Quick Read Crude oil tanker freight futures rarely produce the year's biggest gain. Yet Breakwave Tanker Shipping ETF (NYSE:BWET) closed at around $172, after a 1,331% one-year run driven almost entirely by one event: the closure of the Strait of Hormuz in February 2026. That single dependency is the entire risk story. What BWET Actually Owns BWET is a commodity pool that holds near-dated cash-settled freight futures, weighted roughly 90% to Very Large Crude Carrier (VLCC) contracts and 10% to Suezmax contr ...