RE:The leverage factorUpdate:
Applying the 1.8 leverage factor to Thursday's close for ENB and ENS for Thursday, would have predicted today's NAV of $13.149 instead what we actually got which is $13.13. That put the premium of the ENS shares over the NAV at 3.6%.
To account for the difference, I had to adjust the factor down to 1.7 as opposed to 1.8. That makes sense as ENS has a carry extra cash this month to fund both dividends (A + Prefs) and to be able to cover any redemptions. ENS will always have to have a cash buffer, so the factor will never be exactly 1.8
The factor number will always be moving around a bit. The cash on hand as a percentage of assets will change with every change in the share price of ENB and the fund as well as the monthly and quarterly cash flows mentioned above.
If anyone wants to know how to calculate the real time NAV of ENS, I will be happy to post it but I'm trying to keep this post as short as possible.
I apologize to those that already have this figured out. I'm new to ENS and I'm excited about understanding the game, much like a kid before Xmas.
Happy holidays to everyone, which ever holidays you celebrate.