Key Takeaways
- • DBi and iM Global Partner (iMGP) launched the iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF (MFA8), marking their second managed futures ETF launch within one month and the first European managed futures ETF available since 2020.
- • MFA8 charges a total expense ratio (TER) of 0.75%, is Luxembourg-domiciled, and listed on Euronext Paris with a London Stock Exchange listing to follow; the fund was designed specifically in response to demand from a Nordic pension fund.
- • MFA8 is Europe's first managed futures ETF classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR), distinguishing it from its predecessor DBMF through explicit commodity exclusion and enhanced ESG positioning.
- • Managed futures strategies employ systematic, trend-following approaches across multiple asset classes via futures contracts selected by commodity trading advisors (CTAs); the strategy demonstrated significant diversification value by returning nearly 20% in 2022 when equities and bonds declined sharply.
- • The dual-launch strategy within one month signals institutional demand for liquid alternative investment vehicles in Europe, with both pension funds and asset allocators seeking non-correlated return sources in volatile market environments.
Summary
DBi and iM Global Partner have expanded their managed futures ETF offerings in Europe with the launch of the iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF (MFA8), representing the second such vehicle introduced by the partnership within a single month. The new fund is Luxembourg-domiciled and listed on Euronext Paris, with plans for a subsequent London Stock Exchange listing. This launch follows the March 2025 introduction of the iMGP DBi Managed Futures Fund R USD ETF (DBMF), which became the first managed futures ETF available on the European market since 2020.
The MFA8 fund operates at a total expense ratio of 0.75% and was developed in direct response to demand from a Nordic pension fund seeking commodity-free exposure to managed futures strategies. Notably, MFA8 holds the distinction of being Europe's first managed futures ETF classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR), positioning it within the sustainable finance framework and differentiating it from its predecessor through both commodity exclusion and heightened ESG credentials.
Managed futures represent a systematic, actively managed hedge fund strategy characterized primarily by trend-following mechanics. The approach establishes long or short positions across multiple asset classes through futures contracts selected by commodity trading advisors (CTAs). These strategies perform optimally during periods of sustained market trends spanning months to years. The historical performance advantage is material: managed futures returned approximately 20% annualized in 2022, when traditional equity and bond portfolios experienced among their weakest performance periods on record, underscoring their value as portfolio diversifiers with low correlation to conventional assets.
The dual launch within a month indicates meaningful institutional appetite for liquid alternative investment vehicles in Europe, particularly among pension funds and allocators seeking non-correlated return sources. The structural decision to offer both a conventional managed futures version (DBMF) and a commodity-excluded variant (MFA8) reflects differentiated investor preferences—some seeking full strategy exposure while others prioritize commodity avoidance for strategic or ESG-aligned reasons. This product development approach positions iMGP and DBi to capture both segments of the institutional alternatives market during a period of elevated demand for trend-following and systematic strategies.
The MFA8 fund operates at a total expense ratio of 0.75% and was developed in direct response to demand from a Nordic pension fund seeking commodity-free exposure to managed futures strategies. Notably, MFA8 holds the distinction of being Europe's first managed futures ETF classified as Article 8 under the Sustainable Finance Disclosure Regulation (SFDR), positioning it within the sustainable finance framework and differentiating it from its predecessor through both commodity exclusion and heightened ESG credentials.
Managed futures represent a systematic, actively managed hedge fund strategy characterized primarily by trend-following mechanics. The approach establishes long or short positions across multiple asset classes through futures contracts selected by commodity trading advisors (CTAs). These strategies perform optimally during periods of sustained market trends spanning months to years. The historical performance advantage is material: managed futures returned approximately 20% annualized in 2022, when traditional equity and bond portfolios experienced among their weakest performance periods on record, underscoring their value as portfolio diversifiers with low correlation to conventional assets.
The dual launch within a month indicates meaningful institutional appetite for liquid alternative investment vehicles in Europe, particularly among pension funds and allocators seeking non-correlated return sources. The structural decision to offer both a conventional managed futures version (DBMF) and a commodity-excluded variant (MFA8) reflects differentiated investor preferences—some seeking full strategy exposure while others prioritize commodity avoidance for strategic or ESG-aligned reasons. This product development approach positions iMGP and DBi to capture both segments of the institutional alternatives market during a period of elevated demand for trend-following and systematic strategies.
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