What are shipping ETFs?
Shipping companies own and run the ships that carry oil, containers, cars and raw materials worldwide. Three US-listed ETFs focus on the industry. Two of them, BOAT and SEA, own shares in shipping companies. Six stocks appear in both: SITC International Holdings, OOIL, International Seaways, Wallenius Wilhelmsen, COSCO SHIPPING Holdings and Scorpio Tankers. Each has a typical weight of about 4% to 5%.
The two stock funds follow different indexes. BOAT is the SonicShares Global Shipping ETF from Tidal Financial Group. It tracks the Solactive Global Shipping Index and holds 51 stocks. Frontline is its largest holding at 5.33%, followed by HMM, Kawasaki Kisen Kaisha and Mitsui OSK Lines. SEA is the U.S. Global Sea to Sky Cargo ETF from US Global Investors. It tracks the U.S. Global Sea to Sky Cargo Index and holds 29 stocks, led by DHT Holdings at 5.12%. Both are index funds, and neither leans heavily on one stock. The top 10 holdings make up about 46% of BOAT and 45% of SEA.
BDRY, the Breakwave Dry Bulk Shipping ETF from Amplify, is a different kind of fund. It is a commodity pool, meaning it holds futures contracts instead of company shares, and it has just 3 holdings. Dry bulk ships carry loose cargo such as grain, coal and iron ore. BDRY's price follows the futures it owns, not company profits. None of the three funds uses leverage, inverse bets or options.
Expense ratios are the yearly fees taken from fund assets. They run from 0.15% for BDRY to 0.69% for BOAT, with SEA at 0.60%, which is also the median. BDRY's listed figure may not include every cost of trading futures. The group is small, with about $147 million in total: roughly $67 million in BOAT, $62.2 million in BDRY and $17.5 million in SEA. BOAT and BDRY hold most of the money.
Shipping ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 2 biggest shipping ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| SITC International Holdings Co | 2 of 2 | 4.75% |
| Ooil | 2 of 2 | 4.72% |
| International Seaways Inc | 2 of 2 | 4.08% |
| Wallenius Wilhelmsen ASA | 2 of 2 | 4.07% |
| COSCO SHIPPING Holdings Co Ltd | 2 of 2 | 3.86% |
| Scorpio Tankers Inc | 2 of 2 | 3.75% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest shipping ETFs, side by side
Swipe the table to see all 3 funds.
| BOAT | BDRY | SEA | |
|---|---|---|---|
| Net assets | $67.0M | $62.2M | $17.5M |
| Expense ratio | 0.69% | 0.15% | 0.6% |
| Holdings | 51 | 3 | 29 |
| In the 10 largest | 46.48% | — | 45.41% |
| Biggest holding | Frontline PLC (5.33%) | — | DHT Holdings Inc (5.12%) |
| Yield | 5.85% | — | 4.56% |
| 1-year return | +80.2% | +57.7% | +53.3% |
| 3 years, a year | +35.3% | +35.4% | +25.9% |
| 5 years, a year | +27.5% | -15.7% | — |
| Worst drop, past year | -10.9% | -26.1% | -8.0% |
| Launched | 2021 | 2018 | 2022 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
BOAT vs BDRY
BOAT and BDRY are the two largest shipping ETFs, but they own different things. BOAT holds 51 stocks, with 46.48% in its top 10. Frontline is its largest holding at 5.33%. BDRY is a commodity pool that holds futures. It has 3 holdings and none of BOAT's stocks. BDRY's listed expense ratio is 0.15%, against 0.69% for BOAT. As of October 27, 2026, BOAT returned 80.2% over one year, and its worst drop was 10.9%. BDRY returned 57.7% but fell as much as 26.1%. BOAT may suit investors who want company shares and dividends. BDRY may suit those who want futures-based exposure to dry bulk shipping.
BOAT vs SEA
BOAT and SEA both track indexes of shipping stocks. They share 14 holdings, worth 35.2% of assets, including COSCO SHIPPING Holdings and Scorpio Tankers. BOAT is broader, with 51 holdings to SEA's 29. Even so, both keep about 45% to 46% in their top 10. Frontline leads BOAT at 5.33%, and DHT Holdings leads SEA at 5.12%. SEA costs 0.60% a year and BOAT 0.69%. As of October 27, 2026, BOAT returned 80.2% over one year to SEA's 53.3%. SEA's worst drop was smaller: 8% against 10.9%. BOAT may suit investors who want a wider basket, and SEA those who want a shorter list.
