investment operations on March 22, 2018.

BDRY commenced trading on NYSE Arca on March 22, 2018 and trades under the symbol

“BDRY.”

For the years ended June 30, 2020 and 2019,

RISE paid Sit a fee equal to 0.20% per annum of the value of RISE’s average daily net assets for Sit’s services as

the commodity trading advisor to RISE.

RISE’s investment objective is to

profit from rising interest rates by tracking the performance of a portfolio (the “RISE Benchmark Portfolio”) consisting

of exchange traded futures contracts and options on futures on 2, 5 and 10 year U.S.

Treasury securities (“Treasury Instruments”)

weighted to achieve a targeted negative 10-year average effective portfolio duration (the “Benchmark Component Instruments”).

RISE seeks to achieve its investment objective by investing in the Benchmark Component Instruments currently constituting the RISE

Benchmark Portfolio.

The RISE Benchmark Portfolio is maintained by Sit and will be rebalanced, reconstituted, or both, monthly

(typically on the 15 th of each month and on the next business day if the 15 th is a holiday, weekend, or other

day on which the national exchanges are closed) to maintain a negative 10-year average effective duration.

The RISE Benchmark Portfolio

and RISE will each maintain a short position in Treasury Instruments.

RISE does not use futures contracts or options to obtain

leveraged investment results.

RISE will not invest in swaps or other over the counter derivative instruments.

The weighting of the Treasury Instruments

constituting the Benchmark Component Instruments will be based on each maturity’s duration contribution.

The expected range

for the duration weighted percentage of the 2 year and 5 year maturity Treasury Instruments will be from 30% to 70%.

range for the duration weighted percentage of the 10-year maturity Treasury Instruments will be from 5% to 25%.

The relative weightings

of the Benchmark Component Instruments will be shifted between maturities when there are material changes in the shape of the yield

curve, for example, if the Federal Reserve began raising short term interest rates more than long term interest rates.

an instance, Sit, which maintains the RISE Benchmark Portfolio, will elect to increase the weightings of the 2 year and reduce

the weighting in the 10-year maturity.

Conversely, Sit will do the opposite if the Federal Reserve began raising long term interest

rates more than short term interest rates.

Reconstitution and rebalancing each will occur monthly, on the 15th, except for as noted

above or if there are radical changes in the yield curve such that effective duration is outside of a range from negative nine

to negative 11-year average effective duration, in which case Sit will adjust the maturities of the Treasury Instruments before

the next expected monthly reconstitution.

The Sponsor anticipates that approximately

5% to 15% of RISE’s assets will be used as payment for or collateral for Treasury Instruments.

In order to collateralize

its Treasury Instrument positions, RISE will hold such assets, from which it will post margin to its futures commission merchant

(“FCM”), SG Americas Securities, LLC, in an amount equal to the margin required by the relevant exchange, and transfer

to its FCM any additional amounts that may be separately required by the FCM.

When establishing positions in Treasury Instruments,

RISE will be required to deposit initial margin with a value of approximately 3% to 10% of the value of each Treasury Instrument

position at the time it is established.

These margin requirements are subject to change from time to time by the exchange or the

On a daily basis, RISE will be obligated to pay, or entitled to receive, variation margin in an amount equal to the change

in the daily settlement level of its Treasury Instruments positions.

Any assets not required to be posted as margin with the FCM

will be held at RISE’s custodian in cash or cash equivalents, as discussed below.

The RISE Benchmark Portfolio will be invested

in Benchmark Component Instruments and rebalanced, as noted above to maintain a negative average effective portfolio duration of

approximately 10 years.

Duration is a measure of estimated price sensitivity relative to changes in interest rates.

with longer durations are typically more sensitive to changes in interest rates.

For example, if interest rates rise by 1%, the

market value of a security with an effective duration of 5 years would decrease by 5%, with all other factors being constant, and

likewise the market value of a security with an effective duration of negative 5 years would increase by 5%, with all other factors

being constant.

The correlation between duration and price sensitivity is greater for securities rated investment-grade than it

is for securities rated below investment-grade.

Duration estimates are based on assumptions

by Sit and are subject to a number of limitations.

Effective duration is calculated based on historical price changes of U.S.

and Treasury Instruments held by the RISE Benchmark Portfolio, and therefore is a more accurate estimate of price sensitivity provided

interest rates remain within their historical range.

Investments in debt securities typically decrease in value when interest rates

The risk is usually greater for longer-term debt securities.

RISE purchases an option that expires “out of the money,”

When RISE purchases an option that expires

“out of the money,”

RISE will realize a loss.

RISE may not be able to invest

its assets in futures and options contracts having an aggregate notional amount exactly equal to that which is required to achieve

a negative 10-year average effective duration.

RISE may not be able to invest its assets in futures and options contracts

having an aggregate notional amount exactly equal to that which is required to achieve a negative 10-year average effective duration.

For example, as standardized contracts, U.S.

Treasury futures contracts are denominated

in specific dollar amounts, and RISE’s NAV and the proceeds from the sale of a Creation Basket are unlikely to be an exact

multiple of the amounts of those contracts.

As a result, in such circumstances, RISE may be better able to achieve the exact amount

of exposure desired through the use of other investments.

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 BDRY, by tracking the performance of a portfolio (the “BDRY Benchmark Portfolio”, and

together with the RISE Benchmark Portfolio, the “Benchmark Portfolios”) consisting of a three-month strip of the nearest

calendar quarter of futures contracts on specified indexes (each a “Reference Index”) that measure rates for shipping

dry bulk freight (“Freight Futures”).

Each Reference Index is published each United Kingdom business day by the London-based

Baltic Exchange Ltd.

(the “Baltic Exchange”) and measures the charter rate for shipping dry bulk freight in a specific

size category of cargo ship –

Treasury futures contracts are denominated in specific dollar amounts, and RISE’s

NAV and the proceeds from the sale of a Creation Basket are unlikely to be an exact multiple of the amounts of those contracts.

As a result, in such circumstances, RISE may be better able to achieve the exact amount of exposure desired through the use of

other investments.

BDRY’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

BDRY, by tracking the performance of a portfolio (the “BDRY Benchmark Portfolio”, and together with the RISE Benchmark

Portfolio, the “Benchmark Portfolios”) consisting of a three-month strip of the nearest calendar quarter of futures

contracts on specified indexes (each a “Reference Index”) that measure rates for shipping dry bulk freight (“Freight

Futures”).

Each Reference Index is published each United Kingdom business day by the London-based Baltic Exchange Ltd.

“Baltic Exchange”) and measures the charter rate for shipping dry bulk freight in a specific size category of cargo

Capesize, Panamax or Supramax.

3 unchanged sentences

the Supramax 6TC Index.

value of the Capesize 5TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax

6TC Index each is disseminated at 1:00 p.m., London Time.

The Reference Index information disseminated by the Baltic Exchange

also includes the components and value of each component in each Reference Index.

Such Reference Index information also is widely

disseminated by Reuters and/or other major market data vendors.

seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting

the BDRY Benchmark Portfolio.

The BDRY Benchmark Portfolio includes all existing positions to maturity and settles them in cash.

During any given calendar quarter, the BDRY Benchmark Portfolio progressively increases its positions to the next calendar quarter

three-month strip, thus maintaining constant exposure to the Freight Futures market as positions mature.

BDRY Benchmark Portfolio maintains long-only positions in Freight Futures.

