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.
Closed-End Fund QQQX And The Return Of Capital Debate
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QQQX vs. ETF Alternatives
The Fund intends to pursue its investment objective principally through a two-part strategy, namely The NASDAQ Investment Portfolio and The Option Strategies. Firstly, the Fund will invest, under normal circumstances, substantially all of its net assets in
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