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
56.4 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) | $56 |
| 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 | 16.4 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 14.4 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M MA | 12.9 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M JU | 12.3 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 7.4 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 7.2 % |
| CAPESIZE 5TC FFA 180KT TIMECHARTER AVERAGE M | 7.1 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M SE | 5.9 % |
| PANAMAX 4TC FFA 74KT TIMECHARTER AVERAGE M AU | 5.8 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -5.2% | -54.6% | -18.9% | -35.5% | 0.8% | -- | -- | -18.9% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | 0.0% |
| Total Returns | -5.2% | -54.6% | -18.9% | -35.5% | 0.8% | -- | -- | -18.9% | Ann. Volatility | 69.3% | 52.2% | 58.4% | 61.5% | 69.6% | -- | -- | 66.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.30 | 10% |
| MSCI EAFE | 2.05 | 25% |
| MSCI Emg Mkts | 3.31 | 31% |
Liquidity Measures
| Avg. volume (000) | 124 |
| ADV traded (mns) | $1 |
| Turnover | 1.1% |
| Avg. Bid/Ask (% of price) | 0.39% |
Technical Indicators
| Recent close | $5.15 |
| 30d moving avg. | $5.63 |
| Annualized volatility | 50.5% |
| Relative strength (RSI) | 46 |
| Short interest | 1.0% |
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. | 108.5 | 52.9 | 161.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .