Key stats
About iMGP DBi Managed Futures Strategy ETF
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Inception date
May 8, 2019
Structure
Open-Ended Fund
Distributes
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Tax on distributions
Ordinary income
DBMFs managed futures offering uses hedge-fund replication techniques aiming to imitate the performance of a group of Commodity Trading Advisor (CTA) hedge funds. CTAs use derivatives to invest across asset classes not just commodities. Similarly, DBMF, uses long and short positions in futures and forwards across asset classes to emulate the returns of a group of CTAs. DBMF does not invest directly in hedge funds. Its an actively-managed ETF that can allocate to a Cayman-based subsidiary for the commodity portion of its exposure. (The Cayman arrangement is not uncommon among alternative or commodity ETFs.) Still, the prospectus emphasizes that allocations to asset classes are made by a model and that the active management is largely confined to selecting the most liquid variants of the derivatives needed. The model includes a volatility target.
Classification
What's in the fund
Exposure type
Government
Cash
Bonds, Cash & Other100.00%
Government75.32%
Cash24.68%
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