# Combining ETFs with trend-following funds **URL:** \ **Category:** Investing / Portfolios\ **Created:** [August 30, 2022, 9:25am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949 "2022-08-30T09:25:27Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [August 30, 2022, 9:25am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/1 "2022-08-30T09:25:28Z")
Dear all, Looking into some other finance blogs, I stumbled over this article which catched my attention (in German): [https://www.finanzwesir.com/specials/alpha-strategie-alpha-fonds](https://www.finanzwesir.com/specials/alpha-strategie-alpha-fonds) And I must have to say I think he has a point. The article in short : You can increase the performance of your portfolio by reducing the volatlity drag of classic equity ETFs by using trendfollowing funds, which are uncorrelated to the passive market (called Crisis-Alpha in the article). The more volatility, the better the trendfollower funds. Practical problem : this trendfollower funds are using futures for practical implementation of this strategy, are rather expensive and ask for rather high initial deposits. Furthermore, it seems difficult to weed out the good from the bad. Finally, these funds do not like private investors, since they generate a lot of regulatory costs, at least in the EU, maybe less in Switzerland. Did anyone of you implemented this type of strategy ? Anyone thinking this is just BS ? In all honesty, I think the has a point, but it is rather difficult to implement due to availability of the funds (as well as the quality). Furthermore it is rather difficult psychologically, since in an upward trend you are always lagging behind, potentially for years. You only see the effect when there is a crash, but then it is jackpot. For more detail how the trend followers are working, and that they are working well for a long time : [https://www.finanzwesir.com/blog/trendfolgestrategie-was-ist-das](https://www.finanzwesir.com/blog/trendfolgestrategie-was-ist-das) And how to find good funds : [https://www.finanzwesir.com/blog/alpha-fonds-finden-auswahl-privatanleger](https://www.finanzwesir.com/blog/alpha-fonds-finden-auswahl-privatanleger) (all in German, could not find any equivalent in English which is readable in a short amount of time) Disclamier : the author started its own wealth management using this strategy, but at no time is he telling to advertise his funds, on the contrary, he gives a lead how to choose the right funds on your own. ---
**Author:** ![kraphael](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/kraphael/32/6366_2.png) [@kraphael](https://forum.mustachianpost.com/u/kraphael)\ **Post date:** [August 31, 2022, 6:26am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/2 "2022-08-31T06:26:47Z")
Themarket has a portfolio with a similar approach with publicly available ETFs that seems to slightly beat the MSCI world index/reduce market drag downs but stays within the MSCI world, so not totally uncorrelated: > **[Ein frischer Blick auf die Sektorstrategie | The Market](https://themarket.ch/etf/ein-frischer-blick-auf-die-sektorstrategie-ld.7286?mktcid=smsh&mktcval=E-mail)** > > Das Marktumfeld bleibt anspruchsvoll: Das Rezessionsrisiko steigt, die Inflation ist hartnäckig und die geopolitischen Risiken sind hoch. Was bedeutet das für die ETF-Sektorstrategie? Zudem beleuchtet The Market globale Dividenden-ETF. > **[The Market Deutschland – Analysen & Wirtschaftshintergründe](https://themarket.ch/deutschland)** > > Mit The Market erhalten Sie präzise Analysen, fundierte Meinungen und aktuelle Trends aus der Finanzwelt in Deutschland ![Screenshot 2022-08-31 at 08.24.43](https://forum.mustachianpost.com/uploads/default/original/2X/4/4b831a15128b12eb4d006a05223f317b9a656aab.png) ![Screenshot 2022-08-31 at 09.11.38](https://forum.mustachianpost.com/uploads/default/original/2X/d/d1284cae5ecc906306e75ad962298e7d036e0461.jpeg) ![Screenshot 2022-08-31 at 08.26.26](https://forum.mustachianpost.com/uploads/default/original/2X/6/6aa08e64f6f91ae12ca3b140b3b11e95d45d774b.png) ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [August 31, 2022, 8:35am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/3 "2022-08-31T08:35:53Z")
Thanks for your reply. In my opinion totally correlated. And not sure how you mix the sectors in a rule-based way to get a slight overperformance. I mean how did they come up with overweighting energy and underweighting IT ? (and do this game consistently over a timespan of several cycles). I am talking about funds which are designed to cut out the volatility downwards by using rule-based trend-analysis with proper risk-management. See one of the example funds the author I linked provides : ![image](https://forum.mustachianpost.com/uploads/default/original/2X/c/c1e88cd4df12a1d34d4f574defa2244044c636b5.png) You can see that the correlation is not there. Of course the overall return is not the same than the S&P 500 (unfortunately I could not use MSCI World as a benchmark in the website I used), but you can clearly see that the fund is actually making profit during crisis time. In combination with VT/VWRL or other this would result in an overperformance of the whole portfolio over am quity cycle (upwards trend, ATH, crash, back to upwards trend). It shows that uncorrelated bets give a much better overall performance, than trying to find overperformance in certain sectors. ---
