What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-09-27 compared with 2022-09-26 · 843 added, 664 removed, 63 unchanged (96% of the section changed)

Trust and the Funds

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

a series trust formed pursuant to the Delaware Statutory Trust Act and currently includes one series:

Breakwave Dry Bulk Shipping ETF

(“BDRY,” or the “Fund”) is a commodity pool that continuously issues shares of beneficial interest that may be

purchased and sold on the NYSE Arca.

SIT Rising Rate ETF (“RISE”) also operated as a series of the Trust, but was liquidated

on November 18, 2020 at its final net asset value as of that date.

commenced investment operations on March 22, 2018.

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

principal office of the Trust and the Fund is located at 30 Maple Street, Suite 2, Summit, NJ 07901.

The Trust and the Funds

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:

(i) Breakwave Dry Bulk Shipping ETF (“BDRY”), which is a commodity pool that

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

stock exchange (“NYSE Arca”),

and (ii) Breakwave Tanker Shipping ETF (“BWET,” and together with BDRY, each, a “Fund” and collectively, the “Funds”),

which is also a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on NYSE Arca.

BDRY commenced investment operations on March

BDRY commenced trading on NYSE Arca on March 22, 2018 and trades under the symbol “BDRY.” BWET commenced investment

operations on May 3, 2023.

BWET commenced trading on the NYSE Arca on May 3, 2023 and trades under the symbol “BWET.”

The principal office of the Trust and the Funds

is located at 30 Maple Street, Suite 2, Summit, NJ 07901.

The telephone number is (844) 383-6477.

Fund is managed and controlled by ETF Managers Capital LLC (the “Sponsor”), a single member limited liability company that

was formed in the state of Delaware on June 12, 2014.

The Fund pays the Sponsor a management fee.

The Sponsor maintains its main business

office at 30 Maple Street, Suite 2, Summit, NJ 07901.

The Funds are each managed and controlled by ETF

Managers Capital LLC (the “Sponsor”), a single member limited liability company that was formed in the state of Delaware on

June 12, 2014.

Each Fund pays the Sponsor a management fee.

The Sponsor maintains its main business office at 30 Maple Street, Suite 2,

Summit, NJ 07901.

The Sponsor’s telephone number is (844) 383-6477.

Fund is a “commodity pool” as defined by the Commodity Exchange Act (“CEA”).

Consequently, the Sponsor has registered

as a commodity pool operator (“CPO”) with the Commodity Futures Trading Commission (“CFTC”) and is a member of

the National Futures Association (“NFA”).

Sponsor is a wholly-owned subsidiary of Exchange Traded Managers Group LLC (“ETFMG”), a limited liability company domiciled

and headquartered in New Jersey.

Dry Bulk Shipping ETF

Investment Objective

investment objective is to provide investors with exposure to the daily change in the price of dry bulk freight futures by tracking the

performance of a portfolio (the “BDRY Benchmark Portfolio” ) consisting of exchange-cleared futures contracts on the cost

of shipping dry bulk freight (“Freight Futures”).

BDRY seeks to achieve its investment objective by investing substantially

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

BDRY Benchmark Portfolio is maintained by Breakwave Advisors LLC (“Breakwave”), which also serves as BDRY’s Commodity

Trading Advisor (“CTA”).

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

Commodity Trading Advisor

serves as BDRY’s CTA.

Breakwave is a Delaware limited liability company.

is registered as a CTA with the CFTC and is a member of the NFA.

provides its services to BDRY under a Services Agreement with the Sponsor.

Under this agreement, Breakwave has agreed to compose and

maintain the BDRY Benchmark Portfolio and license to the Sponsor the use of the BDRY Benchmark Portfolio.

Investing Strategy

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 will include all existing positions to maturity and settle them in cash.

any given calendar quarter, the BDRY Benchmark Portfolio will progressively increase its position to the next calendar quarter three-month

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

BDRY Benchmark Portfolio will maintain long-only positions in Freight Futures.

The BDRY Benchmark Portfolio will include a combination

of Capesize, Panamax and Supramax Freight Futures.

More specifically, the BDRY Benchmark Portfolio will include 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 will not include and BDRY will 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 will be 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 futures commission merchant (“FCM”).

On a daily basis, BDRY 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 Freight Futures positions.

Any assets not required to be posted as margin with BDRY’s FCM will generally

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

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 and for other liquidity purposes and to meet redemptions that may be necessary

on an ongoing basis.

BDRY may also realize interest income from its holdings in U.S.

The Funds are each a “commodity pool”

as defined by the Commodity Exchange Act (“CEA”).

Consequently, the Sponsor has registered as a commodity pool operator (“CPO”)

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

The Sponsor is a wholly-owned subsidiary of Exchange

Traded Managers Group LLC (“ETFMG”), a limited liability company domiciled and headquartered in New Jersey.

Breakwave Dry Bulk Shipping ETF

BDRY Investment Objective

BDRY’s investment objective is to provide

investors with exposure to the daily change in the price of dry bulk freight futures by tracking the performance of a portfolio (the “BDRY

Benchmark Portfolio” ) consisting of exchange-cleared futures contracts on the cost of shipping dry bulk freight (“Dry Freight

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

currently constituting the BDRY Benchmark Portfolio.

The BDRY Benchmark Portfolio is maintained by

Breakwave Advisors LLC (“Breakwave”), which also serves as BDRY’s Commodity Trading Advisor (“CTA”).

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

BDRY Commodity Trading Advisor

Breakwave serves as BDRY’s CTA.

is a Delaware limited liability company.

Breakwave is registered as a CTA with the CFTC

and is a member of the NFA.

Breakwave provides its services to BDRY under

a Services Agreement with the Sponsor.

Under this agreement, Breakwave has agreed to compose and maintain the BDRY Benchmark Portfolio

and license to the Sponsor the use of the BDRY Benchmark Portfolio.

BDRY Investing Strategy

BDRY seeks to achieve its investment objective

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

Benchmark Portfolio will include all existing positions to maturity and settle them in cash.

During any given calendar quarter, the BDRY

Benchmark Portfolio will progressively increase its position to the next calendar quarter three-month strip, thus maintaining constant

exposure to the Dry Freight Futures market as positions mature.

The BDRY Benchmark Portfolio will maintain long-only

positions in Dry Freight Futures.

The BDRY Benchmark Portfolio will include a combination of Capesize, Panamax and Supramax Dry Freight

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

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

The BDRY Benchmark Portfolio will

not include and BDRY will 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 Dry Freight Futures.

The BDRY Benchmark

Portfolio is maintained by Breakwave and will be rebalanced annually.

The Dry Freight Futures currently constituting the BDRY Benchmark

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

When establishing positions in Dry Freight Futures,

BDRY will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Dry 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 futures commission merchant (“FCM”).

On a daily basis, BDRY 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 Dry Freight Futures

Any assets not required to be posted as margin with BDRY’s FCM will generally be held at BDRY’s custodian in cash

or cash equivalents, as discussed below.

BDRY will hold cash or cash equivalents such as

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

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

BDRY may also realize interest income from its holdings in

Treasuries or other market rate instruments.

Benchmark Portfolio

BDRY Benchmark Portfolio is maintained by Breakwave, which also serves as BDRY’s CTA.

The BDRY Benchmark Portfolio consists of

the Freight Futures, which are 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.

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 – Capesize, Panamax or Supramax.

The three Reference Indexes are as

BDRY Benchmark Portfolio

The BDRY Benchmark Portfolio is maintained by

Breakwave, which also serves as BDRY’s CTA.

The BDRY Benchmark Portfolio consists of the Dry Freight Futures, which are 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.

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

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

ship - Capesize, Panamax or Supramax.

The three Reference Indexes are as follows:

the Capesize 5TC Index;

the Panamax 4TC Index;

the Supramax 10TC Index.

Freight Futures currently constituting the BDRY Benchmark Portfolio as of June 30, 2022 include:

BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE

INDEX - JUL 22

The Dry Freight Futures currently constituting

the BDRY Benchmark Portfolio as of June 30, 2023 include:

BALTIC CAPESIZE TIME CHARTER - JUL 23

BFFATC N23 Index

BALTIC CAPESIZE TIME CHARTER - AUG 23

BFFATC Q23 Index

BALTIC CAPESIZE TIME CHARTER - SEP 23

BFFATC U23 Index

BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX - JUL 23

BFFAP N23 Index

9 unchanged sentences

S58FM U23 Index

BALTIC CAPESIZE TIME CHARTER - JUL 22

BFFATC N22 Index

BALTIC CAPESIZE TIME CHARTER - AUG 22

BFFATC Q22 Index

BALTIC CAPESIZE TIME CHARTER - SEP 22

BFFATC U22 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 10TC

Index are each 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.

Trading Policies

invests principally in exchange cleared futures that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready

taking of orders in these financial interests.

Sponsor endeavors to have the value of the Fund’s Treasury Securities, cash and cash equivalents, whether held by the Fund or posted

as margin or collateral, at all times approximate the aggregate market value of its obligations under the Fund’s Freight Futures

interests, adjusted for the proportion of the current month’s Freight Futures contracts whose value has already been assessed.

does not intend to or foresees the need to borrow money or establish lines of credit.

does not and will not employ the technique, commonly known as pyramiding, in which the speculator uses unrealized profits on existing

positions as variation margin for the purchase of additional positions in the same commodity interest.

Distributions

Sponsor has discretionary authority over all distributions made by BDRY.

In view of BDRY’s objective of seeking significant capital

appreciation, the Sponsor currently does not intend to cause BDRY to make any distributions, but, has the sole discretion to do so from

time to time.

Requirements and Marking-to-Market Futures Positions

margin” is an amount of funds that must be deposited by a commodity trader with the trader’s broker to initiate an open position

in futures contracts.

A margin deposit is like a cash performance bond.

It helps assure the trader’s performance of the futures

contracts that he or she purchases or sells.

Futures contracts are customarily bought and sold on initial margin that represents a small

percentage of the aggregate purchase or sales price of the contract.

The amount of margin required in connection with a particular futures

contract is set by the exchange on which the contract is traded.

Brokerage firms, such as BDRY’s clearing broker, carrying accounts

for traders in commodity interest contracts may require higher amounts of margin as a matter of policy to further protect themselves.

contracts are marked to market at the end of each trading day and the margin required with respect to such contracts is adjusted accordingly.

This process of marking-to-market is designed to prevent losses from accumulating in any futures account.

Therefore, if BDRY’s

futures positions have declined in value, BDRY may be required to post “variation margin” to cover this decline.

Alternatively,

if BDRY’s futures positions have increased in value, this increase will be credited to BDRY’s account.

