iMGP DBi Managed Futures Fund

Introducing the only managed futures Active UCITS ETF in Europe: the iMGP DBi Managed Futures Fund R USD ETF.

Access Hedge Fund-style investing with the liquidity and cost-efficiency of a UCITS fund or a newly available Active UCITS ETF share class.

What are managed futures?

Managed futures hedge funds (also known as CTAs) provide valuable diversification in a portfolio of equities and bonds. They use an investment strategy that seeks trends across commodity, rates, currency, and equity markets.

Managed

Dynamic and tactical approach, not static

Futures

Takes long and short positions using futures contracts

Quant

Humans build models, models determine portfolios

Trends

Durable source of alpha based on prices, not macro calls

Listen to Andrew Beer (co-portfolio manager) explain managed futures.

What can managed futures do for your portfolio?

An incredibly valuable portfolio diversifier to stocks and bonds

Long-term returns

Low correlation to traditional asset classes

Max drawdown significantly lower than traditional asset classes

The Case for Managed Futures

Explore how to build a durable strategy using managed futures.

Download

Why iMGP and DBi for Managed Futures?

We offer access to the power of managed futures hedge funds through two accessible investment wrappers.

Legal Structure

Luxembourg SICAV - UCITS

Type / Investment Zone

Alternative / Global

Sub-manager

DBi LLC

Management Company

iM Global Partner Asset Management

Administrator / Transfer Agent / Custodian Bank

Caceis Bank, Luxembourg

Auditor

PwC Luxembourg

Fund Launch Date

25 January 2023

Base Currency

USD

Reference Comparator

Recommended Investment Horizon

At least 5 years

SFDR Classification

Article 6

For EU Investors, SRI Risk/Reward Profile

For UK Investors, SRRI Risk/Reward Profile

Liquidity

Daily

Cut-off Time

TD 12:00 CET

Settlement

TD+2

Registration

AT, CH, DE, DK, ES, FI, FR, GB, IT, LU, NO, PT, SE, SG

Share Classes

Share Class	Bloomberg Ticker	ISIN Code	Class Hedging	Max. Mgt Fee	Ongoing Charges	Launch Date
C USD	IMDBCUS LX	LU2550036581	No	1.60%	1.94%	14/08/2023
I CHF HP	IMDBICH LX	LU2550036235	Yes	0.75%	0.75%	27/01/2023
I EUR HP	IMDBIEH LX	LU2550036318	Yes	0.75%	0.75%	08/02/2024
I GBP	IMDBMIG LX	LU2552452950	No	0.75%	0.75%	12/04/2023
I USD	IMDBMIU LX	LU2529946613	No	0.75%	0.75%	26/01/2023
R USD	IMPMANG LX	LU2572481948	No	0.80%	1.09%	16/02/2023
R CHF HP	IMDFRCH LX	LU2711871140	Yes	0.80%	1.13%	06/01/2025

Legal Structure

Luxembourg SICAV - UCITS

Type / Investment Zone

Alternative / Global

Sub-manager

DBi LLC

Management Company

iM Global Partner Asset Management

Administrator / Transfer Agent / Custodian Bank

Caceis Bank, Luxembourg

Auditor

PwC Luxembourg

Fund Launch Date

07 March 2025

Base Currency

USD

Reference Comparator

Recommended Investment Horizon

At least 5 years

SFDR Classification

Article 6

For EU Investors, SRI Risk/Reward Profile

For UK Investors, SRRI Risk/Reward Profile

Liquidity

Daily

Cut-off Time

TD 12:00 CET

Settlement

TD+2

Registration

LU, DK

Share Class Information

Share Class	Exchange	Currency	Listing Date	ISIN Code	Bloomberg Ticker
R USD ETF	Euronext Paris	USD	14/03/2025	LU2951555585	DBMF FP

Key benefits

Both the fund and the new UCITS ETF use the same time-tested investment strategy as iMGP’s US-listed Managed Futures ETF, the world’s largest Managed Futures ETF.

Seeks to replicate the pre-fee returns of a basket of leading CTAs.
Takes active positions in 10-15 highly liquid futures contracts.
Offers lower long-term correlations to the major asset classes.
Daily liquidity and lower fees than traditional hedge funds (no performance fees).

DBi's approach to managed futures

The iMGP DBi Managed Futures Fund seeks to replicate the pre-fee performance of a representative basket of leading managed futures hedge funds.

Investment strategy

The iMGP DBi Managed Futures Fund seeks to replicate the pre-fee performance of a representative basket of leading managed futures hedge funds.
Factor analysis is used to determine the current positions of the managed futures hedge funds.
The positions are then replicated using highly liquid futures contracts in equity, fixed income, currencies and commodities.
This approach is a smart and efficient way to gain exposure to managed futures, with the aim of outperforming the representative basket by 300-400 bps per annum, net of fees.

Through this strategy, the fund aims to mitigate three key investment risks:

Market Structure

Illiquidity, trade crowding, counterparty

Concentration

Single Manager, Single fund, industry, geography

Human Biases

Selection bias, etc.

