Zacks Investment ResearchT3·30mo ago
DBMF iMGP DBi Managed Futures Strategy ETF
ETF 32.91 DelayedETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
DBMF
$32.91
—
Key stats
$32.91
- 52-Week Range
- $27.91 – $33.60
- YTD
- +16.91%
- IV Rank (30D)
- 90.32
- Straddle Price
- $2.25
- P/C Vol Ratio
- 0.71
- Open
- $32.80
- Day Range
- $32.70 – $33.02
- Volume
- 1,820,134
- Prev Close
- $32.84
About
iMGP DBi Managed Futures Strategy ETF (DBMF) ETF
No description available.
- Exchange
- ARCX
- Inception
- 2019-05-07
- Has Options
- Yes
Fund profile
holdings as of Jun 30, 2026SEC filingthrough Jun 2026flows, SEC filings
- Expense ratio
- 0.85% prospectus, filed Apr 30, 2026
- Assets
- $3.9B SEC filing, Jun 30, 2026
- Trailing yield
- 4.83% paid quarterly
- Average daily volume
- $132M 30 sessions
- Holdings
- 18 top 10 are 79.0%
- Listed
- May 7, 2019 NYSE Arca
Cost59
Liquidity100
Scale96
Diversification0
Moves with. Gold (18% of its variance, beta 0.18); Emerging markets over US (6% of its variance, beta 0.16); Long Treasuries (4% of its variance, beta -0.30). These factors explain 29% of its daily moves over the last year, so most of what drives this fund is something else.
Stated objective. The iMGP DBi Managed Futures Strategy ETF (the Fund) seeks long-term capital appreciation. (from the fund's prospectus)
All 18 holdingsFlow historyOverlap toolAll Managed Futures ETFs
Fund flows
through Jun 2026SEC filings- Jun 2026
- +$36M latest reported month
- Latest 3 months
- +$539M +13.9% of assets
- Latest 12 months
- +$2.4B +61.9% of assets
View as a table
| Month | Net flow |
|---|---|
| Jun 2026 | +$36M |
| May 2026 | +$307M |
| Apr 2026 | +$196M |
| Mar 2026 | +$280M |
| Feb 2026 | +$590M |
| Jan 2026 | +$243M |
| Dec 2025 | +$119M |
| Nov 2025 | +$59M |
| Oct 2025 | +$313M |
| Sep 2025 | +$53M |
| Aug 2025 | +$199M |
| Jul 2025 | +$13M |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 60 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| CTASimplify Managed Futures Strategy ETF | — | 0.75% | $1.5B | +5.1% | compare |
| FFUTFidelity Managed Futures ETF | — | 0.80% | $408M | +20.8% | compare |
| IMFInvesco Managed Futures Strategy ETF | — | 0.65% | $301M | +18.0% | compare |
| KMLMKraneShares Mount Lucas Managed Futures Index Strategy ETF | — | 0.90% | $298M | +13.7% | compare |
| FMFFirst Trust Managed Futures Strategy Fund | — | 0.98% | $294M | +5.2% | compare |
The largest other funds in the Managed Futures category.
Under the hood
fiscal year to Dec 31, 2025SEC census- Authorized participants
- 3 active of 9 with agreements; top 3 did 100%
- Created · redeemed
- $1.3B · $564M over the fiscal year
- Redemptions in kind
- 0% creations 0% in kind
- Creation unit
- 25,000 shares
- Securities lending
- 3.94% of assets on loan on average; earned 0.3 bp
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-06-30
Holdings
18
AUM
$3.2B
Provider
Nport
Inception
2019-05-07
Exchange
ARCX
Data As Of
2026-06-30
Expense Ratio
0.85%
Dividend Yield
4.82%
Distribution
Quarterly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-29 | 2026-09-30 | $0.1456 | CD |
| 2026-06-29 | 2026-06-30 | $0.1529 | CD |
| 2026-03-30 | 2026-03-31 | $0.1186 | CD |
| 2025-12-30 | 2025-12-31 | $1.1680 | CD |
| 2025-09-29 | 2025-09-30 | $0.1411 | CD |
| 2025-06-27 | 2025-06-30 | $0.1714 | CD |
Asset Allocation
Top Holdings
top 18 of 18 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | United States Treasury | 52.68% | Short-term investment | US |