Fund enters into futures contracts to gain exposure to changes in the value of the Benchmark Portfolio.

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 Fund is 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 Statements

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

Pursuant to the futures contract, the Fund agrees 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 Fund as unrealized gains or losses.

The Fund will realize a gain or loss upon closing a 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.

The face or contract amounts reflect the extent of the total exposure the Fund has 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 Fund since futures contracts are exchange-traded

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

Fund’s Service Providers

Administrator,

Custodian, Fund Accountant, and Transfer Agent

Fund has appointed U.S.

Bank, a national banking association, with its principal office in Milwaukee, Wisconsin, as the custodian (the

“Custodian”).

Its affiliate, U.S.

Bancorp Fund Services, is the Fund accountant (the “Fund Accountant”) of the

Fund, transfer agent (the “Transfer Agent”) for the Fund’s shares and administrator for the Fund (the “Administrator”).

It performs certain administrative and accounting services for the Fund and prepares certain SEC, NFA and CFTC reports on behalf of the

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 10TC Index are each disseminated at 1:00 p.m., London

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.

Breakwave Tanker Shipping ETF

BWET Investment Objective

BWET’s investment objective is to provide

investors with exposure to the daily change in the price of crude oil tanker freight futures by tracking the performance of a portfolio

(the “BWET Benchmark Portfolio” and, collectively with the BDRY Benchmark Portfolio, the “Benchmark Portfolios”)

consisting of exchange-cleared futures contracts on the cost of shipping crude oil (“Oil Freight Futures” and, collectively

with Dry Freight Futures, the “Freight Futures”).

BWET seeks to achieve its investment objective by investing substantially

all of its assets in the Oil Freight Futures currently constituting the BWET Benchmark Portfolio.

The BWET Benchmark Portfolio is maintained by

Breakwave, which also serves as BWET’s CTA.

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

BWET Commodity Trading Advisor

Breakwave serves as BWET’s CTA.

is a Delaware limited liability company.

Breakwave is registered as a CTA with the CFTC

and is a member of the NFA.

Breakwave provides its services to BWET under

a Services Agreement with the Sponsor.

Under this agreement, Breakwave has agreed to compose and maintain the BWET Benchmark Portfolio

and license to the Sponsor the use of the BWET Benchmark Portfolio.

BWET Investing Strategy

BWET seeks to achieve its investment objective

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

Benchmark Portfolio will include all existing positions to maturity and settle them in cash.

During any given calendar quarter, the BWET

Benchmark Portfolio will progressively increase its position to the next calendar quarter three-month strip, thus maintaining constant

exposure to the Oil Freight Futures market as positions mature.

The BWET Benchmark Portfolio will maintain long-only

positions in Oil Freight Futures.

The BWET Benchmark Portfolio will include a combination of TD3C and TD20 Oil Freight Futures.

More specifically,

the BWET Benchmark Portfolio will include 90% exposure in TD3C Oil Freight Futures contracts and 10% exposure in TD20 Oil Freight Futures

The BWET Benchmark Portfolio will not include and BWET will not invest in swaps, non-cleared crude oil freight forwards or

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

BWET may hold exchange-traded

options on Oil Freight Futures.

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

The Oil Freight

Futures currently constituting the BWET Benchmark Portfolio, as well as the daily holdings of BWET will be available on BWETS’s

website at www.tankeretf.com.

When establishing positions in Oil Freight Futures,

BWET will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Oil 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 BWET’s futures commission merchant (“FCM”).

On a daily basis, BWET 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 Oil Freight Futures

Any assets not required to be posted as margin with BWET’s FCM will generally be held at BWET’s custodian in cash

or cash equivalents, as discussed below.

BWET will hold cash or cash equivalents such as

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

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

BWET may also realize interest income from its holdings in

Treasuries or other market rate instruments.

BWET Benchmark Portfolio

The BWET Benchmark Portfolio is maintained by

Breakwave, which also serves as BWET’s CTA.

The BWET Benchmark Portfolio consists of the Oil Freight Futures, which are a three-month

strip of the nearest calendar quarter of futures contracts on specified indexes (each a “Reference Index”) that measure rates

for shipping crude oil.

Each Reference Index is published each United Kingdom business day by the Baltic Exchange and measures the charter

rate for shipping crude oil in a specific size category of cargo ship and for a specific route – TD3C or TD20.

The two Reference

Indexes are as follows:

the TD3C Index;

the TD20 Index.

The Oil Freight Futures currently constituting

the BWET Benchmark Portfolio as of June 30, 2023 include:

BALTIC TD3C TIME CHARTER - JUL 23

BFFA3D N23 Index

BALTIC TD3C TIME CHARTER - AUG 23

BFFA3D Q23 Index

BALTIC TD3C TIME CHARTER - SEP 23

BFFA3D U23 Index

BALTIC TD20 TIME CHARTER - JUL 23

BFFD20 N23 Index

BALTIC TD20 TIME CHARTER - AUG 23

BFFD20 Q23 Index

BALTIC TD20 TIME CHARTER - SEP 23

BFFD20 U23 Index

The value of the TD3C Index and the TD20 Index

is disseminated daily at 4:00 p.m.

London Time by the Baltic Exchange 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.

Fund Trading Policies

Each Fund invests principally in exchange

cleared futures that, in the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking of orders in these

financial instruments.

The Sponsor endeavors to have the value of each

Fund’s Treasury Securities, cash and cash equivalents, whether held by the Fund or posted as margin or collateral, at all times

approximate the aggregate market value of its obligations under the Fund’s Freight Futures interests, adjusted for the proportion

of the current month’s Freight Futures contracts whose value has already been assessed.

Each Fund does not intend to, or foresees the

need to, borrow money or establish lines of credit.

Each Fund does not and will not employ the technique,

commonly known as pyramiding, in which the speculator uses unrealized profits on existing positions as variation margin for the purchase

of additional positions in the same commodity interest.

No Distributions

The Sponsor has discretionary authority over all

distributions made by the Funds.

In view of each Fund’s objective of seeking significant capital appreciation, the Sponsor currently

does not intend to cause a Fund to make any distributions, but, has the sole discretion to do so from time to time.

Margin Requirements and Marking-to-Market Futures Positions

“Initial margin” is an amount of funds

that must be deposited by a commodity trader with the trader’s broker to initiate an open position in futures contracts.

deposit is like a cash performance bond.

It helps assure the trader’s performance of the futures contracts that he or she purchases

Futures contracts are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase

or sales price of the contract.

The amount of margin required in connection with a particular futures contract is set by the exchange

on which the contract is traded.

Brokerage firms, such as the Funds’ clearing broker, carrying accounts for traders in commodity

interest contracts may require higher amounts of margin as a matter of policy to further protect themselves.

Futures contracts are marked to market at the

end of each trading day and the margin required with respect to such contracts is adjusted accordingly.

This process of marking-to-market

is designed to prevent losses from accumulating in any futures account.

Therefore, if a Fund’s futures positions have declined in

value, the Fund may be required to post “variation margin” to cover this decline.

Alternatively, if a Fund’s futures

positions have increased in value, this increase will be credited to the Fund’s account.

Futures Contracts

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.

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 each 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 each 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.

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.

The Funds’ Service Providers

Administrator, Custodian, Fund Accountant, and Transfer Agent

The Funds have each appointed U.S.

Bank, a national

banking association, with its principal office in Milwaukee, Wisconsin, as the custodian (the “Custodian”).

Its affiliate,

Bancorp Fund Services, is the Fund accountant (the “Fund Accountant”) of the Funds, transfer agent (the “Transfer

Agent”) for the Funds’ shares and administrator for the Funds (the “Administrator”).

It performs certain administrative

and accounting services for the Funds and prepares certain SEC, NFA and CFTC reports on behalf of the Funds.

Bank and U.S.

Bancorp Fund Services are referred to collectively hereinafter as “U.S.

Financial LLC (the “Distributor”), a wholly-owned subsidiary of ETFMG), has provided statutory and wholesaling distribution

services to BDRY since it commenced trading on the NYSE Arca on March 22, 2018.

Fund pays the Distributor an annual fee for statutory and wholesaling distribution services and related administrative services equal

to the greater of $15,000 or 0.02% of the Fund’s average daily net assets, payable monthly.

Pursuant to the Marketing Agent Agreement

between the Sponsor, the Fund and the Distributor, the Distributor assists the Sponsor and the Fund with certain functions and duties

relating to distribution and marketing services to the Fund, including reviewing and approving marketing materials and certain regulatory

compliance matters.

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

no event will the aggregate compensation paid to the Distributor and any affiliate of the Sponsor for distribution-related services in

connection with the offering of shares exceed ten percent (10%) of the gross proceeds of the offering.

The Distributor’s principal

business address is 30 Maple Street, Suite 2, Summit, New Jersey, 07901.

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

Trust Company, the Trustee of the Fund (the “Trustee”) serves as the sole trustee of the Fund in the State of Delaware.

Trustee will accept service of legal process on the Fund in the State of Delaware and will make certain filings under the Delaware Statutory

Under the Trust Agreement for the Fund, the Sponsor has the exclusive management and control of all aspects of the business

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.

Fund Services are referred to collectively hereinafter as “U.S.

ETFMG Financial LLC (“ETFMG Financial”),

a wholly-owned subsidiary of ETFMG, provided statutory and wholesaling distribution services to each Fund since it commenced trading on

the NYSE Arca through August 14, 2023.

Each Fund paid ETFMG Financial an annual fee for statutory and wholesaling distribution services

and related administrative services equal to the greater of $15,000 or 0.02% of the Fund’s average daily net assets, payable monthly.

Pursuant to the Marketing Agent Agreement between the Sponsor, each Fund and ETFMG Financial, ETFMG Financial assisted the Sponsor and

the applicable Fund with certain functions and duties relating to distribution and marketing services to the applicable Fund, including

reviewing and approving marketing materials and certain regulatory compliance matters.

ETFMG Financial also assisted with the processing

of creation and redemption orders.

Effective August 14, 2023, the Sponsor

entered into a Marketing Agent Agreement (the “Marketing Agent Agreement”) on behalf of the Trust and the Funds with

Foreside Fund Services, LLC (“Foreside”), pursuant to which Foreside provides certain marketing services to the Funds.

Each Fund pays an annual fee for such distribution services and related administrative services equal to approximately

0.00006 % of the Fund’s average daily net assets, with a minimum of approximately $7,150 payable annually.

the Marketing Agent Agreement between the Sponsor, the Funds and Foreside, Foreside assists the Sponsor and the Funds with certain

functions and duties relating to distribution and marketing services to the Funds, including reviewing and approving marketing

materials and certain regulatory compliance matters.

