BDRY 10-K & 10-Q changes, risk factors and insider trading
Amplify Commodity Trust (also BWET) · NYSE · Commodity Contracts Brokers & Dealers · CIK 1610940 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Not required for smaller reporting companies.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “FOR THE YEAR ENDED JUNE 30, 2026”
New heading “NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”
New heading “FOR THE YEAR ENDED JUNE 30, 2026”
Removed heading “Breakwave Dry Bulk Shipping ETF”
Removed heading “FOR THE THREE MONTHS ENDED JUNE 30, 2024”
Removed heading “Breakwave Tanker Shipping ETF”
Removed heading “NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”
Removed heading “FOR THE THREE MONTHS ENDED JUNE 30, 2024”
Removed heading “Breakwave Dry Bulk Shipping ETF”
Removed heading “Breakwave Tanker Shipping ETF”
Largest changes
“NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”see in full comparison
“NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.”see in full comparison
“China remains the main region of demand growth for crude oil and, as a result, for crude tanker demand. However, steady imports and weaker domestic demand in China remains a major concern for tanker rates. The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during the first half of 2025 oil imports declined for a second year in a row. …”see in full comparison
“A critical downside risk to the medium-term tanker outlook is the pronounced softening of Chinese oil demand, alongside questions regarding its structural persistence beyond any eventual normalization in the Middle East. China remains the primary global demand center for crude oil transportation, yet its recent maritime import volumes contracted to their lowest levels in at least eight years. …”see in full comparison
Full comparison: every changed paragraph (64)
The following graphs illustrate changes in (i) the
price of each Fund’s Shares (reflected, as applicable, by the graphs “Comparison of Per Share BDRY NAV to BDRY Market Value
for the Three Months Ended June 30, 20252026 and 20242025”, “Comparison of Per Share BDRY NAV to BDRY Market Value for the Year Ended
June 30, 20252026 and 20242025”, “Comparison of Per Share BWET NAV to BWET Market Value for the Three Months Ended June 30, 20252026 and
2024 2025”, and “Comparison of Per Share BWET NAV to BWET Market Value for the Year Ended June 30, 20252026 and 20242025”) and (ii)
each Fund’s NAV (as reflected by the graphs “Comparison of BDRY NAV to Benchmark Index for the Three Months Ended June 30,
2025 2026 and 20242025”, “Comparison of BDRY NAV to Benchmark Index for the Year Ended June 30, 20252026 and 20242025”, “Comparison
of BWET NAV to Benchmark Index for the Three Months Ended June 30, 20252026 and 20242025”, and “Comparison of BWET NAV to Benchmark
Index for the Year Ended June 30, 20252026 and 20242025).”
During the fiscal year ended June 30, 2026, dry bulk spot rates demonstrated robust performance, with benchmark Capesize rates consistently sustained well above breakeven levels. The convergence of positive demand growth in dry bulk transportation and severe disruptions to vessel supply, driven by both geopolitical events and cyclical factors, yielded one of the strongest markets for dry bulk owners in recent years. Over the 12-month period ending June 30, 2026, the Baltic Dry Index averaged approximately 2,200 points, marking its strongest performance in three years.
Despite relatively muted growth in the Chinese economy, particularly within the critical real estate sector, iron ore imports to China continued to expand even as domestic steel demand recorded another annual decline. This divergence between two highly interdependent commodities is attributable to significant iron ore inventory accumulation, falling domestic ore production, and a structural shift toward more affordable, lower-grade material, which requires greater volume to achieve equivalent steel output. While these conditions are unsustainable over the long term, the current landscape is expected to continue supporting high volumes of iron ore imports into the country.
Concurrently, emerging iron ore exports from West Africa following the highly anticipated commissioning of the Simandou project, coupled with robust regional bauxite exports, are extending average sailing distances (ton-mile demand). This development has effectively reduced available vessel capacity across the global fleet.
Furthermore, ongoing geopolitical developments in the Middle East are indirectly impacting the dry bulk shipping sector. Fuel availability has become a critical challenge for numerous vessel operators, resulting in extended waiting times and substantial route diversions to secure bunker fuel. Finally, because a large segment of the global dry bulk fleet is approaching its 15-year special survey, drydocking requirements have exceeded historical annual averages, further tightening available vessel supply.
The convergence of these variables serves as the primary catalyst for the strong dry bulk market observed over the past 12 months. While the continuation of these tailwinds depends on several variables, upcoming newbuild deliveries are gradually accelerating fleet growth beyond projected demand growth, a trend that needs monitoring as it could ultimately cap further rate appreciation.
Breakwave Dry Bulk Shipping ETF
During the year ended June 30, 2025, dry bulk spot rates declined versus
the previous year, with the benchmark Baltic Dry Index (BDI) falling steadily, reaching its lowest point in January 2025 before recovering
and trading in a tight range for the remainder of the period. The BDI averaged 1,475, down from 1,730 during the previous year.
