PileOfShit wrote: I've been calculating the NAV since Oct 29. The leverage has fluctuated from 1.5 to 1.8, but is usually very close to 1.65. However, the leverage I would use today is 1.6, until it returns to 1.65. Three events that throw off the calculation are: the closing of overnight offering (e.g. Dec 20), ENB's ex-dividend (e.g. Nov 12), and ENS's ex-dividend (e.g. Nov 30, the record date). To calculate the NAV on an ex-dividend date, the dividend must be added back to the price. (Ex-dividend for ENS affects the market price on ex-date, but does not affect the NAV until record date.)
For those who want an explanation of calculating the NAV: Presuming ENS has 1.6 leverage, ENS NAV has 1.6x the
daily volatility of ENB. For example, if ENB changed by 1% up or down, ENS NAV would change by 1.6% in the same direction. This is similar to HSU, Betapro
S&P 500® 2x Daily Bull ETF, which delivers 2x the daily volatility of SPX, except ENS's leverage is not mandated and changes without notice. (Note: ENS price has no correlation to ENS NAV or ENB price.)