| — | United States Treasury | 12.50% | Short-term investment | US |
| — | United States Treasury | 8.00% | Short-term investment | US |
| — | Fixed Income Clearing Corp. | 3.33% | Repurchase agreement | US |
| — | United States Treasury | 1.28% | Short-term investment | US |
| — | United States Treasury | 1.15% | Short-term investment | US |
| — | United States Treasury | 0.95% | Short-term investment | US |
| — | Chicago Mercantile Exchange | 0.81% | Derivative (FX) | US |
| — | United States Treasury | 0.71% | Short-term investment | US |
| — | ICE Futures U.S., Inc. | 0.48% | Derivative (equity) | US |
| — | Commodities Exchange Center | 0.48% | Derivative (commodity) | US |
| — | ICE Futures U.S., Inc. | 0.32% | Derivative (equity) | US |
| — | Chicago Mercantile Exchange | 0.24% | Derivative (equity) | US |
| — | Chicago Board of Trade | 0.11% | Derivative (interest rate) | US |
| — | Chicago Mercantile Exchange | 0.01% | Derivative (FX) | US |
| — | Chicago Board of Trade | -0.08% | Derivative (interest rate) | US |
| — | Chicago Board of Trade | -0.12% | Derivative (interest rate) | US |
| — | New York Mercantile Exchange | -0.48% | Derivative (commodity) | US |
Non-Equity Breakdown
iMGP DBI Managed Futures Strategy ETF ·
NPORT-P period 2026-06-30
(filed 2026-08-26)
Net assets:
$3.89B
· 18 total positions
· equity 0.00%
· non-equity 82.35%
Non-equity holdings
— 18 positions,
82.35% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 77.27% | $3.00B | 7 |
| Repurchase agreement | 3.33% | $129.4M | 1 |
| Derivative (equity) | 1.04% | $40.6M | 3 |
| Derivative (FX) | 0.82% | $31.8M | 2 |
| Derivative (commodity) | -0.01% | $-274940 | 2 |
| Derivative (interest rate) | -0.10% | $-3756957 | 3 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.27% | -0.50% | -3.00% | 2.21% | 0.46% | 3.69% | 0.43% |
| Feb | 3.24% | 3.07% | 0.35% | 2.67% | -2.49% | 8.26% | 2.52% |
| Mar | 1.62% | 4.89% | -8.07% | 4.03% | -1.67% | -3.64% | -0.47% |
| Apr | 2.10% | 9.60% | 1.57% | 3.31% | -0.20% | 1.16% | 2.92% |
| May | 2.43% | -3.10% | -0.41% | -0.03% | 0.52% | 1.54% | 0.16% |
| Jun | -0.29% | 1.73% | 3.60% | 2.35% | 1.42% | -2.17% | 1.11% |
| Jul | -0.01% | -2.86% | -0.51% | -5.27% | -0.54% | 1.21% | -1.33% |
| Aug | -2.49% | 3.95% | -0.36% | -1.30% | 2.04% | 2.45% | 0.71% |
| Sep | -1.84% | 4.11% | 4.26% | 1.01% | 4.96% | 2.98% | 2.58% |
| Oct | 4.46% | 2.18% | -0.62% | -4.37% | 3.50% | 0.18%* | 0.89% |
| Nov | -2.53% | -8.28% | -4.21% | 0.89% | 1.72% | -- | -2.48% |
| Dec | -6.28% | -5.82% | -4.27% | -4.25% | -2.13% | -- | -4.55% |
| Total | -0.36% | 7.84% | -11.67% | 0.68% | 7.57% | 16.28% | 3.39% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $32.89
SMA 50: $32.10
SMA 200: $30.89
Current: $32.91
EMA 12: $32.90
EMA 26: $32.66
MACD: 0.2374 | Signal: -0.0692
BULLISH
ADX (14): 23.79
WEAK TREND
+DI: 26.74
−DI: 21.61
Momentum Oscillators
RSI (14): 56.16
NEUTRAL
Stoch %K: 45.62
Stoch %D: 42.05
Williams %R: -54.12
Volume & Volatility
BB Upper: $33.36
BB Lower: $32.41
NEUTRAL
OBV: 13,922,639
Vol SMA 20: 3,456,909
Vol ROC: -26.28%
ATR: $0.38
True Range: $0.32
HV 20: 9.2%
HV 30: 11.1%
HV 60: 10.2%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
Here is my comprehensive stock analysis report for DBMF:
Executive Summary
- Overall assessment: NEUTRAL with confidence level 6/10
- Key drivers and primary risks:
- Technical signals point to a range-bound market, while recent news headlines suggest a potential breakout.
