Welcome to our dedicated page for Breakwave Dry Bulk Shipping ETF SEC filings (Ticker: BDRY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Designed for fundamental investors and regulatory compliance professionals, our page simplifies access to critical SEC filings. By combining real-time EDGAR feed updates, Rhea-AI's analytical insights, and historical stock performance data, we provide comprehensive visibility into Breakwave Dry Bulk Shipping ETF's regulatory disclosures and financial reporting.
Breakwave Tanker Shipping ETF updates its prospectus describing how it gives investors exposure to crude oil tanker freight futures. The fund tracks a benchmark portfolio of TD3C and TD20 freight futures, maintaining long positions with an average maturity of about 50–70 days and rolling quarterly.
Total annual expenses are capped at 3.50% through December 31, 2026 via fee waivers and expense assumptions. Based on a $19.26 share price, a 12‑month breakeven requires a 1.09% gain, or $0.21 per share. The fund highlights significant risks, including extreme freight-rate volatility driven by geopolitical events, futures roll costs, liquidity constraints, tax complexity from partnership status, and the absence of 1940 Act protections.
Breakwave Dry Bulk Shipping ETF (BDRY) is a commodity pool ETF that gives investors exposure to daily changes in dry bulk freight futures by tracking a benchmark portfolio of exchange-cleared Freight Futures on Capesize, Panamax and Supramax shipping indexes.
The Fund charges a Sponsor Fee of the greater of 0.15% of average daily net assets or $125,000 plus a 1.45% CTA Fee, but Breakwave is waiving its CTA Fee and the Sponsor is capping total annual expenses at 3.50% through December 31, 2026. Based on a share price of $8.77 as of December 31, 2025, a hypothetical investor must earn a 0.59% (about $0.05) 12‑month return to break even before brokerage commissions.
The ETF is highly volatile: 2025 performance was 44.70% with a worst historical monthly drawdown of 38.43% and a peak‑to‑valley drawdown of 86.40%. It is not registered under the Investment Company Act of 1940, is taxed as a partnership issuing K‑1s, and concentrates solely in freight futures, exposing investors to significant sector, leverage, liquidity, and geopolitical risks, including dry bulk demand shifts driven by China and the Russia‑Ukraine conflict.
Amplify Commodity Trust, which operates the Breakwave Dry Bulk Shipping ETF (BDRY) and Breakwave Tanker Shipping ETF (BWET), reports sharply improved results for the quarter and six months ended December 31, 2025. Performance is driven almost entirely by dry bulk and crude tanker freight futures.
For the six months, BDRY generated net income of $27,486,786 and BWET earned $1,267,034, reversing sizeable losses in the prior-year period. Combined net assets fell from $67,146,259 at June 30, 2025 to $35,153,239 at December 31, 2025, mainly because redemptions of BDRY and BWET shares exceeded new creations.
At December 31, 2025 BDRY held net assets of $33,223,840 with a net asset value of $8.74 per share, while BWET held $1,929,399 with a net asset value of $19.27 per share. As of February 1, 2026, there were 4,675,040 BDRY shares and 175,100 BWET shares outstanding.
Amplify Commodity Trust reported quarterly results for its two exchange-traded commodity pools. For the three months ended September 30, 2025, BDRY posted net income of $21,936,582 and a total return at NAV of 35.37%, driven by realized gains on dry bulk freight futures. BWET recorded net income of $515,024 with a NAV total return of 37.74%.
Combined net assets declined to $40,283,545 from $67,146,259 at June 30, 2025, as sizable redemptions outpaced gains. At quarter end, BDRY’s NAV per share was $7.61 (market $7.51), and BWET’s NAV per share was $14.64 (market $14.75). The funds continue to operate under expense caps of 3.50%, with BWET showing a CTA fee waiver of $6,137 and sponsor expense absorption of $88,678 this quarter.
As of November 1, 2025, shares outstanding were 4,675,040 for BDRY and 175,100 for BWET; this is a baseline figure, not the amount being offered.
The filing is Amplify Commodity Trust's annual report covering the Breakwave Dry Bulk Shipping ETF (BDRY) and Breakwave Tanker Shipping ETF (BWET). It discloses fund assets, holdings in freight futures (Capesize, Panamax, Supramax for BDRY; TD3C and TD20 for BWET), collateral and margin practices, fee arrangements and expense caps, and certain operational metrics. BDRY reported $40,876,890 in assets (combined schedule shows $42,386,818 total assets) and BWET reported assets including $31,739,612 pledged as collateral for futures. The funds use futures roll methodologies and note differences between benchmark portfolio assumptions and actual fund trading (commissions, clearing fees, minimum lot sizes). Expense caps limit fund expenses to 3.50% of average daily net assets through December 31, 2025, supported by fee waivers; Breakwave may recoup waived fees subject to limits. The filing states no known material cybersecurity incidents affecting the funds and describes vendor cybersecurity assessments. Material operational figures disclosed include brokerage commissions (BDRY: $457,339 2025; BWET: $30,320 2025), routine expenses (BDRY: $1,634,010 2025; BWET: $458,518 2025), and potential recoupment exposure for BWET of $803,901.