"Overwriting" Madness [zero hedge]
Nuveen NASDAQ 100 Dynamic Overwrite Fund - Closed End Fund (QQQX)
US:NASDAQ Investor Relations:
nuveen.com/cef/product/data.aspx?fundcode=diax
Company Research
Source: zero hedge
Authored by Kevin Muir via The Macro Tourist blog,Closed-end funds are an interesting sentiment indicator. Although there are individual factors that determine whether a specific closed-end fund trades at a premium or discount, there can be no arguing with the cold hard reality of what investors are willing to pay above (or below) NAV to gain exposure to a particular asset.Therefore it was with great interest that I dug into the following tweet by my pal Adam Collins at Movement Capital (a must follow on twitter):CEF stands for Closed-End Fund and the product in question is the Nuveen Nasdaq 100 Dynamic Overwrite Fund - symbol QQQX.Adam is being facetious when he jests that “they say markets are efficient”. He knows - like we all do - that markets are far from efficient.If markets were even remotely efficiently no one would pay at 15.72% premium to NAV (Net Asset Value) for a fund that buys QQQs and then shorts some calls against the position.The return stream could be easily replicat
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QQQX
Sec Filings
- 3/15/24 - Form N-CEN
- 3/11/24 - Form 3
- 3/8/24 - Form 3
- QQQX's page on the SEC website