Amplify Commodity Trust is a Delaware statutory trust that operates two ETFs providing investors with direct exposure to shipping freight futures. The first, Breakwave Dry Bulk Shipping ETF (BDRY), launched in March 2018 and tracks dry bulk freight futures — covering the cost of shipping unpackaged commodities like coal, iron ore, and grain. The second, Breakwave Tanker Shipping ETF (BWET), launched in May 2023 and tracks crude oil tanker freight futures. Both funds trade on NYSE Arca. Each fund holds long-only positions in a rolling three-month strip of freight futures contracts, maintaining constant exposure by rolling into the next quarter as contracts mature. BDRY allocates across Capesize (50%), Panamax (40%), and Supramax (10%) ship categories. BWET allocates primarily to Very Large Crude Carriers on the Middle East Gulf to China route (90%), with the remainder in Suezmax tankers on the West Africa to Europe route. Cash not posted as margin is held in U.S. Treasuries or short-term fixed income. Amplify Investments serves as Sponsor, and Breakwave Advisors serves as commodity trading advisor, designing and maintaining the benchmark portfolios. Revenue is driven by management fees charged as a percentage of AUM, which fluctuates with share creation and redemption activity and changes in the value of underlying freight futures. Shares are created and redeemed in baskets of 25,000 shares by authorized participants, while ordinary investors trade on the secondary market.