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Potential benefits
  • Broad market opportunity: Equity portfolio provides the opportunity to participate in S&P 500 Index returns
  • Reduced volatility: Sells (“writes”) call options on a portion of the equity portfolio, reducing the Fund’s return volatility and downside risk (but also reducing some of its capital appreciation potential)
  • Tax-advantaged distributions: Offers the potential for regular distributions from qualified dividend income, long-term capital gains and return of capital

Fund description

The Fund is designed to offer regular distributions through a strategy that seeks attractive total return with less volatility than the S&P 500 Index by investing in a U.S. equity portfolio that seeks to substantially replicate the price movements of the S&P 500 Index, as well as selling call options on 35%-75% of the notional value of the Fund's equity portfolio (with a 55% long-term target) in an effort to enhance the Fund's risk-adjusted returns. The strategy will consider the Fund's tax position and employ techniques to improve after-tax shareholder outcomes.

**Distributions are currently estimated to include the following amounts from sources other than net investment income: 26% capital gains and 74% return of capital.

Important fund notice

Effective 18 Jun 2024, Nazar Romanyak joined David Friar, Jim Campagna and Darren Tran as portfolio managers of the Fund. This update did not impact the overall investment strategy.

If the fund’s distribution includes anything other than net investment income, the fund provides a 19a notice of the best estimate of its distribution sources at that time. 
 
For term definitions and index descriptions, please access the glossary in the footer.
  • Fund basics
  • Capital structure
  • Common shares
  • Annual expense ratios

Fund basics

Capital structure

As of: --

Common shares

As of: --

Annual expense ratios

As of: --

Fund fees and expenses are presented as a percentage of both common shareholder capital and total fund investment capital. The first column portrays the costs directly and indirectly borne by common shareholders. The second column portrays the costs borne by the Fund on its total investment capital, which includes common assets as well as assets attributable to the Fund's issuance of senior securities (e.g. preferred shares and debt). This column enables a common shareholder to better understand how fund expenses impact portfolio investment returns. Interest expenses from leverage represent costs associated with the Fund's financing activities, which are distinct from the costs associated with the Fund's underlying core operations. Certain leveraging instruments including repurchase agreements (repos) are sometimes more efficient forms of leverage, but when used, the costs are difficult to accurately disaggregate and are not shown here.

Expense ratios are calculated using the prior 12 months of expense data as of the previous month-end. Annualized leverage financing expense is included if the Fund was leveraged as of the previous month end.

Pricing

  • Overview
  • Premium/discount history
  • Share price and NAV history

Overview

As of: --
Share price NAV Premium discount*
Share price NAV Premium discount*
No Records Available
Share price NAV Premium discount*
Share price NAV Premium discount*
No Records Available

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

Premium/discount history

As of: --

Share price and NAV history

As of: --

Premium/discount history and Share price and NAV history data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

Performance

  • Hypothetical growth of 10K
  • Calendar year returns
  • Average annual total returns

Hypothetical growth of 10K

From fund inception: --
Through: --
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
No Records Available
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
Price Date ORIGINAL INVESTMENT VALUE ORIGINAL INVESTMENT & CUMULATIVE DISTRIBUTIONS ORIGINAL INVESTMENT WITH ALL DISTRIBUTIONS REINVESTED
No Records Available
Placeholder chart until data is available

The table illustrates the performance of a hypothetical $10,000 investment made on the date indicated. Original Investment & Cumulative Distributions is the original investment value added to the cash flow received from distributions. The total returns are not adjusted to reflect the effects of taxation and assume reinvestment of dividends and capital gains.

Calendar year returns

Inception date: --
Share price and NAV : --

Average annual total returns

As of: --

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Distributions

Key information regarding distributions

As of: --

Total distributions per share

YTD (Declared) Inception to Date (Declared)
YTD (Declared) Inception to Date (Declared)
No Records Available
YTD (Declared) Inception to Date (Declared)
YTD (Declared) Inception to Date (Declared)
No Records Available

Distribution history

Payable Date Record Date Ex-Div Date Amount Distribution Type
Payable Date Record Date Ex-Div Date Amount Distribution Type
No Records Available
Payable Date Record Date Ex-Div Date Amount Distribution Type
Payable Date Record Date Ex-Div Date Amount Distribution Type
No Records Available
Since inception
Distribution schedule
19(a) notices

Distributions are currently estimated to include the following amounts from sources other than net investment income: 26% capital gains and 74% return of capital. If a distribution is estimated to include anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time which may be viewed at nuveen.com/CEFdistributions or within the Fund’s literature section under 19(a) notices. 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 distribution rate should not be confused with yield or performance.

Distribution Rate at market price and NAV is calculated by annualizing the most recent declared regular distribution and dividing by the fund's market price or NAV, respectively. Special distributions, including special capital gains distributions, are not included in the calculation.

Characteristics

Fund characteristics

As of: --

Market Cap weight is relative to the percentage of the portfolio invested in equity securities.

  • Top sector allocation
  • Top 5 industries

Top sector allocation

As of: --

Top 5 industries

As of: --
View all holdings

Top 10 portfolio positions

As of: --
Name % Portfolio
Name % Portfolio
No Records Available
Name % Portfolio
Name % Portfolio
No Records Available
View all holdings
Holdings may vary and are subject to change without notice.

Option overlay information

As of: --

Average Call Option % Coverage is the percentage of the Fund's underlying equities overwritten by call options; equals sum of notional values of call options divided by the market value of equities in the portfolio.

Average Call Strike vs. Spot Price is the average ratio of call option strike prices vs. spot prices, weighted by the notional value of the calls. A figure > 100% indicates that option strike prices, on average, are above their current (spot) prices and the calls are "out of the money". A figure < 100% indicates that option strike prices, on average, are below spot prices and the calls are "in the money."

Maximum Average Call Strike vs. Spot Price is the maximum average ratio (as defined above) of call option strike prices vs. spot prices during the month.

Minimum Average Call Strike vs. Spot Price is the minimum average ratio (as defined above) of call option strike prices vs. spot prices during the month.​

Weighted Average Days to Expiration is the average days to expiration for all call options in the Fund's portfolio, weighted by notional values.

Maximum Weighted Average Days to Expiration: Is the maximum average number of days to expiration during the month for all call options in the Fund's portfolio, weighted by notional values.

Minimum Weighted Average Days to Expiration: Is the minimum average number of days to expiration during the month for all call options in the Fund's portfolio, weighted by notional values.

All characteristics as a percentage of the fund's total net assets. Holdings and ratings are subject to change. Totals may not add up to 100% due to rounding.

Literature

  • Fund literature
  • Fund reports
  • 19(a) notices
  • Fund announcements
  • Education
Related articles
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Understanding CEFs Understanding managed distributions

Portfolio managers

Friar,

David A. Friar

Portfolio Manager
Campagna,

Jim Campagna, CFA®

Head of Equity Index Strategies
Darren

Darren Tran, CFA®

Equities Portfolio Manager
No

Nazar Romanyak, CFA®

Portfolio Manager

Important information on risk

Investment, Market, and Price Risk: Closed-end fund shares are subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. At any point in time, your common shares may be worth less than you paid, even after considering the reinvestment of fund distributions.

Common Stock Risk: Common stock returns often have experienced significant volatility.

Call Option Risk: 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 its equity portfolio.

Index Call Option Risk: Because index options are settled in cash, sellers of index call options, such as the fund, cannot provide in advance for its potential settlement obligations by acquiring and holding the underlying securities

Tax Risk: The tax treatment of fund distributions may be affected by future changes in tax laws and regulations or their interpretation by the Internal Revenue Service or state tax authorities.

Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).

An investment in this fund presents a number of risks and is not suitable for all investors. Investors should carefully review and consider potential risks before investing.

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 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 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 the Fund.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. NAV returns are net of fund expenses, and assume reinvestment of distributions.

Nuveen Asset Management, LLC is the subadviser to the Fund and an affiliate of Nuveen, LLC.

Nuveen Securities, LLC, member FINRA and SIPC.

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This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with their financial advisors. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Nuveen, LLC provides investment solutions through its investment specialists. Nuveen Securities, LLC, member FINRA  and SIPC  .

The TIAA group of companies does not provide legal or tax advice. Please consult your legal or tax advisor.

The information on this website is intended for U.S. residents only. If you are a non-U.S. resident, please visit the Global section of our website www.nuveen.com/global  . This material does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful to make such an offer.

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Distribution history since inception