<SEC-DOCUMENT>0000897101-16-003355.txt : 20161207
<SEC-HEADER>0000897101-16-003355.hdr.sgml : 20161207
<ACCEPTANCE-DATETIME>20161207161708
ACCESSION NUMBER: 0000897101-16-003355
CONFORMED SUBMISSION TYPE: SC 13D/A
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20161207
DATE AS OF CHANGE: 20161207
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: ETF Managers Group Commodity Trust I
CENTRAL INDEX KEY: 0001610940
STANDARD INDUSTRIAL CLASSIFICATION: [6221]
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: SC 13D/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-89006
FILM NUMBER: 162039254
BUSINESS ADDRESS:
STREET 1: 35 BEECHWOOD ROAD
STREET 2: SUITE B
CITY: SUMMIT
STATE: NJ
ZIP: 07901
BUSINESS PHONE: 908-897-0510
MAIL ADDRESS:
STREET 1: 35 BEECHWOOD ROAD
STREET 2: SUITE B
CITY: SUMMIT
STATE: NJ
ZIP: 07901
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: SIT INVESTMENT ASSOCIATES INC
CENTRAL INDEX KEY: 0000769317
IRS NUMBER: 411404829
STATE OF INCORPORATION: MN
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13D/A
BUSINESS ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
BUSINESS PHONE: 6123323223
MAIL ADDRESS:
STREET 1: 3300 IDS CENTER
STREET 2: 80 SOUTH EIGHTH STREET
CITY: MINNEAPOLIS
STATE: MN
ZIP: 55402
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sit164200_13da.txt
<DESCRIPTION>AMENDMENT NO. 13 TO SCHEDULE 13D
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 13)
Sit Rising Rate ETF
( RISE )
-------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
-------------------------------------------------------------------------------
(Title of Class of Securities)
26923H101
-------------------------------------------------------------------------------
(CUSIP Number)
Paul E. Rasmussen
3300 IDS Center
80 South Eighth Street
Minneapolis, MN 55402-4130
-------------------------------------------------------------------------------
(Name, Address, and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 6, 2016
-------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g),
check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for an subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
<PAGE>
CUSIP No. 26923H101
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Investment Associates, Inc.
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 313,500 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
313,500 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
313,500 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
69.66%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
<PAGE>
CUSIP No. 26923H101
-------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
Sit Fixed Income Advisors II, LLC
-------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions) (a) [ ]
(b) [x]
-------------------------------------------------------------------------------
3 SEC USE ONLY
-------------------------------------------------------------------------------
4 SOURCE OF FUNDS (See Instructions)
WC
-------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Incorporated in Minnesota
-------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -----------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 313,500 Shares
REPORTING -----------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
313,500 Shares
-------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
313,500 Shares
-------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See instructions) [ ]
-------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
69.66%
-------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (See Instructions)
IA
-------------------------------------------------------------------------------
<PAGE>
ITEM 1 Security and Issuer
Common Units
Sit Rising Rate ETF
ETF Managers Group Commodity Trust I
c/o ETF Managers Capital LLC
35 Beachwood Road, Suite 2B
Summit, NJ 07901
ITEM 2 Identity and Background
a) and c)
This statement is filed by:
Sit Investment Associates, Inc., a Minnesota corporation (SIA),and
Sit Fixed Income Advisors II, LLC, a Delaware limited liability
company (SFI). Both SIA and SFI are parties to a Joint Filing
Agreement as further described in Exhibit A to the initial Schedule
13D filed by SIA and SFI on September 8, 2015.
SIA is a registered investment adviser.
SFI is a registered investment adviser and subsidiary of SIA.
Roger J. Sit is chairman and CEO of SIA and SFI.
Michael C. Brilley is senior vice President of SIA and director,
president and chief fixed income officer of SFI.
Mr. Ronald D. Sit is a vice president of SIA and director.
Mr. Ralph L. Strangis is a director of SIA and SFI. Mr. Strangis is
a partner with the law firm Kaplan Strangis & Kaplan, P.A.
By virtue of these positions, each of SIA, SFI, Mr. Roger Sit, Mr.
Brilley, Mr. Ronald Sit, and Mr. Strangis, may be deemed to
beneficially own the Shares held by SIA and SFI. None of the named
individuals own shares directly. Additionally, Mr. Strangis is not
involved in investment or voting decisions. Together SIA, SFI,
Mr. Roger Sit, Mr. Brilley, Mr. Ronald Sit, and Mr. Strangis are the
"Sit Entities".
b) The business address of each of the Sit Entities is 3300 IDS Center,
80 South Eighth Street, Minneapolis, MN 55402
d) During the last five years, neither Roger J. Sit, Michael C.
Brilley, Ronald D. Sit, nor Ralph L. Strangis, have been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
e) During the last five years, none of the Sit Entities have been a
party to a civil proceeding of a judicial or administrative body of
competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree, or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws.
f) Roger J. Sit, Michael C. Brilley, Ronald D. Sit, and Ralph L.
Strangis are United States citizens.
<PAGE>
ITEM 3 Source and Amount of Funds or Other Consideration
The aggregate amount of funds used by Sit Investment Associates, Inc.
and Sit Fixed Income Advisors II, LLC to purchase the Shares reported
herein was approximately $5 million. The source of funds was the
working capital of the Sit Investment Associates, Inc. and Sit Fixed
Income Advisors II, LLC.
ITEM 4 Purpose of Transaction
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC
acquired 140,000 and 60,000 shares respectively upon the Issuer's
launch on February 19, 2015 representing more than 99% of the
beneficial ownership of the Issuer on the date of the purchase.
Sit Fixed Income Advisors II, LLC acts at the Issuer's commodity
trading advisor and maintains the Issuer's Benchmark Portfolio pursuant
to the terms of a Licensing and Services Agreement between Sit Fixed
Income Advisors II, LLC and the Issuer.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC
also acquired the Issuer's shares on behalf of their clients and sold
the Issuer's shares on behalf of their clients. Such transactions have
been made in the ordinary course of business and for investment
purposes.
Neither Sit Investment Associates, Inc. nor Sit Fixed Income Advisors
II, LLC have a present plan or proposal which would relate to or result
in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of
Schedule 13D.
ITEM 5 Interest in Securities of the Issuer
a) and b)
The aggregate percentage of Shares reported owned by Sit Entities
herein is based upon 450,040 shares outstanding as of December 6,
2016, which is the total number of shares outstanding as reported on
the home page of the Issuer's website. The total number of shares
outstanding changed from 400,040 to 450,040 since the last 13D
filing on November 17, 2016. This change in shares outstanding
resulted in a greater than 1% change in ownership of the Issuer by
the Sit Entities.
As of the date hereof, the Sit Entities may be deemed to be the
beneficial owner of 313,500 Shares which represents 69.66% of the
Issuer's outstanding shares. Each of the Sit Entities may be deemed
to have shared power to vote and dispose of such Shares.
c) There have been no transactions in Shares by the Sit Entities since
the last 13D filing on November 17, 2016.
d) The clients of SIA and SFI have the right to participate in the
receipt of dividends from, or proceeds from the sales of, the Shares
held for their respective accounts.
e) Not applicable.
ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
Not applicable.
<PAGE>
ITEM 7 Materials to be Filed as Exhibits
None.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete, and correct.
------------------
December 7, 2016
By: Sit Investment Associates, Inc.
/s/ Roger J. Sit
-----------------------------------
Name/Title: Roger J. Sit, Chairman & CEO
By: Sit Fixed Income Advisors II, LLC
/s/ Michael C. Brilley
-----------------------------------
Name/Title: Michael C. Brilley, President & CIO
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>