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 (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.
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 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.
as of 3/3/2021 5
Monthly Account Statements
Reoccurring Dry Bulk
Last Updated 3/3/2021
Breakwave Dry Bulk Shipping ETF
Nav Price Change
Median Bid/Ask Spread (30 Day) (%) 4
Market Price Close
Market Price Changes
Month End Performance
Last Updated 02/28/2021
|Since Inception Cumulative||-48.64||-49.16|
|Since Inception Annualized||-20.26||-20.54|
Quarter End Performance
Last Updated 12/31/2020
|Since Inception Cumulative||-68.28||-69.20|
|Since Inception Annualized||-33.82||-34.52|
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 3/3/2021
|Name||% Total Assets||Ticker||Shares Held||Market Value USD|
|Cash & Other||99.99%||-||36,973,308||$36,973,307.79|
|BALTIC CAPESIZE TIME CHARTER - BASE TICKER/MARCH 2021||26.24%||BFFATC H21 INDEX||680||$9,702,920.00|
|BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/MARCH 2021||19.50%||BFFAP H21 INDEX||365||$7,212,035.00|
|BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/APRIL 2021||7.28%||BFFAP J21 INDEX||140||$2,690,660.00|
|BALTIC CAPESIZE TIME CHARTER - BASE TICKER/JUNE 2021||7.25%||BFFATC M21 INDEX||140||$2,681,840.00|
|BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/MAY 2021||6.94%||BFFAP K21 INDEX||145||$2,566,500.00|
|BALTIC CAPESIZE TIME CHARTER - BASE TICKER/MAY 2021||6.78%||BFFATC K21 INDEX||140||$2,507,820.00|
|BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JUNE 2021||6.52%||BFFAP M21 INDEX||145||$2,409,320.00|
|BALTIC CAPESIZE TIME CHARTER - BASE TICKER/APRIL 2021||6.29%||BFFATC J21 INDEX||140||$2,327,500.00|
|SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M||4.29%||S58FM H21 INDEX||80||$1,586,560.00|
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
as of 3/3/2021 5