DBMF ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
The iMGP DBi Managed Futures ETF (DBMF) is an actively managed fund that replicates trend-following hedge fund strategies through long/short futures positions. It is regarded as a diversifying ETF, and investors should review its tendency to move differently from equities, its quarterly distributions, its fee burden, and its outlook together.
SubscribeWhat Is the iMGP DBi Managed Futures ETF?
This is an active ETF that combines long/short positions in stock, bond, currency, and commodity futures to track the pre-fee performance of the trend-following hedge fund universe. Rather than buying individual stocks, it bets on the direction of asset classes.
It suits investors seeking diversification who want to add assets that move differently from a portfolio built mainly on stocks and bonds.
The ETF is actively managed by iM Global Partner.
How Does the iMGP DBi Managed Futures ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | No index tracked (active management) |
| Management Style | Active (replicates trend-following hedge funds) |
| Holdings | Long/short futures on stocks, bonds, currencies, and commodities |
| Rebalancing Frequency | Monthly position adjustments |
| Distribution Frequency | Quarterly |
| Expense Ratio | 0.85% |
The fund works backward from the recent return patterns of leading trend-following managers, using them as a model to estimate which asset classes they are exposed to and in which direction, and then replicates those positions directly with futures. The key point is gaining similar exposure on an exchange without having to invest in individual hedge funds.
- Secures trend-following exposure without a hedge fund performance fee structure
- Has periods of low correlation with stocks and bonds
- The long/short structure leaves room for gains even in falling markets
iMGP DBi Managed Futures ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $5.2B, and the expense ratio is 0.85% per year.
Because it is a futures-based product, collateral cash is held in short-term Treasury-like assets, and the prevailing interest rate level adds to overall performance.
iMGP DBi Managed Futures ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangePerformance tends to be strong when trends persist clearly, while it repeatedly struggles in sideways markets where direction reverses often. There have been periods when it held up while the stock market wobbled, but it can also lag in rising markets.
After the experience of stocks and bonds falling together, demand for diversifying assets grew, and money flowed into the managed futures category as a whole. It is among the larger active alternative strategies, so trading conditions are reasonably good.
iMGP DBi Managed Futures ETF Pros and Cons
Its strength is the diversification effect of generating returns that differ from stocks, while its weaknesses are the fee burden and the difficulty of forecasting performance.
💪 Key Strengths
⚠️ Points to Watch
iMGP DBi Managed Futures ETF Alternative ETFs and Related Products
Funds in the comparison table such as KMLM belong to the same managed futures group and have a fairly similar strategy. PFFA, PREF, and CEFS are income-oriented products holding preferred stocks and closed-end funds, so their investment targets differ, and they are only useful as references for fee levels and fund size. For additional options in the same trend-following group, CTA, FMF, and WTMF are also worth a look.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 PFFA | Virtus InfraCap U.S. Preferred Stock ETF | $18.56 | -1.2% | $2.3B | 2.11% | 11.1% | -13.3% |
 PREF | Principal Spectrum Preferred Securities Active ETF | $18.42 | +0.1% | $1.9B | 0.55% | 5.48% | -3.8% |
 KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | $30.69 | -0.3% | $595.6M | 0.90% | 4.25% | +14.7% |
 AMZA | InfraCap MLP ETF 1.25x Shares | $49.42 | -0.3% | $481.4M | 1.72% | 8.05% | +26.6% |
 CEFS | Saba Opportunistically Hedged Closed-End Funds ETF | $24.00 | -1.5% | $429.8M | 2.61% | 6.84% | +6.1% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 0.76% | $111.61 | -2.0% | $3.2B | 23.9 | 0.22% |
 BNO | United States Brent Oil Fund LP | 0.74% | $71.39 | +0.9% | $0.0M | - | - |
iMGP DBi Managed Futures ETF Investor Checkpoints
These are items to review before buying. For this product, the deciding factor is not the return figure itself but how it blends with the other assets in your account, so it is best to settle on your purpose for holding it first.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 📉 Correlation | Check whether it moves together with your stocks and bonds | Low |
| 💵 Fee Burden | Check cumulative costs over a long holding period | Somewhat high |
| 🔄 Strategy Understanding | Understand the long/short futures structure and its weakness in sideways markets | Needs review |
| 💱 Exchange Rate | Impact on returns converted to Korean won | No currency hedge |
Losses can continue in markets where trends frequently reverse, and because of the replication method, performance differs from that of the original hedge funds. It should be held as part of a portfolio rather than as a standalone asset.
It is worth considering as a buffer for accounts with a large equity weighting. To save on costs, compare fees against other products in the same group, and start with a small position size.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of September 3, 2026.
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