Foreside also assists with the processing of creation and redemption orders.

Foreside’s principal business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

Foreside is a broker-dealer

registered with FINRA.

Under the respective Amended and Restated Declaration

of Trust and Trust Agreement (each, a “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 Trust

Agreement for each Fund, the Sponsor has the exclusive management and control of all aspects of the business of the Funds.

does not owe any other duties to the Funds, 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.

Futures Commission Merchant

ED&F Man Capital Markets Limited (“ED&F

Man”) registered in England, serves as BDRY’s clearing broker (the “Commodity Broker”).

In its capacity as clearing

broker, the Commodity Broker executes and clear BDRY’s futures transactions and performs certain administrative services for the

ED&F Man Capital Inc., a Delaware limited liability company, served as BDRY’s clearing broker from November 6, 2020 through

June 2, 2022.

Prior to November 6, 2020, Macquarie Futures USA LLC served as BDRY’s clearing broker.

ED&F Man is a futures

commission merchant registered with the CFTC.

BDRY pays 0.10% of nominal value in brokerage commissions and approximately $12 per lot

in clearing and exchange related fees (excluding the impact on the Fund of creation and/or redemption activity).

ED&F Man’s head office is at 3 London

Bridge Street, London, SE1 9SG.

have been no material administrative, civil or criminal actions brought, pending or concluded against ED&F Man or its principals

in the past five years.

ED&F Man nor any affiliate, officer, director or employee thereof have passed on the merits of the prospectus or offering, or give

any guarantee as to the performance or any other aspect of BDRY.

Man is not affiliated with either BDRY or the Sponsor.

Therefore, the Sponsor and BDRY do not believe that BDRY has any conflicts of

interest with ED&F Man or its trading principals arising from their acting as BDRY’s FCM.

On June 1, 2022, Marex Financial, registered in England, also became a clearing broker for BDRY, on terms substantially identical to ED&F

BDRY did not clear any transactions through Marex Financial through June 30, 2022.

On August 1, 2022, Marex announced it had agreed

to aquire ED&F Man.

The transaction is expected to be completed by the end of 2022.

& Worcester LLP serves as legal counsel to the Trust and the Fund.

pays the Sponsor a management fee (the “Sponsor Fee”) in consideration of the Sponsor’s advisory services to the Fund.

Additionally, BDRY pays its commodity trading advisor a license and service fee (the “CTA Fee”).

pays the Sponsor Fee, monthly in arrears, in an amount equal to the greater of 0.15% per year of BDRY’s average daily net assets,

BDRY’s Sponsor Fee is paid in consideration of the Sponsor’s management services to BDRY.

BDRY also pays Breakwave

the CTA Fee monthly in arrears, for the use of BDRY’s Benchmark Portfolio in an amount equal to 1.45% per annum of BDRY’s

average daily net assets.

has agreed to waive its CTA Fee and the Sponsor has agreed to correspondingly assume the remaining expenses of BDRY so that BDRY’s

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

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

The assumption of expenses and waiver of BDRY’s

CTA Fee are contractual on the part of the Sponsor and Breakwave, respectively, through March 31, 2024.

If after that date, the Sponsor

and/or Breakwave no longer assumed expenses or waived the CTA Fee, respectively, BDRY could be adversely impacted, including in its ability

to achieve its investment objective.

assumption of expenses by the Sponsor for BDRY, pursuant to the BDRY Expense Cap, amounted to $-0- and $-0- for the year ended June 30,

2022 and 2021, respectively, as disclosed in the Statements of Operations.

The waiver of Breakwave’s CTA fees, pursuant to the

undertaking, amounted to $ -0- and $39,184 for the year ended June 30, 2022 and 2021, respectively, as disclosed in the Statements of

BDRY currently accrues its daily expenses based upon established individual expense category amounts or the BDRY Expense

Cap, whichever aggregate amount is less.

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

for the payment of the routine operational, administrative and other ordinary expenses of the Fund.

BDRY’s total expenses amounted

to $3,280,229 and $1,888,152 for the year ended June 30, 2022 and 2021, respectively.

to its liquidation, RISE paid the sponsor $25,068 for the year ended June 30, 2021, as disclosed in the Combined Statements of Operations.

to its liquidation, RISE paid CTA fees in the amount of $3,042 for the year ended June 30, 2021, as disclosed in the Combined Statements

of Operations.

Administrator,

Custodian, Fund Accountant, and Transfer Agent Fees

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.

Marex Financial (“Marex”), registered

in England, serves as the Funds’ clearing broker (the “Commodity Broker”).

In its capacity as clearing broker, the Commodity

Broker executes and clears the Funds’ futures transactions and performs certain administrative services for the Funds.

Man Capital Markets Limited served as BDRY’s clearing broker from June 3, 2022 until being acquired by Marex on October 3, 2023.

Marex is exempt, pursuant to CFTC Regulation 30.10, from registration with the CFTC as a futures commission merchant.

The Funds pay Marex

commissions for executing and clearing trades on their behalf.

There have been no material administrative, civil

or criminal actions brought, pending or concluded against Marex or its principals in the past five years.

Marex is not affiliated with the Funds or the

Therefore, the Sponsor and the Funds do not believe that the Funds have any conflicts of interest with Marex or its trading principals

arising from their acting as the Funds’ FCM.

Legal Counsel

Eversheds Sutherland (US) LLP serves as legal counsel to the Trust

and the Funds.

Fees of the Funds

Management and CTA Fees

BDRY and BWET each pay the Sponsor a management

fee (the “Sponsor Fee”) in consideration of the Sponsor’s advisory services to the Funds.

Additionally, BDRY and BWET

each pay Breakwave a license and service fee (the “CTA Fee”).

BDRY pays the Sponsor Fee, monthly in arrears,

in an amount equal to the greater of 0.15% per year of BDRY’s average daily net assets, or $125,000.

BDRY’s Sponsor Fee is

paid in consideration of the Sponsor’s management services to BDRY.

BDRY also pays Breakwave the CTA Fee monthly in arrears, for

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

Breakwave has agreed to waive its CTA Fee and

the Sponsor has agreed to correspondingly assume the remaining expenses of BDRY so that BDRY’s expenses do not exceed an annual

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

net assets (the “BDRY Expense Cap”).

The assumption of expenses and waiver of BDRY’s CTA Fee are contractual on the

part of the Sponsor and Breakwave, respectively, through March 31, 2025.

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

expenses or waived the CTA Fee, respectively, BDRY could be adversely impacted, including in its ability to achieve its investment objective.

The assumption of expenses by the Sponsor for

BDRY, pursuant to the BDRY Expense Cap, amounted to $ -0- and $-0- for the years ended June

30, 2023 and 2022, respectively, as disclosed in the Combined Statements of Operations.

The waiver of Breakwave’s CTA Fee, pursuant

to the contractual waiver, amounted to $22,434 and $-0- for the years ended June 30, 2023 and 2022, respectively, as disclosed in the

Combined Statements of Operations.

BDRY currently accrues its daily expenses based upon established individual expense category amounts

or the BDRY Expense Cap, whichever aggregate amount is less.

At the end of each month, the accrued amount is remitted to the Sponsor

as the Sponsor is responsible for the payment of the routine operational, administrative and other ordinary expenses of the Fund.

total expenses amounted to $ 2,420,639 and $3,280,229 for the years ended June 30, 2023 and 2022,

respectively.

BWET pays the Sponsor Fee, monthly in arrears,

in an amount equal to the greater of 0.30% per year of BWET’s average daily net assets, or $50,000.

BWET’s Sponsor Fee is

paid in consideration of the Sponsor’s management services to BWET.

BWET also pays Breakwave the CTA Fee monthly in arrears, for

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

Breakwave has agreed to waive its CTA Fee and

the Sponsor has agreed to correspondingly assume the remaining expenses of BWET so that BWET’s expenses do not exceed an annual

rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, of the value of BWET’s average daily

net assets (the “BWET Expense Cap”).

The assumption of expenses and waiver of BWET’s CTA Fee are contractual on the

part of the Sponsor and Breakwave, respectively, through March 31, 2025.

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

expenses or waived the CTA Fee, respectively, BWET could be adversely impacted, including in its ability to achieve its investment objective.

The assumption of expenses by the Sponsor

for BWET, pursuant to the BWET Expense Cap, amounted to $ 77,450 for the period from May

3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the Combined Statements of Operations.

The waiver of

Breakwave’s CTA fees, pursuant to the undertaking, amounted to $ 7,574 for the

period from May 3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the Combined Statements of Operations.

BWET currently accrues

its daily expenses based upon established individual expense category amounts or the BWET Expense Cap, whichever aggregate amount is

At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the

routine operational, administrative and other ordinary expenses of the Fund.

BWET’s total expenses amounted to $ 123,053

for the period from May 3, 2023 (commencement of operations) to June 30, 2023.

Administrator, Custodian, Fund Accountant, and Transfer Agent

The Funds have agreed to pay U.S.

of AUM, with a $50,000 and $45,000 minimum annual fee for BDRY and BWET, respectively, 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 $64,618 and $63,796 for the years ended June 30, 2022 and 2021, respectively,

as disclosed in the Statements of Operations.

to its liquidation, RISE paid U.S.

Bank $19,486 for the year ended June 30, 2021, as disclosed in the Combined Statements of Operations.

pays the Distributor an annual fee for statutory and wholesaling distribution services and related administrative services equal to the

greater of $15,000 or 0.02% of the Fund’s average daily net assets, payable monthly.

Pursuant to the Marketing Agent Agreement

between the Sponsor, the Fund and the Distributor, the Distributor assists the Sponsor and the Fund with certain functions and duties

relating to distribution and marketing services to the Fund, including reviewing and approving marketing materials and certain regulatory

Bank $66,005 and $64,618

for the years ended June 30, 2023 and 2022, respectively, as disclosed in the Combined Statements of Operations.

BWET paid U.S.

$ 9,666 for the period from May 3, 2023 (commencement of operations) to June 30, 2023, as

disclosed in the Combined Statements of Operations.

Distribution Fees

Each Fund paid ETFMG Financial an annual fee

for statutory and wholesaling distribution services and related administrative services equal to the greater of $15,000 or 0.02% of

each Funds’ average daily net assets, payable monthly.

Pursuant to the Marketing Agent Agreement between the Sponsor, each

Fund and ETFMG Financial, ETFMG Financial assisted the Sponsor and each Fund with certain functions and duties relating to

distribution and marketing services to each Fund, including reviewing and approving marketing materials and certain regulatory

compliance matters.

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

ETFMG Financial also assisted with the processing of creation and redemption orders.

