RE:RE:ENS - A few things to consider... I don't know where you gut your 2020 ENS dividend figure from but it was actually $1.56 (12 x $0.13). Also ENS only issued a dividend in five months in 2018. For 2019 the dividend figure is $1.44.
There is actually only a very small change in ratio. On a DRIP, when you factor in the monthly compounding, the returns are very similar. I do agree with your point on ROC, but this is only a factor in a non-registered account.
ckwong wrote: As Fantome stated very clearly, ETF will make a living by taking a fee from the underlying stock one way or the other. This is the reason I am not in favour of buying ETF without checking the fine prints. The fine print for ENS is the dividend portion of the distribution. Each unit of ENS would have a fixed fraction of ENB. If Middlefield passes all to the unit holder, it will be a fixed ratio, If a fee is deducted, the ratio should not vary too much.
I look up the distribution information from Middlefield. ENS has the distribution details since Sep 2018. The following table lists the dividend part of ENS and ENB for the comparable period. If ENS passes all the dividend to the unit holder, the ratio of the dividend from ENS to ENB will be a fixed ratio. But it is not.
| | Dividend per year | |
| Year | ENS | ENB | ENB/ENS |
| 2018 | 0.348392 | 0.89467 | 2.567989 |
| 2019 | 0.983518 | 2.92967 | 2.978763 |
| 2020 | 1.034136 | 3.21600 | 3.109842 |
Over the 3 years period since imception, the ratio keeps on getting higher which means less money is passed to the unit holder.
if we also consider the ROC, there is an advantage to use the tax free money without selling the security. Of course, you have keep track of the ROC and finally pay the piper.
I usually want simple things. I would prefer holding ENB.