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.
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|