UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 10-K

 Annual report pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934

 for the fiscal year ended June 30, 2025.

 OR

 Transition report pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934

 for the transition period from _______ to _______.

 Commission File Number: 001-36851

 (Exact Name of Registrant as Specified in Its Charter)

 Delaware

 36-4793446

 (State or Other Jurisdiction of

Incorporation or Organization)

 (I.R.S. Employer

Identification No.)

 3333 Warrenville Road
 Suite 350, Lisle, IL

 60532

 (Address of Principal Executive Offices)

 (Zip Code)

 855 - 267-3837

 (Registrant's Telephone Number, Including
Area Code)

 N/A

 (Former Name, Former Address and Former Fiscal
Year, if Changed Since Last Report)

 Securities Registered Pursuant to Section 12(b)
of the Act:

 Title of Each Class

 Trading Symbol(s)

 Name Of Each Exchange On Which Registered

 Shares of Breakwave Dry Bulk Shipping ETF

 BDRY

 NYSE Arca, Inc.

 Shares of Breakwave Tanker Shipping ETF

 BWET

 NYSE Arca, Inc.

 Securities registered pursuant to Section 12(g)
of the Act: None

 Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No

(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes No

has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 Yes No

is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company.
See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company"
and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided in Section 13(a) of the Exchange Act.

has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.

 If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant to § 240.10D-1(b).

is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 Securities Registered Pursuant to Section 12(b)
of the Act:

 The registrant had
 5,475,040 outstanding shares as of September 1, 2025. (BDRY)

 The registrant
had 125,100 outstanding shares as of September 1, 2025. (BWET)

 Page

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 Item 6.

 Reserved

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 Item 8.

 Financial Statements and Supplemental Data

 Item 9.

 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accountant Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Exhibit Index

 Signatures

 i

 Item 1. Business

 The Trust and the Funds

 Amplify Commodity Trust (formerly, ETF Managers Group Commodity Trust
I) (the "Trust") was organized as a Delaware statutory trust on July 23, 2014. Effective after the close of trading on February
14, 2024, ETF Managers Capital LLC, as the prior sponsor and commodity pool operator (the "Former Sponsor") of the Trust,
entered into an agreement (the "Transfer Agreement") to resign as Sponsor to the Trust and transfer its role as the Trust's
sponsor to Amplify Investments LLC ("the Sponsor"). Under the terms of the Transfer Agreement, the Former Sponsor no longer
has any involvement in the operations, management or marketing of the Fund. In connection with this change of Sponsor, Trust changed its
name from the ETF Managers Group Commodity Trust I to the Amplify Commodity Trust. The Trust is a series trust formed pursuant to the
Delaware Statutory Trust Act and currently includes two separate series: (i) Breakwave Dry Bulk Shipping ETF ("BDRY"), which
is a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on the NYSE Arca, Inc. stock
exchange ("NYSE Arca"), and(ii) Breakwave Tanker Shipping ETF ("BWET," and together with BDRY, each, a "Fund"
and collectively, the "Funds"), which is also a commodity pool that continuously issues shares of beneficial interest that
may be purchased and sold on NYSE Arca.

 BDRY commenced investment operations on March 22, 2018. BDRY commenced
trading on NYSE Arca on March 22, 2018 and trades under the symbol "BDRY."

 BWET commenced investment operations on May 3, 2023. BWET commenced
trading on the NYSE Arca on May 3, 2023 and trades under the symbol "BWET."

 The principal office of the Trust and the Funds is located at 3333
Warrenville Road, Suite 350, Lisle, IL 60532. The telephone number is (855) 267-3837.

 The Sponsor

 The Funds are each managed and controlled by Amplify Investments LLC
(the "Sponsor"), a single member limited liability company that was formed in the state of Delaware on October 6, 2014. Each
Fund pays the Sponsor a management fee. The Sponsor maintains its main business office at 3333 Warrenville Road, Suite 350, Lisle, IL
60532. The Sponsor's telephone number is (855) 267-3837.

 The Funds are each a "commodity pool" as defined by the
Commodity Exchange Act ("CEA"). Consequently, the Sponsor has registered as a commodity pool operator("CPO") with
the Commodity Futures Trading Commission ("CFTC") and is a member of the National Futures Association ("NFA").

 BDRY Investment Objective

 BDRY's investment objective is to provide investors with exposure
to the daily change in the price of dry bulk freight futures by tracking the performance of a portfolio(the "BDRY Benchmark Portfolio"
) consisting of exchange-cleared futures contracts on the cost of shipping dry bulk freight ("Dry Freight Futures"). BDRY
seeks to achieve its investment objective by investing substantially all of its assets in the Dry Freight Futures currently constituting
the BDRY Benchmark Portfolio.

 The BDRY Benchmark Portfolio is maintained by Breakwave Advisors LLC
("Breakwave"), which also serves as BDRY's Commodity Trading Advisor ("CTA"). The BDRY Benchmark Portfolio
is maintained by Breakwave and will be rebalanced annually.

 BDRY Commodity Trading Advisor

 Breakwave serves as BDRY's CTA. Breakwave is a Delaware limited
liability company.

 Breakwave is registered as a CTA with the CFTC and is a member of the
NFA.

 Breakwave provides its services to BDRY under a Services Agreement
with the Sponsor. Under this agreement, Breakwave has agreed to compose and maintain the BDRY Benchmark Portfolio and license to the Sponsor
the use of the BDRY Benchmark Portfolio.

 BDRY Investing Strategy

 BDRY seeks to achieve its investment objective by investing substantially
all of its assets in the Dry Freight Futures currently constituting the BDRY Benchmark Portfolio. The BDRY Benchmark Portfolio will include
all existing positions to maturity and settle them in cash. During any given calendar quarter, the BDRY Benchmark Portfolio will progressively
increase its position to the next calendar quarter three-month strip, thus maintaining constant exposure to the Dry Freight Futures market
as positions mature.

 The BDRY Benchmark Portfolio will maintain long-only positions in Dry
Freight Futures. The BDRY Benchmark Portfolio will include a combination of Capesize, Panamax and Supramax Dry Freight Futures. More specifically,
the BDRY Benchmark Portfolio will include 50% exposure in Capesize Dry Freight Futures contracts, 40% exposure in Panamax Dry Freight
Futures contracts and 10% exposure in Supramax Dry Freight Futures contracts. The BDRY Benchmark Portfolio will not include and BDRY will
not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through
exchanges or clearing houses. BDRY may hold exchange-traded options on Dry Freight Futures. The BDRY Benchmark Portfolio is maintained
by Breakwave and will be rebalanced annually. The Dry Freight Futures currently constituting the BDRY Benchmark Portfolio, as well as
the daily holdings of BDRY will be available on BDRY's website at www.drybulketf.com.

 When establishing positions in Dry Freight Futures,
BDRY will be required to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Dry Freight Futures
position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant
exchanges, clearing houses or BDRY's futures commission merchant ("FCM"). On a daily basis, BDRY will be obligated to
pay, or entitled to receive, variation margin in an amount equal to the change in the daily settlement level of its Dry Freight Futures
positions. Any assets not required to be posted as margin with BDRY's FCM will generally be held at BDRY's custodian in cash
or cash equivalents, as discussed below.

 BDRY will hold cash or cash equivalents such as
U.S. Treasuries or other high credit quality, short term fixed income or similar securities for direct investment and for other liquidity
purposes and to meet redemptions that may be necessary on an ongoing basis. BDRY may also realize interest income from its holdings in
U.S. Treasuries or other market rate instruments.

 BDRY Benchmark Portfolio

 The BDRY Benchmark Portfolio consists of the Dry
Freight Futures, which are a three-month strip of the nearest calendar quarter of futures contracts on specified indexes (each a "Reference
Index") that measure rates for shipping dry bulk freight. Each Reference Index is published each United Kingdom business day by
the London-based Baltic Exchange Ltd. (the "Baltic Exchange") and measures the charter rate for shipping dry bulk freight
in a specific size category of cargo ship – Capesize, Panamax or Supramax. The three Reference Indexes are as follows:

 Capesize: the Capesize 5TC Index;

 Panamax: the Panamax 4TC Index; and

 Supramax: the Supramax 10TC Index.

 The BDRY Benchmark Component Instruments currently
constituting the BDRY Benchmark Portfolio as of June 30, 2025 include:

 Name

 Ticker

 Market
 Value USD

 Capesize 5TC 180kt FFA Timecharter Average M Jul 25

 C5TCM N25 INDEX

 $
 10,116,540

 Capesize 5TC FFA 180kt Timecharter Average M Aug 25

 C5TCM Q25 INDEX

 $
 10,442,040

 Capesize 5TC FFA 180kt Timecharter Average M Sep 25

 C5TCM U25 INDEX

 $
 11,890,980

 Panamax 4TC FFA 74kt Timecharter Average M Jul 25

 P4TCM N25 INDEX

 $
 9,051,420

 Panamax 4TC FFA 74kt Timecharter Average M Aug 25

 P4TCM Q25 INDEX

 $
 8,625,575

 Panamax 4TC FFA 74kt Timecharter Average M Sep 25

 P4TCM U25 INDEX

 $
 8,642,480

 Supramax 58 TC FFA 58kt Timecharter Average M Jul 25

 S58FM N25 INDEX

 $
 2,245,000

 Supramax 58 TC FFA 58kt Timecharter Average M Aug 25

 S58FM Q25 INDEX

 $
 2,277,600

 Supramax 58 TC FFA 58kt Timecharter Average M Sep 25

 S58FM U25 INDEX

 $
 2,310,000

 The value of the Capesize 5TC Index is disseminated at 11:00 a.m.,
London Time and the value of the Panamax 4TC Index and the Supramax 10TC Index are each disseminated at 1:00 p.m., London Time. The Reference
Index information disseminated by the Baltic Exchange also includes the components and value of each component in each Reference Index.
Such Reference Index information also is widely disseminated by Reuters and/or other major market data vendors.

 BWET Investment Objective

 BWET's investment objective is to provide investors with exposure
to the daily change in the price of crude oil tanker freight futures by tracking the performance of a portfolio (the "BWET Benchmark
Portfolio" and, collectively with the BDRY Benchmark Portfolio, the "Benchmark Portfolios") consisting of exchange-cleared
futures contracts on the cost of shipping crude oil ("Oil Freight Futures" and, collectively with Dry Freight Futures, the
"Freight Futures"). BWET seeks to achieve its investment objective by investing substantially all of its assets in the Oil
Freight Futures currently constituting the BWET Benchmark Portfolio.

 The BWET Benchmark Portfolio is maintained by Breakwave, which also
serves as BWET's CTA. The BWET Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually.

 BWET Commodity Trading Advisor

 Breakwave serves as BWET's CTA. Breakwave is a Delaware limited
liability company.

 Breakwave is registered as a CTA with the CFTC and is a member of the
NFA.

 Breakwave provides its services to BWET under a Services Agreement
with the Sponsor. Under this agreement, Breakwave has agreed to compose and maintain the BWET Benchmark Portfolio and license to the Sponsor
the use of the BWET Benchmark Portfolio.

 BWET Investing Strategy

 BWET seeks to achieve its investment objective by investing substantially
all of its assets in the Oil Freight Futures currently constituting the BWET Benchmark Portfolio. The BWET Benchmark Portfolio will include
all existing positions to maturity and settle them in cash. During any given calendar quarter, the BWET Benchmark Portfolio will progressively
increase its position to the next calendar quarter three-month strip, thus maintaining constant exposure to the Oil Freight Futures market
as positions mature.

 The BWET Benchmark Portfolio will maintain long-only positions in Oil
Freight Futures. The BWET Benchmark Portfolio will include a combination of TD3C andTD20 Oil Freight Futures. More specifically, the BWET
Benchmark Portfolio will include 90% exposure in TD3C Oil Freight Futures contracts and 10% exposure inTD20 Oil Freight Futures contracts.
The BWET Benchmark Portfolio will not include and BWET will not invest in swaps, non-cleared crude oil freight forwards or other over-the-counter
derivative instruments that are not cleared through exchanges or clearing houses. BWET may hold exchange-traded options on Oil Freight
Futures. The BWET Benchmark Portfolio is maintained by Breakwave and will be rebalanced annually. The Oil Freight Futures currently constituting
the BWET Benchmark Portfolio, as well as the daily holdings of BWET will be available on BWETS's website at www.tankeretf.com.

 When establishing positions in Oil Freight Futures, BWET will be required
to deposit initial margin with a value of approximately 10% to 40% of the notional value of each Oil Freight Futures position at the time
it is established. These margin requirements are established and subject to change from time to time by the relevant exchanges, clearing
houses or BWET's futures commission merchant ("FCM"). On a daily basis, BWET will be obligated to pay, or entitled to
receive, variation margin in an amount equal to the change in the daily settlement level of its Oil Freight Futures positions. Any assets
not required to be posted as margin with BWET's FCM will generally be held at BWET's custodian in cash or cash equivalents,
as discussed below.

 BWET will hold cash or cash equivalents such as U.S. Treasuries or
other high credit quality, short-term fixed-income or similar securities for direct investment and for other liquidity purposes and to
meet redemptions that may be necessary on an ongoing basis. BWET may also realize interest income from its holdings in U.S. Treasuries
or other market rate instruments.

 BWET Benchmark Portfolio

 The BWET Benchmark Portfolio consists of the Oil
Freight Futures, which are a three-month strip of the nearest calendar quarter of futures contracts on specified indexes (each a "Reference
Index") that measure rates for shipping crude oil. Each Reference Index is published each United Kingdom business day by the Baltic
Exchange and measures the charter rate for shipping crude oil in a specific size category of cargo ship and for a specific route - TD3C
or TD20. The two Reference Indexes are as follows:

 TD3C: the TD3C Index; and

 TD20: the TD20 Index.

 The Oil Freight Futures currently constituting
the BWET Benchmark Portfolio as of June 30, 2025 include:

 Name

 Ticker

 Market
 Value USD

 TD20 FFA 130kt West Africa to Continent USD/MT M Jul 25

 DD20M N25 INDEX

 $
 70,680

 TD20 FFA 130kt West Africa to Continent USD/MT M Aug 25

 DD20M Q25 INDEX

 $
 63,255

 TD3C FFA 270kt Middle East Gulf to China USD/MT M Sep 25

 DD3CM U25 INDEX

 $
 379,680

 TD3C FFA 270kt Middle East Gulf to China USD/MT M Jul 25

 DD3CM N25 INDEX

 $
 385,980

 TD3C FFA 270kt Middle East Gulf to China USD/MT M Aug 25

 DD3CM Q25 INDEX

 $
 418,600

 The value of the TD3C Index and the TD20 Index
are each disseminated daily at 4:00 p.m. London Time by the Baltic Exchange. The Reference Index information disseminated by the Baltic
Exchange also includes the components and value of each component in each Reference Index. Such Reference Index information also is widely
disseminated by Reuters and/or other major market data vendors.

 Fund Trading Policies

 Liquidity

 Each Fund invests principally in exchange cleared futures that, in
the opinion of the Sponsor, are traded in sufficient volume to permit the ready taking of orders in these financial instruments.

 Leverage

 The Sponsor endeavors to have the value of each Fund's Treasury
Securities, cash and cash equivalents, whether held by the Fund or posted as margin or collateral, at all times approximate the aggregate
market value of its obligations under the Fund's Freight Futures interests, adjusted for the proportion of the current month's
Freight Futures contracts whose value has already been assessed.

 Borrowings

 Each Fund does not intend to, or foresees the need to, borrow money
or establish lines of credit.

 Pyramiding

 Each Fund does not and will not employ the technique, commonly known
as pyramiding, in which the speculator uses unrealized profits on existing positions as variation margin for the purchase of additional
positions in the same commodity interest.

 No Distributions

 The Sponsor has discretionary authority over all distributions made
by the Funds. In view of each Fund's objective of seeking significant capital appreciation, the Sponsor currently does not intend
to cause a Fund to make any distributions, but, has the sole discretion to do so from time to time.

 Margin Requirements and Marking-to-Market Futures Positions

 "Initial margin" is an amount of funds that must be deposited
by a commodity trader with the trader's broker to initiate an open position in futures contracts. A margin deposit is like a cash
performance bond. It helps assure the trader's performance of the futures contracts that he or she purchases or sells. Futures contracts
are customarily bought and sold on initial margin that represents a small percentage of the aggregate purchase or sales price of the contract.
The amount of margin required in connection with a particular futures contract is set by the exchange on which the contract is traded.
Brokerage firms, such as the Funds' clearing broker, carrying accounts for traders in commodity interest contracts may require higher
amounts of margin as a matter of policy to further protect themselves.

 Futures contracts are marked to market at the end of each trading day
and the margin required with respect to such contracts is adjusted accordingly. This process of marking-to-market is designed to prevent
losses from accumulating in any futures account. Therefore, if a Fund's futures positions have declined in value, the Fund maybe
required to post "variation margin" to cover this decline. Alternatively, if a Fund's futures positions have increased
in value, this increase will be credited to the Fund's account.

 The Funds enter into futures contracts to gain exposure to changes
in the value of the Benchmark Portfolios. A futures contract obligates the seller to deliver (and the purchaser to accept) the future
cash settlement of a specified quantity and type of a treasury futures contract at a specified time and place. The contractual obligations
of a buyer or seller of a treasury futures contract may generally be satisfied by making an offsetting sale or purchase of an identical
futures contract on the same or linked exchange before the designated date of delivery.

 Upon entering into a futures contract, the Funds are each required
to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The
initial margin is segregated as cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities, and is restricted
as to its use. Pursuant to the futures contract, the Funds each agree to receive from or pay to the broker an amount of cash equal to
the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by the
Funds as unrealized gains or losses. The Funds will realize a gain or loss upon closing a futures transaction.

 Futures contracts involve, to varying degrees, elements of market risk
(specifically treasury price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect
the extent of the total exposure the Funds have in the particular classes of instruments. Additional risks associated with the use of
futures contracts include imperfect correlation between movements in the price of the futures contracts and the market value of the underlying
securities and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal counterparty risk
to the Funds since futures contracts are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded
futures contracts, guarantees the futures contracts against default.

 The Funds' Service Providers

 Administrator, Custodian, Fund Accountant, and Transfer Agent

 The Funds have each appointed U.S. Bank, a national banking association,
with its principal office in Milwaukee, Wisconsin, as the custodian (the "Custodian"). Its affiliate, U.S. Bancorp Fund Services,
is the Fund accountant (the "Fund Accountant") of the Funds, transfer agent (the "Transfer Agent") for the Funds'
shares and administrator for the Funds (the "Administrator"). It performs certain administrative and accounting services for
the Funds and prepares certain SEC, NFA and CFTC reports on behalf of the Funds. (U.S. Bank and U.S. Bancorp Fund Services are referred
to collectively hereinafter as "U.S. Bank").

 Distributor

 Through August 13, 2023, each Fund paid ETFMG Financial LLC (the "former
Distributor"), an affiliate of the Sponsor, an annual fee for statutory and wholesaling distribution services and related administrative
services equal to the greater of $15,000 or 0.02% of the Fund's average daily net assets, payable monthly. Pursuant to the respective
Marketing Agent Agreements between the Sponsor, each Fund and the former Distributor, the former Distributor assisted the Sponsor and
the applicable Fund with certain functions and duties relating to distribution and marketing services to the applicable Fund, including
reviewing and approving marketing materials and certain regulatory compliance matters. The Distributor also assisted with the processing
of creation and redemption orders.

 Effective August 14, 2023, the Sponsor entered into a Marketing Agent
Agreement (the "Marketing Agreement") on behalf of the Trust and the Funds with Foreside Fund Services, LLC ("Foreside"),
pursuant to which Foreside provides certain marketing services to the Funds. Each Fund pays an annual fee for such distribution services
and related administrative services, with a minimum of approximately $10,000 payable annually. Pursuant to the Marketing Agent Agreement
between the Sponsor, the Funds and Foreside, Foreside assists the Sponsor and the Funds with certain functions and duties relating to
distribution and marketing services to the Funds, including reviewing and approving marketing materials and certain regulatory compliance
matters. Foreside also assists with the processing of creation and redemption orders. Foreside's principal business office is located
in Portland, ME.

 Trustee

 Under the respective Amended and Restated Declaration of Trust and
Trust Agreement (each, a "Trust Agreement") for each Fund, Wilmington Trust Company, the Trustee of each of the Funds (the
"Trustee") serves as the sole trustee of each Fund in the State of Delaware. The Trustee will accept service of legal process
on the Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. Under the Trust Agreement
for each Fund, the Sponsor has the exclusive management and control of all aspects of the business of the Funds. The Trustee does not
owe any other duties to the Funds, the Sponsor or the Shareholders of the Fund. The Trustee has no duty or liability to supervise or monitor
the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor.

 Futures Commission Merchant

 Marex Financial ("Marex"), registered in England, serves
as the Funds' clearing broker (the "Commodity Broker"). In its capacity as clearing broker, the Commodity Broker executes
and clears the Funds' futures transactions and performs certain administrative services for the Funds. ED&F Man Capital Markets
Limited served as BDRY's clearing broker from June 3, 2022 until being acquired by Marex on October 3, 2023. Marex is exempt, pursuant
to CFTC Regulation 30.10, from registration with the CFTC as a futures commission merchant. The Funds pay Marex commissions for executing
and clearing trades on their behalf.

 There have been no material administrative, civil or criminal actions
brought, pending or concluded against Marex or its principals in the past five years.

 Marex is not affiliated with the Funds or the Sponsor. Therefore, the
Sponsor and the Funds do not believe that the Funds have any conflicts of interest with Marex or its trading principals arising from their
acting as the Funds' FCM.

 Legal Counsel

 Chapman and Cutler LLP serves as legal counsel to the Trust and the
Funds.

 Fees of the Funds

 Management and CTA Fees

 BDRY and BWET each pay the Sponsor a management fee (the "Sponsor
Fee") in consideration of the Sponsor's advisory services to the Funds. Additionally, BDRY and BWET each pay Breakwave a license
and service fee (the "CTA Fee").

 BDRY pays the Sponsor an annual Sponsor Fee, monthly in arrears, in
an amount calculated as the greater of 0.15% of its average daily net assets, or $125,000. BDRY also pays an annual fee to Breakwave,
monthly in arrears, in an amount equal to 1.45% of BDRY's average daily net assets. Breakwave has agreed to waive its CTA fee to
the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BDRY such that Fund expenses
do not exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, if any, of the value
of BDRY's average daily net assets through December 31, 2025 (the "BDRY Expense Cap,"). The assumption of expenses and
waiver of BDRY's CTA Fee are contractual on the part of the Sponsor and Breakwave, respectively, through December 31, 2025. If after
that date, the Sponsor and/or Breakwave no longer assumed expenses or waived the CTA Fee, respectively, BDRY could be adversely impacted,
including in its ability to achieve its investment objective.