How much do the largest shipping ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
From each fund’s full holdings in its latest N-PORT report.
How have shipping ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
How shipping ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| BOAT | not yet launched | not yet launched | -10.3% |
| BDRY | not yet launched | -36.9% | -68.9% |
| SEA | not yet launched | not yet launched | not yet launched |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives shipping ETFs?
Shipping profits rise and fall with freight rates, the price of moving cargo by sea. Rates depend on how much the world needs to ship, from oil and grain to iron ore and consumer goods. They also depend on how many ships are available. New ships take years to build. A jump in demand can send rates soaring, and a wave of new ships can sink them. Fuel costs, trade disputes, tariffs, blocked sea routes, emissions rules and interest rates on ship loans also matter. BOAT's index is global, so currency moves affect its returns too.
These swings show up in the funds' history. In the 2020 COVID crash, BDRY fell 36.9%. That was a little more than the 33.7% drop in the S&P 500, an index of large US companies. A bear market is a long, deep fall in prices. In the 2022 bear market, BDRY lost 68.9% while the S&P 500 fell 24.5%. BOAT fell just 10.3%. BDRY's futures and shipping stocks don't always move together, or with the wider market. SEA launched in January 2022 and has no comparable figure. None of the three existed in the 2008 financial crisis, when the S&P 500 fell 55.2%.
Shipping ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | BDRY Breakwave Dry Bulk Shipping ETF | 0.15% | $15 a year | $62.2M |
| 2 | SEA U.S. Global Sea to Sky Cargo ETF | 0.6% | $60 a year | $17.5M |
| 3 | BOAT SonicShares Global Shipping ETF | 0.69% | $69 a year | $67.0M |
Ordinary funds with at least $10 million in net assets. The median ordinary shipping ETF charges 0.6% a year; leveraged and inverse funds usually charge more.
Do shipping ETFs pay dividends?
2 of the 3 ordinary shipping ETFs with a page here paid distributions over the last 12 months, with a median yield of 4.56%.
| Highest yields | Yield | Net assets |
|---|---|---|
| BOAT SonicShares Global Shipping ETF | 5.85% | $67.0M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a shipping ETF
- Shipping stocks or dry bulk futures. BOAT and SEA own shares in shipping companies, so their returns reflect company profits and dividends. BDRY is a commodity pool holding futures. Its price follows futures tied to dry bulk shipping, and it can swing much harder.
- What each fund charges. BDRY's listed expense ratio, the yearly fee taken from fund assets, is 0.15%. SEA charges 0.60% and BOAT 0.69%. Futures funds can have trading costs outside that figure, so the gap may be narrower than it looks.
- How many holdings, how concentrated. BOAT holds 51 stocks and SEA holds 29. Even so, their top 10 holdings make up a similar 46.48% and 45.41%. BDRY has just 3 holdings. More holdings mean less riding on any single company.
- Which index picks the stocks. BOAT follows the Solactive Global Shipping Index. SEA follows the U.S. Global Sea to Sky Cargo Index. The funds share 14 stocks worth 35.2% of assets, so each still owns many stocks the other lacks.
- Dividend income. As of October 27, 2026, BOAT yielded 5.85% and SEA 4.56%. BDRY lists no yield, and the futures it holds pay no dividends. Shipping dividends tend to rise and fall with profits, so past yields may not repeat.
- Fund size and track record. BOAT holds about $67 million, BDRY $62.2 million and SEA $17.5 million. BDRY launched in March 2018, BOAT in August 2021 and SEA in January 2022. Small funds may cost more to trade and are likelier to close.
What are the risks of shipping ETFs?
- Boom-and-bust freight cycles. Shipping profits swing with freight rates. In the 2022 bear market, BDRY lost 68.9%, against 24.5% for the S&P 500. As of October 27, 2026, BDRY's five-year return was -15.7%, despite a 57.7% one-year gain.
- BDRY's futures structure. BDRY is a commodity pool. Its returns follow futures prices and the cost of replacing expiring contracts, not company profits. In the year to October 27, 2026, its volatility (a measure of price swings) was 39.9%, against 21.9% for BOAT.
