BDRY – Breakwave Dry Bulk Shipping ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of the fund, by tracking the performance of a portfolio consisting of a three-month strip of the nearest calendar quarter of futures contracts on specified indexes that measure rates for shipping dry bulk freight. The fund seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting the Benchmark Portfolio. The Benchmark Portfolio includes a combination of Capesize, Panamax and Supramax Freight Futures.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BDRY	Breakwave Dry Bulk Shipping ETF	ETF	Open	—	—	Mar 21, 2018	$36.07M	3.500%	—	—	−$30.23M

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