In plain terms — Nuveen Preferred & Income Opportunities Fund
Shares currently cost about 8.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.0% discount, so today's level is unusually wide for this fund (Z-score -2.3). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 11.0% a year of the share price (10.1% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.09 of assets — a ReinvestCapture™ rate of 12.0%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.0% over the past year including distributions (NAV total return).
Annual costs are 4.10% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -4.00% | 3.52% | -0.98 | 62 |
| 6 months | -2.16% | 3.23% | -1.63 | 118 |
| 1 year | -1.05% | 2.75% | -2.32 | 224 |
| 3 years | -3.42% | — | — | — |
| 5 years | -5.00% | — | — | — |
Current contemporaneous premium/discount -7.43% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -9.92% to +2.22%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -4.95% | -14.72% | -17.14% | -17.65% | +3.11% | -7.49% |
| Market price total return | -4.10% | -12.57% | -10.97% | -9.36% | +13.09% | +0.95% |
| NAV return | -2.63% | -5.61% | -8.64% | -9.09% | +1.10% | -5.52% |
| NAV total return | -1.82% | -3.29% | -1.89% | +0.02% | +10.65% | +2.70% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The Nuveen Preferred & Income Opportunities Fund (JPC) functions as a closed-ended, balanced investment vehicle, initially launched by Nuveen Investments Inc. Its oversight is a joint effort between Nuveen Fund Advisors LLC, Nuveen Asset Management, LLC, and NWQ Investment Management Company, LLC. This fund directs its investments towards public equity and fixed income opportunities within the United States, seeking exposure across a variety of industry sectors. A core component of its investment approach involves preferred shares, common stocks that distribute dividends, and corporate or taxable municipal debt. These debt instruments must carry a credit rating of at least BBB/Baa from agencies such as S&P, Moody's, or Fitch. The fund constructs its holdings by employing fundamental analysis coupled with a top-down security selection methodology. For performance benchmarking, JPC measures itself against the BofA/Merrill Lynch Preferred Stock Fixed Rate Index, as well as a customized JPC Blended Index. This blended index is comprised of 82.5% of the BofA/Merrill Lynch Preferred Stock Fixed Rate Index and 17.5% of the Barclays Capital Securities Index. Established on March 26, 2003, and based in the United States, the fund was formerly recognized as the Nuveen Preferred Income Opportunities Fund.
CEF Explorer research page for Nuveen Preferred & Income Opportunities Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.