# Amplify Commodity Trust > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/Amplify Commodity Trust). ## Overview 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. ## Products & services • Breakwave Dry Bulk Shipping ETF (BDRY) • Breakwave Tanker Shipping ETF (BWET) • Futures-based freight exposure via benchmark portfolios • NYSE Arca-listed commodity pool shares • Sponsor and commodity pool operator oversight - **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. - Breakwave Dry Bulk Shipping ETF (BDRY) - Breakwave Tanker Shipping ETF (BWET) - Exposure to dry bulk freight futures - Exposure to tanker shipping freight futures - Exchange-traded commodity pool shares - Benchmark portfolio rebalancing and fund administration - Sponsor-managed futures strategy implementation ## Customers The trust’s customers are investors who want liquid, exchange-traded exposure to shipping freight markets without owning physical vessels or trading futures directly. The primary buyers are retail and institutional investors using BDRY and BWET as tactical or portfolio-diversification tools. These investors are typically seeking a way to express a view on global trade flows, shipping capacity, and freight-rate volatility. The funds are also relevant to market participants who want a commodity-linked instrument that can be traded intraday on NYSE Arca. Demand is driven by the desire for specialized exposure rather than by operating cash flows from a conventional business. - **Retail ETF investors** (primary) — Buy BDRY or BWET for simple, exchange-traded access to shipping freight themes without managing futures positions directly. - **Institutional asset managers** (primary) — Use the funds for tactical exposure to dry bulk or tanker freight rates as part of macro, commodity, or alternatives portfolios. - **Trading and hedging users** (secondary) — Use the listed shares to express short-term views on freight markets or hedge shipping-related exposure. - Retail investors seeking tradable freight-rate exposure - Institutional investors using shipping as a tactical macro trade - Portfolio managers diversifying with non-correlated commodity exposure - Investors who want futures exposure without direct futures accounts - Market participants trading global trade and shipping cycle views - Users of NYSE Arca-listed ETFs for intraday liquidity ## Geography The trust is organized in Delaware and has its principal office in Lisle, Illinois, while the trustee is based in Wilmington, Delaware. Its funds trade on NYSE Arca in the United States, and the sponsor is a U.S.-based registered commodity pool operator. Although the underlying freight benchmarks reflect global shipping markets, the trust’s legal domicile, administration, and listing venue are all U.S.-centered. The business is therefore operationally domestic but economically exposed to international shipping routes, port conditions, and global trade disruptions. Regulatory risk is also concentrated in the United States because the funds operate under CFTC and NFA oversight. - **United States** (100%) — Legal domicile, sponsor operations, listing venue, and regulatory base are U.S.-centered. - 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 ## Strategy The trust’s strategy is to provide investors with targeted freight-market exposure through futures-based benchmark portfolios rather than physical shipping assets. BDRY and BWET are designed to track daily changes in dry bulk and tanker freight futures, giving the funds a clear and narrow investment mandate. The sponsor’s role is to manage the funds, maintain the benchmark portfolios, and control operational and regulatory compliance. The 2024 sponsor transition to Amplify Investments LLC suggests a focus on continuity of the product lineup and stewardship of the existing ETF platform. Because the funds are passive and rules-based, strategy is centered on maintaining tracking effectiveness, liquidity, and investor access to niche shipping themes. - **Maintain product continuity after sponsor transition** (short-term) — The trust depends on stable sponsorship and operational control to preserve investor confidence and fund continuity. - **Preserve benchmark tracking and liquidity** (medium-term) — The funds are designed to deliver daily freight exposure, so tracking quality and tradability are central to the value proposition. - **Maintain regulatory compliance** (ongoing) — As commodity pools, the funds rely on CFTC and NFA registration and ongoing compliance to operate and market the products. - Maintain futures-based exposure to freight-rate movements - Preserve the BDRY and BWET ETF product platform - Track benchmark portfolios with annual rebalancing - Support intraday liquidity on NYSE Arca - Manage commodity pool compliance and sponsor oversight - Keep implementation focused on shipping market exposure, not physical assets ## Risks The trust is exposed to sharp volatility in freight futures, which can cause large swings in fund performance because the products are designed to track daily changes in shipping rates. Regulatory risk is material because commodity pools and futures markets are subject to CFTC, NFA, and exchange rule changes that could alter leverage, margin, position limits, or the ability to implement the strategy. The funds also face counterparty, clearing, and margin risk through futures execution and clearing arrangements, even though the sponsor seeks to mitigate these exposures by using creditworthy counterparties and limiting posted margin. Because the underlying markets are global, geopolitical disruptions, port delays, weather, and trade flows can move rates abruptly and create tracking and liquidity stress. As exchange-traded commodity products, the funds are also sensitive to investor sentiment and market liquidity, which can widen spreads or amplify NAV-versus-market-price dislocations. - **Freight-rate and futures-market volatility** [high] — The funds are designed to track daily changes in shipping freight futures, so performance is directly tied to highly cyclical and volatile benchmark markets. - **Regulatory change in commodity markets** [high] — 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. - **Counterparty and clearing risk** [medium] — The funds rely on futures commission merchants and clearing arrangements, creating exposure to counterparty credit and operational failures. - **Global shipping disruption and geopolitical risk** [high] — Port congestion, weather, geopolitical turmoil, and trade disruptions can materially affect dry bulk and tanker freight rates. - Freight futures volatility can drive large NAV swings - CFTC/NFA rule changes could restrict strategy implementation - Counterparty and clearing risk exists in futures execution - Margin requirements can rise quickly in stressed markets - Global shipping disruptions can move benchmark rates abruptly - ETF market price may diverge from NAV during volatility ## Accounting The most important accounting issue is fair value measurement of futures contracts and money market holdings, because these instruments drive reported NAV and period-to-period results. The funds also experience meaningful quarter-to-quarter fluctuations in share price and NAV as freight markets move, which makes interim results less comparable than those of operating businesses. Expense caps and fee waivers can affect reported operating expenses, so investors should watch whether sponsor support is temporary or recurring. Because the funds are commodity pools with derivative exposure, margin deposits, realized and unrealized gains and losses, and settlement timing can materially affect reported performance. The reports also indicate that there were no material estimates with a significant level of estimation uncertainty, but fair value judgments remain central to the financial statements. - **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 - Fair value accounting for futures contracts drives NAV - Realized and unrealized gains/losses can dominate reported results - Margin deposits affect liquidity and cash usage - Expense caps and fee waivers reduce reported operating costs - Quarterly results can be highly volatile and hard to compare - Money market fund holdings are part of the liquidity and valuation base --- *Last updated: 2026-08-11T04:46:20.854199+00:00*