Geopolitical turmoil has greatly affected shipping, as the Israel-Hamas
conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average
trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and
thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and
ceasefire agreements and thus the impact of the conflict on dry bulk shipping has been minimized.
In addition, low water levels in the main lake that feeds the Panama
Canal locks led to a decrease in the daily vessel transits of the Canal for most of the year, further pressuring the global supply of
ships. However, increasing rains during the spring and early summer months led to a gradual increase in the daily transits which by the
end of the period were approaching normal levels.
During the year ended June 30, 2025, iron ore trade volumes have been
slightly weaker, as China’s import volumes have been weaker versus the previous year of the steelmaking material. At the same time,
portside inventories of iron ore have remained elevated, as steel demand in China remains subdued due to weak domestic demand for new
construction. Although various additional stimulus programs have been introduced during the period, the Chinese real estate sector remained
in a relatively fragile state for the fourth year in a row, and while steel demand for manufacturing has increased, such improvement has
been more than offset by weaker demand for construction. Iron ore prices have remained steady during the period, due to the aforementioned
soft steel fundamentals partly offset by slightly better margins for steel mills. Coal trading volumes have also declined versus last
year, as China’s import quantities have been weak on better solar and wind power generation and lower domestic coal prices. Grains
trade experienced modest growth.
The combination of relatively weaker Chinese bulk commodity demand
combined with easing of global disruptions due to geopolitical conflicts pushed spot rates for dry bulk shipping lower, leading to the
relative underperformance for average spot rates year over year.
The dry bulk orderbook increased throughout the period as period rates
remained relatively steady despite the weaker spot market, incentivizing owners to place new orders.
The per Share market value of BDRY and its NAV tracked closely for the three months ended June 30, 2026.
The per Share market value of BDRY and its NAV tracked closely for
the three monthsyear ended June 30, 2024.2026.
The graph above compares the return of BDRY with the benchmark portfolio returns for the three months ended June 30, 2026. The difference in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented in the chart above.
The per Share market value of BDRY and its NAV tracked closely for
the year ended June 30, 2024.
The graph above compares the return of BDRY with the benchmark portfolio
returns for the three monthsyear ended June 30, 2024.2026. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and
expenses during the period presented in the chart above.
FOR THE YEAR ENDED JUNE 30, 2026
During the year ended June 30, 2026, the NYSE Arca market value of each share increased (113.87%) from $5.55 per share, representing the closing price on June 30, 2025, to $11.87 per share, representing the closing price on June 30, 2026. The share price high and low for the year ended June 30, 2026 and related change from the closing share price on June 30, 2025 was as follows: shares traded from a high of $13.33 per share (+140.18%) on May 13, 2026 to a low of $5.63 per share (+1.44%) on July 1, 2025.
For the year ended June 30, 2026, the net asset value of each share increased (+115.48%) from $5.63 per share to $12.12 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2026.
Net Income for the year ended June 30, 2026, was $40,388,599, resulting from net realized gains on futures contracts of $39,708,795, net unrealized gains on futures contracts of $1,177,999, and the net investment loss of $498,195.
The graph above compares the return of BDRY with the benchmark portfolio
returns for the year ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and expenses
during the period presented in the chart above.
FOR THE YEARTHREE MONTHS ENDED JUNE 30, 20242026
During the yearthree months ended June 30, 2024,2026, the NYSE Arca market value of
each shareShare increased (120.54%+19.06%) from $5.55$9.97 per share,Share, representing the closing price on March 31, 2026, to $11.87 per Share, representing the closing price on June 30, 2023, to $12.24 per share, representing
the closing price on June 30, 2024.2026. The shareShare price high and low for the yearthree months ended June 30, 20242026 and related change from the closing
share Share price on JuneMarch 30,31, 20232026 was as follows: sharesShares traded from a high of $16.84$13.13 per shareShare (203.42%+33.70%) on MarchMay 8,13, 20242026 to a low of $4.50
$9.94 per shareShare (-18.92%-0.30%) on JulyApril 19,6, 2023.2026.
For the yearthree months ended June 30, 2024,2026, the net asset value of each share
Share increased (119.61%+20.12%) from $5.53$10.09 per shareShare to $12.13$12.12 per share.Share. Net gains in the futures contracts and Fund expenses resulted in the overall
increase in the NAV per share during the yearthree months ended June 30, 2024.2026.
Net income for the yearthree months ended June 30, 2024,2026, was $46,770,200,$8,356,379, resulting
from net realized gains on futures contracts of $34,476,191,$6,025,490, net unrealized gains on futures contracts of $12,895,930,$2,473,894, and the net investment
loss of $601,921.$143,005.
