Take UCO ULTRA DJ-UBS CRUDE as an example, at the end of day (at settle time and NAV calculation time), the share price traded on exchange should satisfy the following relation: SharePrice * #SharesOutstanding = NAV Am I right?
1) ?.....The share price times the number of shares outstanding would be equal to the market value of the "company". 2) UCO appears to have a lot of "tracking error" and maybe gigantic management fees.
ETFs do not always trade to NAV. NAV (Net Asset Value) = Total Fund assets / shares outstanding. An ETF can trade even or at a premium or discount to NAV both intraday and at the close print. Most ETF websites will show the investor the premium/discount (if any) on a daily basis. You would need the price and amount of all the things in the ETF to calculate NAV, as mentioned, the shares outstanding * closing price would be market value or market cap.