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DBMF vs ISMF

iMGP DBi Managed Futures Strategy ETF

DBMFBNYSE Arca

Ishares Managed Futures Active ETF

ISMFBCboe

Overlap

0.0%by weight

Expense ratio

ISMF −0.05pt a year

DBMF0.85%ISMF0.80%

Avg volume · 30D

DBMF 102.8×the volume

DBMF2.41MISMF23.4K

DBMF vs ISMF Performance

Nov 3, 2025 – Nov 3, 2026

+19.7%DBMF+11.2%ISMF

Nov 3, 2025 to Nov 3, 2026. DBMF +19.7%. ISMF +11.2%. Use the arrow keys to read each point.0%5%15%25%Nov 2025May 2026Nov 2026
Expense ratio
DBMF 0.85%
ISMF 0.80%, better
Fund size
DBMF $5.18B
ISMF $37M
1Y total return
DBMF +19.7%, better
ISMF +11.2%
Yield (12M)
DBMF 4.92%
ISMF No data
Holdings
DBMF 6
ISMF 17
Avg volume (30D)
DBMF 2.41M sh, better
ISMF 23.4K sh
NAV per share
DBMF $32.48
ISMF $28.03
52W range

ETF.net Grade

DBMF: Cost 43, Risk 59, Mission not scored, Tradability 87, Holdings 0, Durability 81. ISMF: Cost 63, Risk 88, Mission not scored, Tradability 60, Holdings not scored, Durability 46.
Pillar letters and Scores for DBMF, ISMF, with each pillar’s weight
PillarDBMFISMF
Cost30% weightC43B63Higher
Mission25% weightNot scoredNot scored
Risk15% weightB59A88Higher
Tradability15% weightA87HigherB60
Holdings10% weightF0Not scored
Durability5% weightA81HigherC46

Rank among Managed Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DBMF and ISMF are both graded against the same 14 Managed Futures funds, so their Grades compare head to head.

Managed Futures⁠

Category · 14 funds
See all 14 ›

ISMF ranks 3rd and DBMF 6th of 14 funds in the Managed Futures Category.

  1. Rank 1AIMFInvesco Managed Futures Strategy ETFScore 81
  2. Rank 2AWTMFWisdomTree Managed Futures Strategy FundScore 75
  3. Rank 3BISMFIshares Managed Futures Active ETFScore 66
  4. Rank 4BJPFPJPMorgan Managed Futures Plus ETFScore 63
  5. Rank 5BFFUTFidelity Managed Futures ETFScore 61
  6. Rank 6BDBMFiMGP DBi Managed Futures Strategy ETFScore 59
  7. Rank 7CFMFFirst Trust Managed Futures Strategy FundScore 46

Our read on each fund

ETF.net Research

DBMFBiMGP DBi Managed Futures Strategy ETF

ISMFBIshares Managed Futures Active ETF

In short

DBMF The replication play. Rather than run its own trend model, DBMF reverse-engineers what the largest managed futures hedge funds are doing from their recent returns, then rebuilds that average bet in liquid futures, for 0.85%.

ISMF No data

Stated mandate

DBMF The fund seeks long-term capital appreciation by taking long and short derivative positions, chiefly futures and forwards, across equities, fixed income, currencies, and commodities.

ISMF No data

Why people hold it

  • DBMF Different engine: a quantitative model infers large CTA hedge funds' positioning from trailing returns and rebuilds it with futures and forwards, instead of riding one manager's signal.imgpfunds.comsec.gov
  • Goes long and short across equities, fixed income, currencies and commodities, so returns are driven by trends across those markets rather than by the stock market alone.imgpfunds.com
  • 0.85% expense ratio, below the median for its managed futures ETF peer group.
  • A multi-billion-dollar fund that trades actively, with a live track record going back to its 2019 launch.

ISMF No data

Worth knowing

  • DBMF By design it chases the average behavior of the big CTA managers, benchmarked to Societe Generale's CTA index, so it moves with the managed futures pack rather than apart from it.imgpfunds.com
  • Cheaper seats exist in the same cohort: CTA at 0.75% and ASMF at 0.80%.
  • Non-diversified and built on derivatives, and cash comes quarterly rather than monthly.imgp.com

ISMF No data

Full DBMF profile⁠

Full ISMF profile⁠

DBMF vs ISMF Holdings

How DBMF and ISMF differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DBMF and 0.0% of ISMF.

