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IMF vs KMLM

Invesco Managed Futures Strategy ETF

IMFACboe

KraneShares Mount Lucas Managed Futures Index Strategy ETF

KMLMCNYSE Arca

Overlap

Expense ratio

IMF −0.25pt a year

IMF0.65%KMLM0.90%

Avg volume · 30D

KMLM 38.9×the volume

IMF8.68KKMLM338K

IMF vs KMLM Performance

Oct 31, 2025 – Oct 30, 2026

+20.8%IMF+20.7%KMLM

Oct 31, 2025 to Oct 30, 2026. IMF +20.8%. KMLM +20.7%. Use the arrow keys to read each point.0%5%10%15%25%Oct 2025Apr 2026Oct 2026
Expense ratio
IMF 0.65%, better
KMLM 0.90%
Fund size
IMF $306M
KMLM $596M
1Y total return
IMF +20.8%, better
KMLM +20.7%
Yield (12M)
IMF No data
KMLM 4.25%
Holdings
IMF 17
KMLM 8
Avg volume (30D)
IMF 8.68K sh
KMLM 338K sh, better
NAV per share
IMF $52.84
KMLM $30.70
52W range

ETF.net Grade

IMF: Cost 90, Risk 82, Mission not scored, Tradability 65, Holdings not scored, Durability 68. KMLM: Cost 33, Risk 42, Mission not scored, Tradability 65, Holdings not scored, Durability 75.
Pillar letters and Scores for IMF, KMLM, with each pillar’s weight
PillarIMFKMLM
Cost30% weightA90HigherD33
Mission25% weightNot scoredNot scored
Risk15% weightA82HigherC42
Tradability15% weightB65B65
Holdings10% weightNot scoredNot scored
Durability5% weightB68A75Higher

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. IMF and KMLM 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 ›

IMF ranks 1st and KMLM 8th of 14 funds in the Managed Futures Category.

  1. Rank 1AIMFInvesco Managed Futures Strategy ETFScore 80
  2. Rank 2AWTMFWisdomTree Managed Futures Strategy FundScore 75
  3. Rank 8BCTASimplify Managed Futures Strategy ETFScore 45
  4. Rank 8CKMLMKraneShares Mount Lucas Managed Futures Index Strategy ETFScore 45
  5. Rank 10CHOLDHarbor Alpha Layering ETF (HOLD)Score 40

Our read on each fund

ETF.net Research

IMFAInvesco Managed Futures Strategy ETF

KMLMCKraneShares Mount Lucas Managed Futures Index Strategy ETF

In short

IMF No data

KMLM Trend following in its purest form: a rules-based index Mount Lucas has published since 1988, going long or short across commodities, currencies and global bonds. No stocks in the mix, by design.

Stated mandate

IMF No data

KMLM The Fund seeks to track, before fees and expenses, the price performance of the KFA MLM Index.

Why people hold it

IMF No data

  • KMLM Tracks the KFA MLM Index, a continuation of the MLM Index first published in 1988, so the rulebook comes with decades of live history rather than a backtest.kraneshares.comkraneshares.com 2
  • Long or short, set by rule: a daily signal compares each market's price to its long-term moving average, so the fund can be positioned short a falling market.kraneshares.com
  • About two dozen futures markets across commodities, currencies and global bonds, with the three baskets weighted by relative historical volatility and members equal-dollar weighted.kraneshares.comkraneshares.com 2
  • Trades futures but sends shareholders a 1099, not a K-1, keeping tax paperwork closer to an ordinary ETF.kraneshares.com

Worth knowing

IMF No data

  • KMLM The 0.90% expense ratio buys the futures machinery and sits well above what plain index-tracking funds in its peer group charge.
  • Trend signals need sustained moves. Choppy, direction-free markets are the environment this mechanism handles worst.kraneshares.comkraneshares.com 2
  • It is a non-diversified commodity pool with no equity futures at all, so it moves on its own schedule instead of alongside a stock portfolio.kraneshares.comkraneshares.com 2

Full IMF profile⁠

Full KMLM profile⁠

IMF vs KMLM 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.

IMF vs KMLM Cost

Overpaying KMLM vs IMF

$4,323

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

  • IMF 0.65%

    $12,717

  • KMLM 0.90%

    $17,040

$10,000
30 years

Cost over time

  • IMF 0.65%
  • KMLM 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KMLM $17,040IMF $12,717

Year by year

YearIMFKMLMOverpaying
10$1,163$1,593$430
20$4,440$6,015$1,575
30$12,717$17,040$4,323

Expense ratio

  • 0.65%IMF, cheaper
  • 0.90%KMLM
  • Middle half of Managed Futures funds
  • Median 0.85%

IMF 2nd cheapest of 14 funds

KMLM 9th cheapest of 14 funds

IMF vs KMLM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
IMF No data
KMLM 4.25%
Payout (12M)
IMF No data
KMLM $1.30
Last payment
IMF $0.46
KMLM $1.30
Ex-dividend
IMF Dec 22, 2025
KMLM Dec 22, 2025
Paid on
IMF Dec 26, 2025
KMLM Dec 23, 2025
Frequency
IMF Irregular
KMLM Annual

Distribution history

Per share, 2021 to 2026, same scale for both

IMFIrregular · 1 paymentAll IMF payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 22, 2025 $0.46. Use the arrow keys to read each point.$0$2.5020232026YTD
KMLMAnnual · 4 paymentsAll KMLM payments⁠
One bar per payment. 4 payments from 2021 to 2026 YTD. Dec 29, 2021 $1.84; Dec 28, 2022 $4.04; Dec 17, 2024 $0.23; Dec 22, 2025 $1.30. Use the arrow keys to read each point.$0$2.5020232026YTD

IMF vs KMLM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IMF 11.8%since Apr 2025KMLM 10.8%
Return per unit of riskSharpe ratio, 3 years
IMF 0.16since Apr 2025KMLM −0.35
Worst fallMax drawdown, 5 years
IMF −15.1%since Mar 2025KMLM −27.6%
Market sensitivityBeta, 5 years
IMF 0.09KMLM −0.26

IMF and KMLM in the news

All news⁠

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