L&G US Energy Infrastructure MLP UCITS ETF

The L&G US Energy Infrastructure MLP UCITS ETF (the "Fund") is a passively managed exchange traded fund ("ETF") that aims to track the performance of the Solactive US Energy Infrastructure MLP Index TR (the "Index"), subject to the deduction of the ongoing charges and other costs associated with operating the Fund.  Dealing. Shares in this Share Class (the “Shares”) are denominated in USD 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.  Index. The Index is comprised of Master Limited Partnerships (“MLPs”) that are publicly traded on US stock exchanges that derive the majority of their revenues from owning and operating assets used in energy logistics, including: pipelines, storage facilities and other assets used for transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil and/or refined products. An MLP is only eligible for inclusion in the Index if it: (1) is of a sufficient size (determined by reference to the total market value of its units); (2) is sufficiently “liquid” (a measure of how actively its units are traded on a daily basis); and (3) makes at least one “distribution” payment to investors each year (similar to a dividend paid by a company). The eligible MLPs are then ranked according to their (1) “forward looking distribution yield” (i.e. the projected value of their future distributions) and (2) “distribution stability” (i.e. how consistent their distributions are in terms of value). The top 25 ranking MLPs are then selected for inclusion in the Index and are weighted equally.  Replication. In order to track the Index, the Company will primarily enter into “total return swap” agreements with one or more “swap counterparties” (i.e. investment banks) pursuant to which the Fund receives the financial performance of the Index from the swap counterparties in return for a fee. Under the swap agreements, the Fund receives payments from the swap counterparties when the Index increases and makes payments to the swap counterparties when the Index decreases. Swaps enable the Fund to efficiently track the upward or downward performance of the Index without having to purchase the shares of the companies comprised in the Index. The swap arrangements are “unfunded” which means that the Fund retains all investor subscription money (rather than transferring it to the swap counterparty) and invests it in a diversified portfolio of low risk assets.  Dividend Policy. This Share Class aims to pay quarterly dividends out of the Fund’s net income by electronic transfer.