Breakwave Dry Bulk Shipping | 10-Q: FY2026 Q1 Revenue: USD 430.58 K
Revenue: As of FY2026 Q1, the actual value is USD 430.58 K.
EBIT: As of FY2026 Q1, the actual value is USD -524.98 K.
Breakwave Dry Bulk Shipping ETF (BDRY)
Net Assets
As of September 30, 2025, BDRY had net assets of $38,451,594, a decrease from $65,816,264 as of June 30, 2025.
Net Income
For the three months ended September 30, 2025, BDRY reported a net income of $21,936,582, compared to a net loss of - $4,219,233 for the same period in 2024.
Investment Performance
The net asset value (NAV) per share increased by 35.37% from $5.63 to $7.61 during the three months ended September 30, 2025.
Expenses
Total expenses for the three months ended September 30, 2025, were $504,521, compared to $424,449 for the same period in 2024.
Cash Flow
BDRY redeemed 8,300,000 shares during the three months ended September 30, 2025, resulting in a net decrease in net assets from share transactions of - $49,301,252.
Breakwave Tanker Shipping ETF (BWET)
Net Assets
As of September 30, 2025, BWET had net assets of $1,831,951, an increase from $1,329,995 as of June 30, 2025.
Net Income
For the three months ended September 30, 2025, BWET reported a net income of $515,024, compared to a net loss of - $335,663 for the same period in 2024.
Investment Performance
The NAV per share increased by 37.74% from $10.63 to $14.64 during the three months ended September 30, 2025.
Expenses
Total expenses for the three months ended September 30, 2025, were $115,272, compared to $119,002 for the same period in 2024.
Cash Flow
BWET redeemed 25,000 shares during the three months ended September 30, 2025, resulting in a net decrease in net assets from share transactions of - $13,068.
Outlook
- The BDRY and BWET funds are expected to maintain their investment strategies by investing in futures contracts to provide exposure to changes in the price of dry bulk and crude oil tanker freight futures, respectively. The funds will continue to manage their portfolios to maintain constant exposure to the freight futures market as positions mature.
