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BXMX: Reliable Income But Don't Expect Any Growth
Nuveen S&P 500 Buy-Write Income Fund focuses on generating income through covered calls, offering a distribution yield of 7.2%. Covered call funds have gained popularity for their ability to generate income in all market conditions. Virtually all of this fund's total returns come from distributions and there is no dividend growth so it will only suit certain investors.
Why We Prefer BXMX's 7.7% Yield Over XYLD's 11.3%
BXMX and XYLD write covered calls on the index as an offset to their equity holdings. BXMX is a closed end fund, whereas XYLD is an exchange traded fund. We review them on key characteristics, performance, and yield and provide our pick between the two.
BXMX: Solid Buy-Write Fund Yielding 7%
The Nuveen S&P 500 Buy-Write Income Fund writes index call options to enhance risk-adjusted returns and fund an attractive distribution yield. The fund has delivered solid historical performance with average annual returns of 10.0%/6.9%/7.5%/6.8% over 3/5/10/15 years, sufficient to fund its 7.3% distribution. However, investing in BXMX may lead to long-term underperformance compared to passive market funds like the SPY ETF.
BXMX: Discount Opens Up
The Nuveen S&P 500 Buy-Write Income Fund is currently trading at an attractive discount, dropping from the premium when we last covered the fund. The fund aims to mirror the S&P 500 Index and generates options premium, with a nearly 100% overwrite. BXMX has seen its distribution change many times in its history, but the latest payout seems to be at a reasonable level where it could be maintained for now.
BXMX: Buy-Write CEF Outperforming JEPI, 7% Yield
BXMX is an equity buy-write closed-end fund. The CEF has a 7% dividend yield and has managed to outperform most buy-write funds this year, including the vaunted JP Morgan JEPI fund.
BXMX: Call Writing On The S&P 500, But Elevated Premium
The S&P 500 is down YTD, but BXMX has provided some downside protection through their call writing. One problem with that is that the share price has become relatively expensive, pushing to a premium.
Nuveen S&P 500 Buy-Write Income Fund, 7.2% Yield
BXMX is a CEF from the buy-write suite of products. The CEF pays income on a quarterly basis versus the monthly distributions we see for other funds in the space.
PCEF: Shrinking Capital And Income
PCEF: Shrinking Capital And Income
BXMX: A 5.9% Yielding Vehicle For Rangebound Markets
BXMX: A 5.9% Yielding Vehicle For Rangebound Markets
BXMX: A Supplement To Your DGI Portfolio
BXMX: A Supplement To Your DGI Portfolio
BXMX Financial details
BXMX Financial Performance
Yearly Fundamentals Overview
Last date of statement is 2023-12-31
Metric | History | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 2.01 | 0.96 | 2.41 | -1.76 | 0.3 | |