During the reporting period ended June 30, 2026, crude tanker spot rates exhibited extreme volatility, with spot rates for Very Large Crude Carriers (VLCCs) reaching unprecedented historical peaks as a direct consequence of the U.S.–Iran conflict that commenced in March 2026. Given the VLCC sector’s heavy exposure to the Middle East, the operational impact of the Strait of Hormuz closure drove spot freight rates to extraordinary levels, driven by shipowners demanding a substantial risk premium to transit an active combat zone. This severe geopolitical disruption, characterized by near-daily attacks on commercial shipping lanes, has decoupled spot rates from standard supply-and-demand fundamentals, which would otherwise point to a significantly lower equilibrium.
While global oil demand and vessel capacity historically served as the primary drivers of tanker markets, the past six months have seen market dynamics shift decisively toward geopolitical risk factors. Consequently, the near-term outlook for tanker freight rates remains highly contingent upon political developments in the Middle East and the trajectory of the U.S.–Iran conflict. Traditional fundamental metrics currently imply a much softer freight environment, rendering conventional supply-demand modeling unreliable for accurate forecasting. Accordingly, the probability of a sharp correction in freight rates remains exceptionally high; once regional hostilities cease and normal transits resume through the Strait of Hormuz, freight rates are widely projected to decline sharply from their current elevated baselines.
A critical downside risk to the medium-term tanker outlook is the pronounced softening of Chinese oil demand, alongside questions regarding its structural persistence beyond any eventual normalization in the Middle East. China remains the primary global demand center for crude oil transportation, yet its recent maritime import volumes contracted to their lowest levels in at least eight years. While it remains unclear whether this demand destruction is cyclical or indicative of a permanent structural shift, the risk of a structurally lower import baseline must be factored into future projections. Overall, the expectation for a significant downward correction in tanker freight rates over the medium term remains highly probable, necessitating continuous, close monitoring of both geopolitical developments and underlying industry supply-demand fundamentals.
FOR THE THREE MONTHS ENDED JUNE 30, 2024
During the three months ended June 30, 2024, the NYSE Arca market value
of each Share decreased (-11.69%) from $13.86 per Share, representing the closing price on March 31, 2024, to $12.24 per Share, representing
the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the
closing Share price on March 31, 2024 was as follows: Shares traded from a high of $14.60 per Share (+5.34%) on May 7, 2024 to a low of
$11.40 per Share (-17.75%) on June 25, 2024.
For the three months ended June 30, 2024, the net asset value of each
Share decreased (-13.30%) from $13.99 per Share to $12.13 per Share. For the three months ended June 30, 2024, losses in the investments
and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.
Net loss for the three months ended June 30, 2024, was $8,985,451,
resulting from net realized gains on investments and futures contracts of $6,149,798, net unrealized gains on investments and futures
contracts of $1,657,900, and the net investment loss of $1,177,753.
Breakwave Tanker Shipping ETF
During the period ended June 30, 2025, crude tanker spot rates experienced
another year of low volatility, with average spot rates for Very Large Crude Carriers (VLCC) remaining relatively steady.
Geopolitical turmoil has greatly affected global shipping, as the Israel-Hamas
conflict and the resulting ship attacks in the Red Sea passage have rearranged shipping routes in the process lengthening the average
trip and leading to significant disruptions across all shipping segments. However, such disruptions were milder during the period and
thus had a much smaller impact versus the previous year. As the year progressed, there has been significant progress in peace talks and
ceasefire agreements and thus the impact of the conflict on tanker shipping has been minimized.
China remains the main region of demand growth for crude oil and, as
a result, for crude tanker demand. However, steady imports and weaker domestic demand in China remains a major concern for tanker rates.
The Chinese economy has experienced a deceleration in economic growth, and although import activity has been relatively stable, during
the first half of 2025 oil imports declined for a second year in a row. With OPEC+ planning to increase its production quota, expectations
for increasing tanker demand growth have so far failed to materialize, and although longer sailing distances associated with Brazilian
and US oil exports have aided overall tanker demand, such an increase has not been sufficient to push spot tanker rates higher. Towards
the end of the period, a relatively brief conflict between Israel/US and Iran and the bombardment of Iran’s nuclear and military
facilities created some uncertainty amongst tanker owners which pushed tanker rates briefly higher, but such a short-term spike quickly
subsided. Additional OPEC+ production increases planned in the next few months should all else equal, increase demand for crude tankers.
The crude tanker orderbook for the next few years remains historically
low, with very few new vessel deliveries during the period aiding the overall projected market balance.
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
The per Share market value of BWET and its NAV tracked closely for the three months ended June 30, 2026.
The per Share market value of BWET and its NAV
tracked closely for the three monthsyear ended June 30, 2024.2026.
