S&P 500 Dividend Only Stocks Index
An unmanaged index that includes only the S&P 500® Index stocks that pay dividends. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges.
S&P 500 Index
The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.
S&P 500® Dividend Aristocrats®
The S&P 500® Dividend Aristocrats® measure the performance S&P 500 companies that have increased dividends every year for the last 25 consecutive years. The Index treats each constituent as a distinct investment opportunity without regard to its size by equally weighting each company.
S&P 500 Financials Sector Index
S&P 500 Financials Sector Index measures the performance of stocks from the S&P 500 Index which are within the Global Industry Classification Standard (GICS) financials.
S&P Global Infrastructure Index
The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.
The S&P GSCI is the first major investable commodity index. It is one of the most widely recognized benchmarks that is broad-based and production weighted to represent the global commodity market beta. The index is designed to be investable by including the most liquid commodity futures, and provides diversification with low correlations to other asset classes.
S&P MIDCAP 400® Index
The S&P MidCap 400® provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.
S&P Municipal Bond California Index
The S&P Municipal Bond California Index is a broad, market value-weighted index that seeks to measure the performance of bonds issued within California.
S&P Municipal Bond High Yield Index
The S&P Municipal Bond High-Yield Index consists of bonds in the S&P Municipal Bond Index that are not rated or are rated below investment grade.
S&P Municipal Bond Index
The S&P Municipal Bond Index is a broad, market value-weighted index that seeks to measure the performance of the U.S. municipal bond market.
S&P Municipal Bond Intermediate Index
The S&P Municipal Bond Intermediate Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 3 years and a maximum maturity of 15 years.
S&P Municipal Bond Short Index
The S&P Municipal Bond Short Index consists of bonds in the S&P Municipal Bond Index with a minimum maturity of 6 months and a maximum maturity of 4 years.
S&P Municipal Bond Short Intermediate Index
The S&P Municipal Bond Short Intermediate Index consists of bonds in the S&P Municipal Bond Index with a min maturity of 1 year and a max of 7.999 years.
S&P Municipal Yield Index
The Index is structured so that 70% of the market value of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A.
S&P Short Duration Municipal Yield Index
The index consists of bonds maturing in 1 to 12 years and is structured so that 70% of the market value of the index consists of bonds that are either not rated or are rated below investment grade, 20% are rated BBB/Baa, and 10% are rated single A.
S&P Taxable Municipal Bond Index
The S&P Taxable Municipal Bond Index is a broad benchmark index designed to measure the performance of the investment grade U.S. taxable municipal bond market.
A fee paid when at fund purchase. Depending on which option best meets a cleint's needs when buying a mutual fund, this fee must be paid either at the time of purchase (A shares) or on an on-going basis (C shares). The sales charge help cover selling costs as well as the cost of paying a financial professional a commission for advising the purchase. The prospectus for each fund has specific details.
In response to numerous corporate failures arising from corporate mismanagement and fraud, Congress passed the Sarbanes-Oxley Act of 2002. Generally recognized as one of the most significant market reforms since the passage of the securities legislation of the 1930s, the act is intended to help protect investors and restore investor confidence by improving the accuracy, reliability, and transparency of corporate financial reporting and disclosures, and reinforce the importance of corporate ethical standards.
A standardized measure of the current net market yields on a fund's investment portfolio. It is based on the net investment income for the 30-day period ending on the last day of the previous month divided by the highest offering price on that last day.
After an initial public offering (IPO) of a security such as stock or a closed-end fund, the shares may be traded on an exchange or over the counter. The market for shares after an IPO is called the secondary market.
Section 1256 Contracts
Section 1256 contracts include regulated futures contracts, certain foreign currency contracts and nonequity options (e.g. options on futures contracts). These contracts, named after the Internal Revenue Code section which defines them, must generally be “marked-to-market” (treated as if though sold for fair market value on the last day of the tax year) and are subject to a special characterization rule which treats gains and losses as 60% long-term capital and 40% short-term capital.
Indicates the percentage of a portfolio's total net assets invested in each of the major industry classifications that comprise the market in which the fund invests.
A fund that invests primarily in a particular sector of the market, such as technology, precious metals, or health care. Sector funds are often more volatile than those which invest in a more diversified range of industries.
Shifting of investment assets from one sector of the economy to another during a particular economic cycle.
Securities and Exchange Commission (SEC)
The federal agency created by the Securities and Exchange Act of 1934 which administers the laws governing the securities markets. The SEC regulates the registration and distribution of shares of closed-end funds, mutual funds, and ETFs.
Securities Industry and Financial Markets Association (SIFMA)
SIFMA is a United States industry trade group representing securities firms, banks, and asset management companies.
Securitization (or Securitized)
A security is a transferable ownership interest in some underlying asset. This includes investments such as stocks and bonds. Securitization is a process by which pooled assets or obligations (such as a mortgages or credit card debt) are converted into securities that can be traded by various retail and institutional investors. This process allows for the transfer of risks and cash flows from the obligation originator to a new set of investors. This generally increases the liquidity and ownership interests of these securities, while distributing risk among a larger set of investors.