Level by level

  • Holdings0 in both0.0%
  • Sector11 Sectors68.5%

Sector

Sector weights in DBMF and ISMF, widest gap first
SectorMore in DBMFMore in ISMFGap
TechnologyDBMF +15.4 points
FinancialsISMF +13.9 points
EnergyISMF +6.3 points
MaterialsISMF +6.2 points
Health CareDBMF +5.6 points
Consumer DiscretionaryDBMF +4.9 points
CommunicationDBMF +3.8 points
Consumer StaplesISMF +2.3 points
IndustrialsISMF +1.8 points
Real EstateDBMF +1.8 points
UtilitiesISMF +1.0 points

Country, concentration and asset class

Country by domicile

No country split for DBMF.

Concentration

Weight in the 10 largest Holdings

  • DBMF194.8%
  • ISMF103.8%

Securities held

  • DBMF5
  • ISMF10

Asset class

DBMF
Alternatives
ISMF
Multi-Asset

Holdings

  • Only in DBMF5
  • In both0
  • Only in ISMF10

Only in DBMF

5 securities, 100% of DBMF by weight

  • Us 2YR Note (Cbt) DEC2658.57%
  • Us 10YR Note (CBT)DEC2649.57%
  • Msci EAFEDEC2611.36%

Only in ISMF

10 securities, 95.7% of ISMF by weight

  • Treasury Bill 01/21/2027 (Tbill)92.02%
  • Cad/Usd 12/16/2026 (Cad)0.90%
  • Eur/Usd 12/16/2026 (Eur)0.80%

Weight gaps

DBMF and ISMF share no securities.

All DBMF holdings⁠All 28 ISMF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DBMF vs ISMF Cost

Overpaying DBMF vs ISMF

$853

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • DBMF 0.85%

    $16,199

  • ISMF 0.80%

    $15,346

$10,000
30 years

Cost over time

  • DBMF 0.85%
  • ISMF 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DBMF $16,199ISMF $15,346

Year by year

YearDBMFISMFOverpaying
10$1,508$1,422$86
20$5,706$5,393$313
30$16,199$15,346$853

Expense ratio

  • 0.85%DBMF
  • 0.80%ISMF, cheaper
  • Middle half of Managed Futures funds
  • Median 0.85%

ISMF 5th cheapest of 14 funds

DBMF 7th cheapest of 14 funds

DBMF vs ISMF Dividends

Last 12 months to Nov 3, 2026
Yield (12M)
DBMF 4.92%
ISMF No data
Payout (12M)
DBMF $1.59
ISMF No data
Last payment
DBMF $0.15
ISMF $1.64
Ex-dividend
DBMF Sep 29, 2026
ISMF Dec 16, 2025
Paid on
DBMF Sep 30, 2026
ISMF Dec 19, 2025
Frequency
DBMF Quarterly
ISMF Irregular

Distribution history

Per share, 2019 to 2026, same scale for both

DBMFQuarterly · 19 paymentsAll DBMF payments⁠
One bar per payment. 19 payments from 2019 to 2026 YTD. Jun 27, 2019 $0.03; Sep 27, 2019 $0.05; Dec 27, 2019 $2.29; Mar 27, 2020 $0.02; Dec 29, 2020 $0.20; Dec 30, 2021 $2.68; Dec 28, 2022 $2.25; Dec 27, 2023 $0.75; Mar 26, 2024 $0.16; Jun 27, 2024 $0.25; Sep 27, 2024 $0.25; Dec 27, 2024 $0.84; Mar 27, 2025 $0.18; Jun 27, 2025 $0.17; Sep 29, 2025 $0.14; Dec 30, 2025 $1.17; Mar 30, 2026 $0.12; Jun 29, 2026 $0.15; Sep 29, 2026 $0.15. Use the arrow keys to read each point.$0$2.50202020232026YTD
ISMFIrregular · 1 paymentAll ISMF payments⁠
One bar per payment. 1 payment from 2019 to 2026 YTD. Dec 16, 2025 $1.64. Use the arrow keys to read each point.$0$2.50202020232026YTD

DBMF vs ISMF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DBMF 10.5%ISMF 6.6%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
DBMF 0.50ISMF 1.10since Apr 2025
Worst fallMax drawdown, 5 years
DBMF −20.4%ISMF −4.2%since Mar 2025
Market sensitivityBeta, 5 years
DBMF 0.08ISMF 0.23

DBMF and ISMF in the news

All news⁠

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