Obscure shipping ETF soars 1,168% amid Iran war while gold falls 17%.

Since the US and Israel began strikes on Iran in February 2026, the Breakwave Dry Bulk Shipping ETF surged 1,168%, driven by a shipping chokepoint at the Strait of Hormuz disrupting oil transport. Meanwhile, gold, typically a safe haven in war, declined 17.57% during the same period. This stark contrast highlights how geopolitical events can sharply impact niche markets like freight shipping, which saw rates spike due to scarcity of vessels. Investors should note the ETF's gains are tied to a specific geopolitical risk and could reverse quickly, making it a speculative play rather than a stable hedge.