At a glance
TFPN charges 1.13% a year. It has $170.0M in assets. Over the past year it returned +18.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.6% a year. Its ten largest positions make up 22.9% of the fund, out of 239 in all.
The short version
Blueprint Chesapeake Multi-Asset Trend ETF (TFPN) is an actively managed fund that follows Chesapeake Capital's computer-driven trend-following program. It takes long and short positions across stocks, bonds, currencies and commodities. About half its market risk comes from futures, options and forwards, and the other half from stock positions. It aims to preserve capital and grow it over time. It costs 1.13% a year and paid no distributions in the 12 months to October 27, 2026.
Price history
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TFPN +18.6% 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 | |
|---|---|---|---|---|---|---|
| TFPN official prospectus, to Dec 31, 2025 | — | +4.01% | — | — | — | +1.86% |
| TFPN price data to Oct 27, 2026 | +17.0% | +18.6% | +6.6% | — | — | +6.3% |
- Over the year to Oct 27, 2026, TFPN returned +18.6%.
- Its worst full calendar year was 2024 (+2.6%); its best was 2025 (+3.6%).
- The deepest fall in its price history was 16.7% (Jun 3, 2024 to Apr 8, 2025), recovered by Dec 23, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +16.9% | — |
| 2025 | +3.6% | +4.01% |
| 2024 | +2.6% | +3.19% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 239 securities; the ten largest made up 22.86% of assets, and 5.05% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Western Digital Corp | 3.53% | |
| Lumentum Holdings Inc | 3.41% | |
| iShares National Muni Bond ETF | 2.63% | |
| Micron Technology Inc | 2.48% | |
| iShares TIPS Bond ETF | 2.15% | |
| Bloom Energy Corp | 2.11% | |
| Carpenter Technology Corp | 1.98% | |
| AZZ Inc | 1.60% | |
| Lam Research Corp | 1.50% | |
| iShares Preferred and Income Securities ETF | 1.47% | |
| Vanguard Short-Term Corporate Bond ETF | 1.38% | |
| State Street SPDR Bloomberg Convertible Securities ETF | 1.22% | |
| Bank of Nova Scotia | 1.03% | |
| KLA Corp | 1.01% | |
| MasTec Inc | 0.97% |
By country
United States 54.07%Canada 6.43%France 2.21%United Kingdom 1.79%Australia 1.07%By asset type
Stocks 70.41%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $11.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.19%, +3.48%, -0.86%.
How it works
TFPN does not track an index. Sub-adviser Chesapeake Capital Corporation runs it using the Chesapeake Multi Asset Trend Program, a mostly automated, computer-driven system. Trend following means buying markets that have been rising and betting against markets that have been falling, then holding until the trend turns. The models look at prices, moving averages, volatility, trading volume and open interest (the number of futures contracts outstanding) across global stock indexes, single stocks, ETFs, bond futures, currencies and commodities.
About half the fund's market risk sits in a derivatives component. This can hold long or short positions in options, commodity futures, options on futures, and spot and forward currency contracts. Up to 2% of notional value can be in digital currencies, held only through exchange-traded futures. The other half is a stock component that can be 100% long, 100% short or a mix. Its short positions are in US stocks, or it sells stock index futures. Some futures are held through a subsidiary in the Cayman Islands.
A second sub-adviser, Blueprint Fund Management, runs the cash strategy. It holds short-term Treasurys, money market funds and cash that serve as margin and collateral for the derivatives. The fund trades often, with 66% portfolio turnover. Derivatives add exposure beyond the cash invested, so losses can be magnified. The fund is also non-diversified, which means it can put more of its money into fewer issuers.
What it really costs
- TFPN charges 1.13% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $115 in the first year and $1,375 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TFPN | $115 | $359 | $622 | $1,375 |
In a retirement portfolio
Its long-and-short trend program across stocks, bonds, currencies and commodities is designed to behave differently from a traditional stock-and-bond mix, though its track record is short.
TFPN launched on July 11, 2023, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It has not had a losing calendar year, returning 3.19% in 2024 and 4.01% in 2025, according to its prospectus. But its deepest drop was 16.7%, from June 3, 2024 to April 8, 2025. It took about 8.5 months, until December 23, 2025, to recover. A retiree who sold shares in early 2025 would have locked in losses.
It provides no income: it paid no distributions in the year to October 27, 2026. Costs are high. Under the SEC's standard $10,000 example, a holder pays about $115 in the first year and $1,375 over 10 years. Past results don't predict the future, and a 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 long-short trend program spanning stocks, bonds, currencies and commodities as a small complement to a stock-and-bond portfolio.
- People comfortable with an automated strategy whose holdings, led by Western Digital and Lumentum as of June 30, 2026, can change quickly.
- Investors who don't need income from this fund, which paid no distributions in the 12 months to October 27, 2026.
Look elsewhere if
- Cost-conscious investors: in the SEC's standard example, the 1.13% expense ratio adds up to about $1,375 over 10 years on $10,000.
- Anyone who wants to see a crisis record first: the fund launched July 11, 2023, after the 2008, 2020 and 2022 downturns.
- Retirees who need steady value or regular cash: the fund pays no distributions and once fell 16.7%, taking about 8.5 months to recover.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does TFPN pay dividends?
No. TFPN paid no distributions in the 12 months through October 27, 2026, so its trailing yield was 0%. The fund's stated goals are preserving capital and long-term growth, not income. Its returns come mainly from Chesapeake's trend-following trades, not from payouts. Anyone who relies on a fund for regular cash would have to sell TFPN shares to get it.
What is TFPN's expense ratio?
TFPN's expense ratio is 1.13% a year, including a 0.99% management fee, according to its prospectus filed October 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end. On that basis, costs come to about $115 after one year, $359 after three, $622 after five and $1,375 after ten. That is far more than many plain index ETFs charge. The higher fee reflects active management and heavy use of derivatives.
How has TFPN performed since launch?
Returns were modest at first, then stronger. According to the prospectus, TFPN returned 3.19% in 2024 and 4.01% in 2025. From its July 11, 2023 launch through December 31, 2025, it averaged 1.86% a year. Based on its share price, it gained 16.95% in 2026 through October 27, 2026, and 18.6% over the 12 months to that date. Its worst quarter was an 8.74% loss in the first quarter of 2025.
What does TFPN hold?
TFPN holds a mix of stocks, bond ETFs and derivatives. As of June 30, 2026, its largest positions were Western Digital (3.5%), Lumentum (3.4%), iShares National Muni Bond ETF (2.6%), Micron (2.5%) and iShares TIPS Bond ETF (2.2%). The top 10 made up about 23% of assets, spread across 439 positions. It also held 199 derivatives, including a Swiss franc/Swedish krona currency forward and S&P 500 dividend futures. Trend signals drive its trading, so holdings can change quickly.
Is TFPN a leveraged ETF?
No. TFPN isn't designed to deliver a multiple of an index's daily return the way 2x funds are. However, its prospectus warns that its futures, options and forwards have the economic effect of leverage. They add exposure beyond the cash invested, and losses could exceed the fund's net assets. It can also bet against markets, and its stock positions can be fully short. Its one-year beta, a measure of how much it moves with the stock market, was 0.69 as of October 27, 2026.