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TER
0.30% p.a.
Distribution policy
Accumulating
Replication
Synthetic
Fund size
CHF 1,015 m
Inception Date
5 July 2021
Overview
Description
The L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating seeks to track the Barclays Backwardation Tilt Multi-Strategy Capped index. The Barclays Backwardation Tilt Multi-Strategy Capped index tracks a broad and diversified commodity exposure, covering the following sectors: energy, agriculture, industrial metals, precious metals and livestock.
Documents
Chart
Basics
Data
| Index | Barclays Backwardation Tilt Multi-Strategy Capped |
| Investment focus | Commodities, Broad market |
| Fund size | CHF 1,015 m |
| Total expense ratio | 0.30% p.a. |
| Replication | Synthetic (Unfunded swap) |
| Legal structure | ETF |
| Strategy risk | Long-only |
| Sustainability | No |
| Fund currency | USD |
| Currency risk | Currency unhedged |
| Volatility 1 year (in CHF) | 16.34% |
| Inception/ Listing Date | 5 July 2021 |
| Distribution policy | Accumulating |
| Distribution frequency | - |
| Fund domicile | Ireland |
| Fund Provider | Legal & General (LGIM) |
| Fund Structure | Public Limited Company |
| UCITS compliance | Yes |
| Administrator | BNY Mellon Fund Services (Ireland) Designated Activity Company |
| Investment Advisor | Legal & General Investment Management Limited |
| Custodian Bank | BNY Mellon Trust Company (Ireland) Limited |
| Revision Company | Ernst & Young |
| Fiscal Year End | 30 June |
| Swiss representative | State Street Bank International GmbH, Munich, Zurich Branch |
| Swiss paying agent | State Street Bank International GmbH, München, Zweigniederlassung Zürich |
| Germany | No tax rebate |
| Switzerland | ESTV Reporting |
| Austria | Tax Reporting Fund |
| UK | UK Reporting |
| Indextype | Total return index |
| Swap counterparty | - |
| Collateral manager | BNY Mellon Fund Services (Ireland) Limited |
| Securities lending | No |
| Securities lending counterparty |
Similar ETFs
This section provides you with information on other ETFs with a similar investment focus to the L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating.
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ETF Savings plan offers
Here you can find information about the savings plan availability of the ETF. You can use the table to compare all savings plan offers for the selected savings rate.
Select your savings amount:
| Broker | Rating | Execution fee | Account fee | |
|---|---|---|---|---|
 | 0.00 CHF | 0.00 CHF | View offer* | |
 | 0.00 CHF | 0.00 CHF | View offer* |
Source: justETF Research; as of 4/2026. The offers are sorted in the following way: 1. Rating 2. Execution fee 3. Number of ETF savings plans. In addition to the fees charged by online brokers, additional costs may apply. The stated fees are thus exclusive of standard market spreads, commissions, product costs and third-party fees. Please note: No guarantee can be given for the completeness, correctness and accuracy of the content listed. The information on the online brokers' homepages is decisive. Investments in securities involve risks.
*Affiliate link
** Important note: We are part of the Scalable Group since 2021 and are a wholly owned subsidiary of Scalable GmbH. This means that we are economically connected, but operate with editorial independence. Conflicts of interest are avoided because brokers — including Scalable — are evaluated according to uniform, objective criteria. You can view these in our transparent rating system. Ultimately, it’s up to you to decide how and with whom you want to invest.
*Affiliate link
** Important note: We are part of the Scalable Group since 2021 and are a wholly owned subsidiary of Scalable GmbH. This means that we are economically connected, but operate with editorial independence. Conflicts of interest are avoided because brokers — including Scalable — are evaluated according to uniform, objective criteria. You can view these in our transparent rating system. Ultimately, it’s up to you to decide how and with whom you want to invest.
Performance
Returns overview
| YTD | +21.54% |
| 1 month | +0.63% |
| 3 months | +15.58% |
| 6 months | +20.02% |
| 1 year | +28.83% |
| 3 years | +16.90% |
| 5 years | - |
| Since inception (MAX) | +59.71% |
| 2025 | -5.96% |
| 2024 | +13.32% |
| 2023 | -12.59% |
| 2022 | +25.97% |
Monthly returns in a heat map
Risk
Risk metrics in this section:
- Volatility, annualised, measured for 1, 3 and 5 year periods. The annualised volatility reflects the degree of price fluctuations during a one year period. The higher the volatility, the more significantly the price of the asset (stock, ETF, etc.) has changed in the past. Assets with higher volatility are generally considered more risky. We calculate the volatility based on the data for the past 1, 3 and 5 years so that you can see if price fluctuations for the ETF became stronger or weaker over time.
