The time-tested DBi Managed Futures strategy is now available in two versions: the iMGP DBi Managed Futures Fund and the iMGP DBi Managed Futures ex-Commodities Fund.
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
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.
DownloadWhy iMGP and DBi for Managed Futures?
We offer access to the power of managed futures hedge funds through two accessible investment wrappers.
The iMGP DBi Managed Futures Fund delivers exposure to the managed futures asset class by replicating the key drivers of leading hedge funds’ performance through highly liquid futures contracts.
For investors with ESG requirements, the new iMGP DBi Managed Futures ex-Commodities Fund provides access to managed futures with no direct exposure to commodities in a structure that is classified as SFDR Article 8.
iMGP DBi Managed Futures Fund
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
4
For UK Investors, SRRI Risk/Reward Profile
5
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
4
For UK Investors, SRRI Risk/Reward Profile
5
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 |
iMGP DBi Managed Futures ex-Commodities Fund
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
28 March 2025
Base Currency
USD
Reference Comparator
-
Recommended Investment Horizon
At least 5 years
SFDR Classification
Article 8
For EU Investors, SRI Risk/Reward Profile
4
For UK Investors, SRRI Risk/Reward Profile
5
Liquidity
Daily
Cut-off Time
TD 12:00 CET
Settlement
TD+2
Registration
LU
Share Classes
| Share Class | Bloomberg Ticker | ISIN Code | Class Hedging | Max. Mgt Fee | Ongoing Charges | Launch Date |
|---|---|---|---|---|---|---|
| I USD | IMGDMIU LX | LU3037898981 | No | 0.75% | 0.75% | 28/03/2025 |
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
28 March 2025
Base Currency
USD
Reference Comparator
-
Recommended Investment Horizon
At least 5 years
SFDR Classification
Article 8
For EU Investors, SRI Risk/Reward Profile
4
For UK Investors, SRRI Risk/Reward Profile
5
Liquidity
Daily
Cut-off Time
TD 12:00 CET
Settlement
TD+2
Registration
LU, FR
Share Class Information
| Share Class | Exchange | Currency | Listing Date | ISIN Code | Bloomberg Ticker |
|---|---|---|---|---|---|
| R USD ETF | Euronext Paris | USD | 28/03/2025 | LU3024069877 | 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 return | ||
| Net return to investors | Management fees, incentive fees & trading costs |
DBi Managed Futures Strategy
| Continent | Net of fee returns | |
|---|---|---|
| Pre-fee return | ||
| 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.
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.
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.
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.
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The Case for Managed Futures
Explore why managed futures are a powerful addition to investment portfolios. -
Fund Profile
Get key insights into the iMGP DBi Managed Futures Fund. -
Manager Profile
Learn more about our expert fund management team. -
iMGP Corporate Brochure
Discover who we are and how we drive investment success.
Further reading
Find out more about managed futures and DBi.
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Opinion: Why More Advisors Should Consider Adding Managed Futures to Portfolios
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Andrew Beer Digs Into DBMF's Performance YTD
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Why Trend Following is Essential for any Portfolio
-
The Jack Bogle of Hedge Funds
-
Replicating Hedge Fund Strategies with Andrew Beer
-
Andrew Beer - Replicating Hedge Fund Beta
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ETF 360: Andrew Beer with DBi on DBMF
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Driving Better Client Outcomes: Futureproof your Strategic Asset Allocation
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
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.
Past performance video updates
Please contact your sales representative or email us for more information.