A Good Time To Swap Out Of This Option Income CEF [Seeking Alpha]
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)
US:NYSE Investor Relations:
nuveen.com/cef/product/overview.aspx?fundcode=bxmx
Company Research
Source: Seeking Alpha
Summary Author's note: This article was released to members of the Cambridge Income Laboratory about 1 month ago. If you own the Nuveen S&P 500 Dynamic Overwrite Fund ( SPXX ) ( 5.96% yield, +1.38% premium, +2.60 z-score, 0% leverage, 0.93% expense ratio ), now would be a very good time to replace it, for instance with the BlackRock Enhanced Capital and Income Fund ( CII ) ( 6.69% yield, -6.66% discount, +0.50 z-score, 0% leverage, 0.94% expense ratio ). If you look at the total return charts, it would seem that SPXX is blowing CII out of the water, with a nearly 10 percentage point outperformance over the past 1 year. CII Total Return Price data by YCharts However, on the more important NAV basis, it is actually CII that is superior. CII Net Asset Value data by YCharts This discrepancy is largely due to SPXX's massively contracting discount, as can be seen from the chart below. SPXX's premium/discount value has risen
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Sec Filings
- 3/15/24 - Form N-CEN
- 3/8/24 - Form 3
- 3/8/24 - Form 3
- SPXX's page on the SEC website