At a glance
DBMF charges 0.85% a year, above the 0.57% average of the 2 funds most like it (the most expensive of 3). It has $3.89B in assets, the largest of that group; it paid 4.85% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +21.2% with distributions reinvested, the best of those 3 funds; over three years it returned +10.1% a year. At its worst it fell 10.4% in the 2020 crash (S&P 500: 33.7%) and 7.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 2 months after the lows.
The short version
The iMGP DBi Managed Futures Strategy ETF (DBMF) is an actively managed fund that uses futures and forward contracts to bet on rises or falls in stocks, bonds, currencies and commodities. The goal is to copy the returns of the largest managed-futures hedge funds, and most of its money sits in short-term US Treasury bills. It gained 23.07% in 2022, the year of a stock bear market. Its 0.85% expense ratio is above the 0.57% average for similar funds.
Price history
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DBMF +21.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DBMF official prospectus, to Dec 31, 2025 | — | +13.85% | — | +8.52% | — | +8.28% |
| Bloomberg US Aggregate Bond Index index, same period | — | +7.30% | — | -0.36% | — | +1.60% |
| DBMF price data to Oct 27, 2026 | +18.4% | +21.2% | +10.1% | +9.0% | — | +9.3% |
- Over the year to Oct 27, 2026, DBMF returned +21.2%, 1st of 3 among similar funds.
- Its 5-year annualized return was +9.0%.
- In the 2020 COVID crash it fell 10.4% and regained its old high 10.7 months after the low.
- Its worst full calendar year was 2023 (-8.9%); its best was 2022 (+17.4%).
- The deepest fall in its price history was 23.1% (Oct 20, 2022 to Mar 24, 2023), recovered by Jan 21, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.4% | — |
| 2025 | +13.8% | +13.85% |
| 2024 | +7.2% | +7.18% |
| 2023 | -8.9% | -8.72% |
| 2022 | +17.4% | +23.07% |
| 2021 | +11.4% | +9.80% |
| 2020 | +1.8% | +1.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 6.6% over that stretch · deepest drop along the way 10.4%, back to its old high 10.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 31.5% over that stretch · deepest drop along the way 7.4%, back to its old high 1.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $1.6600 | +10.7% |
| 2024 | $1.5000 | +100.0% |
| 2023 | $0.7500 | -36.4% |
| 2022 | $1.1800 | -56.0% |
| 2021 | $2.6800 | +1118.2% |
| 2020 | $0.2200 |
What's inside
As of Jun 30, 2026, the fund held 8 securities; the ten largest made up 80.59% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 52.68% | |
| United States Treasury Bonds and notes | 12.50% | |
| United States Treasury Bonds and notes | 8.00% | |
| Fixed Income Clearing Corp. RA | 3.33% | |
| United States Treasury Bonds and notes | 1.28% | |
| United States Treasury Bonds and notes | 1.15% | |
| United States Treasury Bonds and notes | 0.95% | |
| United States Treasury Bonds and notes | 0.71% |
By country
United States 80.59%By issuer
US Treasury 77.27%Companies 3.33%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $539.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.49%, +1.36%, -0.62%.
How it works
DBMF does not track an index. Its sub-adviser, DBi, runs the fund for iM Global Partner using a proprietary computer model. The model looks at how a pool of the largest commodity trading advisors (CTAs, hedge funds that trade futures) performed over the past 60 days. From that, it estimates how those funds are positioned. It then builds a portfolio of liquid contracts traded on US exchanges that aims to match their performance, though not their exact positions. DBi cannot override the model's choices.
A futures contract is an agreement to buy or sell something at a set price on a future date. The fund goes long (gains if prices rise) or short (gains if prices fall) in equity, bond and currency contracts. It holds commodity futures through a wholly owned Cayman Islands subsidiary, which is capped at 20% of the fund's assets. As of June 30, 2026, its contracts included Japanese yen, MSCI EAFE, gold, MSCI emerging markets and S&P 500 futures. DBi aims for annual volatility of 8–10%.
