KMLM / DBMF
One governed structural comparison. Same category label, different structure. No prices, returns, ranking, recommendation, or suitability conclusion.
This comparison exists to show that a shared "managed futures" label does not mean shared exposure. It compares disclosed structure and evidence state only, and does not establish superiority or suitability.
Shared structure
| Dimension | KMLM | DBMF |
|---|
| Market breadth | Multi-asset | Multi-asset |
| Directional flexibility | Long / short | Long / short |
| Commodity routing | Wholly owned subsidiary | Wholly owned subsidiary |
| Review due | 18 July 2027 | 18 July 2027 |
Where they diverge
| Dimension | KMLM | DBMF |
|---|
| Strategy basis | Index strategy; explicit trend following | Active strategy; managed-futures replication |
| Management mode | Not separately classified in release 0.4.0 | Active management |
| Implementation route | Direct futures with commodity subsidiary | Mixed derivatives with commodity subsidiary |
| Classified dimensions | Five | Six |
Different governed unknowns
| Fund | Explicit unknown | Why it stays open |
|---|
| KMLM | Signal horizon | Daily evaluation and monthly rebalancing are disclosed, but no signal lookback horizon; no standalone index methodology was located. |
| DBMF | Benchmark relationship as index tracking | Replication of a representative basket is disclosed, but no statement that the fund tracks the SG CTA Index or any named index. |
Evidence coverage
| Fund | Decisions | Admitted evidence records | Corroborated dimension |
|---|
| KMLM | 5 | 6 | Implementation route |
| DBMF | 6 | 7 | Implementation route |