**Author:** ![kraphael](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/kraphael/32/6366_2.png) [@kraphael](https://forum.mustachianpost.com/u/kraphael)\ **Post date:** [August 31, 2022, 8:53am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/4 "2022-08-31T08:53:22Z")
> [@Patirou](#): > > I am talking about funds which are designed to cut out the volatility downwards by using rule-based trend-analysis with proper risk-management. I don’t think trend shifts can be identified purely rule based but need some deeper macro and technical analysis and understanding instead. But isn’t what you are looking for, a low volatility strategy, similar to what Ray Dalio’s “All weather portfolio” archives? It combines and rebalances the (more or less) non-correlated assets equities, gold, commodities and bonds. While the classic portfolio underperforms the SP500 over a longer time, a slightly modified and leveraged version seems to perform better while still being less volatile… > **[Ray Dalio All Weather Portfolio Review, ETFs, & Leverage (2025)](https://www.optimizedportfolio.com/all-weather-portfolio/)** > > Here I review the Ray Dalio All Weather Portfolio, its performance, ETFs to use for it, and leveraged exposure. ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [August 31, 2022, 10:05am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/5 "2022-08-31T10:05:29Z")
First of all the graph in article is kind of misleading. It starts in 2004 (just when the recovery of the dot-com bubble starts, and ends just before the Ukraine crisis. I guess it would look different if you take numbers until today. I guess the performance would be much closer now. (see the crash of 2008 where the AWP outperformed the S&P 500 for a rather long time of 6-7y). It is exactly the same philosphy : combining asset classes which are uncorrelated, might not have the best return for itself, but combined will give a higher return by reducing the downward volatility drag, except that I am talking about a new asset class (trend follower funds) which are rather old and proven, but still difficult to invest in as a Private Investor. Problem with bonds and gold and commodities are rather low performance over a whole cycle. Bonds are even not that uncorrelated with crisis times, the drawdown might be smaller. While the overall performance of this followers is lower than ta benchmark equity index, performance is still overall positive, and in some case it has been even better (especiall during crashes). The idea is to find an assetclass which is -compensating market crashes of the ETFs -holding its value (or even gaining some) when there is no crash. And apparently this trend-followers meet these conditions (according to the articles I linked, I am still in research mode). My question : did someone already do that research ? Did anyone bought this kind of funds ? PS : pls do not focus too much of the example fund I gave, there are plenty of others. and actually you would probably need a mix of several. ---
**Author:** ![kraphael](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/kraphael/32/6366_2.png) [@kraphael](https://forum.mustachianpost.com/u/kraphael)\ **Post date:** [August 31, 2022, 10:11am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/6 "2022-08-31T10:11:32Z")
> [@Patirou](#): > > Problem with bonds and gold and commodities are rather low performance over a whole cycle. That’s why they replaced gold and commodities with utilities. > [@Patirou](#): > > The idea is to find an assetclass which is > -compensating market crashes of the ETFs > -holding its value (or even gaining some) when there is no crash. Sounds like real estate to me… ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [August 31, 2022, 10:39am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/7 "2022-08-31T10:39:44Z")
