Key Takeaways
- • iM Global Partner (iMGP) and DBi launched the iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF (Bloomberg ticker: MFA8:FP), marking the first Article 8 SFDR-classified managed futures UCITS ETF, with immediate institutional adoption from a Nordic pension fund.
- • The new fund excludes direct commodity exposure, differentiating it from traditional managed futures strategies that typically include equities, fixed income, currencies, and commodities exposure.
- • This represents the second managed futures UCITS ETF launch by iMGP and DBi in one month, following the March 14, 2025 listing of the iMGP DBi Managed Futures Fund R USD ETF (DBMF:FP) on Euronext Paris.
- • DBi manages USD 2.3 billion in managed futures assets (as of end-February 2025) and operates the world's largest managed futures ETF in the United States, establishing clear market leadership in the strategy class.
- • The active UCITS ETF is listed on Euronext Paris with planned expansion to the London Stock Exchange and additional European venues, reflecting strategic distribution across major institutional markets.
Summary
iM Global Partner and its partner DBi have introduced a landmark product in European alternative asset distribution: the first managed futures UCITS ETF to achieve Article 8 classification under the EU's Sustainable Finance Disclosure Regulation (SFDR). The iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF (MFA8:FP) addresses a structural gap in the managed futures market by delivering systematic trend-following exposure without direct commodity holdings—a feature that distinguishes it from conventional managed futures funds that typically blend equities, fixed income, currencies, and commodity futures.
The launch has already attracted institutional capital, with a Nordic pension fund committing to the strategy. This early adoption underscores demand among European institutional investors for regulated, liquid alternatives that meet evolving ESG classification standards. The fund structure mirrors DBi's quantitative models designed to replicate the pre-fee returns of leading commodity trading advisor (CTA) hedge funds through highly liquid futures contracts, maintaining full UCITS compliance while delivering alternative performance characteristics.
The product launch accelerates iMGP's expansion in managed futures distribution. On March 14, 2025, the firms listed the iMGP DBi Managed Futures Fund R USD ETF (DBMF:FP), establishing momentum in repositioning managed futures as an accessible, liquid vehicle for institutional portfolios. Philippe Couvrecelle, Founder and CEO of iMGP, characterized the latest launch as "a major innovation," emphasizing the firms' commitment to broadening access to alternative strategies while advancing product sophistication in the UCITS ETF ecosystem.
DBi's market position reinforces the credibility of both offerings. The firm manages USD 2.3 billion in managed futures assets as of February 2025 and operates the world's largest managed futures ETF in the United States market, establishing demonstrated expertise and scale in a strategy class historically dominated by hedge fund structures. The commodity-exclusion variant reflects institutional client feedback on portfolio construction preferences and regulatory appetite for diversified, non-commodity-dependent systematic strategies.
The ETF is currently listed on Euronext Paris with confirmed expansion to the London Stock Exchange and additional European markets, positioning the product for broad institutional distribution across major financial centers. This multi-venue strategy signals confidence in demand and reflects the firms' ambition to establish managed futures as a core component of European institutional alternative allocations.
The launch has already attracted institutional capital, with a Nordic pension fund committing to the strategy. This early adoption underscores demand among European institutional investors for regulated, liquid alternatives that meet evolving ESG classification standards. The fund structure mirrors DBi's quantitative models designed to replicate the pre-fee returns of leading commodity trading advisor (CTA) hedge funds through highly liquid futures contracts, maintaining full UCITS compliance while delivering alternative performance characteristics.
The product launch accelerates iMGP's expansion in managed futures distribution. On March 14, 2025, the firms listed the iMGP DBi Managed Futures Fund R USD ETF (DBMF:FP), establishing momentum in repositioning managed futures as an accessible, liquid vehicle for institutional portfolios. Philippe Couvrecelle, Founder and CEO of iMGP, characterized the latest launch as "a major innovation," emphasizing the firms' commitment to broadening access to alternative strategies while advancing product sophistication in the UCITS ETF ecosystem.
DBi's market position reinforces the credibility of both offerings. The firm manages USD 2.3 billion in managed futures assets as of February 2025 and operates the world's largest managed futures ETF in the United States market, establishing demonstrated expertise and scale in a strategy class historically dominated by hedge fund structures. The commodity-exclusion variant reflects institutional client feedback on portfolio construction preferences and regulatory appetite for diversified, non-commodity-dependent systematic strategies.
The ETF is currently listed on Euronext Paris with confirmed expansion to the London Stock Exchange and additional European markets, positioning the product for broad institutional distribution across major financial centers. This multi-venue strategy signals confidence in demand and reflects the firms' ambition to establish managed futures as a core component of European institutional alternative allocations.
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