Shares of Eaton Vance Risk-Managed Diversified Equity Income Fund of Beneficial Interest (NYSE:ETJ) traded today at $11.70, eclipsing its 52-week high. This new high was reached on below average trading volume as 116,000 shares traded hands, while the average 30-day volume is approximately 169,000 shares.
Over the past year, Eaton Vance Risk-Managed Diversified Equity Income Fund of Beneficial Interest has traded in a range of $9.27 to $11.70 and is now at $11.61, 25% above that low.
The Funds primary investment objective is to provide current income and gains, with a secondary objective of capital appreciation. Under normal market conditions, the Funds investment program will consist primarily of owning a diversified portfolio of common stocks and employing a variety of options strategies. The Fund will seek to earn high levels of tax-advantaged income and gains by (1) investing in stocks that pay dividends that qualify for favorable federal income tax treatment, (2) writing (selling) put options on individual stocks deemed attractive for purchase, and (3) writing (selling) stock index call options with respect to a portion (initially approximately two-thirds) of its common stock portfolio value. The Fund also operates a collared options strategy, which consists of purchasing short-dated index put options and selling call options of the same term.
Eaton Vance Risk-Managed Diversified Equity Income Fund of Beneficial Interest (NYSE:ETJ) has potential upside of 262.4% based on a current price of $11.61 and analysts’ consensus price target of $42.07.
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