The Breakwave Tanker ShippingETF (BWET), a $30 million portfolio that launched in May 2023, has surged over 600% year-to-date due to the U.S.-Iran war and disruption in key maritime corridors. The surge in BWET has led to a rethink of energy sector's leverage, focusing instead on infrastructure used to move crude oil. Cinthia Murphy, VettaFi director of research, explained that the ongoing tensions in the Strait of Hormuz have proven to send freight futures higher quickly, while markets reprice the risk of moving commodities through the region. Despite this, experts warn that freight rates are inherently volatile and driven by short-term shocks.