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Potential benefits
  • Broad market opportunity: Equity portfolio provides the opportunity to participate in Nasdaq 100 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 Nasdaq 100 Index by investing in a U.S. equity portfolio that seeks to substantially replicate the price movements of the Nasdaq 100 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.

Important fund notice

Effective 18 Jun 2024, Lei Liao retired as a portfolio manager from the strategy and Nazar Romanyak was added as portfolio manager, joining David Friar, Jim Campagna and Darren Tran. These updates do not impact the overall investment strategy.

For term definitions and index descriptions, please access the glossary in the footer.

**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.
  • Fund basics
  • Capital structure
  • Common shares
  • Annual expense ratios

Fund basics

Capital structure

Common shares

Annual expense ratios

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

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

Premium/discount history

Share price and NAV history

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

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

Average annual total returns

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

Total distributions per share

Distribution history

Since inception
Distribution schedule
19(a) notices

Distribution sources may 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 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. You should not draw any conclusions about a fund's pastor future investment performance from its current distribution rate. The funds regular monthly distributions may be subject to federal and/or state and local taxes and may be re-characterized as ordinary income. Any re-characterization will be reported in shareholders' 1099-DIV forms after the end of the year. Income exempt from federal income tax may be subject to state and local taxes and the alternative minimum tax. Capital gains, if any, will be subject to capital gains tax.

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

Characteristics

Fund characteristics

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

Top 5 industries

View all holdings

Top 10 portfolio positions

View all holdings
Holdings may vary and are subject to change without notice.

Option overlay information

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
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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.

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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The material contained on this website 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 his or her financial professionals.

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  . The information provided does not constitute a solicitation of an offer to buy, or an offer to sell securities in any jurisdiction to any person to whom it is not lawful to make such an offer.

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Distribution history since inception