Amplify Commodity Trust has reported its financial results for the three and six months ended December 31, 2025, showcasing a significant recovery in profitability compared to the previous fiscal period. The Trust, which operates two exchange-traded funds (ETFs)—the Breakwave Dry Bulk Shipping ETF (BDRY) and the Breakwave Tanker Shipping ETF (BWET)—recorded a combined net income of $6.3 million for the quarter, a stark contrast to the net loss of $12.3 million reported for the same period in 2024. This turnaround was primarily driven by net realized gains on futures contracts amounting to $6.7 million, alongside a net investment loss of $134,882.
In terms of revenue, the Trust generated $318,240 in investment income during the latest quarter, up from $217,555 in the prior year. The increase in revenue was accompanied by a rise in total expenses, which reached $572,791, compared to $534,873 in the previous year. The increase in expenses was attributed to higher sponsor and commodity trading advisor fees, as well as increased brokerage commissions. The net asset value (NAV) per share for BDRY increased to $8.74, while BWET's NAV rose to $19.27, reflecting a recovery in market conditions.
Operationally, the Trust experienced notable changes in share transactions. BDRY redeemed 1.25 million shares during the quarter, resulting in a net decrease in assets of approximately $10.8 million. Conversely, BWET saw a modest increase in shares sold, with 125,000 shares sold and 150,000 shares redeemed, leading to a net decrease of $654,562. The total outstanding shares for BDRY stood at 4,675,040, while BWET had 175,100 shares as of February 1, 2026.
The Trust's strategic developments included a change in sponsorship, with Amplify Investments LLC taking over from ETF Managers Capital LLC as the Trust's sponsor effective February 15, 2024. This transition is expected to enhance operational efficiency and align the Trust's management with its investment objectives. The Trust continues to focus on its core strategy of providing exposure to freight futures, with BDRY primarily investing in dry bulk freight futures and BWET focusing on crude oil tanker freight futures.
Looking ahead, the Trust's management remains cautiously optimistic about market conditions, although they acknowledge ongoing geopolitical risks and economic uncertainties that could impact future performance. The Trust's ability to navigate these challenges while maintaining its investment strategy will be crucial for sustaining profitability and growth in the coming quarters.
About Amplify Commodity Trust
Amplify Commodity Trust manages exchange-traded funds that provide exposure to dry bulk and crude oil tanker freight futures. Its core business involves tracking and investing in futures contracts on shipping rates, offering market participants a way to gain commodity market exposure. The trust operates through registered commodity pools, utilizing exchange-cleared futures, with a focus on transparency, liquidity, and regulatory compliance.
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