BWET fund rises 4,050% since start of 2026 — OilPrice
The Breakwave Tanker Shipping ETF (BWET), which invests in futures on oil tanker freight rates, has gained 4,050% since the start of 2026. This is the highest result among the five energy ETFs analyzed by OilPrice.
The fund does not own shares in shipping companies but uses Forward Freight Agreements, futures contracts tied to the cost of seaborne oil transportation. According to the publication, about 90% of BWET's exposure is linked to VLCC tanker routes from the Persian Gulf to China. Daily freight rates for such vessels, according to estimates cited in the article, rose from approximately $75,000–$100,000 to $470,000–$600,000 after hostilities began in late February.
Fuel and oil futures
United States Gasoline Fund (UGA) ranked second, with a year-to-date return of 147.9%. The fund mainly holds front-month RBOB gasoline futures contracts in New York Harbor. United States Brent Oil Fund (BNO), which works with short-term Brent crude futures, rose by 121.3%.
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United States Oil Fund (USO), which primarily invests in futures on U.S. WTI crude oil, gained 116.4%. The article notes that BNO's and USO's returns depend not only on oil price movements but also on the structure of the futures market. In backwardation, near-term contracts cost more than longer-dated ones, which can provide the funds with additional income when rolling positions.
A broader energy basket
Invesco DB Energy Fund (DBE) ranked fifth on the list, with a return of 114%. It has futures exposure to Brent, WTI, RBOB gasoline, heating oil and natural gas. Unlike funds that mechanically roll from the nearest contract to the next one, DBE follows the DBIQ Optimum Yield Energy Index, whose rules are intended to reduce the impact of contango, a situation in which longer-dated futures contracts cost more than nearer-term ones.
OilPrice also cites data showing that the energy sector of the U.S. stock market has risen 37.4% since the start of the year, while the S&P 500 index gained 11.8%. The Energy Select Sector SPDR Fund (XLE) rose 39.1%, while the iShares Global Clean Energy ETF (ICLN) gained 3.1%.