 The assumption of expenses by the Sponsor for BDRY, pursuant to the
BDRY Expense Cap, amounted to expenses reimbursed of $242,025 and $- for the years ended June 30, 2025 and 2024, respectively, as disclosed
in the Combined Statements of Operations. The waiver of Breakwave's CTA Fee, pursuant to the contractual waiver, amounted to $217,687
and $23,879 for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BDRY currently
accrues its daily expenses based upon established individual expense category amounts or the BDRY Expense Cap, whichever aggregate amount
is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment of the
routine operational, administrative and other ordinary expenses of the Fund. BDRY's total expenses amounted to $1,851,697 and $2,442,633
for the years ended June 30, 2025 and 2024, respectively.

 BWET pays the Sponsor an annual Sponsor Fee, monthly in arrears, in
an amount calculated as the greater of 0.30% of its average daily net assets, or $50,000. BWET also pays an annual CTA license and service
fee to Breakwave, monthly in arrears, in an amount equal to 1.45% of BDRY's average daily net assets. Breakwave has agreed to waive
its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BWET such
that Fund expenses do not exceed an annual rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses,
if any, of the value of BWET's average daily net assets through December 31, 2025 (the "BWET Expense Cap"). The assumption
of expenses by the Sponsor and waiver of BWET's CTA fee are contractual on the part of the Sponsor and Breakwave, respectively.
If after that date, the Sponsor and/or Breakwave no longer assumed expenses or waived the CTA Fee, respectively, BWET could be adversely
impacted, including in its ability to achieve its investment objective.

 The assumption of expenses by the Sponsor for BWET, pursuant to the
BWET Expense Cap, amounted to expenses absorbed of $361,863 and $277,458 for the years ended June 30, 2025 and 2024, respectively, as
disclosed in the Combined Statements of Operations. The waiver of Breakwave's CTA fees, pursuant to the undertaking, amounted to
$27,481 and $52,076 for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET
currently accrues its daily expenses based upon established individual expense category amounts or the BWET Expense Cap, whichever aggregate
amount is less. At the end of each month, the accrued amount is remitted to the Sponsor as the Sponsor is responsible for the payment
of the routine operational, administrative and other ordinary expenses of the Fund. BWET's total expenses amounted to $485,999 and
$577,056 for the years ended June 30, 2025 and 2024, respectively.

 Administrator, Custodian, Fund Accountant, and Transfer Agent
Fees

 Each Fund has agreed to pay U.S. Bank 0.05% of average assets under
management (AUM), with a $45,000 minimum annual fee payable for its administrative, accounting and transfer agent services and 0.01% of
AUM, with an annual minimum of $4,800 for custody services. BDRY paid U.S. Bank $63,163 and $56,653 for the years ended June 30, 2025
and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET paid U.S. Bank $63,276 and $52,250 for the years ended
June 30, 2025 and 2024, respectively.

 Distribution Fees

 Each Fund pays an annual fee for such distribution services and related
administrative services equal to approximately 0.01% of the Fund's average daily net assets, with a minimum of approximately $10,000
payable annually. Pursuant to the Marketing Agent Agreement between the Sponsor, the Funds and Foreside, Foreside assists the Sponsor
and the Funds with certain functions and duties relating to distribution and marketing services to the Funds, including reviewing and
approving marketing materials and certain regulatory compliance matters. Foreside also assists with the processing of creation and redemption
orders. BDRY incurred $6,145 and $15,193 in distribution and related administrative services for the years ended June 30, 2025 and 2024,
respectively, as disclosed in the Combined Statements of Operations. BWET incurred $513 and $11,339 in distribution and related administrative
services for the years ended June 30, 2025 and 2024, respectively.

 BDRY pays the Sponsor for wholesale support services at an annual rate
of $25,000 plus 0.12% of BDRY's average daily net assets, payable monthly. BDRY incurred $73,621 and $93,035 in wholesale support
fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

 BWET pays the Sponsor for wholesale support services at an annual rate
of $15,000 plus 0.15% of BWET's average daily net assets, payable monthly. BWET incurred $17,808 and $20,391 in wholesale support
fees for the years ended June 30, 2025 and 2024, respectively.

 Futures Commission Merchant Fees

 Each Fund pays brokerage commissions, including applicable exchange
fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities
in CFTC regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis.

 The Sponsor does not expect brokerage commissions and fees, on an annual
basis, to exceed 0.40% for BDRY and 1.35% for BWET (excluding the impact on the Funds of creation and/or redemption activity) of the NAV
of the respective Funds and for execution and clearing services to exceed $12 per lot on behalf of BDRY and $7 per lot on behalf of BWET,
although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater. The effects of trading
spreads, financing costs associated with financial instruments, and costs relating to the purchase of freight futures, Treasury Instruments
or similar high credit quality short-term fixed-income or similar securities are not included in the foregoing analysis. BDRY incurred
$457,339 and $584,320 in brokerage commissions and fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the
Combined Statements of Operations. BWET incurred $30,320 and $121,822 in brokerage commissions for the years ended June 30, 2025 and 2024,
respectively.

 Other Fees

 Each Fund is responsible for certain other expenses, including professional
services (e.g., outside auditor's fees and legal fees and expenses), shareholder Form K-1's, tax return preparation, regulatory
compliance, and other services provided by affiliated and non-affiliated service providers. The fees for Principal Financial Officer,
Chief Compliance Officer, and regulatory reporting services provided to the Funds by the Sponsor each amount to $25,000 per annum.

 Extraordinary fees

 Each Fund pays all of its extraordinary fees and expenses, if any.
Extraordinary fees and expenses are fees and expenses which are non-recurring and unusual in nature, such as legal claims and liabilities,
litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature, are unpredictable
in terms of timing and amount.

 Form of Shares

 Registered Form

 Shares of the Funds are issued in registered form in accordance with
the Trust Agreement for each Fund. U.S. Bank has been appointed registrar and transfer agent for the purpose of transferring shares in
certificated form. U.S. Bank keeps a record of all limited partners and holders of the shares in certificated form in the registry (the
"Register"). The Sponsor recognizes transfers of shares in certificated form only if done in accordance with the respective
Trust Agreement for each Fund. The beneficial interests in such shares are held in book-entry form through participants and/or accountholders
in the Depository Trust Company ("DTC").

 Book Entry

 Individual certificates are not issued for the shares. Instead, shares
are represented by one or more global certificates, which are deposited by the Administrator with, or on behalf of, DTC and registered
in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the shares outstanding at any time. Shareholders
are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies ("DTC Participants"), (2) banks,
brokers, dealers and trust companies who maintain, either directly or indirectly, a custodial relationship with, or clear through, a DTC
Participant ("Indirect Participants"), and (3) persons holding interests in the shares through DTC Participants or Indirect
Participants, in each case who satisfy the requirements for transfers of shares.

 Shareholders will be shown on, and the transfer of Shares will be effected
only through, in the case of DTC Participants, the records maintained by the Depository and, in the case of Indirect Participants and
Shareholders holding through a DTC Participant or an Indirect participant, through those records or the records of the relevant DTC Participants
or Indirect participants. Shareholders are expected to receive, from or through which the Shareholder has purchased Shares, a written
confirmation relating to their purchase of Shares.

 DTC

 DTC is a limited purpose trust company organized under the laws of
the State of New York and is a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New
York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange
Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through
electronic book-entry changes in accounts of DTC Participants.

 Calculating NAV

 Each Fund's NAV is calculated by:

 Taking the current market value of its total assets;

 Subtracting any liabilities; and

 Dividing that total by the total number of outstanding shares.

 The Administrator calculates the NAV of the Funds once each NYSE Arca
trading day. The NAV for a particular trading day is released after 4:00 p.m. E.T. Regular trading on the NYSE Arca typically closes at
4:00 p.m. E.T. The Administrator uses the Baltic Exchange settlement price for the Freight Futures and option contracts. The Administrator
calculates or determines the value of all other BDRY and BWET investments using market quotations, if available, or other information
customarily used to determine the fair value of such investments as of the close of the NYSE Arca (normally 4:00 p.m. E.T.), in accordance
with the current Administrative Agency Agreement among U.S. Bancorp Fund Services, the Fund and the Sponsor. The information may include
costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilized. Third parties
supplying quotations or market data may include, without limitation, dealers in the relevant market, end-users of the relevant product,
information vendors, brokers and other sources of market information.

 In addition, in order to provide updated information relating to the
Funds for use by investors and market professionals, an updated indicative fund value ("IFV") is made available through on-line
information services throughout the core trading hours of 9:30 a.m. E.T. to 4:00 p.m. E.T. on each trading day. The IFV is calculated
by using the prior day's closing NAV per share of each Fund as a base and updating that value throughout the trading day to reflect
changes in the most recently reported trade price for the futures and/or options held by each Fund. Certain Freight Futures brokers provide
real time pricing information to the general public either through their websites or through data vendors such as Bloomberg or Reuters.
The IFV disseminated during NYSE Arca core trading hours should not be viewed as an actual real time update of the NAV, because the NAV
is calculated only once at the end of each trading day based upon the relevant end of day values of each of the Funds' investments.

 The IFV is disseminated on a per share basis every 15 seconds during
regular NYSE Arca core trading session hours. The customary trading hours of the Freight Futures trading are 3:00 a.m. E.T. to 12:00 p.m.
E.T. This means that there is a gap in time at the beginning and/or the end of each day during which the Funds' shares are traded
on the NYSE Arca, but real-time trading prices for contracts are not available. During such gaps in time the IFV will be calculated based
on the end of day price of such contracts from the Baltic Exchange's and ICE's immediately preceding trading session. In addition,
other investments and U.S. Treasuries held by the Funds will be valued by the Administrator, using rates and points received from client-approved
third party vendors (such as Reuters and WM Company) and advisor or broker-dealer quotes. These investments will not be included in the
IFV.

 The NYSE Arca disseminates the IFV through the facilities of CTA/CQ
High Speed Lines. In addition, the IFV is published on the NYSE Arca's website and is available through on-line information services
such as Bloomberg and Reuters.

 Dissemination of the IFV provides additional information
that is not otherwise available to the public and is useful to investors and market professionals in connection with the trading of the
Funds' shares on the NYSE Arca. Investors and market professionals are able throughout the trading day to compare the market price
of the Funds' shares and the IFV. If the market price of the Funds' shares diverges significantly from the IFV, market professionals
will have an incentive to execute arbitrage trades. For example, if the Funds' shares appear to be trading at a discount compared
to the IFV, a market professional could purchase the Funds' shares on the NYSE Arca and take the opposite position in Freight Futures.
Such arbitrage trades can tighten the tracking between the market price of the Funds' shares and the IFV and thus can be beneficial
to all market participants.

 Creation and Redemption of Shares

 The Funds create and redeem shares from time to time, but only in one
or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in exchange for delivery to the Funds
or the distribution by the Funds of the amount of cash represented by the baskets being created or redeemed, the amount of which is based
on the combined NAV of the number of shares included in the baskets being created or redeemed determined as of 4:00 p.m. E.T. on the day
the order to create or redeem baskets is properly received.

 Authorized Participants are the only persons that may place orders
to create and redeem baskets. Authorized Participants must be (1) registered broker-dealers or other securities market participants, such
as banks and other financial institutions, that are not required to register as broker-dealers to engage in securities transactions described
below, and (2) DTC Participants. To become an Authorized Participant, a person must enter into an Authorized Participant Agreement with
the Sponsor. The Authorized Participant Agreement provides the procedures for the creation and redemption of baskets and for the delivery
of the U.S. Treasuries and any cash required for such creation and redemptions. The Authorized Participant Agreement and the related procedures
attached thereto may be amended by the Funds, without the consent of any limited partner or shareholder or Authorized Participant. Authorized
Participants will pay a transaction fee of $300 to the Custodian for each order they place to create or redeem one or more baskets. Authorized
Participants who make deposits with the Funds in exchange for baskets receive no fees, commissions or other form of compensation or inducement
of any kind from either of the Funds or the Sponsor, and no such person will have any obligation or responsibility to the Sponsor or the
Funds to effect any sale or resale of shares.

 Each Authorized Participant is required to be registered as a broker-dealer
under the Exchange Act and be a member in good standing with FINRA, or exempt from being or otherwise not required to be registered as
a broker-dealer or a member of FINRA, and qualified to act as a broker or dealer in the states or other jurisdictions where the nature
of its business so requires. Certain Authorized Participants may also be regulated under federal and state banking laws and regulations.
Each Authorized Participant has its own set of rules and procedures, internal controls and information barriers as it determines is appropriate
in light of its own regulatory regime.

 Under the Authorized Participant Agreements, the Sponsor has agreed
to indemnify the Authorized Participants against certain liabilities, including liabilities under the1933 Act, and to contribute to the
payments the Authorized Participants may be required to make in respect of those liabilities.

 Creation Procedures

 On any business day, an Authorized Participant may place an order with
the Transfer Agent, and accepted by the Distributor, to create one or more baskets. For purposes of processing purchase and redemption
orders, a "business day" means any day other than a day when any of the NYSE Arca, the New York Stock Exchange or the Baltic
Exchange is closed for regular trading. Purchase orders must be placed by 12:00 p.m. E.T. or the close of the NYSE Arca core trading session,
whichever is earlier. The day on which a valid purchase order is received in accordance with the terms of the "Authorized Participant
Agreement" is referred to as the purchase order date. Purchase orders are irrevocable. Prior to the delivery of baskets for a purchase
order, the Authorized Participant will be charged a non-refundable transaction fee due for the purchase order.

 The manner by which creations are made is dictated by the terms of
the Authorized Participant Agreement.

 Determination of Required Payment

 The Creation Basket Deposit for each Fund is the NAV of 25,000 shares
on the purchase order date, but only if the required payment is timely received. To calculate the NAV, the Administrator will use the
Baltic Exchange settlement price (typically determined after 12:00 p.m. E.T. and 2:00 p.m. E.T. for BWET and BDRY Freight Futures respectively)
for the Freight Futures.

 Because orders to purchase Creation Baskets must be placed no later
than 12:00 p.m. E.T., but the total payment required to create a Creation Basket typically will not be determined until after 12:00 p.m.
E.T. or 2:00 p.m. E.T. for BWET and BDRY respectively, on the date the purchase order is received, Authorized Participants will not know
the total amount of the payment required to create a Creation Basket at the time they submit an irrevocable purchase order. The NAV and
the total amount of the payment required to create a Creation Basket could rise or fall substantially between the time an irrevocable
purchase order is submitted and the time the amount of the purchase price in respect thereof is determined.

 Delivery of Required Payment

 An Authorized Participant who places a purchase order shall transfer
to the Administrator the required amount of cash, by the end of the next business day following the purchase order date. Upon receipt
of the deposit amount, the Administrator will direct DTC to credit the number of Creation Baskets ordered to the Authorized Participant's
DTC account on the next business day following the purchase order date.

 Suspension of Purchase Orders

 The Sponsor acting by itself or through the Administrator or the Distributor
may suspend the right of purchase, or postpone the purchase settlement date, for any period during which the NYSE Arca or other exchange
on which the shares are listed is closed, other than for customary holidays or weekends, or when trading is restricted or suspended. None
of the Sponsor, the Marketing Agent or the Administrator will be liable to any person or in any way for any loss or damages that may result
from any such suspension or postponement.

 Rejection of Purchase Orders

 The Sponsor acting by itself or through the Distributor shall have
the absolute right but no obligation to reject a purchase order or a Creation Basket Deposit if:

 It determines that the purchase order or the Creation Basket Deposit is not
in proper form;

 The acceptance or receipt of the purchase order or Creation Basket Deposit
would, in the opinion of counsel to the Sponsor, be unlawful; or

 Circumstances outside the control of the Sponsor, Distributor or Custodian
make it, for all practical purposes, not feasible to process creations of baskets.

 None of the Sponsor, Distributor or Custodian will be liable for the
rejection of any purchase order or Creation Basket Deposit.

 Redemption Procedures

 The procedures by which an Authorized Participant can redeem one or
more baskets mirror the procedures for the creation of baskets. On any business day, an Authorized Participant may place an order with
the Distributor to redeem one or more baskets. Redemption orders must be placed by 12:00 p.m. E.T. or the close of the core trading session
on the NYSE Arca, whichever is earlier. A redemption order so received will be effective on the date it is received in satisfactory form
by the Distributor. The redemption procedures allow Authorized Participants to redeem baskets and do not entitle an individual shareholder
to redeem any shares in an amount less than a Redemption Basket, or to redeem baskets other than through an Authorized Participant. Redemption
orders are irrevocable.

 Determination of Redemption Proceeds

 The redemption proceeds from the Funds consist of a cash redemption
amount equal to the NAV of the number of Baskets requested in the Authorized Participant's redemption order on the redemption order
date. To calculate the NAV, the Administrator will use the Baltic Exchange settlement price (typically determined after 12:00 p.m. E.T.
and 2:00 p.m. E.T. for the BWET and BDRY Freight Futures respectively) for the Freight Futures.

 Because orders to redeem baskets must be placed no later than 12:00
p.m. E.T., but the total amount of redemption proceeds typically will not be determined until after 12:00 p.m. E.T or 2:00 p.m. E.T. for
BWET and BDRY respectively, on the date the redemption order is received, Authorized Participants will not know the total amount of the
redemption proceeds at the time they submit an irrevocable redemption order. The NAV and the total amount of redemption proceeds could
rise or fall substantially between the time an irrevocable redemption order is submitted and the time the amount of redemption proceeds
in respect thereof is determined.

 Delivery of Redemption Proceeds

 The redemption proceeds due from the Fund will be delivered to the
Authorized Participant at 1:00 p.m. E.T., on the next business day immediately following the redemption order date if, by such time, the
Funds' DTC account has been credited with the baskets to be redeemed. If the Funds' DTC account has not been credited with
all of the baskets to be redeemed by such time, the redemption distribution is delivered to the extent of whole baskets received. Any
remainder of the redemption distribution is delivered on the next business day to the extent of remaining whole baskets received if the
Funds receive the fee applicable to the extension of the redemption distribution date which the Sponsor may, from time to time, determine
and the remaining baskets to be redeemed are credited to the Funds' DTC accounts by 1:00 p.m. E.T., on such next business day. Any
further outstanding amount of the redemption order shall be cancelled. The Sponsor may cause the redemption distribution to be delivered
notwithstanding that the baskets to be redeemed are not credited to the Fund's DTC account by 12:00 p.m. E.T., on the next business
day immediately following the redemption order date if the Authorized Participant has collateralized its obligation to deliver the Baskets
through DTC's book entry system on such terms as the Sponsor may from time to time determine.

 Suspension or Rejection of Redemption Orders

 The Sponsor may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date, (1) for any period during which the NYSE Arca, or the Baltic Exchange is closed other than
customary weekend or holiday closings, or trading on the NYSE Arca, or the Baltic Exchange, is suspended or restricted, (2) for any period
during which an emergency exists as a result of which delivery, disposal or evaluation of the redemption distribution or redemption proceeds,
as applicable, is not reasonably practicable, or (3) for such other period as the Sponsor determines to be necessary for the protection
of the limited partners or shareholders. For example, the Sponsor may determine that it is necessary to suspend redemptions to allow for
the orderly liquidation of the Funds' assets at an appropriate value to fund a redemption. If the Sponsor has difficulty liquidating
its positions, e.g., because of a market disruption event in the futures markets or a suspension of trading by the exchange where the
futures contracts are listed, it may be appropriate to suspend redemptions until such time as such circumstances are rectified. None of
the Sponsor, the Distributor, the Transfer Agent, the Administrator, or the Custodian will be liable to any person or in any way for any
loss or damages that may result from any such suspension or postponement.

 Redemption orders must be made in whole baskets. The Sponsor will reject
a redemption order if the order is not in proper form as described in the applicable Authorized Participant Agreement or if the fulfillment
of the order, in the opinion of its counsel, might be unlawful. The Sponsor may also reject a redemption order if the number of shares
being redeemed would reduce the remaining outstanding shares to 50,000 shares (minimum NYSE Arca maintenance listing requirement) or less,
unless the Sponsor has reason to believe that the placer of the redemption order does in fact possess all the outstanding shares and can
deliver them. None of the Sponsor, the Marketing Agent or the Administrator will be liable to any person or in any way for any loss or
damages that may result from any such suspension or postponement.

 Creation and Redemption Transaction Fee

 To compensate the Funds for their expenses in connection with the creation
and redemption of baskets, an Authorized Participant is required to pay a transaction fee to the Custodian of $300 per order to create
or redeem baskets, regardless of the number of baskets in such order. An order may include multiple baskets. The transaction fee may be
reduced, increased or otherwise changed by the Sponsor. The Sponsor will notify DTC of any change in the transaction fee and will not
implement any increase in the fee for the redemption of baskets until 30 days after the date of the notice.

 Tax Responsibility

 Authorized Participants are responsible for any transfer tax, sales
or use tax, stamp tax, recording tax, value added tax or similar tax or governmental charge applicable to the creation or redemption of
baskets, regardless of whether or not such tax or charge is imposed directly on the Authorized Participant, and agree to indemnify the
Sponsor and the Funds if they are required by law to pay any such tax, together with any applicable penalties, additions to tax and interest
thereon.

 Secondary Market Transactions

 As noted, the Funds create and redeem shares from time to time, but
only in one or more Creation Baskets or Redemption Baskets. The creation and redemption of baskets are only made in exchange for delivery
to the Funds or the distribution by the Funds of the amount of cash, represented by the baskets being created or redeemed, the amount
of which will be based on the aggregate NAV of the number of shares included in the baskets being created or redeemed determined on the
day the order to create or redeem baskets is properly received.

 As discussed above, Authorized Participants are the only persons that
may place orders to create and redeem baskets. Authorized Participants must be registered broker-dealers or other securities market participants,
such as banks and other financial institutions that are not required to register as broker-dealers to engage in securities transactions.
An Authorized Participant is under no obligation to create or redeem baskets, and an Authorized Participant is under no obligation to
offer to the public shares of any baskets it does create. Authorized Participants that do offer to the public shares from the baskets
they create will do so at per share offering prices that are expected to reflect, among other factors, the trading price of the shares
on the NYSE Arca, the NAV of the Funds at the time the Authorized Participant purchased the Creation Baskets and the NAV of the shares
at the time of the offer of the shares to the public, the supply of and demand for shares at the time of sale, and the liquidity of the
futures contract market. The prices of shares offered by Authorized Participants are expected to fall between the Funds' NAVs and
the trading price of the shares on the NYSE Arca at the time of sale.

