The fund’s investment objective is to seek attractive total return with less volatility than the S&P 500 Index.
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
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.
|Closing Share Price (As of 3/27/2015)||$13.90
|Closing NAV per Share (As of 3/27/2015)||$15.30
|Premium / Discount**||-9.15%
|Current Distribution Rate (Market price)††||7.51%
|Distribution Amount (Quarterly)†† ||$0.2610
|Distribution Type ||Managed Distribution
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 returns often have experienced significant
volatility. 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.
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.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.
Potential distribution sources include net investment income, realized gains and/or return of capital. This Fund has adopted a Managed Distribution Policy, which is designed to provide attractive, regular distributions throughout the course of the year. Under this policy, the Fund seeks to maintain a 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. Each regular distribution will be composed of Fund earnings (net investment income) and profits (realized gains, if any), and may also include a non-taxable distribution of a portion of the Fund’s capital, which in turn consists of shareholders’ original investments plus any unrealized gains, life-to-date.
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. 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.
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.