Cambria Chesapeake Pure Trend ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About MFUT
TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investingpursuant to a trend following program (the “Pure Trend Strategy”). Using the Pure Trend Strategy, the Fund will investin futures contracts and futures-related instruments (such as forwards) and spot contracts in global markets across a wide rangeof asset classes, including equities, fixed income, currencies and commodities. Inaddition, the Fund invests in cash, short-term U.S. Treasury securities, money market funds, and cash equivalents (the “CashStrategy”). TheFund’s portfolio is managed by sub-advisers Chesapeake Capital Corporation (“Chesapeake”) and Cambria InvestmentManagement, L.P. (“Cambria”). Chesapeake manages the Fund’s Pure Trend Strategy, while Cambria manages the CashStrategy. The Fund’s returns mainly arise from the Pure Trend Strategy. TheFund’s portfolio is usually comprised of approximately 100 securities and financial instruments, which the Fund investsin directly or indirectly via the Subsidiary (described below). The Fund is classified as “non-diversified,” whichmeans the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversifiedfund. ThePure Trend Strategy - Overview. Chesapeakemanages the Fund’s investments using their proprietary long-term trend following strategy. This Program generateslong and short trade signals based on market indicators such as current prices and moving average prices. Chesapeake’s tradedecisions are primarily automated, relying on computer-driven models to identify buying and selling opportunities. The Pure TrendStrategy seeks to preserve capital while also seeking to provide positive annual returns. ThePure Trend Strategy analyzes various market metrics, including price action, market volatility, open interest, and daily tradingvolume, to predict market opportunities and identify recurring price patterns. The data comes from a wide array of markets, suchas U.S. and non-U.S. stock indices, single stocks, ETFs, fixed income futures, currencies, and commodities. Chesapeakeanalyzes multiple market metrics to generate trend-following long and short trade signals (i.e., investment decisions) for derivativestransactions. The Fund invests in long and short exchange-traded commodity futures contracts, exchange-traded equity indices futurescontracts, options on futures contracts and commodities; spot and forward currency contracts; equity securities, and cash andcash equivalents. The strategy seeks to preserve capital while also seeking to provide positive annual returns. TheFund’s derivatives holdings relate to fixed-income instruments, currencies (including up to 2% of the Fund’s totalassets (based on notional value) in digital currencies), and commodities (e.g., agricultural products, energies, precious andindustrial metals). The Fund does not invest directly in digital currencies; rather the Fund invests in crypto assets only indirectlyvia exchange-traded futures contracts. See“Additional Information About the Fund’s Principal Investment Strategies” for a more complete description ofthe Pure Trend Strategy. CashStrategy Cambriamanages the Fund’s Cash Strategy, which is principally used for margin and collateral purposes for the Fund’s derivativestransactions. The portion of the Fund’s portfolio allocated to the Cash Strategy is invested in U.S. government securities(securities issued or guaranteed by the U.S. government or its agencies or instrumentalities) such as Treasury bonds (i.e., 10-to-30-yearmaturity), Treasury notes (i.e., two- to ten-year maturity), and Treasury Inflation-Protected Securities (“TIPS”).The Fund may invest in such securities of any duration or maturity. Utilizingits own quantitative model, Cambria generally selects securities for inclusion in the Fund’s Cash Strategy portfolio tacticallybased on a comparison of their current yield spreads (i.e., the difference in quoted rates of return on differing debt instruments)relative to T-Bills and their historical average yield spreads. Government securities with varying maturities typically have differentyields. Some U.S. government securities’ yields may be similar to the yields of T-Bills (narrow yield spreads), while othersmay have yields that are larger than and more attractive relative to the yields of T-Bills (wide yield spreads). Wider yield spreads,however, often indicate greater risks associated with those securities. Noless frequently than on a quarterly basis, the quantitative algorithm evaluates the current yield spreads of various U.S. Governmentsecurities relative to T-Bills and determines whether the current yield spreads are narrow or wide relative to historic averages.If a category of U.S. Government securities has a historically narrow yield spread relative to T-Bills, the Fund will invest inT-Bills. If, however, a category of U.S. Government securities, has a historically wide yield spread relative to T-Bills, theFund will invest in such securities rather than T-Bills because the higher rate of return. To the extent that all of the variouscategories of U.S. Government securities have historically narrow yield spreads relative to T-Bills, the Fund may invest up to100% of its Cash Strategy portfolio in T-Bills, as market conditions warrant. CaymanSubsidiary TheFund gains exposure to futures contracts and other derivative instruments either directly or indirectly through a wholly-ownedCayman Islands subsidiary (the “Subsidiary”) that is advised by Tidal Investments LLC (the “Adviser”)and sub-advised by Chesapeake. The Fund may invest up to 25% of its total assets in the Subsidiary, tested at the end of eachfiscal quarter. The Subsidiary generally invests in futures contracts and other derivative instruments that do not generate “qualifyingincome” under the source of income test required to qualify as a regulated investment company (“RIC”) underSubchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Unlike the Fund, the Subsidiary may investwithout limitation in futures contracts and other derivative instruments; however, the Subsidiary will comply with the same 1940Act requirements that are applicable to the Fund’s transactions in derivatives. In addition, the Subsidiary will be subjectto the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlikethe Fund, the Subsidiary will not seek to qualify as a RIC under the Code. The Fund is the sole investor in the Subsidiary anddoes not expect the shares of the Subsidiary to be offered or sold to other investors. Except as otherwise noted, for the purposesof this Prospectus, references to the Fund’s investments include the Fund’s indirect investments through the Subsidiary. Thefinancial statements of the Subsidiary will be consolidated with the Fund’s financial statements in the Fund’s Annualand Semi-Annual Reports.
MFUT News
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Data for MFUT is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.