At a glance
SEA charges 0.6% a year. It has $17.5M in assets; it paid 4.56% of its price in distributions over the past 12 months, annual. Over the past year it returned +53.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +25.9% a year. Its ten largest positions make up 45.4% of the fund, out of 29 in all.
The short version
The U.S. Global Sea to Sky Cargo ETF (SEA) tracks an index of about 29 shipping, port, air freight and courier companies worldwide, designed by a subsidiary of its adviser, U.S. Global Investors. It fixes a 70/30 split between sea and air cargo, with China and Hong Kong among its largest country stakes, and paid 4.56% of its price over the 12 months to October 27, 2026, in one annual distribution.
Price history
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SEA +53.3% 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 | |
|---|---|---|---|---|---|---|
| SEA official prospectus, to Dec 31, 2025 | — | +17.37% | — | — | — | +4.10% |
| SEA price data to Oct 27, 2026 | +48.0% | +53.3% | +25.9% | — | — | +10.9% |
- Over the year to Oct 27, 2026, SEA returned +53.3%.
- Its worst full calendar year was 2024 (+2.2%); its best was 2023 (+19.1%).
- The deepest fall in its price history was 39.5% (Mar 18, 2022 to Nov 3, 2022), recovered by May 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +48.0% | — |
| 2025 | +16.8% | +17.37% |
| 2024 | +2.2% | +2.13% |
| 2023 | +19.1% | +19.09% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.9600 | -60.0% |
| 2024 | $2.4000 | +62.2% |
| 2023 | $1.4800 |
What's inside
As of Jun 30, 2026, the fund held 29 securities; the ten largest made up 45.41% of assets. It also reported 8.02% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| DHT Holdings Inc | 5.12% | |
| OOIL | 4.93% | |
| Wallenius Wilhelmsen ASA | 4.90% | |
| COSCO SHIPPING Holdings Co Ltd | 4.89% | |
| International Seaways Inc | 4.87% | |
| SITC International Holdings Co | 4.85% | |
| Kuehne + Nagel International A | 4.12% | |
| Global Ship Lease Inc | 4.03% | |
| Wan Hai Lines Ltd | 3.91% | |
| Hoegh Autoliners ASA | 3.80% | |
| Scorpio Tankers Inc | 3.75% | |
| Teekay Corp Ltd | 3.48% | |
| BW LPG Ltd | 3.38% | |
| Brambles Ltd | 3.26% | |
| Deutsche Post AG | 3.15% |
By country
China 14.16%United States 13.91%Hong Kong 9.78%Norway 8.7%Bermuda 8.6%By asset type
Stocks 98.02%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $434K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.97%, -2.18%, -4.07%.
How it works
SEA is a passive index fund: it aims to match the U.S. Global Sea to Sky Cargo Index, before fees, instead of relying on a manager's picks. U.S. Global Indices, LLC, a wholly owned subsidiary of the fund's adviser, U.S. Global Investors, built the index in 2021. To qualify, a company must be a listed marine shipping, port or harbor, or air freight and courier business in developed or emerging markets, worth at least $100 million, with a three-month average trading value of at least $5 million.
Every quarter, on the second Friday of March, June, September and December, the index re-scores companies on four factors: cash flow return on invested capital (cash generated per dollar invested), market value and earnings relative to share price, at 33% each, plus cash flow relative to price at 1%. Sea and port companies get 70% of the index: the top six get 5% each, the next seven 4% and the next six 2%, subject to minimum sizes. The top ten air freight and courier firms get 3% each.
Within each tier, a mid-sized shipper gets the same weight as a much larger one. The fund generally owns every index stock in about the same proportions. Its 124% portfolio turnover means it traded more than its whole portfolio's value in a year.
What it really costs
- SEA charges 0.6% a year.
- The fee includes a 1.72% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $2,523 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SEA | $61 | $559 | $1,083 | $2,523 |
In a retirement portfolio
SEA is a small, concentrated bet on one cyclical industry, with sizable stakes in China and Hong Kong, so it fits a minor add-on position rather than a foundation.
SEA launched January 20, 2022, so it missed the 2008 and 2020 crashes and the start of the 2022 bear market. It fell 39.5% from March 18 to November 3, 2022, and needed about 18 months from that low to regain its peak, on May 15, 2024. Its weakest full calendar year was 2024, a gain of about 2.1%, but the quarter ended December 31, 2024, lost 14.95%. Cashing out during a slump like 2022 would have locked in a steep loss.
Income came to 4.56% of the share price over the 12 months to October 27, 2026, paid once a year and tied to cyclical cargo-company profits. The 0.60% expense ratio relies on a fee waiver; the SEC's $10,000 example shows $61 in first-year costs but $2,523 over ten years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted slice of global shipping, ports and air cargo, with fixed 70/30 sea-and-air weights reset every quarter.
- Holders who can sit through swings like the 39.5% fall in 2022, which took about 18 months from the low to recover.
- Investors comfortable with a once-a-year payout: the trailing 12-month yield was 4.56% as of October 27, 2026.
Look elsewhere if
- Retirees relying on steady monthly or quarterly income, since SEA pays once a year and its payout depends on cyclical cargo profits.
- Investors wary of exposure to China, Hong Kong and Taiwan: they made up 14.2%, 9.8% and 5.6% of assets as of June 30, 2026.
- Those wanting a larger fund: net assets were $17.5 million as of June 30, 2026, and the 0.60% fee relies on a waiver.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does SEA ETF hold?
SEA holds shipping, port and air cargo companies around the world. As of June 30, 2026, it owned 29 stocks, and its top 10 made up 45.4% of assets. The largest were DHT Holdings (5.1%), Orient Overseas International (4.9%), Wallenius Wilhelmsen (4.9%), COSCO SHIPPING Holdings (4.9%), International Seaways (4.9%) and SITC International (4.9%). China (14.2%), the United States (13.9%) and Hong Kong (9.8%) were its largest country weights.
Does SEA pay monthly dividends?
No. SEA pays distributions once a year, not monthly or quarterly. Over the 12 months to October 27, 2026, it paid $0.96 per share, a trailing yield of 4.56%. The fund owns shipping and air cargo companies whose profits rise and fall with freight demand, so the size of the annual payment can change from one year to the next. Retirees who rely on regular cash flow would need to budget around a single yearly payment.
What is SEA's expense ratio?
SEA's net expense ratio is 0.60%, according to its prospectus filed April 24, 2026, which also lists a fee waiver of 1.72 percentage points. In the SEC's standard example, $10,000 earning 5% a year and cashed out at the end of each period would cost $61 after one year, $559 after three, $1,083 after five and $2,523 after ten. The example counts a waiver only for its promised term, so the jump after year one suggests costs could rise sharply if the waiver ends.
Is SEA a good ETF for retirement?
SEA is more of a small, higher-risk side position than a core retirement holding. It concentrates on one cyclical industry, holds sizable stakes in China and Hong Kong, and had just $17.5 million in net assets as of June 30, 2026; very small funds can face a higher risk of closing. It fell 39.5% in 2022 and took about 18 months from its low to recover, and its single annual payout makes it harder to rely on for regular income.
How has SEA performed since launch?
Results have been uneven but positive in each full calendar year from 2023 to 2025. According to the prospectus, SEA returned 19.09% in 2023, 2.13% in 2024 and 17.37% in 2025, and 4.1% a year from its January 20, 2022, launch through December 31, 2025. Based on share prices, it gained 48% year to date and 53.3% over one year as of October 27, 2026, and 25.9% a year over three years.