Meanwhile, oil prices have been falling off after hitting a recent high in early May. the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, and redeemed dipped 1.8% over the past week while the United States Brent Oil Fund (NYSEArca: BNO) fell 3.8%.

WTI crude oil futures were trading around $57.9 per barrel and Brent crude futures were hovering around $62.8 per barrel.

Guggenheim Global Shipping ETF

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Max Chen contributed to this article.