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ETJ - ETJ: 8.4% Distribution And Downside Protection
Eaton Vance Risk-Managed Diversified Equity Income Fund of Beneficial Interest
ETJ is an option-based CEF that is uniquely positioned to provide protection against market downturns.
The mechanism is an option collar strategy.
ETJ's implementation of the collar strategy is more management intensive and more responsive to market changes than that of NUSI, an ETF that employs a coarser version of the collar.
ETJ's successes during drawdowns are much more evident at NAV than at market pricing. This is due to shareholder tendencies toward panic selling in a market downturn despite owning the only fund that is designed to function best in precisely those conditions.