Filing Details

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 61) 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) February 14, 2020 ------------------------------------------------------------------------------- (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 a 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).

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 121,200 Shares REPORTING ----------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH ----------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 121,200 Shares ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 121,200 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) 48.47% ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IA ------------------------------------------------------------------------------- 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 121,200 Shares REPORTING ----------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH ----------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 121,200 Shares ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 121,200 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) 48.47% ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IA ------------------------------------------------------------------------------- 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. Mr. Roger J. Sit is chairman and CEO of SIA and SFI. Mr. Ronald D. Sit is a vice president of SIA and director. By virtue of these positions, each of SIA, SFI, Mr. Roger Sit, and Mr. Ronald Sit may be deemed to beneficially own the Shares held by SIA and SFI. None of the named individuals own shares directly. Together SIA, SFI, Mr. Roger Sit, and Mr. Ronald Sit 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 Mr. Roger J. Sit nor Mr. Ronald D. Sit 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) Mr. Roger J. Sit and Mr. Ronald D. Sit are United States citizens. 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 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. Since that time Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC ownership has changed, currently owning 61,200 and 60,000 shares respectively. 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 250,040 shares outstanding as of February 3, 2020, which was the total number of shares outstanding as reported in the Issuer's most recent 10-Q filing dated February 14, 2020. The number of outstanding shares of the Issuer has changed since the last 13D filing, resulting in a greater than 1% change in ownership of the Issuer by the Sit Entities. Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC did not make any transactions in the Issuer's shares on behalf of their clients. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 121,200 Shares which represents 48.47% 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 were no transactions of Shares by Sit Entities since the last 13D filing on December 10, 2019. 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. ITEM 7 Materials to be filed as Exhibits Not applicable. 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. ------------------ February 18, 2020 By: Sit Investment Associates, Inc. /s/ Roger J. Sit ----------------------------------- Name/Title: Roger J. Sit, Chairman & CEO By: Sit Fixed Income Advisors II, LLC /s/ Roger J. Sit ----------------------------------- Name/Title: Roger J. Sit, Chairman & CEO