The BDRY Benchmark Portfolio includes a combination

of Capesize, Panamax and Supramax Freight Futures.

More specifically, the BDRY Benchmark Portfolio includes 50% exposure in Capesize

Freight Futures contracts, 40% exposure in Panamax Freight Futures contracts and 10% exposure in Supramax Freight Futures contracts.

The BDRY Benchmark Portfolio does not include and BDRY does not invest in swaps, non-cleared dry bulk freight forwards or other

over-the-counter derivative instruments that are not cleared through exchanges or clearing houses.

BDRY may hold exchange-traded

options on Freight Futures.

The BDRY Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually.

Futures currently constituting the BDRY Benchmark Portfolio, as well as the daily holdings of BDRY are available on BDRY’s

website at www.drybulketf.com.

establishing positions in Freight Futures, BDRY will be required to deposit initial margin with a value of approximately 10% to

40% of the notional value of each Freight Futures position at the time it is established.

These margin requirements are established

and subject to change from time to time by the relevant exchanges, clearing houses or BDRY’s FCM, MacQuarie Futures USA

On a daily basis, BDRY is obligated to pay, or entitled to receive, variation margin in an amount equal to the change in

the daily settlement level of its Freight Futures positions.

Any assets not required to be posted as margin with the FCM may be

held at BDRY’s custodian or remain with the FCM in cash or cash equivalents, as discussed below.

was created to provide investors with a cost-effective and convenient way to gain exposure to daily changes in the price of Freight

BDRY is intended to be used as a diversification opportunity as part of a complete portfolio, not a complete investment

Funds will incur certain expenses in connection with their operations.

The value of the Capesize 5TC Index is

disseminated at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax 6TC Index each is disseminated

at 1:00 p.m., London Time.

The Reference Index information disseminated by the Baltic Exchange also includes the components and

value of each component in each Reference Index.

Such Reference Index information also is widely disseminated by Reuters and/or

other major market data vendors.

BDRY seeks to achieve its investment objective

by investing substantially all of its assets in the Freight Futures currently constituting the BDRY Benchmark Portfolio.

Benchmark Portfolio includes all existing positions to maturity and settles them in cash.

During any given calendar quarter, the

BDRY Benchmark Portfolio progressively increases its positions to the next calendar quarter three-month strip, thus maintaining

constant exposure to the Freight Futures market as positions mature.

The BDRY Benchmark Portfolio maintains

long-only positions in Freight Futures.

The BDRY Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight

More specifically, the BDRY Benchmark Portfolio includes 50% exposure in Capesize Freight Futures contracts, 40% exposure

in Panamax Freight Futures contracts and 10% exposure in Supramax Freight Futures contracts.

The BDRY Benchmark Portfolio does

not include and BDRY does not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments

that are not cleared through exchanges or clearing houses.

BDRY may hold exchange-traded options on Freight Futures.

The BDRY Benchmark

Portfolio is maintained by Breakwave and will be rebalanced annually.

The Freight Futures currently constituting the BDRY Benchmark

Portfolio, as well as the daily holdings of BDRY are available on BDRY’s website at www.drybulketf.com.

When establishing positions in Freight

Futures, BDRY will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each

Freight Futures position at the time it is established.

These margin requirements are established and subject to change from time

to time by the relevant exchanges, clearing houses or BDRY’s FCM, MacQuarie Futures USA LLC.

On a daily basis, BDRY is obligated

to pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Freight

Futures positions.

Any assets not required to be posted as margin with the FCM may be held at BDRY’s custodian or remain

with the FCM in cash or cash equivalents, as discussed below.

BDRY was created to provide investors with

a cost-effective and convenient way to gain exposure to daily changes in the price of Freight Futures.

BDRY is intended to be used

as a diversification opportunity as part of a complete portfolio, not a complete investment program.

The Funds will incur certain expenses in

connection with their operations.

The Funds will hold cash or cash equivalents such as U.S.

Treasuries or other high credit quality, short-term fixed-income or similar securities for direct investment or as collateral

for the Treasury Instruments and for other liquidity purposes and to meet redemptions that may be necessary on an ongoing basis.

These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation between changes in the Funds’

net asset value (“NAV”) and changes in the Benchmark Portfolios, because the Benchmark Portfolios do not reflect expenses

Funds seek to trade their positions prior to maturity;

Treasuries or other high credit quality,

short-term fixed-income or similar securities for direct investment or as collateral for the Treasury Instruments and for other

liquidity purposes and to meet redemptions that may be necessary on an ongoing basis.

These expenses and income from the cash and

cash equivalent holdings may cause imperfect correlation between changes in the Funds’

net asset value (“NAV”)

and changes in the Benchmark Portfolios, because the Benchmark Portfolios do not reflect expenses or income.

The Funds seek to trade their positions

prior to maturity;

accordingly, natural market forces may cost the Funds while rebalancing.

Each time the Funds seek to reconstitute their positions, barring movement in the underlying securities, the futures and option

prices may be higher or lower.

Such differences in price, barring a movement in the price of the underlying security, will constitute

“roll yield”

and may inhibit the Funds’

Each time the Funds seek to reconstitute

their positions, barring movement in the underlying securities, the futures and option prices may be higher or lower.

Such differences

in price, barring a movement in the price of the underlying security, will constitute “roll yield”

and may inhibit

the Funds’

ability to achieve their respective investment objective.

factors determine the total return from investing in a futures contract position.

One factor that impacts the total return that

will result from investing in near month futures contracts and “rolling”

those contracts forward each month is the

price relationship between the current near month contract and the next month contract.

CTA will close existing positions when it determines it would be appropriate to do so and reinvest the proceeds in other positions.

Positions may also be closed out to meet orders for redemption baskets.

Several factors determine the total return

from investing in a futures contract position.

One factor that impacts the total return that will result from investing in near

month futures contracts and “rolling”

those contracts forward each month is the price relationship between the current

near month contract and the next month contract.

The CTA will close existing positions when

it determines it would be appropriate to do so and reinvest the proceeds in other positions.

Positions may also be closed out to

meet orders for redemption baskets.

(2) Summary of Significant Accounting Policies

Basis of Accounting

accompanying combined financial statements of the Funds have been prepared in conformity with U.S.

generally accepted accounting

principles (“U.S.

(a) Basis of Accounting

The accompanying combined financial statements

of the Funds have been prepared in conformity with U.S.

generally accepted accounting principles (“U.S.

GAAP”).

Each Fund qualifies as an investment company for financial reporting purposes under Topic

946 of the Accounting Standard Codification of U.S.

Use of Estimates

preparation of the combined financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions

that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of

the combined financial statements and accompanying notes.

Fund qualifies as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification

(b) Use of Estimates

The preparation of the combined

financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported

amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined financial statements

and accompanying notes.

Actual results could differ from those estimates.

There were no significant

estimates used in the preparation of the combined financial statements.

when shown in the Combined Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not

include short-term investments.

Cash Held by Broker

is registered as a “commodity trading advisor”

and acts as such for RISE.

Breakwave is registered as a “commodity

There were no significant estimates used in the preparation

of the combined financial statements.

Cash, when shown in the Combined

Statements of Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments.

(d) Cash Held by Broker

Sit is registered as a “commodity

trading advisor”

and acts as such for BDRY.

Each Fund’s arrangement with its respective FCM requires the Fund to meet

its variation margin requirement related to the price movements, both positive and negative, on futures contracts held by the

Fund by keeping cash on deposit with the Commodity Brokers (as defined below).