 Shares initially comprising the same basket but offered by Authorized
Participants to the public at different times may have different offering prices. An order for one or more baskets may be placed by an
Authorized Participant on behalf of multiple clients. Authorized Participants that make deposits with the Funds in exchange for baskets
receive no fees, commissions or other form of compensation or inducement of any kind from either of the Funds or the Sponsor, and no such
person has any obligation or responsibility to the Sponsor or the Funds to effect any sale or resale of shares.

 Shares trade in the secondary market on the NYSE Arca. Shares may trade
in the secondary market at prices that are lower or higher relative to their NAV per share. The amount of the discount or premium in the
trading price relative to the NAV per share may be influenced by various factors, including the number of investors who seek to purchase
or sell shares in the secondary market and the liquidity of the futures contracts market. While the shares trade during regular trading
hours on the NYSE Arca until 4:00 p.m. E.T., liquidity in the market for Freight Futures, may be reduced after the close of the Freight
Futures market at approximately 12:00 p.m. E.T. As a result, during this time, trading spreads, and the resulting premium or discount,
on the shares may widen.

 There are a minimum number of specified baskets and associated shares.
Once the minimum number of baskets is reached, there can be no more basket redemptions until there has been a Creation Basket. In such
case, market makers may be less willing to purchase shares from investors in the secondary market, which may in turn limit the ability
of shareholders of the Funds to sell their shares in the secondary market. As of the date of this annual report the minimum level for
both BDRY and BWET is 50,000 shares, representing two baskets.

 All proceeds from the sale of Creation Baskets will be invested as
quickly as practicable in the investments described in the prospectus. The Funds' cash and investments are held through their Custodian,
in accounts with their commodity futures brokers or in demand deposits with highly-rated financial institutions. There is no stated maximum
time period for either of the Funds' operations and the Funds may continue their operations until all shares are redeemed or the
Funds are liquidated pursuant to the terms of the Funds' Trust Agreement.

 Regulatory Environment

 The regulation of futures markets, futures contracts, and futures exchanges
has historically been comprehensive. The CFTC and the exchanges are authorized to take extraordinary actions in the event of a market
emergency including, for example, the retroactive implementation of speculative position limits, increased margin requirements, the establishment
of daily price limits and the suspension of trading.

 The regulation of commodity interest transactions in the United States
is an evolving area of law and is subject to ongoing modification by governmental and judicial action. Considerable regulatory attention
has been focused on non-traditional investment pools that are publicly distributed in the United States. There is a possibility of future
regulatory changes within the United States altering, perhaps to a material extent, the nature of an investment in the Funds or the ability
of the Funds to continue to implement their investment strategies. In addition, various national governments outside of the United States
have expressed concern regarding the disruptive effects of speculative trading in the commodities markets and the need to regulate the
derivatives markets in general. The effect of any future regulatory change on the Funds is impossible to predict but could be substantial
and adverse.

 The CFTC possesses exclusive jurisdiction to regulate the activities
of commodity pool operators and commodity trading advisors with respect to "commodity interests," such as futures, swaps and
options, and has adopted regulations with respect to the activities of those persons and/or entities. Under the CEA, a registered CPO,
such as the Sponsor, is required to make annual filings with the CFTC and NFA describing its organization, capital structure, management
and controlling persons. In addition, the CEA authorizes the CFTC to require and review books and records of, and documents prepared by,
registered CPOs. Pursuant to this authority, the CFTC requires CPOs to keep accurate, current and orderly records for each pool that they
operate. The CFTC may suspend the registration of a commodity pool operator (1) if the CFTC finds that the operator's trading practices
tend to disrupt orderly market conditions, (2) if any controlling person of the operator is subject to an order of the CFTC denying such
person trading privileges on any exchange, and (3) in certain other circumstances. Suspension, restriction or termination of the Sponsor's
registration as a commodity pool operator would prevent it, until that registration were to be reinstated, from managing the Funds, and
might result in the termination of the Funds if a successor sponsor is not elected pursuant to the Trust Agreement.

 The Funds' investors are afforded prescribed rights for reparations
under the CEA. Investors may also be able to maintain a private right of action for violations of the CEA. The CFTC has adopted rules
implementing the reparation provisions of the CEA, which provide that any person may file a complaint for a reparations award with the
CFTC for violation of the CEA against a floor broker or an FCM, introducing broker, commodity trading advisor, CPO, and their respective
associated persons.

 Pursuant to authority in the CEA, the NFA has been formed and registered
with the CFTC as a registered futures association. At the present time, the NFA is the only self-regulatory organization for commodity
interest professionals, other than futures exchanges. The CFTC has delegated to the NFA responsibility for the registration of CPOs and
FCMs and their respective associated persons. The Sponsor is a member of the NFA and, as such, it will be subject to NFA standards relating
to fair trade practices, financial condition and consumer protection. The NFA also arbitrates disputes between members and their customers
and conducts registration and fitness screening of applicants for membership and audits of its existing members. Neither the Trust nor
the Funds are required to become a member of the NFA.

 The regulations of the CFTC and the NFA prohibit any representation
by a person registered with the CFTC or by any member of the NFA, that registration with the CFTC, or membership in the NFA, in any respect
indicates that the CFTC or the NFA has approved or endorsed that person or that person's trading program or objectives. The registrations
and memberships of the parties described in this summary must not be considered as constituting any such approval or endorsement. Likewise,
no futures exchange has given or will give any similar approval or endorsement.

 Futures exchanges in the United States are subject to varying degrees
of regulation under the CEA depending on whether such exchange is a designated contract market, exempt board of trade or electronic trading
facility. Clearing organizations are also subject to the CEA and the rules and regulations adopted thereunder as administered by the CFTC.
The CFTC's function is to implement the CEA's objectives of preventing price manipulation and excessive speculation and promoting
orderly and efficient commodity interest markets. In addition, the various exchanges and clearing organizations themselves exercise regulatory
and supervisory authority over their member firms.

 The Dodd-Frank Wall Street Reform and Consumer Protection Act (the
"Dodd-Frank Act") was enacted in response to the economic crisis of 2008 and 2009 and it significantly altered the regulatory
regime to which the securities and commodities markets are subject. To date, the CFTC has issued proposed or final versions of almost
all of the rules it is required to promulgate under the Dodd-Frank Act. The provisions of the law include the requirement that position
limits be established on a wide range of commodity interests, including agricultural, energy, and metal-based commodity futures contracts,
options on such futures contracts and cleared and uncleared swaps that are economically equivalent to such futures contracts and options;
new registration and recordkeeping requirements for swap market participants; capital and margin requirements for "swap dealers"
and "major swap participants," as determined by the new law and applicable regulations; reporting of all swap transactions
to swap data repositories; and the mandatory use of clearinghouse mechanisms for sufficiently standardized swap transactions that were
historically entered into in the over-the-counter market, but are now designated as subject to the clearing requirement; and margin requirements
for over-the-counter swaps that are not subject to the clearing requirements.

 The Dodd-Frank Act was intended to reduce systemic risks that may have
contributed to the 2008/2009 financial crisis. Since the first draft of what became the Dodd-Frank Act, supporters and opponents have
debated the scope of the legislation. As the administrations of the U.S. change, the interpretation and implementation will change along
with them. Nevertheless, regulatory reform of any kind may have a significant impact on U.S. regulated entities.

 Current rules and regulations under the Dodd-Frank Act require enhanced
customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures
and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer
segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and
of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity
of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the self-regulatory
organizations are monitoring the activities of FCMs in a thorough manner.

 Regulatory bodies outside the U.S. have also passed or proposed, or
may propose in the future, legislation similar to that proposed by the Dodd-Frank Act or other legislation containing other restrictions
that could adversely impact the liquidity of and increase costs of participating in the commodities markets. For example, the European
Union Markets in Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation (EU)
No 600/2014)(together "MiFID II"), which has applied since January 3, 2018, governs the provision of investment services and
activities in relation to, as well as the organized trading of, financial instruments such as shares, bonds, units in collective investment
schemes and derivatives. In particular, MiFID II requires EU Member States to apply position limits to the size of a net position which
a person can hold at any time in commodity derivatives traded on EU trading venues and in "economically equivalent "over-the-counter
("OTC") contracts. By way of further example, the European Market Infrastructure Regulation (Regulation (EU) No 648/2012,
as amended) ("EMIR")introduced certain requirements in respect of OTC derivatives including: (i) the mandatory clearing of
OTC derivative contracts declared subject to the clearing obligation; (ii) risk mitigation techniques in respect of un-cleared OTC derivative
contracts, including the mandatory margining of un-cleared OTC derivative contracts; and (iii) reporting and recordkeeping requirements
in respect of all derivatives contracts. In the event that the requirements under EMIR and MiFID II apply, these are expected to increase
the cost of transacting derivatives.

 In addition, considerable regulatory attention has been focused on
non-traditional publicly distributed investment pools such as the Funds. Furthermore, various national governments have expressed concern
regarding the disruptive effects of speculative trading in certain commodity markets and the need to regulate the derivatives markets
in general. The effect of any future regulatory change on the Funds is impossible to predict but could be substantial and adverse.

 SEC Reports

 Each Fund makes available, free of charge, on its website (www.drybulketf.com
for BDRY and www.tankeretf.com for BWET), its annual reports on Form 10-K, its quarterly reports on Form 10-Q, its current reports on
Form 8-K and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably
practicable after these forms are filed with, or furnished to, the SEC. These reports are also available from the SEC though its website
at:www.sec.gov.

 CFTC Reports

 The Trust also makes available, on its website, its monthly reports
and its annual reports required to be prepared and filed with the NFA under the CFTC regulations.

 Item 1A. Risk Factors

 Not required for smaller reporting companies.

 Item 1B. Unresolved Staff Comments.

 Item 1C. Cybersecurity.

 The Sponsor recognizes the importance of managing cybersecurity risks
to protect its business operations, clients, and stakeholders. The Sponsor has implemented a comprehensive Cybersecurity Policies and
Procedures Plan applicable to the Funds, which outlines the Sponsor's approach to identifying, assessing, and mitigating cybersecurity
threats and vulnerabilities in alignment with industry standards and best practices.

 Risk Management and Strategy

 Cybersecurity Risk Assessment and Management: The Sponsor has
established a risk-based cybersecurity framework for the Funds to manage cybersecurity risks. This framework includes regular assessments
of its information systems, physical and virtual infrastructure, and the data therein, to identify potential cybersecurity threats and
vulnerabilities. This cybersecurity strategy is integrated into the Funds' overall risk management processes, with specific consideration
given to the confidentiality, integrity, and availability of our information systems.

 Third-Party Service Providers: The Sponsor engages with various
 third-party service providers for critical operations and services. The Sponsor conducts cybersecurity risk assessments of all vendors
and business partners with access to our networks or sensitive information. These assessments ensure that third-party cybersecurity policies
align with our cybersecurity standards.

 Material Impact of Cybersecurity Threats: To date, there have
been no known material cybersecurity incidents that have significantly impacted the Funds' business strategies, results of operations,
or financial condition. The Sponsor continues to monitor systems and processes to mitigate potential cybersecurity risks actively.

 Governance

 Sponsor Oversight: The Sponsor has a fundamental role in overseeing
the Funds' cybersecurity risk management. The Sponsor receives regular updates on cybersecurity matters from management and third-party
service providers, ensuring that cybersecurity risks are managed proactively at the highest level of the organization.

 Management's Role: The Sponsor's Chief Compliance
Officer is responsible for overseeing the development, implementation, and ongoing management of the Fund's Cybersecurity Policies
and Procedures including the monitoring of our systems for potential cybersecurity events and the implementation of preventive and mitigative
measures.

 Item 2. Properties.

 Item 3. Legal Proceedings

 Although the Funds may, from time to time, be involved in litigation
arising out of their operations in the normal course of business or otherwise, the Funds are currently not a party to any pending legal
proceedings.

 Item 4. Mine Safety Disclosures.

 Item 5. Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities.

 Shares of BDRY have traded on the NYSE Arca under the symbol "BDRY"
since March 22, 2018.

 As of June 30, 2025, BDRY had approximately 7,787 holders of its shares.

 Shares of BWET have traded on the NYSE Arca under the symbol "BWET"
since May 3, 2023.

 As of June 30, 2025, BWET had approximately 532 holders of its shares.

 Dividends

 The Funds have not made and do not currently intend to make cash distributions
to their shareholders.

 Issuer Purchases of Equity Securities

 The Funds do not purchase shares directly from their shareholders.

 Authorized Participant redemption activity for each Fund during the
period from April 1, 2025 through June 30, 2025 and the period from April 1, 2024 through June 30, 2024 was as follows:

 BDRY

 Period of Redemption

 Total Number
 of Shares
 Redeemed

 Price
 Paid per
 Share

 Period from April 1, 2025 through June 30, 2025

 400,000

 $
 5.84

 Period from April 1, 2024 through June 30, 2024

 1,875,000

 $
 12.65

 BWET

 Period of Redemption

 Total Number
 of Shares
 Redeemed

 Price
 Paid per
 Share

 Period from April 1, 2025 through June 30, 2025

 -

 $
 -

 Period from April 1, 2024 through June 30, 2024

 75,000

 $
 17.92

 Item 6. Reserved

 Item 7. Management Discussion and Analysis of Financial Condition
and Results of Operation

 The following discussion should be read in conjunction with the financial
statements and the notes thereto of the Trust and the Funds included elsewhere in this annual report on Form 10-K.

 This information should be read in conjunction with the financial statements
and notes included in Item 8 of this Annual Report (the "Report"). The discussion and analysis which follows may contain trend
analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which reflect our
current views with respect to future events and financial results. Words such as "anticipate," "expect," "intend,"
"plan," "believe," "seek," "outlook" and "estimate," as well as similar words
and phrases, signify forward-looking statements. Amplify Commodity Trust's forward-looking statements are not guarantees of future
results and conditions, and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed
in our forward-looking statements.

 You should not place undue reliance on any forward-looking statements.
Except as expressly required by the Federal securities laws, Amplify Investments LLC undertakes no obligation to publicly update or revise
any forward-looking statements or the risks, uncertainties or other factors described in this Report, as a result of new information,
future events or changed circumstances or for any other reason after the date of this Report.

 Overview

 The Trust is a Delaware statutory trust formed on July 23, 2014. The
Trust is a series trust currently consisting of two publicly listed series: Breakwave Dry Bulk Shipping ETF ("BDRY") and Breakwave
Tanker Shipping ETF ("BWET"). All of the series of the Trust are collectively referred to as the "Funds" and singularly
as the "Fund." Each Fund issues common units, called the "Shares," representing fractional undivided beneficial
interests in the respective Fund. The Trust and the Funds operate pursuant to the Trust's Amended and Restated Declaration of Trust
and Trust Agreement (the "Trust Agreement").

 The Sponsor has the power and authority to establish and designate
one or more series and to issue shares thereof, from time to time as it deems necessary or desirable. The Sponsor has exclusive power
to fix and determine the relative rights and preferences as between the shares of any series as to the right of redemption, special and
relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall
have separate voting rights or no voting rights. The term for which the Trust is to exist commenced on the date of the filing of the Certificate
of Trust, and the Trust, the Funds, and any additional series created in the future will exist in perpetuity, unless earlier terminated
in accordance with the provisions of the Trust Agreement. Separate and distinct records shall be maintained for each Fund and the assets
associated with a Fund shall be held in such separate and distinct records (directly or indirectly, including a nominee or otherwise)
and accounted for in such separate and distinct records separately from the assets of any other series. The Funds and each future series
will be separate from all such series in respect of the assets and liabilities allocated to a Fund and each separate series and will represent
a separate investment portfolio of the Trust.

 The sole Trustee of the Trust is Wilmington Trust, N.A. (the "Trustee"),
and the Trustee serves as the Trust's corporate trustee as required under the Delaware Statutory Trust Act ("DSTA").
The Trustee's principal offices are located at 1100 North Market Street, Wilmington, Delaware 19890. The Trustee is unaffiliated
with the Sponsor. The rights and duties of the Trustee and the Sponsor with respect to the offering of the Shares and Fund management
and the shareholders are governed by the provisions of the DSTA and by the Trust Agreement.

 On March 9, 2018, the initial Form S-1 for BDRY was
declared effective by the SEC. On March 21, 2018, two Creation Baskets were issued for the Fund, representing 100,000 shares and $2,500,000.
The Fund began trading on the New York Stock Exchange ("NYSE") Arca on March 22, 2018.

 On April 28, 2023, the form S-1 for BWET was declared effective by
the SEC. On May 1, 2023, eight Creation Baskets were issued for the Fund, representing 200,000 shares and $3,000,000. The Fund began trading
on the NYSE Arca on May 3, 2023.

 Each Fund is designed and managed to track the performance of a portfolio
(a "Benchmark Portfolio") consisting of futures contracts (the "Benchmark Component Instruments").

 Results of Operations

 BDRY commenced investment operations on March 22, 2018 at $25.00 per
Share. The Shares have been trading on the NYSE Arca since March 22, 2018 under the symbol "BDRY."

 BWET commenced investment operations on May 3, 2023 at $15.00 per Share.
The Shares have been trading on the NYSE Arca since May 3, 2023 under the symbol "BWET."

 Each Fund seeks to track the daily return of the Benchmark Portfolio,
over time, plus the excess, if any, of the Funds' interest income from its holdings over the expenses of the Fund.

 The following graphs illustrate changes in (i) the
price of each Fund's Shares (reflected, as applicable, by the graphs "Comparison of Per Share BDRY NAV to BDRY Market Value
for the Three Months Ended June 30, 2025 and 2024", "Comparison of Per Share BDRY NAV to BDRY Market Value for the Year Ended
June 30, 2025 and 2024", "Comparison of Per Share BWET NAV to BWET Market Value for the Three Months Ended June 30, 2025 and
2024", and "Comparison of Per Share BWET NAV to BWET Market Value for the Year Ended June 30, 2025 and 2024") and (ii)
each Fund's NAV (as reflected by the graphs "Comparison of BDRY NAV to Benchmark Index for the Three Months Ended June 30,
2025 and 2024", "Comparison of BDRY NAV to Benchmark Index for the Year Ended June 30, 2025 and 2024", "Comparison
of BWET NAV to Benchmark Index for the Three Months Ended June 30, 2025 and 2024", and "Comparison of BWET NAV to Benchmark
Index for the Year Ended June 30, 2025 and 2024).

 Each Benchmark Portfolio is frictionless, in that it does not take
into account fees or expenses associated with investing in the applicable Fund. The performance of the Funds involves friction, in that
fees and expenses impose a drag on performance.

 During the year ended June 30, 2025, dry bulk spot rates declined versus
the previous year, with the benchmark Baltic Dry Index (BDI) falling steadily, reaching its lowest point in January 2025 before recovering
and trading in a tight range for the remainder of the period. The BDI averaged 1,475, down from 1,730 during the previous year.

 Geopolitical turmoil has greatly affected shipping, as the Israel-Hamas
conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average
trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and
thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and
ceasefire agreements and thus the impact of the conflict on dry bulk shipping has been minimized.

 In addition, low water levels in the main lake that feeds the Panama
Canal locks led to a decrease in the daily vessel transits of the Canal for most of the year, further pressuring the global supply of
ships. However, increasing rains during the spring and early summer months led to a gradual increase in the daily transits which by the
end of the period were approaching normal levels.

 During the year ended June 30, 2025, iron ore trade volumes have been
slightly weaker, as China's import volumes have been weaker versus the previous year of the steelmaking material. At the same time,
portside inventories of iron ore have remained elevated, as steel demand in China remains subdued due to weak domestic demand for new
construction. Although various additional stimulus programs have been introduced during the period, the Chinese real estate sector remained
in a relatively fragile state for the fourth year in a row, and while steel demand for manufacturing has increased, such improvement has
been more than offset by weaker demand for construction. Iron ore prices have remained steady during the period, due to the aforementioned
soft steel fundamentals partly offset by slightly better margins for steel mills. Coal trading volumes have also declined versus last
year, as China's import quantities have been weak on better solar and wind power generation and lower domestic coal prices. Grains
trade experienced modest growth.

 The combination of relatively weaker Chinese bulk commodity demand
combined with easing of global disruptions due to geopolitical conflicts pushed spot rates for dry bulk shipping lower, leading to the
relative underperformance for average spot rates year over year.

 The dry bulk orderbook increased throughout the period as period rates
remained relatively steady despite the weaker spot market, incentivizing owners to place new orders.

 Differences in the benchmark return and BDRY net asset value per share
are due primarily to the following factors:

 Benchmark portfolio uses settlement prices of freight futures vs. BDRY closing
share price for BDRY.

 Benchmark portfolio roll methodology assumes rolls that happen evenly at
fractions of lots vs. BDRY that transacts at real minimum lot size available pursuant to market practice (5 lots minimum).

 Benchmark portfolio assumes rolls that are happening at daily settlement
prices vs. BDRY that transacts at prevailing prices during the day that might or might not be equal to settlement prices.

 Benchmark portfolio assumes no trading commissions vs. BDRY that pays 10bps
of nominal value in commissions per transaction.

 Benchmark portfolio assumes no clearing fees vs BDRY that pays approximately
$12 per lot in clearing fees per transaction.

 Benchmark portfolio assumes no management fees vs. BDRY fee structure.

 Creations and redemptions that lead to transactions in the freight futures
market might occur at prices that might be different versus the settlement prices.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BDRY and its NAV tracked closely for
the three months ended June 30, 2025.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BDRY and its NAV tracked closely for
the three months ended June 30, 2024.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BDRY and its NAV tracked closely for
the year ended June 30, 2025.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BDRY and its NAV tracked closely for
the year ended June 30, 2024.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BDRY with the benchmark portfolio
returns for the three months ended June 30, 2025. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and
expenses during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BDRY with the benchmark portfolio
returns for the three months ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and
expenses during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BDRY with the benchmark portfolio
returns for the year ended June 30, 2025. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and expenses
during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BDRY with the benchmark portfolio
returns for the year ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and expenses
during the period presented in the chart above.

