Elden Ring features a lot of classic RPG mechanics, including an encumbrance system. A character's weight determines a variety of things, and it's one of the most important stats to keep track of when equipping new gear. On the Equipment screen, look on the right for a stat titled Equip Load next to a fraction representing your current Weight and maximum.
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In FromSoftware games, including Elden Ring, Equipment Load is typically separated into three levels. Each level affects a character's ability to dodge, recover, sprint, and speed in general, and there are benefits and drawbacks to maintaining a Light, Medium, or Heavy load. If you carry too heavy a load, your character's ability to move around the world will be greatly reduced.
In some RPGs, like Skyrim or Diablo, inventory space and weight is determined by everything in the player's possession, making it easy to become overly encumbered when collecting things like, say, Dragon Bones in Skyrim. In Elden Ring, a player's Equip Load is only determined by what they are currently wearing or have in their hands.
The quick select menu at the bottom of the Equipment screen doesn't have any bearing on weight, and neither do Arrows. Only weapons, armor, and Talismans affect this stat. Be sure to mix and match pieces of gear to reduce your Equip Load as much as possible – in a lot of cases, your Equip Load matters a lot more than defensive stats.
A player's ability to roll and dodge incoming attacks is almost entirely dependent upon a player's level of Equip Load. When you dodge roll with the B or circle button, your character gains a brief moment of invincibility.
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With a Light Equip Load, rolling
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