> [@kraphael](#): > > That’s why they replaced gold and commodities with utilities. Except that utilites are rather difficult to invest in outside of the USA (and where the liberalisation of the utility market wreaks havoc among the infrastructure - since there are regional quasi-monopolies which are barely regulated - but not the topic right now). > [@kraphael](#): > > Sounds like real estate to me… REITs also lost value during the latest crash… And the 2008 stock market crash was also a RE crash (less so in Europe, but worldwide it was). See the YTD performance table (until April 2022) in this article. [https://seekingalpha.com/article/4511575-the-state-of-reits-may-2022-edition?source=acquisition\_campaign\_google&utm\_source=google&utm\_medium=cpc&utm\_campaign=16160107180&utm\_term=138882501091^aud-1172366382705:dsa-1485125208378^^581249221152^^^g&internal\_promotion=true&gclid=Cj0KCQjwjbyYBhCdARIsAArC6LL19UedpcuD9rMUAPU5IcM-aFF0TdGPcdXEZ6K8H\_-DWn1-tZIJi28aAroNEALw\_wcB](https://seekingalpha.com/article/4511575-the-state-of-reits-may-2022-edition?source=acquisition_campaign_google&utm_source=google&utm_medium=cpc&utm_campaign=16160107180&utm_term=138882501091%5Eaud-1172366382705:dsa-1485125208378%5E%5E581249221152%5E%5E%5Eg&internal_promotion=true&gclid=Cj0KCQjwjbyYBhCdARIsAArC6LL19UedpcuD9rMUAPU5IcM-aFF0TdGPcdXEZ6K8H_-DWn1-tZIJi28aAroNEALw_wcB) I would like to recenter the discussion. I am not asking for all the possible uncorrelated asset classes which might exist. I am asking if someone has experience with the particular asset class of trend followers. ---
**Author:** ![Burningstone](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/burningstone/32/12334_2.png) [@Burningstone](https://forum.mustachianpost.com/u/Burningstone)\ **Post date:** [August 31, 2022, 1:15pm UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/8 "2022-08-31T13:15:03Z")
> [@Patirou](#): > > with the particular asset class of trend followers. That’s not really an asset class, more a strategy. What I always ask myself when I encounter strategies like this, why it has not been adopted by more people, if it is so successful? Especially here they claim that it works for over 200 years, that makes me skeptical. ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [August 31, 2022, 2:19pm UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/9 "2022-08-31T14:19:17Z")
> [@Burningstone](#): > > That’s not really an asset class, more a strategy. I would say it is debatable. Lets say the important part is that these type of funds are uncorrelated to the passive market. > [@Burningstone](#): > > What I always ask myself when I encounter strategies like this, why it has not been adopted by more people, if it is so successful? Fair point. One answer would be the difficulty of access (for private investors). Another answer would be also that for institutional investors, there is the fact they would lag behind for a certain number of years, and only when there is a crash they would shine. I can imagine that between 2010-2020, fund managers would have not a lot of fans when the investors are asking why they are lagging behind at every quarterly/annual meeting. I guess you have to have balls of steel saying “ya I am missing out on a few percent per year over the next 10 years or so with a high risk product\*, but when there is a correction, I will be the king of the world”. \*when I say I high risk, I mean comparable to ETF On the other hand, ETFs are also a tool which became so popular over the last 40 years or so. Just to be clear, I am not fully convinced it is the right thing to do. I get the argumentation of having an uncorrelated fund which is at approx. the same risk/return level than an ETF (slightly lower return though), but since both are uncorrelated, you can drastically increase the return of the total portfolio. That is why I bring it up here. I find it interesting enough, I kind of understand how it is supposed to work, but a/is the argumentation actually holding up and b/how to implement it practically without letting costs get out of control at our level of small fish. I guess for a/ there is no other way to find out to backtest, being sure you do it over longterm. Meaning go to point b/, choose funds which would be accessible for us small time investors and meet a certain set of criteria (one article gives a set of criteria which need to be refined). The work would be pretty considerable, the reward could be also. I am still at the point trying to estimate if the possible reward would be big enough. It is just so much easier to say I get my ETFs, I will get 5-7% p.a. on average. It is pretty easy to verify, costs are close to zero, and I am still pretty sure that I won’t die poor. The trend-following funds could reduce volatility considerably + increase return to new levels, but at the price of time, costs (not as cheap as ETFs) and introducing new risks as well (management), but from nothing comes nothing. What would you think ? Side joke : would be some perfect master/bachelor thesis, wouldn’t it ? ---