Net income per share | 2 | 0.95 | 2.4 | -1.77 | 2.32 | |
Operating cash flow per share | 0 | 0 | 0 | 0 | 0 | |
Free cash flow per share | 0 | 0 | 0 | 0 | 0 | |
Cash per share | 0.25 | 0 | 0.43 | 0.26 | 0.6 | |
Book value per share | 13.72 | 13.75 | 15.32 | 12.6 | 13.94 | |
Tangible book value per share | 14.1 | 13.75 | 15.32 | 12.84 | 13.94 | |
Share holders equity per share | 13.72 | 13.75 | 15.32 | 12.6 | 13.94 | |
Interest debt per share | 0 | 0 | 0 | 0.13 | 0.26 | |
Market cap | 1.43B | 1.34B | 1.52B | 1.31B | 1.34B | |
Enterprise value | 1.43B | 1.38B | 1.52B | 1.32B | 1.36B | |
P/E ratio | 6.88 | 13.51 | 6.1 | -7.15 | 5.54 | |
Price to sales ratio | 6.84 | 13.38 | 6.08 | -7.18 | 42.36 | |
POCF ratio | 0 | 0 | 0 | 0 | 0 | |
PFCF ratio | 0 | 0 | 0 | 0 | 0 | |
P/B Ratio | 1 | 0.94 | 0.96 | 1 | 0.92 | |
PTB ratio | 1 | 0.94 | 0.96 | 1 | 0.92 | |
EV to sales | 6.84 | 13.77 | 6.08 | -7.22 | 43.2 | |
Enterprise value over EBITDA | 6.87 | 13.9 | 6.1 | -7.18 | 5.65 | |
EV to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
EV to free cash flow | 0 | 0 | 0 | 0 | 0 | |
Earnings yield | 0.15 | 0.07 | 0.16 | -0.14 | 0.18 | |
Free cash flow yield | 0 | 0 | 0 | 0 | 0 | |
Debt to equity | 0 | 0 | 0 | 0.01 | 0.02 | |
Debt to assets | 0 | 0 | 0 | 0.01 | 0.02 | |
Net debt to EBITDA | 0 | 0.39 | 0 | -0.04 | 0.11 | |
Current ratio | 1.16 | 0.08 | 0.02 | 0.24 | 0 | |
Interest coverage | 0 | 0 | 97.65K | -169.36K | 2.65K | |
Income quality | 0 | 0 | 0 | 0 | 0 | |
Dividend Yield | 0 | 0 | 0 | 0 | 0 | |
Payout ratio | 0 | 0 | 0 | 0 | 0 | |
Sales general and administrative to revenue | 0.01 | 0.01 | 0 | 0 | 0.03 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 24.84 | 17.17 | 28.77 | 22.4 | 26.95 | |
ROIC | 0.13 | 0.06 | 0.15 | -0.15 | 0.16 | |
Return on tangible assets | 0.14 | 0.07 | 0.15 | -0.14 | 0.16 | |
Graham Net | 0.4 | -0.51 | 0.26 | 0.25 | 0.06 | |
Working capital | 853.5K | -54.01M | -40.37M | -24.4M | -26.51M | |
Tangible asset value | 1.46B | 1.43B | 1.59B | 1.33B | 1.45B | |
Net current asset value | 853.5K | -54.01M | -40.37M | 975.88K | -58.14M | |
Invested capital | 0 | 0 | 0 | 0.01 | 0.02 | |
Average receivables | 3.8M | 5.5M | 2.9M | 4.31M | 4.85M | |
Average payables | 2.61M | 2.61M | 0 | 0 | 0 | |
Average inventory | 16.08M | 18.7M | 26.02M | 23.9M | 489.54K | |
Days sales outstanding | 10.64 | 17.91 | 1.28 | -15.45 | 22.53 | |
Days payables outstanding | 160.06 | 0 | 0 | 0 | 0 | |
Days of inventory on hand | 985.41 | 166.52 | 1.32K | 29.68 | 0 | |
Receivables turnover | 34.31 | 20.38 | 285.59 | -23.62 | 16.2 | |
Payables turnover | 2.28 | 0 | 0 | 0 | 0 | |
Inventory turnover | 0.37 | 2.19 | 0.28 | 12.3 | 0 | |
ROE | 0.15 | 0.07 | 0.16 | -0.14 | 0.17 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
Quarterly Fundamentals Overview
Last date of statement is 2023-12-31 for Q4
Metric | History | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-12-31 |
