While most investors and analysts were focused on the technology sector – with a particular eye for the wider artificial intelligence (AI) space – and energy, a different industry produced one of the best-performing exchange-traded funds (ETFs) on record.
Specifically, the Breakwave Tanker Shipping ETF (BWET) started 2026 trading at $18.73 and is, at press time on September 10, at $583.39, meaning it soared a staggering 3,000%.
BWET ETF price YTD chart. Source: TradingView
For comparison, SanDisk (NASDAQ: SNDK), the best-performing stock included in the S&P 500 benchmark index, rallied 540.96% within the same timeframe.
Simultaneously, looking at the focus of the BWET ETF, it becomes easy to see what is behind the rally, though the magnitude of the rise remains somewhat flabbergasting.
Indeed, the fund freight futures exchange-traded product that is entirely dedicated to tanker rates for the transportation of crude oil.
Why the BWET ETF soared 3,000% in 2026
Examining the BWET chart, it is clear that the ETF’s 2026 rise is primarily connected to the hostilities between the U.S., Israel, and Iran. After a minor but steady rise between January and March, there was a notable acceleration in both the price increases and volatility.
The most recent leg of the rally – the fund is up nearly 100% on the monthly chart – is also indicative, as it came amid a new hardening of rhetoric and a flare-up in military exchanges between the U.S. and the Islamic Republic.
Meanwhile, the trend is also observable in oil prices themselves, though it is less pronounced, either due to confidence that the global strategic reserves will prevent a crisis before stability is restored, or, as some more cynical observers speculate, due to significant market manipulation.
Is BWET ETF a ‘Buy’ after soaring 3,000% YTD?
Lastly, despite the impressive BWET performance so far in 2026, investing in it in September would be a risky endeavor.
The preceding rise alone serves to limit the potential upside, while the unpredictability in negotiations between the U.S. and Iran – and, indeed, unpredictability about whether they are taking place at any given moment – increases the danger of a sudden price plummet.
Still, the bull case can be found among the latest military developments. Iran has increased the scale of its retaliatory salvos, and Tehran has sharpened its rhetoric. Critically, though mere threats are not a reliable indicator of future escalation, the Islamic Republic has not proven itself significantly less credible than Washington.
Simultaneously, the escalation in Yemen and especially the rapid advance of Ansar Allah forces – better known as Houthis – is likely to have a more immediate and measurable impact.
Looking into October, the U.S. military appears to be preparing a weapon for a decisive attack on the Pickaxe Mountain nuclear complex in the Islamic Republic, and a cryptic September 9 X post made by what appears to be the account of the Iranian minister of defense gives little indication that de-escalation is in the cards.
Featured image via Shutterstock