BDRY
Breakwave Dry Bulk Shipping ETF
BDRY tracks an index of long-only exposure to the nearest calendar quarter of dry bulk freight futures contracts on specified indexes.
Exposure
DERIVATIVES
Active
MANAGEMENT STYLE
78.1 M
ASSETS UNDER MGMT
350 bp
EXPENSES
Fund Basics
| Fund sponsor | |
| Category | Exposure |
| Asset class | Derivatives |
| Website | link... |
| Inception date | Mar 22, 2018 |
| Assets (mns) | $79 |
| Expense ratio | 350 bp |
Fund Structure
| Regulation | |
| Distributions | |
| Taxation | 1099 |
| Derivatives-based | Yes |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| CASH & OTHER | 100.0 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 17.0 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 15.7 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M JU | 15.2 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M AU | 15.0 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M SE | 14.0 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 13.2 % |
| SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M | 3.7 % |
| SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M | 3.6 % |
| SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M | 3.4 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -8.7% | -54.7% | 0.0% | -31.4% | -5.6% | -- | -- | -18.9% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | 0.0% |
| Total Returns | -8.7% | -54.7% | 0.0% | -31.4% | -5.6% | -- | -- | -18.9% | Ann. Volatility | 59.6% | 51.4% | 56.6% | 60.5% | 68.1% | -- | -- | 65.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.93 | 6% |
| MSCI EAFE | 1.97 | 26% |
| MSCI Emg Mkts | 2.94 | 30% |
Liquidity Measures
| Avg. volume (000) | 283 |
| ADV traded (mns) | $2 |
| Turnover | 2.5% |
| Avg. Bid/Ask (% of price) | 0.39% |
Technical Indicators
| Recent close | $6.78 |
| 30d moving avg. | $5.72 |
| Annualized volatility | 49.1% |
| Relative strength (RSI) | 68 |
| Short interest | 0.8% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Exposure Derivatives ETFs |
| # of ETFs | 10 |
| Avg. Expense Ratio | 134.3 bp |
| Std. Deviation | 111.4 bp |
| BDRY (350 bp) Percentile rank | 99 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| BDRY | 350.0 | 38.9 | 388.9 |
| Peer Avg. | 110.3 | 55.2 | 165.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .