One ETF Category Is Turning the Iran War Into Massive Gains

Seven ships crossed the Strait of Hormuz on September 10. Before the war, roughly 125 crossed every day. Four obscure funds have spent 2026 turning that collapse into money.

Only about four US-listed shipping ETFs (exchange-traded funds) exist. Between them they hold under $450 million, a rounding error on Wall Street.

Four Funds, Four Very Different Wars

Breakwave Tanker Shipping ETF (BWET) is up more than 3,200% this year, Yahoo Finance data shows. It traded near $781.92 on Monday, against a 52-week low of $13.58. Since the war started, this particular ETF has gained 1,300%.

While only that one went vertical, the rest are also posting gains. Breakwave Dry Bulk (BDRY) is up about 95% over the past year. SonicShares Global Shipping (BOAT) is up 69%. US Global Sea to Sky Cargo (SEA) is up 45%.

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