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK
PORTFOLIO LEVELS AND CHANGES, POSITIVE ORNEGATIVE,OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
The graph above compares the return of BWET with the benchmark portfolio returns for the three months ended June 30, 2026. The difference in the NAV price and the benchmark value often results in the appearance of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and expenses during the period presented in the chart above.
The per Share market value of BWET and its NAV
tracked closely for the year ended June 30, 2024.
The graph above compares the return of BWET with the benchmark portfolio
returns for the three monthsyear ended June 30, 2024.2026. The difference in the NAV price and the benchmark value often results in the appearance
of a NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and
expenses during the period presented in the chart above.
FOR THE YEAR ENDED JUNE 30, 2026
During the year ended June 30, 2026, the NYSE Arca market value of each share increased (+1,293.88%) from $10.64 per share, representing the closing price on June 30,2025, to $148.38 per share, representing the closing price on June 30, 2026. The share price high and low for the year ended June 30, 2026 and related change from the closing share price on June 30, 2025 was as follows: shares traded from a high of $217.75 per share (+1946.52%) on June 22, 2026 to a low of $10.26 per share (-3.57%) on April 1, 2026.
For the year ended June 30, 2026, the net asset value of each share increased (+1,320.79%) from $10.63 per share to $151.05 per share. Net gains in the futures contracts and Fund expenses resulted in the overall increase in the NAV per share during the year ended June 30, 2026.
Net Income for the year ended June 30, 2026, was $38,797,444, resulting from net realized gains on futures contracts of $43,765,463, net unrealized losses on futures contracts of $4,692,712, and the net investment loss of $275,307.
NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR BENCHMARK
PORTFOLIO LEVELS AND CHANGES, POSITIVE OR NEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.
The graph above compares the return of BWET with the benchmark portfolio
returns for the year ended June 30, 2024. The difference in the NAV price and the benchmark value often results in the appearance of a
NAV premium or discount to the benchmark. The difference is related to the cumulative impact on NAV of the Fund’s income and expenses
during the period presented in the chart above.
FOR THE YEARTHREE MONTHS ENDED JUNE 30, 20242026
During the yearthree months ended June 30, 2024,2026, the NYSE Arca market value of
each shareShare decreasedincreased (-19.59%+50.64%) from $20.88$98.50 per share,Share, representing the closing price on March 31, 2026, to $148.38 per Share, representing the closing price on June 30,2023, to $16.79 per share, representing
the closing price on June 30, 2024.2026. The shareShare price high and low for the yearthree months ended June 30, 20242026 and related change from the closing
share Share price on JuneMarch 30,31, 20232026 was as follows: sharesShares traded from a high of $20.98$217.75 per shareShare (+0.48%121.07%) on FebruaryJune 16,22, 20242026 to a low of $13.96
$116.32 per shareShare (-33.14%+18.09%) on OctoberApril 5,1, 2023.2026.
For the yearthree months ended June 30, 2024,2026, the net asset value of each share
decreasedShare increased (-19.89%+26.12%) from $20.83$119.77 per shareShare to $16.69$151.05 per share.Share. Net lossesgains in the futures contracts and Fund expenses resulted in the overall
decrease increase in the NAV per share during the yearthree months ended June 30, 2024.2026.
Net lossincome for the yearthree months ended June 30, 2024,2026, was $318,928,$11,670,914, resulting
from net realized gains on futures contracts of $827,253,$33,882,431, net unrealized losses on futures contracts of $941,167,$22,020,347, and the net investment
loss of $205,014.$191,170.
FOR THE THREE MONTHS ENDED JUNE 30, 2024
During the three months ended June 30, 2024, the NYSE Arca market value
of each Share decreased (-9.88%) from $18.63 per Share, representing the closing price on March 31, 2024, to $16.79 per Share, representing
the closing price on June 30, 2024. The Share price high and low for the three months ended June 30, 2024 and related change from the
closing Share price on March 31, 2024 was as follows: Shares traded from a high of $19.80 per Share (+6.28%) on April 12, 2024 to a low
of $16.18 per Share (-13.15%) on June 18, 2024.
For the three months ended June 30, 2024, the net asset value of each
Share decreased (-10.51%) from $18.65 per Share to $16.69 per Share. For the three months ended June 30, 2024, losses in the investments
and futures contracts and Fund expenses resulted in the overall decrease in the NAV per Share during the period.
Net loss for the three months ended June 30, 2024, was $658,305, resulting
from net realized gains on investments and futures contracts of $164,816, net unrealized gain son investments and futures contracts of
$121,364, and the net investment loss of $372,125.
