FFUT vs TFFI

FFUTBFidelity Managed Futures ETF

TFFIFChesapeake Trend-Following Fixed Income ETF

In short

FFUT Fidelity's 2025 entry into managed futures: a systematic long-short model that rides price trends up or down across stocks, bonds, currencies and commodities. The fee sits at 0.80%, net of a waiver through May 31, 2027.

TFFI Trend-following usually means chasing every market at once. TFFI aims the same playbook at global fixed income, wrapped as a commodity pool, with a prospectus that puts capital preservation ahead of growth.

Stated mandate

FFUT The fund seeks to capitalize on market trends through a disciplined, systematic long-short strategy. The filing indicates that the portfolio may use broad-based ETFs and futures contracts to pursue return characteristics similar to the Managed Futures sector.

TFFI The Fund seeks to preserve capital and generate long-term capital appreciation.

Why people hold it

• FFUT Trend signals run both ways, so the fund can be short bonds or long gold with equal ease across equity, fixed income, currency and commodity markets.sec.gov
• Commodity exposure runs through a wholly owned Cayman subsidiary, capped at 25% of assets, keeping it all inside a 1940 Act fund that sends a 1099, not a K-1.sec.gov
• At 0.80% net of a waiver through May 31, 2027, the fee lands near the middle of a small managed futures field rather than at the premium end alternatives often occupy.
• Returns come from trend signals rather than owning the market, which is why Fidelity pitches it as a diversifier alongside stocks and bonds.fidelity.com

• TFFI Narrow by design: a trend system pointed at global fixed income instead of the usual grab bag of commodities, currencies and stock index futures.
• The stated objective leads with preserving capital, then long-term appreciation. That ordering is unusual in a corner of the market built on chasing big moves.
• Cohort leaders DBMF and CTA trade the whole futures board. TFFI's bonds-and-rates lane makes it a different exposure rather than another copy of the same trade.

Worth knowing

• FFUT Trades thinly, so bid-ask spreads can widen and larger orders may need patience.
• Cheaper trend options exist: JPFP charges 0.59% with no waiver, WTMF 0.66% net of a waiver through December 31, 2026.
• Launched in June 2025, so there is no multi-cycle record, and trend models can give back ground in choppy, directionless markets.

• TFFI At 1.01% a year it costs more than the managed futures cohort median of 0.95%, and more than DBMF at 0.85% or CTA at 0.75%.
• A 2026 launch that is still small and lightly traded: live history is thin, spreads can be wide, and it sits behind the cohort's established names for now.
• Filed as a commodity pool rather than a standard 1940 Act fund, a wrapper with its own reporting and tax rules. The prospectus spells them out.

Full FFUT profile⁠

Full TFFI profile⁠