Key Takeaways
- • L&G and Barclays launched the L&G Market Neutral Commodities UCITS ETF (MANU), a leveraged long-short commodity strategy offering 1.75x leveraged exposure through futures contracts across energy, industrial metals, livestock, and agriculture.
- • MANU is listed on Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange, with a London listing expected in 2026; the fund charges a 0.39% management fee plus 0.06% in transaction costs on underlying futures.
- • The ETF tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index, using a systematic approach that optimizes futures exposure based on the shape of the futures curve—a strategy similar to L&G and Barclays' existing $2.2bn Multi-Strategy Enhanced Commodities UCITS ETF (ENCO).
- • L&G's entry into liquid alternatives marks a strategic expansion alongside recent hiring of senior talent, including former Barclays investment researcher Boyang Liu as head of systematic solutions, supporting the firm's growth in alternative investment products.
Summary
Legal & General (L&G), the £1.12tn asset manager, has expanded its ETF offering into the liquid alternatives space through a partnership with Barclays, launching the L&G Market Neutral Commodities UCITS ETF (MANU). The product provides investors with leveraged long-short exposure to commodity futures across four asset classes—energy, industrial metals, livestock, and agriculture—with a 1.75x leverage factor amplifying returns.
MANU tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index, employing a systematic investment approach that actively selects specific futures contracts based on curve positioning. This optimization strategy mirrors the methodology employed by L&G and Barclays in their earlier collaboration, the $2.2bn L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO). The fund excludes precious metals exposure and carries a 0.39% management fee plus 0.06% in transaction costs on the underlying futures positions.
The ETF is currently available on three major exchanges—Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange—with a London listing anticipated in 2026. The partnership builds on L&G's broader strategic investments in systematic and alternative investment capabilities. The firm recently hired Boyang Liu, a former Barclays investment researcher, as head of systematic solutions, alongside appointing Chirag Pandya as head of ETF capital markets and Elena Cardella as head of investment specialists, signaling an organizational focus on expanding its alternative product suite and investment expertise.
MANU tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR index, employing a systematic investment approach that actively selects specific futures contracts based on curve positioning. This optimization strategy mirrors the methodology employed by L&G and Barclays in their earlier collaboration, the $2.2bn L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO). The fund excludes precious metals exposure and carries a 0.39% management fee plus 0.06% in transaction costs on the underlying futures positions.
The ETF is currently available on three major exchanges—Deutsche Boerse, Borsa Italiana, and SIX Swiss Exchange—with a London listing anticipated in 2026. The partnership builds on L&G's broader strategic investments in systematic and alternative investment capabilities. The firm recently hired Boyang Liu, a former Barclays investment researcher, as head of systematic solutions, alongside appointing Chirag Pandya as head of ETF capital markets and Elena Cardella as head of investment specialists, signaling an organizational focus on expanding its alternative product suite and investment expertise.
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