Sign in / Join NowSummaryNuveen S 500 Dynamic Overwrite Fund is supposed to replicate the respective index performance with less volatility.Generally closed end funds Discount, or in this case Premium, is a good measure of sentiment but in this particular case, tool seems to be broken.We have previously seen deviations in this fund, but they have been rather short lived in comparison to the current situation which is, frankly fluffy bunny phone case, weird.I am not entirely sure whether we have missed something major or this is a dormant volcano, yet logic clings to the latter.Note: This article was originally published for our subscribers on 3/26/2018 and some figures and charts may not be entirely up to date.Introduction One of the golden rules of trading is to pick a group of products, find a system that works in them and then utilize it for as long as you can. While we should never let our ego go wild and think that we know more than the market, there are certain cases where numbers do not lie and we prefer to trust them until results suggest that something has gone wrong.The Nuveen S 500 Dynamic Overwrite Fund (NYSE: SPXX) is in essence the same product as our other favorite QQQX, a CEF which tracks QQQ respectively. And right there we have seen that in times of extreme panic ‘sentiment’ can undergo major shifts in a matter of minutes, after our fellow market participants have been asleep or enchanted by some sort of black magic over the last week when it comes to the closed end fund discussed in this article.SPDR S 500 ETF (NYSEARCA:SPY) is not in a beautiful place these days and we are inclined to believe that SPXX is not the superior product, or at least not one that deserves a 10% Premium.Fund Overview The Nuveen S 500 Dynamic Overwrite Fund is supposed to replicate the S 500’s performance while utilizing Options in order to reduce volatility and potentially achieve better returns, or as Nuveen has put it:Source: Fund sponsor’s website OverviewWhile all of this sounds great, we are not convinced just yet, therefore the SPDR S 500 ETF will be used as a means of comparison in our search for answers.A look at SPXX’s portfolio characteristics reveals the following:Source: Fund sponsor’s website CharacteristicsThose interested in a more detailed examination of all 214 holdings can find an Excel file kindly provided by Nuveen on the same page ‘View All Holdings.’As per the portfolio, there is some information regarding the Options, which are traded in case anyone more educated on the manner can find any clues:Source: Fund sponsor’s website CharacteristicsHere is a snapshot of the expenses SPXX incurs:Source: Fund sponsor’s website PricingAs you have already noticed, no Leverage is put to use in this one.
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