# Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD (ENCD) **Source:** https://fundology.uk/fund/encd · ISIN IE000IYBMW97 · Data: TradingView (LSE closes and returns, delayed), issuer documents, ONS CPIH, FCA FIRDS ## 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 30/09/2026, ENCD (Mlt Strgy Enhnc Comm UCITS ETF USD, ISIN IE000IYBMW97) closed at $12.81 on the London Stock Exchange. Its ongoing charge is 0.30% a year (about £30 on £10,000). Over the year to 30/09/2026 its total return was +33.0%, or +28.8% 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: **$12.81** (30/09/2026). ## 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 | £17.4m | | Launched | 2024 | | Domicile | Ireland | ## Past returns (periods to 30/09/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +33.00% | +28.83% | income reinvested | Returns: TradingView (delayed data). Inflation: ONS 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 −3.5%; 2026 to 30/09/2026 +28.9%. 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: +26.1%; to 30/09/2025: +5.5%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2025 | -3.5% | -6.8% | Price | | 2026 to 30/09/2026 | +28.9% | +25.3% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 17.00% | -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 30/09/2026: 17.0% 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 30/09/2026 the price of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD was 1.3% below its highest weekly close since March 2024 (25/09/2026), 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, as of 01/10/2026: 95 of the 137 other gold and commodity funds charge more, 6 the same and 36 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 (30/09/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF | 0.30% | +32.8% | +29.8% | +34.5% | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF Accum Shs Hedged GBP | 0.35% | +30.9% | +40.3% | — | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF Shs Hedged GBP | 0.30% | +31.0% | — | — | | Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF USD (this fund) | 0.30% | +33.0% | — | — | Returns are the data vendor’s, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.30%** per year - ISA eligible: yes - SIPP eligible: yes --- 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.