FFUT vs TFPN

FFUTBFidelity Managed Futures ETF

TFPNFBlueprint Chesapeake Multi-Asset Trend 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.

TFPN The ticker is the thesis: Trend Following Plus Nothing. Original Turtle trader Jerry Parker rides price trends long or short across currencies, commodities, bonds and individual stocks, with no stock-index core bolted underneath it.

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.

TFPN The Fund seeks to preserve capital while pursuing 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

• TFPN Subadvised by Chesapeake Capital, founded in 1988 by Jerry Parker, one of Richard Dennis's original Turtles. These trend rules have a long history behind them, not a 2023 launch idea.blueprintip.comlinkedin.comwikipedia.org
• The equity sleeve trades individual stocks long and short, so single-name trends sit alongside the futures book instead of everything running through index futures.sec.govblueprintip.com
• One strategy, no bolt-ons: the managers call it "trend following plus nothing," applied long, short or flat across currencies, commodities, fixed income and equities in global markets.blueprintip.com
• Wrapped as a 1940 Act ETF that reports on a 1099, so there is no K-1 at tax time, with derivatives exposure routed through a wholly owned Cayman subsidiary.blueprintip.com

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.

• TFPN Cost is the trade-off for the pedigree: 1.13%, above the category median (15 funds) and with no waiver trimming it. JPFP runs 0.59% and CTA 0.75%.
• Trend following needs trends. Choppy, direction-free markets are where this kind of system gets whipsawed, and the book can be short something the crowd is busy buying.blueprintip.com
• One of the less-traded names in the managed futures aisle, so spreads can run wider than at the category's giants. Limit orders matter more here.

Full FFUT profile⁠

Full TFPN profile⁠