ETF · L&G
ENCD Mlt Strgy Enhnc Comm UCITS ETF USD
ISIN IE000IYBMW97London Stock Exchange: ENCDLegal & General Group Plc
- Gold & commodities
- ETF
- ISA
- SIPP
- Distributing
Latest close
LSE$12.18
on
- Ongoing charge
- 0.30% a year
- Fund size
- £13.4m
As of , at least 15 min delayed
At a glance
As of 13/11/2026, ENCD (Mlt Strgy Enhnc Comm UCITS ETF USD, ISIN IE000IYBMW97) closed at $12.18 on the London Stock Exchange. Its ongoing charge is 0.30% a year (about £30 on £10,000). Over the year to 13/11/2026 its total return was +23.5%, or +19.1% after UK CPIH inflation.
Past returns
- 1 year to 13/11/2026
- +23.5%
- +19.1% after inflation (UK CPIH)
Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.
How we work it out:ReturnsReturns after inflationTotal returnReal returnCPIH
Calendar-year and 12-month returns
Calendar-year returns of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD in pounds (price only, income paid out not included): 2025 −6.8%; 2026 to 13/11/2026 +24.6%. Returns of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: +28.2%; to 30/09/2025: +3.8%.
| Year | Return | After inflation | Return shown as a bar |
|---|---|---|---|
| to | +24.6% | +20.7% | |
| to | −6.8% | −10.0% |
| 12 months to | Return | After inflation |
|---|---|---|
| from | +28.2% | +23.7% |
| from | +3.8% | −0.3% |
As of , inflation: UK CPIH
How we work it out:Calendar-year returnsWhat a calendar-year return isAccumulating and distributing
Risk: volatility and largest fall
Volatility (annualised)
17.8%over 1 year
Annualised from weekly returns. Higher means bumpier.
- Largest fall since March 2024
- −15.7%
- From to
- Lowest 12-month return
- −14.5%
- 12 months to
- Highest 12-month return
- +31.4%
- 12 months to
- Below its highest weekly close since March 2024
- 6.0%
- High of , latest
In words: Volatility of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD in pounds, annualised from weekly returns to 13/11/2026: 17.8% over 1 year. Largest fall in the price of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD since March 2024, in pounds: −15.7% from 12/04/2024 to 27/06/2025. The lowest 12-month return of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD in pounds (price only, income paid out not included) since March 2024 was −14.5% (12 months to 11/04/2025); the highest was +31.4% (12 months to 17/09/2026). On 13/11/2026 the price of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD was 6.0% below its highest weekly close since March 2024 (09/10/2026), in pounds.
As of , price only — income paid out is not included
How we work it out:Risk figuresFallsVolatilityLargest fall
Charges compared with similar funds
- Ongoing charge
- 0.30%
- a year
- On £10,000
- £30
- a year, roughly
- Over five years
- £149
- of £10,000, before growth
- 39 charge less
- 7 the same
- 103 charge more
Ongoing charge of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD 0.30% a year. Compared on 14/11/2026, 103 of the 149 other gold and commodity funds charge more, 7 the same and 39 less (share classes counted once).
As of
A lower charge is not a promise of a higher return: what the fund holds matters more.
Read more:Ongoing charge (OCF)OCF and TERFee dragHow charges add up
In plain English
Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD is an exchange-traded fund (ETF) from L&G, launched in 2024.
It tracks the Barclays Backwardation Tilt Multi-Strategy Capped Index.
You buy and sell it through a share-dealing account or platform during stock-market hours, like a share.
Its ongoing charge is 0.3% a year — about £30 a year on every £10,000 invested, taken from the fund's value rather than billed to you.
Income from its investments is paid out to holders as cash, usually a few times a year.
Gold & commodities: Gold, silver, oil and other raw materials. They pay no dividends or interest — returns come only from price changes.
Terms:ETFIndex fundUCITSAccumulating or incomeShare classISIN
Key facts
- Ticker
- ENCD
- ISIN
- IE000IYBMW97
- Provider
- L&G
- Structure
- ETF
- An exchange-traded fund: bought and sold on the stock exchange through the day, like a share.
- Income
- Distributing, paid quarterly
- Income is paid out to holders as cash, usually a few times a year.
- Ongoing charge
- 0.30% a year · about £30 on £10,000
- Fund size
- £13.4m
- Launched
- Domicile
- Ireland
- UK reporting fund status
- Yes — on HMRC’s list of reporting funds (list of )
- Reporting fund since . What reporting fund status means
- Can usually be held in
- ISA and SIPP
- Check with your platform: each decides which funds it offers.
