BWET
Breakwave Tanker Shipping ETF
BWET provides long-only exposure to the crude oil tanker shipping market by tracking an index of the near-dated wet freight futures contracts on related indexes. The portfolio has an average maturity of about 50-70 days.
Exposure
DERIVATIVES
Active
MANAGEMENT STYLE
1.5 M
ASSETS UNDER MGMT
350 bp
EXPENSES
Fund Basics
| Fund sponsor | |
| Category | Exposure |
| Asset class | Derivatives |
| Website | link... |
| Inception date | May 03, 2023 |
| Assets (mns) | $1 |
| 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 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 32.2 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 32.1 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 8.7 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 8.0 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 7.9 % |
| TD20 FFA 130KT WEST AFRICA TO CONTINENT USD/M | 5.2 % |
| TD20 FFA 130KT WEST AFRICA TO CONTINENT USD/M | 4.9 % |
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 | 16.4% | -37.6% | -- | -- | -- | -- | -- | -9.5% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 16.4% | -37.6% | -- | -- | -- | -- | -- | -9.5% | Ann. Volatility | 67.6% | 49.2% | -- | -- | -- | -- | -- | 51.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.27 | 1% |
| MSCI EAFE | 1.13 | 19% |
| MSCI Emg Mkts | 1.96 | 27% |
Liquidity Measures
| Avg. volume (000) | 2 |
| ADV traded (mns) | $0 |
| Turnover | 1.6% |
| Avg. Bid/Ask (% of price) | 2.72% |
Technical Indicators
| Recent close | $11.74 |
| 30d moving avg. | $10.94 |
| Annualized volatility | 31.8% |
| Relative strength (RSI) | 54 |
| Short interest | 0.4% |
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 |
| BWET (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) |
|
|---|---|---|---|
| BWET | 350.0 | 272.2 | 622.2 |
| Peer Avg. | 108.5 | 53.1 | 161.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .