The L&G Gerd Kommer Multifactor Equity UCITS ETF is unique: An all Cap and All Market ETF with innovative regional weighting and integrated factor investing. Translated that means: An ETF on the “World-AG”, which takes into account both market capitalization and economic performance (GDP) in the country weighting, overweights factor premiums and offers ultra-diversification with over 4,000 stocks.
The Gerd Kommer ETF is available as an accumulating (WKN: WELT0A) and distributing variant (WKN: WELT0B) from all major banks and brokers and is also available as a free savings plan from many of them. Find out more ➔
If you would like to find out more about the Gerd Kommer ETF and the underlying Gerd Kommer Multifactor Equity Index, we recommend our blog post “The Gerd Kommer Multifactor Equity ETF” and if you want to understand all the technical details, we recommend , the index methodology or the Quarterly Index Summary.
The Gerd Kommer ETF is a pure equity ETF that tracks the risky equity component of Gerd Kommer’s world portfolio concept in a single fund (1-ETF solution).
If you want to invest exclusively in stocks (100/0 portfolio), we do not believe you need any other products in your portfolio. This makes the Gerd Kommer ETF an all-in-one capital investment solution.
For lower-risk portfolios, i.e. those that should not consist of 100% stocks, the addition of a bond ETF is recommended. We describe how this works in our blog post “Gerd Kommer’s world portfolio – confident investing with ETFs”.
The Gerd Kommer ETF uses an innovative country weighting method that we developed specifically for the Gerd Kommer Index: The weighting of each country is determined 50% by its market capitalization and 50% by its economic performance (GDP).
The Gerd Kommer ETF is currently (as of mid-2025) the only ETF available in the German-speaking region based on a passive index whose country weighting is based on the economic performance of the countries included. The few portfolio funds available in the traditional fund wrapper usually only implement GDP weighting at regional level, which you could do yourself via several ETFs. This ETF, on the other hand, takes the actual country level into account, i.e. it also distinguishes between the major world regions of North America, Western Europe, Asia-Pacific and the global emerging markets.
This GDP weighting mitigates the cluster risk of the USA in particular (from currently over 60% in the MSCI ACWI IMI to around 45% [as at mid-2025]) and increases the share of emerging markets in particular (from currently just over 10% in the MSCI ACWI IMI to around 20% [as at mid-2025]) compared to a weighting based purely on market capitalization. Our YouTube video on cluster risk in the USA provides more background information.
The Gerd Kommer ETF is a multi-factor ETF that overweights so-called factor premiums against a market-neutral (plain vanilla) passive stock index (e.g. the MSCI ACWI). It pursues an integrated multi-factor approach, i.e. all factor premiums taken into account are represented in a single index instead of via several indices.
Factor premiums are characteristics of stocks identified by academics to explain their return. The Gerd Kommer ETF integrates the factor premiums Size, Value, Quality, Investment and Momentum.
In our blog post “The Gerd Kommer Multifactor Equity ETF“, we take a closer look at how factor premiums are taken into account in the Gerd Kommer ETF. If you would like to find out more about factor investing in general, you should read the following of our blog post: “Factor Investing – the Basics”.
In terms of the size dimension of the underlying stocks, the Gerd Kommer ETF includes not only medium-sized and large companies (mid and large caps), but also small companies (small caps), measured by their market capitalization.
This is not the case with many common indices such as the MSCI World, the MSCI ACWI or the FTSE All-World, i.e. they do not include smaller companies.
The Gerd Kommer ETF is therefore an all Cap ETF and thus fully tracks the total market in terms of all company sizes (with the exception of the smallest and illiquid micro caps).
In terms of the regional dimension, the Gerd Kommer ETF contains not only industrialized country stocks (developed country or developed market stocks), but also emerging market stocks (emerging market stocks).
This is not the case with many common indices such as the MSCI World or the FTSE Developed World, which only include stocks from industrialized countries. In fact, emerging markets account for over 10% of global market capitalization, around 40% of global economic performance and over 80% of the world’s population (as of mid-2025).
Together with the all-cap feature, the Gerd Kommer ETF can therefore be described as an all-cap all-market ETF that tracks the entire world equity market as completely as possible.
The Gerd Kommer Index contains around 5,000 individual securities. In addition, the maximum weighting on each adjustment date is limited to 1% per company in order to avoid concentration risks. Furthermore, the special GDP country weighting method ensures greater diversification across countries than with conventional equity ETFs. We call this ultra-diversification.
The Gerd Kommer ETF uses optimized sampling to select over 4,000 individual securities from the approximately 5,000 stocks in the index. As the fund volume in the ETF increases, this figure can be further increased over time. The aim of portfolio management in the ETF is to track the index as closely as possible while keeping transaction costs low for investors.
The Solactive Gerd Kommer Multifactor Equity Index NTR underlying the Gerd Kommer ETF includes a CO2 filter (screen). This excludes the top 3 percent of companies in eleven key industries with the highest greenhouse gas intensity relative to company value.
Furthermore, companies that do not meet the minimum standards for globally recognized business practices with regard to material sustainability aspects are excluded. These include violations of United Nations regulations, the most serious sustainability violations (“Severe ESG Controversies”), the production of controversial weapons and coal producers.
The ETF thus takes into account key sustainability aspects on which there is most likely to be consensus, but does not go as far as most sustainable funds in order to avoid the necessary sacrifices in diversification or expected returns.
“Loser stocks” are excluded from the Gerd Kommer ETF. This includes companies that only recently went public (IPO) and stocks with a security lending ratio that is significantly higher than the market average. On average, such stocks have a lower expected return over time.
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