Fund facts

Fund size*

$1631.4m

£1337.5m

CHF1495.2m

€1544.5m
Base currency
USD
Listing date
5 Jul 2021
Domicile
Ireland
Index ticker
BCC3C3TT
Replication method
Synthetic - unfunded swap backed by collateral

Statistics

*As at 28 Sep 2023

Fund aim

The L&G Multi Strategy Enhanced Commodities UCITS ETF (the "ETF") aims to track the performance of the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (the “Index”).

Broad commodities exposure

Basket of commodity futures with dynamically determined expiry dates

Diversification

Commodities are a distinct asset class with returns that are largely independent of stock and bond returns

Inflation hedge

Commodity indices tend to benefit from rising inflation

Further details

Charges and taxTER
0.30%
ISA eligible
Yes
SIPP eligible
Yes
UK Fund Reporting Status
Yes

Management / administration

Issuer

Legal & General UCITS ETF Plc

Depositary and Trustee

The Bank of New York Mellon SA/NV, Dublin Branch

Securities regulator

Central Bank of Ireland

Country registration

This share class is registered for sale in the following countries:

Listings

Details

Codes

Exchange	Currency	Ticker	Listing date	ISIN	Bloomberg	Reuters	Trading hours (local)

Details

Codes

Exchange	Currency	Ticker	Listing date	ISIN	Bloomberg	Reuters	Trading hours (local)

Details

Codes

Exchange	Currency	Ticker	Listing date	ISIN	Bloomberg	Reuters	Trading hours (local)
London Stock Exchange	GBP	ECGH	22/06/2023	IE00011CA799	ECGH LN	ECGH.L	08:00 - 16:30

Details

Codes

Exchange	Currency	Ticker	Listing date	ISIN	Bloomberg	Reuters	Trading hours (local)
London Stock Exchange	GBP	ENCG	08/07/2021	IE00BFXR6159	ENCG LN	ENCG.L	08:00 - 16:30
London Stock Exchange	USD	ENCO	08/07/2021	IE00BFXR6159	ENCO LN	ENCO.L	08:00 - 16:30
Borsa Italiana	EUR	ENCO	23/09/2021	IE00BFXR6159	ENCO IM	ENCO.MI	09:00 - 17:30
Deutsche Börse Xetra	EUR	EN4C	23/09/2021	IE00BFXR6159	EN4C GY	EN4C.DE	09:00 - 17:30
SIX Swiss Exchange	CHF	ENCO	17/11/2021	IE00BFXR6159	ENCO SW	ENCO.S	09:00 - 17:30

Barclays Backwardation Tilt Multi-Strategy Capped Total Return

The Index provides broad-based exposure to commodities via a diversified basket of commodity futures with different expiry dates of up to 1 year, selecting specific contracts based on shape of the futures curve or other idiosyncratic properties.

The Index provides a return equivalent to a fully “collateralised” investment in a diversified portfolio of commodity “futures contracts” across the following sectors: (1) Energy; (2) Industrial metals; (3) Precious metals; (4) Agriculture; and (5) Livestock.

The Index return is comprised of: (1) the "spot" return which reflects the day-to-day changes in the prices of the commodity futures contracts; (2) the "roll" return associated with periodically selling the futures contracts that are nearing their expiry dates with later dated equivalents in order to maintain exposure to the commodity futures on an ongoing basis); and (3) the "collateral" return which reflects the interest that a commodity investor would earn where they deposit with a bank (for safe keeping) the cash that they will need to settle the contract at the future delivery date.

Index dataProvider
Barclays
Bloomberg code
BCC3C3TT
Reuters code
.BCC3C3TT
Type
Total Return
Website
www.barclays.com

Performance

Source: Lipper.

Performance for the CHF Hedged Accumulating ETF class in CHF, listed on 18 August 2023. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.

Performance for the EUR Hedged Accumulating ETF class in EUR, listed on 18 August 2023. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

Performance for the GBP Hedged Accumulating ETF class in GBP, listed on 22 June 2023. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

Performance for the USD Accumulating ETF class in USD, listed on 05 July 2021. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

Performance (%)

Change

Performance summary (%)

To month-end
To quarter-end

As at 31 Aug 2023

Cumulative	Fund	Benchmark
1 month	0.28	0.32
6 months	4.70	4.93
Year to date	2.21	2.59
3 years	-	-
5 years	-	-
Since launch	40.21	41.81

Annualised	Fund	Benchmark
1 year	-6.00	-5.53
3 years	-	-
5 years	-	-
Since launch	-	17.52

As at 30 Jun 2023

Cumulative	Fund	Benchmark
Quarterly	-2.45	-2.33
Year to date	-4.71	-4.45
3 years	-	-
5 years	-	-
Since launch	30.72	32.09

Annualised	Fund	Benchmark
1 year	-6.10	-5.61
3 years	-	-
5 years	-	-
Since launch	-	14.97

