At a glance
BDRY charges 0.15% a year, below the 0.66% average of the 7 funds most like it (the cheapest of 7). It has $62.2M in assets, the 8th largest of that group. Over the past year it returned +57.7% with distributions reinvested (S&P 500: +11.5%), 2nd of those 8 funds; over three years it returned +35.4% a year. At its worst it fell 40.8% in the 2020 crash (S&P 500: 33.7%) and 75.4% in the 2022 bear market (S&P 500: 24.5%).
The short version
Breakwave Dry Bulk Shipping ETF (BDRY) holds futures contracts on the cost of chartering dry bulk cargo ships. Those contracts are priced off daily indexes from London's Baltic Exchange. It is a commodity pool, not a regular ETF, and it sends investors a Schedule K-1 tax form. It gives direct exposure to shipping rates, and its price swings hard: it gained 283% in 2021 and lost 69% in 2022.
Price history
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BDRY +57.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BDRY price data to Oct 27, 2026 | +43.3% | +57.7% | +35.4% | -15.7% | — | -7.9% |
- Over the year to Oct 27, 2026, BDRY returned +57.7%, 2nd of 8 among similar funds.
- Its 5-year annualized return was -15.7%.
- In the 2020 COVID crash it fell 40.8% and regained its old high 3.6 months after the low.
- Its worst full calendar year was 2022 (-68.8%); its best was 2021 (+283.0%).
- The deepest fall in its price history was 89.2% (Oct 6, 2021 to Jul 19, 2023), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +43.3% |
| 2025 | +44.2% |
| 2024 | -47.4% |
| 2023 | +25.8% |
| 2022 | -68.8% |
| 2021 | +283.0% |
| 2020 | -50.2% |
| 2019 | -15.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.9% over that stretch · deepest drop along the way 40.8%, back to its old high 3.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 68.9% over that stretch · deepest drop along the way 75.4%, not recovered by the end of the data |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself. As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
BDRY tracks the BDRY Benchmark Portfolio, a basket of freight futures built and maintained by Breakwave Advisors. Breakwave is also the fund's commodity trading advisor. Amplify Investments took over as sponsor in February 2024. A freight future is a contract that settles in cash against a Baltic Exchange index of what it costs to charter a ship of a given size. The portfolio only bets on rates rising (long-only) and uses fixed weights: 50% Capesize (the largest ships), 40% Panamax and 10% Supramax. These weights are reset once a year.
The fund holds a "three-month strip": contracts for each month of the nearest calendar quarter. As of June 30, 2026, it held July, August and September 2026 contracts. The largest was the September Capesize contract, worth about $5.5 million. The fund holds contracts until they settle. During each quarter it gradually moves into the next quarter's strip. This rolling keeps exposure steady, but price gaps between contracts can add to or take from returns.
A futures position needs only a deposit, called margin, of roughly 10% to 40% of its value. The rest of the money sits in cash or short-term US Treasuries, which can earn interest. The fund does not use swaps or other contracts that aren't cleared through an exchange. It may hold exchange-traded options on freight futures.
What it really costs
- BDRY charges 0.15% a year, versus an average of 0.66% for the similar funds below (1st of 7, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
BDRY gives concentrated exposure to one volatile market, shipping freight rates, so it fits only as a small add-on to a broader portfolio.
BDRY adds something most stock and bond portfolios lack: exposure to global dry bulk shipping rates. Its one-year beta, a measure of how closely it moves with the stock market, was 0.22 as of October 27, 2026. That means it moved only loosely with stocks. It launched in 2018, so it has no record from 2008. In the 2020 COVID crash it fell 40.8%, then recovered in about 3.6 months. In 2022 it dropped 75.4% between January and August, and its loss for that calendar year was 68.8%. Its deepest decline was 89.2%, from October 2021 to July 2023, and it had not recovered as of October 27, 2026. Anyone who has to sell in a bad year could lock in heavy losses. It has recorded no distributions. Its 0.15% sponsor fee doesn't include brokerage and other costs. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, direct position in dry bulk freight rates instead of shipping stocks, and can accept swings like +283% in 2021.
- Investors looking for something loosely tied to stocks: BDRY's one-year beta was 0.22 as of October 27, 2026.
- Hands-on investors comfortable with futures rolling, a Schedule K-1 at tax time and a small fund of about $62 million.
Look elsewhere if
- Retirees who need income: BDRY has recorded no distributions, and its price can fall sharply just when cash is needed.
- Anyone who can't wait out deep losses: its 89.2% drop from October 2021 to July 2023 had not recovered by October 27, 2026.
- Investors who want broad commodity exposure: funds such as DBC or PDBC spread across many commodities, while BDRY holds only freight futures.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| BDRY this fund | 0.15% | $62.2M | +57.7% | +35.4% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| PDBC Invesco Optimum Yield Diversified Commodity… | 0.59% | $4.90B | +53.4% | +14.8% |
| FTGC First Trust Global Tactical Commodity Strat… | 1.02% | $2.50B | +37.4% | +16.9% |
| BCI abrdn Bloomberg All Commodity Strategy K-1 … | 0.26% | $1.40B | +37.6% | +14.9% |
| DBC Invesco DB Commodity Index Tracking Fund | 0.85% | $1.30B | +52.2% | +15.3% |
| GSG iShares S&P GSCI Commodity-Indexed Trust | 0.75% | $1.10B | +59.6% | +18.7% |
| COMT iShares U.S. ETF Trust iShares GSCI Commodi… | 0.48% | $683.2M | +54.4% | +17.0% |
Questions investors ask
Is BDRY a good investment for retirement?
BDRY is a high-risk fund that fits, at most, a small slice of a retirement portfolio. Its worst calendar year was 2022, when it lost 68.8%. Its deepest drop, 89.2% from October 2021 to July 2023, had not recovered as of October 27, 2026. It pays no income. It has had strong stretches, gaining 57.7% in the year to October 27, 2026, but it also lost 57% over the five years to that date.
Does BDRY pay a dividend?
No. BDRY has recorded no distributions. Its return comes only from changes in the price of its freight futures, plus interest on the cash and Treasuries backing them. Because it is taxed as a partnership, holders may owe tax on their share of its gains each year even though they get no cash. That matters for anyone who relies on a portfolio for spending money.
What's the difference between BDRY and BWET?
Both are Breakwave funds in the Amplify Commodity Trust, but they track different kinds of ships. BDRY holds dry bulk freight futures: 50% Capesize, 40% Panamax and 10% Supramax. BWET launched on May 3, 2023, and holds crude oil tanker freight futures. It puts 90% on the TD3C route from the Middle East Gulf to China and 10% on TD20, from West Africa to the European continent. Both are commodity pools that hold three-month futures strips and rebalance once a year.
Why does BDRY send a K-1 instead of a 1099?
BDRY sends a Schedule K-1 because it is a commodity pool taxed as a partnership, not a regular fund. Each year, investors report their share of its gains and losses, even if they sold no shares. K-1s can also arrive later than 1099s. BDRY is not registered under the Investment Company Act of 1940, so it lacks some protections that apply to ordinary mutual funds and ETFs.
What is BDRY's expense ratio?
BDRY's annual 10-K lists a fee of 0.15% paid to the sponsor, Amplify Investments. That is below the 0.66% average of the funds it was compared with, a group of broad commodity funds and a gold trust. The fee is not the full cost, though. The fund also pays brokerage commissions and other expenses. Rolling expiring futures into later contracts can also add to or take from returns.