BDRY incurred $15,707 and

$15,821 in distribution and related administrative services for the year ended June 30, 2022 and 2021, respectively, as disclosed in

the Statements of Operations.

pays the Sponsor for wholesale support services at an annual rate of $25,000 plus 0.12% of BDRY’s average daily net assets, payable

The Fund incurred $112,393 and $78,874 in wholesale support fees for the year ended June 30, 2022 and 2021, respectively, as

disclosed in the Statements of Operations.

to its liquidation, RISE paid the Distributor $5,116 in distribution and related administrative services for the year ended June 30,

2021, as disclosed in the Combined Statements of Operations.

to its liquidation, RISE also paid the Sponsor $1,522 in wholesale support fees for the year ended June 30, 2021, as disclosed in the

$15,707 in distribution and related administrative services for the years ended June 30, 2023 and 2022, respectively, as disclosed

in the Combined Statements of Operations.

BWET incurred $2,539 in distribution and related administrative services for the period from

May 3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the Combined Statements of Operations.

BDRY pays the Sponsor for wholesale support

services at an annual rate of $25,000 plus 0.12% of BDRY’s average daily net assets, payable monthly.

BDRY incurred $87,902 and

$112,393 in wholesale support fees for the years ended June 30, 2023 and 2022, respectively, as disclosed in the Combined Statements

of Operations.

BWET pays the Sponsor for wholesale support

services at an annual rate of $15,000 plus 0.15% of BWET’s average daily net assets, payable monthly.

BWET incurred $3,209 in

wholesale support fees for the period from May 3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the

Combined Statements of Operations.

Commission Merchant Fees

pays brokerage commissions, including applicable exchange fees, NFA fees, give–up fees, pit brokerage fees and other transaction

related fees and expenses charged in connection with trading activities in CFTC regulated investments.

Brokerage commissions on futures

contracts are recognized on a half-turn basis.

The Sponsor does not expect brokerage commissions

and fees, on an annual basis, to exceed 0.40% (excluding the impact on the Fund of creation and/or redemption activity) of the NAV of

the Fund and for execution and clearing services to exceed $12 per lot on behalf of the 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 freight futures, Treasury Instruments or similar high credit quality short-term

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

BDRY incurred $665,810 and $518,616 in brokerage commissions

and fees for the year ended June 30, 2022 and 2021, respectively, as disclosed in the Statements of Operations.

to its liquidation, RISE incurred $1,424 in brokerage commissions and fees for the year ended June 30, 2021, as disclosed in the Combined

Statements of Operations.

Fund is responsible for certain other expenses, including professional services (e.g., outside auditor’s fees and legal fees and

expenses), shareholder Form K-1’s, tax return preparation, regulatory compliance, and other services provided by affiliated and

non-affiliated service providers.

The fees for Principal Financial Officer, Chief Compliance Officer, and regulatory reporting services

provided to the Fund by the Sponsor each amount to $25,000 per annum.

Extraordinary

Fund pays all of its extraordinary fees and expenses, if any.

Extraordinary fees and expenses are fees and expenses which are non-recurring

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

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

of the Fund are issued in registered form in accordance with the Trust Agreement for the Fund.

Bank has been appointed registrar

and transfer agent for the purpose of transferring shares in certificated form.

Bank keeps a record of all limited partners and

holders of the shares in certificated form in the registry (the “Register”).

The Sponsor recognizes transfers of shares in

certificated form only if done in accordance with the respective Trust Agreement for the Fund.

The beneficial interests in such shares

are held in book-entry form through participants and/or accountholders in the Depository Trust Company (“DTC”).

certificates are not issued for the shares.

Instead, shares are represented by one or more global certificates, which are deposited by

the Administrator with, or on behalf of, DTC and registered in the name of Cede & Co., as nominee for DTC.

The global certificates

evidence all of the shares outstanding at any time.

Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers

and trust companies (“DTC Participants”), (2) banks, brokers, dealers and trust companies who maintain, either directly or

indirectly, a custodial relationship with, or clear through, a DTC Participant (“Indirect Participants”), and (3) persons

holding interests in the shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers

will be shown on, and the transfer of Shares will be effected only through, in the case of DTC Participants, the records maintained by

the Depository and, in the case of Indirect Participants and Shareholders holding through a DTC Participant or an Indirect participant,

through those records or the records of the relevant DTC Participants or Indirect participants.

Shareholders are expected to receive,

from or through which the Shareholder has purchased Shares, a written confirmation relating to their purchase of Shares.

is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a

“clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered

pursuant to the provisions of Section 17A of the Exchange Act.

DTC holds securities for DTC Participants and facilitates the clearance

and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants.

Fund’s NAV is calculated by:

Taking the current market value of its total assets;

Futures Commission Merchant Fees

Each Fund pays brokerage commissions, including

applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection

with trading activities in CFTC regulated investments.

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

The Sponsor does not expect brokerage

commissions and fees, on an annual basis, to exceed 0.40% for BDRY and 1.30% for BWET (excluding the impact on the Funds of creation

and/or redemption activity) of the NAV of the respective Funds and for execution and clearing services to exceed $12 per lot on

behalf of BDRY and $7 per lot on behalf of BWET, 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 freight futures, Treasury Instruments or similar high credit quality short-term fixed-income or similar

securities are not included in the foregoing analysis.

BDRY incurred $684,169 and $665,810 in brokerage commissions and fees for the

years ended June 30, 2023 and 2022, respectively, as disclosed in the Combined Statements of Operations.

BWET incurred $19,746 in

brokerage commissions for the period from May 3, 2023 (commencement of operations) to June 30, 2023, as disclosed in the

Combined Statements of Operations.

Each Fund is responsible for certain other

expenses, including professional services (e.g., outside auditor’s fees and legal fees and expenses), shareholder Form

K-1’s, tax return preparation, regulatory compliance, and other services provided by affiliated and non-affiliated service

The fees for Principal Financial Officer, Chief Compliance Officer, and regulatory reporting services provided to the

Funds by the Sponsor each amount to $25,000 per annum.

Extraordinary fees

Each Fund pays all of its extraordinary fees and

expenses, if any.

Extraordinary fees and expenses are fees and expenses which are non-recurring 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.

Form of Shares

Registered Form

Shares of the Funds are issued in registered form

in accordance with the Trust Agreement for each Fund.

Bank has been appointed registrar and transfer agent for the purpose of transferring

shares in certificated form.

Bank keeps a record of all limited partners and holders of the shares in certificated form in the registry

(the “Register”).

The Sponsor recognizes transfers of shares in certificated form only if done in accordance with the respective

Trust Agreement for each Fund.

The beneficial interests in such shares are held in book-entry form through participants and/or accountholders

in the Depository Trust Company (“DTC”).

Individual certificates are not issued for the

Instead, shares are represented by one or more global certificates, which are deposited by the Administrator with, or on behalf

of, DTC and registered in the name of Cede & Co., as nominee for DTC.

The global certificates evidence all of the shares outstanding

Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (“DTC Participants”),

(2) banks, brokers, dealers and trust companies who maintain, either directly or indirectly, a custodial relationship with, or clear through,

a DTC Participant (“Indirect Participants”), and (3) persons holding interests in the shares through DTC Participants or Indirect

Participants, in each case who satisfy the requirements for transfers of shares.

Shareholders will be shown on, and the transfer

of Shares will be effected only through, in the case of DTC Participants, the records maintained by the Depository and, in the case of

Indirect Participants and Shareholders holding through a DTC Participant or an Indirect participant, through those records or the records

of the relevant DTC Participants or Indirect participants.

Shareholders are expected to receive, from or through which the Shareholder

has purchased Shares, a written confirmation relating to their purchase of Shares.

DTC is a limited purpose trust company organized

under the laws of the State of New York and is a member of the Federal Reserve System, a “clearing corporation” within the

meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A

of the Exchange Act.

DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC

Participants through electronic book-entry changes in accounts of DTC Participants.

Calculating NAV

Each Fund’s NAV is calculated by:

● Taking the current market value

of its total assets;

● Subtracting any liabilities;

Dividing that total by the total number of outstanding

The Administrator calculates the NAV of the Fund

● Dividing that total by the

total number of outstanding shares.

The Administrator calculates the NAV of the Funds

once each NYSE Arca trading day.

3 unchanged sentences

The Administrator uses the Baltic Exchange settlement price for the Freight Futures and option contracts.

The Administrator calculates or determines the value of all other Fund investments using market quotations, if available, or other information

customarily used to determine the fair value of such investments as of the close of the NYSE Arca (normally 4:00 p.m.

E.T.), in accordance

with the current Administrative Agency Agreement among U.S.

The Administrator calculates or determines the value of all other BDRY and BWET investments using market quotations, if available, or

other information customarily used to determine the fair value of such investments as of the close of the NYSE Arca (normally 4:00 p.m.

E.T.), in accordance with the current Administrative Agency Agreement among U.S.

Bancorp Fund Services, the Fund and the Sponsor.

In addition, in order to provide updated information

relating to the Fund for use by investors and market professionals, an updated indicative fund value (“IFV”) is made available

relating to the Funds for use by investors and market professionals, an updated indicative fund value (“IFV”) is made available

through on-line information services throughout the core trading hours of 9:30 a.m.

on each trading day.

is calculated by using the prior day’s closing NAV per share of the Fund as a base and updating that value throughout the trading

day to reflect changes in the most recently reported trade price for the futures and/or options held by the Fund.

is calculated by using the prior day’s closing NAV per share of each Fund as a base and updating that value throughout the trading

day to reflect changes in the most recently reported trade price for the futures and/or options held by each Fund.

Certain Freight Futures

1 unchanged sentence

The IFV disseminated during NYSE Arca core trading hours should not be viewed as an actual real time update of the NAV, because

the NAV is calculated only once at the end of each trading day based upon the relevant end of day values of the Fund’s investments.

The IFV is disseminated on a per share basis

every 15 seconds during regular NYSE Arca core trading session hours.

The customary trading hours of the Freight Futures trading are

the NAV is calculated only once at the end of each trading day based upon the relevant end of day values of each of the Funds’ investments.

The IFV is disseminated on a per share basis every

15 seconds during regular NYSE Arca core trading session hours.

The customary trading hours of the Freight Futures trading are 3:00 a.m.

to 12:00 p.m.

This means that there is a gap in time at the beginning and/or the end of each day during which the

Fund’s shares are traded on the NYSE Arca, but real-time trading prices for contracts are not available.

During such gaps in time

the IFV will be calculated based on the end of day price of such contracts from the Baltic Exchange immediately preceding the trading

In addition, other investments held by the Fund will be valued by the Administrator, using rates and points received from client-approved

This means that there is a gap in time at the beginning and/or the end of each day during which the Funds’

shares are traded on the NYSE Arca, but real-time trading prices for contracts are not available.

