The Baltic Dirty Tanker Index (BIDY) is probably more closely associated with SEA. That index, which has recently soared, aggregates rates from major trade routes every day and is a good indicator of overall shipping rates hired to move crude oil. Oil and gas storage and transportation make up nearly 37% of the ETF’s holdings. [Shipping Looks for a Rally]

The rub with SEA is that the ETF currently does not hold shares of some of the most downtrodden shipping names, such as Kirby (NYSE: KEX) and Frontline (NYSE: FRO). However, the ETF does devote 22.3% of its weight to U.S. stocks, its largest country weight by about 235 basis points over Denmark.

Guggenheim Shipping ETF