**Author:** ![Dr.PI](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/dr.pi/32/5299_2.png) [@Dr.PI](https://forum.mustachianpost.com/u/Dr.PI)\ **Post date:** [September 1, 2022, 6:33am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/10 "2022-09-01T06:33:08Z")
There are some US ETFs that seem to be what you are looking for: > **[DBMF](https://www.etf.com/DBMF)** > > Learn everything about iMGP DBi Managed Futures Strategy ETF (DBMF). Free ratings, analyses, holdings, benchmarks, quotes, and news. > **[CTA](https://www.etf.com/CTA)** > > Learn everything about Simplify Managed Futures Strategy ETF (CTA). Free ratings, analyses, holdings, benchmarks, quotes, and news. > **[FMF](https://www.etf.com/FMF)** > > Learn everything about First Trust Managed Futures Strategy Fund (FMF). Free ratings, analyses, holdings, benchmarks, quotes, and news. > **[WTMF](https://www.etf.com/WTMF)** > > Learn everything about WisdomTree Managed Futures Strategy Fund (WTMF). Free ratings, analyses, holdings, benchmarks, quotes, and news. The author of the articles you reference is German and doesn’t have access to them. Or maybe they prefer to sell their services: > **Achtung: Wichtige Offenlegung** > Norbert, ich und noch zwei weitere Gesellschafter die Dr. Mittwollen Invest GmbH gegründet, um das Thema Alpha weiter zu demokratisieren. Unsere Strategie heißt [Democratic Alpha](https://www.democratic-alpha.com). Sie kombiniert ETFs mit von Norbert ausgewählten Alpha-Fonds und ist bereits ab 10.000 € zu haben. 10.000 € ist ‘ne Menge Geld. Aber dafür haben Sie auch den Zugriff auf Fonds, die normalerweise eine Mindestanlage von 100.000 € haben. > Das ist keine Kaufempfehlung, sondern nur der transparente Hinweis auf diese wirtschaftliche Beteiligung. ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [September 1, 2022, 7:15am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/11 "2022-09-01T07:15:21Z")
> [@Dr.PI](#): > > Or maybe they prefer to sell their services: I would rather tend to say no access (he mentions to use UCITS at some point when looking for funds) But you are right emphazising on the fact he is shareholder in a company which sells the mix ETF/trend follower. I haven’t done that, so thank you. > [@Dr.PI](#): > > [https://www.etf.com/DBMF](https://www.etf.com/DBMF) > [https://www.etf.com/CTA](https://www.etf.com/CTA) > [https://www.etf.com/FMF](https://www.etf.com/FMF) > [https://www.etf.com/WTMF](https://www.etf.com/WTMF) Will have a look on them, thanks. ---
**Author:** ![johndoe1](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/j/13edae/32.png) [@johndoe1](https://forum.mustachianpost.com/u/johndoe1)\ **Post date:** [September 1, 2022, 3:49pm UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/12 "2022-09-01T15:49:56Z")
I used to like Finanzwesir for his excellent passive global index investing podcasts, but he’s clearly gone rogue: [https://hartmutwalz.de/1-jahr-spaeter-finanzwesir/](https://hartmutwalz.de/1-jahr-spaeter-finanzwesir/) As to ETFs: Have a look at KMLM and PQTIX too. Beware of funds which promise you the holy grail of investing: more return with same or less risk. There is no such thing, imho. Protection from downturns is insurance, and insurance always costs you something. Either you are in accumulation phase and invest in a broad market ETF (maybe even with leverage / factor tilts etc.), or you are in wealth preservation/decumulation phase and pay for downside insurance by giving up some returns. Lastly, there’s no academic backing of trend-following strategy’s profitability. ---
**Author:** ![Ilpiccone](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/i/a87d85/32.png) [@Ilpiccone](https://forum.mustachianpost.com/u/Ilpiccone)\ **Post date:** [March 18, 2026, 9:09am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/13 "2026-03-18T09:09:27Z")
@Patirou Did you end-up adopting a trend following strategy? Since 2025 there is a UCITS version of DBMF which seems quite attractive to complement a world equity portfolio. I’m thinking about adding it to my portfolio (around 20% allocation). Backtests look very promising and Switzerland offers an advantageous tax regime for these kind of products. ---
**Author:** ![Patirou](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/p/439d5e/32.png) [@Patirou](https://forum.mustachianpost.com/u/Patirou)\ **Post date:** [March 18, 2026, 9:22am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/14 "2026-03-18T09:22:30Z")
Nope, life came in the way of looking closer at it. Before I want to do it, I want to establish my criteria to choose a fund so I am not too biased. For now, they look something like this: - similar ROI than ETF over a full cycle - non corrolated to stock market during downturns - easily tradeable for rebalancing (liquiditiy) - transparent management/cost structure - how can I weed out “too good to be true funds” ? No idea. But yes still interested. If I would go for this, I would look at a 30% allocation approx. ---
