Freight-rate and futures-market volatility
The funds are designed to track daily changes in shipping freight futures, so performance is directly tied to highly cyclical and volatile benchmark markets.
- Scope
- BDRY and BWET
- Materiality
- high
Amplify Commodity Trust
Amplify Commodity Trust is a Delaware statutory trust that issues exchange-traded commodity pool funds rather than operating a traditional operating business. The trust currently consists of two series, Breakwave Dry Bulk Shipping ETF (BDRY) and Breakwave Tanker Shipping ETF (BWET), both listed on NYSE Arca. Its funds are designed to give investors exposure to freight-rate movements through futures-based benchmark portfolios tied to dry bulk and tanker shipping markets. In 2024, the sponsor role transferred from ETF Managers Capital LLC to Amplify Investments LLC, and the trust was renamed accordingly. The structure is built around passive exposure, daily trading liquidity, and futures-based implementation rather than owning ships or running shipping operations.
| % | |
|---|---|
| Exchange-traded freight exposure | 100% ETF shares designed to track freight-rate movements through futures contracts tied to shipping markets. |
| Dry bulk shipping strategy | 50% BDRY provides exposure to the daily change in dry bulk freight futures through a benchmark portfolio. |
| Tanker shipping strategy | 50% BWET provides exposure to tanker freight futures through a separate benchmark portfolio. |
The trust’s customers are investors who want liquid, exchange-traded exposure to shipping freight markets without...
- Retail ETF investorsprimary
Buy BDRY or BWET for simple, exchange-traded access to shipping freight themes without managing futures positions directly.
- Institutional asset managersprimary
Use the funds for tactical exposure to dry bulk or tanker freight rates as part of macro, commodity, or alternatives portfolios.
- Trading and hedging userssecondary
Use the listed shares to express short-term views on freight markets or hedge shipping-related exposure.
The trust is organized in Delaware and has its principal office in Lisle, Illinois, while the trustee is based in...
- •Delaware statutory trust structure and U.S. legal domicile
- •Principal office in Lisle, Illinois
- •Trustee in Wilmington, Delaware
- •NYSE Arca listing in the United States
- •Economic exposure to global shipping lanes and ports
- •U.S. CFTC and NFA regulatory oversight
The trust’s strategy is to provide investors with targeted freight-market exposure through futures-based benchmark...
01
Maintain product continuity after sponsor transitionshort-term
The trust depends on stable sponsorship and operational control to preserve investor confidence and fund continuity.
02
Preserve benchmark tracking and liquiditymedium-term
The funds are designed to deliver daily freight exposure, so tracking quality and tradability are central to the value proposition.
03
Maintain regulatory compliance
As commodity pools, the funds rely on CFTC and NFA registration and ongoing compliance to operate and market the products.
The trust is exposed to sharp volatility in freight futures, which can cause large swings in fund performance because...
Regulatory change in commodity markets
The trust operates as a commodity pool under CEA/CFTC oversight, and changes to position limits, margin rules, or trading rules could affect the strategy.
- Scope
- U.S. futures and commodity pool regulation
- Materiality
- high
Global shipping disruption and geopolitical risk
Port congestion, weather, geopolitical turmoil, and trade disruptions can materially affect dry bulk and tanker freight rates.
- Scope
- Global shipping routes and ports
- Materiality
- high
Counterparty and clearing risk
The funds rely on futures commission merchants and clearing arrangements, creating exposure to counterparty credit and operational failures.
- Scope
- Futures clearing and margining
- Materiality
- medium
Fair value measurement of futures contracts
Primary driver of reported performance
Realized and unrealized gains/losses on derivatives
Can create large quarterly volatility
Expense caps and fee waivers
Influences reported operating expense burden
Margin and liquidity management
Affects cash flow and liquidity profile
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