These amounts are shown as Segregated cash held

by broker in the Statements of Assets and Liabilities.

The Funds deposit cash or United States Treasury Obligations, as applicable,

with their respective FCM subject to the CFTC regulations and various exchange and broker requirements.

The combination of the

deposits with their respective FCM of cash and United States Treasury Obligations, as applicable, and the unrealized

gain or loss on open futures contracts (variation margin) represents the Funds’

overall equity in their respective brokerage

trading account.

The Funds use their cash held by their respective FCM to satisfy variation margin requirements.

The Funds earn

interest on their cash deposited with their respective FCM and interest income is recorded on the accrual basis.

Final Net Asset Value for Fiscal Period

calculation time of each Fund’s final net asset value for creation and redemption of Fund shares for the years ended June

30, 2019 and 2018 was at 4:00 p.m.

Eastern Time on June 28, 2019 and June 29, 2018, respectively.

the Funds’

shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, the 4:00 p.m.

Eastern Time represented the final opportunity to transact in creation or redemption baskets for the years ended June 30, 2019

value per share is determined at the close of the NYSE Arca.

financial reporting purposes, each Fund values its investment positions based upon the final closing price in their primary markets.

Accordingly, the investment valuations in these combined financial statements differ from those used in the calculations of the

final creation/redemption NAVs at June 30, 2019 and June 30, 2018.

Investment Valuation

investments, excluding U.S.

and acts as such for RISE.

Breakwave is registered as a “commodity trading advisor”

as such for BDRY.

Each Fund’s arrangement with its respective FCM requires the Fund to meet its variation margin requirement

related to the price movements, both positive and negative, on futures contracts held by the Fund by keeping cash on deposit with

the Commodity Brokers (as defined below).

These amounts are shown as Segregated cash held by broker in the Statements of Assets

and Liabilities.

The Funds deposit cash or United States Treasury Obligations, as applicable, with their respective FCM subject

to the CFTC regulations and various exchange and broker requirements.

The combination of the Funds’

deposits with their respective

FCM of cash and United States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation

margin) represents the Funds’

overall equity in their respective brokerage trading account.

The Funds use their cash held

by their respective FCM to satisfy variation margin requirements.

The Funds earn interest on their cash deposited with their respective

FCM and interest income is recorded on the accrual basis.

(e) Final Net Asset Value for Fiscal

The calculation time of each Fund’s

final net asset value for creation and redemption of Fund shares for the years ended June 30, 2020 and 2019 was at 4:00 p.m.

Time on June 30, 2020 and June 28, 2019, respectively.

Although the Funds’

shares may continue

to trade on secondary markets subsequent to the calculation of the final NAV, the 4:00 p.m.

Eastern Time represented the final

opportunity to transact in creation or redemption baskets for the years ended June 30, 2020 and 2019.

Fair value per share is determined at the

close of the NYSE Arca.

For financial reporting purposes, each

Fund values its investment positions based upon the final closing price in their primary markets.

Accordingly, the investment valuations

in these combined financial statements differ from those used in the calculations of the Funds’

final creation/redemption

NAVs at June 30, 2020 and June 30, 2019.

(f) Investment Valuation

Short-term investments, excluding U.S.

Treasury Bills, are carried at amortized cost, which approximates fair value.

Treasury Bills

are valued as determined by an independent pricing service based on methods which include consideration of:

yields or prices of

securities of comparable quality, coupon, maturity and type;

Treasury Bills are valued as determined by an

independent pricing service based on methods which include consideration of yields or prices of securities of comparable quality,

coupon, maturity and type;

indications as to values from dealers;

and general market conditions.

and options contracts are valued at the last settled price on the applicable exchange on which that futures and/or options contract

Financial Instruments and Fair Value

Fund discloses the fair value of its investments in accordance with the Financial Accounting Standards Board (“FASB”)

fair value measurement and disclosure guidance which requires a fair value hierarchy that prioritizes the inputs to valuation

techniques used to measure fair value.

Futures and options contracts are valued

at the last settled price on the applicable exchange on which that futures and/or options contract trades.

(g) Financial Instruments and Fair Value

Each Fund discloses the fair value of its

investments in accordance with the Financial Accounting Standards Board (“FASB”) fair value measurement and disclosure

guidance which requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

The disclosure requirements establish a fair value hierarchy that distinguishes between:

(1) market participant assumptions developed based on market data obtained from sources independent to the Fund (observable inputs);

and (2) the Fund’s own assumptions about market participant assumptions developed based on the best information available

under the circumstances (unobservable inputs).

(1) market participant assumptions developed

based on market data obtained from sources independent to the Fund (observable inputs);

and (2) the Fund’s own assumptions

about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the disclosure requirements hierarchy are as follows:

Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity has the ability

to access at the measurement date.

Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or

Level II inputs include the following:

quoted prices for similar assets or liabilities in active markets, quoted prices

for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable

for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation

or other means (market-corroborated inputs).

Unobservable pricing input at the measurement date for the asset or liability.

Unobservable inputs shall be used to measure

fair value to the extent that observable inputs are not available.

some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy.

the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest

input level that is significant to the fair value measurement in its entirety.

value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly

decreased, as well as when circumstances indicate that a transaction is not orderly.

following tables summarize RISE’s valuation of investments at June 30, 2019 and at June 30, 2018 using the fair value hierarchy:

Quoted prices (unadjusted) in

active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

Inputs other than quoted prices

included within Level I that are observable for the asset or liability, either directly or indirectly.

Level II inputs include

the following:

quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets

or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability,

and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated

Unobservable pricing input at

the measurement date for the asset or liability.

Unobservable inputs shall be used to measure fair value to the extent that observable

inputs are not available.

In some instances, the inputs used to measure

fair value might fall in different levels of the fair value hierarchy.

The level in the fair value hierarchy within which the fair

value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value

measurement in its entirety.

Fair value measurements also require additional

disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances

indicate that a transaction is not orderly.

The following tables summarize RISE’s

valuation of investments at June 30, 2020 and at June 30, 2019 using the fair value hierarchy:

June 30, 2020

Short-Term Investments

Purchased Options Contracts

Written Options Contracts

Futures Contracts

Level I –

1 unchanged sentence

$ 4,849,667 a

$ (326,457 )c

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Options Written, at fair value in the Combined Statements of Assets and Liabilities.

Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

Included in Investments in securities in the Combined

Statements of Assets and Liabilities.

Included in Options Written, at fair value in the

Combined Statements of Assets and Liabilities.

Included in Payable on open futures contracts in the

Combined Statements of Assets and Liabilities.

June 30, 2019

Level I –

Quoted Prices

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Options Written, at fair value in the Combined Statements of Assets and Liabilities.

Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

between levels are recognized at the end of the reporting period.

During the years ended June 30, 2019 and 2018, RISE recognized

no transfers from Level 1, Level 2 or Level 3.

following tables summarize BDRY’s valuation of investments at June 30, 2019 and at June 30, 2018 using the fair value hierarchy:

Included in Investments in securities in the Combined

Statements of Assets and Liabilities.

Included in Options Written, at fair value in the

Combined Statements of Assets and Liabilities.

Included in Payable on open futures contracts in the

Combined Statements of Assets and Liabilities.

Transfers between levels are recognized

at the end of the reporting period.

During the years ended June 30, 2020 and 2019, RISE recognized no transfers from Level 1, Level

2 or Level 3.

