Amplify Commodity Trust has reported its financial results for the three months ending September 30, 2025, showcasing a significant recovery in performance compared to the same period last year. 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 $22.5 million, a stark contrast to the net loss of $4.6 million reported in the previous year. This turnaround was primarily driven by net realized gains on futures contracts amounting to $22.4 million, alongside a modest unrealized gain of $153,567.
The financial performance of the Trust reflects a substantial increase in net asset value (NAV) per share for both funds. BDRY's NAV rose from $5.63 to $7.61, marking a 35.37% increase, while BWET's NAV increased from $10.63 to $14.64, representing a 37.74% rise. This growth in NAV was attributed to favorable market conditions, particularly in the dry bulk and tanker shipping sectors, which saw increased demand and improved freight rates.
Operationally, the Trust experienced notable changes in share transactions. BDRY saw a net decrease of 6.65 million shares, with 8.3 million shares redeemed during the quarter, while BWET had a modest redemption of 25,000 shares. The total outstanding shares for BDRY stood at 5,050,040, and for BWET, 175,100, as of November 1, 2025. The Trust's strategic shift in management, with Amplify Investments LLC taking over as the new sponsor in February 2024, has also been a significant development, aiming to enhance operational efficiency and investor engagement.
In terms of market engagement, BDRY's market value per share increased from $5.55 to $7.51, while BWET's market value rose from $10.64 to $14.75 during the same period. The Trust's performance metrics indicate a strong recovery in investor confidence, with BDRY's market value reaching a high of $8.60 per share in August 2025. The Trust's management has indicated that they expect continued positive momentum in the freight markets, although they remain cautious about potential geopolitical risks and market volatility.
Looking ahead, Amplify Commodity Trust is optimistic about its future performance, driven by ongoing demand in the shipping sector and strategic management initiatives. The Trust's management has emphasized their commitment to maintaining a robust operational framework while navigating the complexities of the commodities market. The outlook remains cautiously optimistic, with expectations of sustained interest in both dry bulk and tanker shipping investments as global trade dynamics evolve.
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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