In short: Host-raised: up ~3,600% YTD on 1–6-month tanker freight futures. Sankey: "I haven't looked at that particular ETF," but tanker rates are "spiking to unprecedented levels," set by "a conversation" between brokers, with Hormuz and Bab el-Mandeb both shut. He is puzzled that the fund didn't track the first-phase spike better.
33:10This came to my radar earlier this morning. I was on CNBC. BWET up 3,600% year to date. It tracks the price of shipping oil. I went to their website, their fact sheet. Their portfolio allocation is just freight futures of 1 to 6 months forward. I have a chart here. I'd like you to comment on please how this industry works, how shipping costs are calculated.
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