Closed-End Funds

CEF

Nuveen S&P 500 Dynamic Overwrite Fund (NYSE: SPXX)

Effective December 22, 2014 the assets of the Nuveen Equity Premium & Growth Fund (JPG) were repositioned and renamed Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). View details.

Objective

The fund’s investment objective is to seek attractive total return with less volatility than the S&P 500 Index.

Highlights

Provide the potential for:

  • Attractive quarterly distributions
  • Participation in S&P 500 Index returns
  • A measure of downside protection in declining markets1
  • Tax-advantaged distributions2

Investment Strategy

The fund also dynamically sells call options covering between 35% and 75% of the value of the fund’s equity portfolio, with a long-run target of 55%, in seeking to enhance the portfolio's risk-adjusted returns.

Daily Pricing

Closing Share Price (As of 4/24/2015)$14.20
Closing NAV per Share (As of 4/24/2015)$15.67
Premium / Discount**-9.38%
Current Distribution Rate (Market price)††7.35%
Distribution Amount (Quarterly)†† $0.2610
Distribution Type Managed Distribution

RISKS
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee a fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value.

Common Stock Risk: Common stock returns often have experienced significant volatility. Call Option Risks: The value of call options sold (written) by the Fund will fluctuate. The Fund may not participate in any appreciation of its equity portfolio as fully as it would if the Fund did not sell call options. In addition, the Fund will continue to bear the risk of declines in the value of the equity portfolio. Index Call Option Risk: Because index options are settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities.Tax Risk: The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.
NOTES

** The premium/discount is calculated as (most recent price/most recent NAV) -1.

1The Funds' downside risk mitigation strategies do no guarantee against loss of principal.

2Advantageous tax treatment for dividends from common stocks & net gains from the option strategy.

†† Managed Distribution Policy

Potential distribution sources include net investment income, realized gains and return of capital. If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time which may be viewed at www.nuveen.com/CEFdistributions. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year. Under its Managed Distribution policy, the fund seeks to maintain an attractive and stable regular distribution amount that, over the long term, matches the fund’s total distributions paid to its total return. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate.

Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

The S&P 500 (the “Index”) is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and has been licensed to Nuveen Fund Advisors, LLC in connection with the Nuveen S&P 500 Dynamic Overwrite Fund. S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (“SPFS”) and have been licensed for use by S&P DJI and/or its affiliates and have sublicensed for certain purposes by Nuveen Fund Advisors, LLC. The Nuveen S&P 500 Dynamic Overwrite Fund is not sponsored, endorsed, sold or promoted by S&P DJI, S&P, or their respective affiliates or third party licensors and none of such parties make any representation regarding the advisability of investing in such the Nuveen S&P 500 Dynamic Overwrite Fund.

Not registered?

Register for access to investment team commentary, detailed portfolio information, and other advisor resources. For instant access, register now.

Your Contacts

Our goal is to deliver lasting value to our clients. For assistance, please call or email our advisor service team or contact your personal Nuveen Service Team.

Log in to nuveen.com to access your personal Nuveen Service Team.

Financial Advisors

800-752-8700
Email

Registered Investment Advisors

800-558-4487

Account Access

For more information on Mutual Fund Vision, FAN Mail, or accessing client accounts, please visit our advisor account access page.

Advisor Access

Investor Access