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(Mike) Slides 1-3:

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 June 2026 update, “Whipsaw of a First Half,” on the iM Global Partner DBi Managed Futures Strategy ETF– ticker: DBMF.

Let’s get straight to the update this month Andrew, over to you –

(Andrew) Slide 4:

Thanks, Mike.

While we were down less than 1 percent in June, we ended the first half up around 10%, a bit ahead of the SG CTA index and more so ahead of the Morningstar US Trend Systematic Category for both June and half respectively.

It was a great first half of the year – and an even better twelve months during which we returned more than 25%. I find this performance particularly notable given the violent macro whipsaws we’ve seen so far this year.  The first quarter saw war, soaring crude oil, equities down, bonds down, a reversal in gold, a mini meltdown in bitcoin, rolling fears of AI disruption, gated private credit investors and predictions of a global economic slowdown.  The second quarter saw a hot ceasefire, a brutal reversal in oil, leveraged and frenzied AI trades, the SpaceX IPO supernova, the return of King Dollar, and violent factor rotations.  According to the standard playbook, Commodity Trading Advisors are supposed to struggle in such an environment, and yet they’re outperforming most hedge funds, including the fabled multi-strats, so far this year.

The second bullet point is about the equity market.  The whole thing looks like increasingly like venture capital:  valuations driven by wild predictions of profits years in the future; a killing field for the losers.  Small downward adjustments in assumptions – a low cost competitor like Deepseek, the feasibility of building data centers, the price of tokens, return on investment – could undercut valuations.  So if “this time is not different,” as they say, it’s probably a good time to dial up diversifiers that can perform in down markets – which clearly no longer applies to bonds.  Just saying.

The last bullet point is about where I started: replication is innovation, not imitation.  We hit our ten year anniversary in mid-July on this strategy, and the data should show that we have outperformed virtually every large hedge fund since inception in the Morningstar Systematic Trend category. We believe this is due to structural alpha by capturing the same signal, but much more efficiently. This was the right investment decision ten years ago and we believe it is the right one today.

(Andrew) Slide 5:

Here’s a quick line chart of the first half performance. The blue line is DBMF, the pink is SG CTA and the aqua is the Morningstar systematic trend category category. At the bottom is Bloomberg Agg Bond index.

It’s been a choppy, whipsawing year so far — but this is a good visualization of how DBMF is highly correlated to the managed futures asset class as a whole, but over time delivers meaningful alpha – that is through efficiency combined with the innovation of the replication model, and we believe this is the key differentiating factor that makes DBMF a compelling choice for fiduciary-minded allocators.

(Andrew) Slide 6:

Here’s our updated since inception numbers – we’ve outperformed the flagship hedge funds in the SG CTA index by over 370 bps of returns per annum, and the Morningstar peers by over 475 bps per annum.  Our beta to equities is slightly better, and our Sharpe ratio is meaningfully higher, as is our alpha generation. We hope more allocators will recognize the value of this strategy and that we can be a cornerstone allocation within those allocations.

(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 Q2, and the red dots are positioning at the end of Q1.

Moving from left to right, we’ve dialed back our crude oil exposure, which we started to add in January, and are now modestly short gold after the sharp reversal in Q1. We added to our Yen short and are now also modestly short Euro. As inflation fears remain, we’ve maintained a short position in Treasuries across the curve. And we’re now long global equities across the board, having reversed our US short at the end of Q1 and taking down a bit our long exposure in developed and emerging international equities. \

(Andrew) Slide 8:

And finally, here’s our first half contributions to performance. The moneymakers this year have been oil and emerging markets, with a little help from gold. We’re even in US and developed international equities, down a bit in rates and currencies. Net-net, very pleased with overall results show that with 10 deep liquid contracts across the 4 major macro asset classes, we get all the diversification we need without the high-cost friction and volatility of excessive complexity.

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 June 2026 is now 9.12%, nicely ahead of our major competitive benchmarks and far ahead of the traditional diversifier for equities, that being bonds as represented by the Bloomberg Agg.

(Mike) Slide 10:

And here’s our new executive summary slate:

$3.88B in assets as of June 30^th 2026, the largest in the Morningstar Systematic Trend category – thank you dear clients!

Track record over 7 years

Over 9% annualized since inception return with a strong uncorrelated positive over 23% return in 2022 when stocks and bonds were down

Uncorrelated to US equities with over 700bps of alpha, as a good alt should

And an expense ratio in the bottom decile of the category

(Mike) Slide 11-12:

Thanks everyone for watching and or listening 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]