Key Takeaways
- • iM Global Partner (iMGP) and partner DBi launched the first managed futures UCITS ETF classified as Article 8 under SFDR regulations, with a Nordic pension fund already committing capital as seed investor.
- • The new Ex-Commodities Managed Futures Fund excludes direct commodity exposure—a differentiation from traditional managed futures strategies that typically span equities, fixed income, currencies, and commodities.
- • This marks the second managed futures UCITS ETF launch by iMGP and DBi within approximately one month, following the March launch of Europe's only Managed Futures UCITS ETF.
- • DBi's factor-based replication approach to trend-following strategies enabled rapid development of an Article 8-compliant product, allowing the firm to preserve its proven strategy while meeting ESG classification requirements.
- • The fund is managed by Andrew Beer and Mathias Mamou-Mani at Dynamic Beta Investments, leveraging their established research methodology in hedge funds and liquid alternatives.
Summary
iM Global Partner and its partner Dynamic Beta Investments (DBi) have expanded their managed futures product suite with the launch of a new UCITS ETF that meets Article 8 classification under the Sustainable Finance Disclosure Regulation (SFDR). The Ex-Commodities Managed Futures Fund represents a strategic evolution in the firms' approach to democratizing access to managed futures strategies, following the March introduction of Europe's only Managed Futures UCITS ETF.
The new fund has already secured commitments from a Nordic pension fund, which served as seed investor for the product. Philippe Couvrecelle, Founder and CEO of iMGP, emphasized the significance of the launch: "We are proud to launch a second Managed Futures UCITS ETF, this time without commodities. This launch demonstrates our commitment to pushing the boundaries in product development." The Article 8 classification indicates that the fund has sustainability characteristics embedded in its investment process and aligns with growing institutional demand for ESG-integrated alternative strategies.
A key differentiator of the iMGP DBi offering is its exclusion of direct commodity exposure—a departure from traditional managed futures funds that typically allocate across equities, fixed income, currencies, and commodities. According to Andrew Beer, Co-Founder of DBi, this design choice reflects the flexibility inherent in their factor-based replication methodology. "In 2015, we set out to replicate most or all of the pre-fee returns of leading managed futures funds—but without exposure to commodities. This launch wraps a proven strategy in an innovative, client-friendly vehicle to grow the managed futures pie," Beer stated.
The rapid succession of two managed futures UCITS launches within weeks underscores both market demand and the operational scalability of DBi's replication-based approach. By avoiding the complexities and liquidity constraints associated with direct commodity trading, the Ex-Commodities fund may appeal to institutional investors seeking trend-following exposure with simplified operational management. The fund's availability as a UCITS ETF provides European investors with a regulated, transparent wrapper for accessing managed futures strategies previously concentrated in opaque fund structures.
The new fund has already secured commitments from a Nordic pension fund, which served as seed investor for the product. Philippe Couvrecelle, Founder and CEO of iMGP, emphasized the significance of the launch: "We are proud to launch a second Managed Futures UCITS ETF, this time without commodities. This launch demonstrates our commitment to pushing the boundaries in product development." The Article 8 classification indicates that the fund has sustainability characteristics embedded in its investment process and aligns with growing institutional demand for ESG-integrated alternative strategies.
A key differentiator of the iMGP DBi offering is its exclusion of direct commodity exposure—a departure from traditional managed futures funds that typically allocate across equities, fixed income, currencies, and commodities. According to Andrew Beer, Co-Founder of DBi, this design choice reflects the flexibility inherent in their factor-based replication methodology. "In 2015, we set out to replicate most or all of the pre-fee returns of leading managed futures funds—but without exposure to commodities. This launch wraps a proven strategy in an innovative, client-friendly vehicle to grow the managed futures pie," Beer stated.
The rapid succession of two managed futures UCITS launches within weeks underscores both market demand and the operational scalability of DBi's replication-based approach. By avoiding the complexities and liquidity constraints associated with direct commodity trading, the Ex-Commodities fund may appeal to institutional investors seeking trend-following exposure with simplified operational management. The fund's availability as a UCITS ETF provides European investors with a regulated, transparent wrapper for accessing managed futures strategies previously concentrated in opaque fund structures.
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