At a glance
BOAT charges 0.69% a year, above the 0.6% average of the 1 funds most like it. It has $67.0M in assets; it paid 5.85% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +80.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +35.3% a year. At its worst it fell 31.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 46.5% of the fund, out of 51 in all.
The short version
SonicShares Global Shipping ETF (BOAT) is an index fund that tracks the Solactive Global Shipping Index. The index holds companies worldwide that run container ships, dry bulk carriers, oil tankers and gas carriers. It stands out for its income: the trailing 12-month yield was 5.85% as of October 27, 2026, paid quarterly. Its 0.69% expense ratio is higher than the 0.60% charged by its closest match.
Price history
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BOAT +80.2% 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 | |
|---|---|---|---|---|---|---|
| BOAT official prospectus, to Dec 31, 2025 | — | +22.59% | — | — | — | +17.97% |
| BOAT price data to Oct 27, 2026 | +73.9% | +80.2% | +35.3% | +27.5% | — | +27.6% |
- Over the year to Oct 27, 2026, BOAT returned +80.2%.
- Its 5-year annualized return was +27.5%.
- Its worst full calendar year was 2024 (+5.9%); its best was 2023 (+24.5%).
- The deepest fall in its price history was 33.9% (Jun 3, 2024 to Apr 8, 2025), recovered by Sep 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +73.9% | — |
| 2025 | +22.8% | +22.59% |
| 2024 | +5.9% | +5.41% |
| 2023 | +24.5% | +25.20% |
| 2022 | +6.3% | +6.09% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.3% over that stretch · deepest drop along the way 31.1%, back to its old high 14.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2000 | |
| 2025 | $2.5500 | -34.3% |
| 2024 | $3.8800 | -5.1% |
| 2023 | $4.0900 | +8.5% |
| 2022 | $3.7700 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 46.48% of assets. It also reported 14.19% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Frontline PLC | 5.33% | |
| HMM Co Ltd | 4.95% | |
| Kawasaki Kisen Kaisha Ltd | 4.95% | |
| Mitsui OSK Lines Ltd | 4.85% | |
| SITC International Holdings Co | 4.75% | |
| OOIL | 4.72% | |
| AP Moller - Maersk A/S | 4.48% | |
| Matson Inc | 4.30% | |
| International Seaways Inc | 4.08% | |
| Wallenius Wilhelmsen ASA | 4.07% | |
| Hapag-Lloyd AG | 3.87% | |
| COSCO SHIPPING Holdings Co Ltd | 3.86% | |
| Scorpio Tankers Inc | 3.86% | |
| Hafnia Ltd | 3.73% | |
| CMB Tech NV | 3.34% |
By country
Norway 13.72%Hong Kong 11.71%United States 11.11%Japan 10.42%South Korea 6.19%By asset type
Stocks 98.15%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $9.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.41%, -2.26%, -4.08%.
How it works
BOAT is passively managed. It tries to match the Solactive Global Shipping Index, before fees. Solactive AG built the index in 2021 and runs it. To qualify, a company must be listed in the US, Japan, Norway, Hong Kong, South Korea, the European Union or one of several other markets. Depositary receipts also count. These are certificates that let foreign shares trade on other exchanges. A company must also be worth at least $250 million and trade at least $1 million a day on average over three months. It must earn 50% or more of its revenue from carrying goods by sea: containers, dry bulk such as coal, iron ore and grain, crude oil, liquefied natural gas or refined fuels.
The index is rebuilt twice a year, in June and December. At each rebuild, the eight largest companies by market value get 5% each. The rest are weighted by size and trading volume, with no company above 4%. Between rebuilds, the weights drift with prices. A company is dropped if its market value falls below $125 million. As of June 30, 2026, the index had 51 components.
The fund usually buys every stock in the index, but it may hold a representative sample when that is more practical. At least 80% of its net assets must be in shipping companies. It held no derivatives as of June 30, 2026, and it uses no leverage. Portfolio turnover was 25%, according to the prospectus.