The following tables summarize BDRY’s

valuation of investments at June 30, 2020 and at June 30, 2019 using the fair value hierarchy:

June 30, 2020

Short-Term Investments

Futures Contracts

Level I –

Quoted Prices

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities.

$ 7,986,862 a

$ 8,581,555 b

Included in Investments in securities in the Combined

Statements of Assets and Liabilities.

Included in Receivable on open futures contracts in

the Combined Statements of Assets and Liabilities.

June 30, 2019

Short-Term Investments

Futures Contracts

Quoted Prices

Included in Investments in securities in the Combined Statements of Assets and Liabilities.

Included in Receivable on open futures contracts in the Combined Statements of Assets and Liabilities.

between levels are recognized at the end of the reporting period.

During the year ended June 30, 2019 and the period from March

22, 2018 (commencement of investment operations) to June 30, 2018, BDRY recognized no transfers from Level 1, Level 2 or Level

inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in

those securities.

Investment Transactions and Related Income

transactions are recorded on the trade date.

All such transactions are recorded on the identified cost basis, and marked to market

Unrealized gain/loss on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined

Statements of Assets and Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements

of Operations.

RISE’s discounts on short-term securities purchased are accreted daily and reflected as Interest Income,

when applicable, in the Combined Statements of Operations.

BDRY’s interest earned on short-term securities and on cash deposited

with MacQuarie Futures USA LLC are accrued daily and reflected as Interest Income, when applicable, in the Combined Statements

of Operations.

Federal Income Taxes

Fund is registered as a Delaware statutory trust and is treated as a partnership for U.S.

$ 1,095,625 a

Included in Investments in securities

in the Combined Statements of Assets and Liabilities.

Included in Receivable on open futures contracts in

the Combined Statements of Assets and Liabilities.

Transfers between levels are recognized

at the end of the reporting period.

During the years ended June 30, 2020 and 2019, BDRY recognized no transfers from Level 1, Level

2 or Level 3.

The inputs or methodology used for valuing

investments are not necessarily an indication of the risk associated with investing in those securities.

(h) Investment Transactions and Related

Investment transactions are recorded on

the trade date.

All such transactions are recorded on the identified cost basis, and marked to market daily.

Unrealized gain/loss

on open futures contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and

Liabilities and the change in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations.

discounts on short-term securities purchased are accreted daily and reflected as Interest Income, when applicable, in the Combined

Statements of Operations.

BDRY’s interest earned on short-term securities and on cash deposited with MacQuarie Futures USA

LLC are accrued daily and reflected as Interest Income, when applicable, in the Combined Statements of Operations.

(i) Federal Income Taxes

Each Fund is registered as a Delaware statutory

trust and is treated as a partnership for U.S.

federal income tax purposes.

the Funds do not expect to incur U.S.

Accordingly, the Funds do not expect to incur U.S.

federal income tax liability;

rather, each beneficial owner is required to take into account

their allocable share of the Funds’

rather, each beneficial owner is required to take into account their allocable share of the Funds’

income, gain, loss, deductions and other items for the Funds’

taxable year ending

with or within the beneficial owner’s taxable year.

of the Funds has reviewed the open tax years and major jurisdictions and concluded that there is no tax liability resulting from

unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns at June

30, 2019 and June 30, 2018.

The Funds are also not aware of any tax positions for which it is reasonably possible that the total

amounts of unrecognized tax benefits will significantly change in the next twelve months.

On an ongoing basis, management will

monitor its tax positions taken to determine if adjustments to its conclusions are necessary based on factors including, but not

limited to, further implementation of guidance expected from the FASB and on-going analysis of tax law, regulation, and interpretations

taxable year ending with or within the beneficial owner’s

taxable year.

Management of the Funds has reviewed the

open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating

to uncertain income tax positions taken or expected to be taken in future tax returns at June 30, 2020 and June 30, 2019.

are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits

will significantly change in the next twelve months.

On an ongoing basis, management will monitor its tax positions taken to determine

if adjustments to its conclusions are necessary based on factors including, but not limited to, further implementation of guidance

expected from the FASB and on-going analysis of tax law, regulation, and interpretations thereof.

The Funds’

federal tax returns are subject to examination by the Internal Revenue Service for a period of three

years after they are filed.

Short-Term Investments

Funds may purchase U.S.

Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities

with original maturities of one year or less.

returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

(j) Reclassification

Certain reclassifications have been

made to the prior consolidated financial statements to conform with the current year presentation.

(3) Investments

(a) Short-Term Investments

The Funds may purchase U.S.

Treasury Bills,

agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one

year or less.

A portion of these investments may be used as margin for the Funds’

in futures contracts.

Accounting for Derivative Instruments

seeking to achieve each Fund’s investment objective, the applicable commodity trading advisor uses a mathematical approach

to investing.

Using this approach, the applicable commodity trading advisor determines the type, quantity and mix of investment

positions that it believes in combination should produce returns consistent with the Fund’s objective.

open derivative positions at June 30, 2019 and at June 30, 2018, as applicable, are disclosed in the Combined Schedules of Investments

and the notional value of these open positions relative to the shareholders’

capital of the Funds is generally representative

of the notional value of open positions to shareholders’

trading in futures contracts.

(b) Accounting for Derivative Instruments

In seeking to achieve each Fund’s

investment objective, the applicable commodity trading advisor uses a mathematical approach to investing.

Using this approach,

the applicable commodity trading advisor determines the type, quantity and mix of investment positions that it believes in combination

should produce returns consistent with the Fund’s objective.

All open derivative positions at June 30,

2020 and at June 30, 2019, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these

open positions relative to the shareholders’

capital of the Funds is generally representative of the notional value of open

positions to shareholders’

capital throughout the reporting periods for the Funds.

associated with derivative positions varies on a daily basis as the Funds transact in derivative contracts in order to achieve

the appropriate exposure, as expressed in notional value, in comparison to shareholders’

capital consistent with the applicable

Fund’s investment objective.

is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying

risk exposures.

Futures Contracts

Funds enter into futures contracts to gain exposure to changes in the value of the Benchmark Portfolios.

A futures contract obligates

the seller to deliver (and the purchaser to accept) the future cash settlement of a specified quantity and type of a treasury

futures contract at a specified time and place.

The contractual obligations of a buyer or seller of a treasury futures contract

may generally be satisfied by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange

before the designated date of delivery.

entering into a futures contract, the Funds are required to deposit and maintain as collateral at least such initial margin as

required by the exchange on which the transaction is affected.

The initial margin is segregated as Cash held by broker, as disclosed

in the Combined Statements of Assets and Liabilities, and is restricted as to its use.

Pursuant to the futures contract, the Funds

agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract.

Such receipts or payments are known as variation margin and are recorded by the Funds as unrealized gains or losses.

will realize a gain or loss upon closing a futures transaction.

contracts involve, to varying degrees, elements of market risk (specifically treasury price risk) and exposure to loss in excess

of the amount of variation margin.

The face or contract amounts reflect the extent of the total exposure the Funds have in the

particular classes of instruments.

Additional risks associated with the use of futures contracts include imperfect correlation

between movements in the price of the futures contracts and the market value of the underlying securities and the possibility

of an illiquid market for a futures contract.

With futures contracts, there is minimal counterparty risk to the Funds since futures

contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts,

guarantees the futures contracts against default.

