DIAX: The Basis Is Still There, Keep Avoiding This Buy-Write CEF [Seeking Alpha]
Eaton Vance Enhance Equity Income Fund II (EOS)
US:NYSE Investor Relations:
funds.eatonvance.com/enhanced-equity-income-fund-ii-eos.php
Company Research
Source: Seeking Alpha
The fund's complex risk factor, the SPY/DIA basis, has hindered its performance and is not properly disclosed. Retail investors would be better off buying DIA outright and writing their own call options rather than investing in DIAX. During periods of outperformance in the S&P 500 versus the Dow Jones, DIAX will severely underperform. Thesis Nuveen Dow 30 Dynamic Overwrite Fund ( NYSE: DIAX ) is one of those rare buy-write equity CEFs that is hamstrung by design in our opinion. We wrote an initial piece about this name almost a year ago, and the CEF has not managed to outperform very low expectations. Given the substantial run-up in artificial intelligence names in the past year, and the Dow Jones versus S&P 500 divergence, we would have hoped the portfolio manager would have made some changes in the CEF's construction. In this article, we are going to revisit the CEF, its composition, and articulate why we are still firmly of the opinion a retail investor should avoid this
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Sec Filings
- 3/27/24 - Form 424B3
- 3/8/24 - Form N-CEN
- 2/28/24 - Form N-CSR
- EOS's page on the SEC website