Amplify Commodity Trust has reported its financial results for the fiscal year ending June 30, 2025, revealing significant changes in revenue and profitability compared to the previous year. The Breakwave Dry Bulk Shipping ETF (BDRY) experienced a net loss of $16.5 million, a stark contrast to the net income of $46.8 million reported for the year ending June 30, 2024. This decline was primarily driven by net realized losses on futures contracts amounting to $15.9 million and net unrealized losses of $72,815. The net asset value (NAV) per share for BDRY decreased from $12.13 to $5.63, reflecting a 53.62% decline. Similarly, the Breakwave Tanker Shipping ETF (BWET) reported a net loss of $1 million, down from a net income of $319,000 in the previous year, with its NAV per share falling from $16.69 to $10.63.
The filing also highlights a significant shift in the management structure of the Trust. Effective February 14, 2024, Amplify Investments LLC took over as the new sponsor, replacing ETF Managers Capital LLC. This transition included a rebranding of the Trust from ETF Managers Group Commodity Trust I to Amplify Commodity Trust. The change in sponsorship is expected to enhance operational efficiency and strategic direction for the Funds.
Operationally, BDRY and BWET have seen fluctuations in their share transactions. BDRY issued 10.5 million shares during the year, resulting in a net increase in assets of approximately $43.2 million, while redeeming 2.025 million shares. In contrast, BWET had a modest issuance of 100,000 shares, with an equal number redeemed, leading to a net increase of $270,435. The total number of shares outstanding for BDRY was 11.7 million, while BWET had 125,100 shares as of June 30, 2025.
The Trust's financial performance was influenced by various market conditions, including geopolitical tensions and fluctuations in shipping rates. The Baltic Dry Index, a key indicator for dry bulk shipping, averaged 1,475 during the year, down from 1,730 in the previous year. Factors such as the Israel-Hamas conflict and low water levels affecting the Panama Canal contributed to disruptions in shipping routes and overall demand for dry bulk transportation. The Trust's management has indicated that these market conditions may continue to impact performance in the near term.
Looking ahead, the Trust remains focused on its investment objectives while navigating the challenges posed by market volatility and geopolitical risks. The management has expressed confidence in the strategic direction under the new sponsorship and aims to enhance shareholder value through effective management of the Funds.
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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