BWET – Breakwave Tanker Shipping ETF – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide investors with exposure to the daily change in the price of crude oil tanker freight futures before expenses and liabilities of the fund, by tracking the performance of a portfolio mainly consisting of the nearest calendar quarter of futures contracts on specified indexes that measure prices for shipping crude oil. Freight Futures reflect market expectations for the future cost of transporting crude oil. Each Reference index is published each United Kingdom business day by the London-based Baltic Exchange Ltd. and measures the charter rate for shipping crude oil in a specific size category of cargo ship and for a specific route.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
BWET	Breakwave Tanker Shipping ETF	ETF	Open	—	—	May 1, 2023	$201.80M	3.500%	—	—	$5.13M

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