BWET is the first oil tanker shipping ETF. Oil tanker shipping is an instrumental part of the global commodity market and is historically uncorrelated with other major asset classes. BWET provides exposure to the charter rate for shipping crude oil by holding near-dated freight futures contracts on two oil tanker indexes based on cargo ship size category and specific routes. The fund uses a fixed weighting scheme, rebalanced annually, that allocates 90% to TD3C VLCC (Very Large Crude Carrier) contracts and 10% to TD20 Suezmax contracts. As futures are always an imperfect proxy for spot prices and the freight futures market is often in contango, long-term holdings are subject to position decay. BWET is structured as a commodities pool so investors can expect a K-1 at tax time and long-term holders will be taxed on any gains even without selling shares. The fund is only intended to be used as a diversification opportunity and is not a complete investment program.