Key Takeaways
- • iM Global Partner (iMGP) and DBi launched the first Article 8 UCITS-classified managed futures ETF (MFA8:FP), eliminating direct commodity exposure—a structural differentiation from traditional managed futures strategies that typically include equities, fixed income, currencies, and commodities.
- • 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 US, establishing significant scale and credibility in the alternative strategy space.
- • The new ex-commodities fund has already secured allocation from a Nordic pension fund at launch, indicating institutional demand for SFDR Article 8-compliant managed futures products with refined risk profiles.
- • This represents the second managed futures UCITS ETF launch by the partnership in one month, following the March 14 listing of the iMGP DBi Managed Futures Fund R USD ETF (DBMF:FP), demonstrating accelerated product expansion in European liquid alternatives.
- • The fund is listed on Euronext Paris with planned expansion to the London Stock Exchange and additional European venues, expanding distribution access across institutional markets.
Summary
iM Global Partner and DBi have 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. The fund's core innovation lies in its structural exclusion of direct commodity exposure—a departure from conventional managed futures funds that maintain positions across equities, fixed income, currencies, and commodities. This design modification allows investors to access managed futures diversification benefits while controlling commodity beta exposure independently.
The partnership has demonstrated considerable momentum in European alternative product launches, with this ex-commodities fund arriving within one month of the March 14 listing of the iMGP DBi Managed Futures Fund R USD ETF on the Paris exchange. Philippe Couvrecelle, Founder and CEO of iMGP, characterized the launch as "a major innovation" reflecting the firms' commitment to advancing product development boundaries. The new vehicle carries a total expense ratio of 0.75%, positioning it competitively within the actively managed UCITS ETF landscape.
DBi brings substantial institutional credibility to the offering. As of end-February 2025, the firm manages USD 2.3 billion in managed futures assets and operates the world's largest managed futures ETF based in the US. The firm employs quantitative models replicating the pre-fee performance of leading commodity trading advisors (CTAs) through systematically traded futures across multiple asset classes, avoiding direct hedge fund investments. This approach provides daily liquidity—a critical distinction for European institutional allocators accustomed to daily pricing on UCITS vehicles.
Institutional uptake has commenced with a Nordic pension fund already selecting the fund at launch, suggesting receptive demand for SFDR Article 8-compliant alternative strategies. The fund is currently listed on Euronext Paris with anticipated expansion to the London Stock Exchange and additional European exchanges, broadening distribution reach across the institutional investor base. The rapid dual-launch cadence and institutional adoption underscore growing European appetite for liquid, compliant managed futures access positioned as diversification overlays to traditional equity-bond portfolios.
The partnership has demonstrated considerable momentum in European alternative product launches, with this ex-commodities fund arriving within one month of the March 14 listing of the iMGP DBi Managed Futures Fund R USD ETF on the Paris exchange. Philippe Couvrecelle, Founder and CEO of iMGP, characterized the launch as "a major innovation" reflecting the firms' commitment to advancing product development boundaries. The new vehicle carries a total expense ratio of 0.75%, positioning it competitively within the actively managed UCITS ETF landscape.
DBi brings substantial institutional credibility to the offering. As of end-February 2025, the firm manages USD 2.3 billion in managed futures assets and operates the world's largest managed futures ETF based in the US. The firm employs quantitative models replicating the pre-fee performance of leading commodity trading advisors (CTAs) through systematically traded futures across multiple asset classes, avoiding direct hedge fund investments. This approach provides daily liquidity—a critical distinction for European institutional allocators accustomed to daily pricing on UCITS vehicles.
Institutional uptake has commenced with a Nordic pension fund already selecting the fund at launch, suggesting receptive demand for SFDR Article 8-compliant alternative strategies. The fund is currently listed on Euronext Paris with anticipated expansion to the London Stock Exchange and additional European exchanges, broadening distribution reach across the institutional investor base. The rapid dual-launch cadence and institutional adoption underscore growing European appetite for liquid, compliant managed futures access positioned as diversification overlays to traditional equity-bond portfolios.
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