What it really costs
- BOAT charges 0.69% a year, versus an average of 0.6% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $70 in the first year and $859 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BOAT | $70 | $221 | $384 | $859 |
In a retirement portfolio
BOAT is a single-industry fund tied to freight cycles, so it fits better as a small add-on than as a foundation.
BOAT could add concentrated exposure to global sea trade, plus sizable income. The trailing yield was 5.85% as of October 27, 2026, paid quarterly. Shipping payouts can swing with freight rates. The fund launched in August 2021, so it has no record through the 2008 or 2020 crashes. In the 2022 bear market, it fell 31.1% between May and September 2022 and did not recover until December 2023. Its deepest drop was 33.9%, from June 2024 to April 2025, and it recovered by September 2025. Every calendar year from 2022 through 2025 ended positive. Still, anyone forced to sell near a low point would have locked in deep losses. It costs 0.69% a year, or $70 on $10,000 in the first year under the SEC's standard example. Past results don't predict future returns, 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, deliberate bet on global sea freight, spread across container lines, tankers and dry bulk carriers.
- Income seekers comfortable with uneven payouts. The trailing yield was 5.85% as of October 27, 2026, paid quarterly.
- Those wanting non-US stocks. As of June 30, 2026, Norway (13.7%), Hong Kong (11.7%) and Japan (10.4%) were the largest country weights.
Look elsewhere if
- Investors who need steady value. BOAT fell 33.9% between June 2024 and April 2025, and 31.1% in mid-2022.
- Cost-focused investors. BOAT's 0.69% expense ratio is above the 0.60% charged by SEA, its closest match by holdings.
- Those who want a long track record. The fund launched in August 2021 and has no history through the 2008 or 2020 crashes.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BOAT this fund | — | 0.69% | $67.0M | +80.2% | +35.3% |
| SEA U.S. Global Sea to Sky Cargo ETF | 35% | 0.6% | $17.5M | +53.3% | +25.9% |
Questions investors ask
Does BOAT pay dividends?
Yes. BOAT pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $3.05 per share, a trailing yield of 5.85%. That income comes from the shipping companies it holds. Their profits rise and fall with freight rates, so the payouts can change a lot from one year to the next. Because most holdings are outside the US, currency moves can also affect what shareholders receive.
What is BOAT's expense ratio?
BOAT's expense ratio is 0.69%, according to its prospectus filed July 27, 2026. Under the SEC's standard example ($10,000 invested, a 5% annual return, shares sold at the end), total costs would be about $70 after one year, $221 after three years, $384 after five years and $859 after ten years. That is more than the 0.60% charged by SEA, the most similar fund by holdings.
What's the difference between BOAT and SEA?
Both funds invest in shipping companies, and about 35% of their holdings overlap. BOAT tracks the Solactive Global Shipping Index and charges 0.69%. The U.S. Global Sea to Sky Cargo ETF (SEA) charges 0.60%. BOAT is larger, with $67.0 million in net assets as of June 30, 2026, against $17.5 million for SEA. Over the year to October 27, 2026, BOAT returned 80.2% and SEA returned 53.3%.
What stocks are in BOAT?
BOAT held 51 shipping companies as of June 30, 2026. The largest were Frontline (5.3%), HMM (5.0%), Kawasaki Kisen Kaisha (4.9%), Mitsui OSK Lines (4.8%), SITC International (4.8%), Orient Overseas (4.7%), A.P. Moller-Maersk (4.5%) and Matson (4.3%). The ten largest made up 46.5% of the fund. Its biggest country weights were Norway, Hong Kong, the United States and Japan.
How has BOAT performed since it launched?
BOAT has posted positive results each full calendar year so far, but with large swings. As of December 31, 2025, it returned 22.59% over one year and an average of 17.97% a year since its August 2021 launch. Calendar-year returns were 6.09% in 2022, 25.2% in 2023 and 5.41% in 2024. Its worst quarter lost 15.28%, at the end of 2024. Through October 27, 2026, it was up 73.9% for the year to date.