RISING RATE ETF

Value of Derivative Instruments, as of June 30, 2019

The volume associated with derivative

positions varies on a daily basis as the Funds transact in derivative contracts in order to achieve the appropriate exposure, as

expressed in notional value, in comparison to shareholders’

capital consistent with the applicable Fund’s investment

Following is a description of the derivative

instruments used by the Funds during the reporting period, including the primary underlying risk exposures.

The Funds enter into futures contracts

to gain exposure to changes in the value of the Benchmark Portfolios.

A futures contract obligates the seller to deliver (and the

purchaser to accept) the future cash settlement of a specified quantity and type of a treasury futures contract at a specified

time and place.

The contractual obligations of a buyer or seller of a treasury futures contract may generally be satisfied by making

an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery.

Upon entering into a futures contract,

the Funds are required to deposit and maintain as collateral at least such initial margin as required by the exchange on which

the transaction is affected.

The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of

Assets and Liabilities, and is restricted as to its use.

Pursuant to the futures contract, the Funds agree to receive from or pay

to the broker an amount of cash equal to the daily fluctuation in value of the futures contract.

Such receipts or payments are

known as variation margin and are recorded by the Funds as unrealized gains or losses.

The Funds will realize a gain or loss upon

closing a futures transaction.

Futures contracts involve, to varying degrees,

elements of market risk (specifically treasury price risk) and exposure to loss in excess of the amount of variation margin.

face or contract amounts reflect the extent of the total exposure the Funds have in the particular classes of instruments.

risks associated with the use of futures contracts include imperfect correlation between movements in the price of the futures

contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract.

futures contracts, there is minimal counterparty risk to the Funds since futures contracts are exchange-traded and the exchange’s

clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

of Derivative Instruments, as of June 30, 2020

Asset Derivatives

Liability Derivatives

Combined Statements of Assets and Liabilities

Combined Statements of

Assets and Liabilities

Statements of

Assets and Liabilities

Interest Rate Risk

1 unchanged sentence

Payable on open futures contracts

$ (326,457 )**

Interest Rate Risk

Written options, at fair value

fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

** Represents

cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

RISING RATE ETF

Value of Derivative Instruments, as of June 30, 2018

Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

SIT RISING RATE ETF

Fair Value of Derivative Instruments, as

of June 30, 2019

Asset Derivatives

Liability Derivatives

Combined Statements of Assets and Liabilities

Combined Statements of

Assets and Liabilities

Combined Statements of

Assets and Liabilities

Interest Rate Risk

1 unchanged sentence

Payable on open futures contracts

$ (326,457 )**

Interest Rate Risk

Written options, at fair value

fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

** Represents

cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

RISING RATE ETF

Effect of Derivative Instruments on the Combined Statements of Operations

the Year Ended June 30, 2019

Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

SIT RISING RATE ETF

The Effect of Derivative Instruments on

the Combined Statements of Operations

For the Year Ended June 30, 2020

Location of Gain (Loss) on Derivatives

Recognized in

Change in Unrealized Gain (Loss)

on Derivatives Recognized in

Recognized in

Interest Rate Risk

Net realized gain (loss) on investments, futures and options contracts and/or

Change in unrealized gain (loss) on investments, futures and options contracts

$ (3,673,921 )

futures and options contracts open at June 30, 2019 are indicative of the activity for the year ended June 30, 2019.

Net realized gain (loss) on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts

The futures and options contracts open

at June 30, 2020 are indicative of the activity for the year ended June 30, 2020.

SIT RISING RATE ETF

Effect of Derivative Instruments on the Combined Statements of Operations

the Year Ended June 30, 2018

of Gain (Loss) on Derivatives

The Effect of Derivative Instruments on

the Combined Statements of Operations

Ended June 30, 2019

Location of Gain (Loss) on Derivatives

Recognized in

realized gain on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures

and options contracts

futures and options contracts open at June 30, 2018 are indicative of the activity for the year ended June 30, 2018.

DRY BULK SHIPPING ETF

Value of Derivative Instruments, as of June 30, 2019

Statements of

Interest Rate Risk

Net realized gain (loss) on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts

$ (3,673,921 )

The futures and options contracts open

at June 30, 2019 are indicative of the activity for the year ended June 30, 2019.

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as

of June 30, 2020

Asset Derivatives

Liability Derivatives

Combined Statements of

Assets and Liabilities

Statements of

Combined Statements of

Assets and Liabilities

on open futures contracts

cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

DRY BULK SHIPPING ETF

Value of Derivative Instruments, as of June 30, 2018

Statements of

Interest Rate Risk

Receivable on open futures contracts

Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as

of June 30, 2019

Asset Derivatives

Liability Derivatives

Combined Statements of

Assets and Liabilities

Statements of

Combined Statements of

Assets and Liabilities

on open futures contracts

cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

Interest Rate Risk

Receivable on open futures contracts

Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

DRY BULK SHIPPING ETF

2 unchanged sentences

Location of Gain (Loss) on Derivatives

Realized Loss

Recognized in

Change in Unrealized Gain (Loss)

on Derivatives Recognized in

7 unchanged sentences

Location of Gain (Loss) on Derivatives

Realized Loss

Recognized in

Income (Commencement of Operations)

Change in Unrealized Gain (Loss)

on Derivatives Recognized in

Recognized in

Interest Rate Risk

Net realized loss on futures and options contracts and/or Change in unrealized gain (loss) on futures and options contracts

futures contracts open at June 30, 2018 are indicative of the activity for the period from March 22, 2018 (commencement of

investment operations) to June 30, 2018.

$ (1,006,844 )

futures contracts open at June 30, 2019 are indicative of the activity for the year ended June 30, 2019.

Management Fee

2 unchanged sentences

Additionally, each Fund pays its respective commodity trading advisor a license and service fee (the “CTA

January 1, 2018 and later extended, the Sponsor has agreed to waive receipt of the Sponsor Fee for RISE and/or

assume RISE’s expenses (excluding brokerage fees, interest expense, and extraordinary expenses) so that RISE’s total

annual expenses do not exceed 1.00% of average net assets per annum through September 30, 2020.

effective January 1, 2018, RISE’s CTA fee, calculated daily and paid monthly in arrears, was reduced from .50% per annum

to .20% per annum of average daily net assets.

addition to the reduction in the expense limit, effective January 1, 2018, RISE’s Sponsor Fee, calculated daily and paid

monthly, became the greater of 0.15% of its average daily net assets, or $75,000, and the

fees for Principal Financial Officer and Chief Compliance Officer services provided to RISE by the Sponsor were each increased

to $25,000 per annum.

Certain additional fees paid to the Sponsor for tax return preparation and regulatory reporting fees were

also increased.

Through December 31, 2017, RISE paid the Sponsor an annual management fee, monthly in arrears, in an amount

calculated as the greater of 0.15% of its average daily net assets, or $18,750 effective January 1, 2017.

Sponsor has agreed to waive receipt of the Sponsor Fee for RISE and/or assume RISE’s expenses (excluding brokerage fees,

interest expense, and extraordinary expenses) so that RISE’s total annual expenses do not exceed 1.00% (the “RISE

Expense Cap”) of average net assets per annum through September 30, 2021.

CTA fee, calculated daily and paid monthly in arrears, is 0.20% per annum of average daily net assets.

Sponsor Fee, calculated daily and paid monthly, is the greater of 0.15% of its average daily net assets, or $75,000, and

the fees for Principal Financial Officer and Chief Compliance Officer services provided to RISE by the Sponsor are $25,000 per

April 1, 2019, the fee paid to the Sponsor for tax return preparation was reduced from $100,000 per year to $50,000 per year.

paid an annual fee to Sit, monthly in arrears, in an amount equal to 0.50% of RISE’s average daily net assets, effective

January 27, 2016 and through December 31, 2017.

