New ETF pairs 100% DBi managed futures strategy exposure with a 30% U.S. equity allocation, providing diversification and equity upside participation in a cost-effective ETF wrapper
iM Global Partner (iMGP) and DBi today announced that the iMGP DBi Absolute Return ETF (NYSE Arca: DBAR) launched on September 30. DBAR is an actively managed ETF that targets 100% exposure to DBi's managed futures strategy and 30% exposure to U.S. equities. The fund seeks long-term capital appreciation through exposure to both a proprietary Managed Futures Strategy and a U.S. Equity Strategy.
DBAR's managed futures sleeve uses the same hedge fund replication strategy as the iMGP DBi Managed Futures Strategy ETF (DBMF), the world's largest managed futures ETF (Morningstar Systematic Trend category), which surpassed $5 billion in assets under management on September 18, 2026. DBAR stacks its 30% equity allocation on top of the managed futures strategy rather than carving it out, so investors retain full managed futures exposure while maintaining equity upside participation.
Managed futures, also known as trend following, is one of the few strategies with a long history of providing diversification when stocks and bonds fall together, as in 2000-02, 2008 and 2022. In 2022, DBMF returned +23.07% while the S&P 500 Index fell 18.11% and the Bloomberg US Aggregate Bond Index fell 13.01%. Managed futures has had roughly zero correlation and beta to U.S. equities for more than two decades. Despite these characteristics, a standalone managed futures allocation can lag in strong equity markets, and that is when some investors tend to abandon it.
DBAR is designed to address that trade-off and make managed futures easier to hold over the long term. The managed futures sleeve replicates DBMF's implementation: a multifactor model that seeks to replicate the pre-fee returns of the largest commodity trading advisor (CTA) hedge funds, using ten highly liquid futures markets across four asset classes, rebalanced weekly. The model has been unchanged since July 2016, and the Sub-Advisor, DBi, has no discretion to override it. The equity sleeve is implemented through a low-cost U.S. equity ETF.
"The question we hear most from advisors isn't whether managed futures works in a crisis. It's how to hold it through the years in between," said Andrew Beer, co-Portfolio Manager of DBAR and co-founder of DBi. "DBAR keeps the managed futures exposure at a full 100% and adds equity, seeking to boost returns over time, especially in raging bull markets."
Beer continued: "DBMF showed that replicating the hedge fund industry, and cutting out the fees, is a better way to own managed futures than trying to pick the right manager. DBAR takes that same strategy and seeks to make it easier for clients to stay invested."
"Andrew and I believe that every basis point not paid in fees or lost to trading costs is return retained by the investor, and that principle carries straight through to this Fund," said Mathias Mamou-Mani, co-Portfolio Manager of DBAR and co-founder of DBi. "DBAR has the same fee structure as our flagship DBMF ETF so investors gain the benefits of equity exposure without additional drag."
"DBMF's growth to more than $5 billion (as of September 18, 2026) reflects a structural shift in how advisors think about diversification and a vote of confidence in the replication approach that DBi pioneered," said Mike Pacitto, Managing Director of Alternative Investments US Strategic Relationships, iM Global Fund Management. "DBAR extends that logic: the same strategy, the same discipline, with an equity layer that addresses the one reason advisors have historically struggled to hold managed futures through a full market cycle. It is a natural next step for the platform."
Frequently Asked Questions
What is DBAR?
The iMGP DBi Absolute Return ETF (NYSE Arca: DBAR) is an actively managed, return-stacked ETF that targets 100% exposure to managed futures and 30% exposure to U.S. equities. It is sub-advised by DBi and co-managed by Andrew Beer and Mathias Mamou-Mani.
How is DBAR different from DBMF?
The iMGP DBi Managed Futures Strategy ETF (DBMF) provides managed futures exposure on its own. DBAR uses the same managed futures strategy at a full 100% exposure and adds a 30% U.S. equity allocation on top.
Why a 30% equity allocation?
DBAR's 30% equity allocation is sized to narrow the gap with equities in rising markets without diluting the managed futures exposure.
Fund Facts
Name | iMGP DBi Absolute Return ETF |
Ticker Exchange | DBAR NYSE Arca |
Fund type | Actively managed, return-stacked ETF |
Target exposure | 100% managed futures 30% U.S. equity (130% gross notional) |
Volatility target | 8% to 10% annualized |
Sub-Advisor | DBi |
Portfolio managers | Andrew Beer, Mathias Mamou-Mani |
Expense ratio | 0.86% |
Inception | September 30, 2026 |
About DBi
Co-founded by Andrew Beer and Mathias Mamou-Mani, DBi is a Greenwich, CT-based pioneer in pre-fee hedge fund replication. The firm manages $8.5 billion of replication-based hedge fund strategies across ETFs, UCITS funds, and mutual funds for clients in the US, Latin America, Europe, and Asia as of September 18, 2026. The firm publishes extensively on hedge funds, liquid alternatives, quant investing and related topics, and is widely cited in the press. For more information, visit dbi.co or follow DBi on LinkedIn.
About iM Global Partner
Since 2015, iM Global Partner has built a global asset management platform focused on delivering excellence in active management. We offer mutual funds, active ETFs, and SMAs through equity partnerships with 10 best-in-class active managers: our Partners. Our dedicated distribution teams in Europe and the US are central to our approach, delivering high-conviction strategies across all asset classes to investors through a single, high-touch relationship. Through a rigorous selection process, we identify exceptional investment boutiques that share our values of independence, integrity, and long-term vision. iM Global Partner has $42 billion of assets under management as of August 31, 2026. Assets under management include Partner assets in proportion to iM Global Partner's participations. For more information, visit imgp.com or follow us on LinkedIn.
Important Disclosures
The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 800-960-0188 or visiting www.imgp.com. Read it carefully before investing.
ETF Risks: Investing involves risk. Principal loss is possible. The Funds should be considered highly leveraged and is suitable only for investors with high tolerance for investment risk. Futures contracts and forward contracts can be highly volatile, illiquid and difficult to value, and changes in the value of such instruments held directly or indirectly by the Fund may not correlate with the underlying instrument or reference assets, or the Funds' other investments. Derivative instruments and futures contracts are subject to occasional rapid and substantial fluctuations. Taking a short position on a derivative instrument or security involves the risk of a theoretically unlimited increase in the value of the underlying instrument. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Exposure to foreign currencies subjects the Fund to the risk that those currencies will change in value relative to the U.S. Dollar. By investing in the Subsidiary, each Fund is indirectly exposed to the risks associated with the Subsidiary's investments. Fixed income securities, or derivatives based on fixed income securities, are subject to credit risk and interest rate risk. A Fund may have exposure to equity securities. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments.
The iMGP DBi Absolute Return Fund is newly launched and has no operating history. The Fund is also "non-diversified," so it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diversified portfolio.
Assets under management figures are as of September 18, 2026 and are subject to change. "Largest managed futures ETF" refers to assets under management within the managed futures ETF category.
iM Global Partner Fund Management, LLC has ultimate responsibility for the performance of the iMGP Funds due to its responsibility to oversee the funds' investment managers and recommend their hiring, termination, and replacement.
The iMGP DBi Absolute Return ETF and the iMGP DBi Managed Futures Strategy ETF are distributed by ALPS Distributors, Inc. iMGP, DBi and ALPS are unaffiliated. LGE000642
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