At a glance
MFUT charges 0.89% a year. It has $39.2M in assets. Over the past year it returned +24.8% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 21.3% of the fund, out of 61 in all.
The short version
Cambria Chesapeake Pure Trend ETF (MFUT) is an actively managed trend-following fund. Computer models run by sub-adviser Chesapeake Capital take long or short positions in futures and other contracts on stocks, bonds, currencies and commodities, while Cambria manages a cash and Treasury reserve. The aim is to move differently from stocks: its beta (sensitivity to the stock market) was 0.41 for the year to October 27, 2026. It costs 0.89% a year, and its record is short and uneven.
Price history
The interactive chart needs JavaScript.
MFUT +24.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MFUT official prospectus, to Dec 31, 2025 | — | -1.57% | — | — | — | -11.77% |
| MFUT price data to Oct 27, 2026 | +19.1% | +24.8% | — | — | — | -1.1% |
- Over the year to Oct 27, 2026, MFUT returned +24.8%.
- Its worst full calendar year was 2025 (-1.8%); its best was 2025 (-1.8%).
- The deepest fall in its price history was 29.3% (May 29, 2024 to Apr 23, 2025), recovered by May 12, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +19.1% | — |
| 2025 | -1.8% | -1.57% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 21.33% of assets, and 37.56% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Micron Technology Inc | 5.40% | |
| Cisco Systems Inc | 3.02% | |
| NVIDIA Corp | 2.26% | |
| Advanced Micro Devices Inc | 1.81% | |
| Deere & Co | 1.67% | |
| Corteva Inc | 1.58% | |
| Rio Tinto PLC | 1.53% | |
| ASML Holding NV | 1.44% | |
| BHP Group Ltd | 1.31% | |
| Apple Inc | 1.30% | |
| Newmont Corp | 1.25% | |
| Suncor Energy Inc | 1.24% | |
| Vale SA | 1.20% | |
| Nucor Corp | 1.15% | |
| Edwards Lifesciences Corp | 1.15% |
By country
United States 28.81%Canada 2.72%Netherlands 2.23%United Kingdom 1.53%Australia 1.31%By asset type
Stocks 41.42%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $7.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.73%, +2.59%, -5.50%.
How it works
MFUT does not track an index. Chesapeake Capital Corporation runs its Pure Trend Strategy, a long-term trend-following program. The models study prices, moving averages, volatility, open interest (the number of open futures contracts) and trading volume across stock indexes, single stocks, ETFs, bond futures, currencies and commodities. They then generate long signals (bets that a price will rise) or short signals (bets that it will fall). Trading decisions are mostly automated, and portfolio turnover was 83%.
As of June 30, 2026, stocks made up about 41% of net assets. The largest were Micron Technology (5.4%), Cisco (3.0%) and NVIDIA (2.3%), followed by miners such as Rio Tinto and BHP. Cash and equivalents were about 37.6%. The fund also held 69 derivative positions, including Fed funds futures, lead, coffee, gasoil and Canadian dollar futures. Futures can also give it exposure to digital currencies, capped at 2% of total assets. Derivatives create leverage, so losses can be larger than the money set aside for them.
Cambria runs the Cash Strategy, which mainly serves as margin and collateral. At least once a quarter, a model compares the yields on Treasury bonds, notes and TIPS with those on T-bills. When the extra yield is historically narrow, the fund holds T-bills. Commodity futures can be held through a Cayman Islands subsidiary, capped at 25% of total assets, so the fund can meet US tax rules. The fund is non-diversified.
What it really costs
- MFUT charges 0.89% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $91 in the first year and $1,096 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MFUT | $91 | $284 | $493 | $1,096 |
In a retirement portfolio
Its trend-following trades across many markets gave it a beta of just 0.41 to stocks over the year to October 27, 2026, so it may not move in step with a stock-heavy portfolio.
MFUT launched on May 29, 2024, so it has no record from the 2008, 2020 or 2022 downturns. On its own it has been far from smooth. It fell 29.3% from launch to April 23, 2025, and it did not regain that level until May 12, 2026, about 12.6 months after the low. Anyone who had to sell during that stretch would have locked in a loss. The prospectus shows a 2025 return of -1.57%. On a price basis, the fund gained 24.8% over the year to October 27, 2026. It made no distributions in that year, so it does not provide income. Costs are 0.89% a year, or $91 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a trend-following strategy that can go long or short futures on stocks, bonds, currencies and commodities, run by Chesapeake Capital's automated models.
- Stock-heavy portfolios looking for something with low market sensitivity: beta was 0.41 for the year to October 27, 2026.
- Investors who can sit through long slumps, such as its 29.3% drop from launch, which took more than a year to recover.
Look elsewhere if
- Retirees who need income: MFUT made no distributions in the year to October 27, 2026.
- Cost-sensitive investors: the 0.89% expense ratio is far higher than the fees of plain stock or bond index funds.
- Investors who want a long record: the fund launched in May 2024, had $39 million in net assets on June 30, 2026, and has no bear-market history.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What is the MFUT ETF and how does it work?
MFUT is an actively managed trend-following ETF. Chesapeake Capital's mostly automated models read price trends, moving averages, volatility and trading volume. They then go long or short futures, forwards, options and stocks across equities, bonds, currencies and commodities. Cambria invests the cash reserve in T-bills and other Treasuries that back those trades. Tidal Investments is the adviser. Some commodity futures are held through a Cayman Islands subsidiary, capped at 25% of total assets.
Does MFUT pay dividends?
No. MFUT made no distributions in the year to October 27, 2026, so its yield was 0%. Gains come from its trading strategy rather than regular income. The fund's own goal is to preserve capital and seek long-term growth, not to pay income. Retirees who rely on regular cash payments would need other holdings for that, since this fund has not been a source of income.
What is MFUT's expense ratio?
MFUT's expense ratio is 0.89% a year, according to the prospectus filed October 26, 2026. That includes a 0.75% management fee. In the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end), total costs would be about $91 after one year, $284 after three, $493 after five and $1,096 after ten. Trading costs from 83% portfolio turnover are not included in that figure.
How has MFUT performed since it launched?
MFUT's record is short and uneven. The prospectus shows a 2025 return of -1.57%, and an average annual return of -11.77% from launch through December 31, 2025. Its deepest drop was 29.3%, from its May 29, 2024 launch to April 23, 2025, and it recovered by May 12, 2026. On a price basis, it then gained 19.1% for 2026 through October 27 and 24.8% over the past year.
Does MFUT invest in bitcoin or crypto?
Only indirectly, and only in small amounts. The prospectus lets MFUT hold digital-currency exposure through exchange-traded futures contracts, capped at 2% of total assets based on notional value. It does not buy or hold cryptocurrencies directly. Most of its exposure is elsewhere: on June 30, 2026, about 41% was in stocks such as Micron, Cisco and NVIDIA, and about 38% was in cash and equivalents.