Breakwave Tanker Shipping ETF starts trading on the New York Stock Exchange
Breakwave Advisors in partnership with ETF Managers Group LLC, announced that the Breakwave Tanker Shipping ETF will begin trading today on the New York Stock Exchange, according to the company's release. BWET is the world’s first ETF designed to provide long exposure to the crude oil tanker shipping market through a portfolio of near-dated futures contracts on indices that measure the cost of shipping crude oil.
BWET provides investors with direct exposure to crude oil freight futures with the simplicity of trading an ETF.
BWET will hold crude oil tanker futures contracts 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 three-month strip while existing positions are maintained and settle in cash. The initial tanker crude oil freight futures allocation will be 90% Very Large Crude Carriers (VLCC) contracts and 10% Suezmax contracts, rebalancing annually.
ETFMG is a provider of exchange-traded funds (ETFs), founded in 2014 with a vision of developing innovative thematic ETFs that provide investors unique exposure to new markets. Today, the ETFMG fund lineup provides access to a diverse collection of global themes and is comprised of 75% first-to-market products.
Breakwave Advisors is registered as a Commodity Trading Advisor with the NFA, founded in 2017 and based in New York City. The advisor specializes in Shipping and Freight investments and is the CTA for the Breakwave Dry Bulk Shipping ETF as well as the Breakwave Tanker Shipping ETF.
