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Data as of Oct 28, 2026.

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BWET vs QUAL: Differences, Returns & Fees

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BWET is a commodity futures fund and QUAL an equity index fund, and over the year to Oct 28, 2026, BWET returned +5,121.7% against +13.1%.

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Net assets on Oct 28, 2026: $178m for Breakwave Tanker Shipping ETF and $48.2bn for iShares MSCI USA Quality Factor ETF.

BWET on its own →QUAL on its own →
At a glance
+5,121.7%
BWET total return, 1 year
+13.1%
QUAL total return, 1 year
4.68%
BWET expense ratio
0.15%
QUAL expense ratio

Pair scorecard

QUAL costs 4.53 points a year less; their one-year returns differ by 5108.6 points; QUAL is far larger, $48.2bn against $178m.

BWET vs QUAL: Differences, Returns & Fees
MeasureBWETQUAL
Return
Total return, 1 year+5,121.7%+13.1%
Drawdown
Below its high11.2%, high on Oct 8, 2026
Benchmark
What it tracksTanker freight futuresMSCI USA Sector Neutral Quality Index
Cost and size
Expense ratio4.68%0.15%
Net assets$178m$48.2bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight97%
Holdings datedOct 27, 2026
Top ten holdings, share of the fund44.5%

Method

Side by side

BWET Breakwave Tanker Shipping ETF QUAL iShares MSCI USA Quality Factor ETF
Where it sits Commodity ETF Stock ETF
Issuer Breakwave iShares
What it is Holds tanker freight futures Tracks the MSCI USA Quality Factor
Total return, 1 year +5,121.7% +13.1%
Its benchmark over the same days not measured +13.6% (MLRG)
Gap to its benchmark not measured −0.5 pts vs MLRG
Expense ratio 4.68% 0.15%
Holdings not counted 119
Net assets $178m $48.2bn

BWET and QUAL on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
BWET

Its expense ratio is 4.68%, for the year to Jun 30, 2026, as its 10-K states.

BWET holds tanker freight futures. Over the year to Oct 28, 2026 it returned +5,121.7% with distributions reinvested. It sat 11.2% below its high of Oct 8, 2026 on Oct 28, 2026.

QUAL

QUAL tracks the MSCI USA Quality Factor. Over the year to Oct 28, 2026 it returned +13.1% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 97% of the fund by weight is stocks the S&P 500 also holds, across 119 positions, with the top ten at 44.5%.

Questions people ask

Which returned more over the last year, BWET or QUAL?
In the year to Oct 28, 2026, with distributions reinvested, BWET returned +5,121.7% and QUAL +13.1%.
Which is cheaper, BWET or QUAL?
QUAL is cheaper, by 4.53 percentage points a year. That is about $453 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
BWET vs GRNYBWET vs IVVBWET vs IWBBWET vs DIAQUAL vs USOQUAL vs SIVRQUAL vs SLVGLDM vs QUAL
Where to next
BWET on its own →QUAL on its own →Hold both: look the portfolio through →Rankings →QUAL dividend history →QUAL holdings →Standards and sources →
Sources and dates
Breakwave page for BWET ↗
QUAL filings on SEC EDGAR ↗
QUAL prospectus with the expense ratio (SEC) ↗
iShares page for QUAL ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, BWET against QUAL, data as of Oct 28, 2026. https://etfiq.com/compare/any/bwet-vs-qual

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.