What this ETF is trying to do

The Breakwave Dry Bulk Shipping ETF (BDRY) is designed to provide exposure to the dry bulk shipping market. Instead of just owning stocks in shipping companies, this fund holds various assets and futures contracts related to the cost of transporting dry cargo.

What the numbers show

As of October 2, 2026, the share price of BDRY was $14.20. The fund has seen significant growth in its share price over different timeframes:

• Year-to-Date (YTD): The price return is 61.92%.

• One Year: The price return is 82.52%.

• Three Year: The price return is 152.22%.

Because there were no distributions, the total return (which includes both price changes and cash payments) is the same as the price return for these periods.

To put the one-year growth in perspective, if you had invested $10,000 in this ETF roughly one year ago at the estimated price of $7.78, your investment would be worth approximately $18,252 based on the price return alone. However, it is important to note that the five-year total return is -61.52%.

Income and distribution explanation

BDRY does not currently pay out cash to investors. The distribution yield is 0%, and no distributions were detected over the last 12 months. For investors who rely on an ETF for regular income, this fund does not provide that.

NAV erosion explanation

"NAV erosion" happens when the net asset value of a fund declines over time, often meaning the fund is losing its underlying value. BDRY has an erosion-risk score of 100, and the erosion severity is labeled as "good." The severe erosion-risk flag is false, meaning no significant price erosion was detected by the screening rules.

Top Holdings

As of October 7, 2026, the fund's portfolio includes:

• Other Assets and Liabilities: 87.07%

• Panamax 5TC FFA (July 26): 46.3%

• KT Future Sept 26: 20.9%

• KT Future July 26: 20.22%

• KT Future Aug 26: 17.88%

• Supramax 58 TC FFA (July 26): 12.91%

• Invesco Short-Term Inv Gov&Agency Instl: 7.38%

Pros

• Strong short-term and medium-term price returns (1-year and 3-year).

• No detected NAV erosion risk.

Cons

• No cash distributions or income for investors.

• Significant loss over a longer five-year period (-61.52% total return).

Beginner takeaway

BDRY is a fund that tracks the shipping industry. While it has had a very strong run over the last three years, it has struggled over a five-year window. It does not pay dividends, so any potential gain comes solely from the share price increasing.