Reorganization Of Nuveen Equity CEFs: Good Or Bad For Shareholders?
- Nuveen has opened the vote on reorganization of several of its domestic equity, option-income, closed-end funds.
- Four new funds will emerge post-reorganization. Three will follow a "dynamic" options strategy. One will use a "complete" options strategy with total coverage of the portfolio by options.
- The new funds will be pegged to the major US market indexes: S&P 500, Dow Jones 30, and the Nasdaq 100. I focus here on the latter.
Nuveen To Consolidate Its Equity Option Income Funds: What Does It Mean?
- Nuveen proposes to consolidate its equity option income funds into a new line up.
- The replacement funds are based on the three major equity indexes.
- The option income investment strategies will change in most cases.
- Only one of the new replacement funds currently exists: QQQX which is proposed to absorb JLA only.
- Based on current prices it looks like a favorable conversion for holders of JLA, but many questions remain unanswered.
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Nuveen Equity Premium Advantage Fundis a diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of current income and gains from net index option premiums.
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