Amplify Commodity Trust (BWET) — Quarterly Report

Key Insights

• The Breakwave Dry Bulk Shipping ETF and the Breakwave Tanker Shipping ETF, which are part of the Amplify Commodity Trust, reported a significant decrease in assets under management from June 30, 2025 to December 31, 2025, dropping from $67.1 million to $35.2 million.
• The decrease in assets was primarily driven by a decline in the value of the funds' investments, with the Breakwave Dry Bulk Shipping ETF reporting a 75.9% drop in the value of its investments and the Breakwave Tanker Shipping ETF reporting a 49.5% drop.
• The funds' unrealized depreciation on futures contracts also increased significantly, from $922,393 as of June 30, 2025 to $1,027,725 as of December 31, 2025, indicating potential challenges in the underlying commodities markets.