Key Takeaways
- • L&G, the £1.12tn asset manager, has launched its first liquid alternatives ETF—the L&G Market Neutral Commodities UCITS ETF (MANU)—in partnership with Barclays, entering the leveraged commodity strategy space.
- • MANU tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index and provides long-short leveraged exposure via futures contracts across energy, industrial metals, livestock, and agriculture, with returns amplified by 1.75x leverage.
- • The ETF is already listed on Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange, with a London listing expected in 2026; it carries a 0.39% management fee plus 0.06% transaction costs on underlying futures.
- • This partnership follows L&G and Barclays' previous collaboration on the $2.2bn L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO), demonstrating an expanding strategic relationship in structured commodity products.
- • L&G has bolstered its systematic solutions and ETF capabilities with senior hires including former Barclays researcher Boyang Liu (head of systematic solutions), Chirag Pandya (head of ETF capital markets), and Elena Cardella (head of investment specialists).
Summary
L&G has expanded into the liquid alternatives ETF market with the launch of the L&G Market Neutral Commodities UCITS ETF (MANU), developed in partnership with Barclays. The product represents the £1.12tn asset manager's entry into leveraged commodity strategies designed to provide sophisticated investors with alternative return sources through exchange-traded structures.
MANU tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index, delivering long-short leveraged exposure to commodity futures across four key categories: energy, industrial metals, livestock, and agriculture. The strategy employs futures curve optimization—selectively buying specific contracts based on backwardation patterns in the futures curve—with returns amplified through a 1.75x leverage multiplier. This structural approach mirrors the methodology used in L&G and Barclays' previous collaborative effort, the $2.2bn L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO), indicating a refined, tested framework for their partnership.
The ETF carries a 0.39% management fee alongside 0.06% transaction costs on underlying futures, positioning it competitively within the alternatives space. MANU has achieved multi-exchange listing, currently trading on Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange, with plans for a London listing anticipated in 2026. This staged geographical rollout suggests a phased commercial strategy targeting European institutional and qualified investor bases.
The launch reflects L&G's broader organizational investment in systematic and ETF capabilities. The asset manager recently appointed Boyang Liu—a former Barclays investment researcher—as head of systematic solutions, alongside Chirag Pandya as head of ETF capital markets and Elena Cardella as head of investment specialists. These senior hires underscore L&G's commitment to expanding its alternatives and structured products franchise, leveraging deep institutional relationships and expertise from both internal promotion and external talent acquisition.
MANU tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index, delivering long-short leveraged exposure to commodity futures across four key categories: energy, industrial metals, livestock, and agriculture. The strategy employs futures curve optimization—selectively buying specific contracts based on backwardation patterns in the futures curve—with returns amplified through a 1.75x leverage multiplier. This structural approach mirrors the methodology used in L&G and Barclays' previous collaborative effort, the $2.2bn L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO), indicating a refined, tested framework for their partnership.
The ETF carries a 0.39% management fee alongside 0.06% transaction costs on underlying futures, positioning it competitively within the alternatives space. MANU has achieved multi-exchange listing, currently trading on Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange, with plans for a London listing anticipated in 2026. This staged geographical rollout suggests a phased commercial strategy targeting European institutional and qualified investor bases.
The launch reflects L&G's broader organizational investment in systematic and ETF capabilities. The asset manager recently appointed Boyang Liu—a former Barclays investment researcher—as head of systematic solutions, alongside Chirag Pandya as head of ETF capital markets and Elena Cardella as head of investment specialists. These senior hires underscore L&G's commitment to expanding its alternatives and structured products franchise, leveraging deep institutional relationships and expertise from both internal promotion and external talent acquisition.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.