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BDRY

Breakwave Dry Bulk Shipping ETF

About BDRY

  • The first and only freight futures exchange-traded product exclusively focusing on dry bulk shipping
  • A pure play exposure to dry bulk shipping, an instrumental part of the global commodity market, uncorrelated to other major assets
  • Designed to profit from increases in freight futures beyond what is already priced in the market

The Breakwave Dry Bulk Shipping ETF (BDRY) is an exchange-traded product designed to reflect the daily price movements of the near-dated dry bulk freight futures. BDRY offers investors unlevered exposure to dry bulk freight without the need for a futures account. BDRY provides transparency to investors by listing all its holdings daily. BDRY is designed to reduce the effects of rolling contracts by using a laddered strategy to buy contracts while letting existing positions expire and settle in cash. BDRY is a commodity pool that issues shares which may be purchased and sold on NYSE Arca.

Investment Strategy

The Fund will hold freight futures with a weighted average of approximately three months to expiration, using a mix of one-to-six-month freight futures, based on the prevailing calendar schedule. The Fund intends to progressively increase its position to the next calendar quarter three-month strip while existing positions are maintained and settle in cash. The initial freight futures allocation will be 50% Capesize contracts, 40% Panamax contracts and 10% Supramax contracts, rebalancing annually, as needed, during the first two weeks of the month of December.

Breakwave Advisors

Breakwave Advisors LLC is registered as a Commodity Trading Advisor with the FFA founded in 2017 and based in New York City. The advisor specializes in Shipping and Freight investments and is the CTA for the Breakwave Dry Bulk Shipping ETF.

For more information, visit breakwaveadvisors.com 

John Kartsonas – Shipping Industry Expert & Partner in BDRY

From 2011 to 2017, John was a Senior Portfolio Manager at Carlyle Commodity Management, a commodity-focused investment firm based in New York and part of the Carlyle Group. He was responsible for the firm’s shipping and freight investments. During his tenure, he managed the one of the largest freight futures funds globally. Prior to this role, John was a Co-Founder and Portfolio Manager of Sea Advisors Fund, an investment fund focused on shipping. From 2004 to 2009, John was the leading Transportation Analyst at Citi Investment Research covering the broader transportation space including shipping. Prior to that, John was an Equity Analyst focusing on shipping and energy for Standard & Poor’s Investment Research. John sits on the Board of Seanergy Maritime, a publicly-traded dry bulk shipping company. John received his MBA from the Simon School of Business, University of Rochester.

Related Funds
Fund Summary
Fund Inception
3/22/2018
Ticker
BDRY
CUSIP
26923H200
ISIN
US26923H2004
Stock Exchange
NYSE ARCA
Expense Ratio 1
1.85%
Intraday NAV (IIV)
BDRY.IV
NAV Symbol
BDRY.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings
13
Index Ticker
BDRY
Fund Documents
Monthly Account Statements
Reoccurring Dry Bulk
Shipping Reports

Fund Prices

Last Updated 10/17/2019

Fund Name

Breakwave Dry Bulk Shipping ETF

Symbol

BDRY

NAV

20.09

Market Price Changes

-0.81

Market Price Close

20.08

Nav Price Change

-0.79

Premium/Discount(%)

-0.07


Month End Performance

Last Updated 09/30/2019

NAV% Market Value%
Cumulative    
1 Month -7.95 -6.74
3 Months 48.20 49.89
6 Months 106.40 110.59
YTD 5.87 7.27
Since Inception Cumulative -21.41 -21.16
Annual    
1 Year -13.39 -13.59
3 Year - -
5 Year - -
Since Inception Annualized -14.58 -14.40

Quarter End Performance

Last Updated 9/30/2019

NAV% Market Value%
Cumulative    
1 Month -7.95 -6.74
3 Months 48.20 49.89
6 Months 106.40 110.59
YTD 5.87 7.27
Since Inception Cumulative -21.41 -21.16
Annual    
1 Year -13.39 -13.59
3 Year - -
5 Year - -
Since Inception Annualized -14.58 -14.40

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Funds may be lower or higher than the performance quoted. All performance is historical and includes reinvestment of dividends and capital gains. Performance data current to the most recent month end may be obtained by calling 1-844-ETF-MGRS (1-844-383-6477).


Top 10 Holdings

Last Updated 10/17/2019

Name % Total Assets Ticker Shares Held Market Value USD
Cash & Other100.00%-2,009,804$2,009,803.60
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/OCTOBER 201918.02%BFFATC V19 INDEX15$362,085.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/NOVEMBER 201917.96%BFFATC X19 INDEX15$361,020.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/DECEMBER 201917.89%BFFATC Z19 INDEX15$359,625.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/OCTOBER 201917.79%BFFAP V19 INDEX25$357,600.00
BALTIC EXCHANGE PANAMAX T/L AVERAGE SHIPPING ROUTE INDEX/NOVEMBER 201917.07%BFFAP X19 INDEX25$343,025.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/DECEMBER 201915.90%BFFAP Z19 INDEX25$319,475.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M3.35%S58FM V19 INDEX5$67,250.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M3.17%S58FM X19 INDEX5$63,785.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M2.85%S58FM Z19 INDEX5$57,180.00

Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

Premium Discount Chart
Related Funds
Fund Summary
Fund Inception
3/22/2018
Ticker
BDRY
CUSIP
26923H200
ISIN
US26923H2004
Stock Exchange
NYSE ARCA
Expense Ratio 1
1.85%
Intraday NAV (IIV)
BDRY.IV
NAV Symbol
BDRY.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings
13
Index Ticker
BDRY
Fund Documents
Monthly Account Statements
Reoccurring Dry Bulk
Shipping Reports

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