Rolling 12-month performance

Calendar year performance

Monthly performance

Annualised performance

Rolling 12-month performance to last quarter end (%)

	Fund	Benchmark
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	-	-
2019	-	-
2020	-	-
2021	-	-
2022	-	-
2023	-6.10	-5.61

12 months to 30 June	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Fund	-	-	-	-	-	-	-	-	-	-6.10
Benchmark	-	-	-	-	-	-	-	-	-	-5.61

Calendar year performance (%)

	Fund	Benchmark
2013	-	-
2014	-	-
2015	-	-
2016	-	-
2017	-	-
2018	-	-
2019	-	-
2020	-	-
2021	-	-
2022	24.34	24.99

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Fund	-	-	-	-	-	-	-	-	-	24.34
Benchmark	-	-	-	-	-	-	-	-	-	24.99

Monthly performance (%)

To month-end
To quarter-end

Annualised performance (%)

	1 year	3 years	5 years	Since launch
Fund	-6.00	-	-	-
Benchmark	-5.53	-	-	17.52

Annualised performance (%)

	1 year	3 years	5 years	Since launch
Fund	-6.10	-	-	-
Benchmark	-5.61	-	-	14.97

Portfolio

As at 31 Aug 2023. All data source LGIM unless otherwise stated. Totals may not sum to 100% due to rounding.

The breakdowns shown relate to the Index.

Sector (%)

	Agriculture	34.3
	Energy	33.9
	Precious Metals	12.8
	Industrial Metals	9.0
	Livestock	6.3
	Consumer Discretionary	3.8

Commodity (%)

	Crude Oil	12.0
	Brent Crude	11.0
	Gold	9.8
	Soybeans	8.9
	Sugar	7.3
	Soybean Oil	5.4
	Soybean Meal	5.0
	Natural Gas	4.6
	Lean Hogs	3.9
	Other	32.1

	Top 10 constituents	71.7
	Rest of Index	28.3

No. of constituents in Index

Top 10 constituents (%)

Crude Oil	12.0
Brent Crude	11.0
Gold	9.8
Soybean	8.9
Sugar	7.3
Soybean Oil	5.4
Soybean Meal	5.0
Natural Gas	4.6
Lean Hogs	3.9
Gas Oil	3.8

Investment Manager

Legal & General Investment Management Limited is the investment manager for this ETF and is responsible for its day-to-day investment management decisions. The team is highly experienced with respect to all aspects relating to the management of an ETF portfolio, including collateral management, OTC swap trading, adherence to UCITS regulations and counterparty exposure and monitoring.

Literature

Key literature

First Addendum to Prospectus

Fact sheets

2023Change date

Marketing documents

Legal documents

First Addendum to Prospectus

28 Nov 2022

Fund schedule supplement

28 Nov 2022

Fund supplement

12 May 2023

MiFID II EMT Costs and Charges

31 Aug 2023

MiFID II EPT Costs and Charges

15 Dec 2022

Supplementary information document

01 Nov 2021

Constitution

20 Apr 2020

Execution venues

2020Change date

Top 5 Execution Venues Report

30 Apr 2020

Top 5 Execution Venues Report

30 Apr 2019

Top 5 Execution Venues Report Data

30 Apr 2020

Top 5 Execution Venues Report Data

30 Apr 2019

Reports and accounts

2022Change date

Annual Report and Accounts

30 Jun 2022

Annual Report and Accounts

30 Jun 2021

Annual Report and Accounts

30 Jun 2020

Annual Report and Accounts

30 Jun 2019

Annual Report and Accounts

30 Jun 2018

Interim Report and Accounts

31 Dec 2022

Interim Report and Accounts

31 Dec 2021

Interim Report and Accounts

31 Dec 2020

Interim Report and Accounts

31 Dec 2019

Interim Report and Accounts

31 Dec 2018

Interim Report and Accounts

31 Dec 2017

Reportable income

2022Change date

Trading information

Dealing day calendar

28 Sep 2023

Best execution & order handling policy

01 Feb 2022

Dealing deadlines

27 Sep 2023

Fund valuation points

27 Sep 2023

iNav codes summary

27 Sep 2023

Shareholder notices

2022Change date

ICSD transition announcement

20 Apr 2020

ICSD transition FAQs

23 Mar 2020

Results of Sanction Hearing

20 Mar 2020

Change in Management Company

13 Mar 2020

Change of Investment Manager

14 Oct 2021

Results of Scheme Meeting and EGM

Prices

Name

USD Acc

Currency

USD

NAV

14.20

Price time

16:00 EST (NY)

Name

GBP Hedged Acc

Currency

GBP

NAV

10.47

Price time

16:00 EST (NY)

Name

CHF Hedged Acc

Currency

CHF

NAV

10.23

Price time

16:00 EST (NY)

Name

EUR Hedged Acc

Currency

EUR

NAV

10.26

Price time

16:00 EST (NY)

Key risks

The value of an investment and any income taken from it is not guaranteed and can go down as well as up. You may not get back the amount you originally invested.