 FOR THE YEAR ENDED JUNE 30, 2025

 During the year ended June 30, 2025, the NYSE Arca market value of
each share decreased (-54.66%) from $12.24 per share, representing the closing price on June 30, 2024, to $5.55 per share, representing
the closing price on June 30, 2025. The share price high and low for the year ended June 30, 2025 and related change from the closing
share price on June 30, 2024 was as follows: shares traded from a high of $12.50 per share (+2.12%) on July 1, 2024 to a low of $5.10
per share (-58.33%) on June 2, 2025.

 Fund Share Net Asset Value Performance

 For the year ended June 30, 2025, the net asset value of each share
decreased (-53.62%) from $12.13 per share to $5.63 per share. Net losses in the futures contracts and Fund expenses resulted in the overall
decrease in the NAV per share during the year ended June 30, 2025.

 Net loss for the year ended June 30, 2025, was $16,470,513, resulting
from net realized losses on futures contracts of $15,925,057, net unrealized losses on investments of $72,815, and the net investment
loss of $472,641.

 FOR THE YEAR ENDED JUNE 30, 2024

 During the year ended June 30, 2024, the NYSE Arca market value of
each share increased (120.54%) from $5.55 per share, representing the closing price on June 30, 2023, to $12.24 per share, representing
the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing
share price on June 30, 2023 was as follows: shares traded from a high of $16.84 per share (203.42%) on March 8, 2024 to a low of $4.50
per share (-18.92%) on July 19, 2023.

 Fund Share Net Asset Value Performance

 For the year ended June 30, 2024, the net asset value of each share
increased (119.61%) from $5.53 per share to $12.13 per share. Net gains in the futures contracts and Fund expenses resulted in the overall
increase in the NAV per share during the year ended June 30, 2024.

 Net income for the year ended June 30, 2024, was $46,770,200, resulting
from net realized gains on futures contracts of $34,476,191, net unrealized gains on futures contracts of $12,895,930, and the net investment
loss of $601,921.

 FOR THE THREE MONTHS ENDED JUNE 30, 2025

 During the three months ended June 30, 2025, the NYSE Arca market value
of each Share decreased (-11.20%) from $6.25 per Share, representing the closing price on March 31, 2025, to $5.55 per Share, representing
the closing price on June 30, 2025. The Share price high and low for the three months ended June 30, 2025 and related change from the
closing Share price on March 31, 2025 was as follows: Shares traded from a high of $6.50 per Share (+4.00%) on April 1, 2025 to a low
of $5.10 per Share (-18.40%) on June 2, 2025.

 Fund Share Net Asset Performance

 For the three months ended June 30, 2025, the net asset value of each
Share decreased (-11.33%) from $6.34 per Share to $5.63 per Share. For the three months ended June 30, 2025, losses in the futures contracts
and Fund expenses resulted in the overall decrease in the NAV per Share during the period.

 Net loss for the three months ended June 30, 2025, was $6,544,459,
resulting from net realized losses on futures contracts of $3,063,948, net unrealized losses on futures contracts of $3,322,490, and the
net investment loss of $158,021.

 FOR THE THREE MONTHS ENDED JUNE 30, 2024

 During the three months ended June 30, 2024, the NYSE Arca market value
of each Share decreased (-11.69%) from $13.86 per Share, representing the closing price on March 31, 2024, to $12.24 per Share, representing
the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the
closing Share price on March 31, 2024 was as follows: Shares traded from a high of $14.60 per Share (+5.34%) on May 7, 2024 to a low of
$11.40 per Share (-17.75%) on June 25, 2024.

 Fund Share Net Asset Performance

 For the three months ended June 30, 2024, the net asset value of each
Share decreased (-13.30%) from $13.99 per Share to $12.13 per Share. For the three months ended June 30, 2024, losses in the investments
and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.

 Net loss for the three months ended June 30, 2024, was $8,985,451,
resulting from net realized gains on investments and futures contracts of $6,149,798, net unrealized gains on investments and futures
contracts of $1,657,900, and the net investment loss of $1,177,753.

 During the period ended June 30, 2025, crude tanker spot rates experienced
another year of low volatility, with average spot rates for Very Large Crude Carriers (VLCC) remaining relatively steady.

 Geopolitical turmoil has greatly affected global shipping, as the Israel-Hamas
conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average
trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and
thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and
ceasefire agreements and thus the impact of the conflict on tanker shipping has been minimized.

 China remains the main region of demand growth for crude oil and, as
a result, for crude tanker demand. However, steady imports and weaker domestic demand in China remains a major concern for tanker rates.
The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during
the first half of 2025 oil imports declined for a second year in a row. With OPEC+ planning to increase its production quota, expectations
for increasing tanker demand growth have so far failed to materialize, and although longer sailing distances associated with Brazilian
and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. Towards
the end of the period, a relatively brief conflict between Israel/US and Iran and the bombardment of Iran's nuclear and military
facilities created some uncertainty amongst tanker owners which pushed tanker rates briefly higher, but such a short-term spike quickly
subsided. Additional OPEC+ production increases planned in the next few months should all else equal, increase demand for crude tankers.

 The crude tanker orderbook for the next few years remains historically
low, with very few new vessel deliveries during the period aiding the overall projected market balance.

 Differences in the benchmark return and BWET net asset value per share
are due primarily to the following factors:

 Benchmark portfolio uses settlement prices of freight futures vs. BWET closing
share price for BWET.

 Benchmark portfolio roll methodology assumes rolls that happen evenly at
fractions of lots vs. BWET that transacts at real minimum lot size available pursuant to market practice (5 lots minimum).

 Benchmark portfolio assumes rolls that are happening at daily settlement
prices vs. BWET that transacts at prevailing prices during the day that might or might not be equal to settlement prices.

 Benchmark portfolio assumes no trading commissions vs. BWET that pays $0.04
per ton in commissions per transaction.

 Benchmark portfolio assumes no clearing fees vs BWET that pays approximately
$7 per lot in clearing fees per transaction.

 Benchmark portfolio assumes no management fees vs. BWET fee structure.

 Creations and redemptions that lead to transactions in the freight futures
market might occur at prices that might be different versus the settlement prices.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BWET and its NAV
tracked closely for the three months ended June 30, 2025.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BWET and its NAV
tracked closely for the three months ended June 30, 2024.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BWET and its NAV
tracked closely for the year ended June 30, 2025.

PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The per Share market value of BWET and its NAV
tracked closely for the year ended June 30, 2024.

PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BWET with the benchmark portfolio
returns for the three months ended June 30, 2025. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and
expenses during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BWET with the benchmark portfolio
returns for the three months ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and
expenses during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BWET with the benchmark portfolio
returns for the year ended June 30, 2025. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and expenses
during the period presented in the chart above.

PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND'S FUTURE PERFORMANCE.

 The graph above compares the return of BWET with the benchmark portfolio
returns for the year ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund's income and expenses
during the period presented in the chart above.

 FOR THE YEAR ENDED JUNE 30, 2025

 During the year ended June 30, 2025, the NYSE Arca market value of
each share decreased (-36.60%) from $16.79 per share, representing the closing price on June 30,2024, to $10.64 per share, representing
the closing price on June 30, 2025. The share price high and low for the year ended June 30, 2025 and related change from the closing
share price on June 30, 2024 was as follows: shares traded from a high of $16.82 per share (+0.18%) on July 22, 2024 to a low of $9.06
per share (-46.04%) on January 6, 2025.

 Fund Share Net Asset Value Performance

 For the year ended June 30, 2025, the net asset value of each share
decreased (-36.30%) from $16.69 per share to $10.63 per share. Net losses in the futures contracts and Fund expenses resulted in the overall
decrease in the NAV per share during the year ended June 30, 2025.

 Net loss for the year ended June 30, 2025, was $1,028,257, resulting
from net realized losses on futures contracts of $1,053,410, net unrealized gains on futures contracts of $54,977, and the net investment
loss of $29,824.

 FOR THE YEAR ENDED JUNE 30, 2024

 During the year ended June 30, 2024, the NYSE Arca market value of
each share decreased (-19.59%) from $20.88 per share, representing the closing price on June 30,2023, to $16.79 per share, representing
the closing price on June 30, 2024. The share price high and low for the year ended June 30, 2024 and related change from the closing
share price on June 30, 2023 was as follows: shares traded from a high of $20.98 per share (+0.48%) on February 16, 2024 to a low of $13.96
per share (-33.14%) on October 5, 2023.

 Fund Share Net Asset Value Performance

 For the year ended June 30, 2024, the net asset value of each share
decreased (-19.89%) from $20.83 per share to $16.69 per share. Net losses in the futures contracts and Fund expenses resulted in the overall
decrease in the NAV per share during the year ended June 30, 2024.

 Net loss for the year ended June 30, 2024, was $318,928, resulting
from net realized gains on futures contracts of $827,253, net unrealized losses on futures contracts of $941,167, and the net investment
loss of $205,014.

 FOR THE THREE MONTHS ENDED JUNE 30, 2025

 During the three months ended June 30, 2025, the NYSE Arca market value
of each Share decreased (-2.43%) from $10.91 per Share, representing the closing price on March 31, 2025, to $10.64 per Share, representing
the closing price on June 30, 2025. The Share price high and low for the three months ended June 30, 2025 and related change from the
closing Share price on March 31, 2025 was as follows: Shares traded from a high of $13.50 per Share (+23.74%) on June 23, 2025 to a low
of $9.85 per Share (-9.76%) on June 11, 2025.

 Fund Share Net Asset Performance

 For the three months ended June 30, 2025, the net asset value of each
Share decreased (-2.35%) from $10.89 per Share to $10.63 per Share. For the three months ended June 30, 2025, losses in the futures contracts
and Fund expenses resulted in the overall decrease in the NAV per Share during the period.

 Net loss for the three months ended June 30, 2025, was $31,950, resulting
from net realized losses on futures contracts of $32,246, net unrealized gains on futures contracts of $7,057, and the net investment
loss of $6,761.

 FOR THE THREE MONTHS ENDED JUNE 30, 2024

 During the three months ended June 30, 2024, the NYSE Arca market value
of each Share decreased (-9.88%) from $18.63 per Share, representing the closing price on March 31, 2024, to $16.79 per Share, representing
the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the
closing Share price on March 31, 2024 was as follows: Shares traded from a high of $19.80 per Share (+6.28%) on April 12, 2024 to a low
of $16.18 per Share (-13.15%) on June 18, 2024.

 Fund Share Net Asset Performance

 For the three months ended June 30, 2024, the net asset value of each
Share decreased (-10.51%) from $18.65 per Share to $16.69 per Share. For the three months ended June 30, 2024, losses in the investments
and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.

 Net loss for the three months ended June 30, 2024, was $658,305, resulting
from net realized gains on investments and futures contracts of $164,816, net unrealized gain son investments and futures contracts of
$121,364, and the net investment loss of $372,125.

 Critical Accounting Estimates

 Preparation of the combined financial statements and related disclosures
in accordance with U.S. generally accepted accounting principles requires the application of appropriate accounting rules and guidance,
as well as the use of estimates. Each Fund's application of these policies involves judgments and the use of estimates. Actual results
may differ from the estimates used and such differences could be material. The Funds hold a significant portion of their assets in futures
contracts and money market funds, which are held at fair value.

 There were no material estimates, which involve a significant level
of estimation uncertainty and had or are reasonably likely to have had a material impact on the Funds' financial condition, used
in the preparation of these combined financial statements.

 Liquidity and Capital Resources

 The Funds do not anticipate making use of borrowings or other lines
of credit to meet their obligations. The Funds meet their liquidity needs in the normal course of business from the proceeds of the sale
of their investments or from the cash, and cash equivalents that they hold. The Funds' liquidity needs include: redeeming their
shares, providing margin deposits for existing Benchmark Component Instruments, the purchase of additional Benchmark Component Instruments,
and paying expenses.

 The Funds generate cash primarily from (i) the sale of Creation Baskets
and (ii) interest earned on cash, and cash equivalents. Generally, all of the net assets of the Funds are allocated to trading in Benchmark
Component Instruments. Most of the assets of the Funds are held in Freight Futures, cash and/or cash equivalents that could or are used
as margin or collateral for trading in Benchmark Component Instruments. The percentage that such assets bear to the total net assets will
vary from period to period as the market values of the Benchmark Component Instruments change. Interest earned on interest-bearing assets
of the Funds is paid to the Funds. During the years ended June 30, 2025 and 2024, BDRY earned $1,403,394 and $1,816,833, respectively,
in interest income. BWET earned $66,831 and $42,508 for the year ended June 30, 2025 and 2024, respectively.

 The investments of the Funds in Benchmark Component Instruments could
be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. Such conditions could
prevent the Funds from promptly liquidating a position in Benchmark Component Instruments. Commodity exchanges may limit fluctuations
in certain futures contract prices during a single day by regulations referred to as "daily limits." During a single day,
no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by
an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing
to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days
with little or no trading. Such market conditions could prevent the Funds from promptly liquidating their futures positions.

 Because the Funds trade futures contracts, their capital is at risk
due to changes in the value of these contracts (market risk) or the inability of counter-parties to perform under the terms of the contracts
(credit risk).

 Market Risk

 Trading in Benchmark Component Instruments such as futures contracts
will involve the Funds entering into contractual commitments to purchase or sell specific amounts of instruments at a specified date in
the future. The gross or face amount of the contracts is expected to significantly exceed the future cash requirements of the Funds as
the Funds intend to close out any open positions prior to the contractual expiration date. As a result, the Funds' market risk is
the risk of loss arising from the decline in value of the contracts, not from the need to make delivery under the contracts. The Funds
consider the "fair value" of derivative instruments to be the unrealized gain or loss on the contracts. The market risk associated
with the commitment by the Funds to purchase a specific contract will be limited to the aggregate face amount of the contracts held.

 The exposure of the Funds to market risk will depend on a number of
factors including the markets for the specific instrument, the volatility of interest rates and foreign exchange rates, the liquidity
of the instrument-specific market and the relationships among the contracts held by the Funds.

 Credit Risk

 When the Funds enters into Benchmark Component Instruments, they will
be exposed to the credit risk that the counterparty will not be able to meet its obligations. For purposes of credit risk, the counterparty
for the Benchmark Component Instruments traded on or cleared by the futures exchanges is the clearinghouse associated with those exchanges.
In general, clearinghouses are backed by their members who may be required to share in the financial burden resulting from the nonperformance
of one of their members, which should significantly reduce credit risk. There can be no assurance that any counterparty, clearinghouse,
or their financial backers will satisfy their obligations to the Funds.

 The Sponsor will attempt to minimize certain of these market and credit
risks by normally:

 executing and clearing trades with creditworthy counterparties, as determined
by the Sponsor;

 limiting the outstanding amounts due from counterparties of the Funds;

 not posting margin directly with a counterparty; and

 limiting the amount of margin or premium posted at the FCM.

 The Commodity Exchange Act ("CEA") requires all FCMs, such
as the Funds' clearing brokers, to meet and maintain specified fitness and financial requirements, to segregate customer funds from
proprietary funds and account separately for all customers' funds and positions, and to maintain specified books and records open
to inspection by the staff of the CFTC. The CFTC has similar authority over introducing brokers, or persons who solicit or accept orders
for commodity interest trades but who do not accept margin deposits for the execution of trades. The CEA authorizes the CFTC to regulate
trading by FCMs and by their officers and directors, permits the CFTC to require action by exchanges in the event of market emergencies,
and establishes an administrative procedure under which customers may institute complaints for damages arising from alleged violations
of the CEA. The CEA also gives the states powers to enforce its provisions and the regulations of the CFTC.

 On November 14, 2013, the CFTC published final regulations that require
enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures
and auditing and examination programs for FCMs. The rules are intended to afford greater assurances to market participants that customer
segregated funds and secured amounts are protected, customers are provided with appropriate notice of the risks of futures trading and
of the FCMs with which they may choose to do business, FCMs are monitoring and managing risks in a robust manner, the capital and liquidity
of FCMs are strengthened to safeguard the continued operations and the auditing and examination programs of the CFTC and the self-regulatory
organizations are monitoring the activities of FCMs in a thorough manner.

 Off Balance Sheet Financing

 As of June 30, 2025, neither the Trust nor the Funds have any loan
guarantees, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course
of business, which may include indemnification provisions relating to certain risks service providers undertake in performing services
which are in the best interests of the Funds. While the exposure of the Funds under these indemnification provisions cannot be estimated,
they are not expected to have a material impact on the financial position of the Funds.

 Redemption Basket Obligation

 Other than as necessary to meet the investment objective of the Funds
and pay the contractual obligations described below, the Funds will require liquidity to redeem Redemption Baskets. The Funds intend to
satisfy this obligation through the transfer of cash of the Funds (generated, if necessary, through the sale of Freight Futures) in an
amount proportionate to the number of Shares being redeemed.

 Contractual Obligations

 The primary contractual obligations of the Funds will be with the Sponsor
and certain other service providers.

 BDRY pays a Sponsor Fee, monthly in arrears, in an amount equal to
the greater of (i) 0.15% per year of the Fund's average daily net assets; or (ii) $125,000. The Sponsor Fee is paid in consideration
of the Sponsor's management services to the Fund. BDRY also pays Breakwave a license and service fee (the "CTA Fee")
monthly in arrears, for the use of BDRY's Benchmark Portfolio in an amount equal to 1.45% per annum of the Fund's average
daily net assets.

 BWET pays a Sponsor Fee, monthly in arrears, in an amount equal to
the greater of (i) 0.30% per year of the Fund's average daily net assets; or (ii) $50,000. The Sponsor Fee is paid in consideration
of the Sponsor's management services to the Fund. BWET also pays Breakwave a license and service fee (the "CTA Fee")
monthly in arrears, for the use of BWET's Benchmark Portfolio in an amount equal to 1.45% per annum of the Fund's average
daily net assets.

 Both Funds

 Breakwave has agreed to waive its license and services fee and the
Sponsor has agreed to correspondingly assume the remaining expenses of the Funds so that each Fund's expenses do not exceed an annual
rate of 3.50%, excluding brokerage commissions, interest expense, and extraordinary expenses, of the value of the Funds 'average
daily net assets (the "Expense Cap"). The assumption of expenses and waiver of the license and services fee are contractual
on the part of the Sponsor and Breakwave, respectively, through December 31, 2025. If after that date, the Sponsor and/or Breakwave no
longer assumed expenses or waived the CTA Fee, respectively, the Funds could be adversely impacted, including in their ability to achieve
their investment objectives.

 The Funds currently accrue their daily expenses based on accrued expense
amounts established and monitored by the Sponsor, subject to the Expense Cap. At the end of each month, the accrued amount is remitted
to the Sponsor as the Sponsor has assumed, and is responsible for the payment of, the routine operational, administrative and other ordinary
expenses of the Funds. BDRY aggregated $1,394,358 and $1,858,313, of which $217,687 and $23,879 was waived by Breakwave for the years
ended June 30, 2025 and 2024, respectively. BWET aggregated $455,679 and $455,234, of which $27,481 and $52,076 was waived by Breakwave
for the years ended June 30, 2025 and 2024, respectively. In addition, expenses reimbursed to the Sponsor for BDRY aggregated $242,025
and $- for the years ended June 30, 2025 and 2024, respectively. For BWET, the Sponsor assumed $361,863 and $277,458 of expenses for the
years ended June 30, 2025 and 2024, respectively.

 Each Funds' ongoing fees, costs and expenses of its operation,
not subject to the Expense Cap include brokerage, brokerage interest and regulatory capital charges and other fees and commissions incurred
in connection with the trading activities of the Funds, and extraordinary expenses (including, but not limited to, legal claims and liabilities
and litigation costs and any indemnification related thereto). Expenses subject to the Expense Cap include (i) expenses incurred in connection
with registering additional Shares of the Funds or offering Shares of the Funds; (ii) the routine expenses associated with the preparation
and, if required, the printing and mailing of monthly, quarterly, annual and other reports required by applicable U.S. federal and state
regulatory authorities, Trust meetings and preparing, printing and mailing proxy statements to Shareholders; (iii) the routine services
of the Trustee, legal counsel and independent accountants; (iv) routine accounting, bookkeeping, custodial and transfer agency services,
whether performed by an outside service provider or by affiliates of the Sponsor; (v) postage and insurance; (vi) costs and expenses associated
with client relations and services; (vii) costs of preparation of all federal, state, local and foreign tax returns and any taxes payable
on the income, assets or operations of the Funds.

 While the Sponsor has agreed to pay registration fees to the SEC and
any other regulatory agency in connection with the offer and sale of the Shares offered through each Fund's prospectus, the legal,
printing, accounting and other expenses associated with such registration, and the initial fee of $7,500 for listing the Shares on the
NYSE Arca, each Fund will be responsible for any registration fees and related expenses incurred in connection with any future offer and
sale of Shares of the Funds in excess of those offered through its prospectus.

 Any general expenses of the Trust will be allocated among the Funds
and any other series of the Trust as determined by the Sponsor in its sole and absolute discretion. The Trust is also responsible for
extraordinary expenses, including, but not limited to, legal claims and liabilities and litigation costs and any indemnification related
thereto. The Trust and/or the Sponsor may be required to indemnify the Trustee, Distributor or Administrator under certain circumstances.

 The parties cannot anticipate the amount of payments that will be required
under these arrangements for future periods as the NAV and trading levels to meet investment objectives for the Funds will not be known
until a future date. These agreements are effective for a specific term agreed upon by the parties with an option to renew, or, in some
cases, are in effect for the duration of a Fund's existence. The parties may terminate these agreements earlier for certain reasons
listed in the agreements.

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

 Not applicable to Smaller Reporting Companies.

 Item 8. Financial Statements and Supplemental Data.