As of February 19, 2015, through December 31, 2017, Sit had agreed to waive its

CTA fee to the extent necessary, and the Sponsor had agreed to correspondingly assume the remaining expenses of RISE such that

RISE’s expenses did not exceed an annual rate of 1.50%, excluding brokerage commissions and interest expense, of the value

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

pays the Sponsor an annual Sponsor Fee, monthly in arrears, in an amount calculated as the greater of 0.15% of its average daily

net assets, or $125,000.

BDRY also paid an annual fee to Breakwave, monthly in arrears, in an amount equal to 1.45% of BDRY’s

average daily net assets.

As of March 22, 2018, Breakwave has agreed to waive its CTA fee to the extent necessary, and the Sponsor

has voluntarily agreed to correspondingly assume the remaining expenses of BDRY such that Fund expenses do not exceed an annual

rate of 3.50%, excluding brokerage commissions and interest expense, of the value of BDRY’s average daily net assets (the

“BDRY Expense Cap,”

and together with the RISE Expense Cap, the “Expense Caps”).

The assumption of expenses

by the Sponsor and waiver of BDRY’s CTA fee are contractual on the part of the Sponsor and Breakwave, respectively.

waiver of RISE’s Sponsor fee, pursuant to the undertaking, amounted to $-0- and $24,657 for the year ended June 30, 2019

pays the Sponsor an annual Sponsor Fee, monthly in arrears, in an amount calculated as the greater of 0.15% of its average

daily net assets, or $125,000.

BDRY also paid an annual fee to Breakwave, monthly in arrears, in an amount equal to 1.45% of

BDRY’s average daily net assets.

Breakwave has agreed to waive its CTA fee to the extent necessary, and the Sponsor has

voluntarily agreed to correspondingly assume the remaining expenses of BDRY such that Fund expenses do not exceed an annual

rate of 3.50%, excluding brokerage commissions and interest expense, of the value of BDRY’s average daily net assets

through September 30, 2021 (the “BDRY Expense Cap,”

and together with the RISE Expense Cap, the “Expense

Caps”).

The assumption of expenses by the Sponsor and waiver of BDRY’s CTA fee are contractual on the part of the

Sponsor and Breakwave, respectively.

waiver of BDRY’s CTA fees, pursuant to the undertaking, amounted to $60,769 and $45,460 for the years ended June 30, 2020

and 2019, respectively, as disclosed in the Combined Statements of Operations.

waiver of RISE’s CTA fees, pursuant to the prior undertaking, amounted to $-0- and $49,453 for the years ended June

30, 2019 and 2018, respectively.

The waiver of BDRY’s CTA fees, pursuant to the undertaking, amounted to $45,460 and

$14,567 for the year ended June 30, 2019 and for the period from March 22, 2018 (commencement of investment operations) to June 30, 2018, respectively,

Funds currently accrue their daily expenses up to the applicable Expense Cap, or, if less, up accrual estimates established by

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 Funds in excess of the Fund’s

respective Expense Cap, which in the case of RISE, aggregated $389,041 and $184,268 for the years ended June 30, 2020 and 2019,

respectively, and in the case of BDRY, aggregated $284,850 and $477,429 for the years ended June 30, 2020 and 2019, respectively,

as disclosed in the Combined Statements of Operations.

Funds currently accrue their daily expenses up to the applicable 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 Funds in excess of the Fund’s respective Expense Cap, which in the

case of RISE, aggregated $184,268 and $87,625 for the years ended June 30, 2019 and 2018, respectively, and in the case of

BDRY, aggregated $477,429 and $165,676 for the year ended June 30, 2019 and for the period from March 22, 2018 (commencement

of investment operations) to June 30, 2018, respectively, as disclosed in the Combined Statements of Operations.

The Administrator, Custodian, Fund Accountant and Transfer Agent

16 unchanged sentences

Statements of Operations.

March 22, 2018, BDRY has agreed to pay U.S.

Bank 0.05% of AUM, with a $45,000 minimum annual fee payable for

its administrative, accounting and transfer agent services and 0.01% of AUM, with an annual minimum of $4,800 for

custody services.

has agreed to pay U.S.

Bank 0.05% of AUM, with a $45,000 minimum annual fee payable for its administrative, accounting and transfer

agent services and 0.01% of AUM, with an annual minimum of $4,800 for custody services.

BDRY paid U.S.

Bank $61,399 and $16,493 for the year ended June 30, 2019 and for the period from March 22,

2018 (commencement of investment operations) to June 30, 2018, respectively, as disclosed in the Combined Statements of

Bank $61,854 and $61,399

for the years ended June 30, 2020 and 2019, respectively, as disclosed in the Combined Statements of Operations.

The Distributor

7 unchanged sentences

The Distributor also assists with the processing of creation and redemption orders.

incurred $17,496 and $17,494 in distribution and related administrative services for the years ended June 30, 2019 and 2018,

respectively.

BDRY incurred $16,497 and $4,520 in distribution and related administrative services for the year ended June

30, 2019 and for the period from March 22, 2018 (commencement of investment operations) to June 30, 2018, respectively, as

disclosed in the Combined Statements of Operations.

incurred $15,539 and $17,496 in distribution and related administrative services for the years ended June 30, 2020 and 2019, respectively.

BDRY incurred $15,821 and $16,497 in distribution and related administrative services for the years ended June 30, 2020 and 2019,

respectively, as disclosed in the Combined Statements of Operations.

also pays the Sponsor an annual fee for wholesale support services equal to 0.1% of RISE’s average daily net assets, payable

2 unchanged sentences

incurred $6,223 and $45,717 in wholesale support fees for the years ended June 30, 2020 and 2019, respectively.

incurred $28,762 and $9,680 in wholesale support fees for the year ended June 30, 2019 and for the period from March 22, 2018

(commencement of investment operations) to June 30, 2018, respectively, as disclosed in the Combined Statements of

BDRY incurred

$35,622 and $28,762 in wholesale support fees for the years ended June 30, 2020 and 2019, respectively, as disclosed in the Combined

Statements of Operations.

The Commodity Broker

10 unchanged sentences

Brokerage commissions on futures contracts are recognized on a half-turn basis.

Sponsor does not expect annual brokerage commissions and fees to exceed 0.08% for RISE, and 0.76% for BDRY, of the net asset

value of the applicable Fund for execution and clearing services on behalf of the applicable Fund, although the actual amount

of brokerage commissions and fees in any year or any part of any year may be greater.

The effects of trading spreads,

financing costs associated with financial instruments, and costs relating to the purchase of U.S.

Treasury Securities or

similar high credit quality short-term fixed-income or similar securities are not included in the foregoing analysis.

incurred $52,348 and $42,798 in brokerage commissions and fees for the years ended June 30, 2019 and 2018, respectively.

incurred $34,610 and $16,135 in brokerage commissions and fees for the year ended June 30, 2019 and for the period from March

22, 2018 (commencement of investment operations) to June 30, 2018, respectively, as disclosed in the Combined Statements of

the respective Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) for each

Fund, Wilmington Trust Company, the Trustee of each of the Funds (the “Trustee”) serves as the sole trustee of

each Fund in the State of Delaware.

