# Mlt Strgy Enhnc Comm UCITS ETF USD (ENCD) **Page:** https://fundology.uk/fund/encd · ISIN IE000IYBMW97 ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. 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. ## Summary 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. Latest close: **$12.18** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | ENCD | | ISIN | IE000IYBMW97 | | Category | Gold & commodities | | Type | ETF | | Provider | L&G | | Tracks | Barclays Backwardation Tilt Multi-Strategy Capped Index | | Income | Distributing | | Ongoing charge | 0.30% a year (£30 per £10,000) | | Fund size | £13.4m | | Launched | 2024 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 26/03/2024 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +23.50% | +19.13% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year 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 CPIH inflation | Measured as | |---|---|---|---| | 2025 | -6.8% | -10.0% | Price | | 2026 to 13/11/2026 | +24.6% | +20.7% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 17.76% | -12.03% | ## Largest fall 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. ## Charges compared with similar funds 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). ## 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 | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF | 0.30% | +22.8% | +25.3% | — | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF Accum Shs Hedged GBP | 0.35% | +23.6% | +34.9% | — | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF Shs Hedged GBP | 0.30% | +23.6% | — | — | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD (this fund) | 0.30% | +23.5% | — | — | Returns are as reported, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.30%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## 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. ## Fund documents - [Fund page at L&G](https://fundcentres.landg.com/en/uk/private-investors/fund-centre/ETF/Multi-Strategy-Enhanced-Commodities/IE000IYBMW97/) - Links checked 12/10/2026. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.