SPXX CEF — Nuveen S&P 500 Dynamic Overwrite Fund

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)

SPXX is a CEF. its distribution rate is 9.12%, its trailing-12-month yield is 8.21%, its expense ratio is 0.89%. Dividend Vision Distribution Safety Score™ is 97/100 (Safe). Total return is 373.7% over the past 20.8 years, 406.4 points behind SPY at 780.1%.

At the current 9.12% distribution rate, a $10,000 investment would generate approximately $912 per year, or about $228.00 per quarter if the next payment matches the last regular one.

Nuveen S&P 500 Dynamic Overwrite Fund is a closed-end fund that seeks to replicate S&P 500 performance while generating income through covered call options written on its large-cap equity holdings. The fund distributes quarterly and currently offers a high distribution rate. This structure appeals primarily to income-focused investors seeking regular payouts from a diversified equity portfolio.

SPXX performance versus SPY

Price and return data through 2026-09-18.

Total return is 373.7% over the past 20.8 years, 406.4 points behind SPY at 780.1%. Over the past year its total return — price change plus distributions reinvested — is 12.5%. Its deepest 1-year drawdown was 11.9%.

SPXX key facts

Distribution Safety Score™

97 · Safe

Safety-Adjusted Yield

8.85%

Issuer

Nuveen

Asset type

CEF

Asset class

Equity

Inception date

11/22/2005

Expense ratio

0.89%

Distribution rate

9.12%

Distribution frequency

Quarterly

Trailing yield

8.21%

5-year average yield

7.03

Last close

$18.51 (as of 2026-09-18)

NAV

$20.91

Premium / discount

11.48% discount

Market cap

$335,981,632

Average volume

196000.0

Next dividend

$0.422

Last ex-dividend date

09/15/2026 (as of 2026-09-15)

Next payment date

10/01/2026 (as of 2026-10-01)

Beta

0.813

How Dividend Vision calculates yield and returns

Distribution rate (9.12%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (8.21%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Nuveen or company page; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

SPXX risks and drawbacks

Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 11.9%.

Who may consider SPXX — and who may not

SPXX may suit someone looking for a high Distribution Safety Score. It is a weaker fit for investors who need monthly cash flow (SPXX pays quarterly); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

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