What changed in the latest 10-Q
Risk Factors
Not applicable to Smaller Reporting Companies.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “FOR THE NINE MONTHS ENDED MARCH 31, 2026”
New heading “FOR THE NINE MONTHS ENDED MARCH 31, 2025”
New heading “FOR THE NINE MONTHS ENDED MARCH 31, 2025”
Removed heading “FOR THE SIX MONTHS ENDED DECEMBER 31, 2025”
Removed heading “FOR THE SIX MONTHS ENDED DECEMBER 31, 2024”
Removed heading “FOR THE SIX MONTHS ENDED DECEMBER 31, 2025”
Largest changes
Full comparison: every changed paragraph (74)
The BDRY Benchmark Component Instruments currently
constituting the BDRY Benchmark Portfolio as of DecemberMarch 31, 20252026 include:
The BDRY Benchmark Portfolio will maintain longlong-only
only positions in Dry Freight Futures. The BDRY Benchmark Portfolio will include a combination of Capesize, Panamax and Supramax Dry Freight
Futures. More specifically, the BDRY Benchmark Portfolio will include 50% exposure in Capesize Dry Freight Futures contracts, 40% exposure
in Panamax Dry Freight Futures contracts and 10% exposure in Supramax Dry Freight Futures contracts. The BDRY Benchmark Portfolio will
not include and BDRY will not invest in swaps, non-cleared dry bulk freight forwards or other over the counter derivative instruments
that are not cleared through exchanges or clearing houses. BDRY may hold exchange traded options on Dry Freight Futures. The BDRY Benchmark
Portfolio is maintained by Breakwave and will be rebalanced annually. The Dry Freight Futures currently constituting the BDRY Benchmark
Portfolio, as well as the daily holdings of BDRY will be available on BDRY’s website at www.drybulketf.com.
The Oil Freight Futures currently constituting
the BWET Benchmark Portfolio as of DecemberMarch 31, 20252026 include:
During the three months ended DecemberMarch 31, 2025,2026,
dry bulk spot rates remained relatively flat, absent a short-term spike during the month of December, with the benchmark Baltic Dry Index
averaging about 9%3% higherlower versus the previous period.
However, on a year-over-year basis, The Baltic Dry Index averaged more than 70% higher, leading to one of the best first quarter periods
in history, especially given the seasonal weakness the dry bulk market usually experiences.
Strong demand for iron ore transportation combined
with solid bauxite volumes out of West Africa continue to be the main reasons for the strong performance, while robustfavorable seasonalityweather alsopatterns
aidedthat spotusually rates.disrupt operations were generally absent.
During the three months ended DecemberMarch 31, 2025,2026,
iron ore trade volumes from Brazil to China remained particularly strong, while some new export volumes out of West Africa because of
the brand new Simandou
mine project in Guinea also marginally added to the positive sentiment. As a result, portside inventories of iron ore increased to record
sharply.levels. The Chinese economy continues to grow at relatively weak rates versus recent years while the domestic real estate market remains
subdued due to limited demand for new construction and thus demand for steel products. Iron ore prices remained rangebound to approximately
$100/ton during the period due to the beforementioned demand. Coal volumes have declined versus last year, while coal prices remained
weak versus recent past, because of a slower pace in growth from China and India.
AsThe werecent enterconflict in the seasonallyMiddle weakEast first quarter,increases
trade tensions remain high and the outlooklikelihood isof uncertain.slower global economic growth, especially in Asia. Furthermore, record high portside iron ore inventories remain a headwind
for any significant
growth in iron ore trade. A lot of uncertainty remains around trade policies, geopolitics and the effect on trade,
and thus the risk of
adverse impact on shipping remains elevated.
The per Share market value of BDRY and its NAV
tracked closely for the three months ended DecemberMarch 31, 2025.2026.
The per Share market value of BDRY and its NAV
tracked closely for the three months ended DecemberMarch 31, 2024.2025.
The per Share market value of BDRY and its NAV
tracked closely for the sixnine months ended DecemberMarch 31, 2025.2026.
The per Share market value of BDRY and its NAV
tracked closely for the sixnine months ended DecemberMarch 31, 2024.2025.
The graphs above compare the returns of BDRY with
the benchmark portfolio returns for the three months ended DecemberMarch 31, 20252026 and 2024,2025, and the sixnine months ended DecemberMarch 31, 20252026 and
2024. 2025.
FOR THE THREE MONTHS ENDED DECEMBERMARCH 31, 20252026
During the three months ended DecemberMarch 31, 2025,2026,
the NYSE Arca market value of each Share increased 16.78%(+13.68%) from $7.55 per Share, representing the closing price on September 30, 2025,
to $8.77 per Share, representing the closing price on December 31, 2025.2025,
to $9.97 per Share, representing the closing price on March 31, 2026. The Share price high and low for the three months ended DecemberMarch 31,
31, 20252026 and related change from the closing Share price on SeptemberDecember 30,31, 2025 were as follows: Shares traded from a high of $9.34$12.50 per share
share (+24.37%42.53%) on DecemberMarch 1,3, 20252026 to a low of $7.58$8.46 per share (+0.93%-3.53%) on OctoberJanuary 1,2, 2025.2026.
