ETF Evaluator:
Breakwave Tanker Shipping ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Commodities Focused Over the Last Year
| 2251.5% | Breakwave Tanker Shipping ETF (BWET) |
| 81.8% | United States Gasoline (UGA) |
| 64.2% | Commodities Focused () |
| 63.3% | Invesco DB Energy (DBE) |
| 61.8% | United States Oil (USO) |
Risk
Index
Risk
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ETF Details
Breakwave Tanker Shipping ETF Overview
Breakwave Tanker Shipping ETF (BWET) is an actively managed Commodities Commodities Focused exchange-traded fund (ETF). Amplify ETFs launched the ETF in 2023.
The investment seeks to provide investors with exposure to the daily change in the price of crude oil tanker freight futures before expenses and liabilities of the fund, by tracking the performance of a portfolio mainly consisting of the nearest calendar quarter of futures contracts on specified indexes that measure prices for shipping crude oil.
Freight Futures reflect market expectations for the future cost of transporting crude oil. Each Reference index is published each United Kingdom business day by the London-based Baltic Exchange Ltd. and measures the charter rate for shipping crude oil in a specific size category of cargo ship and for a specific route.
About Breakwave Tanker Shipping ETF (BWET)
There are 1 members of the management team with an average tenure of 3.25 years: Management Team (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
Breakwave Tanker Shipping ETF has 13 securities in its portfolio. The top 10 holdings constitute 143.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Breakwave Tanker Shipping ETF is part of the Real Assets global asset class and is within the Commodities ETF group. Breakwave Tanker Shipping ETF has 118.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 118.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Breakwave Tanker Shipping ETF has -71.8% of the portfolio in cash.
Assets Under Management
The fund has $35 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BWET Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Breakwave Tanker Shipping ETF expense ratio is high compared to funds in the Commodities Focused category. Breakwave Tanker Shipping ETF has an expense ratio of 3.50%, which is 359% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Breakwave Tanker Shipping ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of July 2026, Breakwave Tanker Shipping ETF returned 75.4%, which earned it a grade of A, as the Commodities Focused category had an average return of 5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Breakwave Tanker Shipping ETF has a trailing yield of 0.00%, which is below the 7.11% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Breakwave Tanker Shipping ETF Grades
Year to date, the ETF has returned 1275.0%, 1243.6 percentage points better than the category, which translates into a grade of A. The fund has returned 2251.5% over the past year (grade of A) and 136.4% over the past three years (grade of A).
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BWET Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BWET Return (NAV) | 75.4% | 63.2% | 2251.5% | 136.4% | na | na |
| BWET Return (Price) | 80.9% | 64.4% | 2365.5% | 136.9% | na | na |
| NAV +/- Price Return | -5.528% | -1.206% | -114.011% | -0.477% | na | na |
| Commodities Focused Avg | 5.1% | -6.8% | 64.2% | 14.3% | 9.6% | 6.0% |
| BWET Grade (NAV) | A | A | A | A | na | na |
| +/- Category (NAV) | 70.3% | 70.0% | 2187.3% | 122.1% | na | na |
| BWET Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
BWET Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BWET Return (NAV) | 1275.0% | 95.5% | -38.4% | na | na | na | na | na | na | na | na |
| BWET Return (Price) | 1293.7% | 96.2% | -39.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.015% | 0.007% | 0.021% | na | na | na | na | na | na | na | na |
| Commodities Focused Avg | 31.4% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| BWET Grade (NAV) | A | A | F | na | na | na | na | na | na | na | na |
| +/- Category | 1243.6% | 59.9% | -44.6% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 5.48 |
| R-Squared: | 55% |
| Standard Deviation: | 100.8% |
| Category Risk Index: | 3.95 |
| Category Risk Rating: | High |
| Total Risk Index: | 8.22 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 36 Mil |
| Share Class Assets: | $ 36 Mil |
| Turnover: | na |
| Expense Ratio: | 3.50% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 3.3 years | |||
| Managers (Year): Team Management (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 143.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 118.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 118.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 53.4% |
| Cash: | -71.8% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | Amplify ETFs |
| Phone Number: | 646-775-2898 |
| Website: | |
| Inception Date: | May 1, 2023 |
Expenses and Fees
| Expense Ratio (%): | 3.50% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
