---
title: "Tidal files a Defiance 2x ETF on Amplify's tanker-freight fund"
url: "https://etf.net/news/tidal-files-a-defiance-2x-etf-on-amplify-s-tanker-freight-fund-2026-09-25"
published_at: "2026-09-25T12:02:36.517Z"
updated_at: "2026-09-25T12:02:36.517Z"
byline: "ETF.net Research"
---

# Tidal files a Defiance 2x ETF on Amplify's tanker-freight fund

Tidal Trust V on Thursday, September 24, 2026, filed to add Defiance Daily Target 2X Long BWET ETF, a proposed series seeking 200% of the daily share-price change in Amplify's Breakwave Tanker Shipping ETF.

By ETF.net Research. Published Sep 25, 2026.

Amplify's Breakwave Tanker Shipping ETF BWET has returned **3,453%** year to date through Thursday. Reuters reported on September 11 that the cost of shipping oil in the largest tankers had hit record highs after the biggest wave of attacks on shipping since the U.S.-Iran war began in late February. After Thursday's close, Tidal Trust V filed a post-effective amendment to wrap a daily double around the fund's share price.

## What BWET holds

BWET closed Thursday at **$684.29**, down **7.5%**. The Defiance filing, taking the description from BWET's February 17 prospectus, says the Amplify fund seeks exposure to the daily change in tanker freight futures by tracking a portfolio that mainly holds the nearest calendar quarter of futures on specified indexes that measure the cost of shipping crude oil.

As of Wednesday, that book was a large government money-market and cash stub plus near-dated futures on the cost of moving crude from the Middle East Gulf to China on very large crude carriers, and a smaller sleeve of West Africa-to-Continent Suezmax futures, with net assets of **$287.9 million**. The expense ratio is **3.50%**.

Chart: The largest line is a government money-market fund

BWET is up **52.5%** over the past month and sits **21.5%** below a 52-week high of **$872.14** set on Friday, September 18. On Tuesday it fell 18.2%, a session covered in [Tanker fund falls 22% from Friday's 52-week high](https://etf.net/news/tanker-fund-falls-22-from-friday-s-52-week-high-2026-09-22).

Chart: BWET share price through Thursday

John Kartsonas of Breakwave Advisors, the freight adviser to the Amplify fund, said in August that if the Strait of Hormuz normalized, "you would expect freight rates to come down, and that would affect freight futures as well."

## Defiance's proposed 2x on BWET

The proposed series would seek daily results, before fees and expenses, of two times (**200%**) the daily percentage change in BWET's share price. The fund "does not seek to achieve its stated investment objective for a period other than a single trading day."

Tidal Investments LLC is the adviser. The strategy is the wrapper Defiance already uses on single names and on other ETFs: an actively managed book of swap agreements and listed options tied to the underlying's share price. The filing says the fund "invests in swap contracts and options that are based on the share price of BWET," and that this "subjects the Fund to certain of the same risks as if it owned shares of BWET, even though it does not." It may put up to **25%** of assets in a wholly owned Cayman Islands subsidiary, which can hold commodity-linked swaps without the same limits. Because of those commodity interests, the filing says the fund and the subsidiary would each be regulated as commodity pools, with Tidal Investments as commodity pool operator.

Defiance already lists daily 2x products on other ETFs, including the Defiance Daily Target 2X Long Copper Miners ETF COPZ, which seeks twice the daily move in Global X's copper-miners fund.

The three sessions through Thursday show what those daily resets would have done. BWET fell **18.2%** Tuesday, rose 8.4% Wednesday and fell 7.5% Thursday, a three-day loss of **18.0%**. A fund that doubled each move and reset overnight would have fallen 36.4%, then risen 16.8%, then fallen 15.0%, a **36.9%** loss. That is not 200% of BWET's move over the same stretch. The filing says so.

Post-Effective Amendment No. 68 to Tidal Trust V's registration statement adds one new series. It leaves the ticker, the listing exchange, and the fee table blank, and it is stamped subject to completion. Tidal checked the Rule 485(a)(2) box, which would make a new series effective **75 days** after filing unless the SEC stops the clock or the issuer amends again. The prospectus warns that the shares cannot be sold until the registration statement is effective. The same trust has been adding Defiance series this month. In [Tidal Trust V makes two Defiance long/short ETFs immediately effective](https://etf.net/news/tidal-trust-v-makes-two-defiance-long-short-etfs-immediately-effective-2026-09-15), it used a different rule to make two other Defiance products effective on filing. Thursday's paper is the slower clock. If you hold the Amplify fund, the amendment does not change it.

The filing can still be amended, delayed, or left on the shelf.

Source: etf.net, https://etf.net/news/tidal-files-a-defiance-2x-etf-on-amplify-s-tanker-freight-fund-2026-09-25. Please cite the page URL.