 Combined Statements of Assets and Liabilities

 ETF

 ETF

 Assets

 Investment in securities, at fair value (cost $ 44,760,073 and $ 544,616, respectively)

 $

 $

 $
 45,304,689

 Segregated cash held by broker*

 22,114,350

 949,850

 23,064,200

 Due from Sponsor

 -

 25,661

 25,661

 Interest receivable

 178,751

 3,551

 182,302

 Total assets

 67,053,174

 1,523,678

 68,576,852

 Liabilities

 Due to Sponsor

 136,622

 -

 136,622

 Unrealized depreciation on futures contracts

 861,490

 60,903

 922,393

 Other accrued expenses

 238,798

 132,780

 371,578

 Total liabilities

 1,236,910

 193,683

 1,430,593

 $
 65,816,264

 $
 1,329,995

 $
 67,146,259

 Net Assets Consist Of:

 Paid-in Capital

 $
 40,876,890

 $
 1,509,928

 $
 42,386,818

 Total Distributable Earnings (Accumulated Deficit)

 24,939,374

 ( 179,933
)

 24,759,441

 $
 65,816,264

 $
 1,329,995

 $
 67,146,259

 Shares outstanding (unlimited authorized)

 11,700,040

 125,100

 Net asset value per share

 $
 5.63

 $
 10.63

 Market value per share

 $
 5.55

 $
 10.64

 * Required margin held as collateral for open futures contracts

 $
 14,101,115

 $
 337,840

 Combined Statements of Assets and Liabilities

 TANKER SHIPPING

 ETF

 ETF

 Assets

 Investment in securities, at fair value (cost $ 8,348,195 and $ 1,029,920, respectively)

 $

 $

 $
 9,378,115

 Segregated cash held by broker

 31,739,612

 1,243,877

 32,983,489

 Due from Sponsor

 -

 22,674

 22,674

 Interest receivable

 119,526

 4,504

 124,030

 Total assets

 40,207,333

 2,300,975

 42,508,308

 Liabilities

 Due to Sponsor

 36,204

 -

 36,204

 Payable on open futures contracts

 788,675

 115,880

 904,555

 Other accrued expenses

 269,300

 97,278

 366,578

 Total liabilities

 1,094,179

 213,158

 1,307,337

 $

 $

 $

 Net Assets Consist Of:

 Paid-in Capital

 $
 ( 2,296,733
)

 $
 1,239,493

 $
 ( 1,057,240
)

 Total Distributable Earnings (Accumulated Deficit)

 41,409,887

 848,324

 42,258,211

 $

 $

 $

 Shares outstanding (unlimited authorized)

 3,225,040

 125,100

 Net asset value per share

 $
 12.13

 $
 16.69

 Market value per share

 $
 12.24

 $
 16.79

 Combined Schedules of Investments

 DRY BULK SHIPPING
 ETF

 TANKER SHIPPING
 ETF

 MONEY MARKET FUNDS – 68.0 % and 40.9 %, respectively

 Invesco Government & Agency Portfolio - Institutional Class, 4.30 % (a) ( 44,760,073 and 544,616 shares, respectively)

 $

 $

 $
 45,304,689

 TOTAL MONEY MARKET FUNDS (Cost $ 44,760,073 and $ 544,616, respectively)

 45,304,689

 Total Investments (Cost $ 44,760,073 and $ 544,616, respectively) – 68.0 % and 40.9 %, respectively

 45,304,689

 Other Assets in Excess of Liabilities – 32.0 % and 59.1 %, respectively (b)

 21,056,191

 785,379

 21,841,570

 TOTAL NET ASSETS - 100.0 % and 100.0 %, respectively

 $
 65,816,264

 $
 1,329,995

 $
 67,146,259

 (a)
 Annualized seven-day yield as of June 30, 2025.

 (b)
 $22,114,350 and $949,850, respectively, of cash is pledged as collateral for futures contracts.

 Appreciation/

 Notional

 Percentage of

 (Depreciation)

 Value

 Capital

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 10,116,540) ( 620 contracts)

 $
 ( 1,559,960
)

 $
 10,116,540

 %

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 10,442,040) ( 620 contracts)

 ( 1,234,460
)

 10,442,040

 %

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2025 (Underlying Face Amount at Market Value - $ 11,890,980) ( 620 contracts)

 214,480

 11,890,980

 %

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 9,051,420) ( 805 contracts)

 718,670

 9,051,420

 %

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 8,625,575) ( 805 contracts)

 293,325

 8,625,575

 %

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 30, 2025 (Underlying Face Amount at Market Value - $ 8,642,480) ( 805 contracts)

 309,230

 8,642,480

 %

 Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 2,245,000) ( 200 contracts)

 99,875

 2,245,000

 %

 Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 2,277,600) ( 200 contracts)

 132,475

 2,277,600

 %

 Baltic Exchange Supramax T/C Average Shipping Route Expiring September 30, 2025 (Underlying Face Amount at Market Value - $ 2,310,000) ( 200 contracts)

 164,875

 2,310,000

 %

 $
 ( 861,490
)

 $
 65,601,635

 %

 Appreciation/

 Notional

 Percentage of

 (Depreciation)

 Value

 Capital

 Baltic Freight Route West Africa to Continent Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 70,680) ( 5 contracts)

 $
 ( 636
)

 $
 70,680

 %

 Baltic Freight Route West Africa to Continent Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 63,255) ( 5 contracts)

 ( 2,118
)

 63,255

 %

 Baltic Freight Route Middle East Gulf to China Expiring July 31, 2025 (Underlying Face Amount at Market Value - $ 379,680) ( 35 contracts)

 ( 34,456
)

 379,680

 %

 Baltic Freight Route Middle East Gulf to China Expiring August 31, 2025 (Underlying Face Amount at Market Value - $ 385,980) ( 35 contracts)

 ( 28,157
)

 385,980

 %

 Baltic Freight Route Middle East Gulf to China Expiring September 30, 2025 (Underlying Face Amount at Market Value - $ 418,600) ( 35 contracts)

 4,464

 418,600

 %

 $
 ( 60,903
)

 $
 1,318,195

 %

 Combined Schedule of Investments

 BREAKWAVE TANKER SHIPPING

 ETF

 ETF

 MONEY MARKET FUNDS - 21.3 % and 49.3 %, respectively

 Invesco Government & Agency Portfolio - Institutional Class, 5.24 % (a) ( 8,348,195 and 1,029,920 shares, respectively)

 $

 $

 $
 9,378,115

 TOTAL MONEY MARKET FUNDS (Cost $ 8,348,195 and $ 1,029,920, respectively)

 9,378,115

 Total Investments (Cost $ 8,348,195 and $ 1,029,920, respectively) - 21.3 % and 49.3 %, respectively

 9,378,115

 Other Assets in Excess of Liabilities - 78.7 % and 50.7 %, respectively (b)

 30,764,959

 1,057,897

 31,822,856

 TOTAL NET ASSETS - 100.0 % and 100.0 %, respectively

 $

 $

 $

 (a)
 Annualized seven-day yield as of June 30, 2024.

 (b)
 $31,739,612 and $1,243,877, respectively, of cash is pledged as collateral for futures contracts.

 AMPLIFY

 Appreciation/

 COMMODITY

 (Depreciation)

 TRUST

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 6,807,570) ( 245 contracts)

 $
 328,945

 $
 328,945

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 6,249,215) ( 245 contracts)

 ( 229,410
)

 ( 229,410
)

 Baltic Exchange Capesize T/C Average Shipping Route Index Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 6,383,965) ( 245 contracts)

 ( 94,660
)

 ( 94,660
)

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 4,895,690) ( 335 contracts)

 ( 454,310
)

 ( 454,310
)

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 5,105,065) ( 335 contracts)

 ( 244,935
)

 ( 244,935
)

 Baltic Exchange Panamax T/C Average Shipping Route Index Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 5,334,875) ( 335 contracts)

 ( 15,125
)

 ( 15,125
)

 Baltic Exchange Supramax T/C Average Shipping Route Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 1,273,555) ( 85 contracts)

 ( 33,195
)

 ( 33,195
)

 Baltic Exchange Supramax T/C Average Shipping Route Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 1,281,035) ( 85 contracts)

 ( 25,715
)

 ( 25,715
)

 Baltic Exchange Supramax T/C Average Shipping Route Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 1,286,730) ( 85 contracts)

 ( 20,270
)

 ( 20,270
)

 $
 ( 788,675
)

 $
 ( 788,675
)

 AMPLIFY

 Appreciation/

 COMMODITY

 (Depreciation)

 TRUST

 Baltic Freight Route Middle East Gulf to China Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 584,600) ( 50 contracts)

 $
 ( 53,469
)

 $
 ( 53,469
)

 Baltic Freight Route Middle East Gulf to China Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 592,500) ( 50 contracts)

 ( 45,569
)

 ( 45,569
)

 Baltic Freight Route Middle East Gulf to China Expiring September 30, 2024 (Underlying Face Amount at Market Value - $ 622,500) ( 50 contracts)

 ( 15,569
)

 ( 15,569
)

 Baltic Freight Route West Africa to Continent Expiring July 31, 2024 (Underlying Face Amount at Market Value - $ 83,710) ( 5 contracts)

 ( 1,232
)

 ( 1,232
)

 Baltic Freight Route West Africa to Continent Expiring August 31, 2024 (Underlying Face Amount at Market Value - $ 78,895) ( 5 contracts)

 ( 41
)

 ( 41
)

 $
 ( 115,880
)

 $
 ( 115,880
)

 Combined Statements of Operations

 Year Ended June 30, 2025

 ETF

 ETF

 Investment Income

 Interest

 $
 1,403,394

 $
 66,831

 $
 1,470,225

 Expenses

 Sponsor fee

 125,002

 50,001

 175,003

 CTA fee

 589,680

 27,481

 617,161

 Audit fees

 51,130

 50,758

 101,888

 Tax preparation fees

 169,075

 41,396

 210,471

 Admin/accounting/custodian/transfer agent fees

 63,163

 63,276

 126,439

 Legal fees

 84,541

 79,951

 164,492

 Chief Compliance Officer fees

 49,808

 Principal Financial Officer fees

 49,808

 Regulatory reporting fees

 25,002

 25,002

 50,004

 Brokerage commission fees

 457,339

 30,320

 487,659

 Distribution fees

 6,145

 6,658

 NJ filing fees

 106,265

 3,650

 109,915

 Insurance fees

 6,384

 6,286

 12,670

 Listing and calculation agent fees

 7,510

 7,510

 15,020

 Marketing fees

 14,965

 14,965

 29,930

 Trustee fees

 2,555

 2,555

 5,110

 Printing and postage fees

 19,065

 14,471

 33,536

 Wholesale support fees

 73,621

 17,808

 91,429

 Miscellaneous fees

 Total Expenses

 1,851,697

 485,999

 2,337,696

 Less: Waiver of CTA fee

 ( 217,687
)

 ( 27,481
)

 ( 245,168
)

 Less: Expenses reimbursed to/(absorbed by) Sponsor

 242,025

 ( 361,863
)

 ( 119,838
)

 Net Expenses

 1,876,035

 96,655

 1,972,690

 Net Investment Loss

 ( 472,641
)

 ( 29,824
)

 ( 502,465
)

 Net Realized and Unrealized Gain (Loss) on Investment Activity

 Net Realized Gain (Loss) on

 Futures contracts

 ( 15,925,057
)

 ( 1,053,410
)

 ( 16,978,467
)

 Change in Unrealized Gain (Loss) on

 Futures contracts

 ( 72,815
)

 54,977

 ( 17,838
)

 Net realized and unrealized gain (loss)

 ( 15,997,872
)

 ( 998,433
)

 ( 16,996,305
)

 Net Loss

 $
 ( 16,470,513
)

 $
 ( 1,028,257
)

 $
 ( 17,498,770
)

 Combined Statements of Operations

 Year Ended June 30, 2024

 ETF

 ETF

 Investment Income

 Interest

 $
 1,816,833

 $
 42,508

 $
 1,859,341

 Expenses

 Sponsor fee

 125,001

 50,001

 175,002

 CTA fee

 822,362

 52,076

 874,438

 Audit fees

 83,992

 51,880

 135,872

 Tax preparation fees

 313,244

 11,252

 324,496

 Admin/accounting/custodian/transfer agent fees

 56,653

 52,250

 108,903

 Legal fees

 80,314

 75,906

 156,220

 Chief Compliance Officer fees

 49,956

 Principal Financial Officer fees

 49,956

 Regulatory reporting fees

 49,956

 Brokerage commissions

 584,320

 121,822

 706,142

 Distribution fees

 15,193

 11,339

 26,532

 NJ Filing fees

 98,381

 3,128

 101,509

 Insurance expense

 12,503

 11,503

 24,006

 Listing and calculation agent fees

 7,191

 6,252

 13,443

 Marketing expenses

 15,012

 15,004

 30,016

 Trustee fees

 2,508

 2,508

 5,016

 Printing and postage

 54,307

 14,300

 68,607

 Wholesale support fees

 93,035

 20,391

 113,426

 Miscellaneous expenses

 3,683

 2,510

 6,193

 Total Expenses

 2,442,633

 577,056

 3,019,689

 Less: Waiver of CTA fee

 ( 23,879
)

 ( 52,076
)

 ( 75,955
)

 Less: Expenses absorbed by Sponsor

 -

 ( 277,458
)

 ( 277,458
)

 Net Expenses

 2,418,754

 247,522

 2,666,276

 Net Investment Loss

 ( 601,921
)

 ( 205,014
)

 ( 806,935
)

 Net Realized and Unrealized Gain (Loss) on Investment Activity

 Net Realized Gain (Loss) on

 Investments and futures contracts

 34,476,191

 827,253

 35,303,444

 Change in Unrealized Gain (Loss) on

 Investments and futures contracts

 12,895,930

 ( 941,167
)

 11,954,763

 Net realized and unrealized gain (loss)

 47,372,121

 ( 113,914
)

 47,258,207

 Net Income

 $
 46,770,200

 $
 ( 318,928
)

 $
 46,451,272

 Combined Statements of Changes in Net Assets

 Year Ended June 30, 2025

 ETF

 ETF

 Net Assets at Beginning of Period

 $

 $

 $

 Increase (decrease) in Net Assets from share transactions

 Addition of 10,500,000 and 100,000 shares, respectively

 61,471,098

 1,501,605

 62,972,703

 Redemption of 2,025,000 and 100,000 shares, respectively

 ( 18,297,475
)

 ( 1,231,170
)

 ( 19,528,645
)

 Net increase (decrease) in Net Assets from share transactions

 43,173,623

 270,435

 43,444,058

 Increase (decrease) in Net Assets from operations

 Net investment income (loss)

 ( 472,641
)

 ( 29,824
)

 ( 502,465
)

 Net realized gain (loss)

 ( 15,925,057
)

 ( 1,053,410
)

 ( 16,978,467
)

 Change in net unrealized gain (loss)

 ( 72,815
)

 54,977

 ( 17,838
)

 Net Increase (decrease) in Net Assets from operations

 ( 16,470,513
)

 ( 1,028,257
)

 ( 17,498,770
)

 Net Assets at End of Period

 $
 65,816,264

 $
 1,329,995

 $
 67,146,259

 Statements of Changes in Net Assets

 Year Ended June 30, 2024

 ETF

 ETF

 Net Assets at Beginning of Period

 $
 61,193,899

 $
 4,168,752

 $
 65,362,651

 Increase (decrease) in Net Assets from share transactions

 Addition of 4,700,000 and 775,000 shares, respectively

 38,500,878

 13,460,368

 51,961,246

 Redemption of 12,550,000 and 850,000 shares, respectively

 ( 107,351,823
)

 ( 15,222,375
)

 ( 122,574,198
)

 Net Increase (decrease) in Net Assets from share transactions

 ( 68,850,945
)

 ( 1,762,007
)

 ( 70,612,952
)

 Increase (decrease) in Net Assets from operations

 Net investment income (loss)

 ( 601,921
)

 ( 205,014
)

 ( 806,935
)

 Net realized gain (loss)

 34,476,191

 827,253

 35,303,444

 Change in net unrealized gain (loss)

 12,895,930

 ( 941,167
)

 11,954,763

 Net Increase (decrease) in Net Assets from operations

 46,770,200

 ( 318,928
)

 46,451,272

 Net Assets at End of Period

 $

 $

 $

 Combined Statements of Cash Flows

 Year Ended June 30, 2024

 ETF

 ETF

 Cash flows provided by (used in) operating activities

 Net income (loss)

 $
 46,770,200

 $
 ( 318,928
)

 $
 46,451,272

 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 Net realized loss (gain) on investments

 ( 34,476,191
)

 ( 827,253
)

 ( 35,303,444
)

 Change in net unrealized loss (gain) on futures

 ( 12,895,930
)

 941,167

 ( 11,954,763
)

 Change in operating assets and liabilities:

 Sale (Purchase) of investments, net

 78,615,786

 ( 668,786
)

 77,947,000

 Decrease (increase) in interest receivable

 26,268

 ( 2,503
)

 23,765

 Decrease (increase) in due from sponsor

 -

 ( 22,674
)

 ( 22,674
)

 Increase in receivable on open futures contracts

 -

 825,287

 825,287

 Increase in payable on open futures contracts

 ( 12,881,070
)

 115,880

 ( 12,765,190
)

 Increase (decrease) in due to sponsor

 ( 119,851
)

 ( 8,776
)

 ( 128,627
)

 Increase (decrease) in other accrued expenses

 227,609

 92,516

 320,125

 Net cash (used in) operating activities

 65,266,821

 125,930

 65,392,751

 Cash flows from financing activities

 Proceeds from sale of shares

 38,500,878

 13,460,368

 51,961,246

 Paid on redemption of shares

 ( 107,351,823
)

 ( 15,222,375
)

 ( 122,574,198
)

 Net cash provided by (used in) financing activities

 ( 68,850,945
)

 ( 1,762,007
)

 ( 70,612,952
)

 Net increase (decrease) in cash and restricted cash

 ( 3,584,124
)

 ( 1,636,077
)

 ( 5,220,201
)

 Cash and restricted cash, beginning of period

 35,323,736

 2,879,954

 38,203,690

 Cash and restricted cash, end of period

 $
 31,739,612

 $
 1,243,877

 $
 32,983,489

 The following table provides a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sum to the total of such amounts shown on the Statement of Cash Flows.

 Cash

 $
 -

 $
 -

 $
 -

 Segregated cash held by broker

 31,739,612

 1,243,877

 32,983,489

 Total cash and restricted cash as shown on the statement of cash flows

 $
 31,739,612

 $
 1,243,877

 $
 32,983,489

 (1) Organization

 Amplify Commodity Trust (the "Trust")
was organized as a Delaware statutory trust on July 23, 2014. Effective after the close of trading on February 14, 2024, ETF Managers
Capital LLC, as the prior sponsor and commodity pool operator (the "Former Sponsor") of the Trust, entered into an agreement
(the "Transfer Agreement") to resign as Sponsor to the Trust and transfer its role as the Trust's sponsor to Amplify
Investments LLC ("the Sponsor.") Under the terms of the Transfer Agreement, the Former Sponsor no longer has any involvement
in the operations, management or marketing of the Fund. In connection with this change of Sponsor, Trust changed its name from the ETF
Managers Group Commodity Trust I to the Amplify Commodity Trust. The Trust is a series trust formed pursuant to the Delaware Statutory
Trust Act and currently consists of two separate series. BREAKWAVE DRY BULK SHIPPING ETF ("BDRY"), is the first series of
the Trust and is a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold on the NYSE Arca.
The second series of the Trust, BREAKWAVE TANKER SHIPPING ETF ("BWET"), each a "Fund" and together with BDRY,
the "Funds"), is also a commodity pool that continuously issues shares of beneficial interest that may be purchased and sold
on the NYSE Arca. The Funds are managed and controlled by the Sponsor, a Delaware limited liability company. The Sponsor is registered
with the Commodity Futures Trading Commission ("CFTC") as a "commodity pool operator" ("CPO") and
is a member of the National Futures Trading Association ("NFA"). Breakwave Advisors, LLC ("Breakwave") is registered
as a "commodity trading advisor" ("CTA") with the CFTC and serves as the Funds commodity trading advisor.

 BDRY commenced investment operations on March
22, 2018. BDRY commenced trading on the NYSE Arca on March 22, 2018 and trades under the symbol "BDRY."

 BDRY's investment objective is to provide
investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of BDRY, by tracking
the performance of a portfolio (the "BDRY Benchmark Portfolio") consisting of a three-month strip of the nearest calendar
quarter of futures contracts on specified indexes (each a "Reference Index") that measure rates for shipping dry bulk freight
("Freight Futures"). Each Reference Index is published each United Kingdom business day by the London-based Baltic Exchange
Ltd. (the "Baltic Exchange") and measures the charter rate for shipping dry bulk freight in a specific size category of cargo
ship – Capesize, Panamax or Supramax. The three Reference Indexes are as follows:

 Capesize: the Capesize 5TC Index;

 Panamax: the Panamax 4TC Index; and

 Supramax: the Supramax 10TC Index.

 The value of the Capesize 5TC Index is disseminated
at 11:00 a.m., London Time and the value of the Panamax 4TC Index and the Supramax 10TC Index each is disseminated at 1:00 p.m., London
Time. The Reference Index information disseminated by the Baltic Exchange also includes the components and value of each component in
each Reference Index. Such Reference Index information also is widely disseminated by Reuters and/or other major market data vendors.

 BDRY seeks to achieve its investment objective
by investing substantially all of its assets in the Freight Futures currently constituting the BDRY Benchmark Portfolio. The BDRY Benchmark
Portfolio includes all existing positions to maturity and settles them in cash. During any given calendar quarter, the BDRY Benchmark
Portfolio progressively increases its positions to the next calendar quarter three-month strip, thus maintaining constant exposure to
the Freight Futures market as positions mature.

 (1) Organization - Continued

 The BDRY Benchmark Portfolio maintains long-only
positions in Freight Futures. The BDRY Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight Futures. More
specifically, the BDRY Benchmark Portfolio includes 50 % exposure in Capesize Freight Futures contracts, 40 % exposure in Panamax Freight
Futures contracts and 10 % exposure in Supramax Freight Futures contracts. The BDRY Benchmark Portfolio does not include and BDRY does
not invest in swaps, non-cleared dry bulk freight forwards or other over-the-counter derivative instruments that are not cleared through
exchanges or clearing houses. BDRY may hold exchange-traded options on Freight Futures. The BDRY Benchmark Portfolio is maintained by
Breakwave and will be rebalanced annually. The Freight Futures currently constituting the BDRY Benchmark Portfolio, as well as the daily
holdings of BDRY are available on BDRY's website at www.drybulketf.com.

 When establishing positions in Freight Futures,
BDRY will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight Futures
position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant
exchanges, clearing houses or BDRY's Futures Commissions Merchant ("FCM"), Marex Financial Ltd. (formerly ED&F Man
Capital Markets, Inc.) On a daily basis, BDRY is obligated to pay, or entitled to receive, variation margin in an amount equal to the
change in the daily settlement level of its Freight Futures positions. Any assets not required to be posted as margin with the FCM may
be held at BDRY's custodian or remain with the FCM in cash or cash equivalents, as discussed below.

 BDRY was created to provide investors with a cost-effective
and convenient way to gain exposure to daily changes in the price of Freight Futures. BDRY is intended to be used as a diversification
opportunity as part of a complete portfolio, not a complete investment program.

