Tue, May 21, 10:05 AM (67 days ago)
Amplify Commodity Trust's quarterly report for the period ended March 31, 2024, details the financial performance and condition of its two ETFs: Breakwave Dry Bulk Shipping ETF (BDRY) and Breakwave Tanker Shipping ETF (BWET). Key points include: 1. **Financial Health & Performance**: - **BDRY**: NAV per share increased by 20.17% to $13.99, driven by realized gains of $31.1 million and unrealized losses of $22.4 million. Net income was $8.6 million. - **BWET**: NAV per share increased by 16.23% to $18.65, with realized gains of $861k and unrealized gains of $78k. Net income was $832k. 2. **Revenue & Profit Margins**: - **BDRY**: Interest income of $373k for the quarter. Expenses capped at 3.50% of average daily net assets. - **BWET**: Interest income of $20k for the quarter. Similar expense cap structure. 3. **Cash Flow**: - **BDRY**: Net cash provided by operating activities was $65.8 million; cash and restricted cash totaled $47.6 million. - **BWET**: Net cash provided by operating activities was $932k; cash and restricted cash totaled $2.9 million. 4. **Quarterly Performance**: - **BDRY**: Outperformed expectations due to disruptions in global shipping routes. - **BWET**: Volatile due to geopolitical issues affecting crude oil shipping. 5. **Future Operations Impact**: - Continued geopolitical instability and potential regulatory changes pose uncertainties. Overall, both ETFs showed strong performance and financial health, with significant gains in NAV and managed expenses.