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Launched · SEC filings

Breakwave Tanker Shipping ETF

BWETNYSE ArcaAmplifyD

$912.60−56.32 (−5.81%)

At close: Nov 2, 2026, 4:00 PM ET

D28/ 100

Rank 10 of 11 in Energy Futures

D28/100Rank 10 of 11inEnergy Futures
Intraday session: down, 79 prints from 968.92 to 912.60. Range 904.56 to 929.90. Use the arrow keys to read each point.920.00930.00940.00950.00960.0010 AM12 PM2 PM4 PM
Expense ratio
3.50%
Fund size
$181M
1Y total return
+5282.9%
Yield · Last 12 months
No data
Holdings
12
Avg volume · 30D
187K sh
52W range
low $17.10high $1051.94
Launched
Filings
SEC EDGAR

The ETF.net BWET Grade

Based on 5 of 6 pillars

D

Score 28 out of 100

Category
Energy Futures⁠
Rank
10 of 11
Six-pillar profile for BWET. Scores out of 100: Cost 4, Risk 43, Mission not scored, Tradability 57, Holdings 44, Durability 48. Strongest: Tradability (57). Weakest: Cost (4). Based on 5 of 6 pillars.

Score 28 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F4 out of 100
    Rank 11 of 11

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C43 out of 100
    Rank 7 of 11

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 5 of 11

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C44 out of 100
    Rank 3 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C48 out of 100
    Rank 7 of 11

Our read on BWET

ETF.net Research

In short

DMost energy funds bet on the barrel. BWET bets on the boat: it tracks an index of exchange-cleared futures tied to what it costs to ship crude oil by sea. A niche corner of the energy trade, wrapped in one ticker.

Stated mandate

The fund seeks exposure to daily changes in tanker freight futures by tracking a portfolio of exchange-cleared futures contracts tied to the cost of shipping crude oil.

Why people hold it

  • Freight, not crude. It targets tanker shipping costs, a different lever than the oil-price funds that fill its peer group (OILK, DBO, BNO).
  • Rules-based exposure: it follows the Breakwave Tanker Futures Index, a defined portfolio of exchange-cleared futures rather than a trader's discretionary calls.
  • The futures machinery sits inside the fund. You buy and sell it on exchange like any listed fund, in an ordinary brokerage account.

Worth knowing

  • Costs 3.50% a year, multiples of what oil-futures peers charge (OILK 0.69%, DBO 0.81%). Exposure this specialized carries a premium price tag.
  • It's a commodity pool, not a standard 1940 Act fund, so tax treatment and shareholder paperwork can look different from a plain stock ETF.
  • A small fund pointed at one narrow freight market, and it hasn't been an income payer. Price movement is the whole story here.

BWET Holdings

Holdings pillarC44 out of 100Rank 3 of 5 in Energy Futures
Asset class
Stocks
Holdings
12
Top-10 weight
99%
Largest holding
Cash & Other39.1%

Sectors

  • Communication100.0%

Geography

  • South Korea100.00%

Developed 0% · Emerging 100% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataCash & Other39.12%142,045,883$142M609
2No dataTD3C FFA 270kt Middle East Gulf to China USD/MT M Dec 2613.25%207$48.1M1
3No dataTD3C FFA 270kt Middle East Gulf to China USD/MT M Nov 2613.22%202$48M1
4AGPXXInvesco Government & Agency Portfolio 12/31/203110.80%39,214,238$39.2M230
5No dataTD3C FFA 270kt Middle East Gulf to China USD/MT M Jan 276.52%135$23.7M1
6No dataTD3C FFA 270kt Middle East Gulf to China USD/MT M Feb 276.18%135$22.5M1
7No dataTD3C FFA 270kt Middle East Gulf to China USD/MT Mar 275.74%135$20.8M1
8No dataTD20 FFA 130kt West Africa to Continent USD/MT M Nov 261.66%50$6.04M1
9No dataTD20 FFA 130kt West Africa to Continent USD/MT M Dec 261.39%50$5.05M1
10No dataTD20 FFA 130kt West Africa to Continent USD/MT M Jan 270.90%45$3.29M1
11No dataTD20 FFA 130kt West Africa to Continent USD/MT M Feb 270.64%45$2.33M1
12No dataTD20 FFA 130kt West Africa to Continent USD/MT M Mar 270.57%45$2.08M1

Showing 1–12 of 12 holdings

BWET Performance

Launched May 3, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
BWET$538,289
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BWET $538,289. SPY $11,199. Use the arrow keys to read each point.$10,000$200,000$400,000$600,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BWET. Periods over one year show the average yearly return.
PeriodBWET
Year to date+4930.7%
1 month+20.7%
3 months+260.9%
1 year+5282.9%
3 yearsper year+276.0%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BWET
YearReturn barBWET
2026 YTD+4930.7%
2025+96.1%
2024−39.2%
2023+15.9%

Since listing, May 3, 2023

BWET in the news

BWET Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

BWET Risk

Risk pillarC43 out of 100Rank 7 of 11 in Energy Futures
How much the fund’s monthly returns vary, scaled to a year.
109.0%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.63
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−56.9%
41 months · trough Jan 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
4.69
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BWET Cost

Compare BWET and OILK

Overpaying vs OILK, cheapest in Energy Futures

$34,449

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BWET 3.50%

    $48,055

  • OILK 0.70% Cheapest

    $13,606

$10,000
30 years

Cost over time

  • BWET 3.50%
  • OILK 0.70%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530BWET $48,055OILK $13,606

Year by year

YearBWETOILKOverpaying
10$5,566$1,250$4,316
20$18,799$4,760$14,039
30$48,055$13,606$34,449

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