**Author:** ![PhilMongoose](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/philmongoose/32/12331_2.png) [@PhilMongoose](https://forum.mustachianpost.com/u/PhilMongoose)\ **Post date:** [March 18, 2026, 9:30am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/15 "2026-03-18T09:30:20Z")
I had 3 problems with trend-following: 1. Finding a selection of funds that I could actually buy in IBKR. I had previously tried and failed to find the DUNN capital funds 2. Understanding how they really worked and concerns over the time period the work over (and in particular whether they get whipsawed by high flux situations) 3. Finding a balance between how much to allocate so that it has a meaningful impact while being comfortable with a new asset class (maybe increasing exposure over time might work to gradually DCA). ---
**Author:** ![Ilpiccone](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/i/a87d85/32.png) [@Ilpiccone](https://forum.mustachianpost.com/u/Ilpiccone)\ **Post date:** [March 18, 2026, 9:45am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/16 "2026-03-18T09:45:02Z")
> [@Patirou](#): > > But yes still interested. If I would go for this, I would look at a 30% allocation approx. I also thought about 30%, but right no I can only really find one viable UCITS version thats available on IBKR so I would reduce initial investment until another viable fund is released: > **[iMGP DBi Managed Futures Fund R USD UCITS ETF | A41CVG | LU2951555585](https://www.justetf.com/en/etf-profile.html?isin=LU2951555585#overview)** > > You can set up price alerts in the justETF app and receive push notifications when the price reaches the defined level. The app is available in the following countries: Germany, Italy, France, Spain and the Netherlands. Clicking "Continue" will take... its the UCITS version of the US DBMF. TER seems fine, AUM is still quite low. Also its not listed in ICTAX yet. Seems like US version are not advisable for Swiss investors because of taxation issues? ---
**Author:** ![Ilpiccone](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/i/a87d85/32.png) [@Ilpiccone](https://forum.mustachianpost.com/u/Ilpiccone)\ **Post date:** [March 18, 2026, 9:46am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/17 "2026-03-18T09:46:51Z")
It looks like it really does what its supposed to be doing: ![image](https://forum.mustachianpost.com/uploads/default/original/3X/1/0/100b8bb217f5e59961e0353e3d33b552b9f733b5.jpeg) ---
**Author:** ![Tony1337](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/tony1337/32/12327_2.png) [@Tony1337](https://forum.mustachianpost.com/u/Tony1337)\ **Post date:** [March 18, 2026, 10:08am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/18 "2026-03-18T10:08:51Z")
There are quite a lot of ucits mutual funds available to buy on ibkr. The dbmf ucits etf for example is just a share class of the longer running mutual fund (with multiple 100m aum). ---
**Author:** ![Ilpiccone](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/i/a87d85/32.png) [@Ilpiccone](https://forum.mustachianpost.com/u/Ilpiccone)\ **Post date:** [March 18, 2026, 10:47am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/19 "2026-03-18T10:47:09Z")
Which others would you recommend? Is there eg a kmlm ucits share class? ---
**Author:** ![Tony1337](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/tony1337/32/12327_2.png) [@Tony1337](https://forum.mustachianpost.com/u/Tony1337)\ **Post date:** [March 18, 2026, 11:57am UTC](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949/20 "2026-03-18T11:57:48Z")
KMLM doesn‘t exist as ucits unfortunately. I can maybe make a small list later in the managed futures topic. A fund like RSST for example though is still very efficient for us, if you are ok with the leverage, due to the efficient way of how the fund is constructed. As the collteral is basically an efficient S&P etf and you don‘t have the inefficiency of the collateral distribution then, mitigating other inefficiencies of i.e. commodity income distributions. There is the Winton trend ehanced equities available now though as well, as a stacked fund. That one is basically cash + 100% msci world futures and then 100% of their trend strategy. Where only the collateral yield is taxable, making it also very efficient. Standalone trend funds available on the top of my head: AQR managed futures (AQMIX ucits version) Alpha Simplex managed futures (ASFYX ucits version, performance has been quite bad recently though, but that‘s what can happen with dispersion) DBMF ucits as etf or mutual fund (I would prefer the mutual fund, due to spread/liquidity) Winton trend standalone Quantica managed futures (swiss fund provider, with performance fee though) Schroder Gaia Blue trend And that‘s just managed futures with mainly trend following. There are many more alternative strategy funds, and multi-strategy funds, that also include trend, also carry, l/s equity etc. [Next page](https://forum.mustachianpost.com/t/combining-etfs-with-trend-following-funds/8949.md?page=2)