The fund aims to provide leveraged and covered call exposure to an equally weighted index of broad crude oil and natural gas companies. To obtain exposure to the underlying index, ENCL either directly holds constituent securities of the index or invests in shares of related ETFs. The fund employs approximately 125% leverage through cash borrowing. ENCL also uses a covered call strategy, typically writing exchange-traded or over-the-counter index calls on up to 50% of the portfolio value. Although it provides hedging protection and generates premiums, the use of a covered call strategy may cap the fund's potential gains. Additionally, the fund may hold cash equivalents or money market instruments to meet its obligations.