---
title: "Oil, freight and a rate hedge rise as the 10-year closes at 5.11%"
url: "https://etf.net/news/oil-freight-and-a-rate-hedge-rise-as-the-10-year-closes-at-5-11-2026-09-23"
published_at: "2026-09-23T21:13:31.150Z"
updated_at: "2026-09-23T21:13:31.150Z"
byline: "ETF.net Research"
---

# Oil, freight and a rate hedge rise as the 10-year closes at 5.11%

Wednesday, September 23, 2026: The 10-year yield closed at 5.11%. Amplify's BWET rose 8.4% to $739.40. Gasoline fund UGA tagged a 52-week high. The S&P 500 fell 0.72%.

By ETF.net Research. Published Sep 23, 2026.

The session paid holders of oil futures, tanker freight, and a long-rate hedge. It charged long Treasuries, small-caps, gold, and the crypto names that had been running. The 10-year Treasury yield closed at **5.11%**, the two-year at 4.85%, per the official par curve.

Chart: Oil, freight and PFIX **rose**; TLT, gold and Hedera fell

S&P Global’s flash U.S. composite PMI, a survey of manufacturing and services activity, rose to **58.4** in September from 56.0 in August, the highest reading since July 2021. [Fed Governor Michael Barr said further rate increases are likely](https://etf.net/news/barr-says-further-fed-rate-increases-are-likely-10-year-yield-at-5-06-2026-09-23). The iShares 20+ Year Treasury Bond ETF TLT fell **1.6%** to $80.46 after touching a 52-week low. SPDR Gold Shares GLD lost **1.8%**. The dollar index rose 0.4% to 100.85.

The S&P 500 closed at **7,708.55**, down 0.72%. The Nasdaq Composite dropped 1.1%. The Russell 2000 lost **1.8%**. KB Home fell **3.0%** to $47.15 even after earnings of $1.05 a share against a $0.89 estimate; Charles Schwab tied the drop to a cautious outlook on mortgage rates.

## Freight, gasoline, and a rate hedge lead

Amplify’s tanker-freight fund BWET rose **8.4%** to $739.40, the largest unleveraged gain Wednesday, a day after it [fell 18.2%](https://etf.net/news/tanker-fund-falls-22-from-friday-s-52-week-high-2026-09-22). It is still **15.2%** below Friday’s $872.14 high.

Chart: BWET closed at **$739.40**, still below Friday’s $872.14 high

The fund holds futures on the cost of moving crude, mainly the Middle East-to-China VLCC route. Brent was at **$103.75**, up 4.5%, and WTI at $93.04, up 2.8%, as of 4:42 p.m. ET.

Gasoline outran crude. The United States Gasoline Fund UGA gained **4.8%** to $150.22 and traded at a 52-week high of $150.47. The United States Brent Oil Fund BNO added 4.2%; the United States Oil Fund USO, which holds WTI futures, rose 3.3% to $148.83 and remains 8.9% below its own 52-week high. Other oil funds rose 2.8% to 3.4%. Energy stocks did much less: the Energy Select Sector SPDR Fund XLE rose **1.0%**.

Simplify’s interest-rate hedge PFIX, built around options that gain when long-term yields rise, advanced **3.3%** to $54.76, the other side of TLT. Energy futures and that hedge led the unleveraged board; cybersecurity was the equity exception.

Table: Fund, Exposure, Wednesday

## Cybersecurity rises against a falling Nasdaq

Cybersecurity stocks moved against the Nasdaq. CrowdStrike rose **5.0%** to $262.49 and tagged a 52-week high. Palo Alto Networks gained 5.0%. Okta added **4.4%** and also printed a 52-week high. CrowdStrike, Palo Alto, and Okta contributed 0.40, 0.30, and 0.29 percentage points to WCBR, which rose 2.3% to $46.59, a fraction of a percent below its own 52-week high.

Fastly, the edge-cloud company, rose **13.7%** to $29.65 on 30 million shares, against a 7.9 million average. It added 0.28 percentage points to WCBR. Palantir rose 3.7% to $191.79; YieldMax’s Palantir option-income fund PLTY gained **2.9%**.

## Hedera, XRP, and Korea defense take the losses

Canary’s Hedera fund HBR fell **8.6%** to $12.29, the largest unleveraged decline, giving back part of a two-session burst (+15% Monday, +8.0% Tuesday). It is still up 23% over five sessions. XRP was at $1.49, down 5.3%, as of 4:42 p.m. ET. XRP funds fell about 6%, led by Volatility Shares’ XRP fund XRPI, down **6.2%**. Bitcoin was at $84,392, down 2.1%; iShares Bitcoin Trust IBIT lost **1.9%**. Ether was at $2,676, down 2.8%.

PLUS’s Korea defense fund KDEF fell **6.1%** to $41.11. Hanwha Aerospace, 23% of the fund, closed down **3.4%** in Seoul at ₩1,021,000. Hyundai Rotem, LIG Defense & Aerospace, Korea Aerospace Industries, and Poongsan, the next four holdings, fell 1.0% to 2.9% there. The KOSPI had closed up 0.9% as of 7:05 a.m. ET, before New York opened. Through the New York close, iShares MSCI South Korea ETF EWY fell **3.6%**. Among single stocks, AST SpaceMobile dropped 5.8%, Applied Optoelectronics 5.6%, and Applied Digital 4.6%.

The same 5.11% yield left gasoline at a 52-week high and long Treasuries at a 52-week low. Korea defense sold off in New York after Seoul had closed.

Source: etf.net, https://etf.net/news/oil-freight-and-a-rate-hedge-rise-as-the-10-year-closes-at-5-11-2026-09-23. Please cite the page URL.