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Trending ETFs

Manager Directed Portfolios - iMGP DBi Managed Futures Strategy ETF

ETF
DBMF
Payout Change
Pending
Price as of:
$27.24 -0.06 -0.22%
primary theme
N/A
DBMF (ETF)

Manager Directed Portfolios - iMGP DBi Managed Futures Strategy ETF

Payout Change
Pending
Price as of:
$27.24 -0.06 -0.22%
primary theme
N/A
DBMF (ETF)

Manager Directed Portfolios - iMGP DBi Managed Futures Strategy ETF

Payout Change
Pending
Price as of:
$27.24 -0.06 -0.22%
primary theme
N/A

Name

As of 02/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$27.24

$949 M

11.01%

$3.00

0.85%

Vitals

YTD Return

5.7%

1 yr return

-2.0%

3 Yr Avg Return

7.3%

5 Yr Avg Return

N/A

Net Assets

$949 M

Holdings in Top 10

57.9%

52 WEEK LOW AND HIGH

$27.3
$25.70
$29.16

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 02/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$27.24

$949 M

11.01%

$3.00

0.85%

DBMF - Profile

Distributions

  • YTD Total Return 5.7%
  • 3 Yr Annualized Total Return 7.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.93%
DIVIDENDS
  • Dividend Yield 11.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Manager Directed Portfolios - iMGP DBi Managed Futures Strategy ETF
  • Fund Family Name
    Dakota Funds
  • Inception Date
    May 08, 2019
  • Shares Outstanding
    6350000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Andrew Beer

Fund Description

The Fund is a non‑diversified, actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by: (i) investing its 
assets pursuant to a managed futures strategy (described below); (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary (the “Subsidiary”), which is organized under the laws of the Cayman Islands, is advised by the Sub‑Advisor (as defined herein), and will comply with the Fund’s investment objective and investment policies; and (iii) investing directly in select debt instruments for cash management and other purposes. 
The Fund’s managed futures strategy employs long and short positions in derivatives, primarily futures contracts and forward contracts, across the broad asset classes of equities, fixed income, currencies and, through the Subsidiary, commodities. Fund positions in those contracts are determined based on a proprietary, quantitative model – the Dynamic Beta Engine – that seeks to identify the main drivers of performance by approximating the current asset allocation of a selected pool of the largest commodity trading advisor hedge funds (“CTA hedge funds”), which are hedge funds that use futures or forward contracts to achieve their investment objectives. The Dynamic Beta Engine analyzes recent (i.e., trailing 60‑day) performance of CTA hedge funds in order to identify a portfolio of liquid financial instruments that closely reflects the estimated current asset allocation of the selected pool of CTA hedge funds, with the goal of simulating the performance, but not the underlying positions, of those funds. Based on this analysis, the Fund will invest in an optimized portfolio of long and short positions in domestically-traded, liquid derivative contracts. 
The Dynamic Beta Engine uses data sourced from (1) publicly available U.S. futures market data obtained and cross-checked through multiple common subscription pricing sources, and (2) public CTA hedge fund indexes obtained through common subscription services and cross-checked with publicly available index information. The Sub‑Advisor relies exclusively on the Dynamic Beta Engine and does not have discretion to override the model-determined asset allocation or portfolio weights. The Sub‑Advisor will periodically review whether instruments should be added to or removed from the model in order to improve the model’s efficiency. The model’s asset allocation is limited to asset classes that are traded on U.S.-based exchanges. Based on this analysis, the Fund will invest in an optimized portfolio of long and short positions in domestically-traded, liquid derivative contracts selected from a pool of the most liquid derivative contracts, as determined by the Sub‑Advisor. 
Futures contracts and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre‑determined price in the future. The Fund takes long positions in derivative contracts that provide exposure to various asset classes, sectors and/or markets that the Fund expects to rise in value, and takes short positions in asset classes, sectors and/or markets that the Fund expects to fall in value. The Fund expects to limit its investments to highly-liquid, domestically-traded contracts that the Sub‑Advisor believes exhibit the highest correlation to what the Sub‑Advisor perceives to be the core positions of the target hedge funds. Such core positions are generally long and short positions in domestically-traded derivative contracts viewed as highly liquid by the Sub‑Advisor. Agreeing to buy the underlying instrument is called 
buying a futures contract or taking a long position in the contract. Likewise, agreeing to sell the underlying instrument is called selling a futures contract or taking a short position in the contract. 
The Fund may have gross notional exposure, which is defined as the sum of the notional exposure of both long and short derivative positions across the Fund, that approximates the current asset allocation and matches the risk profile of a diversified pool of the largest CTAs. The Investment Company Act of 1940, as amended (the “1940 Act”), and the rules and interpretations thereunder, impose certain limitations on the Fund’s ability to use leverage. Under normal market conditions, the Sub‑Advisor will seek to achieve Fund volatility of 8‑10% on an annual basis, which refers to the approximate maximum amount of expected gains or losses during a given year expressed as a percentage of value. 
The Sub‑Advisor will, in an effort to reduce certain risks (e.g., volatility of returns), limit the Fund’s gross notional exposure on certain futures contracts whose returns are expected to be particularly volatile. In addition to these specific exposure limits, the Sub‑Advisor will use quantitative methods to assess the level of risk for the Fund. 
The Fund intends to gain exposure to commodities through its investments in the Subsidiary and may invest up to 20% of its total assets in the Subsidiary. Generally, the Subsidiary will invest primarily in commodity futures, but it may also invest in financial futures, fixed income securities, pooled investment vehicles, including those that are not registered with the SEC under the 1940 Act, and other investments intended to serve as margin or collateral for the Subsidiary’s derivative positions. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivative instruments; however, the Subsidiary complies with the same 1940 Act asset coverage requirements with respect to its investments in commodity-linked derivatives that are applicable to the Fund’s transactions in derivatives. In addition, to the extent applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is the sole investor in the Subsidiary and does not expect shares of the Subsidiary to be offered or sold to other investors. 
In addition to its use of futures and investment in the Subsidiary, the Fund expects, under normal circumstances, to invest a large portion of the portfolio in debt securities in order to collateralize its derivative investments, for liquidity purposes, or to enhance yield. The Fund may hold fixed income instruments of varying maturities, but that have an average duration of less than one year. In particular, the Fund may hold government money market instruments, such as U.S. Treasury securities and U.S. government agency discount notes and bonds with maturities of two years or less. 
Since the Fund is non‑diversified, it may invest a greater percentage of its assets in a particular investment or issuer than a diversified fund. 
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DBMF - Performance

