Here are the 424B prospectus supplements from Breakwave Dry Bulk Shipping ETF (BDRY) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BDRY and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BDRY filings page.
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.