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
3.2 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) | $0 |
| 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/ | 47.2 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 27.8 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 22.9 % |
| TD3C FFA 270KT MIDDLE EAST GULF TO CHINA USD/ | 20.9 % |
| TD20 FFA 130KT WEST AFRICA TO CONTINENT USD/M | 3.8 % |
| TD20 FFA 130KT WEST AFRICA TO CONTINENT USD/M | 3.4 % |
| TD20 FFA 130KT WEST AFRICA TO CONTINENT USD/M | 3.1 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 134.2% | 104.1% | 15.2% | -- | -- | -- | -- | 21.5% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | -- | -- | -- | -- | 0.0% |
| Total Returns | 134.2% | 104.1% | 15.2% | -- | -- | -- | -- | 21.5% | Ann. Volatility | 57.3% | 56.4% | 50.3% | -- | -- | -- | -- | 51.5% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | -0.37 | 2% |
| MSCI EAFE | -0.59 | 3% |
| MSCI Emg Mkts | -0.40 | 2% |
Liquidity Measures
| Avg. volume (000) | 17 |
| ADV traded (mns) | $0 |
| Turnover | 13.6% |
| Avg. Bid/Ask (% of price) | 2.17% |
Technical Indicators
| 30d moving avg. (EMA) | $21.73 |
| Relative strength (RSI) | 71 |
| MACD/Signal | 1.32/1.35 |
| Bollinger Bands (Upper/Lower) | $25.00/$21.07 |
| Short interest (% of AUM) | 13.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Bid/Ask Spreads
217 bp
AVG SPREAD
24 —
496 bp
RANGE