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The Screen · Financials
BDRYBreakwave Dry Bulk Shipping ETF
BDRY · NYSE ARCA · USD
The fund seeks to achieve its investment objective by investing substantially all of its assets in the Freight Futures currently constituting the Benchmark Portfolio.
FAIL · Does not pass the screen
12.61 USD
Price as of 23 Oct 2026Daily close, not a live quoteLast reviewed 5 days ago
Screened 2026-10-23 · the tape above runs as of 20:04 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price12.61 USD at the 23 Oct 2026 close
Ethical screenDoes not pass
OptionsOpen interest leans heavily to calls (put/call 0.48)
Last reviewed23 Oct 2026 (5 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 12.61 against the desk's fair-value range, over the last year.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.48, read 2026-10-25
Ethical does not pass the values gate
Price12.61 USD
Ethical score30.0/100
Our investment reviews on this name
2026-10-02Read Markdown16.08-21.6% to today ✓Accumulation gives way to Markdown after a 28% rise in 13 weeks
2026-07-02Read Accumulation12.52+0.7% to today ✓First review on file: Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Breakwave Dry Bulk Shipping ETF holds its Distribution at $12.61. Consolidating, no directional conviction, held for 397 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 397 days
Price at the screen
$12.61
Valuation
8.07 trailing · N/A forward price to earnings
Values screen
FAIL· score 30.0
The Workings
Five Screens, Shown in Full
Does not pass. Financial sector: Financial
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Financial sector: Financial
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Breakwave Dry Bulk Shipping ETF does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when BDRY's ethical verdict changes
Today BDRY does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
BDRY trades on NYSE ARCA. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-27Markdown$12.25+0.0%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-10-20Markdown$12.25-11.8%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading oversold. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-10-13Markdown$13.89-13.6%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 13.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-10-02Markdown · changed$16.08+28.4%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 28.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-08-23Accumulation$12.52+0.0%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-07-22Accumulation$12.52+0.0%Entry 4
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-07-18Accumulation$12.52+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 29% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 125%. Our forward projection puts the odds of a 10% gain over the next month near 26%.
2026-07-03Accumulation$12.52+0.0%Entry 2
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Accumulation$12.52Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$12.65
-1.7%
·
$983
-1.7%
2 months
$10.70
+16.2%
·
$1,162
+16.2%
3 months
$10.40
+19.5%
·
$1,195
+19.5%
6 months
$8.84
+40.6%
·
$1,406
+40.6%
1 year
$5.52
+125.2%
·
$2,252
+125.2%
2 years
$11.46
+8.5%
·
$1,085
+8.5%
3 years
$6.33
+96.4%
·
$1,964
+96.4%
5 years
$27.82
-55.3%
·
$447
-55.3%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever BDRY does next, these words stay.
Breakwave Dry Bulk Shipping ETF · BDRY · Distribution · $12.61
Recorded 2026-10-23 · before the outcome · scored mechanically