BDRY ETF Report: Ratings, Analysis, Quotes, Holdings

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*Unless otherwise stated, data provided by FactSet.

BDRY Fund Description

BDRY tracks an index of long-only exposure to the nearest calendar quarter of dry bulk freight futures contracts on specified indexes.

BDRY Factset Analytics Insight

BDRY is the first exchange-traded product to provide exposure to freight futures. Dry bulk carriers transport unpackaged dry cargo, such as iron ore, coal, and grain—distinct from tankers and containerized cargo ships. Dry bulk shipping is an instrumental part of the global commodity market, and historically has been uncorrelated with other major asset classes. BDRY provides exposure to the charter rate for dry bulk shipping through a portfolio of near-dated freight futures contracts on three dry bulk indices. The portfolio uses a fixed weighting scheme, rebalanced annually, based on the size categories of cargo ships—Capesize freight futures contracts get 50% weight, Panamax contracts 40%, and Supramax contracts 10%, rebalanced annually.Keep in mind that futures are always an imperfect proxy for spot market prices, and that the freight futures market is often in contango, so long-term holdings are subject to position decay. BDRY is structured as a commodities pool, so expect a K-1 at tax time. Long-term holders will be taxed on any gains even if they didn’t sell shares. The fund provides access to a niche market.

BDRY MSCI ESG Analytics Insight

Breakwave Dry Bulk Shipping ETF has an MSCI ESG Fund Rating of A based on a score of 6.64 out of 10. The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors. ESG Fund Ratings range from best (AAA) to worst (CCC). Highly rated funds consist of companies that tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.

The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. Breakwave Dry Bulk Shipping ETF ranks in the 74th percentile within its peer group and in the 79th percentile within the global universe of all funds covered by MSCI ESG Fund Ratings.

BDRY Charts And Performance

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PERFORMANCE [as of 08/05/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS

BDRY 5.71% 77.66% -44.92% -42.03% -- -- --

BDRY (NAV) 4.18% 89.78% -43.20% -41.84% -- -- --

Supramax 10TC Index -- -- -- -- -- -- --

N/A -- -- -- -- -- -- --

All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BDRY Summary Data

ETFMG

Breakwave

03/22/18

Commodities Pool

3.09%

$38.63M

0.70%

N/A

Fund Home Page

BDRY Portfolio Data

N/A

BDRY Index Data

Supramax 10TC Index

Fixed

N/A

BDRY Fund Structure

N/A / N/A

N/A

Medium

N/A

Leverage Reset Frequency N/A

BDRY Tax Exposures

27.84% / 27.84%

Yes

Cboe Book Viewer

Top Of Book

Last 10 Trades

Bats BZX Real-time Quote -

BDRY Factset Analytics Block Liquidity

As of 08/06/20

This measurement shows how easy it is to trade a $1 million USD block of BDRY. BDRY is rated a 5 out of 5.

BDRY Tradability

262,044

$1.94M

228,357

$1.60M

0.70%

$0.05

0.46%

7.39% / -4.89%

None

50,000

4.57

$8.73

BDRY MSCI ESG Ratings

6.64 / 10

78.57

74.02

3.20

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MSCI ESG Research LLC’s ("MSCI ESG") Fund Metrics products (the "Information") provide environmental, social and governance data with respect to underlying securities within more than 24,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided "as is" and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

BDRY