It skyrocketed by 1300%. This seemingly insignificant shipping ETF is capturing the ever-changing conditions of the Strait of Hormuz.

Every twist and turn of the Iran conflict - every ceasefire bet, every wave of missile attacks, every change in the situation of oil tanker navigation - is almost instantly reflected in an exchange-traded fund with a market size of about $65 million that most investors have never heard of. The Breakwave Tanker Shipping ETF plummeted by about 13% shortly after opening on Wednesday, after Iran had said it would allow ships to safely pass through the Strait of Hormuz. But hours later, the fund quickly rebounded, surging significantly after the Iranian Revolutionary Guard interrupted oil tanker passage again in response to Israeli strikes in Lebanon. This fund, known as BWET, demonstrated the huge gap between paper ceasefire and actual warfare with its dramatic fluctuations in just a few hours. Over the past year, the fund has soared from around $10 per share to close to $150, a growth of about 1300%, making it the best-performing U.S. listed ETF since 2026. Its assets under management at the beginning of the year were less than $2 million. However, the uniqueness of BWET lies not only in its return rate, but also in the fact that the fund has become a real-time market signal for determining whether the world's most crucial energy routes are open.