When you're comparing ETG and JLA, don't overlook what kind of dividend is being paid each fund. ETG has a dividend consisting of 100% income; whereas JLA consists of a lot of ROC. See for yourself on cefconnect.com. Good luck anyway. We still own ETG but dumped JLA because of excess ROC.
What is wrong with ROC? Simply lowers your cost basis. In the meantime, ROC is not taxed. This is not an issue in tax-deferred account (IRA, for example). For taxable account, cap gains are still only 15%, same as dividend.
But let's look at ETG vs JLA over the past two years. PPS for ETG has declined 37% (19.90 to 12.53) over that two year period. Over the same 2 year period, JLA pps declined on 13% (14.70 to 12.73). So much for the adverse effect of ROC on share price.
Besides ROC is primarily the result of buy-write activities.