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Thursday, May 4, 2023

Breakwave Floats a Third ETF

Reported by Neil Anderson, Managing Editor

The folks at a six-year-old, New York City-based, shipping and commodities-focused asset manager are teaming up with a familiar ally to roll out a third ETF.

Yesterday, John Kartsonas, founder and managing partner of Breakwave Advisors LLC, and Matthew Bromberg, chief operating officer of ETF Managers Group LLC (ETFMG), unveiled the launch of the Breakwave Tanker Shipping ETF (BWET on the NYSE Arca, Inc.). The new fund is a commodity pool and a series of the ETF Managers Group Commodity Trust I.

BWET's inception date was yesterday, and as of today it has about $2.6 million in AUM. Its expense ratio is capped at 350 basis points through March 31, 2024.

ETF Managers Capital LLC serves BWET's investment manager, sponsor, and wholesale support provider. ETFMG Financial LLC serves as distributor. And Breakwave serves as commodity trading advisor and maintains the benchmark portfolio.

Kartsonas puts the launch of BWET in the context of the tanker market showing "its growing importance when it comes to energy security."

"There is an under investment in shipping capacity and crude oil tankers represent nearly one-third of the global shipping transportation capacity," Bromberg states. "BWET is the first of its kind to provide this unique access to oil transport futures contracts."

BWET is ETFMG's third ETF powered by Breakwave. The other two are BDRY (which launched in 2018) and BSEA (2021). Combined, the three ETFs now have more than $82 million in AUM.

BWET's other service provides include: Evershedsd Sutherland (US) LLP as counsel; Jane Street Capital, LLC as the expected initial authorized participant; Marex Financial as clearing broker and futures commission merchant; U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as fund accountant, fund administrator, and transfer agent; U.S. Bank, N.A. as custodian; Wilmington Trust Company as trustee; and WithumSmith & Brown, P.C. as independent accounting firm. 

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