0000897101-17-000637.txt : 20170516
0000897101-17-000637.hdr.sgml : 20170516
20170516143904
ACCESSION NUMBER: 0000897101-17-000637
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20170516
DATE AS OF CHANGE: 20170516
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: ETF Managers Group Commodity Trust I
CENTRAL INDEX KEY: 0001610940
STANDARD INDUSTRIAL CLASSIFICATION: [6221]
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-89006
FILM NUMBER: 17848237
BUSINESS ADDRESS:
STREET 1: 35 BEECHWOOD ROAD
STREET 2: SUITE B
CITY: SUMMIT
STATE: NJ
ZIP: 07901
BUSINESS PHONE: 908-897-0510
MAIL ADDRESS:
STREET 1: 35 BEECHWOOD ROAD
STREET 2: SUITE B
CITY: SUMMIT
STATE: NJ
ZIP: 07901
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: SIT INVESTMENT ASSOCIATES INC
CENTRAL INDEX KEY: 0000769317
IRS NUMBER: 411404829
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123323223
MAIL ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
SC 13D/A
1
sit171520etf_13da.txt
AMENDMENT NO. 15 TO SCHEDULE 13D
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 15)
Sit Rising Rate ETF
( RISE )
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)
26923H101
-------------------------------------------------------------------------------
(CUSIP Number)
Paul E. Rasmussen
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402-4130
-------------------------------------------------------------------------------
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 15, 2017
-------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for an subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
CUSIP No. 26923H101
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Investment Associates, Inc.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 697,700 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
697,700 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,700 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
82.08%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
CUSIP No. 26923H101
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Fixed Income Advisors II, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 697,700 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
697,700 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
697,700 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
82.08%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
ITEM 1 Security and Issuer
Common Units
Sit Rising Rate ETF
ETF Managers Group Commodity Trust I
c/o ETF Managers Capital LLC
35 Beachwood Road, Suite 2B
Summit, NJ 07901
ITEM 2 Identity and Background
a) and c)
This statement is filed by:
Sit Investment Associates, Inc., a Minnesota corporation (SIA),and
Sit Fixed Income Advisors II, LLC, a Delaware limited liability
company (SFI). Both SIA and SFI are parties to a Joint Filing
Agreement as further described in Exhibit A to the initial Schedule
13D filed by SIA and SFI on September 8, 2015.
SIA is a registered investment adviser.
SFI is a registered investment adviser and subsidiary of SIA.
Roger J. Sit is chairman and CEO of SIA and SFI.
Michael C. Brilley is senior vice President of SIA and director,
president and chief fixed income officer of SFI.
Mr. Ronald D. Sit is a vice president of SIA and director.
Mr. Ralph L. Strangis is a director of SIA and SFI. Mr. Strangis is
a partner with the law firm Kaplan Strangis & Kaplan, P.A.
By virtue of these positions, each of SIA, SFI, Mr. Roger Sit, Mr.
Brilley, Mr. Ronald Sit, and Mr. Strangis, may be deemed to
beneficially own the Shares held by SIA and SFI. None of the named
individuals own shares directly. Additionally, Mr. Strangis is not
involved in investment or voting decisions. Together SIA, SFI,
Mr. Roger Sit, Mr. Brilley, Mr. Ronald Sit, and Mr. Strangis are the
"Sit Entities".
b) The business address of each of the Sit Entities is 3300 IDS Center,
80 South Eighth Street, Minneapolis, MN 55402
d) During the last five years, neither Roger J. Sit, Michael C.
Brilley, Ronald D. Sit, nor Ralph L. Strangis, have been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
e) During the last five years, none of the Sit Entities have been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree, or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
f) Roger J. Sit, Michael C. Brilley, Ronald D. Sit, and Ralph L.
Strangis are United States citizens.
ITEM 3 Source and Amount of Funds or Other Consideration
The aggregate amount of funds used by Sit Investment Associates, Inc.
and Sit Fixed Income Advisors II, LLC to purchase the Shares reported
herein was approximately $5 million. The source of funds was the
working capital of the Sit Investment Associates, Inc. and Sit Fixed
Income Advisors II, LLC.
ITEM 4 Purpose of Transaction
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC
acquired 140,000 and 60,000 shares respectively upon the Issuer's
launch on February 19, 2015 representing more than 99% of the
beneficial ownership of the Issuer on the date of the purchase.
Sit Fixed Income Advisors II, LLC acts at the Issuer's commodity
trading advisor and maintains the Issuer's Benchmark Portfolio
pursuant to the terms of a Licensing and Services Agreement between
Sit Fixed Income Advisors II, LLC and the Issuer.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC
also acquired the Issuer's shares on behalf of their clients and sold
the Issuer's shares on behalf of their clients. Such transactions have
been made in the ordinary course of business and for investment
purposes.
Neither Sit Investment Associates, Inc. nor Sit Fixed Income Advisors
II, LLC have a present plan or proposal which would relate to or
result in any of the matters set forth in subparagraphs (a) - (j) of
Item 4 of Schedule 13D.
ITEM 5 Interest in Securities of the Issuer
a) and b)
The aggregate percentage of Shares reported owned by Sit Entities
herein is based upon 850,040 shares outstanding as of May 15, 2017,
which is the total number of shares outstanding as reported on the
home page of the Issuer's website. The total number of shares
outstanding changed from 750,040 to 850,040 since the last 13D
filing on March 16, 2017. This change in shares outstanding in
addition to clients of SIA and SFI acquiring additional shares of
the Issuer, resulted in a greater than 1% change in ownership of the
Issuer by the Sit Entities.
As of the date hereof, the Sit Entities may be deemed to be the
beneficial owner of 697,700 Shares which represents 82.08% of the
Issuer's outstanding shares. Each of the Sit Entities may be deemed
to have shared power to vote and dispose of such Shares.
c) Transactions in Shares by the Sit Entities during the past 60 days
are set forth in Exhibit A.
d) The clients of SIA and SFI have the right to participate in the
receipt of dividends from, or proceeds from the sales of, the Shares
held for their respective accounts.
e) Not applicable.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Not applicable.
ITEM 7 Materials to be Filed as Exhibits
Exhibit A: Schedule of Transactions in Shares by the Sit Entities
during the past 60 days.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete, and correct.
------------------
May 16, 2017
By: Sit Investment Associates, Inc.
/s/ Roger J. Sit
-----------------------------------
Name/Title: Roger J. Sit, Chairman & CEO
By: Sit Fixed Income Advisors II, LLC
/s/ Michael C. Brilley
-----------------------------------
Name/Title: Michael C. Brilley, President & CIO
EXHIBIT A
Schedule of Transactions in Shares by Sit Entities during the past 60 days:
-------------------- ------------------ -------------------- ----------------
Shares of Common
Transaction Stock Purchased Price Per
Date of Transaction Type /(Sold) Share ($)
-------------------- ------------------ -------------------- ----------------
03/21/2017 BUY 6,000.00 $ 23.55
-------------------- ------------------ -------------------- ----------------
04/13/2017 BUY 72,800.00 $ 23.09
-------------------- ------------------ -------------------- ----------------
05/03/2017 BUY 18,500.00 $ 23.14
-------------------- ------------------ -------------------- ----------------