 The Fund will incur certain expenses in connection
with its operations. The Fund will hold cash or cash equivalents such as U.S. Treasuries or other high credit quality, short-term fixed-income
or similar securities for direct investment or as collateral for the Freight futures and for other liquidity purposes and to meet redemptions
that may be necessary on an ongoing basis. These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation
between changes in the Fund's net asset value ("NAV") and changes in the Benchmark Portfolio, because the Benchmark
Portfolio does not reflect expenses or income. The Fund may also realize interest income from its holdings in U.S. Treasuries or other
market rate instruments.

 The Fund seeks to trade its positions prior to
maturity; accordingly, natural market forces may cost the Fund while rebalancing. Each time the Fund seeks to reconstitute its positions,
barring movement in the underlying securities, the futures and option prices may be higher or lower. Such differences in price, barring
a movement in the price of the underlying security, will constitute "roll yield" and may inhibit the Fund's ability
to achieve its investment objective.

 Several factors determine the total return from
investing in a futures contract position. One factor that impacts the total return that will result from investing in near month futures
contracts and "rolling" those contracts forward each month is the price relationship between the current near month contract
and the next month contract.

 The CTA will close existing positions when it
determines it would be appropriate to do so and reinvest the proceeds in other positions. Positions may also be closed out to meet orders
for redemption baskets.

 BWET commenced investment operations on May 3,
2023. BWET commenced trading on NYSE Arca on May 3, 2023 and trades under the symbol "BWET."

 BWET's investment objective is to provide
investors with exposure to the daily change in the price of crude oil tanker freight futures, before expenses and liabilities of the Fund,
by tracking the performance of a portfolio (the "BWET Benchmark Portfolio") mainly consisting of the nearest calendar quarter
of futures contracts on specified indexes (each a "Reference Index") that measure prices for shipping crude oil ("Freight
Futures"). Freight Futures reflect market expectations for the future cost of transporting crude oil. Each Reference Index is published
each United Kingdom business day by the London-based Baltic Exchange Ltd. (the "Baltic Exchange") and measures the charter
rate for crude oil in a specific size category of cargo ship and for a specific route. The two Reference Indexes are as follows:

 The TD3C Index: Persian Gulf to China, 270,000mt cargo (Very Large Crude Carrier or VLCC tankers);

 The TD20 Index: West Africa to Europe, 130,000mt cargo (Suezmax Tankers)

 (1) Organization - Continued

 The value of the TD3C Index and the TD20 Index
is disseminated at 4:00 p.m. London Time by the Baltic Exchange. Such Reference Index information also is widely disseminated by Reuters,
Bloomberg and/or other major market data vendors.

 The Fund seeks to achieve its investment objective
by investing substantially all of its assets in the Freight Futures currently constituting the BWET Benchmark Portfolio. The BWET Benchmark
Portfolio includes a combination of TD3C and TD20 Freight Futures. More specifically, the Benchmark Portfolio includes 90 % exposure in
TD3C Freight Futures contracts and 10 % exposure in TD20 Freight Futures contracts to maturity and settles them in cash. At any given time,
the average maturity of the futures held by the Fund will be approximately 50 to 70 days.

 The BWET Benchmark Portfolio does not include
and BWET does not invest in swaps, non-cleared freight forwards or other over-the-counter derivative instruments that are not cleared
through exchanges or clearing houses. BWET may hold exchange-traded options on Freight Futures. The BWET Benchmark Portfolio is maintained
by Breakwave and will be rebalanced annually. The Freight Futures currently constituting the BWET Benchmark Portfolio, as well as the
daily holdings of BWET are available on BWET's website at www.tankeretf.com.

 When establishing positions in Freight Futures,
BWET will be required to deposit initial margin with a value of approximately 10 % to 40 % of the notional value of each Freight Futures
position at the time it is established. These margin requirements are established and subject to change from time to time by the relevant
exchanges, clearing houses or BWET's FCM, Marex Financial Ltd. On a daily basis, BWET is obligated to pay, or entitled to receive,
variation margin in an amount equal to the change in the daily settlement level of its Freight Futures positions. Any assets not required
to be posted as margin with the FCM maybe held at BWET's custodian or remain with the FCM in cash or cash equivalents, as discussed
below.

 BWET was created to provide investors with a cost-effective
and convenient way to gain exposure to daily changes in the price of Freight Futures. BWET is intended to be used as a diversification
opportunity as part of a complete portfolio, not a complete investment program.

 The Fund will incur certain expenses in connection
with its operations. The Fund will hold cash or cash equivalents such as U.S. Treasuries or other high credit quality, short-term fixed-income
or similar securities for direct investment or as collateral for the Treasury Instruments and for other liquidity purposes and to meet
redemptions that may be necessary on an ongoing basis. The Fund may also realize interest income from its holdings in U.S. Treasuries
or other market rate instruments. These expenses and income from the cash and cash equivalent holdings may cause imperfect correlation
between changes in the Fund's net asset value ("NAV") and changes in the Benchmark Portfolio, because the Benchmark
Portfolio does not reflect expenses or income.

 The Fund seeks to trade its positions prior to
maturity; accordingly, natural market forces may cost the Fund while rebalancing. Each time the Fund seeks to reconstitute its positions,
barring movement in the underlying securities, the futures and option prices may be higher or lower. Such differences in price, barring
a movement in the price of the underlying security, will constitute "roll yield" and may inhibit the Fund's ability
to achieve its investment objective.

 Several factors determine the total return from
investing in a futures contract position. One factor that impacts the total return that will result from investing in near month futures
contracts and "rolling" those contracts forward each month is the price relationship between the current near month contract
and the next month contract.

 The CTA will close existing positions when it
determines it would be appropriate to do so and reinvest the proceeds in other positions. Positions may also be closed out to meet orders
for redemption baskets.

 Effective for the year ended June 30, 2025, the Trust
has elected to discontinue the presentation of the Statement of Cash Flows. This change is in accordance with the guidance under FASB
ASC 230, which exempts certain investment companies from presenting a Statement of Cash flows when specific criteria are met. The Trust
noted that as of and for the year ended June 30, 2025, these criteria were met where substantially all investments were highly liquid
in Level 1 or Level 2 of the fair value hierarchy as shown in Note 2, all investments are carried at fair value, the Trust carried no
debt, and the combined statements of changes in net assets is presented.

 (2) Summary of Significant Accounting Policies

 (a) Basis of Accounting

 The accompanying combined financial statements
of the Funds have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP").Each Fund qualifies
as an investment company for financial reporting purposes under Topic 946 of the Accounting Standard Codification of U.S. GAAP.

 (2) Summary of Significant Accounting Policies
- Continued

 (b) Use of Estimates

 The preparation of the combined financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the combined financial statements and accompanying notes. Actual results
could differ from those estimates. There were no significant estimates used in the preparation of the combined financial statements.

 (c) Cash

 Cash, when shown in the Combined Statements of
Assets and Liabilities, represents non-segregated cash with the custodian and does not include short-term investments.

 (d) Cash Held by Broker

 Breakwave is registered as a "commodity
trading advisor" and acts as such for the Funds. The Funds' arrangement with its FCM requires the Funds to meet their variation
margin requirement related to the price movements, both positive and negative, on futures contracts held by the Funds by keeping cash
on deposit with the Commodity Broker (as defined below). These amounts are shown as segregated cash held by broker in the Combined Statements
of Assets and Liabilities. Each Fund deposits cash or United States Treasury Obligations, as applicable, with the FCM subject to the CFTC
regulations and various exchange and broker requirements. The combination of each Fund's deposits with the FCM of cash and United
States Treasury Obligations, as applicable, and the unrealized gain or loss on open futures contracts (variation margin) represents each
Fund's overall equity in its brokerage trading account. The Funds use their cash held by the FCM to satisfy individual variation
margin requirements. The Funds earn interest on their cash deposited with the FCM and interest income is recorded on the accrual basis.

 (e) Final Net Asset Value for Fiscal Period

 The calculation time of the Fund's final
net asset value for creation and redemption of Fund shares for the years ended June 30, 2025 and 2024 was at 4:00 p.m. Eastern Time on
June 30, 2025 and June 28, 2024, respectively.

 Although the Fund's shares may continue
to trade on secondary markets subsequent to the calculation of the final NAV, the 4:00 p.m. Eastern Time represented the final opportunity
to transact in creation or redemption baskets for the years ended June 30, 2025 and 2024.

 Fair value per share is determined at the close
of the NYSE Arca.

 For financial reporting purposes, each Fund values
its investment positions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these
combined financial statements differ from those used in the calculations of the Fund's final creation/redemption NAVs at June 30,
2025 and June 28, 2024, respectively.

 (f) Investment Valuation

 Short-term investments, excluding U.S. Treasury
Bills, are carried at amortized cost, which approximates fair value. U.S. Treasury Bills, when held by the Funds, are valued as determined
by an independent pricing service based on methods which include consideration of: yields or prices of securities of comparable quality,
coupon, maturity and type; indications as to values from dealers; and general market conditions. Money market investments are valued at
their traded net asset value.

 Futures and options contracts are valued at the
last settled price on the applicable exchange on which that futures and/or options contract trades.

 (2) Summary of Significant Accounting Policies
- Continued

 (g) Financial Instruments and Fair Value

 Each Fund discloses the fair value of its investments
in accordance with the Financial Accounting Standards Board ("FASB") fair value measurement and disclosure guidance which
requires a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements
establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained
from sources independent to the Fund (observable inputs); and (2) the Fund's own assumptions about market participant assumptions
developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure
requirements hierarchy are as follows:

 Level I:

 Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date.

 Level II:

 Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II inputs include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

 Level III:

 Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

 In some instances, the inputs used to measure
fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value
measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement
in its entirety.

 Fair value measurements also require additional
disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances
indicate that a transaction is not orderly.

 The following tables summarize BDRY's valuation
of investments at June 30, 2025 and 2024 using the fair value hierarchy:

 Short-Term
 Investments (a)

 Futures
 Contracts (b)

 Total

 Level I – Quoted Prices

 $

 $
 ( 861,490
)

 $
 43,898,583

 a
 –
 Included in Investments in securities in the Combined Statements of Assets and Liabilities.

 b
 –
 Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities.

 Short-Term
 Investments (a)

 Futures
 Contracts (b)

 Total

 Level I – Quoted Prices

 $

 $
 ( 788,675
)

 $
 7,599,520

 a
 –
 Included in Investments in securities in the Combined Statements of Assets and Liabilities.

 b
 –
 Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

 Transfers between levels are recognized at the
end of the reporting period. During the years ended June 30, 2025 and 2024, BDRY recognized no transfers from Level I, Level II or Level
III.

 (2) Summary of Significant Accounting Policies
- Continued

 (g) Financial Instruments and Fair Value -
Continued

 The following tables summarize BWET's valuation
of investments at June 30, 2025 and 2024 using the fair value hierarchy:

 Short-Term
 Investments (a)

 Futures
 Contracts (b)

 Total

 Level I – Quoted Prices

 $

 $
 ( 60,903
)

 $
 483,713

 a

 –

 Included in Investments in securities in the Combined Statements of Assets and Liabilities.

 b

 –

 Included in Unrealized depreciation on futures contracts in the Combined Statements of Assets and Liabilities.

 Short-Term
 Investments (a)

 Futures
 Contracts (b)

 Total

 Level I – Quoted Prices

 $

 $
 ( 115,880
)

 $
 914,040

 a

 –

 Included in Investments in securities in the Combined Statements of Assets and Liabilities.

 b

 –

 Included in Payable on open futures contracts in the Combined Statements of Assets and Liabilities.

 Transfers between levels are recognized at the
end of the reporting period. During the years ended June 30, 2025 and 2024, BWET recognized no transfers from Level I, Level II or Level
III.

 The inputs or methodology used for valuing investments
are not necessarily an indication of the risk associated with investing in those securities.

 h) Investment Transactions and Related Income

 Investment transactions are recorded on the trade
date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gain/loss on open futures
contracts is reflected in Receivable/Payable on open futures contracts in the Combined Statements of Assets and Liabilities and the change
in the unrealized gain/loss between periods is reflected in the Combined Statements of Operations. The Funds interest earned on short-term
securities and on cash deposited with Marex Financial Ltd. is accrued daily and reflected as Interest Income, when applicable, in the
Combined Statements of Operations.

 (i) Federal Income Taxes

 Each Fund is registered as a Delaware statutory
trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, the Funds do not expect to incur U.S. federal
income tax liability; rather, each beneficial owner is required to take into account their allocable share of the Funds' income,
gain, loss, deductions and other items for the Funds' taxable year ending with or within the beneficial owner's taxable year.

 Management of the Funds has reviewed the open
tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain
income tax positions taken or expected to be taken in future tax returns at June 30, 2025 and 2024. The Funds are also not aware of any
tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the
next twelve months. On an ongoing basis, management will monitor its tax positions taken to determine if adjustments to its conclusions
are necessary based on factors including, but not limited to, further implementation of guidance expected from the FASB and on-going analysis
of tax law, regulation, and interpretations thereof. The Funds' federal tax returns are subject to examination by the Internal Revenue
Service for a period of three years after they are filed.

 (j) New Accounting Pronouncements

 In November 2023, the FASB issued ASU 2023-07, "Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which improves reportable segment disclosure requirements,
primarily through enhanced disclosures about significant segment expenses. The Funds operate as single segment entities. The Funds'
income, expenses, assets, and performance are regularly monitored and assessed by the Advisor, who serves as the chief operating decision
maker, using the information presented in the financial statements and financial highlights.

 (3) Investments

 (a) Short -Term Investments

 The Funds may purchase U.S. Treasury Bills, agency
securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.
A portion of these investments may be used as margin for the Funds' trading in futures contracts.

 (b) Accounting for Derivative Instruments

 In seeking to achieve each Fund's investment
objective, the commodity trading advisor uses a mathematical approach to investing. Using this approach, the commodity trading advisor
determines the type, quantity and mix of investment positions that it believes in combination should produce returns consistent with the
Fund's objective.

 All open derivative positions at June 30, 2025
and 2024, as applicable, are disclosed in the Combined Schedules of Investments and the notional value of these open positions relative
to the shareholders' capital of the Funds is generally representative of the notional value of open positions to shareholders'
capital throughout the reporting periods for the Funds. The volume associated with derivative positions varies on a daily basis as the
Funds transact in derivative contracts in order to achieve the appropriate exposure, as expressed in notional value, in comparison to
shareholders' capital consistent with the applicable Fund's investment objective.

 Following is a description of the derivative instruments
used by the Funds during the reporting period, including the primary underlying risk exposures.

 (c) Futures Contracts

 The Funds enter into futures contracts to gain
exposure to changes in the value of the Benchmark Portfolios. A futures contract obligates the seller to deliver (and the purchaser to
accept) the future cash settlement of a specified quantity and type of a freight futures contract at a specified time and place. The contractual
obligations of a buyer or seller of a freight futures contract may generally be satisfied by making an offsetting sale or purchase of
an identical futures contract on the same or linked exchange before the designated date of delivery.

 Upon entering into a futures contract, the Funds
are required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is
affected. The initial margin is segregated as Cash held by broker, as disclosed in the Combined Statements of Assets and Liabilities and
is restricted as to its use. Pursuant to the futures contract, the Funds agree to receive from or pay to the broker an amount of cash
equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded
by the Funds as unrealized gains or losses. The Funds will realize a gain or loss upon closing a futures transaction.

 Futures contracts involve, to varying degrees,
elements of market risk (specifically freight futures price risk) and exposure to loss in excess of the amount of variation margin. The
face or contract amounts reflect the extent of the total exposure the Funds have in the particular classes of instruments. Additional
risks associated with the use of futures contracts include imperfect correlation between movements in the price of the futures contracts
and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. With futures contracts,
there is minimal counterparty risk to the Funds since futures contracts are exchange-traded and the exchange's clearinghouse, as
counterparty to all exchange-traded futures contracts, guarantees the futures contracts against default.

 (3) Investments - Continued

 (c) Futures Contracts - Continued

 Average Derivative Volume, for the year ended June
30, 2025

 Fund

 Monthly
 Quantity

 Monthly
 Notional
 Value

 1,233

 $
 16,859,719

 $
 710,033

 Amplify Commodity Trust (combined)

 1,285

 $
 17,569,752

 Average Derivative Volume, for the year ended June
30, 2024

 Fund

 Monthly
 Quantity

 Monthly
 Notional
 Value

 $
 15,359,875

 $
 1,543,866

 Amplify Commodity Trust (combined)

 $
 16,903,741

 Fair Value of Derivative Instruments, as of June
30, 2025

 Asset Derivatives

 Liability Derivatives

 Total (a)

 Dry Bulk Index Rates Market Risk

 Unrealized appreciation on futures contracts

 $
 1,932,930

 Unrealized depreciation on futures contracts

 $
 2,794,420

 $
 861,490

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

 Fair Value of Derivative Instruments, as of June
30, 2024

 Asset Derivatives

 Liability Derivatives

 Total (a)

 Dry Bulk Index Rates Market Risk

 Receivable on open futures contracts and unrealized appreciation on futures contracts

 $
 328,945

 Payable on open futures contracts and Unrealized depreciation on futures contracts

 $
 1,117,620

 $
 788,675

 (a)
 Represents cumulative payable on open futures contracts and depreciation of futures contracts as reported in the Combined Statements of Assets and Liabilities.

 (3) Investments - Continued

 (c) Futures Contracts - Continued

 The Effect of Derivative Instruments on the Combined
Statements of Operations

 For the Year Ended June 30, 2025

 Location of Gain (Loss) on Derivatives

 Realized
 Loss on

 Change in
 Gain
 (Loss) on

 Dry Bulk Index Rates Market Risk

 Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts

 $
 ( 15,925,057
)

 $
 ( 72,815
)

 The futures contracts open at June 30, 2025 are indicative of the activity
for the year ended June 30, 2025.

 The Effect of Derivative Instruments on the Combined
Statements of Operations

 For the Year Ended June 30, 2024

 Location of Gain (Loss) on Derivatives

 Realized
 Gain on

 Change in
 Unrealized Gain
 (Loss) on

 Dry Bulk Index Rates Market Risk

 Net realized gain on futures contracts and/or change in unrealized gain (loss) on futures contracts

 $
 34,476,191

 $
 12,895,930

 The futures contracts open at June 30, 2024 are
indicative of the activity for the year ended June 30, 2024.

 (3) Investments - Continued

 (c) Futures Contracts - Continued

 Fair Value of Derivative Instruments, as of June
30, 2025

 Asset Derivatives

 Liability Derivatives

 Total (a)

 Crude Oil Tanker Index Rates Market Risk

 Unrealized appreciation on futures contracts

 $
 4,464

 Unrealized depreciation on futures contracts

 $
 65,367

 $
 60,903

 (a)

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

 Fair Value of Derivative Instruments, as of June
30, 2024

 Asset Derivatives

 Liability Derivatives

 Total (a)

 Crude Oil Tanker Index Rates Market Risk

 Receivable on open futures contracts and unrealized appreciation on futures contracts

 $
 -

 Payable on open futures contracts and unrealized depreciation on futures contracts

 $
 115,880

 $
 115,880

 (a)

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

 (3) Investments - Continued

 (c) Futures Contracts - Continued

 The Effect of Derivative Instruments on the Combined
Statements of Operations

 For the Year Ended June 30, 2025

 Location of Gain (Loss) on Derivatives

 Realized
 Loss on

 Change in
 Gain (Loss) on Derivatives Recognized in

 Crude Oil Tanker Index Rates Market Risk

 Net realized loss on futures contracts and/or change in unrealized gain (loss) on futures contracts

 $
 ( 1,053,410
)

 $
 54,977

 The futures contracts open at June 30, 2025 are indicative of the activity
for the year ended June 30, 2025.

 The Effect of Derivative Instruments on the Combined
Statements of Operations

 For the Year Ended June 30, 2024

 Location of Gain (Loss) on Derivatives

 Realized
 Gain on

 Change in
 Gain (Loss) on Derivatives Recognized in

 Crude Oil Tanker Index Rates Market Risk

 Net realized gain on futures contracts and/or change in unrealized gain (loss) on investments and futures contracts

 $
 827,253

 $
 ( 941,167
)

 The futures contracts open at June 30, 2024 are indicative of the activity
for the year ended June 30, 2024.

 (4) Agreements

 (a) Management Fee

 Each Fund pays the Sponsor a sponsor fee (the
"Sponsor Fee") in consideration of the Sponsor's advisory services to the Funds. Additionally, each Fund pays the commodity
trading advisor a license and service fee (the "CTA fee").

 BDRY pays the Sponsor an annual Sponsor Fee, monthly
in arrears, in an amount calculated as the greater of 0.15 % of its average daily net assets, or $ 125,000. BDRY also pays an annual fee
to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY's average daily net assets. Breakwave has agreed to waive
its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining expenses of BDRY such
that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest expense, and extraordinary expenses,
if any, of the value of BDRY's average daily net assets through December 31, 2025 (the "BDRY Expense Cap,"). The assumption
of expenses by the Sponsor and waiver of BDRY's CTA fee are contractual on the part of the Sponsor and Breakwave, respectively.

 The waiver of BDRY's CTA fees, pursuant
to the undertaking, amounted to $ 217,687 and $ 23,879, for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined
Statements of Operations. Effective September 1, 2022 Breakwave may, during the term of the waiver agreement, recoup any fees waived pursuant
to the contract; however, the Fund will only make repayments to Breakwave if such repayment does not cause the Fund's expense ratio
after the repayment is taken into account, to exceed either (i) the expense cap in place at the time such amounts were waived, or (ii)
the Fund's current expense cap. Such recoupment is limited to three years from the date the amount is initially waived. At June
30, 2025, BDRY is subject to potential future repayments of $ 0 to Breakwave.

 BWET pays the Sponsor an annual Sponsor Fee, monthly
in arrears, in an amount calculated as the greater of 0.30 % of its average daily net assets, or $ 50,000. BWET also pays an annual CTA
license and service fee to Breakwave, monthly in arrears, in an amount equal to 1.45 % of BDRY's average daily net assets. Breakwave
has agreed to waive its CTA fee to the extent necessary, and the Sponsor has voluntarily agreed to correspondingly assume the remaining
expenses of BWET such that Fund expenses do not exceed an annual rate of 3.50 %, excluding brokerage commissions, interest expense, and
extraordinary expenses, if any, of the value of BWET's average daily net assets through December 31, 2025 (the "BWET Expense
Cap"). The assumption of expenses by the Sponsor and waiver of BWET's CTA fee are contractual on the part of the Sponsor and
Breakwave, respectively.

