ETJ's Defensive Promise Vs. Actual Performance: A Hold Rating [Seeking Alpha]
Eaton Vance Risk-Managed Diversified Equity Income Fund Common Shares of Beneficial Interest (ETJ)
US:NYSE Investor Relations:
funds.eatonvance.com/risk-managed-diversified-equity-income-fund-etj.php
Company Research
Source: Seeking Alpha
Real-world performance diverges from theory. April 2025 drawdown (~12.5%) exceeded the ~5% put-implied limit, while upside capture was higher than expected. Implementation nuances and stock-level risks dilute the hedge's effectiveness. Active bets offer modest alpha, but high correlation with the S&P 500 means ETJ cannot fully outperform or avoid broader market swings. Trading at a ~10% NAV discount improves appeal, yet inconsistent drawdown mitigation and uneven upside capture justify a Hold. Alternatives like SPYI and GPIX provide more reliable income generation. Abstract Aerial Art/DigitalVision via Getty Images The Eaton Vance Risk-Managed Diversified Equity Income Fund ( ETJ ) is a option protected active portfolio with a focus on income. The yields are attractive and it could do very well in limiting drawdowns This article was written by Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to
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