BWET — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-25

• The value of the Capesize 5TC Index is disseminated at 11:00 a.m., London Time and the value of the Panamax 5TC 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 valu…

• 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 service…

• BWET pays the Sponsor an annual Sponsor Fee, accrued daily and paid monthly in arrears, equal to the greater of (i) 0.30% per year of the Fund’s average daily net assets; or (ii) $50,000. For the avoidance of doubt, the greater-of test set forth in the preceding sentence is applied on a monthly basi…

• 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 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.

Text removed vs the prior filing · source: 10-K · 2025-09-26

• 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

• 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 valu…

• 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, …

Text added vs the prior filing · source: 10-K · 2026-09-25

• During the fiscal year ended June 30, 2026, dry bulk spot rates demonstrated robust performance, with benchmark Capesize rates consistently sustained well above breakeven levels. The convergence of positive demand growth in dry bulk transportation and severe disruptions to vessel supply, driven by b…

• Despite relatively muted growth in the Chinese economy, particularly within the critical real estate sector, iron ore imports to China continued to expand even as domestic steel demand recorded another annual decline. This divergence between two highly interdependent commodities is attributable to s…

• Concurrently, emerging iron ore exports from West Africa following the highly anticipated commissioning of the Simandou project, coupled with robust regional bauxite exports, are extending average sailing distances (ton-mile demand). This development has effectively reduced available vessel capacity…

• Furthermore, ongoing geopolitical developments in the Middle East are indirectly impacting the dry bulk shipping sector. Fuel availability has become a critical challenge for numerous vessel operators, resulting in extended waiting times and substantial route diversions to secure bunker fuel. Finall…

• The convergence of these variables serves as the primary catalyst for the strong dry bulk market observed over the past 12 months. While the continuation of these tailwinds depends on several variables, upcoming newbuild deliveries are gradually accelerating fleet growth beyond projected demand grow…

Text removed vs the prior filing · source: 10-K · 2025-09-26

• 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, do…

• 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 disrup…

• 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 incre…

• 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 …

• 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.