PPT DOWNLOAD

(Mike) Slides 1-5:

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 May 2026 update, “The Alts Solution for the Model Revolution – 7-year Anniversary of DBMF,” on the iM Global Partner DBi Managed Futures Strategy ETF– ticker: DBMF.

In May, DBMF hit its 7-year anniversary. Actually the live track record goes back almost 10 years, as it was previously an SMA before converting to an ETF.

Alongside reaching this milestone, we believe the performance success – and strong adoption – of DBMF because of its index-plus, fiduciary-friendly approach to this space is distinctive and compelling.

So let’s go through some anniversary stats:

• As of end of May, $3.89B in assets – making DBMF the largest managed futures strategy in the Morningstar® Systematic Trend category amongst both ETFs and mutual funds.
• Incepted on May 7, 2019, DBMF is the 2^nd oldest managed futures ETF in the space.
• With annualized returns of over 9% (Nav)
• And a return of over 23% (Nav) in 2022, delivering real uncorrelated performance in a year that saw both the the S&P 500 and Bloomberg Agg Index down over 20%
• Less than zero correlation to equities using the S&P 500, providing true diversification benefits as an alternative should
• And over 750 basis points of annualized alpha-generating performance
• All with an 85 basis point expense ratio, in the bottom decile of managed futures strategies in the Morningstar category

To sum it up, we humbly believe that DBMF has been disruptive in the best of ways, and we want clients to feel confident about their choice in implementing DBMF into their portfolios – so we want to thank all of our clients for partnering with us on this journey, and for believing in what we’re looking to accomplish for allocators, advisors and most importantly, investors.

Okay there was the DBMF 7-year commercial – but I think we’ve accomplished something really special and unique in the investment world and for our clients and that feels pretty good – so with all that said, let’s get to the May update Andrew – over to you –

(Andrew) Slide 6-7:

Thanks, Mike.

On a price basis, we were up 1.44% or so in May are up nearly 11% this year.  Both figures are slightly ahead of the performance of the SG CTA index and Morningstar category, and we’re 800-1000 bps ahead of each over the past year.  So as I said last month, a great start to the year and an even better twelve months.  Which bring me to my first bullet:  Non-crisis Alpha.  This is a reference to a common misconception that the CTA aka Commodity Trading Advisor tends to deliver the best returns during market crisis.  We make a more subtle point:  that CTAs deliver alpha when they are early, contrarian and right – which can coincide with a market crisis or, like the past year, with big macro moves during a risk on period.  CTAs are simply an all weather solution.

The second bullet point is about macro ripple effects.  It’s not an accident that we’re up considerably over the past year.  We are witnessing history – the Ai revolution is in full swing, a reordering of global supply chains, including energy, and governments testing the patience of bond vigilantes.  These big shifts – equities decoupling from historical valuation metrics, first gold then crude oil doubling, global capital flows upsetting supply demand relationships – are causing big price moves.  The hope is that CTAs pick up on them early and generate alpha by being early, contrarian and right.

And this is what I refer to in the last bullet point.  To help allocators understand the role of CTAs, we need a definition that reflects the role they play in portfolios.  And it certainly is Commodity Trading Advisor or trend-following, which sounds like you’re late and blindly following consensus.  We think the CTA term is useful because so many investors are so familiar with it, but instead believe it should refer to Contrarian Tactical Alpha.  That’s why the strategy is almost uniquely valuable in model portfolios, where the investment ethos is Consensus Strategic Beta.

(Andrew) Slide 8:

As Mike mentioned, we celebrated the seventh anniversary of the launch of the fund and in a month or two celebrate the tenth anniversary of the strategy. Mike already gave you the key stats, so I don’t need to repeat them.  But since our goal was to take a great asset class and make it both better – read:  higher Sharpe – and more accessible (er, ETF), it’s worth highlighting a few stats.  Since inception, we’ve outperformed the flagship hedge funds in the SG CTA index by 370 bps of returns per annum, and the Morningstar peers by over 470 bps per annum.  Our beta to equities is slightly better, our Sharpe ratio is meaningfully higher, as is our alpha generation.  We hope more and more allocators will recognize the value of this strategy and that we can be a cornerstone allocation within those allocations.

(Andrew) Slide 9:

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 May, and the red dots are positioning at the end of the first quarter.

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 slightly to a spread trade between the Euro and Yen.  As inflation fears have been rekindles, we’ve maintained a short position in Treasuries across the curve.  And we have shifted from a big bet on the rotation from the US into non-US developed markets into a long equity bias – reflecting, not surprisingly, the unstoppable Ai train in the US and elsewhere.

(Andrew) Slide 10:

And finally, here’s year to date contributions to performance.   The big moneymaker this year has been a long position in crude oil – which we initiated in January.  We actually gave back some gains in crude last month, but it was more than offset by the gains in equities.  The long position in emerging markets has generated almost 5% in portfolio gains and EAFE has recovered after the brutal reversal after Iran war began.   In general, the best period for CTAs are when at least two of the major asset classes are generating gains, so it’s nice to see gains distributed across commodities and equities again.

And, with that, back to you. Mike.

(Mike) Slide 11:

Thanks Andrew –

Let’s wrap up here with long-term performance numbers for DBMF –– annualized return since inception including the month that was May 2026 is now 9.35%, that’s ahead of the Soc Gen CTA index by 370 basis points annualized, and ahead of the Morningstar Systematic Trend Category Average by over 470 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 775 basis points annualized.

(Mike) Slide 12-13:

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]