- Currency hedged
- No
- Price currency
- USD
- Category
- Gold & commodities
Price chart
Over the last year, the closing price went from $10.25 on 14/11/2025 to $12.18 on 13/11/2026 (+18.9%). The lowest close shown was $9.88 on 12/12/2025 and the highest $13.09 on 23/10/2026.
One close a week. Before 28/07/2026 the closes are from the weekly price history for this listing; from then on, the closing prices we have recorded. Price only — income paid out is not included, so the line can end below the total return above.
As of , at least 15 min delayed
Five years of prices, and after inflation
137 weekly closes, from 29/03/2024 to 13/11/2026. The same history in November 2026 pounds, adjusted with CPIH inflation.
Create a free account to see the 5-year price chart and the after-inflation chart
Sign-up takes an email address. There is no card to enter and nothing to pay.
How we work it out:Prices and returnsNAV and price
Funds tracking the same index
4 funds track Barclays Backwardation Tilt Multi-Strategy Capped Index, this one included and share classes counted once; their ongoing charges range from 0.30% to 0.35% a year (13/11/2026).
| Fund | Charge | 1 year | 3 years |
|---|---|---|---|
| Mlt Strgy Enhnc Comm UCITS ETFAccumulating · 0.30% a year | 0.30% | +22.8% | +25.3% |
| Mlt Strgy Enhnc Comm UCITS ETFAccumulating · Currency hedged · 0.35% a year | 0.35% | +23.6% | +34.9% |
| Mlt Strgy Enhnc Comm UCITS ETF Shs Hedged GBPDistributing · Currency hedged · 0.30% a year | 0.30% | +23.6% | Not reported |
| Mlt Strgy Enhnc Comm UCITS ETF USDThis fundDistributing · 0.30% a year | 0.30% | +23.5% | Not reported |
As of
Barclays Backwardation Tilt Multi-Strategy Capped funds compared: charges, sizes and share classes
Read more:Index fundsTracking differenceHow funds are compared
Other versions of this fund
- Mlt Strgy Enhnc Comm UCITS ETFAccumulating · 0.30% a year · IE00BFXR6159
- Mlt Strgy Enhnc Comm UCITS ETFAccumulating · Currency hedged · 0.35% a year · IE00011CA799
- Mlt Strgy Enhnc Comm UCITS ETF Shs Hedged GBPDistributing · Currency hedged · 0.30% a year · IE0004O92CM1
Read more:Share classesAccumulating or incomeCurrency hedging
Risk and return in depth
Sharpe, Sortino and Calmar ratios
Sharpe, Sortino and Calmar ratios over 1 year, from weekly returns in pounds.
With a free accountRolling returns
The full range of 85 rolling 12-month returns since March 2024, in pounds, with how often they were above zero.
With a free accountLargest falls and recoveries
The 3 largest falls since March 2024, in pounds, with how many weeks each took to reach its low and to recover.
With a free account
Create a free account to see the risk ratios, every rolling return and each large fall and its recovery
Sign-up takes an email address. There is no card to enter and nothing to pay.
Questions people ask
What is the ongoing charge of ENCD?
The ongoing charge of ENCD is 0.30% a year — about £30 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD 0.30% a year. Compared on 14/11/2026, 103 of the 149 other gold and commodity funds charge more, 7 the same and 39 less (share classes counted once).
What does ENCD track?
ENCD tracks the Barclays Backwardation Tilt Multi-Strategy Capped Index.
Is ENCD accumulating or distributing?
ENCD is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly.
What is the ISIN of ENCD?
The ISIN of ENCD is IE000IYBMW97. An ISIN identifies one exact share class of a fund; ENCD is its ticker on the London Stock Exchange.
What were ENCD’s returns in each of the last five years?
Calendar-year returns of ENCD in pounds (price only, income paid out not included): 2025 −6.8%; 2026 to 13/11/2026 +24.6%. Past performance is not a guide to future returns.
How has ENCD done after inflation?
Over the year to 13/11/2026 ENCD’s total return was +23.5%, or +19.1% after UK CPIH inflation. Past performance is not a guide to future returns.
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Fund documents and methods
- Fund documents
- Fund page at L&G (links checked )
Methodology:ReturnsCategoriesAll methods
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