"L&G Longer Dated All Commodities ex-Agriculture and Livestock  UCITS ETF" is an exchange-traded investment fund (ETF). It refers to the Bloomberg ex Agriculture and Livestock 15/30 Capped 3 Month Forward Index. This index reflects the development of commodity futures . The ETF replicates its index using synthetic replication, so the index performance is realized using a swap contract. The ETF's earnings are automatically reinvested (accumulated). The fund company L&G ETF claims a total expense ratio (TER) of 0.30% per year. The yearly average divergence from the index performance (Tracking Difference) since 2018 was 0.42% per year. Therefore, the ETF was more expensive than the TER suggests.