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Freight ETFs are surging as Middle East disruptions send tanker rates soaring, with BWET up over 3,700% YTD and shipping earnings at record levels.
The Breakwave Tanker Shipping ETF (BWET) is up over 3,600% year to date, according to Morningstar, by far the best performance of any non-levered U.S. fund as the price of transporting oil has soared due to geopolitical shocks. Led by the U.S.-Iran war repercussions, there have been over 140,000 disrupted freight cargo vessels across the globe contributing to higher shipping rates.
While most investors and analysts were focused on the technology sector – with a particular eye for the wider artificial intelligence (AI) space – and energy, a different industry produced one of the best-performing exchange-traded funds (ETFs) on record.
BWET hits a fresh 52-week high as shipping disruptions and soaring freight rates fuel gains.
Cooling inflation and softer jobs data eased Fed rate-hike fears, while AI, neocloud and memory ETFs delivered strong gains last week.
Breakwave Tanker Shipping ETF BWET is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 3109% from its 52-week low price of $11.53 per share.
The Breakwave Tanker Shipping ETF (NYSEARCA:BWET) closed at $252 in the most recent session after a 38% gain over the past month and a 1,390% year-to-date advance.
Oil, rising yields and AI spending reshaped July's ETF winners. Here are the top-performing ETFs that thrived in a volatile month.