Investments (Tables)

6 Months Ended

Dec. 31, 2019

Investments [Abstract]

Schedule of derivative instruments in statement of financial position

SIT RISING RATE ETF

Fair Value of Derivative Instruments, as of December 31, 2019

	Asset Derivatives				Liability Derivatives
Derivatives	Combined Statements of Assets and Liabilities	Fair Value			Combined Statements of Assets and Liabilities	Fair Value
Interest Rate Risk	Purchased options	$	21,797	*	—		—
Interest Rate Risk	Receivable on open futures contracts	$	15,878	**	—		—
Interest Rate Risk	—		—		Written options, at fair value	$	(5,906	)*

* Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

** Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

SIT RISING RATE ETF

Fair Value of Derivative Instruments, as of June 30, 2019

	Asset Derivatives				Liability Derivatives
Derivatives	Combined Statements of Assets and Liabilities	Fair Value			Combined Statements of Assets and Liabilities	Fair Value
Interest Rate Risk	Purchased options	$	35,625	*	Payable on open futures contracts	$	(326,457	)**
Interest Rate Risk	—		—		Written options, at fair value	$	(19,336	)*

* Represents fair value of options contracts as reported in the Combined Statements of Assets and Liabilities.

** Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

Schedule of derivative instruments, effect on other comprehensive income (loss)

SIT RISING RATE ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2019

Derivatives	Location of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts	$	(306,211)	$	391,106

The futures and options contracts open at December 31, 2019 are indicative of the activity for the three months ended December 31, 2019.

SIT RISING RATE ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2018

Derivatives	Location of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized gain on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts	$	266,684	$	(3,327,205	)

The futures and options contracts open at December 31, 2018 are indicative of the activity for the three months ended December 31, 2018.

SIT RISING RATE ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2019

Derivatives	Location of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts	$	(252,728)	$	368,231

The futures and options contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019.

SIT RISING RATE ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2018

Derivatives	Location of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments, futures and options contracts and/or Change in unrealized gain (loss) on investments, futures and options contracts	$	(456,707)	$	(1,611,508	)

The futures and options contracts open at December 31, 2018 are indicative of the activity for the six months ended December 31, 2018.

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as of December 31, 2019

	Asset Derivatives			Liability Derivatives
Derivatives	Combined Statements of Assets and Liabilities	Fair Value		Combined Statements of Assets and Liabilities	Fair Value
Interest Rate Risk	—	$	—	Payable on open futures contracts	$	(105,125)	*

* Represents cumulative depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

BREAKWAVE DRY BULK SHIPPING ETF

Fair Value of Derivative Instruments, as of June 30, 2019

	Asset Derivatives				Liability Derivatives
Derivatives	Combined Statements of Assets and Liabilities	Fair Value			Combined Statements of Assets and Liabilities		Fair Value
Interest Rate Risk	Receivable on open futures contracts	$	391,415	*		—		—

* Represents cumulative appreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2019

Derivatives	Location of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts	$	(243,845)	$	(117,845)

The futures contracts open at December 31, 2019 are indicative of the activity for the three months ended December 31, 2019.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Three Months Ended December 31, 2018

Derivatives	Location of Gain (Loss) on Derivatives	Realized Gain on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts	$	(737,508)	$	137,005

The futures contracts open at December 31, 2018 are indicative of the activity for the three months ended December 31, 2018.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2019

Derivatives	Location of Gain (Loss) on Derivatives	Realized Gain on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized gain on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts	$	338,181	$	666,605

The futures contracts open at December 31, 2019 are indicative of the activity for the six months ended December 31, 2019.

BREAKWAVE DRY BULK SHIPPING ETF

The Effect of Derivative Instruments on the Combined Statements of Operations

For the Six Months Ended December 31, 2018

Derivatives	ocation of Gain (Loss) on Derivatives	Realized Loss on Derivatives Recognized in Income		Change in Unrealized Gain (Loss) on Derivatives Recognized in Income
Interest Rate Risk	Net realized loss on investments and futures and/or Change in unrealized gain (loss) on investments and futures contracts	$	(434,239)	$	(33,580)