Futures need only a small deposit, so most of the money serves as collateral. As of June 30, 2026, about 77% of net assets was in Treasury bills with an average maturity of about 0.1 years. The contracts' face value can be many times the fund's assets, so the prospectus says the fund should be considered highly leveraged, even though it does not borrow to trade.
What it really costs
- DBMF charges 0.85% a year, versus an average of 0.57% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $87 in the first year and $1,049 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DBMF | $87 | $271 | $471 | $1,049 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its returns have moved largely independently of stocks, and it has sometimes gained when stocks fell, but it carries its own deep and long losing stretches.
DBMF could add something most stock and bond funds don't: returns that have only loosely followed the stock market. Its one-year beta, a measure of how closely it moves with the market, was 0.24 as of October 27, 2026. It gained 31.5% during the 2022 bear market and lost 6.6% during the 2020 COVID crash. It launched in 2019, so it has no record from 2008. The drawbacks are real. Its worst calendar year was 2023, at -8.72%. Its deepest drop, -23.1% from October 2022 to March 2023, took 34 months to recover. That is a long time for anyone selling shares to pay bills. It pays quarterly, with a trailing yield of 4.85% as of October 27, 2026. On $10,000, its 0.85% expense ratio costs $87 in the first year. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors looking for a diversifier that has moved little with stocks, with a one-year beta of 0.24 as of October 27, 2026.
- People who want hedge-fund-style futures strategies across stocks, bonds, currencies and commodities inside an ordinary ETF, collateralized mainly by Treasury bills.
- Those who want the largest fund among its listed peers, with $3.89 billion in net assets as of June 30, 2026.
Look elsewhere if
- Cost-focused investors: the 0.85% expense ratio is above WisdomTree's WTMF at 0.65% and the 0.57% peer average.
- Anyone who may need to sell in a slump: its deepest drop, -23.1%, took 34 months to recover, until January 2026.
- Investors who want to see and understand every decision: a fixed model sets the positions, they can switch between long and short, and the manager cannot override them.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does DBMF protect against a stock market crash?
Sometimes, but not reliably. During the 2022 bear market, from January 3 to October 12, 2022, DBMF gained 31.5%. During the 2020 COVID crash, it lost 6.6% while stocks fell. The model copies how large futures-trading hedge funds have been positioned over the past 60 days. That means it can be slow to react when markets turn suddenly. It also had a drop of 23.1% in late 2022 and early 2023.
What's the difference between DBMF and WTMF?
Both are managed-futures ETFs that hold mostly short-term Treasury bills as collateral. DBMF costs more, at 0.85% a year versus 0.65% for WisdomTree's WTMF. It is also far larger: $3.89 billion as of June 30, 2026, against about $235 million for WTMF as of May 31, 2026. As of October 27, 2026, DBMF returned 21.2% over one year versus WTMF's 12.8%. Over three years, WTMF was slightly ahead, at 11.0% a year versus 10.1%.
Does DBMF pay dividends?
Yes. DBMF pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $1.59 per share, a trailing yield of 4.85%. Most of the fund sits in Treasury bills, which earn interest. Even so, payouts from a futures fund can vary a lot from one year to the next, so the trailing figure is not a promise of future income.
Is DBMF a leveraged ETF?
Not in the usual sense. It does not reset its leverage daily, and it does not borrow money to trade. Still, its futures positions can have a face value many times its net assets, and the prospectus says it should be considered highly leveraged. To manage this, DBi aims for annual volatility of 8–10% and limits exposure to especially volatile contracts. Its three-year volatility was 11.1% as of October 27, 2026.
How has DBMF performed since it launched?
DBMF returned 8.28% a year from its May 2019 launch through December 31, 2025, according to the prospectus. The Bloomberg US Aggregate Bond Index returned 1.6% over the same period. Over the five years to that date, DBMF returned 8.52% a year. Its strongest calendar year was 2022, at 23.07%, and its worst was 2023, at -8.72%. Based on price, it was up 18.4% for 2026 through October 27.