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ETF sheet · Issuer-declared data

L&G Multi-Strategy Enhanced Commodities UCITS ETF EUR HedgedIndex, costs, backtest, listings and taxation

ISIN: IE00022GJEG1Ticker: ECEHIssuer: LGIM
Issuer-declared data
Declared index
Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index
TER
0.35%
Transaction costs
0.58% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics — inferred (issuer documents do not declare art. 8/9) what does it mean?
Fund assets
2.2 bn EUR
Domicile
Ireland
Inception date
18 August 2023
Data as declared by LGIM in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

L&G Multi-Strategy Enhanced Commodities UCITS ETF tracks the issuer-declared index: Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.35%, plus 0.58% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication via a swap contract, as the KID declares; income is accumulated and reinvested in the fund. The fund has assets of about 2.2 billion euro, was launched on 18 August 2023 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

The fund’s objective — in the issuer’s words

The investment objective of the Fund is to provide an exposure to futures contracts on physical commodities. The Fund is passively managed and aims to track the performance of the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index (the “Index”), before the deduction of fees and expenses. The Index is designed to provide exposure to a diversified portfolio of commodity futures across a range of sectors, including energy, precious metals, industrial metals, livestock and agriculture, in accordance with its methodology. The Fund achieves exposure to the performance of the Index primarily through the use of financial derivative instruments, in particular total return swap agreements. The Fund may also invest in a basket of securities and/or other assets for collateral and liquidity management purposes, and may use other financial derivative instruments for efficient portfolio management or to assist in tracking the performance of the Index. This Share Class does not intend to pay dividends. Any income which may result from the Fund's investments will be re-invested into 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. Authorised Participants may redeem their Shares on demand in accordance with the "Dealing Timetable" published on http://www.lgim.com.

Keep reading the KID section ▾

The depositary of the Fund is the Bank of New York Mellon SA/NV, Dublin Branch. Further information about the Fund and the share class can be obtained from the Company's prospectus and the annual and semi-annual reports, which are available, in addition to the latest prices for the share class and details of any other share classes, free of charge at: www.lgim.com.

Intended Retail Investor:The Fund is designed for investors: (1) looking to grow their money in an investment which can form part of their existing savings portfolio; and (2) familiar with commodity futures contracts and the particular features of the Index, including spot, roll and collateral return. Although investors can take their money out at any time, the Fund may not be appropriate for those who plan to withdraw their money within five years. The Fund is not designed for investors who cannot afford more than a minimal loss of their investment.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.35%: above the median of commodity products we track (0.30%).
  • Assets larger than 83% of commodity products we track.
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Aug 2023 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+35.6%
Annualised
+10.5%
Volatility (ann.)
13.7%
Max drawdown
-13.45%
-12%+1%+14%+27%+40%Aug 2023May 2024Feb 2025Dec 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+36%Aug 2023Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%2023202420252026−13.45% · 24 Jun 2026
Max drawdown
-13.45%
peak → trough
Trough
24 Jun 2026
from the 18 May 2026 peak
Recovery time
69 days
recovery only: trough to break-even · ≈ 2 months
Underwater
106 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 01 Sept 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
18 May 202624 Jun 2026-13.45%01 Sept 2026106
14 Sept 202310 Sept 2024-13.28%10 Feb 2025515
20 Feb 202508 Apr 2025-11.26%09 Jan 2026323
29 Jan 202602 Feb 2026-5.20%02 Mar 202632
18 Mar 202623 Mar 2026-3.58%30 Mar 202612

Calendar-year returns

2023
-4.6%
2024
3.1%
2025
5.0%
2026
31.3%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20267.02.110.55.4-3.0-8.56.57.02.031.3
20254.0-1.02.9-7.10.22.41.81.60.60.60.2-0.85.0
20240.9-1.43.91.1-0.8-0.5-3.3-0.62.4-0.20.80.83.1
2023-0.4-1.0-1.2-3.9-4.6
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: LGIM. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last yearLast 3 years
Volatility (ann.)15.83%13.69%
Max drawdown-13.45%-13.45%
Sharpe1.680.49
Sortino2.440.67
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. The max drawdown is identical across windows because the deepest fall is recent (peak 18 May 2026 → trough 24 Jun 2026): one episode dominates every look-back period. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.21%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Top-10 weight
69.5%

Top 10 holdings

Greggio Brent
11.80%
Greggio
9.90%
Alluminio
7.40%
Oro
7.40%
Olio di soia
6.90%
Bovini vivi
6.70%
Gasolio
5.80%
Zinco
4.70%
Caffè
4.60%
Olio combustibile
4.30%

Sectors

Energia
34.6%
Agricoltura
27.3%
Metalli industriali
18.9%
Metalli preziosi
10.1%
Bestiame
9.1%
Top 10 holdings and breakdowns as declared by LGIM in the fund factsheet, data as of 30 June 2026. Percentages may not sum to 100 due to cash, derivatives and rounding. Synthetic replication: the issuer factsheet reports the exposure of the replicated index (not the basket of securities held as swap collateral), which is what is shown here.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Share classes of the same fund

This page covers ISIN IE00022GJEG1 (share class EUR Acc. Coperta). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
EUR Acc. Coperta · this pageIE00022GJEG1ECEHAccumulatingEUR
CHF Acc. CopertaIE0006BISQN7ECCHAccumulatingCHF
USD Acc.IE00BFXR6159ENCOAccumulatingUSD
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

ETFs declaring the same index

FundTERIncomeFund size
ENCO · LGIM · 2 classes
0.30%Acc.2.2 mld EUR
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00022GJEG1
  • Directazero on single buys from 2,000 €, agreement until 31 December 2026
  • Moneyfarmzero within the savings plan (buys), agreement until 29 June 2029
  • Moneyfarmzero on single buys from 1,000 €, agreement until 29 June 2029
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)ECEH30 May 2024
Börse DüsseldorfBATJ9 Oct 2023
Börse FrankfurtBATJ9 Oct 2023
Börse HamburgBATJ26 Jul 2024
Börse HannoverBATJ9 Dec 2024
Börse München / gettexBATJ23 Jul 2024
Börse StuttgartBATJ9 May 2024
Tradegate ExchangeBATJ6 Dec 2023
Xetra (Deutsche Börse)BATJ9 Oct 2023
+ 12 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does L&G Multi-Strategy Enhanced Commodities UCITS ETF track?
The issuer LGIM declares the benchmark: Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index.
How much does ECEH cost?
The issuer-declared TER is 0.35% per year; the transaction costs estimated in the KID are 0.58%.
What is the fund size of ECEH?
The fund size declared by LGIM is about 2.2 billion euro.
When was ECEH launched?
The fund was launched on 18 August 2023: it has 3 years of history.
How does ECEH replicate its index?
It is a passively managed ETF: it follows the declared index. Synthetic (swap) (issuer wording: “Sintetica - swap (dal KID)”).
Does ECEH pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does ECEH trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (ECEH), Börse Düsseldorf (BATJ), Börse Frankfurt (BATJ), Börse Hamburg (BATJ), Börse Hannover (BATJ), Börse München / gettex (BATJ).
What was ECEH's worst fall?
Over the available history (since 2023), the maximum drawdown was -13.45%, reached in June 2026. Past performance is not indicative of future results.
Transparency note
The data in this sheet is declared by LGIM in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.