During such gaps in time the IFV will

be calculated based on the end of day price of such contracts from the Baltic Exchange’s immediately preceding trading session.

In addition, other investments held by the Funds will be valued by the Administrator, using rates and points received from client-approved

third party vendors (such as Reuters and WM Company) and advisor or broker-dealer quotes.

These investments will not be included in the

NYSE Arca disseminates the IFV through the facilities of CTA/CQ High Speed Lines.

In addition, the IFV is published on the NYSE Arca’s

website and is available through on-line information services such as Bloomberg and Reuters.

Dissemination

of the IFV provides additional information that is not otherwise available to the public and is useful to investors and market professionals

in connection with the trading of the Fund’s shares on the NYSE Arca.

Investors and market professionals are able throughout the

trading day to compare the market price of the Fund’s shares and the IFV.

If the market price of the Fund’s shares diverges

significantly from the IFV, market professionals will have an incentive to execute arbitrage trades.

For example, if the Fund’s

shares appear to be trading at a discount compared to the IFV, a market professional could purchase the Fund’s shares on the NYSE

Arca and take the opposite position in Freight Futures.

Such arbitrage trades can tighten the tracking between the market price of the

Fund’s shares and the IFV and thus can be beneficial to all market participants.

and Redemption of Shares

Fund creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets.

The creation and redemption

of baskets are only made in exchange for delivery to the Fund or the distribution by the Fund of the amount of cash represented by the

baskets being created or redeemed, the amount of which is based on the combined NAV of the number of shares included in the baskets being

created or redeemed determined as of 4:00 p.m.

The NYSE Arca disseminates the IFV through the

facilities of CTA/CQ High Speed Lines.

In addition, the IFV is published on the NYSE Arca’s website and is available through on-line

information services such as Bloomberg and Reuters.

Dissemination of the IFV provides additional information

that is not otherwise available to the public and is useful to investors and market professionals in connection with the trading of the

Funds’ shares on the NYSE Arca.

Investors and market professionals are able throughout the trading day to compare the market price

of the Funds’ shares and the IFV.

If the market price of the Funds’ shares diverges significantly from the IFV, market professionals

will have an incentive to execute arbitrage trades.

For example, if the Funds’ shares appear to be trading at a discount compared

to the IFV, a market professional could purchase the Funds’ shares on the NYSE Arca and take the opposite position in Freight Futures.

Such arbitrage trades can tighten the tracking between the market price of the Funds’ shares and the IFV and thus can be beneficial

to all market participants.

Creation and Redemption of Shares

The Funds create and redeem shares from time to

time, but only in one or more Creation Baskets or Redemption Baskets.

The creation and redemption of baskets are only made in exchange

for delivery to the Funds or the distribution by the Funds of the amount of cash represented by the baskets being created or redeemed,

the amount of which is based on the combined NAV of the number of shares included in the baskets being created or redeemed determined

as of 4:00 p.m.

on the day the order to create or redeem baskets is properly received.

Participants are the only persons that may place orders to create and redeem baskets.

Authorized Participants must be (1) registered

broker-dealers or other securities market participants, such as banks and other financial institutions, that are not required to register

as broker-dealers to engage in securities transactions described below, and (2) DTC Participants.

To become an Authorized Participant,

a person must enter into an Authorized Participant Agreement with the Sponsor.

The Authorized Participant Agreement provides the procedures

for the creation and redemption of baskets and for the delivery of the U.S.

Authorized Participants are the only persons that

may place orders to create and redeem baskets.

Authorized Participants must be (1) registered broker-dealers or other securities market

participants, such as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities

transactions described below, and (2) DTC Participants.

To become an Authorized Participant, a person must enter into an Authorized Participant

Agreement with the Sponsor.

The Authorized Participant Agreement provides the procedures for the creation and redemption of baskets and

for the delivery of the U.S.

Treasuries and any cash required for such creation and redemptions.

The Authorized Participant Agreement and the related procedures attached thereto may be amended by the Fund, without the consent of any

limited partner or shareholder or Authorized Participant.

Authorized Participants will pay a transaction fee of $300 to the Custodian

for each order they place to create or redeem one or more baskets.

Authorized Participants who make deposits with the Fund in exchange

for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either the Fund or the Sponsor,

and no such person will have any obligation or responsibility to the Sponsor or the Fund to effect any sale or resale of shares.

Authorized Participant is required to be registered as a broker-dealer under the Exchange Act and be a member in good standing with FINRA,

or exempt from being or otherwise not required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker

or dealer in the states or other jurisdictions where the nature of its business so requires.

Certain Authorized Participants may also

be regulated under federal and state banking laws and regulations.

Each Authorized Participant has its own set of rules and procedures,

internal controls and information barriers as it determines is appropriate in light of its own regulatory regime.

the Authorized Participant Agreements, the Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including

liabilities under the 1933 Act, and to contribute to the payments the Authorized Participants may be required to make in respect of those

any business day, an Authorized Participant may place an order with the Transfer Agent, and accepted by the Distributor, to create one

or more baskets.

For purposes of processing purchase and redemption orders, a “business day” means any day other than a day

when any of the NYSE Arca, the New York Stock Exchange or the Baltic Exchange is closed for regular trading.

Purchase orders must be

placed by 12:00 p.m.

or the close of the NYSE Arca core trading session, whichever is earlier.

The day on which a valid purchase

order is received in accordance with the terms of the “Authorized Participant Agreement” is referred to as the purchase order

The Authorized Participant Agreement

and the related procedures attached thereto may be amended by the Funds, without the consent of any limited partner or shareholder or

Authorized Participant.

Authorized Participants will pay a transaction fee of $300 to the Custodian for each order they place to create

or redeem one or more baskets.

Authorized Participants who make deposits with the Funds in exchange for baskets receive no fees, commissions

or other form of compensation or inducement of any kind from either of the Funds or the Sponsor, and no such person will have any obligation

or responsibility to the Sponsor or the Funds to effect any sale or resale of shares.

Each Authorized Participant is required to be

registered as a broker-dealer under the Exchange Act and be a member in good standing with FINRA, or exempt from being or otherwise not

required to be registered as a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states or other jurisdictions

where the nature of its business so requires.

Certain Authorized Participants may also be regulated under federal and state banking laws

and regulations.

Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it

determines is appropriate in light of its own regulatory regime.

Under the Authorized Participant Agreements, the

Sponsor has agreed to indemnify the Authorized Participants against certain liabilities, including liabilities under the 1933 Act, and

to contribute to the payments the Authorized Participants may be required to make in respect of those liabilities.

Creation Procedures

On any business day, an Authorized Participant

may place an order with the Transfer Agent, and accepted by the Distributor, to create one or more baskets.

For purposes of processing

purchase and redemption orders, a “business day” means any day other than a day when any of the NYSE Arca, the New York Stock

Exchange or the Baltic Exchange is closed for regular trading.

Purchase orders must be placed by 12:00 p.m.

or the close of the NYSE

Arca core trading session, whichever is earlier.

The day on which a valid purchase order is received in accordance with the terms of the

“Authorized Participant Agreement” is referred to as the purchase order date.

Purchase orders are irrevocable.

Prior to the delivery of baskets for a purchase order, the Authorized Participant will be charged

a non-refundable transaction fee due for the purchase order.

manner by which creations are made is dictated by the terms of the Authorized Participant Agreement.

Determination

of Required Payment

Creation Basket Deposit for the Fund is the NAV of 25,000 shares on the purchase order date, but only if the required payment is timely

To calculate the NAV, the Administrator will use the Baltic Exchange settlement price (typically determined after 2:00 p.m.

E.T.) for the Freight Futures.

orders to purchase Creation Baskets must be placed no later than 12:00 p.m.

E.T., but the total payment required to create a Creation

Basket typically will not be determined until after 2:00 p.m.

E.T., on the date the purchase order is received, Authorized Participants

delivery of baskets for a purchase order, the Authorized Participant will be charged a non-refundable transaction fee due for the purchase

The manner by which creations are made is dictated

by the terms of the Authorized Participant Agreement.

Determination of Required Payment

The Creation Basket Deposit for each Fund is the

NAV of 25,000 shares on the purchase order date, but only if the required payment is timely received.

To calculate the NAV, the Administrator

will use the Baltic Exchange settlement price (typically determined after 12:00 p.m.

and 2:00 p.m.

for BWET and BDRY Freight

Futures respectively) for the Freight Futures.

Because orders to purchase Creation Baskets must

be placed no later than 12:00 p.m.

E.T., but the total payment required to create a Creation Basket typically will not be determined until

after 12:00 p.m.

for BWET and BDRY respectively, on the date the purchase order is received, Authorized Participants

will not know the total amount of the payment required to create a Creation Basket at the time they submit an irrevocable purchase order.

1 unchanged sentence

irrevocable purchase order is submitted and the time the amount of the purchase price in respect thereof is determined.

of Required Payment

Authorized Participant who places a purchase order shall transfer to the Administrator the required amount of cash, by the end of the

next business day following the purchase order date.

Upon receipt of the deposit amount, the Administrator will direct DTC to credit

the number of Creation Baskets ordered to the Authorized Participant’s DTC account on the next business day following the purchase

of Purchase Orders

Sponsor acting by itself or through the Administrator or the Distributor may suspend the right of purchase, or postpone the purchase

settlement date, for any period during which the NYSE Arca or other exchange on which the shares are listed is closed, other than for

customary holidays or weekends, or when trading is restricted or suspended.

None of the Sponsor, the Marketing Agent or the Administrator

will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.

of Purchase Orders

Sponsor acting by itself or through the Distributor shall have the absolute right but no obligation to reject a purchase order or a Creation

Basket Deposit if:

it determines that the

purchase order or the Creation Basket Deposit is not in proper form;

the acceptance or receipt

of the purchase order or Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful;

circumstances outside the

control of the Sponsor, Distributor or Custodian make it, for all practical purposes, not feasible to process creations of baskets.

of the Sponsor, Distributor or Custodian will be liable for the rejection of any purchase order or Creation Basket Deposit.

procedures by which an Authorized Participant can redeem one or more baskets mirror the procedures for the creation of baskets.

business day, an Authorized Participant may place an order with the Distributor to redeem one or more baskets.

Redemption orders must

be placed by 12:00 p.m.

or the close of the core trading session on the NYSE Arca, whichever is earlier.

A redemption order so received

will be effective on the date it is received in satisfactory form by the Distributor.