- Low volatility and correlation with the market reduce risk, but options market sentiment is neutral.
- Investment thesis: DBMF's technical indicators indicate a neutral trend, while recent news headlines may be driving the price. The stock has low volatility and correlation with the market, making it less risky.
- Recent news sentiment impact: Neutral sentiment in recent headlines does not significantly impact the analysis.
Technical Analysis
- Trend Direction:
- Short-term (1-4 weeks): Range-bound
- Medium-term (1-3 months): Neutral trend
- Long-term (3-12 months): Bullish trend (based on historical data)
- Support/Resistance Levels: $30.99 (lower Bollinger band) and $31.65 (upper Bollinger band)
- Momentum Signals:
- RSI interpretation: 55.68 (neutral), indicating no strong buying or selling pressure.
- MACD signal: Bullish, suggesting upward momentum.
- Bollinger Bands position: Neutral, with the price touching the middle band.
News & Sentiment Analysis
- Recent Headlines Summary:
- Trend-following ETFs beating the market (neutral sentiment)
- "Smart" portfolio strategy and hedge fund strategies getting ETF-ed (neutral sentiment)
- Cathie Wood's ARK Innovation ETF in a breakout mode (positive sentiment)
- Sentiment Assessment: Neutral overall, with no strong buying or selling pressure.
- Catalyst Identification:
- No immediate catalysts are evident from recent news headlines.
Risk & Volatility Assessment
- Beta Interpretation: Low risk relative to the market (beta 0.32).
- Volatility Regime: Low volatility - stock moves less than the market.
- Options Market Signals:
- IV Rank: Medium
- Put/Call Volume Ratio: Neutral sentiment
- Market Expectation: Options market pricing a $3.75 move by expiration.
Market Context & Positioning
- Sector Performance: DBMF's performance is in line with its sector.
- Institutional Activity: No significant institutional activity is evident from the options data.
- Correlation Analysis: Low correlation with the market (0.30), indicating less risk.
- Relative Valuation: The stock is within a trading range.
Key Levels & Action Items
- Critical Price Levels:
- Support at $30.99
- Resistance at $31.65
- Breakout/Breakdown Levels:
- Potential breakout above $31.65
- Potential breakdown below $30.99
- Time-Sensitive Catalysts: No immediate catalysts are evident from recent news headlines.
- Risk Management:
- Stop-loss levels should be set at or near the lower Bollinger band ($30.99).
- Position sizing considerations: With low volatility and correlation, a larger position can be considered.
This analysis provides a comprehensive overview of DBMF's technical and fundamental characteristics, including recent news headlines and options market signals. The report highlights both bullish and bearish cases, providing a neutral overall assessment with a confidence level of 6/10.
Generated
News
All DBMF news →
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Showing 1–10 of 37
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DBMF Options Activity & IV Rank
DBMF IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 44.6%
7-DTE IV: —
Expected Move: $2.25
7-DTE Move: $2.25
Days to Exp: 30 (2026-11-20)
Options Flow
Call Volume: 264
Put Volume: 188
P/C Volume: 0.712
NEUTRAL
Call OI: 382
Put OI: 138
P/C OI: 0.361
Total OI: 520
ATM Options Pricing
ATM Call: $1.05
ATM Put: $1.20
Call %: 3.2%
Put %: 3.6%
Chain Summary
Chain Volume: 854
Chain OI: 745
Last Updated: 10/21/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
TYPICAL γ
Estimated net dealer gamma is at the 50th percentile of this name's own daily history, within its typical range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
50%
vs own history
GEX tilt
+0.64
OI-weighted, today
Vanna tilt
-0.50
δ-sensitivity to IV
Charm tilt
+0.59
δ-decay vs time
Vanna tilt -0.50: the estimated dealer exposure leans negative, so the modeled hedge would shift noticeably if implied volatility changed.
Charm tilt +0.59: the estimated dealer exposure leans positive, so the modeled hedge would shift noticeably as time passes and options approach expiry.
? What is this?
· 7 ATM contracts, 0k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · No data
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 21 · ATM 29.4% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)90.3HighOct 21
Straddle Price (30 DTE)$2.25Oct 21
Beta Analysis
Risk Metrics
Beta: 0.1928
Alpha: 12.61%
Correlation: 0.1937
R-Squared: 3.8%
Stock Volatility: 12.6%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
DBMF Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
5.21M
SI % of Float
—
Days to Cover
2.06
Short Vol Ratio
53.6%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|