The Trustee will accept service of legal process on the Funds in the State of Delaware

and will make certain filings under the Delaware Statutory Trust Act.

Under the respective Trust Agreement for each Fund, the

Sponsor has the exclusive management and control of all aspects of the business of the Fund.

The Trustee does not owe any

other duties to the Fund, the Sponsor or the Shareholders of the Fund.

The Trustee has no duty or liability to supervise or

monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor.

RISE incurred $2,500 and $5,000, in trustee fees for the years ended June 30, 2019 and 2018, respectively.

BDRY incurred

$2,500 and $692 in trustee fees for the year ended June 30, 2019 and for the period from March 22, 2018 (commencement of

investment operations) to June 30, 2018, respectively, which is included in Other Expenses in the Combined Statements of

Sponsor does not expect annual brokerage commissions and fees to exceed 0.08% for

RISE, and approximately 0.40% (excluding the impact on the Fund of creation and/or redemption activity) for BDRY, of the

net asset value of the applicable Fund for execution and clearing services on behalf of the applicable Fund, although the actual

amount of brokerage commissions and fees in any year or any part of any year may be greater.

The effects of trading spreads, financing

costs associated with financial instruments, and costs relating to the purchase of U.S.

Treasury Securities or similar high credit

quality short-term fixed-income or similar securities are not included in the foregoing analysis.

RISE incurred $4,961 and $52,348

in brokerage commissions and fees for the years ended June 30, 2020 and 2019, respectively.

BDRY incurred $208,650 and $34,610

in brokerage commissions and fees for the years ended June 30, 2020 and 2019, respectively, as disclosed in the Combined Statements

of Operations.

the respective Amended and Restated Declaration of Trust and Trust Agreement (the “Trust Agreement”) for each Fund,

Wilmington Trust Company, the Trustee of each of the Funds (the “Trustee”) serves as the sole trustee of each Fund

in the State of Delaware.

The Trustee will accept service of legal process on the Funds in the State of Delaware and will make

certain filings under the Delaware Statutory Trust Act.

Under the respective Trust Agreement for each Fund, the Sponsor has the

exclusive management and control of all aspects of the business of the Fund.

The Trustee does not owe any other duties to the

Fund, the Sponsor or the Shareholders of the Fund.

The Trustee has no duty or liability to supervise or monitor the performance

of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor.

RISE and BDRY each incurred

$2,500, in trustee fees for each of the two years in the period ended June 30, 2020, which is included in Other Expenses in the

Combined Statements of Operations.

Routine Offering, Operational, Administrative and Other Ordinary Expenses

January 1, 2018, the Sponsor, in accordance with the RISE Expense Cap limitation, paid all of the routine offering, operational,

administrative and other ordinary expenses of RISE in excess of 1.00% (excluding brokerage commissions and interest expense) of

RISE’s average daily net assets, including, but not limited to, accounting and computer services, the fees and expenses

of the Trustee, Administrator, Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation

expenses, filing fees, and printing, mailing and duplication costs.

Through December 31, 2017, the Sponsor, in accordance with

RISE’s Expense Cap limitation, paid all of the routine offering, operational, administrative and other ordinary expenses

of RISE in excess of 1.50% (excluding brokerage commissions and interest expense) of RISE’s average daily net assets, including,

but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator, Custodian, Transfer

Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing, mailing

and duplication costs.

RISE incurred $693,783 and $606,334 for the years ended June 30, 2019 and 2018, respectively, in routine

offering, operational, administrative or other ordinary expenses.

CTA fee waiver for RISE by Sit expired December 31, 2017, and for the year ended June 30, 2018, the Combined Statements of Operations

includes $49,453 in CTA fee waivers, which was attributable to the six months ended December 31, 2017.

Sponsor fee waiver for RISE by the Sponsor commenced January 1, 2018, pursuant to the undertaking (as discussed in Note 4a) and

amounted to $24,657 for the year ended June 30, 2018.

addition, the assumption of Fund expenses above the RISE Expense Cap by the Sponsor, pursuant to the undertakings (as discussed

in Note 4a), amounted to $184,268 and $87,625, respectively, for the years ended June 30, 2019 and 2018, respectively.

Sponsor, in accordance with the BDRY Expense Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, all

of the routine offering, operational, administrative and other ordinary expenses of BDRY in excess of 1.00% (excluding

brokerage commissions and interest expense) of BDRY’s average daily net assets, including, but not limited to,

accounting and computer services, the fees and expenses of the Trustee, Administrator, Custodian, Transfer Agent and

Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing, mailing and

duplication costs.

BDRY incurred $667,238 and $231,538 during the year ended June 30, 2019 and for the period from March 22,

2018 (commencement of investment operations) to June 30, 2018, respectively, in routine offering, operational, administrative

or other ordinary expenses.

CTA fee waiver for BDRY by Breakwave was $45,460 and $14,567 for the year ended June 30, 2019 and for the period from March 22,

2018 (commencement of investment operations) to June 30, 2018, respectively.

addition, the assumption of Fund expenses above the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as

discussed in Note 4a), amounted to $477,429 and $165,676 for the year ended June 30, 2019 and for the period from March 22,

2018 (commencement of investment operations) to June 30, 2018, respectively.

Sponsor, in accordance with the RISE Expense Cap limitation, paid all of the routine offering, operational, administrative and

other ordinary expenses of RISE in excess of 1.00% (excluding brokerage commissions and interest expense) of RISE’s average

daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator,

Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees,

and printing, mailing and duplication costs.

RISE incurred $456,460 and $693,783 for the years ended June 30, 2020 and 2019, respectively,

in routine offering, operational, administrative or other ordinary expenses.

assumption of Fund expenses above the RISE Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a),

amounted to $389,041 and $184,268, respectively, for the years ended June 30, 2020 and 2019, respectively.

Sponsor, in accordance with the BDRY Expense Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, all of

the routine offering, operational, administrative and other ordinary expenses of BDRY in excess of 3.50% (excluding brokerage

commissions and interest expense) of BDRY’s average daily net assets, including, but not limited to, accounting and computer

services, the fees and expenses of the Trustee, Administrator, Custodian, Transfer Agent and Distributor, legal and accounting

fees and expenses, tax return preparation expenses, filing fees, and printing, mailing and duplication costs.

BDRY incurred $847,729

and $667,238 during the years ended June 30, 2020 and 2019, respectively, in routine offering, operational, administrative or

other ordinary expenses.

CTA fee waiver for BDRY by Breakwave was $60,769 and $45,460 for the years ended June 30, 2020 and 2019, respectively.

addition, the assumption of Fund expenses above the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed

in Note 4a), amounted to $284,850 and $477,429 for the years ended June 30, 2020 and June 30, 2019, respectively.

Organizational and Offering Costs

5 unchanged sentences

all such expenses are not reflected in the Statements of Operations.

The Fund will bear the costs of its continuous offering

of Shares and ongoing offering expenses.

Such ongoing offering costs will be included as a portion of the Routine Offering,

Operational, Administrative and Other Ordinary Expenses.

These costs will include registration fees for regulatory agencies

and all legal, accounting, printing and other expenses associated therewith.

These costs will be accounted for as a deferred

charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.

the years ended June 30, 2019 and 2018, respectively, RISE did not incur such expenses.

For the year ended June 30, 2019 and

for the period from March 22, 2018 (commencement of investment operations) to June 30, 2018, respectively, BDRY did not incur

such expenses.

The Fund will bear the costs of its continuous offering of

Shares and ongoing offering expenses.