For the three months ended DecemberMarch 31, 2025,2026, the
the net asset value of each Share increased (+14.8115.39) from $7.61$8.74 per Share to $8.74$10.09 per Share. Gains in the futures contracts in addition
to an overall net investment loss resulting in the overall increase in the NAV per Share during the three months ended DecemberMarch 31, 2025.2026.
Net income for the three months ended DecemberMarch 31,
31, 2025,2026, was $5,550,204,$4,545,434, resulting from net realized gains on futures contracts of $5,395,507,$6,200,840, unrealized gainslosses on futures contracts of
of $276,975($1,509,340) and the net investment loss of ($122,278$146,066).
FOR THE THREE MONTHS ENDED DECEMBERMARCH 31, 20242025
During the three months ended December 31, 2024, the NYSE Arca market
value of each Share decreased (43.39%) from $10.74 per Share, representing the closing price on September 30, 2024, to $6.08 per Share,
representing the closing price on December 31, 2024. The Share price high and low for the three months ended December 31,2024 and related
change from the closing Share price on September 30, 2024 were as follows: Shares traded from a high of $10.35 per share (-3.63%) on October
3, 2024to a low of $5.71 per share (-46.83%) on December 11, 2024.
For the three months ended December 31, 2024, the net asset value of
each Share decreased (43.64%) from $10.71 per Share to $6.04 per Share. Losses in the investments and futures contracts in addition to
an overall net investment loss resulting in the overall decrease in the NAV per Share during the three months ended December 31, 2024.
Net loss for the three months ended December 31, 2024, was ($11,489,313),
resulting from net realized losses on investments and futures contracts of ($9,194,227), unrealized gains on futures contracts of ($2,196,210)
and the net investment loss of ($98,876).
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
During the sixthree months ended DecemberMarch 31, 2025,
the NYSE Arca market
value of each Share increased 58.02%(+2.80%) from $5.55$6.08 per Share, representing the closing price on JuneDecember 30,31, 2025,2024, to $8.77
$6.25 per Share,
representing the closing price on DecemberMarch 31, 2025. The Share price high and low for the sixthree months ended DecemberMarch 31,31,2025 2025
and related change
from the closing Share price on SeptemberDecember 30,31, 20252024 were as follows: Shares traded from a high of $9.34$7.14 per share (+68.29%17.43%)
on DecemberMarch 1, 12,
2025 to a low of $5.63$5.14 per share (1.44%-15.46%) on JulyJanuary 1,23, 2025.
For the sixthree months ended DecemberMarch 31, 2025, the
net asset value of each
Share increased (+55.42%5.00%) from $5.63$6.04 per Share to $8.74$6.34 per Share. Gains in the futures contracts in addition
to an overall net investment
loss resulting in the overall increase in the NAV per Share during the sixthree months ended DecemberMarch 31, 2025.
Net income for the six months ended December 31,
2025, was $27,486,786, resulting from net realized gains on futures contracts of $27,482,465, unrealized gains on futures contracts of
213,445 and the net investment loss of ($209,124).
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024
During the six months ended December 31, 2024, the NYSE Arca market
value of each Share decreased (50.33%) from $12.24 per Share, representing the closing price on June 30, 2024, to $6.08 per Share, representing
the closing price on December 31, 2024. The Share price high and low for the six months ended December 31, 2024and related change from
the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $12.50 per share (+2.12%) on July 1, 2024 to a
low of$5.71 per share (-53.35%) on December 11, 2024.
For the six months ended December 31, 2024, the net asset value of
each Share decreased (50.19%) from $12.13 per Share to $6.04 per Share. Losses in the investments and futures contracts in addition to
an overall net investment loss resulting in the overall decrease in the NAV per Share during the six months ended December 31, 2024.
Net lossincome for the sixthree months ended DecemberMarch 31, 2024,2025, was ($15,708,546),$8,558,136,
resulting from net realized lossesgains on investments and futures contracts of ($14,038,246),unrealized$31,148,394, unrealized losses on futures contracts of ($1,513,760$22,417,090)
and the net investment loss of ($156,540$173,168).
FOR THE NINE MONTHS ENDED MARCH 31, 2026
During the nine months ended March 31, 2026, the NYSE Arca market value of each Share increased (+79.64%) from $5.55 per Share, representing the closing price on June 30, 2025, to $9.97 per Share, representing the closing price on March 31, 2026. The Share price high and low for the nine months ended March 31, 2026 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $12.50 per share (+125.23%) on March 3, 2026 to a low of $5.63 per share (1.44%) on July 1, 2025.
