SG on X
Here's what I don't understand about $BWET : - the fund supposedly invests in exchange-cleared freight futures, not swaps tied to a freight futures index. See below from the latest 10-Q for the commodity trust, available on the fund docs page. - when I look up the futures I see no volume at all on CME, and I can't find an actual derivatives (not just index) quote on Bloomberg that shows volume traded - if the freight futures barely trade on exchange, what happens when the ETF needs to buy futures to issue shares or sell futures to redeem? What % of the OI in the lead months does the ETF own? - Is the underlying Ras Tanura to Ningbo specification for the futures accounting for ~90% of holdings relevant right now with pipeline diversion and tankers going dark through the strait? Without this information it seems impossible to even guess at how crazy things could get should the ETF see a lot of buy or sell interest. cc: @DryBulkETF @TheShortBear @EricBalchunas
