Legal & General (L&G) listed three new UCITS ETFs on the London Stock Exchange today, broadening its product suite for European investors
By ETFWorld.co.uk
David Barron, Deputy Global Head of Index & ETFs at L&G
The listings include two share classes of a global dividend strategy and a specialist commodities fund employing a market-neutral approach.
The launches provide access to two distinct investment objectives: equity income from quality-focused global companies and a tactical commodities strategy designed to perform independently of broader market direction.
1. The Global Quality Dividends ETF Pair
These two ETFs share the same underlying strategy but cater to different investor cash flow needs.
Objective & Strategy: Both ETFs track the FTSE Developed All Cap Dividend Growth with Quality Index. This index selects companies from developed markets based on positive dividend growth, a higher forward dividend yield, and enhanced quality metrics. It excludes companies with negative or zero return on equity and applies specific ESG criteria.
Key Specifications:
Index: FTSE Developed All Cap Dividend Growth with Quality Index.
TER (Total Expense Ratio): 0.29% per annum.
Replication Method: Physical (Optimised sampling).
Fund Domicile: Ireland.
The Difference Between the Two:
USD Accumulating (ISIN: IE000MRIQ479): Automatically reinvests dividend income back into the fund.
USD Distributing (ISIN: IE0005AJA0P1): Aims to pay out a stable monthly income, targeting consistent per-share distributions based on the portfolio’s forecast yield.
The accumulating share class (LDGA) began trading on Xetra and other European exchanges in November 2025 and reported a year-to-date return of +4.08% as of mid-January 2026.
2. The Market Neutral Commodities ETF
This fund offers a more complex, non-directional strategy for commodity exposure.
Objective & Strategy: The ETF tracks the Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR Index. It uses a long/short futures strategy focused on the “relative value” between different commodity baskets (Energy, Industrial Metals, Livestock, Agriculture). The goal is to generate positive returns regardless of whether overall commodity prices are rising or falling, aiming for low correlation to traditional stocks and bonds.
Key Specifications:
Index: Barclays Backwardation Tilt Alpha Capped ex-Precious Metals 1.75x TR Index.
TER: 0.39% per annum.
Replication Method: Synthetic (unfunded swap).
Leverage: The strategy provides 1.75x exposure to the performance of its index methodology.
Fund Domicile: Ireland.
This fund (ticker: MANU) also launched in November 2025 and had gathered approximately €32 million in assets prior to its LSE listing.
3. Key Details for Investors
The following table summarises the core facts of the newly listed ETFs.
| Feature | L&G Global Quality Dividends ETF (Acc) | L&G Global Quality Dividends ETF (Dist) | L&G Market Neutral Commodities ETF (Acc) |
|---|---|---|---|
| ISIN | IE000MRIQ479 | IE0005AJA0P1 | IE000IIHLZL0 |
| Asset Class | Developed Markets Equity | Developed Markets Equity | Commodities Futures |
| Income Treatment | Accumulating | Distributing (Monthly) | Accumulating |
| Investment Focus | Dividend Growth & Quality | Dividend Growth & Quality | Long/Short Market Neutral |
| TER | 0.29% p.a. | 0.29% p.a. | 0.39% p.a. |
4. Practical Considerations
These ETFs serve specific roles within a portfolio. The Global Quality Dividends funds are designed as core equity holdings for investors seeking income and quality screens. The Market Neutral Commodities ETF is a tactical tool; its synthetic, leveraged, and market-neutral strategy makes it fundamentally different from a standard long-only commodity tracker and involves a higher degree of complexity and risk
Source: ETFWorld.co.uk
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