The Breakwave Dry Bulk Shipping ETF (BDRY) declined by 10% this week. Capesize rates and capesize FFA values have fallen by a large amount. Overall, the sharp decline and volatility in capesize rates has been normal; such a decline often ultimately occurs after spot vessel availability has experienced sudden extreme tightness as has been seen recently. 
Also of note is that the Breakwave Dry Bulk Shipping ETF (BDRY) has officially been the best performing ETF of all non-leveraged ETFs through the first three quarters of this year. BDRY’s 368% performance through Q3 has dwarfed the performance of all other non-leveraged ETFs.
Source: Commodore Research & Consultancy