Tanker fund falls 22% from Friday's 52-week high
The Breakwave Tanker Shipping ETF fell 18.2% on Tuesday, September 22, 2026, two sessions after a 52-week high; Viking Therapeutics rose 35.7% on VK2735 obesity data.
Amplify's tanker-freight fund BWET fell 18.2% to $682.01, the session's largest unleveraged decline, on 480,000 shares, more than four times its recent average. It had closed Friday at a 52-week high of $872.14. Two sessions erased 22%. The product is still up 3,441% in 2026 and 46% over the past month.
BWET stood alone among Tuesday's fund moves
- +11%
- +8.0%
- +7.9%
- +5.8%
- +5.5%
- −2.3%
- −2.8%
- −18%
The fund holds forward freight agreements, contracts that settle against future tanker rates, mainly on the TD3C route: the cost of sending a very large crude carrier from the Middle East Gulf to China. Last Wednesday it gained 8.4% as crude fell. A Baltic weekly report put that route at $1.21 million a day as of last Thursday. SonicShares' global shipping fund BOAT fell 2.5%.
The S&P 500 closed 0.01% lower at 7,764 at 4 p.m. ET, a session after Meta and the chip complex added 1.5% to the same print. The Nasdaq-100 still rose 0.82%, with the iShares semiconductor fund SOXX up 2.4%.
Viking Therapeutics
Viking, the clinical-stage obesity company, said a 17.5 mg weekly dose of its GLP-1/GIP agonist VK2735 produced 22% placebo-adjusted weight loss at week 33, with no plateau, and that monthly and every-other-week regimens were viable. Volume hit 41 million shares, about 13 times the recent average. The stock jumped 35.7% to $40.85 and is 5.3% below its 52-week high of $43.15.
Cannabis, Hedera, and natural gas
US cannabis funds had no announced catalyst. MSOS rose 7.9% to $5.33, almost all of its 8.1% five-session gain. Amplify's alternative-harvest fund MJ added 5.9%; its Seymour cannabis fund CNBS added 5.8%. Curaleaf, an 18% sleeve in MSOS, rose 11.2% to $11.62. MSOS is still 26% below its 52-week high of $7.25.
Canary's Hedera spot fund HBR gained 8.0% to $13.44 after 15.1% on Monday, a 31% five-session run. It remains 54% below its 52-week high. XRP funds rose too. Canary's XRP fund XRPC rose 5.5%; 21Shares' TOXR rose 5.7%. Teucrium's 2x daily XRP fund XXRP gained 11.2%. That XRP cluster is a bounce: XRPC had dropped 11.5% on September 15 after the Senate stalled a crypto bill, a hole this column ranked that session. Bitcoin did not confirm. Spot bitcoin last traded at $86,364, down 0.27%, and the iShares Bitcoin Trust IBIT fell 0.37%.
Natural gas rose as crude fell. Henry Hub rose 5.8% to $3.17, and UNG gained 5.8% to $10.86 on 45 million shares, more than three times its recent average. The fund is still down 11% this year.
Crude and banks
WTI crude fell 2.8% to $89.77, a fifth down session for USO, which closed at $144.08. The five-session loss is 11%. The fund is still up 108% this year. Invesco's oil fund DBO dropped 2.6%. Energy equities in the State Street sector fund XLE lost 1.1%.
KBWB fell 2.3% to $90.21 a day after Meta's Muse AI shopping agent, which can browse and check out for a user, put payments and brokerage names in focus. JPMorgan Chase lost 3.4% to $340. Bank of America lost 3.0% to $56.20. Charles Schwab dropped 6.1% to $100.35 with the group, a larger one-day decline than on last week's Federal Reserve hike, on 16.8 million shares against a 9.8 million average.
A holder marked at Friday's $872.14 close is down 22% in two sessions. The freight-futures book that is still up 3,441% in 2026 just showed how fast it can move the other way.
Frequently asked
How far has BWET fallen from its 52-week high?
It closed Friday at a 52-week high of $872.14 and is down 22% two sessions later, at $682.01.
What does the tanker fund actually hold?
It holds forward freight agreements, contracts that settle against future tanker rates, mainly on the TD3C route from the Middle East Gulf to China.
Why did Viking Therapeutics jump 35.7%?
The company said a 17.5 mg weekly dose of VK2735 produced 22% placebo-adjusted weight loss at week 33 with no plateau, and that monthly and every-other-week regimens were viable.
What happened to crude and bank funds?
WTI fell 2.8% to $89.77 with USO down for a fifth session, and the KBWB bank fund fell 2.3% as JPMorgan, Bank of America and Charles Schwab all declined.