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BDRY™ Breakwave Dry Bulk Shipping ETF

BDRY™ provides long exposure to the dry bulk shipping market through a portfolio of near-dated freight futures contracts on dry bulk indices.

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

About the Fund

The Breakwave Dry Bulk Shipping ETF (BDRY™) is an exchange-traded fund (ETF) designed to reflect the daily price movements of the near-dated dry bulk freight futures.

BDRY™ offers investors unlevered exposure to dry bulk freight 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 freight futures 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’s three-month strip while existing positions are maintained and settled in cash.

The initial freight futures allocation will be 50% Capesize contracts, 40% Panamax contracts, and 10% Supramax contracts, rebalancing annually, as needed, during the first two weeks of the month of December.


Top 10 Holdings

Last Updated 6/4/2022

Name % Total Assets Ticker Shares Held Market Value USD
Cash & Other 99.99% 63,148,742 $63,148,742.41
BALTIC CAPESIZE TIME CHARTER – BASE TICKER/JUNE 2022 18.47% BFFATC M22 INDEX 390 $11,666,460.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JUNE 2022 15.17% BFFAP M22 INDEX 370 $9,583,000.00
BALTIC CAPESIZE TIME CHARTER – BASE TICKER/SEPTEMBER 2022 10.32% BFFATC U22 INDEX 175 $6,518,750.00
BALTIC CAPESIZE TIME CHARTER – BASE TICKER/AUGUST 2022 10.22% BFFATC Q22 INDEX 175 $6,456,275.00
BALTIC CAPESIZE TIME CHARTER – BASE TICKER/JULY 2022 9.86% BFFATC N22 INDEX 175 $6,227,550.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/JULY 2022 7.89% BFFAP N22 INDEX 180 $4,981,500.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/AUGUST 2022 7.88% BFFAP Q22 INDEX 180 $4,975,020.00
BALTIC EXCHANGE PANAMAX T/C AVERAGE SHIPPING ROUTE INDEX/SEPTEMBER 2022 7.76% BFFAP U22 INDEX 180 $4,899,780.00
SUPRAMAX 58 TC FFA 58KT TIMECHARTER AVERAGE M 3.30% S58FM M22 COMT INDEX

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