Key Takeaways
- • DBMF holds $3.47 billion in assets under management as of mid-April 2026, with the fund trading at approximately $30.37 per share and demonstrating modest positive momentum.
- • Currency and fixed income derivatives dominate the portfolio, with the Euro FX Future (March 2026) representing 34.94% of holdings ($2 billion), followed by U.S. Treasury Bills (30.21%) and 2-Year Treasury Note Futures (22.95%), reflecting a systematic managed futures strategy focused on macro exposures.
- • Top 10 holdings account for 55.2% of portfolio assets, concentrated across derivatives contracts and government securities maturing in March 2026, indicating a tactical positioning aligned with quarterly derivative roll dates.
- • DBMF generates a 5.27% dividend yield, having paid $1.60 per share annually with quarterly distributions, the most recent ex-dividend date occurring March 30, 2026, making it attractive for income-focused institutional investors.
- • The fund seeks to replicate pre-fee performance of leading managed futures hedge funds while providing liquidity and cost efficiency through an ETF structure, available in both standard and Active UCITS share classes with a total expense ratio of 0.75% annually.
Summary
The iMGP DBi Managed Futures Strategy ETF (DBMF) operates as an actively managed vehicle designed to deliver hedge fund-style returns through systematic futures investing across multiple asset classes. As of April 15, 2026, the fund manages $3.47 billion in assets and trades on NYSE Arca, offering institutional and alternative investment professionals access to a diversified managed futures program with a stated objective of long-term capital appreciation through pre-fee performance replication of leading hedge fund strategies.
Portfolio composition as of December 31, 2025 reflects a heavy concentration in macro-oriented derivative positions and fixed income instruments. The Euro FX Future (March 2026 contract) represents the largest single holding at 34.94% of assets ($2 billion), while U.S. Treasury Bills account for 30.21% ($1 billion) and 2-Year Treasury Note Futures comprise 22.95% ($1 billion). Additional significant positions include 10-Year Treasury Note Futures (9.83%, $462 million), MSCI EAFE Index Futures (7.51%, $353 million), and E-mini S&P 500 Futures (4.86%, $228 million). The concentration of March 2026 contracts across multiple holdings suggests positioning aligned with quarterly derivative roll cycles typical in managed futures strategies.
The fund's structural advantages center on cost efficiency and liquidity relative to traditional hedge funds. Operating with a total expense ratio of 0.75% annually, DBMF offers disintermediation benefits by eliminating typical hedge fund fee structures (often 2% management plus 20% performance fees). The dividend yield of 5.27%, with quarterly distributions and a recent ex-dividend date of March 30, 2026, provides regular income generation alongside capital appreciation objectives. The fund's availability in both standard ETF and Active UCITS share classes reflects iM Global Partner's positioning as a global platform for boutique active managers, expanding access across institutional investor bases.
As a tactical allocation tool, DBMF's uncorrelated return profile with traditional stock and bond portfolios addresses institutional demand for alternative risk exposure. The systematic nature of the managed futures approach, combining long and short positions across equities, fixed income, and commodities through futures contracts, provides downside protection during equity market stress while maintaining upside participation during trending markets. For family offices, hedge funds, and institutional investors, DBMF represents a liquid, cost-efficient gateway to diversified managed futures exposure without the operational and fee burdens of direct hedge fund investment.
Portfolio composition as of December 31, 2025 reflects a heavy concentration in macro-oriented derivative positions and fixed income instruments. The Euro FX Future (March 2026 contract) represents the largest single holding at 34.94% of assets ($2 billion), while U.S. Treasury Bills account for 30.21% ($1 billion) and 2-Year Treasury Note Futures comprise 22.95% ($1 billion). Additional significant positions include 10-Year Treasury Note Futures (9.83%, $462 million), MSCI EAFE Index Futures (7.51%, $353 million), and E-mini S&P 500 Futures (4.86%, $228 million). The concentration of March 2026 contracts across multiple holdings suggests positioning aligned with quarterly derivative roll cycles typical in managed futures strategies.
The fund's structural advantages center on cost efficiency and liquidity relative to traditional hedge funds. Operating with a total expense ratio of 0.75% annually, DBMF offers disintermediation benefits by eliminating typical hedge fund fee structures (often 2% management plus 20% performance fees). The dividend yield of 5.27%, with quarterly distributions and a recent ex-dividend date of March 30, 2026, provides regular income generation alongside capital appreciation objectives. The fund's availability in both standard ETF and Active UCITS share classes reflects iM Global Partner's positioning as a global platform for boutique active managers, expanding access across institutional investor bases.
As a tactical allocation tool, DBMF's uncorrelated return profile with traditional stock and bond portfolios addresses institutional demand for alternative risk exposure. The systematic nature of the managed futures approach, combining long and short positions across equities, fixed income, and commodities through futures contracts, provides downside protection during equity market stress while maintaining upside participation during trending markets. For family offices, hedge funds, and institutional investors, DBMF represents a liquid, cost-efficient gateway to diversified managed futures exposure without the operational and fee burdens of direct hedge fund investment.
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