It's not. Don't use Yahoo finance to try and figure out EPS for closed-end funds. All they do is take the NAV loss for the year and divide by the # of shares. Well, obviously the NAV has lost 50% in 'earnings' over the past year. CEF's that write calls to pay for the dividend should NOT have to cut...leveraged CEF's usually do and most already have. ETV is a good buy at a 12-15% discount.