(Mike) Slides 1-4:

Hi everyone, I’m Mike Pacitto with iM Global Partner, joined by Co-Founder of DBi and Co-Portfolio Manager, Andrew Beer. Thanks for watching our April 2026 update, “Headline Mayhem and Correlation Confusion,” on the iM Global Partner DBi Managed Futures Strategy ETF– ticker: DBMF.

By the time you hear this, DBMF will have hit its 7-year anniversary. The strategy went live as an ETF on May 7, 2019 after converting from its previous SMA format which launched in 2016.

Since then, DBMF has become the largest managed futures strategy in the Morningstar Systematic Trend category with more than $3.5B in assets. Thanks to all of our clients for believing in what we’re looking to accomplish for allocators, advisors and most importantly, investors.

Okay let’s get to the update Andrew – over to you –

(Andrew) Slide 5:

Thanks, Mike.

On a price basis, we were up 1.4% or so in April are up 9.3% this year.  Both figures are slightly behind the performance of the SG CTA index and Morningstar category.  Candidly, the market volatility is so extreme right now that it’s nearly impossible to draw any conclusions from small performance differences.  More significantly, I think, if you dial back two pages, you’ll see that year over year we were up a pretty astonishing 28%, 1000 bps ahead of the hedge funds represented by the Soc Gen CTA and even more so ahead of the Morningstar peers.  So overall, this has been a terrific start to the year and a remarkably good twelve months for the strategy.

Which doesn’t mean, on a day to day basis, it’s been an easy ride.  As shown on the upper right, we’ve had Headline Mayhem around the war in the Persian Gulf.  Each week, or weekend, we get these huge market moves around the latest escalation or deescalation.  A very practical impact, as touched on in the second bullet, is that even major markets are acting like meme stocks – crude oil up 90% this year alone and, over the past twelve months, gold up by a third plus many equity markets up 40-50%.  Plus, in the last bullet, the correlation structure of the market keeps shifting, so last month both crude and equities rose, a bit counterintuitive given how a rise in crude was viewed as highly bearish as recently as a month or two ago.  Hence, we expect to see higher than average day to day noise for the foreseeable future.  More colloquially, strap in, peoples.

(Andrew) Slide 6:

Here’s our performance since launch of DBMF in 2019.  As Mike mentioned, we are celebrating the seventh anniversary of the launch of the fund. Hooray! Since inception, we’ve outperformed the SG CTA index by more than 350 bps of returns per annum, and the Morningstar peers by precisely 450 bps per annum.  Perhaps more relevant to allocators, we’ve added a few stats to the table below.  First, note that the beta of DBMF to the S&P 500 has been slightly negative – even slightly more negative that both the SG CTA and Morningstar category.  And then note that alpha generation has been much higher – around 740 bps per annum, an extraordinarily high figure for a hedge fund, let alone an ETF version of a hedge fund strategy.  What this tells you is that the outperformance of DBMF relative to the hedge funds represented by the Soc Gen CTA and mutual fund/ETF category is structural, not due to taking on some hidden risk.  Further, since we have the Bloomberg AGG in there for comparison, note that bonds have had a positive correlation to stocks and 370 bps of negative alpha.  These stats make our case for CTAs, and especially DBMF, as the cornerstone of the third leg of the asset allocation stool.

(Andrew) Slide 7:

Here’s our slide on volatility-adjusted positioning.  The green bars are the volatility adjusted exposure of our ten futures contracts at the end of April, and the red dots are positioning at the end of march.

Moving from left to right, we have maintained our crude oil exposure, which we started to add in January, and continued to cut back on the long gold position after the sharp reversal in March.  We added to a spread trade between the Euro and Yen.  We have very little conviction in Treasuries.  And we have shifted from a big bet on the rotation from the US into non-US developed markets – expressed as long EAFE and short the S&P 500 a month ago – to just a long position in emerging markets.

As noted repeatedly, given the volatility in the markets, we should expect positioning to continue to adjust as CTAs hunt for direction.

(Andrew) Slide 8:

And finally, here’s year to date contributions to performance.   As of the end of April, the big moneymaker has been a long position in crude oil – not surprising given the 90% spike in oil this year.  We still have year to date gains in equities, but as noted last month, the extraordinarily sharp reversal in EAFE and EM after the outbreak of war resulted in giving back most year to date gains.  The sharp reversal in the yen on the last day of April – caused by the Bank of Japan intervening in markets – cost us about a point of performance.  Overall, given the extreme volatility in the markets, including in the major markets we trade, we are very pleased with the results this year.

And, with that, back to you. Mike.

(Mike) Slide 9:

Thanks Andrew –

Let’s wrap up here with long-term performance numbers for DBMF –– annualized return since inception including the month that was April 2026 is now 9.24%, that’s ahead of the Soc Gen CTA index by over 350 basis points annualized, and ahead of the Morningstar Systematic Trend Category Average by over 445 basis points.

And long-term outperformance against the traditional diversifier for equities – that being bonds as represented by the Bloomberg AGG – remains well intact with DBMF outperforming by over 770 basis points annualized.

(Mike) Slide 10-11:

Thanks everyone for checking out our monthly videos – if you have any suggestions in terms of things you’d like to see added, changes, feedback or inputs please let us know —

Otherwise if you have more questions about the strategy, would like further information or a call with us please don’t hesitate to reach out – just send us an email at: [email protected]