The redemption procedures allow Authorized Participants

to redeem baskets and do not entitle an individual shareholder to redeem any shares in an amount less than a Redemption Basket, or to

redeem baskets other than through an Authorized Participant.

Delivery of Required Payment

An Authorized Participant who places a purchase

order shall transfer to the Administrator the required amount of cash, by the end of the next business day following the purchase order

Upon receipt of the deposit amount, the Administrator will direct DTC to credit the number of Creation Baskets ordered to the Authorized

Participant’s DTC account on the next business day following the purchase order date.

Suspension of Purchase Orders

The Sponsor acting by itself or through the Administrator

or the Distributor may suspend the right of purchase, or postpone the purchase settlement date, for any period during which the NYSE Arca

or other exchange on which the shares are listed is closed, other than for customary holidays or weekends, or when trading is restricted

or suspended.

None of the Sponsor, the Marketing Agent or the Administrator will be liable to any person or in any way for any loss or

damages that may result from any such suspension or postponement.

Rejection of Purchase Orders

The Sponsor acting by itself or through the Distributor

shall have the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:

● it determines that the purchase

order or the Creation Basket Deposit is not in proper form;

● the acceptance or receipt of

the purchase order or Creation Basket Deposit would, in the opinion of counsel to the Sponsor, be unlawful;

● circumstances outside the control

of the Sponsor, Distributor or Custodian make it, for all practical purposes, not feasible to process creations of baskets.

None of the Sponsor, Distributor or Custodian

will be liable for the rejection of any purchase order or Creation Basket Deposit.

Redemption Procedures

The procedures by which an Authorized Participant

can redeem one or more baskets mirror the procedures for the creation of baskets.

On any business day, an Authorized Participant may place

an order with the Distributor to redeem one or more baskets.

Redemption orders must be placed by 12:00 p.m.

or the close of the core

trading session on the NYSE Arca, whichever is earlier.

A redemption order so received will be effective on the date it is received in

satisfactory form by the Distributor.

The redemption procedures allow Authorized Participants to redeem baskets and do not entitle an

individual shareholder to redeem any shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized

Redemption orders are irrevocable.

manner by which redemptions are made is dictated by the terms of the Authorized Participant Agreement.

By placing an order for Redemption

Baskets of BDRY, an Authorized Participant agrees to deliver the Redemption Baskets to be redeemed through DTC’s book-entry system

to the Fund not later than 12:00 p.m.

The manner by which redemptions are made is dictated

by the terms of the Authorized Participant Agreement.

By placing an order for Redemption Baskets of BDRY or BWET, an Authorized Participant

agrees to deliver the Redemption Baskets to be redeemed through DTC’s book-entry system to the respective Fund not later than 12:00

E.T., on the next business day immediately following the redemption order date.

Prior to the delivery

of redemption distribution or proceeds, the Authorized Participant will be charged a non-refundable transaction fee due for the redemption

Determination

of Redemption Proceeds

redemption proceeds from the Fund consist of a cash redemption amount equal to the NAV of the number of Baskets requested in the Authorized

Participant’s redemption order on the redemption order date.

To calculate the NAV, the Administrator will use the Baltic Exchange

settlement price (typically determined after 2:00 p.m.

E.T.) for the Freight Futures.

orders to redeem baskets must be placed no later than 12:00 p.m.

E.T., but the total amount of redemption proceeds typically will not

be determined until after 2:00 p.m.

E.T., on the date the redemption order is received, Authorized Participants will not know the total

amount of the redemption proceeds at the time they submit an irrevocable redemption order.

Prior to the delivery of redemption distribution

or proceeds, the Authorized Participant will be charged a non-refundable transaction fee due for the redemption order.

Determination of Redemption Proceeds

The redemption proceeds from the Funds consist

of a cash redemption amount equal to the NAV of the number of Baskets requested in the Authorized Participant’s redemption order

on the redemption order date.

To calculate the NAV, the Administrator will use the Baltic Exchange settlement price (typically determined

after 12:00 p.m.

and 2:00 p.m.

for the BWET and BDRY Freight Futures respectively) for the Freight Futures.

Because orders to redeem baskets must be placed

no later than 12:00 p.m.

E.T., but the total amount of redemption proceeds typically will not be determined until after 12:00 p.m.

for BWET and BDRY respectively, on the date the redemption order is received, Authorized Participants will not know

the total amount of the redemption proceeds at the time they submit an irrevocable redemption order.

The NAV and the total amount of redemption

1 unchanged sentence

proceeds in respect thereof is determined.

of Redemption Proceeds

redemption proceeds due from the Fund will be delivered to the Authorized Participant at 1:00 p.m.

E.T., on the next business day immediately

following the redemption order date if, by such time, the Fund’s DTC account has been credited with the baskets to be redeemed.

If the Fund’s DTC account has not been credited with all of the baskets to be redeemed by such time, the redemption distribution

is delivered to the extent of whole baskets received.

Any remainder of the redemption distribution is delivered on the next business

day to the extent of remaining whole baskets received if the Fund receives the fee applicable to the extension of the redemption distribution

date which the Sponsor may, from time to time, determine and the remaining baskets to be redeemed are credited to the Fund’s DTC

account by 1:00 p.m.

E.T., on such next business day.

Delivery of Redemption Proceeds

The redemption proceeds due from the Fund will

be delivered to the Authorized Participant at 1:00 p.m.

E.T., on the next business day immediately following the redemption order date

if, by such time, the Funds’ DTC account has been credited with the baskets to be redeemed.

If the Funds’ DTC account has

not been credited with all of the baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole

baskets received.

Any remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole

baskets received if the Funds receive the fee applicable to the extension of the redemption distribution date which the Sponsor may, from

time to time, determine and the remaining baskets to be redeemed are credited to the Funds’ DTC accounts by 1:00 p.m.

E.T., on such

next business day.

Any further outstanding amount of the redemption order shall be cancelled.

Sponsor may cause the redemption distribution to be delivered notwithstanding that the baskets to be redeemed are not credited to the

Fund’s DTC account by 12:00 p.m.

E.T., on the next business day immediately following the redemption order date if the Authorized

Participant has collateralized its obligation to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor

may from time to time determine.

or Rejection of Redemption Orders

Sponsor may, in its discretion, suspend the right of redemption, or postpone the redemption settlement date, (1) for any period during

which the NYSE Arca, or the Baltic Exchange is closed other than customary weekend or holiday closings, or trading on the NYSE Arca,

or the Baltic Exchange, is suspended or restricted, (2) for any period during which an emergency exists as a result of which delivery,

disposal or evaluation of the redemption distribution or redemption proceeds, as applicable, is not reasonably practicable, or (3) for

such other period as the Sponsor determines to be necessary for the protection of the limited partners or shareholders.

the Sponsor may determine that it is necessary to suspend redemptions to allow for the orderly liquidation of the Fund’s assets

at an appropriate value to fund a redemption.

If the Sponsor has difficulty liquidating its positions, e.g., because of a market disruption

event in the futures markets or a suspension of trading by the exchange where the futures contracts are listed, it may be appropriate

to suspend redemptions until such time as such circumstances are rectified.

None of the Sponsor, the Distributor, the Transfer Agent,

the Administrator, or the Custodian will be liable to any person or in any way for any loss or damages that may result from any such

suspension or postponement.

orders must be made in whole baskets.

The Sponsor will reject a redemption order if the order is not in proper form as described in the

applicable Authorized Participant Agreement or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

Sponsor may also reject a redemption order if the number of shares being redeemed would reduce the remaining outstanding shares to 25,000

shares (minimum NYSE Arca maintenance listing requirement) or less, unless the Sponsor has reason to believe that the placer of the redemption

order does in fact possess all the outstanding shares and can deliver them.

and Redemption Transaction Fee

compensate the Fund for its expenses in connection with the creation and redemption of baskets, an Authorized Participant is required

to pay a transaction fee to the Custodian of $300 per order to create or redeem baskets, regardless of the number of baskets in such

The Sponsor may cause the redemption distribution

to be delivered notwithstanding that the baskets to be redeemed are not credited to the Fund’s DTC account by 12:00 p.m.

the next business day immediately following the redemption order date if the Authorized Participant has collateralized its obligation

to deliver the Baskets through DTC’s book entry system on such terms as the Sponsor may from time to time determine.

Suspension or Rejection of Redemption Orders

The Sponsor may, in its discretion, suspend the

right of redemption, or postpone the redemption settlement date, (1) for any period during which the NYSE Arca, or the Baltic Exchange

is closed other than customary weekend or holiday closings, or trading on the NYSE Arca, or the Baltic Exchange, is suspended or restricted,

(2) for any period during which an emergency exists as a result of which delivery, disposal or evaluation of the redemption distribution

or redemption proceeds, as applicable, is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary

for the protection of the limited partners or shareholders.

For example, the Sponsor may determine that it is necessary to suspend redemptions

to allow for the orderly liquidation of the Funds’ assets at an appropriate value to fund a redemption.

If the Sponsor has difficulty

liquidating its positions, e.g., because of a market disruption event in the futures markets or a suspension of trading by the exchange

where the futures contracts are listed, it may be appropriate to suspend redemptions until such time as such circumstances are rectified.

None of the Sponsor, the Distributor, the Transfer Agent, the Administrator, or the Custodian will be liable to any person or in any way

for any loss or damages that may result from any such suspension or postponement.

Redemption orders must be made in whole baskets.

The Sponsor will reject a redemption order if the order is not in proper form as described in the applicable Authorized Participant Agreement

or if the fulfillment of the order, in the opinion of its counsel, might be unlawful.

The Sponsor may also reject a redemption order if

the number of shares being redeemed would reduce the remaining outstanding shares to 50,000 shares (minimum NYSE Arca maintenance listing

requirement) or less, unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding

shares and can deliver them.

Creation and Redemption Transaction Fee

To compensate the Funds for their expenses in

connection with the creation and redemption of baskets, an Authorized Participant is required to pay a transaction fee to the Custodian

of $300 per order to create or redeem baskets, regardless of the number of baskets in such order.

An order may include multiple baskets.

The transaction fee may be reduced, increased or otherwise changed by the Sponsor.

Sponsor will notify DTC of any change in the transaction fee and will not implement any increase in the fee for the redemption of baskets

until 30 days after the date of the notice.

Responsibility

Participants are responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental

charge applicable to the creation or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the

Authorized Participant, and agree to indemnify the Sponsor and the Fund if they are required by law to pay any such tax, together with

any applicable penalties, additions to tax and interest thereon.

