ETF (UCITS compliant)

L&G Multi-Strategy Enhanced Commodities UCITS ETF

L&G Multi-Strategy Enhanced Commodities UCITS ETF

An ETF which takes advantage of the growth tailwinds, diversification benefits and inflation hedging properties associated with the commodity futures market.

View range brochure

Fund facts

Fund size*
$1471.3m
Base currency
USD
Listing date
5 Jul 2021
Domicile
Ireland
Index ticker
BCC3C3TT
Replication method
Synthetic - unfunded swap backed by collateral

Statistics

*As at 02 Feb 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 tax

TER
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
ExchangeCurrencyTickerListing dateISINBloomberg codeReuters codeTrading hours (local)
London Stock ExchangeGBPENCG08/07/2021IE00BFXR6159ENCG LNENCG.L08:00 - 16:30
London Stock ExchangeUSDENCO08/07/2021IE00BFXR6159ENCO LNENCO.L08:00 - 16:30
Borsa ItalianaEURENCO23/09/2021IE00BFXR6159ENCO IMENCO.MI09:00 - 17:30
Deutsche Börse XetraEUREN4C23/09/2021IE00BFXR6159EN4C GYEN4C.DE09:00 - 17:30
SIX Swiss ExchangeCHFENCO17/11/2021IE00BFXR6159ENCO SWENCO.S09:00 - 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 data

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

Performance

Source: Lipper.

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.

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 (%)
Select period:
Change

    Performance summary (%)

    As at 31 Dec 2022

    CumulativeFundBenchmark
    1 month-1.31-1.24
    6 months-1.46-1.21
    Year to date24.3424.99
    3 years--
    5 years--
    Since launch37.1738.24
    AnnualisedFundBenchmark
    1 year23.8224.99
    3 years--
    5 years--
    Since launch-24.17

    As at 31 Dec 2022

    CumulativeFundBenchmark
    Quarterly3.223.35
    Year to date24.3424.99
    3 years--
    5 years--
    Since launch37.1738.24
    AnnualisedFundBenchmark
    1 year23.8224.99
    3 years--
    5 years--
    Since launch-24.17
    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

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

    FundBenchmark
    2013--
    2014--
    2015--
    2016--
    2017--
    2018--
    2019--
    2020--
    2021--
    202223.8224.99

    Calendar year performance (%)

    FundBenchmark
    2013--
    2014--
    2015--
    2016--
    2017--
    2018--
    2019--
    2020--
    2021--
    202223.8224.99

    Monthly performance (%)

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund23.82---
    Benchmark24.99--24.17

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund23.82---
    Benchmark24.99--24.17

    Performance scenario

    The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.

    What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted.

    The unfavourable, moderate, and favourable scenarios shown are illustrations using the worst, average, and best performance of the product with input from the over the last 10 years. Markets could develop very differently in the future.

    Recommended holding period (RHP): 5 yearsExample Investment $10,000

    ScenariosIf you exit after 1 yearIf you exit after RHP
    MinimumThere is no minimum guaranteed return. You could lose some or all of your investment.
    Stress scenarioWhat you might get back after costs3,980.002,980.00
    Average return each year (%)-60.17-21.50
    Unfavourable scenarioWhat you might get back after costs7,410.006,930.00
    Average return each year (%)-25.93-7.06
    Moderate scenarioWhat you might get back after costs9,930.008,500.00
    Average return each year (%)-0.71-3.19
    Favourable scenarioWhat you might get back after costs16,450.0022,930.00
    Average return each year (%)64.4918.06

    The stress scenario shows what you might get back in extreme market circumstances.

    Unfavourable Scenario: This type of scenario occurred for an investment between 2012-2022.
    Moderate Scenario: This type of scenario occurred for an investment between 2012-2022.
    Favourable Scenario: This type of scenario occurred for an investment between 2012-2022.

    Portfolio

    As at 31 Dec 2022. All data source LGIM unless otherwise stated. Totals may not sum to 100% due to rounding.

    The breakdowns below relate to the Index.

    Sector (%)

    Agriculture48.3
    Energy26.7
    Industrial Metals11.3
    Precious Metals10.6
    Livestock3.1

    Commodity (%)

    Brent Crude12.4
    Corn12.0
    Soybeans8.9
    Gold7.9
    Sugar No. 115.9
    Soybean Meal5.6
    Gas Oil5.4
    Natural Gas5.1
    Zinc5.0
    Other31.8
    Top 10 constituents73.0
    Rest of Index27.0
    No. of constituents in Index23

    Top 10 constituents (%)

    Brent Crude12.4
    Corn No 412.0
    Soybean8.9
    Gold 100 troy ounces7.9
    Sugar No. 125.9
    Soybean Meal5.6
    Gas Oil5.4
    Natural Gas (Henry Hub)5.1
    Zinc5.0
    Soybean Oil4.8

    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

    Prices

    Name
    USD Acc
    Currency
    USD
    NAV
    13.82
    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.