Return Ranking - Trailing

Period DBMF Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% -7.4% 14.6% 17.02%
1 Yr -2.0% -16.1% 36.5% 32.26%
3 Yr 7.3%* -7.9% 13.3% N/A
5 Yr N/A* -5.3% 10.0% N/A
10 Yr N/A* -2.4% 4.3% N/A

* Annualized

Return Ranking - Calendar

Period DBMF Return Category Return Low Category Return High Rank in Category (%)
2023 -11.5% -16.4% 12.9% 53.76%
2022 12.8% -9.3% 17.5% N/A
2021 0.9% -25.8% 2.2% N/A
2020 0.9% -5.1% 21.0% N/A
2019 N/A -20.3% 4.6% N/A

Total Return Ranking - Trailing

Period DBMF Return Category Return Low Category Return High Rank in Category (%)
YTD 5.7% -7.4% 14.6% 11.70%
1 Yr -2.0% -20.3% 36.5% 24.73%
3 Yr 7.3%* -9.0% 11.1% N/A
5 Yr N/A* -5.7% 8.7% N/A
10 Yr N/A* -2.4% 4.3% N/A

* Annualized

Total Return Ranking - Calendar

Period DBMF Return Category Return Low Category Return High Rank in Category (%)
2023 -8.9% -16.4% 12.9% 53.76%
2022 21.5% -9.3% 17.5% N/A
2021 11.4% -20.3% 2.5% N/A
2020 1.8% -5.1% 21.0% N/A
2019 N/A -20.3% 6.7% N/A

DBMF - Holdings

Concentration Analysis

DBMF Category Low Category High DBMF % Rank
Net Assets 949 M 2.12 M 1.74 B 71.28%
Number of Holdings 38 3 876 76.60%
Net Assets in Top 10 31.2 M -100 M 2.04 B 77.66%
Weighting of Top 10 57.92% 20.3% 94.0% N/A

Top 10 Holdings

  1. United States Treasury Bill 73.20%
  2. GOLD 100 OZ FUTR DEC23 0.64%
  3. US 10YR ULTRA FUT DEC23 0.62%
  4. JPN YEN CURR FUT DEC23 0.60%
  5. US ULTRA BOND CBT DEC23 0.50%
  6. US 10YR NOTE (CBT)DEC23 0.42%
  7. US LONG BOND(CBT) DEC23 0.40%
  8. US 2YR NOTE (CBT) DEC23 0.17%
  9. WTI CRUDE FUTURE DEC23 0.12%
  10. MSCI EMGMKT DEC23 0.08%

Asset Allocation

Weighting Return Low Return High DBMF % Rank
Cash
96.79% -687.11% 117.03% 48.94%
Other
3.21% 0.00% 58.63% 89.36%
Stocks
0.00% -1.78% 72.26% 5.32%
Preferred Stocks
0.00% 0.00% 0.13% 34.04%
Convertible Bonds
0.00% 0.00% 2.27% 45.74%
Bonds
0.00% -50.36% 717.59% 69.15%

DBMF - Expenses

Operational Fees

DBMF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% 0.75% 12.88% 96.77%
Management Fee 0.85% 0.65% 2.99% 5.32%
12b-1 Fee 0.00% 0.00% 1.00% N/A
Administrative Fee N/A 0.09% 0.45% N/A

Sales Fees

DBMF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DBMF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DBMF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 198.00% 7.14%

DBMF - Distributions

Dividend Yield Analysis

DBMF Category Low Category High DBMF % Rank
Dividend Yield 11.01% 0.00% 0.00% 28.72%

Dividend Distribution Analysis

DBMF Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Quarterly Annually

Net Income Ratio Analysis

DBMF Category Low Category High DBMF % Rank
Net Income Ratio -0.93% -3.14% 1.55% 52.69%

Capital Gain Distribution Analysis

DBMF Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

DBMF - Fund Manager Analysis

Managers

Andrew Beer


Start Date

Tenure

Tenure Rank

May 07, 2019

3.07

3.1%

Andrew Beer has served as Co-Portfolio Manager for the Beachhead Dynamic Beta strategies since the inception of the firm. Mr. Beer is also the Chief Executive Officer of Beachhead Capital Management.

Mathias Mamou-Mani


Start Date

Tenure

Tenure Rank

May 07, 2019

3.07

3.1%

Mathias Mamou-Mani has served as Co-Portfolio Manager for the Beachhead Dynamic Beta strategies since the inception of the firm. Mr. Mamou-Mani is also the Chief Operating Officer and Head of Risk at Beachhead Capital Management.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.16 14.09 5.41 5.06