 The waiver of BWET's CTA fees, pursuant
to the undertaking, amounted to $ 27,481 and $ 52,076 for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined
Statements of Operations. Breakwave may, during the term of the waiver agreement, recoup any fees waived pursuant to the contract; however,
the Fund will only make repayments to Breakwave if such repayment does not cause the Fund's expense ratio after the repayment is
taken into account, to exceed either (i) the expense cap in place at the time such amounts were waived, or (ii) the Fund's current
expense cap. Such recoupment is limited to three years from the date the amount is initially waived. At June 30, 2025, BWET is subject
to potential future repayments of $ 803,901 to Breakwave. The potential future repayments expire during the years ending June 30, 2026,
2027, and 2028 in the amounts of $ 80,669, $ 333,888, and $ 389,344, respectively.

 The Funds currently accrue their daily expenses
up to the Expense Cap, or if less, at accrual estimates established by the Sponsor. At the end of each month, the accrued amount is remitted
to the Sponsor as the Sponsor has assumed, and is responsible for the payment of the routine operational, administrative and other ordinary
expenses of the Funds in excess of the Fund's respective Expense Cap, which in the case of BDRY, expenses reimbursed by Sponsor
of $ 242,025 and $- for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

 In the case of BWET, expenses absorbed by the
Sponsor aggregated $ 361,863 and $ 277,458 for the years ended June 30, 2025 and 2024, as disclosed in the Combined Statements of Operations.

 (b) The Administrator, Custodian, Fund Accountant
and Transfer Agent

 Each Fund has appointed U.S. Bank, a national
banking association, with its principal office in Milwaukee, Wisconsin, as the custodian (the "Custodian"). Its affiliate,
U.S. Bancorp Fund Services, is the Fund accountant ("the Fund accountant") of the Funds, transfer agent (the "Transfer
Agent") for Fund shares and administrator for the Funds (the "Administrator"). It performs certain administrative and
accounting services for the Funds and prepares certain SEC, NFA and CFTC reports on behalf of the Funds. (U.S. Bank and U.S. Bancorp Fund
Services are referred to collectively hereinafter as "U.S. Bank").

 (4) Agreements - Continued

 (b) The Administrator, Custodian, Fund Accountant
and Transfer Agent - Continued

 Each Fund has agreed to pay U.S. Bank 0.05 % of
average assets under management (AUM), with a $ 45,000 minimum annual fee payable for its administrative, accounting and transfer agent
services and 0.01 % of AUM, with an annual minimum of $ 4,800 for custody services. BDRY paid U.S. Bank $ 63,163 and $ 56,653 for the years
ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET paid U.S. Bank $ 63,276 and $ 52,250
for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations.

 (c) The Distributor

 Through August 13, 2023, each Fund paid ETFMG
Financial LLC (the "former Distributor"), an affiliate of the Sponsor, an annual fee for statutory and wholesaling distribution
services and related administrative services equal to the greater of $ 15,000 or 0.02 % of the Fund's average daily net assets, payable
monthly. Pursuant to the respective Marketing Agent Agreements between the Sponsor, each Fund and the former Distributor, the former Distributor
assisted the Sponsor and the applicable Fund with certain functions and duties relating to distribution and marketing services to the
applicable Fund, including reviewing and approving marketing materials and certain regulatory compliance matters. The Distributor also
assisted with the processing of creation and redemption orders.

 Effective August 14, 2023, the Sponsor entered
into a Marketing Agent Agreement (the "Marketing Agreement") on behalf of the Trust and the Funds with Foreside Fund Services,
LLC ("Foreside"), pursuant to which Foreside provides certain marketing services to the Funds. Each Fund pays an annual fee
for such distribution services and related administrative services, with a minimum of approximately $ 10,000 payable annually. Pursuant
to the Marketing Agent Agreement between the Sponsor, the Funds and Foreside, Foreside assists the Sponsor and the Funds with certain
functions and duties relating to distribution and marketing services to the Funds, including reviewing and approving marketing materials
and certain regulatory compliance matters. Foreside also assists with the processing of creation and redemption orders. Foreside's
principal business office is located in Portland, ME.

 BDRY incurred $ 6,145 and $ 15,193 in distribution
and related administrative services for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements
of Operations. BWET incurred $ 513 and $ 11,339 in distribution and related administrative services for the years ended June 30, 2025 and
2024, respectively, as disclosed in the Combined Statements of Operations.

 BDRY pays the Sponsor an annual fee for wholesale
support services of $ 25,000 plus 0.12 % of BDRY's average daily net assets, payable monthly. BWET pays the Sponsor an annual fee
for wholesale support services of $ 15,000 plus 0.15 % of BWET's average daily net assets, payable monthly.

 BDRY incurred $ 73,621 and $ 93,035 in wholesale
support fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET incurred
$ 17,808 and $ 20,391 in wholesale support fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements
of Operations.

 (d) The Commodity Broker

 Marex Financial Ltd., registered in England, serves
as each Fund's clearing broker (the "Commodity Broker"). In its capacity as clearing broker, the Commodity Broker executes
and clears the Fund's futures transactions and performs certain administrative services for the Funds.

 The Funds pay respective brokerage commissions,
including applicable exchange fees, National Futures Association ("NFA") fees, give–up fees, pit brokerage fees and
other transaction related fees and expenses charged in connection with trading activities in CFTC regulated investments. Brokerage commissions
on futures contracts are recognized on a half-turn basis.

 The Sponsor does not expect annual brokerage commissions
and fees to exceed 0.40 % for BDRY and 1.35 % for BWET (excluding the impact on each Fund of creation and/or redemption activity) of the
net asset value of BDRY and BWET, respectively, for execution and clearing services on behalf of the Funds, although the actual amount
of brokerage commissions and fees in any year or any part of any year may be greater. The effects of trading spreads, financing costs
associated with financial instruments, and costs relating to the purchase of U.S. Treasury Securities or similar high credit quality short-term
fixed-income or similar securities are not included in the foregoing analysis. BDRY incurred $ 457,339 and $ 584,320 in brokerage commissions
and fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined Statements of Operations. BWET incurred
$ 30,320 and $ 121,822 in brokerage commissions and fees for the years ended June 30, 2025 and 2024, respectively, as disclosed in the Combined
Statement of Operations.

 (4) Agreements - Continued

 ( e) The Trustee

 Under the Amended and Restated Declaration of
Trust and Trust Agreement (the "Trust Agreement") for each Fund, Wilmington Trust Company, the Trustee of each of the Funds
(the "Trustee") serves as the sole trustee of each Fund in the State of Delaware. The Trustee will accept service of legal
process on the Funds in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. Under the Trust Agreement
for each Fund, the Sponsor has the exclusive management and control of all aspects of the business of the Funds. The Trustee does not
owe any other duties to the Funds, the Sponsor or the Shareholders of the Funds. The Trustee has no duty or liability to supervise or
monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions of the Sponsor. BDRY incurred
$ 2,555 and $ 2,508 in trustee fees for the years ended June 30, 2025 and 2024, respectively, which is included in Trustees Fees in the
Combined Statements of Operations. BWET incurred $ 2,555 and $ 2,508 in trustee fees for the years ended June 30, 2025 and 2024, respectively,
as disclosed in the Combined Statement of Operations.

 (f) Routine Offering, Operational, Administrative
and Other Ordinary Expenses

 The Sponsor, in accordance with the BDRY Expense
Cap limitation paid, after the waiver of the CTA fee for BDRY by Breakwave, if any, all of the routine offering, operational, administrative
and other ordinary expenses of BDRY in excess of 3.50 % (excluding brokerage commissions and interest expense) of BDRY's average
daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator,
Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing,
mailing and duplication costs. BDRY incurred $ 1,634,010 and $ 2,418,754 for the years ended June 30, 2025 and 2024, respectively, in routine
offering, operational, administrative or other ordinary expenses.

 The CTA fee waiver for BDRY by Breakwave was $ 217,687
and $ 23,879 for the years ended June 30, 2025 and 2024, respectively.

 In addition, the assumption of Fund expenses above
the BDRY Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to expenses reimbursed of $ 242,025
and $- for the years ended June 30, 2025 and 2024, respectively.

 The Sponsor, in accordance with the BWET Expense
Cap limitation paid, after the waiver of a portion of the CTA fee for BWET by Breakwave, all of the routine offering, operational, administrative
and other ordinary expenses of BWET in excess of 3.50 % (excluding brokerage commissions and interest expense) of BWET's average
daily net assets, including, but not limited to, accounting and computer services, the fees and expenses of the Trustee, Administrator,
Custodian, Transfer Agent and Distributor, legal and accounting fees and expenses, tax return preparation expenses, filing fees, and printing,
mailing and duplication costs. BWET incurred $ 458,518 and $ 524,980 for the years ended June 30, 2025 and 2024, respectively, in routine
offering, operational, administrative or other ordinary expenses.

 The CTA fee waiver for BWET by Breakwave was $ 27,481
and $ 52,076 for the years ended June 30, 2025 and 2024, respectively.

 In addition, the assumption of Fund expenses above
the BWET Expense Cap by the Sponsor, pursuant to the undertaking (as discussed in Note 4a), amounted to $ 361,863 and $ 277,458 for the
years ended June 30, 2025 and 2024, respectively.

 (4) Agreements - Continued

 (g) Organizational and Offering Costs

 Expenses incurred in connection with organizing
BDRY and BWET and up to the offering of their Shares upon commencement of their investment operations on March 22, 2018 and May 3, 2023,
respectively, were paid by the Sponsor and Breakwave without reimbursement.

 Accordingly, all such expenses are not reflected
in the Combined Statements of Operations. The Funds will bear the costs of their continuous offering of Shares and ongoing offering expenses.
Such ongoing offering costs will be included as a portion of the Routine Offering, Operational, Administrative and Other Ordinary Expenses.
These costs will include registration fees for regulatory agencies and all legal, accounting, printing and other expenses associated therewith.

 (h) Extraordinary Fees and Expenses

 The Funds will pay all extraordinary fees and
expenses, if any. Extraordinary fees and expenses are fees and expenses which are nonrecurring and unusual in nature, such as legal claims
and liabilities, litigation costs or indemnification or other unanticipated expenses. Such extraordinary fees and expenses, by their nature,
are unpredictable in terms of timing and amount. For the years ended June 30, 2025 and 2024, respectively, BDRY did not incur such expenses.
For the years ended June 30, 2025 and 2024, respectively, BWET did not incur such expenses.

 (5) Creations and Redemptions

 Each Fund issues and redeems Shares from time to time,
but only in one or more Creation Baskets. A Creation Basket is a block of 25,000 Shares of the particular Fund. At Fund formation, BDRY
Creation Baskets consisted of 50,000 Shares and BWET consisted of 25,000 shares. BDRY Creation Basket size was subsequently changed to
 25,000 units. Baskets may be created or redeemed only by Authorized Participants.

 Except when aggregated in Creation Baskets, the
Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from
or with the Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker.
Thus, some of the information contained in these Notes to Interim Combined Financial Statements – such as references to the Transaction
Fee imposed on creations and redemptions – is not relevant to retail investors.

 (a) Transaction Fees on Creation and Redemption
Transactions

 In connection with orders to create and redeem
one or more Creation Baskets, an Authorized Participant is required to pay a transaction fee, or AP Transaction Fee, of $ 300 per BDRY
or BWET order, which goes directly to the Custodian. The AP Transaction Fees are paid by the Authorized Participants and not by the Funds.

 (5) Creations and Redemptions - Continued

 (b) Share Transactions

 Summary of Share Transactions for the Year Ended

 Shares

 Increase

 Shares Sold

 10,500,000

 $
 61,471,098

 Shares Redeemed

 ( 2,025,000
)

 ( 18,297,475
)

 Net Increase

 8,475,000

 $
 43,173,623

 Summary of Share Transactions for the Year Ended

 Shares

 Decrease

 Shares Sold

 4,700,000

 $
 38,500,878

 Shares Redeemed

 ( 12,550,000
)

 ( 107,351,823
)

 Net Decrease

 ( 7,850,000
)

 $
 ( 68,850,945
)

 Summary of Share Transactions for the Year Ended

 Shares

 Increase

 Shares Sold

 100,000

 $
 1,501,605

 Shares Redeemed

 ( 100,000
)

 ( 1,231,170
)

 Net Increase

 -

 $
 270,435

 Summary of Share Transactions for the Year Ended

 Shares

 Increase

 Shares Sold

 775,000

 $
 13,460,368

 Shares Redeemed

 ( 850,000
)

 ( 15,222,375
)

 Net Increase

 ( 75,000
)

 $
 ( 1,762,007
)

 (6) Risk

 (a) Investment Related Risk

 The NAV of each Fund's shares relates directly
to the value of the respective freight futures portfolio, cash and cash equivalents held by each Fund. Fluctuations in the prices of these
assets could materially adversely affect the values and performance of an investment in BDRY and BWET shares. Past performance is not
necessarily indicative of future results; all or substantially all of an investment in BDRY or BWET could be lost.

 The NAV of BDRY and BWET shares relates directly
to the value of the futures investments held by each Fund which are materially impacted by fluctuations in changes in spot charter rates.
Charter rates for dry bulk vessels and crude oil tankers are volatile and have declined significantly since their historic highs and may
remain at low levels or decrease further in the future.

 Futures and options contracts have expiration
dates. Before or upon the expiration of a contract, BDRY and/or BWET may be required to enter into replacement contracts that are priced
higher or that have less favorable terms than the contracts being replaced (see "Negative Roll Risk," below). The Freight
Futures market settles in cash against published indices, so there is no physical delivery against the futures contracts.

 Similar to other futures contracts, the Freight
Futures curve shape could be either in "contango" (where the futures curve is upward sloping with next futures price higher
than the current one) or "backwardation" (where each the next futures price is lower than the current one). Contango curves
are generally characterized by negative roll cost, as the expiring contract value is lower that the next prompt contract value, assuming
the same lot size. That means there could be losses incurred when the contracts are rolled each period ("Negative Roll Risk")
and such losses are independent of the Freight Futures price level.

 Inflation in wages, materials, energy costs, equipment,
and other costs has the potential to adversely affect the results of operations, cash flows and financial position of each Fund, particularly
if each Fund is unable to achieve commensurate increases in the prices. In addition, inflation in the U.S. has the potential to result
in higher interest rates, which could result in higher borrowing costs, supply shortages, increased costs of labor, weakening exchange
rates and other similar effects. Each Fund may experience inflationary pressures on its supply chain due to increased shipping costs and
increased energy prices.

 The Russia Ukraine war poses an increasing risk
for global economic growth. Major economic sanctions against Russia are having a considerable impact on oil and gas prices, given the
dependence of the EU on oil and gas exports out of Russia combined with limited spare capacity of such commodities globally. Energy prices
have increased significantly, leading to major inflationary pressures in the major developed countries that rely heavily on oil and gas
exports out of Russia. In the case of BDRY, the combined Russia/Ukraine region account for approximately one quarter of global grain production,
one of the main cargoes transported by dry bulk vessels, while coal and iron ore exports out of the region have also been reduced. The
above factors can have a material negative impact on demand for dry bulk transportation, while slower economic growth could also negatively
affect demand for dry bulk commodities in the rest of the world, leading to lower dry bulk freight rates.

 The conflict between Russia and Ukraine is having
a profound impact on global commodities prices including grain and coal, two of the most important commodities for dry bulk shipping.
Given the importance of the region in export volumes for both grains and coal, a prolonged stoppage could lead to significantly lower
freight rates and thus a decline in freight futures prices and a decline in the value of BDRY. Although coal supplies could potentially
be sourced from elsewhere partly mitigating the negative impact of the lost volumes, global grain production capacity is limited, and
thus the impact of the lost volumes could not be easily mitigated. In addition, the recent geopolitical turmoil has led to an increase
in government protectionism when it comes to commodities, and if such a trend continues, it could lead to lower bulk commodities trading
globally over the long term. The impact of such a scenario on dry bulk shipping will be negative, leading to lower spot rates and as a
result lower freight futures prices and a decline in the value of BDRY.

 (6) Risk - Continued

 (a) Investment Related Risk - Continued

 In the case of BWET, the conflict between Russia
and Ukraine has also had a profound impact on oil prices and as a result on tanker rates and might continue to impact the level of tanker
rates for years to come. Russia accounts for more than 10% of global oil production. Sanctions put in place to limit the exports of crude
oil and refined products from Russia has caused a reshuffling in tanker trade patterns and has led to increasing volatility in tanker
freight rates. With limited seaborne crude exports out of Russia, refiners and oil traders have been seeking alternative sources for feedstock
crude, causing major disruptions in the traditional crude oil trading patterns. Volatility in tanker rates has increased, especially for
tankers carrying refined products. As volatility of spot charter rates increases, higher trading volumes in freight futures would be expected
as market participants tend to increase their hedging requirements. In addition, oil price volatility has increased significantly, impacting
tanker spot rate freight rates.

 The Hamas-Israel conflict has stoked fears of
oil supply instability in the Middle East and globally. While not having an immediate impact on global oil production or tanker trade
patterns, escalation or expansion of hostilities, interventions by other groups or nations, the imposition of economic sanctions on any
of the oil producing nations, disruption of shipping transit in the Straits of Hormuz or other significant trade routes, or similar outcomes
could lead to oil supply instability. The conflict is ongoing and, should it escalate and expand to other oil producing nations in the
region, it may have a profound negative impact on oil prices and, as a result, the supply and demand for freight that could have a negative
impact on spot freight rates for dry bulk and liquid freight and on Freight Futures.

 In April 2025, the U.S. government announced a
baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with
which the United States has the largest trade deficits. The tariffs on import goods by the US as well as corresponding increase in tariffs
by other countries can have a meaningful negative impact on trade volumes, which could have a material adverse impact on shipping rates.
As tariffs lead to less imports and exports, demand for transportation could potentially decrease leading to lower shipping rates. Such
negative impact could affect both dry bulk and tanker rates alike. The impact of the implementation of higher tariffs around the globe
on dry bulk shipping and tanker shipping will be negative, all else equal, leading to lower spot rates and as a result lower freight futures
prices and a decline in the value of BDRY as well as BWET.

 In addition, The People's Republic of China
("China") accounts for a sizable part of oil demand, and changes in the economic and political environment in China and policies
adopted by the government to regulate its economy may have a material adverse effect on tanker charter rates and as a result, Freight
Futures.

 (b) Liquidity Risk

 In certain circumstances, such as the disruption
of the orderly markets for the futures contracts or Financial Instruments in which the Fund invest, the Funds might not be able to dispose
of certain holdings quickly or at prices that represent what the market value may have been in an orderly market. Futures and option positions
cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small
volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position. The large size of the
positions that the Funds may acquire increases the risk of illiquidity both by making its positions more difficult to liquidate and by
potentially increasing losses while trying to do so. Such a situation may prevent the Funds from limiting losses, realizing gains or achieving
a high correlation with the applicable Benchmark Portfolio.

 (6) Risk - Continued

 (c) Natural Disaster/Epidemic Risk

 Natural or environmental disasters, such as earthquakes,
fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics
and epidemics (for example, the novel coronavirus COVID-19), have been and can be highly disruptive to economies and markets and have
recently led, and may continue to lead, to increased market volatility and significant market losses. Such natural disaster and health
crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns,
social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results
on the operating performance of the Funds and their investments. A climate of uncertainty and panic, including the contagion of infectious
viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities,
and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial
projections. Under these circumstances, the Funds may have difficulty achieving their investment objectives which may adversely impact
performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual
companies (including, but not limited to, the Funds' Sponsor and third party service providers), sectors, industries, markets, securities
and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the
value of the Funds' investments. These factors can cause substantial market volatility. exchange trading suspensions and closures
and can impact the ability of the Funds to complete redemptions and otherwise affect each Fund's performance and the Funds'
trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at
the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events
could have significant impact on the Funds' performance, resulting in losses to the Funds.

 (7) Profit and Loss Allocations and Distributions

 Pursuant to the Trust Agreement, income and expenses
of the Funds are allocated pro rata among the Shareholders monthly based on their respective percentage interests as of the close
of the last trading day of the preceding month.

 Any losses allocated to the Sponsor which are
in excess of the Sponsor's capital balance are allocated to the Shareholders in accordance with their respective interest in the
applicable Fund as a percentage of total Shareholders' capital. Distributions (other than redemption of units) may be made at the
sole discretion of the Sponsor on a pro rata basis in accordance with the respective interests of the Shareholders.

 (8) Indemnifications

 The Sponsor, either in its own capacity or in
its capacity as the Sponsor and on behalf of the Funds, has entered into various service agreements that contain a variety of representations,
or provide indemnification provisions related to certain risks service providers undertake in performing services which are in the best
interests of the Funds. As of June 30, 2025, the Funds had not received any claims or incurred any losses pursuant to these agreements
and expects the risk of such losses to be remote.

 (9) Termination

 The term of each Fund is perpetual unless terminated
earlier in certain circumstances as described in the applicable Prospectus.

 (10) Net Asset Value and Financial Highlights

 The Funds are presenting, as applicable, the following
net asset value and financial highlights related to investment performance for a Share outstanding throughout the years ended June 30,
2025 and 2024, respectively. The net investment income and total expense ratios are calculated using average net assets. The net asset
value presentation is calculated by dividing each Fund's net assets by the average daily number of Shares outstanding. The net investment
income (loss) and expense ratios have been annualized. The total return is based on the change in net asset value and market value of
the Shares during the period. An individual investor's return and ratios may vary based on the timing of their transactions in Fund
Shares.

 BREAKWAVE DRY BULK

 BREAKWAVE TANKER

 SHIPPING ETF

 SHIPPING ETF

 For the Year Ended
 June 30,

 For the Year Ended
 June 30,

 2025

 2024

 2025

 2024

 Net Asset Value

 Net asset value per Share, beginning of period

 $
 12.13

 $
 5.53

 $
 16.69

 $
 20.83

 Net investment loss*

 ( 0.08
)

 ( 0.08
)

 ( 0.20
)

 ( 1.03
)

 Net realized and unrealized gain (loss)

 ( 6.42
)

 6.68

 ( 5.86
)

 ( 3.11
)

 Net Income (Loss)

 ( 6.50
)

 6.60

 ( 6.06
)

 ( 4.14
)

 Net Asset Value per Share, end of period

 $
 5.63

 $
 12.13

 $
 10.63

 $
 16.69

 Market Value per Share, end of period

 $
 5.55

 $
 12.24

 $
 10.64

 $
 16.79

 Ratios to Average Net Assets**

 Expense Ratio

 4.61
 %

 4.31
 %

 5.10
 %

 16.07
 %

 Expense Ratio**** before Waiver/Assumption

 4.55
 %

 4.26
 %

 25.64
 %

 6.89
 %

 Net Investment Loss after waiver

 ( 1.16
)%

 ( 1.10
)%

 ( 1.57
)%

 ( 5.71
)%

 Total Return, at Net Asset Value***

 ( 53.62
)%

 119.61
 %

 ( 36.30
)%

 ( 19.89
)%

 Total Return, at Market Value***

 ( 54.66
)%

 120.54
 %

 ( 36.60
)%

 ( 19.59
)%

 *
 Calculated based on average shares outstanding during the period.