Fee reduction is the purest form of alpha

The strategy seeks to optimize net returns to investors by approximating the main exposures that drive performance, minimizing trading and implementation costs, and offering lower all-in fees.

Hedge Fund

Continent	Net of fee returns
Pre-fee returns	Pre-fee return
Net of fee returns	Net return to investors	Management fees, incentive fees & trading costs

DBi Managed Futures Strategy

Continent	Net of fee returns
Pre-fee returns	Pre-fee return
Net of fee returns	Net return to investors	Management fees & trading costs

Strategy Performance vs Comparators

DBi's Managed Futures strategy has demonstrated its ability to meet its objectives since inception and during periods of market stress in equity and bond markets.

Performance since inception of the DBi Managed Futures Strategy

Past performance does not predict future returns

Annualised Performance	2024 YTD	1 Year	3 Years	5 Years
DBi Managed Futures Strategy	8%	4.8%	7.7%	6.2%
SG CTA Index	1.1%	0.3%	5.6%	5%
Bloomberg World Large & Mid Cap Net Return Index	20.3%	26%	7.3%	5%
Bloomberg Global Aggregate Index	4.2%	7.5%	7.3%	11.1%

iM Global Partner

We are a global asset management network built on trust, respect and integrity, scouring the globe for the most talented investment companies and individuals. Our clients include institutional investors, financial intermediaries and wealth advisory platforms. Founded in 2013, we have US$46 billion in assets under management (as of 28th February 2025) and operate in 10 global locations.

iMGP Corporate Brochure

What We Do

We select proven investment managers — our Partners — and through a non-controlling stake, they benefit from a strong financial and operational relationship with us, and gain access to our global resources and distribution capabilities.

Research & Investment

We have strong research, due diligence capabilities and investment expertise that enable us to acquire long- term minority ownership in some of the best independent traditional and alternative active managers.

Business Development

We build long-lasting relationships with our clients and pride ourselves on our high standards of excellence in execution and service, ensuring that we offer them a wide range of robust investment solutions.

Asset Management

We construct, manage and oversee a well-curated and diversified range of active products that are delegated to our selected best-in-class investment teams.

DBi

DBi is the sub-advisor to the iMGP DBi Managed Futures Fund and Active UCITS ETF.
Co-founded in 2012 by Andrew Beer and Mathias Mamou-Mani, DBi is a Greenwich, Connecticut-based innovator in the liquid alternatives space with one of the longest live track-records. DBi seeks to take the complexity out of alternatives and replace it with simple, powerful and affordable investment products. They aim to deliver the power and performance of a hedge fund, and leave the opacity behind.

Manager Profile

Fund managers

With more than 50 years of experience in the hedge fund industry behind them, the co-portfolio managers Andrew Beer and Mathias Mamou-Mani have dedicated their careers to driving alpha for investors. Now, they are committed to using that knowledge and expertise to bring powerful alternative solutions to all investors.

Andrew Beer

Managing member and co-portfolio manager

Andrew has nearly 30 years of experience in the hedge fund sector. He co-founded Pinnacle Asset Management in 2003 and was a founder of Apex Capital Management, a hedge fund focused on Greater China.

Mathias Mamou-Mani

Managing member and co-portfolio manager

Mathias has 15 years of experience at DBi and its predecessor, overseeing quantitative research, including DBi’s proprietary factor and liquid solution models, risk systems and trade implementation. From 2001 to 2006 he worked as a consultant for the French Ministry of Defence, France Telecom and Lafarge.

Investment strategies

DBi’s mission is to make alternatives something any investor can have in their portfolio. By focusing only on the highly liquid, diversified elements of hedge fund portfolios, they capture the upside of alternatives, but minimize risk. Then, we package those factors into simple, transparent ETFs and UCITs designed to bring investors, hedge fund alpha with less complexity and lower fees.

Two carefully chosen, meticulously designed strategies form the bedrock of their offering:

Managed Futures

Capitalize on market trends with low correlation to traditional markets over time

Absolute Return

Leverage the collective wisdom of leading hedge fund managers in an all-weather solution.

Investment options

iMGP DBi Managed
Futures Fund

UCITS

The iMGP DBi Managed Futures Fund provides investors with the power and diversification of hedge funds by replicating the pre-fee performance of a representative basket of leading managed futures funds.

iMGP DBi Managed
Futures Fund R USD ETF

UCITS ETF

The only Managed Futures Active UCITS ETF in Europe, which provides all of the benefits of investing in the iMGP DBi Managed Futures Fund in a flexible ETF wrapper.

SEI Liquid
Alternative Fund

UCITS

The SEI Liquid Alternative Fund is an award-winning diversified hedge fund solution that targets absolute returns by replicating the core trades of 70 leading hedge funds. Structured as a UCITS fund, it offers daily liquidity, no minimum investment and competitive fees.

Resources

Explore Our Key Documents

Download essential reports and updates to stay informed.

Monthly Performance Update

Welcome to our Monthly DBi Fund Performance Update! In this report, we provide an in-depth analysis of the fund's performance over the past month.

Performance update video
February 2025

Performance update
presentation