Market Transactions

noted, the Fund creates and redeems shares from time to time, but only in one or more Creation Baskets or Redemption Baskets.

and redemption of baskets are only made in exchange for delivery to the Fund or the distribution by the Fund of the amount of cash, represented

by the baskets being created or redeemed, the amount of which will be based on the aggregate NAV of the number of shares included in

the baskets being created or redeemed determined on the day the order to create or redeem baskets is properly received.

The Sponsor will notify DTC of any change in the transaction

fee and will not implement any increase in the fee for the redemption of baskets until 30 days after the date of the notice.

Tax Responsibility

Authorized Participants are responsible for any

transfer tax, sales or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation

or redemption of baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree

to indemnify the Sponsor and the Funds if they are required by law to pay any such tax, together with any applicable penalties, additions

to tax and interest thereon.

Secondary Market Transactions

As noted, the Funds create and redeem shares from

time to time, but only in one or more Creation Baskets or Redemption Baskets.

The creation and redemption of baskets are only made in

exchange for delivery to the Funds or the distribution by the Funds of the amount of cash, represented by the baskets being created or

redeemed, the amount of which will be based on the aggregate NAV of the number of shares included in the baskets being created or redeemed

determined on the day the order to create or redeem baskets is properly received.

As discussed above, Authorized Participants are

7 unchanged sentences

shares from the baskets they create will do so at per share offering prices that are expected to reflect, among other factors, the trading

price of the shares on the NYSE Arca, the NAV of the Fund at the time the Authorized Participant purchased the Creation Baskets and the

NAV of the shares at the time of the offer of the shares to the public, the supply of and demand for shares at the time of sale, and

the liquidity of the futures contract market.

The prices of

shares offered by Authorized Participants are expected to fall between the Fund’s NAV and the trading price of the shares on the

NYSE Arca at the time of sale.

initially comprising the same basket but offered by Authorized Participants to the public at different times may have different offering

An order for one or more baskets may be placed by an Authorized Participant on behalf of multiple clients.

Authorized Participants

that make deposits with the Fund in exchange for baskets receive no fees, commissions or other form of compensation or inducement of

any kind from either the Fund or the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Fund to effect

any sale or resale of shares.

trade in the secondary market on the NYSE Arca.

Shares may trade in the secondary market at prices that are lower or higher relative

to their NAV per share.

The amount of the discount or premium in the trading price relative to the NAV per share may be influenced by

various factors, including the number of investors who seek to purchase or sell shares in the secondary market and the liquidity of the

futures contracts market.

While the shares trade during regular trading hours on the NYSE Arca until 4:00 p.m.

E.T., liquidity in the

market for Freight Futures, may be reduced after the close of the Freight Futures market at approximately 12:00 p.m.

during this time, trading spreads, and the resulting premium or discount, on the shares may widen.

are a minimum number of specified baskets and associated shares.

Once the minimum number of baskets is reached, there can be no more

basket redemptions until there has been a Creation Basket.

In such case, market makers may be less willing to purchase shares from investors

in the secondary market, which may in turn limit the ability of shareholders of the Fund to sell their shares in the secondary market.

As of the date of this annual report the minimum level for BDRY is 25,000 shares, representing one basket.

proceeds from the sale of Creation Baskets will be invested as quickly as practicable in the investments described in the prospectus.

BDRY’s cash and investments are held through the Custodian, in accounts with BDRY’s commodity futures brokers or in demand

deposits with highly-rated financial institutions.

There is no stated maximum time period for BDRY’s operations and BDRY will continue

its operations until all shares are redeemed or BDRY is liquidated pursuant to the terms of BDRY’s Trust Agreement.

regulation of futures markets, futures contracts, and futures exchanges has historically been comprehensive.

The CFTC and the exchanges

are authorized to take extraordinary actions in the event of a market emergency including, for example, the retroactive implementation

of speculative position limits, increased margin requirements, the establishment of daily price limits and the suspension of trading.

regulation of commodity interest transactions in the United States is an evolving area of law and is subject to ongoing modification

by governmental and judicial action.

Considerable regulatory attention has been focused on non-traditional investment pools that are

publicly distributed in the United States.

There is a possibility of future regulatory changes within the United States altering, perhaps

to a material extent, the nature of an investment in the Fund, or the ability of the Fund to continue to implement its investment strategy.

In addition, various national governments outside of the United States have expressed concern regarding the disruptive effects of speculative

trading in the commodities markets and the need to regulate the derivatives markets in general.

The effect of any future regulatory change

on the Fund is impossible to predict but could be substantial and adverse.

CFTC possesses exclusive jurisdiction to regulate the activities of commodity pool operators and commodity trading advisors with respect

to “commodity interests,” such as futures, swaps and options, and has adopted regulations with respect to the activities

of those persons and/or entities.

Under the CEA, a registered CPO, such as the Sponsor, is required to make annual filings with the CFTC

and NFA describing its organization, capital structure, management and controlling persons.

In addition, the CEA authorizes the CFTC

to require and review books and records of, and documents prepared by, registered CPOs.

Pursuant to this authority, the CFTC requires

CPOs to keep accurate, current and orderly records for each pool that they operate.

The CFTC may suspend the registration of a commodity

pool operator (1) if the CFTC finds that the operator’s trading practices tend to disrupt orderly market conditions, (2) if any

controlling person of the operator is subject to an order of the CFTC denying such person trading privileges on any exchange, and (3)

in certain other circumstances.

Suspension, restriction or termination of the Sponsor’s registration as a commodity pool operator

would prevent it, until that registration were to be reinstated, from managing the Fund, and might result in the termination of the Fund

if a successor sponsor is not elected pursuant to the Trust Agreement.

Fund’s investors are afforded prescribed rights for reparations under the CEA.

Investors may also be able to maintain a private

right of action for violations of the CEA.

The CFTC has adopted rules implementing the reparation provisions of the CEA, which provide

that any person may file a complaint for a reparations award with the CFTC for violation of the CEA against a floor broker or an FCM,

introducing broker, commodity trading advisor, CPO, and their respective associated persons.

to authority in the CEA, the NFA has been formed and registered with the CFTC as a registered futures association.

At the present time,

the NFA is the only self-regulatory organization for commodity interest professionals, other than futures exchanges.

The CFTC has delegated

to the NFA responsibility for the registration of CPOs and FCMs and their respective associated persons.

The Sponsor and the Fund’s

clearing broker are members of the NFA.

As such, they will be subject to NFA standards relating to fair trade practices, financial condition

and consumer protection.

The NFA also arbitrates disputes between members and their customers and conducts registration and fitness screening

of applicants for membership and audits of its existing members.

Neither the Trust nor the Fund are required to become a member of the

regulations of the CFTC and the NFA prohibit any representation by a person registered with the CFTC or by any member of the NFA, that

registration with the CFTC, or membership in the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that

person or that person’s trading program or objectives.

The registrations and memberships of the parties described in this summary

must not be considered as constituting any such approval or endorsement.

Likewise, no futures exchange has given or will give any similar

price of the shares on the NYSE Arca, the NAV of the Funds at the time the Authorized Participant purchased the Creation Baskets and the

NAV of the shares at the time of the offer of the shares to the public, the supply of and demand for shares at the time of sale, and the

liquidity of the futures contract market.

The prices of shares offered by Authorized Participants are expected to fall between the Funds’

NAVs and the trading price of the shares on the NYSE Arca at the time of sale.

Shares initially comprising the same basket but

offered by Authorized Participants to the public at different times may have different offering prices.

An order for one or more baskets

may be placed by an Authorized Participant on behalf of multiple clients.

Authorized Participants that make deposits with the Funds in

exchange for baskets receive no fees, commissions or other form of compensation or inducement of any kind from either of the Funds or

the Sponsor, and no such person has any obligation or responsibility to the Sponsor or the Funds to effect any sale or resale of shares.

Shares trade in the secondary market on the NYSE

Shares may trade in the secondary market at prices that are lower or higher relative to their NAV per share.

The amount of the discount

or premium in the trading price relative to the NAV per share may be influenced by various factors, including the number of investors

who seek to purchase or sell shares in the secondary market and the liquidity of the futures contracts market.

While the shares trade

during regular trading hours on the NYSE Arca until 4:00 p.m.

E.T., liquidity in the market for Freight Futures, may be reduced after

the close of the Freight Futures market at approximately 12:00 p.m.

As a result, during this time, trading spreads, and the resulting

premium or discount, on the shares may widen.

There are a minimum number of specified baskets

and associated shares.

Once the minimum number of baskets is reached, there can be no more basket redemptions until there has been a Creation

In such case, market makers may be less willing to purchase shares from investors in the secondary market, which may in turn limit

the ability of shareholders of the Funds to sell their shares in the secondary market.

As of the date of this annual report the minimum

level for both BDRY and BWET is 50,000 shares, representing two baskets.

All proceeds from the sale of Creation Baskets

will be invested as quickly as practicable in the investments described in the prospectus.

The Funds’ cash and investments are held

through their Custodian, in accounts with their commodity futures brokers or in demand deposits with highly-rated financial institutions.

There is no stated maximum time period for either of the Funds’ operations and the Funds may continue their operations until all

shares are redeemed or the Funds are liquidated pursuant to the terms of the Funds’ Trust Agreement.

Regulatory Environment

The regulation of futures markets, futures contracts,

and futures exchanges has historically been comprehensive.

The CFTC and the exchanges are authorized to take extraordinary actions in

the event of a market emergency including, for example, the retroactive implementation of speculative position limits, increased margin

requirements, the establishment of daily price limits and the suspension of trading.

The regulation of commodity interest transactions

in the United States is an evolving area of law and is subject to ongoing modification by governmental and judicial action.

regulatory attention has been focused on non-traditional investment pools that are publicly distributed in the United States.

a possibility of future regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment

in the Funds or the ability of the Funds to continue to implement their investment strategies.

In addition, various national governments outside

of the United States have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the

need to regulate the derivatives markets in general.

The effect of any future regulatory change on the Funds is impossible to predict but

could be substantial and adverse.

The CFTC possesses exclusive jurisdiction to regulate

the activities of commodity pool operators and commodity trading advisors with respect to “commodity interests,” such as futures,

swaps and options, and has adopted regulations with respect to the activities of those persons and/or entities.

Under the CEA, a registered

CPO, such as the Sponsor, is required to make annual filings with the CFTC and NFA describing its organization, capital structure, management

and controlling persons.

In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared by,

registered CPOs.

Pursuant to this authority, the CFTC requires CPOs to keep accurate, current and orderly records for each pool that they

The CFTC may suspend the registration of a commodity pool operator (1) if the CFTC finds that the operator’s trading practices

tend to disrupt orderly market conditions, (2) if any controlling person of the operator is subject to an order of the CFTC denying such

person trading privileges on any exchange, and (3) in certain other circumstances.

