Key Takeaways
- • DBi, managed by Andrew Beer and partnered with iM Global Partner, launched two new UCITS ETFs focused on managed futures—one with commodities exposure and one excluding commodities entirely—seeded by a Nordic pension fund.
- • The non-commodities managed futures fund addresses institutional investor constraints around ESG mandates and commodity restrictions, using currency proxies (Australian and Canadian dollars) to replicate commodity exposure dynamics without direct commodity holdings.
- • DBi has grown to USD 3.2 billion in total assets under management since its launch approximately 10 years ago, with managed futures representing the fastest-growing segment across its product range.
- • The new ESG-compliant managed futures product targets institutional allocators whose portfolios remain underinvested in alternatives due to ESG-related restrictions, positioning managed futures as a standalone diversifier that meets both performance and compliance requirements.
Summary
DBi, a US-headquartered ETF manager specializing in liquid alternative investments, has expanded its managed futures platform with the launch of two new UCITS-format ETFs: the iMGP DBi Managed Futures Fund R USD UCITS ETF and the iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF. The non-commodities variant marks the firm's inaugural non-commodity managed futures UCITS offering and was seeded by a Nordic pension fund seeking diversified exposure aligned with ESG constraints.
According to Andrew Beer, managing partner at DBi, institutional investors increasingly face portfolio limitations stemming from ESG mandates and commodity investment prohibitions. The new non-commodities fund directly addresses this gap by delivering managed futures exposure—recognized as a portfolio diversifier—while maintaining ESG compliance. Beer emphasized that despite ESG's reduced market attention in recent years, "hundreds of institutional allocators" remain underinvested in alternatives specifically because their mandates restrict exposure across various dimensions, including commodity holdings.
The non-commodities strategy employs a technical solution to preserve the diversification benefits of traditional managed futures. Rather than trading commodity futures directly, the fund uses proxies such as Australian and Canadian dollar positions to capture commodity-correlated return streams. Beer notes that this approach historically replicates most of the pre-fee returns available from commodities-inclusive managed futures strategies, offering a comparable risk-return profile without direct commodity exposure.
DBi's expansion reflects broader momentum in the managed futures space. The firm, which operates in partnership with iM Global Partner and was established approximately 10 years ago, now manages USD 3.2 billion in total assets. Managed futures represents the fastest-growing product category within DBi's range, with distribution across US and European markets and partnerships with asset managers including SEI. The Nordic pension fund's decision to seed the new product underscores institutional recognition of managed futures' diversification value, positioning the strategy as increasingly relevant for allocators navigating restrictive investment mandates and evolving portfolio construction frameworks.
According to Andrew Beer, managing partner at DBi, institutional investors increasingly face portfolio limitations stemming from ESG mandates and commodity investment prohibitions. The new non-commodities fund directly addresses this gap by delivering managed futures exposure—recognized as a portfolio diversifier—while maintaining ESG compliance. Beer emphasized that despite ESG's reduced market attention in recent years, "hundreds of institutional allocators" remain underinvested in alternatives specifically because their mandates restrict exposure across various dimensions, including commodity holdings.
The non-commodities strategy employs a technical solution to preserve the diversification benefits of traditional managed futures. Rather than trading commodity futures directly, the fund uses proxies such as Australian and Canadian dollar positions to capture commodity-correlated return streams. Beer notes that this approach historically replicates most of the pre-fee returns available from commodities-inclusive managed futures strategies, offering a comparable risk-return profile without direct commodity exposure.
DBi's expansion reflects broader momentum in the managed futures space. The firm, which operates in partnership with iM Global Partner and was established approximately 10 years ago, now manages USD 3.2 billion in total assets. Managed futures represents the fastest-growing product category within DBi's range, with distribution across US and European markets and partnerships with asset managers including SEI. The Nordic pension fund's decision to seed the new product underscores institutional recognition of managed futures' diversification value, positioning the strategy as increasingly relevant for allocators navigating restrictive investment mandates and evolving portfolio construction frameworks.
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