August 13, 2026
August 2026 Commentary Blueprint Chesapeake Multi-Asset Trend ETF
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Portfolio Exposure At A Glance
Notable Holdings By Macro Asset Class
| CURRENCIES | |
|---|---|
| Name | Long/Short |
| Australian Dollar Future | Long |
| Polish Zloty Future | Short |
| Euro Future | Short |
| China Yuan Future | Short |
| Australian Dollar/Japanese Yen Future | Long |
| COMMODITIES | |
|---|---|
| Name | Long/Short |
| Aluminum Future | Long |
| Lead Future | Short |
| Corn Future | Short |
| Heating Oil Future | Long |
| Palm Oil Future | Long |
| FIXED INCOME | |
|---|---|
| Name | Long/Short |
| High Yield Corp Bond Index Future | Long |
| Australian 3-Year Bond Future | Short |
| U.S. 5-Year Treasury Bond Future | Short |
| Japanese 10-Year Bond Future | Short |
| Canadian 10-Year Bond Future | Long |
| EQUITIES | |
|---|---|
| Name | Long/Short |
| Adobe Inc | Short |
| Carpenter Technology Corp | Long |
| Ross Stores, Inc. | Long |
| Bloom Energy Corp | Long |
| McDonald's Corp | Short |
ETF holdings and macro asset class allocations are subject to change.
Currencies
Overview
Currency positioning shifted meaningfully during July while the portfolio maintained a modest net short position in the U.S. Dollar heading into August. The change reflected broad repositioning across both outright currency exposure and cross-currency relationships, as trends evolved during the month. TFPN also continues to maintain no meaningful exposure to cryptocurrency.
Drivers
Currency markets experienced meaningful shifts last month, resulting in changes across both major currencies and cross-currency relationships.
One of the more notable developments within the portfolio was an increase in outright U.S. Dollar exposure alongside continued positioning in cross-currency relationships. The portfolio also maintained meaningful positions in the Chinese Yuan and several emerging-market currencies, although overall positioning became more balanced as trends evolved during the month.
Commodities
Overview
Commodity exposure increased substantially during July, with net long positioning more than doubling heading into August. The increase was driven primarily by a shift from net short to net long positioning in grains, along with expanding long exposure across energy and industrial metals.
Drivers
The portfolio increased exposure across a broad range of commodity markets during the month, including crude oil, refined petroleum products, natural gas, copper, aluminum, iron ore, platinum, and precious metals. Several of these positions grew meaningfully as established trends continued to strengthen.
Agricultural positioning also evolved last month. While the portfolio continued to maintain selected short positions within grain markets, it added net long exposure across the agricultural sector, as improving trends developed in several crop markets.
Fixed Income
Overview
Fixed income remained the portfolio’s largest overall allocation at the end of July and became even more net short during the month. The increase in short exposure reflected the continuation of trends associated with higher bond yields across global interest-rate markets.
Drivers
The portfolio maintained short positions across a broad range of global government bond markets, with additional exposure to short-term interest-rate instruments in countries such as Japan. Together, these positions represented the largest allocation within the portfolio last month, reflecting persistent trends across global fixed income markets.
The positioning reflects trends observed across multiple fixed income markets rather than any single view on future monetary policy. By maintaining exposure across a broad range of global interest-rate markets, TFPN is designed to adapt as trends emerge and evolve.
Equities
Overview
Equities remained the portfolio’s largest net long asset class at the end of July, although exposure moderated slightly during the month. The reduction was driven primarily by trimming long positions while maintaining relatively modest short exposure.
Drivers
The portfolio continues to emphasize companies exhibiting strong price trends, which last month included names across technology-, industrial-, and energy-related businesses. Holdings such as Lumentum Holdings, Bloom Energy, and Kodiak Gas Services remained representative of the portfolio’s long exposure, reflecting continued strength across multiple areas of the market.
Short positions continued to complement the long portfolio last month, with holdings such as Ingredion and Chipotle Mexican Grill representing areas of persistent relative weakness. Rather than relying on a single investment theme or sector, TFPN remains focused on identifying and maintaining exposure to individual companies exhibiting sustained price trends.
Portfolio Managers’ Note
After posting exceptionally strong gains during the first half of the year, TFPN declined 5.07% (price return) during July. While periods of negative performance are never welcome, they are a normal part of any disciplined investment process — particularly one designed to follow market trends rather than predict them.
July served as a reminder that successful trend following requires patience. Markets continued to evolve during the month, prompting meaningful changes across several asset classes. Commodity exposure increased substantially, the portfolio expanded its net short position in fixed income, and currency positioning shifted as trends developed. Despite modest reductions, equities remained the portfolio’s largest net long asset class.
Periods like these reinforce an important characteristic of systematic investing: the objective is not to anticipate the next market narrative, but to remain aligned with observable price trends as they emerge and evolve. Doing so often requires patience, particularly when markets transition from one leadership environment to another.
Trend following has historically experienced periods of both strong advances and short-term retracements. The objective is not to avoid every losing month, but to remain disciplined through changing market environments while positioning the portfolio to participate in sustained trends over time. TFPN’s investment process remains unchanged: identify persistent price trends across a broad range of global markets, manage risk systematically, and adapt as those trends evolve.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.
For standardized performance please visit tfpnetf.com.
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