 **
 Percentages are annualized

 ***
 Percentages are not annualized

 ****
 Fund expenses have been capped at 3.50 % of average daily net assets, plus brokerage commissions, interest expense, and extraordinary expenses, if any

 (11) Subsequent Events

 In preparing these annual financial statements, the
Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to the financial statements.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Shareholders and Sponsor of

 Opinion on the Financial Statements

 We have audited the accompanying combined statements of assets and
liabilities, including the combined schedules of investments, of Breakwave Dry Bulk Shipping ETF and Breakwave Tanker Shipping ETF ("the
Funds"), each a series of Amplify Commodity Trust, as of June 30, 2025, the related combined statements of operations and changes
in net assets, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations,
and changes in net assets for the year then ended, in conformity with accounting principles generally accepted in the United States of
America.

 The Funds' financial statements for the years ended June 30,
2024, and prior, were audited by other auditors whose report dated September 27, 2024, expressed an unqualified opinion on those financial
statements.

 Basis for Opinion

 These financial statements are the responsibility
of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and
are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement whether due to error or fraud. The Funds are not required to have, nor were we engaged to
perform, an audit of their internal controls over financial reporting. As part of our audits, we are required to obtain an understanding
of internal controls over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from the current period
audit of the financial statements that were communicated or required to be communicated to management and that: (1) relate to accounts
or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgements.
We determined that there are no critical audit matters.

 We have served as the auditor of one or more investment companies advised
by Amplify Investments, LLC since 2015.

 /s/ Cohen & Company, Ltd.

 COHEN & COMPANY, LTD.

 Cleveland, Ohio

 September 26, 2025

 PCAOB ID: 925

 Report of Independent Registered Public Accounting
Firm

 To the Sponsor and Shareholders of

 Opinion on the financial statements

 We have audited the following:

 The accompanying combined statements of assets and liabilities of Breakwave Dry Bulk Shipping ETF ("BDRY") and Breakwave
Tanker Shipping ETF("BWET") (collectively the "Funds"), (each a series of Amplify Commodity Trust (the "Trust"),
including the combined schedules of investments of the Funds and the combined schedules of the Trust, as of June 30, 2024 and 2023, the
related combined statements of operations, changes in net assets and cash flows of the Trust for the years then ended, and the related
notes;

 the accompanying combined statements of operations, changes in net assets and cash flows of the Funds, and the combined schedules
of the Trust, for the year ended June 30, 2024

 the accompanying statements of operations, changes in net assets and cash flows of BDRY for the year ended June 30, 2023 and the accompanying
statements of operations, changes in net assets and cash flows of BWET for the period from May 3, 2023 (commencement of operations) to
June 30, 2023

 the accompanying combined statements of operations, changes in net assets and cash flows of the Trust for the year ended June 30,
2023

 The above are collectively referred to as the "financial statements."

 The related notes to the financial statements

 In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Funds and the Trust as of June 30, 2024 and June 30, 2023, and the results of their operations
and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 Basis for opinion

 These financial statements are the responsibility of the Funds'
and the Trust's management. Our responsibility is to express an opinion on the Funds' and Trust's financial statements
based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the
Funds and the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control
over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 /s/ WithumSmith+Brown, PC

 We have served as the Trust's and Funds' auditor since
2014.

 New York, NY

 September 26, 2024

 Item 9. Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure.

 Item 9A. Controls and Procedures

 Disclosure Controls and Procedures

 The Trust and each of BRDY and BWET maintain disclosure
controls and procedures that are designed to ensure that material information required to be disclosed in the Trust's periodic reports
filed or submitted under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time
period specified in the SEC's rules and forms.

 The duly appointed officers of the Sponsor, including
its principal executive officer and principal financial officer, have evaluated the effectiveness of the Trust's, BRDY's
and BWET's controls and procedures and have concluded that the disclosure controls and procedures of the Trust and each of BRDY
and BWET have been effective as of the end of the period covered by this quarterly report on Form 10-Q.

 Management's Annual Report on Internal
Control Over Financial Reporting

 Management of the Sponsor, on behalf of the Trust
and each of BRDY and BWET, are responsible for establishing and maintaining adequate internal control over financial reporting. The internal
control system for each of the Trust, BRDY and BWET is designed to provide reasonable assurance to the Sponsor regarding the preparation
and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations.
Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation
and presentation.

 Management of the Sponsor, including Christian
Magoon, Principal Executive Officer of the Sponsor, and Bradley H. Bailey, Principal Financial Officer of the Sponsor, who perform functions
equivalent to those of a principal executive officer and principal financial officer of the Trust if the Trust had any officers, assessed
the effectiveness of each of the internal control over financial reporting for each of the Trust, BRDY and BWET as of June 30, 2025. In
making this assessment, it used the criteria in the Internal Control - Integrated framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission in 2013. Based on the assessment, Management believes that, as of June 30, 2025, the internal control over
financial reporting is effective for the Trust and each of BRDY and BWET.

 The Trust confirms that the certifications of
the principal executive officer and principal financial officer filed with this annual report on Form 10-K are applicable to the Trust
and each of BRDY and BWET.

 Change in Internal Control Over Financial Reporting

 There were no changes in the Trust's, BRDY's
or BWET's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Trust's, BRDY's or BWET's internal control over financial reporting.

 Item 9B. Other Information.

 None of the Sponsor's officers have adopted,
 modified or terminated trading plans under either a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item
408 of Regulation S-K of the Securities Act of 1933) for the Trust or the Funds for the year ended June 30, 2025.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections.

 Item 10. Directors, Executive Officers and
Corporate Governance.

 The Sponsor and its Management

 Neither the Trust nor the Funds have executive
officers. Pursuant to the terms of the Trust Agreements for the Funds, the Fund's affairs are managed by the Sponsor. The business
and affairs of the Sponsor are managed by its chief executive officer, Christian Magoon.

 The following are individual Principals, as that
term is defined in CFTC Rule 3.1, for the Sponsor: Christian W. Magoon, Bradley H. Bailey, David F. Wilding, Edward H. Keiley III and
William Belden III. These individuals are principals due to their positions; however, Mr. Magoon is also a principal due to his controlling
stake in Amplify. Amplify was also listed as a principal of the Sponsor, due to its controlling stake, on June 14, 2023.

 Christian W. Magoon. Mr. Magoon
has been the Chief Executive Officer and President of the Sponsor since January 2015. Mr. Magoon was listed as a principal, as that term
is defined in CFTC Rule 3.1, of the Sponsor on October 3, 2023. He has also served as Chief Executive Officer and President, and Chair
of the Board of Trustees, of Amplify ETF Trust, including the seventeen series thereof (the "Amplify Funds"). He has also
served as Chief Executive Officer of YieldShares, LLC since April 2013, and of Magoon Capital since January 2010. In these roles, Mr.
Magoon has general and active management and control of the business and affairs of the firm.

 Bradley H. Bailey. Mr. Bailey has
been Chief Financial Officer of the Sponsor since March 2016, and Chief Financial Officer of Amplify Funds since March 2016. He was listed
as a principal, as that term is defined in CFTC Rule 3.1, of the Sponsor on September 21, 2023. Mr. Bailey has primary responsibility
for the financial management and reporting of the Sponsor and Amplify Funds and is in charge of its books of account and accounting records,
and its accounting procedures.

 David F. Wilding. Mr. Wilding serves
as the Chief Operating Officer of the Sponsor since February 2023. Mr. Wilding was listed as a principal, as that term is defined in CFTC
Rule 3.1, of the Sponsor on August 8, 2023. Mr. Wilding is overseeing and managing the implementation of all elements of operations of
the firm. Mr. Wilding has served as the Secretary of the Amplify Funds since February 2023 and as General Counsel and Chief Compliance
Officer of Performance Trust Capital Partners LLC(investment adviser and broker-dealer) and PT Asset Management, LLC (investment adviser)
from August 1996 to June 2022. He was listed as a principal of Performance Trust Capital Partners LLC from October 2020 to March 2022.

 Edward H. Keiley III. Mr. Keiley
has been Chief Compliance Officer of the Sponsor since August 2015. Mr. Keiley was listed as a principal of the Sponsor on July 13,2023,
and has been a registered associated person and a swap associated person, and an NFA associate member of the Sponsor, since October 25,
2023. Mr. Keiley is responsible for overseeing and managing the implementation of all elements of the regulatory compliance requirements
and reporting pursuant to SEC, FINRA and NYSE Arca rules and regulations. Mr. Keiley has served as the Chief Compliance Officer of the
Amplify Funds since January 2015 and as a Compliance Consultant for R.J. O'Brien Securities LLC (futures broker) from December 2007
to June 2023. He has been Chief Compliance Officer of OASIS Investment Strategies, LLC from October 2009 to December 2023, and was listed
as a principal of OASIS Investment Strategies, LLC (investment adviser and commodity pool operator) from December 19, 2022 to January
1, 2024.

 William Belden III. Mr. Belden has
been President of the Sponsor since November 2018. Mr. Belden was listed as a principal, as that term is defined in CFTC Rule 3.1,of the
Sponsor on September 21, 2023. Mr. Belden manages the day-to-day operations of the firm. Mr. Belden has also served as the Vice President
of the Amplify Funds since October 2020.

 Commodity Trading Advisor

 Breakwave

 The Sponsor has also entered into a Licensing and Services Agreement
with Breakwave. Under this agreement, Breakwave has agreed to compose and maintain the BDRY and BWET Benchmark Portfolios and license
to the Sponsor the use of the BDRY and BWET Benchmark Portfolios.

 Breakwave is a limited liability company. The following individual
is the President, sole investment professional and Principal, as that term is defined in CFTC Rule 3.1:

 John Kartsonas. John Kartsonas is the Principal and Managing
Partner of Breakwave Advisors LLC., a Commodity Trading Advisory firm based in New York. Mr. Kartsonas was listed as a principal of the
Sponsor on May 17, 2017. He has been a registered associated person and an NFA associate member of Breakwave since May 17, 2017. From
2017 to the present Mr. Kartsonas has also served as a Director of Seanergy Maritime, an international shipping company listed in the
Nasdaq Capital Market. Prior to that, Mr. Kartsonas was a Senior Portfolio Manager at Carlyle Commodity Management from October 2012 to
January 2017, a commodity-focused investment firm based in New York and part of the Carlyle Group. He was responsible for the firm's
Shipping and Freight investments. During his tenure, he managed one of the largest freight futures funds globally. Mr. Kartsonas received
his MBA from the Simon School of Business, University of Rochester.

 Code of Ethics

 The Sponsor has adopted a Code of Business Conduct and Ethics (the
"Code of Ethics") which applies to all of its officers (including senior financial officers) and employees; the Sponsor's
Code of Ethics covers all officers and employees that manage the Trust and the Funds. A printed copy of the Code of Ethics is available
to any person free of charge, upon request, by contacting the Sponsor at:

 c/o Amplify Investments LLC

 3333 Warrenville Road

 Suite 350

 Lisle, IL 60532

 Item 11. Executive Compensation.

 The Funds have no employees, officers or directors and are managed
by the Sponsor. None of the directors or officers of the Sponsor receive compensation from the Funds.

 The Sponsor receives a management fee from BDRY, monthly in arrears,
in an amount equal to the greater of 0.15% per annum on the daily NAV of BDRY or $125,000.The Sponsor receives a management fee from BWET,
monthly in arrears, in an amount equal to the greater of 0.30% per annum on the daily NAV of BWET or $50,000.The Sponsor has contractually
agreed to assume the Funds' expenses (excluding brokerage fees, interest expense, and extraordinary expenses) in order to cap each
Funds' total annual expenses at 3.50% per annum through December 31, 2025. The management fees paid to the Sponsor by BDRY amounted
to $125,002 and $125,001, for the year ended June 30, 2025 and 2024, respectively. The management fees paid to the Sponsor by BWET amounted
to $50,001 and $50,001 for year ended June 30, 2025 and 2024, respectively.

 The Sponsor also provides Principal Financial
Officer, Chief Compliance Officer, Regulatory Reporting, Legal, and Wholesale Support services to the Funds. The fees for each service
provided to BDRY for the year ended June 30, 2025, all of which had been paid, or accrued, at June 30, 2025, were as follows:

 Service

 BDRY
 Amount

 Principal Financial Officer

 $

 Chief Compliance Officer

 $

 Regulatory Reporting

 $
 25,002

 Legal

 $
 45,000

 Wholesale Support

 $
 73,621

 The fees for the services provided to BWET for
the year ended June 30, 2025, all of which had been paid, or accrued, at June 30, 2025, were as follows:

 Service

 BWET
 Amount

 Principal Financial Officer

 $

 Chief Compliance Officer

 $

 Regulatory Reporting

 $
 25,002

 Legal

 $
 45,000

 Wholesale Support

 $
 17,808

 In addition to the above, the Distributor provides
Distribution services to the Funds. The fees for Distribution services paid to the Distributor were $6,145 for BDRY for the year ended
June 30, 2025 and $513 for BWET for the year ended June 30, 2025.

 Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters.

 Security Ownership of Certain Beneficial Owners.
The following table sets forth shares as of June 30, 2025, information with respect to each person known to own beneficially more than
5% of the outstanding shares of any series in the Trust:

 Series of the Trust

 Name and Address of Beneficial Owner

 Amount and Nature of Beneficial Ownership

 Percent of Class

 BDRY

 Canaccord Genuity Wealth Management
 609 Granville St, Unit 2200
 Vancouver, BC V7Y 1K8

 3,019,570 shares

 25.8
 %

 BDRY

 Interactive Brokers LLC
 One Pickwick Plaza,
 Greenwich, CT 06830

 2,030,029 shares

 17.4
 %

 BDRY

 Citibank
 3801 Citibank Center
 B/3RD Floor/Zone 12
 Tampa, Florida 33610

 1,457,607 shares

 12.5
 %

 BDRY

 Charles Schwab & Co Inc.
 2423 E Lincoln Dr,
 Phoenix, AZ 85016-1215

 1,067,088 shares

 9.1
 %

 BDRY

 Morgan Stanley Smith Barney LLC
 1300 Thames Street, 6th Floor
 Baltimore, Maryland 21231

 812,006 shares

 6.9
 %

 BDRY

 National Financial Services LLC
 499 Washington Boulevard
 Jersey City, New Jersey 07310-1995

 631,189 shares

 5.4
 %

 BWET

 Interactive Brokers LLC
 One Pickwick Plaza,
 Greenwich, CT 06830

 33,397 shares

 26.7
 %

 BWET

 National Financial Services LLC
 499 Washington Boulevard
 Jersey City, New Jersey 07310-1995

 20,264 shares

 16.2
 %

 BWET

 Citibank
 3801 Citibank Center
 B/3RD Floor/Zone 12
 Tampa, Florida 33610

 15,991 shares

 12.8
 %

 BWET

 Morgan Stanley & Co International
 1300 Thames Street, 5th Floor
 Baltimore, Maryland 21231

 11,000 shares

 8.8
 %

 BWET

 Brown Brothers Harriman & Co
 525 Washington Boulevard
 Jersey City, New Jersey 07310

 8,576 shares

 6.9
 %

 BWET

 Charles Schwab & Co Inc.
 2423 E Lincoln Dr,
 Phoenix, AZ 85016-1215

 7,439 shares

 5.9
 %

 BWET

 Pershing LLC
 One Pershing Plaza
 Jersey City, New Jersey 07399

 6,275 shares

 5.0
 %

 Security Ownership of Management.

 None of the directors or executive officers of
the Sponsor owns any shares of the Funds.

 Change in Control.

 Effective after the close of trading on February
14, 2024, ETF Managers Capital LLC, as the prior sponsor and commodity pool operator (the "Former Sponsor") of the Trust,
entered into an agreement (the "Transfer Agreement") to resign as Sponsor to the Trust and transfer its role as the Trust's
sponsor to Amplify Investments LLC("the Sponsor") Under the terms of the Transfer Agreement, the Former Sponsor no longer
has any involvement in the operations, management or marketing of the Fund. In connection with this change of Sponsor, Trust changed its
name from the ETF Managers Group Commodity Trust I to the Amplify Commodity Trust. This change in control did not affect the Trust, its
shareholders or an investment in the Funds' shares in any way.

 Item 13. Certain Relationships and Related Transactions, and Director
Independence.

 Certain Relationships and Related Transactions

 See Items 11 and 12.

 Neither the Trust nor the Funds entered into any transaction in excess
of $120,000 in which any related person had a direct or indirect material interest and the Trust and the Funds do not propose to enter
into any such transaction.

 Director Independence

 As an unincorporated entity, the registrant does not have a Board of
Directors.

 Item 14. Principal Accountant Fees and Services.

 The fees for services accrued and/or billed to BDRY and to BWET by
its independent auditors for the years ended June 30, 2025 and 2024 were as follows:

 Service

 FY 2025

 FY 2024

 Audit Fees

 $
 101,888

 $
 135,872

 Tax Fees

 210,471

 324,496

 Total

 $
 312,359

 $
 460,368

 Approval of Independent Registered Public Accounting Firm Services
and Fees

 The Sponsor approved all of the services provided
by Cohen & Company, Ltd to the Funds described above. The Sponsor pre-approves all audit and allowed non-audit services of the Funds'
independent registered public accounting firm, including all engagement fees and terms. On November 5, 2024, the Sponsor dismissed WithumSmith+Brown
PC as the Trust's independent registered public accounting firm and appointed Cohen & Company, Ltd. as the Trust's independent
registered public accounting firm beginning with the fiscal quarter ending September 30, 2024.

 Item 15. Exhibits and Financial Statement Schedules

 1.
 See Index to Financial Statements on page 44.

 2.
 No financial statement schedules are filed herewith because (i) such schedules are not required or (ii)
the information required has been presented in the aforementioned financial statements.

 3.
 Exhibits required to be filed by Item 601 of Regulation S-K.

 Exhibit Index

 Listed below are the exhibits which are filed
or furnished as part of this annual report on Form 10-K (according to the number assigned to them in Item 601 of Regulation S-K):

 3.1(a)

 Second Amended and Restated Declaration of Trust and Trust Agreement (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement No. 333-263425, filed on February 15, 2024)

 3.1(b)

 Instrument Establishing the Fund. (Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 333-218453, filed on October 6, 2017.)

 3.1(c)

 Amended Exhibit C to the Amended and Restated Declaration of Trust and Trust Agreement of the Trust. (Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 333-218453, filed on October 6, 2017.)

 3.1(d)

 Instrument Establishing the Fund. (Incorporated by reference to Form S-1, Registration Statement No. 333-266945, filed on August 17, 2022.)

 3.2

 Certificate of Trust of the Registrant. (Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 333-2199190, filed on November 26, 2014).

 3.2(a)

 Certificate of Amendment to Certificate of Trust (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement No. 333-263425, filed on February 15, 2024)

 4.1

 Description of the Trust's securities. (Incorporated by reference to the Trust's Annual Report on Form 10-K, filed on September 30, 2019.)

 10.1

 Form of Authorized Participant Agreement. (Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement No. 333-199190,filed on January 28, 2015.)

 10.2

 Market Agent Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No. 333-263425, filed on February15, 2024)

 10.3

 Licensing and Services Agreement with respect to BDRY. (Incorporated by reference to Pre-Effective Amendment No. 3 to Registration Statement No. 333-218453, filed on March 7, 2018.)

 10.4

 Assignment and Assumption of Licensing Services Agreement with respect to BDRY. (Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement No. 333-263425, filed on February 2, 2024.)

 10.5

 Licensing and Services Agreement with respect to BWET. (Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement No. 333-266945, filed on March 30, 2023.)

 10.6

 Assignment and Assumption of Licensing Services Agreement with respect to BWET. (Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement No. 333-266945, filed on February 2, 2024.)

 10.7

 Custody Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No. 333-263425, filed on February 15,2024)

 10.8

 Fund Administration Servicing Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No. 333-263425,filed on February 15, 2024)

 10.9

 Fund Accounting Servicing Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No. 333-263425, filed on February 15, 2024)

 10.10

 Transfer Agent Servicing Agreement. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No. 333-263425, filed on February 15, 2024)

 10.11

 Fee Waiver Agreement with respect to BDRY. (Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement No. 333-263425,filed on February 2, 2024.)

 10.13

 Fee Waiver Agreement with respect to BWET. (Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement No. 333-266945, filed on February 2, 2024.)

 10.15

 Sponsor Transfer Agreement (Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statements No. 333-263425, filed on February 2, 2024)

 10.16

 Amendment No. 1 to the Sponsor Transfer Agreement (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statements No.333-263425, filed on February 15, 2024)

 23.1

 Consent of Potter Anderson & Corroon LLP. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement No. 333-263425,filed on February 15, 2024)

 23.2

 Consent of Eversheds Sutherland (US) LLP. (Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement No. 333-263425,filed on February 15, 2024)

 23.3

 Consent of Cohen & Company, Ltd. as to the Trust (Filed herewith.)

 23.4

 Consent of WithumSmith & Brown, P.C. as to the Trust. (Filed herewith.)

 31.1

 Certification by the Principal Executive Officer of the Registrant pursuant to Rules 13a-14 and 15d-14 of the Exchange Act. (Filed herewith.)

 31.2

 Certification by the Principal Financial Officer of the Registrant pursuant to Rules 13a-14 and 15d-14 of the Exchange Act. (Filed herewith.)

 32.1

 Certification by the Principal Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

 32.2

 Certification by the Principal Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

 101.INS

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 SIGNATURES

 Pursuant to the requirements of Section 13 or
15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

 Amplify Commodity Trust (Registrant)

 By:

 Amplify Investments LLC

 its Sponsor

 By:

 /s/ Christian Magoon

 Name:

 Christian Magoon

 Title:

 Principal Executive Officer

 By:

 /s/ Bradley H. Bailey

 Name:

 Bradley H. Bailey

 Title:

 Principal Financial Officer

 Date: September 26, 2025

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