Best-Performing ETF of 2026 Is Up 5,000%: What Does It Track?

The Breakwave Tanker Shipping ETF (BWET) closed at a record $1,012.75 on October 8 and is up 5,157% in 2026, making it the best-performing ETF of the year. The fund’s gains appear tied less to the Strait of Hormuz being closed and more to what happened after crude flows recovered. Barchart flagged the chart as parabolic, citing falling volume and a new orderbook surge that suggest the rally could be peaking.

BWET is built largely around TD3C, the Middle East Gulf to China supertanker route, which was effectively disrupted after U.S. and Israeli strikes on Iran on February 28 closed Hormuz. By late March, TD3C had set a record near $424,000 a day, and rates continued to climb once flows returned via ship-to-ship transfers outside Hormuz. With freight now about 27% of a delivered barrel’s cost versus roughly 3% in January, tanker costs are being driven by scarcity and infrastructure inefficiency. The orderbook is 38% of the fleet, and Mercuria has sued the Baltic Exchange over whether TD3C still reflects real market conditions.