Nuveen to Offer New ETF
May 20, 2002
Nuveen Investments plans to launch a closed-end exchange-traded fund that will specialize in taxable preferred stocks. A public offering for the fund is expected next month.
The product, known as the Nuveen Quality Preferred Income Fund, is the first closed-end ETF to invest primarily in investment-grade taxable preferred securities, the firm said in a statement.
The fund is intended to help investors diversify their portfolios, said Paul Williams, Nuveen's VP of closed-end ETF development.
Spectrum Asset Management will sub-advise the fund, and Salomon Smith Barney will serve as its lead underwriter.
Nuveen initially filed the fund with the SEC in late April.