BDRY

Breakwave Dry Bulk Shipping ETF
*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%. 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’s expenses are a bit high, but it buys access to a niche market.

BDRY CHARTS AND PERFORMANCE

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
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Select ETFs to compare their performance:
PERFORMANCE [as of 07/18/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
BDRY 37.23% 62.67% -7.62% -27.67% -- -- --
BDRY (NAV) 38.08% 64.02% -6.41% -23.65% -- -- --
No Underlying Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BDRY Summary Data

Breakwave
03/22/18
Commodities Pool
3.09%
$3.86M
0.89%

BDRY Portfolio Data

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N/A

BDRY Index Data

No Underlying Index
Fixed
Fixed
N/A

BDRY Fund Structure

No
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N/A / N/A
N/A
N/A
High
N/A
N/A

BDRY Tax Exposures

27.84% / 27.84%
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Yes
Cboe Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

BDRY Factset Analytics Block Liquidity

As of 07/19/19
5
4
3
2
1

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

5,282
$77.94K
1,455
$18.36K
0.89%
$0.12
0.25%
7.41% / -4.41%
None
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50,000
0.03
0.06%
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$17.37
5