- Heavy weight in a few companies. BOAT's top 10 holdings make up 46.48% of the fund, and SEA's make up 45.41%. The two share 14 stocks, including COSCO SHIPPING Holdings and Scorpio Tankers, so trouble at a few companies can hit both.
- Trade politics and currencies. BOAT tracks a global index, so currency moves can add to or subtract from returns. Shipping companies also face tariffs, sanctions and closed sea routes, which can quickly change cargo volumes and profits.
- Very small funds. The three funds hold about $147 million combined, and SEA holds only $17.5 million. Small ETFs can cost more to trade. Funds that fail to attract money are sometimes closed, returning cash at an inconvenient time.
List of all shipping ETFs, by size
Questions investors ask about shipping ETFs
Is there a shipping ETF?
Yes. Three US-listed ETFs focus on shipping. They are the SonicShares Global Shipping ETF (BOAT) from Tidal Financial Group, the Breakwave Dry Bulk Shipping ETF (BDRY) from Amplify and the U.S. Global Sea to Sky Cargo ETF (SEA) from US Global Investors. BOAT and SEA own shipping company stocks. BDRY is a commodity pool that holds futures. None of the three comes from Vanguard.
What is the largest shipping ETF?
BOAT, the SonicShares Global Shipping ETF, is the largest, with about $67 million in net assets. BDRY is close behind at $62.2 million, and SEA is much smaller at $17.5 million. Together the three hold about $147 million, which is small for ETFs. BOAT tracks the Solactive Global Shipping Index and holds 51 stocks. Frontline is its largest holding at 5.33%.
What is the cheapest shipping ETF?
BDRY has the lowest listed expense ratio, the yearly fee taken from fund assets: 0.15%. Between the two stock funds, SEA charges 0.60% and BOAT 0.69%. BDRY is a commodity pool that holds futures. Its expense ratio may not include every cost of trading those contracts, so its prospectus is worth reading before comparing it directly with BOAT or SEA.
BOAT vs BDRY: what's the difference?
BOAT owns 51 shipping company stocks and tracks the Solactive Global Shipping Index. BDRY is a commodity pool with 3 holdings, built on futures instead of company shares. BOAT charges 0.69% a year, and BDRY lists 0.15%. As of October 27, 2026, BOAT returned 80.2% over one year, with a worst drop of 10.9%. BDRY returned 57.7% and fell as much as 26.1%. Over five years, BOAT returned 27.5% and BDRY -15.7%. BOAT yielded 5.85%, and BDRY lists no yield.
Do shipping ETFs pay dividends?
Two of the three do. As of October 27, 2026, BOAT had a yield of 5.85% and SEA 4.56%. Both pass on dividends from the shipping companies they own. BDRY lists no yield because it is a commodity pool holding futures, which pay no dividends. Shipping company dividends often rise and fall with freight rates and profits, so a high yield in a strong period may not last.
Which ETFs hold COSCO SHIPPING?
BOAT and SEA both hold COSCO SHIPPING Holdings, with a median weight of 3.86% across the two. In SEA it is among the five largest holdings, at 4.89%. The two funds also share SITC International Holdings, OOIL, International Seaways, Wallenius Wilhelmsen and Scorpio Tankers. BDRY does not hold COSCO or any other company stock, because it is a commodity pool that holds futures.
Is there a tanker shipping ETF?
No US-listed shipping ETF focuses only on tankers. BOAT and SEA hold tanker companies as part of wider shipping portfolios. For example, both own Scorpio Tankers, with a median weight of 3.75%. BOAT's largest holding is Frontline, at 5.33%, and SEA's is DHT Holdings, at 5.12%. BDRY covers dry bulk shipping through futures instead of stocks. Dry bulk ships carry loose cargo such as grain, coal and iron ore.
How can I invest in shipping futures through an ETF?
Among US-listed shipping ETFs, BDRY is the one built on futures. It is the Breakwave Dry Bulk Shipping ETF from Amplify. As a commodity pool, it holds futures contracts instead of stocks, but it trades on an exchange like other ETFs. Futures expire, so the fund keeps replacing them, which can help or hurt returns. BDRY fell 68.9% in the 2022 bear market. Commodity pools can also bring different tax forms, such as a Schedule K-1.
Is there a Vanguard, Fidelity or Schwab shipping ETF?
No. None of the three offers a shipping ETF. The largest shipping ETFs come from Tidal Financial Group (BOAT), Amplify (BDRY) and US Global Investors (SEA), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts.
