Chesapeake Trend-Following Fixed Income ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About TFFI

TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investingpursuant to a long-term trend following program developed by the Fund’s investment sub-adviser, Chesapeake CapitalCorporation (“Chesapeake” or the “Sub-Adviser”), that focuses on the fixed-income asset class (the “FixedIncome Program”). A trend following program is a trading strategy that seeks to identify and profit from directionalprice movements in financial markets. The Fixed Income Program generates long and short trade signals across global fixed incomemarkets based on market indicators such as current prices and moving average prices. The Sub-Adviser’s trade decisions areprimarily automated, relying on computer-driven models to identify buying and selling opportunities. The Program seeks to preservecapital while also seeking to provide positive annual returns. TheFixed Income Program analyzes various market metrics, including price action, market volatility, open interest, and daily tradingvolume, to identify market opportunities and recurring price patterns. The data comes from a wide array of markets, such as U.S.and non-U.S. fixed income notes and bonds, ETFs, and fixed income futures. Frequent buying and selling of portfolio holdings mayoccur to seek to achieve the Fund’s investment objective, which may result in a high annual portfolio turnover rate. TheFixed Income Program analyzes multiple market metrics to generate trend-following trade signals (i.e., investment decisions). TheFund will invest both long and short in exchange-traded fixed income futures contracts, other ETFs providing exposure to the fixedincome asset class, and options on each of the foregoing. The Fund’s specific fixed income exposures obtained through theseinstruments may include, but are not limited to, the following:    ● Government debt issued by the U.S. (such as U.S. Treasuries) as well as foreign countries (including those located in emerging markets).   ● Corporate bonds of U.S. and foreign issuers (including those located in emerging markets), which may include bonds that are considered high-yield (sometimes referred to as “junk bonds”)   ● Municipal bonds   ● Preferred stock   ● Convertible securities Togain exposure to movements in interest rates, the Fund may also invest in equity securities of companies (or ETFs that investin such companies) that have been historically correlated (positively or negatively) to interest rate movements. Examples of suchcompanies may include financial services companies, asset managers, real estate-related companies, or other issuers whose revenues,balance sheets, or financing costs may be influenced by interest rate movements. Such investments are used selectively to expressinterest rate-related themes and are not intended to replace the Fund’s primary fixed income exposures. TheFund may also invest in forward foreign currency contracts to seek to hedge the Fund’s exposures to its investments denominatedin foreign currencies. CashStrategy TheFund’s cash strategy will principally be used for margin and collateral purposes for the Fund’s derivatives transactions.The Fund will invest in short-term U.S. Treasury securities (i.e., with a duration of 5 years or less), money market funds, cash,ETFs and other cash equivalents. OtherFund Attributes Undernormal circumstances, the Fund will invest at least 80% of the value of its assets, plus borrowings for investment purposes, insecurities or instruments that provide exposure to the fixed income asset class. For the purposes of this policy, derivativeswill be valued at their notional value. TheFund’s strategy is expected to result in a high annual portfolio turnover rate. Thederivative instruments in which the Fund may invest, including options, futures and forwards, provide the economic effect of financialleverage by creating additional investment exposure to the underlying asset. TheFund is classified as “non-diversified” under the 1940 Act.

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