Such ongoing offering costs will be included as a portion of the Routine Offering, Operational,

Administrative and Other Ordinary Expenses.

These costs will include registration fees for regulatory agencies and all legal,

accounting, printing and other expenses associated therewith.

These costs will be accounted for as a deferred charge and thereafter

amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.

For the years ended June 30,

2020 and 2019, respectively, RISE and BDRY did not incur such expenses.

Extraordinary Fees and Expenses

Fund will pay all extraordinary fees and expenses, if any.

Extraordinary fees and expenses are fees and expenses which are

nonrecurring and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other

unanticipated expenses.

Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and

For the years ended June 30, 2019 and 2018, respectively, RISE did not incur such expenses.

For the year ended June

30, 2019 and for the period from March 22, 2018 (commencement of investment operations) to June 30, 2018, respectively, BDRY

did not incur such expenses.

Extraordinary fees and expenses are fees and expenses which are nonrecurring

and unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other unanticipated expenses.

Such extraordinary fees and expenses, by their nature, are unpredictable in terms of timing and amount.

For the years ended June

30, 2020 and 2019, respectively, RISE and BDRY did not incur such expenses.

Creations and Redemptions

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connection with orders to create and redeem one or more Creation or Redemption Baskets, an Authorized Participant is required

to pay a transaction fee, or AP Transaction Fee, of $500 per order, which goes directly to the Custodian.

The AP Transaction Fees

are paid by the Authorized Participants and not by the Funds.

to pay a transaction fee, or AP Transaction Fee, of $250 ($500 prior to May 18, 2020) per order, which goes directly to the Custodian.

The AP Transaction Fees are paid by the Authorized Participants and not by the Funds.

Share Transactions

4 unchanged sentences

$ (6,331,666 )

$ (37,101,090 )

of Share Transactions for the Year Ended June 30, 2018

Summary of Share Transactions for the Year Ended June 30, 2019

Net Assets Increase

Shares Redeemed

(62,562,010 )

$ (37,101,090 )

DRY BULK SHIPPING ETF

of Share Transactions for the Year Ended June 30, 2019

Summary of Share Transactions for the Year Ended June 30, 2020

Net Assets Increase

1 unchanged sentence

DRY BULK SHIPPING ETF

of Share Transactions for the Period from March 22, 2018 (commencement of investment operations) to June 30, 2018

Summary of Share Transactions for the Year Ended June 30, 2019

Net Assets Increase

70 unchanged sentences

with the applicable Benchmark Portfolio.

Natural or environmental disasters, such as earthquakes, fires,

floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics

and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and

have recently led, and may continue to lead, to increased market volatility and significant market losses.

Such natural disaster

and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns,

delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with

potential corresponding results on the operating performance of the Funds and their investments.

A climate of uncertainty and panic,

including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce

the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market

conditions, potentially reducing the accuracy of financial projections.

Under these circumstances, the Funds may have difficulty

achieving their investment objectives which may adversely impact performance.

Further, such events can be highly disruptive to

economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds'

Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest

and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds' investments.

factors can cause substantial market volatility.

exchange trading suspensions and closures and can impact the ability of the Funds

to complete redemptions and otherwise affect Fund performance and Fund trading in the secondary market.

A widespread crisis may

also affect the global economy in ways that cannot necessarily be foreseen at the current time.

How long such events will last

and whether they will continue or recur cannot be predicted.

Impacts from these events could have significant impact on a Fund's

performance, resulting in losses to the Funds.

(d) Risk that Current Assumptions and Expectations Could

Become Outdated As a Result of Global Economic Shocks

The onset of the novel coronavirus

(COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme

actions to slow and contain the spread of COVID-19.

These actions have had, and likely will continue to have, a severe

economic impact on global economies as economic activity in some instances has essentially ceased at times.

Financial markets

across the globe are experiencing severe distress at least equal to what was experienced during the global financial crisis

The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and

expectations of the Funds to become outdated quickly or inaccurate, resulting in significant losses.

Profit and Loss Allocations and Distributions

41 unchanged sentences

Total Return, at Market Value**

Period from March 22, 2018 (commencement of investment operations) to June 30, 2018.

Percentages are annualized.

Percentages are not annualized.

For Sit Rising

Rate ETF, effective January 1, 2018, Fund expenses have been capped at 1.00% of average daily net assets, plus brokerage

are annualized.

are not annualized.

Sit Rising Rate ETF, Fund expenses have been capped at 1.00% of average daily net assets, plus brokerage commissions and interest

For Breakwave Dry Bulk Shipping ETF, Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage

commissions and interest expense.

For Breakwave Dry Bulk Shipping ETF, as of March 22, 2018 (commencement of investment

operations), Fund expenses have been capped at 3.50% of average daily net assets, plus brokerage commissions and interest

Report of Independent Registered Public

Accounting Firm

To the Sponsor and Shareholders of

ETF Managers Group Commodity Trust I

Opinion on the financial statements

We have audited the accompanying statements

of assets and liabilities of SIT Rising Rate ETF and Breakwave Dry Bulk Shipping ETF (the “Funds”) and the combined

statement of assets and liabilities of ETF Managers Group Commodity Trust I (the “Trust”), including the schedules

of investments of the Funds and the combined schedules of investments of the Trust, as of June 30, 2019 and 2018, and the related

statements of operations, changes in net assets and cash flows of the Funds;

combined statements of operations, changes in net

assets, and cash flows of the Trust for the years then ended, and the related notes (collectively referred to as the “financial

statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position

of the Funds and the Trust as of June 30, 2019 and 2018, and the results of their operations and their cash flows for the years

then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility

of the Funds’

of Independent Registered Public Accounting Firm

the Sponsor and Shareholders of

Managers Group Commodity Trust I

on the financial statements

have audited the accompanying statements of assets and liabilities of SIT Rising Rate ETF and Breakwave Dry Bulk Shipping ETF

(the “Funds”) and the combined statement of assets and liabilities of ETF Managers Group Commodity Trust I (the “Trust”),

including the schedules of investments of the Funds and the combined schedules of investments of the Trust, as of June 30, 2020

and 2019, and the related statements of operations, changes in net assets and cash flows of the Funds;

combined statements of

operations, changes in net assets, and cash flows of the Trust for the years then ended, and the related notes (collectively referred

to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects,

the financial position of the Funds and the Trust as of June 30, 2020 and 2019, and the results of their operations and their

cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

financial statements are the responsibility of the Funds’

and the Trust’s management.

Our responsibility is to express an opinion on the Funds’

and Trust’s financial statements

based on our audits.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect

to the Funds and the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the

Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with

the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether

the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have,

nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit we are required

to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the

effectiveness of the entity’s internal control over financial reporting.

Our responsibility is to express

an opinion on the Funds’

and Trust’s financial statements based on our audits.

We are a public accounting firm registered

with the PCAOB and are required to be independent with respect to the Funds and the Trust in accordance with the U.S.

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the

audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due

to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over

financial reporting.

As part of our audits we are required to obtain an understanding of internal control over financial

reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over

financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures

to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures

that respond to those risks.

Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures

in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made

by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a

reasonable basis for our opinion.

/s/WithumSmith+Brown, PC

We have served as the Trust’s and Funds’

audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence

supporting the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

WithumSmith+Brown, PC

have served as the Trust’s and Funds’

auditor since 2014.

September 30, 2019

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

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 8. Financial Statements and Supplementary Data