- Return per risk for 1, 3 and 5 year periods. This is the annualised (i.e. converted to a one year period) past return divided by the past annualised volatility. The metric puts the historical return of an asset in relation to its historical risk and gives you a retrospective indication of the degree of price fluctuation you had to bear with in order to obtain the return. We calculate this parameter for 1, 3 and 5 year periods to display its evolution over time.
- Maximum drawdown for a period. This shows the worst possible loss an investor could have suffered during the respective period, by first buying and subsequently selling the asset at the least favourable prices. For example, if there was the following sequence of daily ETF prices: 10€, 5€, 12€, 20€, an investor would have suffered the worst loss by buying for 10€ and subsequently selling for 5€. Therefore in this case the maximum drawdown would be (5€ - 10€)/10€ = -50%.
Risk overview
| Volatility 1 year | 16.34% |
| Volatility 3 years | 15.52% |
| Volatility 5 years | - |
| Return per risk 1 year | 1.76 |
| Return per risk 3 years | 0.34 |
| Return per risk 5 years | - |
| Maximum drawdown 1 year | -8.59% |
| Maximum drawdown 3 years | -17.63% |
| Maximum drawdown 5 years | - |
| Maximum drawdown since inception | -32.86% |
Rolling 1 year volatility
Stock exchange
Listings
| Listing | Trade Currency | Ticker | Bloomberg / iNAV Bloomberg Code | Reuters RIC / iNAV Reuters | Market Maker |
|---|---|---|---|---|---|
| gettex | EUR | EN4C | - - | - - | - |
| London Stock Exchange | GBP | ENCG | - - | - - | - |
| Bolsa Mexicana de Valores | MXN | - | ENCO MM NA | ENCON.MX NA | Flow Traders B.V. |
| Borsa Italiana | EUR | ENCO | ENCO IM EN4CEUIV | ENCO.MI EN4CEURINAV=SOLA | Flow Traders B.V. |
| London Stock Exchange | GBX | ENCG | ENCG LN NA | ENCG.L NA | Flow Traders B.V. |
| London Stock Exchange | USD | ENCO | ENCO LN NA | ENCO.L NA | Flow Traders B.V. |
| SIX Swiss Exchange | CHF | ENCO | ENCO SW EN4CEUIV | ENCO.S | Flow Traders B.V. |
| XETRA | EUR | EN4C | EN4C GY EN4CEUIV | EN4C.DE | Flow Traders B.V. |
Further information
Further ETFs with similar investment focus
| Fund name | Fund Size in m € (AuM) | TER p.a. | Distribution | Replication |
|---|---|---|---|---|
| Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS ETF Acc | 1,571 | 0.30% p.a. | Accumulating | Swap-based |
| UBS CMCI Composite SF UCITS ETF USD acc | 1,131 | 0.34% p.a. | Accumulating | Swap-based |
| L&G Longer Dated All Commodities UCITS ETF | 761 | 0.30% p.a. | Accumulating | Swap-based |
| UBS BBG Commodity CMCI SF UCITS ETF USD acc | 732 | 0.34% p.a. | Accumulating | Swap-based |
| UBS BBG Commodity CMCI SF UCITS ETF hCHF acc | 546 | 0.34% p.a. | Accumulating | Swap-based |
Latest articles
Frequently asked questions
What is the name of ENCO?
The name of ENCO is L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating.
What is the ticker of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating?
The primary ticker of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating is ENCO.
What is the ISIN of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating?
The ISIN of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating is IE00BFXR6159.
What are the costs of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating?
The total expense ratio (TER) of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating amounts to 0.30% p.a.. These costs are withdrawn continuously from the fund assets and already included in the performance of the ETF. You don't have to pay them separately. Please have a look at our article for more information about the cost of ETFs.
What's the fund size of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating?
The fund size of L&G Multi-Strategy Enhanced Commodities UCITS ETF USD Accumulating is 1,015m CHF. See the following article for more information about the size of ETFs.
— Data provided by Trackinsight, etfinfo, Xignite Inc., gettex, FactSet and justETF GmbH. Quotes are either real-time (gettex) or 15 minutes delayed stock exchange quotes or NAVs (daily published by the fund provider). By default, ETF returns include dividend payments (if applicable). There is no warranty for completeness, accuracy and correctness for the displayed information.