Past performance is not a guide to the future.

An investment in the ETF involves a significant degree of risk. Any decision to invest should be based on the information contained in the relevant prospectus. Prospective investors should obtain their own independent accounting, tax and legal advice and should consult their own professional advisers to ascertain the suitability of the ETF as an investment.

Market trading in commodity futures contracts can be extremely “volatile”. This means that the prices of the futures contracts comprised in the Index may fluctuate rapidly based on numerous factors, including supply and demand relationships, weather, agriculture, trade, economic or political events, technological developments, interest rates and governmental policies.

If a swap counterparty is no longer willing or able to continue entering into swaps with the ETF, the ETF will not be able to continue tracking the Index.

If a swap counterparty increases the cost of entering into swaps with the ETF, the ETF’s performance will be negatively impacted.

Third party service providers (such as swap counterparties or the ETF’s depositary) may go bankrupt and fail to pay money due to the ETF or return property belonging to the ETF.

If the Index provider stops calculating the Index or if the ETF’s license to track the Index is terminated, the ETF may have to be closed.

It may not always be possible to buy and sell ETF shares on a stock exchange or at prices closely reflecting the NAV.

There is no capital guarantee or protection on the value of the ETF. Investors can lose all the capital invested in the ETF.

Please refer to the “Risk Factors” section of the Issuer’s Prospectus and the Fund Supplement.

For more information, please refer to the key investor information document.

Important information

In the United Kingdom and outside the European Economic Area, it is issued by Legal & General Investment Management Limited, authorised and regulated by the Financial Conduct Authority, No. 119272. Registered in England and Wales No. 02091894 with registered office at One Coleman Street, London, EC2R 5AA.

In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with “top up” permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677). Registered Office: 70 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).

LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa (“CONSOB”) and is registered with Banca d’Italia (no. 23978.0) with registered office at Via Uberto Visconti di Modrone, 15, 20122 Milan, (Companies’ Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority (“BaFin”). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets (“AFM“) and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231. Details about the full extent of our relevant authorisations and permissions are available from us upon request.

We are a member of the Irish Funds Association.

All features described on this website are those current at the time of publication and may be changed in the future. Nothing on this website should be construed as advice and it is therefore not a recommendation to buy or sell securities. If in doubt about the suitability of this product, you should seek professional advice. Copies of the prospectus, key investor information document, annual and semi-annual reports & accounts are available free of charge on request or at www.lgimetf.com.

This website is only directed at investors resident in jurisdictions where our funds are registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.

Source and third party data

Source: Unless otherwise indicated all data contained on this website is sourced from Legal & General Investment Management Limited.

Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data

Index disclaimer

Neither Barclays Bank PLC nor any of its affiliates (collectively "Barclays") is the issuer or producer of L&G Multi-Strategy Enhanced Commodities UCITS ETF (the “Fund”) and Barclays has no responsibilities, obligations or duties to investors in the Fund. The Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (the “Index”) is a trademark owned by Barclays Bank PLC and, together with any component indices and index data, is licensed for the benefit of Legal & General UCITS ETF PLC as the issuer or producer of the Fund (the “Issuer”).

Barclays’ only relationship with the Issuer in respect of the Index is the licensing of the Index, which is administered, compiled and published by the index sponsor (the “Index Sponsor”) without regard to the Issuer or the Fund or investors in the Fund. Additionally, Legal & General UCITS ETF PLC as issuer or producer of the Fund may for itself execute transaction(s) with Barclays in or relating to the Index in connection with the Fund. Investors acquire the Fund from Legal & General UCITS ETF PLC and investors neither acquire any interest in the Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the Fund. The Fund is not sponsored, endorsed, sold or promoted by Barclays.

The Index Sponsor role is performed by Barclays Index Administration (“BINDA”). BINDA is a distinct function within Barclays Bank PLC. As the administration function providing Barclays' indices, BINDA operates independently from Barclays Bank PLC's sales, trading and structuring desks and investment managers. Notwithstanding the foregoing, potential conflicts of interest exist as a consequence of Barclays Bank PLC operating index administration alongside its other businesses.

L&G Multi-Strategy Enhanced Commodities UCITS ETF

L&G Multi-Strategy Enhanced Commodities UCITS ETF

Fund facts

Statistics

Fund aim

Fund snapshot

Further details

Charges and tax

Management / administration

Country registration

Listings

Barclays Backwardation Tilt Multi-Strategy Capped Total Return

Index data

Performance

Performance summary (%)

Rolling 12-month performance to last quarter end (%)

Calendar year performance (%)

Monthly performance (%)

Annualised performance (%)

Annualised performance (%)

Portfolio

Sector (%)

Commodity (%)

Top 10 constituents (%)

Investment Manager

Literature

Key literature

Fact sheets

Marketing documents

Legal documents

Execution venues

Reports and accounts

Reportable income

Trading information

Shareholder notices

Prices

Key risks

Important information

Source and third party data

Index disclaimer