# Mlt Strgy Enhnc Comm UCITS ETF (ENCG) **Page:** https://fundology.uk/fund/encg · ISIN IE00BFXR6159 ## 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, ENCG (Mlt Strgy Enhnc Comm UCITS ETF, ISIN IE00BFXR6159) closed at £14.29 on the London Stock Exchange. Its ongoing charge is 0.30% a year (about £30 on £10,000). Over the five years to 13/11/2026 its price changed by +69.1%, or +32.0% after UK CPIH inflation. ## Summary Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF is an exchange-traded fund (ETF) from L&G, launched in 2021. 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 reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. Latest close: **£14.29** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | ENCG | | ISIN | IE00BFXR6159 | | Also listed as | ENCO (London Stock Exchange, US dollars), EN4C (Xetra, euros) | | Category | Gold & commodities | | Type | ETF | | Provider | L&G | | Tracks | Barclays Backwardation Tilt Multi-Strategy Capped Index | | Income | Accumulating | | Ongoing charge | 0.30% a year (£30 per £10,000) | | Fund size | £944m | | Launched | 2021 | | Domicile | Ireland | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 01/11/2018 | ## 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 | +22.83% | +18.48% | income reinvested | | 3 years | +25.27% | +13.17% | income reinvested | | 5 years | +69.07% | +31.96% | price only | Returns: as reported (delayed data) and worked out from recorded daily closes. Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF in pounds (price, with income reinvested in the fund): 2022 +38.2%, 2023 −7.8%, 2024 +7.7%, 2025 −2.3%; 2026 to 13/11/2026 +29.5%. Returns of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +35.1%; to 30/09/2025: +9.2%; to 30/09/2024: −12.5%; to 30/09/2023: −4.7%; to 30/09/2022: +50.0%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | +38.2% | +26.5% | Price | | 2023 | -7.8% | -11.5% | Price | | 2024 | +7.7% | +4.1% | Price | | 2025 | -2.3% | -5.7% | Price | | 2026 to 13/11/2026 | +29.5% | +25.3% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 17.38% | -11.56% | | 3 years | 15.34% | -14.62% | | 5 years | 17.13% | -25.62% | ## Largest fall Volatility of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 17.4% over 1 year, 15.3% over 3 years, 17.1% over 5 years. Largest fall in the price of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF since November 2021, in pounds: −25.6% from 10/06/2022 to 06/09/2024. The lowest 12-month return of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF in pounds (price, with income reinvested in the fund) since July 2021 was −21.1% (12 months to 09/06/2023); the highest was +78.2% (12 months to 19/08/2022). On 13/11/2026 the price of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF was 5.9% below its highest weekly close since November 2021 (23/10/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Legal & General UCITS ETF Plc - Mlt Strgy Enhnc Comm UCITS ETF 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 (this fund) | 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 | 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 ENCG?** The ongoing charge of ENCG 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 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 ENCG track?** ENCG tracks the Barclays Backwardation Tilt Multi-Strategy Capped Index. **Is ENCG accumulating or distributing?** ENCG is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you. **What is the ISIN of ENCG?** The ISIN of ENCG is IE00BFXR6159. An ISIN identifies one exact share class of a fund; ENCG is its ticker on the London Stock Exchange. The same share class is also listed as ENCO (London Stock Exchange, US dollars) and EN4C (Xetra, euros). **What were ENCG’s returns in each of the last five years?** Calendar-year returns of ENCG in pounds (price, with income reinvested in the fund): 2022 +38.2%, 2023 −7.8%, 2024 +7.7%, 2025 −2.3%; 2026 to 13/11/2026 +29.5%. Past performance is not a guide to future returns. **How has ENCG done after inflation?** Over the five years to 13/11/2026 ENCG’s price changed by +69.1%, or +32.0% 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/IE00BFXR6159/) - 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.