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BDRY

Breakwave Dry Bulk Shipping ETF

About BDRY™

BDRY™ provides long exposure to the dry bulk shipping market through a portfolio of near-dated freight futures contracts on dry bulk indices.

  • 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.

About the Fund

The Breakwave Dry Bulk Shipping ETF (BDRYTM) is an exchange-traded fund (ETF) designed to reflect the daily price movements of the near-dated dry bulk freight futures. BDRYTM offers investors unlevered exposure to dry bulk freight without the need for a futures account. BDRYTM provides transparency to investors by listing all its holdings daily. BDRYTM 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. BDRYTM 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.

Major Dry Bulk Import and Export Nations

Breakwave Advisors

Breakwave Advisors LLC is registered as a Commodity Trading Advisor with the NFA founded in 2017 and based in New York City. Breakwave 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 ETFMG Partner in BDRY

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
AUM as of 8/3/2021 1
$87,047,339
CUSIP
26923H200
ISIN
US26923H2004
Stock Exchange
NYSE ARCA
Expense Ratio 3
3.32%
Intraday NAV (IIV)
BDRY.IV
NAV Symbol
BDRY.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings 2
11
Index Ticker
BDRYFF
Income Data
30-Day SEC Yield
as of 8/3/2021 5
-2.91%
Fund Documents
Monthly Account Statements
Reoccurring Dry Bulk
Shipping Reports

Fund Prices

Last Updated 8/3/2021

Fund Name

Breakwave Dry Bulk Shipping ETF

NAV

26.58

Nav Price Change

0.51

Median Bid/Ask Spread (30 Day) (%) 4

0.38

Symbol

BDRY

Market Price Close

26.55

Market Price Changes

0.75

Premium/Discount (%)

-0.11


Month End Performance

Last Updated 07/31/2021

NAV% Market Value%
Cumulative    
1 Month -9.72 -12.10
3 Months 7.41 4.45
6 Months 149.83 149.52
YTD 228.65 235.06
Since Inception Cumulative 4.26 3.20
Annual    
1 Year 220.27 216.56
3 Year 0.95 1.12
5 Year - -
Since Inception Annualized 1.25 0.94

Quarter End Performance

Last Updated 06/30/2021

NAV% Market Value%
Cumulative    
1 Month 24.64 27.61
3 Months 71.77 73.46
6 Months 264.03 281.17
YTD 264.03 281.17
Since Inception Cumulative 15.49 17.40
Annual    
1 Year 274.89 297.16
3 Year 9.51 10.20
5 Year - -
Since Inception Annualized 4.49 5.02

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 8/3/2021

Name % Total Assets Ticker Shares Held Market Value USD
Cash & Other99.99%-87,041,147$87,041,146.60
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/SEPTEMBER 202119.04%BFFATC U21 INDEX425$16,575,000.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/AUGUST 202118.07%BFFATC Q21 INDEX425$15,732,650.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/SEPTMBER 202115.08%BFFAP U21 INDEX405$13,126,455.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/AUGUST 202114.49%BFFAP Q21 INDEX405$12,612,915.00
BALTIC CAPESIZE TIME CHARTER - BASE TICKER/FOURTH QUARTER 202111.73%BFFATC Q421 INDEX285$10,212,405.00
BALTIC EXCHANGE PANAMAX T/C SHIPPING ROUTE INDEX/FOURTH QUARTER 20219.59%BFFAP Q421 INDEX285$8,349,075.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M4.08%S58FM U21 INDEX105$3,552,045.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M4.02%S58FM Q21 INDEX105$3,496,920.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M0.55%S58FM V21 INDEX15$476,685.00

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
AUM as of 8/3/2021 1
$87,047,339
CUSIP
26923H200
ISIN
US26923H2004
Stock Exchange
NYSE ARCA
Expense Ratio 3
3.32%
Intraday NAV (IIV)
BDRY.IV
NAV Symbol
BDRY.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings 2
11
Index Ticker
BDRYFF
Income Data
30-Day SEC Yield
as of 8/3/2021 5
-2.91%
Fund Documents
Monthly Account Statements
Reoccurring Dry Bulk
Shipping Reports

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