For the nine months ended March 31, 2026, the net asset value of each Share increased (+79.35%) from $5.63 per Share to $10.09 per Share. Gains in the futures contracts in addition to an overall net investment loss resulting in the overall increase in the NAV per Share during the nine months ended March 31, 2026.
Net income for the nine months ended March 31, 2026, was $32,032,220, resulting from net realized gains on futures contracts of $33,683,305, unrealized losses on futures contracts of ($1,295,895) and the net investment loss of ($355,190).
FOR THE NINE MONTHS ENDED MARCH 31, 2025
During the nine months ended March 31, 2025, the NYSE Arca market value of each Share decreased (-48.94%) from $12.24 per Share, representing the closing price on June 30, 2024, to $6.25 per Share, representing the closing price on March 31, 2025. The Share price high and low for the nine months ended March 31, 2025 and related change from the closing Share price on June 30, 2024 were as follows: Shares traded from a high of $12.50 per share (+2.12%) on July 1, 2024 to a low of $5.14 per share (-58.01%) on January 23, 2025.
For the nine months ended March 31, 2025, the net asset value of each Share decreased (-47.69%) from $12.13 per Share to $6.34 per Share. Losses in the futures contracts in addition to an overall net investment loss resulting in the overall decrease in the NAV per Share during the nine months ended March 31, 2025.
Net loss for the nine months ended March 31, 2025, was ($9,926,054), resulting from net realized losses on futures contracts of ($12,861,109), unrealized losses on futures contracts of ($3,249,675) and the net investment loss of ($314,620).
During the three months ended DecemberMarch 31, 2025,2026, crude tanker spot rates
ratesincreased increased,considerably, with average spot rates for Very Large Crude Carriers (VLCC) improvingmore bythan aboutdoubling 60%sequentially during the period.
Spot rates continued
jumped to increase following the trend of the previous quarter, this time also aided by strong seasonality, reaching the highest level in at
leastmany fiveyears years.shortly after the military conflict in the Middle East began in early March.
Geopolitical turmoil is the primary reason for the significant outperformance in tanker rates. The recent disruption caused by the U.S. and Iran conflict has led to a major readjustment in tanker rates as risk premiums, reshuffling of routes, and more importantly, the closure of the straits of Hormuz, has pushed spot tanker rates significantly higher. Although very little cargo flow out of the Arabian Gulf found its way to the global oil markets, the implied rate for such voyages reached an all-time high during the month of March. The trajectory of the current conflict is likely to be the primary determinant of tanker rates. Given the heightened uncertainty, the risk of a significant correction in spot tanker rates is also very high.
Geopolitical turmoil continues to have a material
impact on global shipping. The recent disruption caused by the US-Venezuela conflict is reshaping shipping routes and is causing significant
reshuffling of oil trade especially as it relates to larger tankers. In addition, with the US-Iran relationship showing considerable stress,
and with a potential conflict increasingly likely, vessels are commanding significant premiums, pushing spot rates much higher in the
process. Volatility has increased and the price range of both spot rates as well as the freight futures market has expanded.
Looking at market fundamentals, China remains the principal source of demand growth for crude oil, and consequently for crude tanker demand. Nonetheless, slower oil import growth and weaker domestic demand in China pose material downside risks to tanker rates. The Chinese economy has slowed, and although import activity has shown relative stability, crude oil imports declined in 2024 and showed only a small increase in 2025. Yet, most of the increase reflects inventory builds and not real demand.
The resolution of the current conflict in the Middle East will be the primary determinant of spot tanker rates near term. Given the extremely fluid situation as of mid-April, it is difficult to predict any outcome with any degree of confidence. The risk of a sharp correction in spot rates is high, which will have a negative impact on freight futures as well, and as a result, on BWET price performance.
Looking ahead, OPEC+ has gradually increased supply,
which has supported spot VLCC rates. This trend is likely to persist, and a sizable volume of oil remains available on the world market,
boosting fleet utilization. While underlying Chinese demand appears structurally and cyclically weak, substantial crude stockpiling in
the domestic market might continue, given the recent announcements of additional storage facilities being built in China. Such a trend
is a positive factor for tankers.
The crude tanker orderbook for the next few years
is now closer toabove historical averages, with few new vessel deliveries during the next year.year, However,increasing lookingto furthersignificantly out,higher theredeliveries couldin
the be
sizablesubsequent years, leading to increases in fleet supply increases.supply.
The per Share market value of BWET and its NAV
tracked closely for the three months ended DecemberMarch 31, 2025.2026.
The per Share market value of BWET and its NAV
tracked closely for the three months ended DecemberMarch 31, 2024.2025.
