Breakwave Tanker Shipping ETF (BWET) has risen more than 3,200% in 2026 as the US-Iran war sharply reduces shipping through the Strait of Hormuz. The fund traded near $781.92 on Monday, compared with a 52-week low of $13.58, and has gained 1,300% since the war began on February 28, 2026. Only about four US-listed shipping ETFs exist, holding less than $450 million between them. BWET and Breakwave Dry Bulk (BDRY) hold freight futures (contracts tied to future shipping rates), while SonicShares Global Shipping (BOAT) and US Global Sea to Sky Cargo (SEA) own shipping companies. BDRY is up about 95% over the past year, BOAT 69% and SEA 45%. Seven ships crossed the Strait of Hormuz on September 10, versus roughly 125 daily before the war, while the Gulf-to-China supertanker rate reached a record $862,150 a day. Breakwave Advisors founder John Kartsonas said freight rates and futures would likely decline if traffic through the strait normalized.