Breakwave Tanker Shipping ETF

What they do

Amplify Commodity Trust operates two series: the Breakwave Dry Bulk Shipping ETF (BDRY) and the Breakwave Tanker Shipping ETF (BWET). Each ETF invests substantially all of its assets in exchange-cleared freight futures to track the daily change in shipping prices. BDRY targets dry bulk freight futures (Capesize, Panamax, Supramax) and BWET targets tanker freight futures. The Sponsor, Amplify Investments LLC, manages the Funds and receives a management fee.

Revenue drivers

• BDRY (Dry Bulk Shipping ETF) — The primary and longest-running fund (since March 2018), investing in dry bulk freight futures across Capesize (50%), Panamax (40%), and Supramax (10%) contracts. Its management fee revenue scales with fund assets.
• BWET (Tanker Shipping ETF) — Launched May 3, 2023, this fund provides exposure to tanker freight futures. It represents a newer, additional revenue stream for the trust.
• Sponsor management fees — Both funds pay management fees to Amplify Investments LLC; these fees constitute the trust's primary income source, derived from fund net asset values.

Recent performance

For the fiscal year ended 2025, the trust reported a net loss of $17.5 million, reflecting the volatile nature of freight futures (compared to net income of $46.5 million in 2024). As of 2026-03-31, total assets were $102.7 million, liabilities were $2.6 million, and shareholder equity was $100.0 million. Cash and equivalents were $26.1 million as of 2025-03-31. The trust's operating cash flow swung from $65.4 million positive in 2024 to a negative figure in 2025, indicating significant variability in earnings.

Strategy

The trust's strategy is to provide investors with a vehicle to track daily changes in shipping freight futures without directly trading over-the-counter derivatives. It maintains a long-only portfolio of exchange-cleared futures, rebalanced annually for BDRY's benchmark. The funds aim to hold futures to maturity and roll into the next quarter's strip to maintain constant exposure. The trust continues to operate both BDRY and BWET under the Amplify brand, following the sponsor change in February 2024.

Risks

• Freight price volatility — Net income has swung from gains to losses across years (e.g., -$35.4M in 2023 to +$46.5M in 2024 to -$17.5M in 2025), exposing results to commodity price swings.
• Concentration in shipping futures — All assets are in dry bulk and tanker freight futures, offering little diversification against shipping market downturns.
• Sponsor dependence — Operations rely on Amplify Investments LLC as CPO and sponsor; any sponsor disruption could impair fund management.
• Competition from other commodity ETFs — The trust competes with other shipping and commodity products for investor capital, potentially limiting asset growth.

Outlook

Management provides forward-looking statements but does not offer specific guidance. The focus remains on maintaining the two ETFs and tracking the respective benchmark portfolios. The trust may continue to experience performance tied to global shipping rates and futures markets.