Suspension, restriction or termination of the Sponsor’s

registration as a commodity pool operator would prevent it, until that registration were to be reinstated, from managing the Funds, and

might result in the termination of the Funds if a successor sponsor is not elected pursuant to the Trust Agreement.

The Funds’ investors are afforded prescribed

rights for reparations under the CEA.

Investors may also be able to maintain a private right of action for violations of the CEA.

CFTC has adopted rules implementing the reparation provisions of the CEA, which provide that any person may file a complaint for a reparations

award with the CFTC for violation of the CEA against a floor broker or an FCM, introducing broker, commodity trading advisor, CPO, and

their respective associated persons.

Pursuant to authority in the CEA, the NFA has

been formed and registered with the CFTC as a registered futures association.

At the present time, the NFA is the only self-regulatory

organization for commodity interest professionals, other than futures exchanges.

The CFTC has delegated to the NFA responsibility for

the registration of CPOs and FCMs and their respective associated persons.

The Sponsor is a member of the NFA and, as such, it will be

subject to NFA standards relating to fair trade practices, financial condition and consumer protection.

The NFA also arbitrates disputes

between members and their customers and conducts registration and fitness screening of applicants for membership and audits of its existing

Neither the Trust nor the Funds are required to become a member of the NFA.

The regulations of the CFTC and the NFA prohibit

any representation by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership in

the NFA, in any respect indicates that the CFTC or the NFA has approved or endorsed that person or that person’s trading program

or objectives.

The registrations and memberships of the parties described in this summary must not be considered as constituting any such

approval or endorsement.

exchanges in the United States are subject to varying degrees of regulation under the CEA depending on whether such exchange is a designated

contract market, exempt board of trade or electronic trading facility.

Clearing organizations are also subject to the CEA and the rules

and regulations adopted thereunder as administered by the CFTC.

The CFTC’s function is to implement the CEA’s objectives

of preventing price manipulation and excessive speculation and promoting orderly and efficient commodity interest markets.

the various exchanges and clearing organizations themselves exercise regulatory and supervisory authority over their member firms.

Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted in response to the economic

crisis of 2008 and 2009 and it significantly altered the regulatory regime to which the securities and commodities markets are subject.

To date, the CFTC has issued proposed or final versions of almost all of the rules it is required to promulgate under the Dodd-Frank

The provisions of the new law include the requirement that position limits be established on a wide range of commodity interests,

including agricultural, energy, and metal-based commodity futures contracts, options on such futures contracts and cleared and uncleared

swaps that are economically equivalent to such futures contracts and options;

new registration and recordkeeping requirements for swap

market participants;

capital and margin requirements for “swap dealers” and “major swap participants,” as determined

by the new law and applicable regulations;

reporting of all swap transactions to swap data repositories;

and the mandatory use of clearinghouse

mechanisms for sufficiently standardized swap transactions that were historically entered into in the over-the-counter market, but are

now designated as subject to the clearing requirement;

and margin requirements for over-the-counter swaps that are not subject to the

clearing requirements.

Dodd-Frank Act was intended to reduce systemic risks that may have contributed to the 2008/2009 financial crisis.

Since the first draft

of what became the Dodd-Frank Act, supporters and opponents have debated the scope of the legislation.

As the administrations of the

change, the interpretation and implementation will change along with them.

Nevertheless, regulatory reform of any kind may have

a significant impact on U.S.

Likewise, no futures exchange has given or will give any similar approval or endorsement.

Futures exchanges in the United States are subject

to varying degrees of regulation under the CEA depending on whether such exchange is a designated contract market, exempt board of trade

or electronic trading facility.

Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as

administered by the CFTC.

The CFTC’s function is to implement the CEA’s objectives of preventing price manipulation and excessive

speculation and promoting orderly and efficient commodity interest markets.

In addition, the various exchanges and clearing organizations

themselves exercise regulatory and supervisory authority over their member firms.

The Dodd-Frank Wall Street Reform and Consumer

Protection Act (the “Dodd-Frank Act”) was enacted in response to the economic crisis of 2008 and 2009 and it significantly

altered the regulatory regime to which the securities and commodities markets are subject.

To date, the CFTC has issued proposed or final

versions of almost all of the rules it is required to promulgate under the Dodd-Frank Act.

The provisions of the law include the requirement

that position limits be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity

futures contracts, options on such futures contracts and cleared and uncleared swaps that are economically equivalent to such futures

contracts and options;

new registration and recordkeeping requirements for swap market participants;

capital and margin requirements for

“swap dealers” and “major swap participants,” as determined by the new law and applicable regulations;

of all swap transactions to swap data repositories;

and the mandatory use of clearinghouse mechanisms for sufficiently standardized swap

transactions that were historically entered into in the over-the-counter market, but are now designated as subject to the clearing requirement;

and margin requirements for over-the-counter swaps that are not subject to the clearing requirements.

The Dodd-Frank Act was intended to reduce systemic

risks that may have contributed to the 2008/2009 financial crisis.

Since the first draft of what became the Dodd-Frank Act, supporters

and opponents have debated the scope of the legislation.

As the administrations of the U.S.

change, the interpretation and implementation

will change along with them.

Nevertheless, regulatory reform of any kind may have a significant impact on U.S.

regulated entities.

rules and regulations under the Dodd-Frank Act require enhanced customer protections, risk management programs, internal monitoring and

controls, capital and liquidity standards, customer disclosures and auditing and examination programs for FCMs.

The rules are intended

to afford greater assurances to market participants that customer segregated funds and secured amounts are protected, customers are provided

with appropriate notice of the risks of futures trading and of the FCMs with which they may choose to do business, FCMs are monitoring

and managing risks in a robust manner, the capital and liquidity of FCMs are strengthened to safeguard the continued operations and the

auditing and examination programs of the CFTC and the self-regulatory organizations are monitoring the activities of FCMs in a thorough

bodies outside the U.S.

have also passed or proposed, or may propose in the future, legislation similar to that proposed by the Dodd-Frank

Act or other legislation containing other restrictions that could adversely impact the liquidity of and increase costs of participating

in the commodities markets.

For example, the European Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets

in Financial Instruments Regulation (Regulation (EU) No 600/2014) (together “MiFID II”), which has applied since January

3, 2018, governs the provision of investment services and activities in relation to, as well as the organized trading of, financial instruments

such as shares, bonds, units in collective investment schemes and derivatives.

In particular, MiFID II requires EU Member States to apply

position limits to the size of a net position which a person can hold at any time in commodity derivatives traded on EU trading venues

and in “economically equivalent” over-the-counter (“OTC”) contracts.

By way of further example, the European

Market Infrastructure Regulation (Regulation (EU) No 648/2012, as amended) (“EMIR”) introduced certain requirements in respect

of OTC derivatives including:

(i) the mandatory clearing of OTC derivative contracts declared subject to the clearing obligation;

risk mitigation techniques in respect of un-cleared OTC derivative contracts, including the mandatory margining of un-cleared OTC derivative

and (iii) reporting and recordkeeping requirements in respect of all derivatives contracts.

In the event that the requirements

under EMIR and MiFID II apply, these are expected to increase the cost of transacting derivatives.

addition, considerable regulatory attention has been focused on non-traditional publicly distributed investment pools such as the Fund.

Furthermore, various national governments have expressed concern regarding the disruptive effects of speculative trading in certain commodity

markets and the need to regulate the derivatives markets in general.

The effect of any future regulatory change on the Fund is impossible

to predict but could be substantial and adverse.

believes that as of June 30, 2022, it had fulfilled in a timely manner all Dodd-Frank or other regulatory requirements to which it is

Fund makes available, free of charge, on its website (www.drybulketf.com.), its annual reports on Form 10-K, its quarterly reports on

Form 10-Q, its current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the

Exchange Act as soon as reasonably practicable after these forms are filed with, or furnished to, the SEC.

These reports are also available

from the SEC though its website at:

Trust also makes available, on its website, its monthly reports and its annual reports required to be prepared and filed with the NFA

under the CFTC regulations.

required for smaller reporting companies.

Current rules and regulations under the Dodd-Frank

Act require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards,

customer disclosures and auditing and examination programs for FCMs.

The rules are intended to afford greater assurances to market participants

that customer segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures

trading and of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital

and liquidity of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and

the self-regulatory organizations are monitoring the activities of FCMs in a thorough manner.

Regulatory bodies outside the U.S.

have also passed

or proposed, or may propose in the future, legislation similar to that proposed by the Dodd-Frank Act or other legislation containing

other restrictions that could adversely impact the liquidity of and increase costs of participating in the commodities markets.

the European Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation

(EU) No 600/2014) (together “MiFID II”), which has applied since January 3, 2018, governs the provision of investment services

and activities in relation to, as well as the organized trading of, financial instruments such as shares, bonds, units in collective investment

schemes and derivatives.

In particular, MiFID II requires EU Member States to apply position limits to the size of a net position which

a person can hold at any time in commodity derivatives traded on EU trading venues and in “economically equivalent” over-the-counter

(“OTC”) contracts.

By way of further example, the European Market Infrastructure Regulation (Regulation (EU) No 648/2012,

as amended) (“EMIR”) introduced certain requirements in respect of OTC derivatives including:

(i) the mandatory clearing of

OTC derivative contracts declared subject to the clearing obligation;

(ii) risk mitigation techniques in respect of un-cleared OTC derivative

contracts, including the mandatory margining of un-cleared OTC derivative contracts;

and (iii) reporting and recordkeeping requirements

in respect of all derivatives contracts.

In the event that the requirements under EMIR and MiFID II apply, these are expected to increase

the cost of transacting derivatives.

In addition, considerable regulatory attention

has been focused on non-traditional publicly distributed investment pools such as the Funds.

Furthermore, various national governments

have expressed concern regarding the disruptive effects of speculative trading in certain commodity markets and the need to regulate the

derivatives markets in general.

The effect of any future regulatory change on the Funds is impossible to predict but could be substantial

Each Fund makes available, free of charge, on

its website (www.drybulketf.com for BDRY and www.tankeretf.com for BWET), its annual reports on Form 10-K, its quarterly reports on Form

10-Q, its current reports on Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange

Act as soon as reasonably practicable after these forms are filed with, or furnished to, the SEC.

These reports are also available from

the SEC though its website at:

The Trust also makes available, on its website,

its monthly reports and its annual reports required to be prepared and filed with the NFA under the CFTC regulations.

Not required for smaller reporting companies.

Unresolved Staff Comments.

Legal Proceedings

the Fund may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise,

the Fund is currently not a party to any pending material legal proceedings.

Mine Safety Disclosures.

Not applicable.

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 1. Business