A loan that takes priority over other debts of the issuer.
The date on which a trade (bonds, equities, foreign exchange, commodities, etc.) settles. That is, the actual day on which transfer of cash or assets is completed and is usually two days after the trade was done.
Sharpe Ratio (Risk-Adjusted Return)
Sharpe Ratio (Risk-Adjusted Return) is a risk-adjusted return measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the historical risk-adjusted performance.
A security position created by selling borrowed securities, giving the investor "negative exposure" to that security, in anticipation of a market decline.
A security the Fund does not own but has sold through the delivery of a borrowed security.
Short-Term Capital Gain
A profit on the sale of a security or a mutual fund share held for one year or less.
A stamp or seal by a bank or brokerage firm or other financial intermediary that is a member of an Approved Medallion Guarantee Program (or other acceptable guarantor) on correspondence that authenticates your signature. A signature guarantee is required by the transfer agent for Nuveen defined portfolios and mutual funds in order to process certain types of account activity (e.g. change of account registration) that you request. A notary public cannot provide a signature guarantee.
Separate accumulation by a bond issuer of cash or investments (including earnings on investments) in a fund in accordance with the terms of a trust agreement or indenture, funded by periodic deposits by the issuer (or other entity responsible for debt service), for the purpose of assuring timely availability of moneys for payment of debt service. Usually used in connection with term bonds.
Small Capitalization Stocks
The range of values varies, but stocks of companies whose market value is between $250 million and $2 billion generally fall into this group. Small-cap companies tend to grow faster than large-cap companies and typically use any profits for expansion rather than for paying dividends. They also are more volatile than large-cap companies and have a higher failure rate. The Russell 2000â Index, which includes the smallest companies of the Russell 3000â Index, is a commonly used index for small to mid-cap companies.
Debt issued by a country's national government, often in a foreign currency.
(1) The difference between the price at which an issue is purchased from an issuer and that at which it is reoffered by the underwriters to the first holders. (2) The difference in price or yield between two securities. The securities can be in different markets, or within the same securities market between different credits, sectors or other relevant factors.
Spread duration is the percent price change given a 100 basis point move in spread over a benchmark, and is typically quoted in connection with mortgage-backed securities (MBS). Option-adjusted spread (OAS) is first computed using an input quote. OAS is then shifted by a small amount positive and negative, and the bond is re-priced using the adjusted OAS, then normalized price differential (between down and up OAS move) is the spread duration. The spread duration of a MBS portfolio is the market value (MV)-weighted average of spread duration of each cash bond. This measure excludes the effect of cash, leverage and derivatives.
SRI stands for Socially Responsible Investing and is a term often used interchangeably with ESG. Legacy SRI approaches have typically emphasized a negative exclusionary approach.
Standard Deviation (Risk) is a statistical measure of the historical volatility of a mutual fund or portfolio; the higher the number, the greater the risk.
State Municipal Bond Fund
Municipal bond funds whose objective is to provide current income that is exempt from regular federal, state and, in some cases, local income taxes by investing in a portfolio of municipal bonds from a single state.
Statement Of Additional Information (SAI)
A document that supplements a mutual fund's prospectus that includes further information about the fund and its operations.
Street Name Account
An investor's account which is held in the name of a brokerage firm (in part to facilitate payment and delivery of securities).
Structural Leverage consists of preferred shares or debt issued by the fund. Both of these are part of a fund’s capital structure. Structural leverage is sometimes referred to as “’40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940. Structural leverage contrasts with "effective leverage", which is generated by features embedded within portfolio securities, or via derivatives.
Subprime mortgage borrowers typically have smaller loan balances, imperfect credit histories and higher debt to income ratios. Subprime loans tend to be originated several hundred basis points above conforming agency loans. Subprime are typically characterized by the following: i) full documentation, single family, owner occupied; ii) loan balance significantly lower than agency limit, iii) lower credit scores (640 or lower), iv) cash-out refinancings, and v) prepayment penalties.
An agreement between two parties to exchange a single payment or a series of cash flows over some period based on specified securities, indexes or other financial measures. There are many different kinds of swaps, including currency swaps, asset swaps, credit default swaps, and equity swaps. One of the most common swaps is an interest rate swap in which one party agrees to make a fixed rate payment in exchange for a floating rate payment for the counterparty.
A group of banks or other financial companies that agree to underwrite and distribute a security such as a common stock, bond, loan or a closed-end fund.
Systematic Investment Plan
An arrangement which permits regular investments in a mutual fund through payroll deductions, automatic transfers from a checking account, or automatic exchanges from another mutual fund.
Systematic Withdrawal Plan
An arrangement that enables an investor to make regular withdrawals automatically from their mutual fund in the form of a check or an electronic transfer to a checking account.