Amplify Commodity Trust has reported its financial results for the three and nine months ended March 31, 2026, revealing significant changes in revenue and profitability compared to the previous fiscal period. The Trust, which operates two exchange-traded funds (ETFs)—the Breakwave Dry Bulk Shipping ETF (BDRY) and the Breakwave Tanker Shipping ETF (BWET)—recorded a combined net income of $30.4 million for the three months ended March 31, 2026, a substantial increase from a net loss of $5.9 million during the same period in 2025. This turnaround was primarily driven by net realized gains on futures contracts amounting to $14.5 million, alongside unrealized gains of $16.1 million.
In terms of operational metrics, BDRY's net asset value (NAV) per share increased from $8.74 to $10.09 over the quarter, reflecting a 15.39% rise. BWET experienced an even more dramatic increase in its NAV per share, soaring from $19.27 to $119.74, marking a 521.21% increase. The market value of BDRY shares also rose by 13.68% to $9.97, while BWET's market value surged by 411.31% to $98.50. The significant fluctuations in share prices and NAVs were attributed to the volatility in freight rates, particularly in the context of geopolitical tensions affecting oil and shipping markets.
The Trust's strategic developments included a change in sponsorship, with Amplify Investments LLC taking over from ETF Managers Capital LLC as the Trust's sponsor effective February 15, 2024. This transition is expected to enhance the management and operational efficiency of the Funds. Additionally, both BDRY and BWET have seen increased trading volumes, with BDRY averaging 923 contracts per month and BWET averaging 149 contracts, indicating a growing interest in these investment vehicles.
Geographically, the Trust's operations remain focused on the global shipping markets, with BDRY primarily targeting dry bulk freight and BWET focusing on crude oil tanker freight. The Trust's assets as of March 31, 2026, totaled approximately $102.7 million, with BDRY holding $45.6 million and BWET $57.1 million. The Trust's management has indicated that they will continue to monitor market conditions closely, particularly the ongoing geopolitical tensions and their potential impact on freight rates, as these factors will be critical in shaping the Trust's future performance.
Looking ahead, Amplify Commodity Trust remains cautiously optimistic about its outlook, emphasizing the importance of maintaining liquidity and managing risks associated with market volatility. The Trust's management is committed to leveraging its expertise in the commodities market to navigate the challenges and opportunities that lie ahead, ensuring that both BDRY and BWET can effectively meet their investment objectives.
About Amplify Commodity Trust
Amplify Commodity Trust manages exchange-traded funds that provide exposure to dry bulk and crude oil tanker freight futures. Its core business involves tracking and investing in futures contracts on shipping rates, offering market participants a way to gain commodity market exposure. The trust operates through registered commodity pools, utilizing exchange-cleared futures, with a focus on transparency, liquidity, and regulatory compliance.
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