Forget crypto or AI, oil tanker ETF BWET is up 5,100%

The best-performing ETF in America isn’t in the crypto, AI, or any tech sector. It is, in fact, the Breakwave Tanker Shipping ETF (BWET), up 5,100% over the past year. 

After a renewed war in Iran, military conflict in the straits of Hormuz and Bab el-Mandeb, and logistical threats such as this week’s attack on Saudi Arabia’s crude oil pipeline and a Houthi advance into the Bab el-Mandeb strait, BWET has rallied 3,600% since January 1.

The next-best-performing ETFs rank far below BWET on a year-to-date basis and merely derive their gains from levering-up single stock performance: 1,170% for a 2x long Dell ETF, 530% for a 2x long Micron ETF, and 390% for a 2x long Marvell ETF.

No other US ETF ranks close to BWET’s 3,600% gain in 2026.

The fund takes long positions in forward freight agreements, offering exposure to oil tanker chartering rates on particular routes, including Hormuz.

Needless to say, the cost to transport oil this year has skyrocketed over physical and political threats, so BWET investors have benefitted tremendously. As shipping companies multiplied their freighting rates upward, the fund’s net asset value (NAV) similarly multiplied.

The once-tiny ETF began 2026 holding just $2 million. It now holds $200 million in net assets.