L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating ETF/  IE00BFXR6159  /

The Fund is a passively managed exchange traded Fund that aims to track the performance of the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (the "Index"), subject to the deduction of the ongoing charges and other costs associated with operating the Fund. Shares in this Share Class (the "Shares") are denominated in EUR and can be bought and sold on stock exchanges by ordinary investors using an intermediary (e.g. a stockbroker). In normal circumstances, only Authorised Participants may buy and sell Shares directly with the Company. 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) Precious Metals, (3) Industrial Metals, (4) Livestock, and (5) Agriculture. The exposure to futures contracts of individual commodities within the Index is based on certain characteristics historically exhibited by such commodities and they are weighted according to their relative "liquidity" (a measure of how actively a commodity has historically traded), "economic significance" (determined by reference to historical production levels) and expected roll return (determined from futures contract prices). 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. A "futures contract" is an agreement to buy or sell a certain amount of an asset (such as a commodity) at a certain date in the future at a price that is agreed upon today. In order to provide the Share Class with exposure to the Index, the Company will primarily enter into "total return swap" agreements with one or more "swap counterparties" (i.e. investment banks) pursuant to which the Share Class receives the financial performance of the Index from the swap counterparties in return for a fee. Under the swap agreements, the Share Class receives payments from the swap counterparties when the Index increases and makes payments to the swap counterparties when the Index decreases. Swaps enable the Share Class to efficiently track the upward or downward performance of the Index without having to purchase the commodity futures contracts comprised in the Index. The swap arrangements are "unfunded" which means that the Fund retains all investor subscription money (rather than transferring it to the swap counterparty) and invests it in a diversified portfolio of low risk assets.

The Fund is a passively managed exchange traded Fund that aims to track the performance of the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (the "Index"), subject to the deduction of the ongoing charges and other costs associated with operating the Fund. Shares in this Share Class (the "Shares") are denominated in EUR and can be bought and sold on stock exchanges by ordinary investors using an intermediary (e.g. a stockbroker). In normal circumstances, only Authorised Participants may buy and sell Shares directly with the Company.