Amplify Commodity Trust (BWET) — Quarterly Report

AI-Powered SEC Filing Analysis

Latest Quarterly Report Filed: 2026-05-15

Key Insights

BWET (Breakwave Tanker Shipping ETF) showed dramatic growth with net assets increasing from $1.33M (June 2025) to $56.89M (March 2026), representing a 4,180% increase in AUM, indicating strong investor demand for tanker shipping exposure.
BDRY (Breakwave Dry Bulk Shipping ETF) experienced significant contraction with net assets declining from $65.82M to $43.14M and shares outstanding dropping from 11.7M to 4.3M, suggesting redemptions or share consolidation activity.
Both funds maintain substantial futures contract positions with BWET holding $17.27M in unrealized gains on derivatives while BDRY carries $2.16M in unrealized depreciation, indicating active commodity trading strategies with significant leverage exposure.
Combined net assets grew from $67.15M to $100.03M across both funds, with distributable earnings of $83.92M representing 83.9% of total net assets, suggesting strong performance but potential sustainability concerns given the volatile shipping market.
The trust holds minimal direct securities (26% for BDRY, 45.9% for BWET in money market funds) and relies heavily on futures contracts and segregated cash margin ($43.1M), indicating a leveraged derivative-focused strategy with significant counterparty and liquidity risks.

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Earlier Quarterly Report filings

Filed: 2026-02-11

The Breakwave Dry Bulk Shipping ETF and the Breakwave Tanker Shipping ETF, which are part of the Amplify Commodity Trust, reported a significant decrease in assets under management from June 30, 2025 to December 31, 2025, dropping from $67.1 million to $35.2 million.
The decrease in assets was primarily driven by a decline in the value of the funds' investments, with the Breakwave Dry Bulk Shipping ETF reporting a 75.9% drop in the value of its investments and the Breakwave Tanker Shipping ETF reporting a 49.5% drop.
The funds' unrealized depreciation on futures contracts also increased significantly, from $922,393 as of June 30, 2025 to $1,027,725 as of December 31, 2025, indicating potential challenges in the underlying commodities markets.

Important Information

AI-generated analysis is for informational purposes only. Always read original SEC filings and consult with qualified professionals before making investment decisions.