The per Share market value of BWET and its NAV
tracked closely for the sixnine months ended DecemberMarch 31, 2025.2026.
The per Share market value of BWET and its NAV
tracked closely for the sixnine months ended DecemberMarch 31, 2024.2025.
The graphs above compare the return of BWET with
the benchmark portfolio returns for the three months ended DecemberMarch 31, 20252026 and 2024,2025, and the sixnine months ended DecemberMarch 31, 20252026 and
2024. 2025.
FOR THE THREE MONTHS ENDED DECEMBERMARCH 31, 20252026
During the three months ended DecemberMarch 31, 2025,2026,
the NYSE Arca market value of each Share increased (+30.65%411.31%) from $14.75 per Share, representing the closing price on September 30, 2025,
to $19.26 per Share, representing the closing price on December 31, 2025.2025,
to $98.50 per Share, representing the closing price on March 31, 2026. The Share price high and low for the three months ended DecemberMarch 31,
31, 20252026 and related change from the closing Share price on SeptemberDecember 30, 2025 were as follows: Shares traded from a high of $26.32$122.32 per Share
Share (+78.44%535.10%) on DecemberMarch 15,30, 20252026 to a low of $13.58$18.73 per Share (-7.93%-2.75%) on OctoberJanuary 1,2, 2025.2026.
For the three months ended DecemberMarch 31, 20252026 the
net asset value of each Share increased (+31.63%521.21%) from $14.64$19.27 per Share to $19.27 per Share. Gains in the futures contracts in addition
to an overall net investment loss resulting in the overall increase in the NAV per Share during the three months ended DecemberMarch 31, 2025.2026.
Net income for the three months ended DecemberMarch 31,
31, 2025,2026, was $752,010,$25,859,496, resulting from net realized gains on futures contracts of $1,300,488,$8,277,063, net unrealized lossesgains on futures contracts
of ($535,874),$17,646,412, and the net investment loss of ($12,604$63,979).
FOR THE THREE MONTHS ENDED DECEMBERMARCH 31, 20242025
During the three months ended DecemberMarch 31, 2024,2025, the NYSE Arca market
value of each Share decreasedincreased (33.48%+11.12%) from $14.76$9.82 per Share, representing the closing price on SeptemberDecember 30,31, 2024, to $9.82$10.91 per Share,
representing the closing price on DecemberMarch 31, 2024.2025. The Share price high and low for the three months ended DecemberMarch 31,202431, 2025 and related change
change from the closing Share price on SeptemberDecember 30,31, 2024 were as follows: Shares traded from a high of $16.36$13.17 per Share (+10.84%34.14%) on February
October4, 4,20242025 to a low of $9.57$9.06 per Share (-35.16%-7.72%) on DecemberJanuary 11,5, 2024.2025.
For the three months ended December 31, 2024 the net asset value of
each Share decreased (33.46%) from $14.85 per Share to $9.88 per Share. Losses in the investments and futures contracts in addition to
an overall net investment loss resulting in the overall decrease in the NAV per Share during the three months ended December 31, 2024.
Net loss for the three months ended December 31, 2024, was ($770,451),
resulting from net realized losses on futures contracts of ($728,787), net unrealized losses on futures contracts of ($34,492), and the
net investment loss of ($7,172).
FOR THE SIX MONTHS ENDED DECEMBER 31, 2025
During the six months ended December 31, 2025,
the NYSE Arca market value of each Share increased (+80.97%) from $10.64 per Share, representing the closing price on June 30, 2025, to
$19.26 per Share, representing the closing price on December 31, 2025. The Share price high and low for the six months ended December
31, 2025 and related change from the closing Share price on June 30, 2025 were as follows: Shares traded from a high of $26.32 per Share
(+147.37%) on December 15, 2025 to a low of $10.26 per Share (-3.57%) on July 2, 2025.
For the sixthree months ended DecemberMarch 31, 2025 the
net asset value of each
Share increased (+81.2510.17%) from $10.63$9.88 per Share to $19.27$10.89 per Share. Gains in the futures contracts in addition
to an overall net investment
loss resulting in the overall increase in the NAV per Share during the sixthree months ended DecemberMarch 31, 2025.
Net income for the sixthree months ended DecemberMarch 31,
2025, was $1,267,034, $109,807,
resulting from net realized gains on futures contracts of $1,605,969,$264, net unrealized lossesgains on futures contracts
of ($318,777),$116,890, and the net investment
loss of ($20,158$7,347).
BDRY insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 0 filings. Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
No Form 4 stock transactions in this period.
Well-known investors holding BDRY (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 4,650 | $690.0K | 0.0% | New position |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 19,207 | $228.0K | 0.0% | New position |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 10,000 | $118.7K | 0.0% | New position |