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BWET

Breakwave Tanker Shipping ETF

About BWET™

BWET™ provides long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil. Futures reflect market expectations for the future cost of transporting crude oil.

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

About the Fund

The Breakwave Tanker Shipping ETF (BWET™) is an exchange-traded fund (ETF) designed to reflect the daily price movements of indices that track the future cost of transporting crude oil. BWET offers investors unlevered exposure to oil tanker futures without the need for a futures account. The Fund provides transparency to investors by listing all its holdings daily and 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.

Investment Strategy

The Fund will hold oil freight futures contracts 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 tanker crude oil freight futures allocation will be 90% Very Large Crude Carriers (VLCC) and 10% Suezmax, rebalanced annually, as needed, during the month of December.

Breakwave Advisors

Breakwave Advisors LLC (“Breakwave”) 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 Shiping ETF (BDRY) as well as the Breakwave Tanker Shipping ETF.

John Kartsonas ETFMG Partner in BDRY

John Kartsonas – Shipping Industry Expert & Partner in BWET

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.

Fund Summary
Fund Inception
5/03/2023
Ticker
BWET
AUM as of 10/4/2023 1
$1,462,766
CUSIP
26923H309
ISIN
US26923H3093
Stock Exchange
NYSE ARCA
Expense Ratio 3
3.50%
Intraday NAV (IIV)
BWET.IV
NAV Symbol
BWET.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings 2
6
Index Ticker
BWET
Fund Documents
Related Funds
Monthly Account Statements

Fund Prices

Last Updated 10/4/2023

Fund Name

Breakwave Tanker Shipping ETF

NAV

14.61

Nav Price Change

-0.47

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

0.88

Symbol

BWET

Market Price Close

14.71

Market Price Changes

-0.46

Premium/Discount (%)

0.66


Month End Performance

Last Updated 09/30/2023

NAV% Market Value%
Cumulative    
1 Month -3.18 -3.33
3 Months -24.92 -24.50
6 Months - -
YTD - -
Since Inception Cumulative 4.27 5.10
Annual    
1 Year - -
3 Year - -
5 Year - -
Since Inception Annualized - -

Quarter End Performance

Last Updated 09/30/2023

NAV% Market Value%
Cumulative    
1 Month -3.18 -3.33
3 Months -24.92 -24.50
6 Months - -
YTD - -
Since Inception Cumulative 4.27 5.10
Annual    
1 Year - -
3 Year - -
5 Year - -
Since Inception Annualized - -

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 10/4/2023

Name % Total Assets Ticker Shares Held Market Value USD
BALTIC TD3C$ 270000MT ME GULF TO CHINA USD/TON BASE/DECEMBER 202333.88%BFFA3D Z23 INDEX35$495,600.00
BALTIC TD3C$ 270000MT ME GULF TO CHINA USD/TON BASE/NOVEMBER 202331.34%BFFA3D X23 INDEX35$458,500.00
BALTIC TD3C 270000MT ME GULF TO CHINA USD/TON BASE/OCTOBER 202327.68%BFFA3D V23 INDEX35$404,950.00
BALTIC TD20$ - 130000MT WEST AFRICA TO CONTINENT USD/TON BASE/DECEMBER 20236.37%BFFD20 Z23 INDEX5$93,250.00
BALTIC TD20$ - 130000MT WEST AFRICA TO CONTINENT USD/TON BASE/NOVEMBER 20235.68%BFFD20 X23 INDEX5$83,050.00
BALTIC TD20 - 130000MT WEST AFRICA TO CONTINENT USD/TON BASE/OCTOBER 20235.17%BFFD20 V23 INDEX5$75,650.00

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

Fund Summary
Fund Inception
5/03/2023
Ticker
BWET
AUM as of 10/4/2023 1
$1,462,766
CUSIP
26923H309
ISIN
US26923H3093
Stock Exchange
NYSE ARCA
Expense Ratio 3
3.50%
Intraday NAV (IIV)
BWET.IV
NAV Symbol
BWET.NV
Rebalance Frequency
Annually
Index Provider
Breakwave Advisors LLC
No. of Holdings 2
6
Index Ticker
BWET
Fund Documents
Related Funds
Monthly Account Statements

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