Intressant. Några snabba observationer/skillnader jämfört med EN4C (Multi-Strategy):
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Exkluderar ädelmetaller - bra för en allvädersportfölj där guld är en exklusiv del?
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Inbyggd 1.75x hävstång
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Enligt faktablad: uppskattad avgift 0.39 + 0.06 = 0.45% (kontra EN4C = 0.30 + 0.19 = 0.49%)
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Ingen belåningsgrad (än)
Jämförelse av indexar a’la ChatGPT:
Here’s a comparison table summarizing the main documented features of Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (“Multi-Strategy Capped TR”) vs Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR Index (“Alpha ex-Precious 1.75× TR”).
| Feature / Attribute | Multi-Strategy Capped TR | Alpha ex-Precious Metals 1.75× TR |
|---|---|---|
| Index objective / exposure type | Broad-based, diversified commodity futures exposure across many commodity groups. (docs.oppl.io) | Amplified (leveraged) commodity futures exposure, via a long/short or leveraged approach. (TechStock²) |
| Commodity universe / inclusion | Energy; Industrial Metals; Precious Metals; Agriculture; Livestock — all major commodity groups. (Borsa Italiana) | Energy; Industrial Metals; Agriculture; Livestock — excludes Precious Metals (hence “ex-Precious Metals”). (TechStock²) |
| Contract selection / roll strategy enhancements | Uses dynamic contract-selection: depending on commodity, applies different “enhancement strategies” (e.g. roll yield for base metals/energy, seasonal for some energy, “Momentum Alpha” for agriculture/livestock, beta for precious metals) to choose which futures expiry to hold. Rebalanced monthly. (am.landg.com) | The methodology for roll/contract selection follows Barclays’ enhanced commodity index design rules, but with ex-precious metals and modified weighting/tilt suitable for leveraged/alpha exposure. (Borsa Italiana) |
| Weighting / tilts | Applies a “Backwardation Tilt” — commodity contracts with strong backwardation are overweighted to capture favourable roll yield. (am.landg.com) | Likely similar use of backwardation/curve tilts, but adjusted for an “alpha/leveraged” objective and excluding precious metals. (Borsa Italiana) |
| Return components | Composite of (1) spot changes in futures prices, (2) roll return (from rolling futures contracts before expiry), and (3) collateral return (interest earned on cash collateral). (docs.oppl.io) | Same fundamental “total return (futures + roll + collateral)” mechanics, but with leveraged exposure (≈ 1.75×) — meaning all return components are scaled up (and volatility with them). (Borsa Italiana) |
| Leverage / risk profile | No leverage — “fully collateralised” long-only index. (docs.oppl.io) | 1.75× leverage target — more volatile, higher potential reward, higher risk (amplified drawdowns). (TechStock²) |
| Intended investor / use case | Investors wanting broad, diversified commodity exposure (across metals, energy, agriculture, livestock) — e.g. inflation hedge, diversification. (etfmarknaden.se) | Investors seeking a more aggressive commodity exposure, with higher risk/return potential, perhaps as an “alternative/alpha” overlay rather than core commodity allocation. (TechStock²) |
EDIT: lite mer info/spelulationer från användare “perneto” på RR:
IIUC there’s a 0.4025%/year baked in fee, see https://indices.cib.barclays/dms/Public%20marketing/Barclays%20Backwardation%20Tilt%20Alpha%20Capped%20Ex-Precious%20Metals%201.75x%20Indices.pdf and https://fundcentres.landg.com/srp/lit/7z3QkO/Supplement_LG-Market-Neutral-Commodities-UCITS-ETF_23-10-2025.pdf
But it’s hard to compare to a fund TER because it applies only to the Excess Return part of the index (the futures long/short strategy return) and not to the Collateral Return part. Seems like a pretty fair setup though.
This is a more active index than the UBS one used in UEQC/UEQV: it selects/overweights futures that have less backwardation from its investable universe, so it’s not just long far-dated futures and short near-dated ones. There’s also a momentum signal and a seasonal one.
The Capped part of the fund title is because “The commodity group with the highest weight in the index is capped at 33%, with all remaining commodity groups capped at 19%.”
A commodity group is e.g. all petroleum based futures, all soy-based futures, etc. This guarantees a minimum level of diversification even if weighting signals would otherwise put more of the fund’s assets into a single commodity group.