ETF Evaluator: iMGP DBi Managed Futures Strategy ETF () Follow This ETF

iMGP DBi Managed Futures Strategy ETF Overview

iMGP DBi Managed Futures Strategy ETF (DBMF) is an actively managed Alternative Systematic Trend exchange-traded fund (ETF). iM Global Partner Fund Management launched the ETF in 2019.

The investment seeks long-term capital appreciation. The fund seeks to achieve its objective by: (i) investing its assets pursuant to a managed futures strategy; (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary and (iii) investing directly in select debt instruments for cash management and other purposes. It is non-diversified.

About iMGP DBi Managed Futures Strategy ETF (DBMF)

There are 2 members of the management team with an average tenure of 7.24 years: Andrew Beer (2019) and Mathias Mamou-Mani (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and SG CTA PR USD index with a weighting of 100%. iMGP DBi Managed Futures Strategy ETF has 12 securities in its portfolio. The top 10 holdings constitute 85.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

iMGP DBi Managed Futures Strategy ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. iMGP DBi Managed Futures Strategy ETF has 0.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 15.9% There is 0.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 33.5% (33.5% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iMGP DBi Managed Futures Strategy ETF has 44.8% of the portfolio in cash.

Assets Under Management

The fund has $4 billion in total assets, which is above the $487 million average for the Systematic Trend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

DBMF Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iMGP DBi Managed Futures Strategy ETF expense ratio is high compared to funds in the Systematic Trend category. iMGP DBi Managed Futures Strategy ETF has an expense ratio of 0.85%, which is 3% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. iMGP DBi Managed Futures Strategy ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 57% for the Systematic Trend category.

Recently, in the month of July 2026, iMGP DBi Managed Futures Strategy ETF returned 0.9%, which earned it a grade of C, as the Systematic Trend category had an average return of 1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

iMGP DBi Managed Futures Strategy ETF has a trailing yield of 5.12%, which is above the 2.42% category average. The fund normally distributes its income quarterly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

iMGP DBi Managed Futures Strategy ETF Grades

Year to date, the ETF has returned 11.1%, 1.7 percentage points better than the category, which translates into a grade of B. The fund has returned 27.5% over the past year (grade of B), 9.3% over the past three years (grade of A) and 8.4% per year over the past five years (grade of A).

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