---|---|---|---|---|---|---|
2.02K | 2.02K | 2.02K | 2.02K | 2.02K | ||
Revenue per share | 0.06 | 0.47 | 0.06 | 0.16 | 0.15 | |
Net income per share | 0.16 | 0.31 | 0.83 | 1.66 | 0.66 | |
Operating cash flow per share | 0 | 0 | 0 | 0 | 0 | |
Free cash flow per share | 0 | 0 | 0 | 0 | 0 | |
Cash per share | 0 | 0.26 | 0 | 0.39 | 0.6 | |
Book value per share | 12.57 | 12.57 | 13.76 | 13.76 | 13.94 | |
Tangible book value per share | 12.57 | 12.82 | 13.76 | 14.26 | 13.94 | |
Share holders equity per share | 12.57 | 12.57 | 13.76 | 13.76 | 13.94 | |
Interest debt per share | 0 | 0.13 | 0 | 0 | 0.26 | |
Market cap | 1.24B | 1.32B | 1.36B | 1.39B | 1.34B | |
Enterprise value | 1.24B | 1.32B | 1.36B | 1.39B | 1.36B | |
P/E ratio | 18.86 | 10.04 | 3.94 | 2.01 | 4.9 | |
Price to sales ratio | 212.81 | 26.64 | 228.26 | 85.59 | 87.46 | |
POCF ratio | 0 | 0 | 0 | 0 | 0 | |
PFCF ratio | 0 | 0 | 0 | 0 | 0 | |
P/B Ratio | 0.94 | 1.01 | 0.95 | 0.97 | 0.92 | |
PTB ratio | 0.94 | 1.01 | 0.95 | 0.97 | 0.92 | |
EV to sales | 212.81 | 26.78 | 228.25 | 85.59 | 89.2 | |
Enterprise value over EBITDA | 91.06 | 40.38 | 16.31 | 8.05 | 19.94 | |
EV to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
EV to free cash flow | 0 | 0 | 0 | 0 | 0 | |
Earnings yield | 0.01 | 0.02 | 0.06 | 0.12 | 0.05 | |
Free cash flow yield | 0 | 0 | 0 | 0 | 0 | |
Debt to equity | 0 | 0.01 | 0 | 0 | 0.02 | |
Debt to assets | 0 | 0.01 | 0 | 0 | 0.02 | |
Net debt to EBITDA | 0 | 0.21 | 0 | 0 | 0.39 | |
Current ratio | 1.08 | 0.24 | 0.81 | 0.88 | 0 | |
Interest coverage | 0 | -20.32K | 0 | 371.91K | 755.46 | |
Income quality | 0 | 0 | 0 | 0 | 0 | |
Dividend Yield | 0 | 0 | 0 | 0 | 0 | |
Payout ratio | 0 | 0 | 0 | 0 | 0 | |
Sales general and administrative to revenue | 0.52 | 0.06 | 0.52 | 0.19 | 0 | |
Research and developement to revenue | 0 | 0 | 0 | 0 | 0 | |
Intangibles to total assets | 0 | 0 | 0 | 0 | 0 | |
Capex to operating cash flow | 0 | 0 | 0 | 0 | 0 | |
Capex to revenue | 0 | 0 | 0 | 0 | 0 | |
Capex to depreciation | 0 | 0 | 0 | 0 | 0 | |
Stock based compensation to revenue | 0 | 0 | 0 | 0 | 0 | |
Graham number | 6.67 | 9.44 | 16.03 | 22.67 | 14.34 | |
ROIC | 0 | 0.02 | 0 | 0.12 | 0.05 | |
Return on tangible assets | 0.01 | 0.02 | 0.06 | 0.11 | 0.05 | |
Graham Net | -0.3 | 0.25 | -0.58 | 0.61 | 0.06 | |
Working capital | 2.5M | -24.4M | -14.15M | -2.9M | -26.51M | |
Tangible asset value | 1.31B | 1.33B | 1.43B | 1.49B | 1.45B | |
Net current asset value | 2.5M | 975.88K | -14.15M | -2.9M | -58.14M | |
Invested capital | 0 | 0.01 | 0 | 0 | 0.02 | |
Average receivables | 1.05M | 4.36M | 14.24M | 20.72M | 0 | |
Average payables | 11.85M | 0 | 0 | 11.82M | 0 | |
Average inventory | 0 | 489.54K | 489.54K | 30.92M | 0 | |
Days sales outstanding | 14.95 | 14.11 | 312.2 | 114.63 | 11.47 | |
Days payables outstanding | 0 | 0 | 0 | 362.91 | 0 | |
Days of inventory on hand | 0 | 15.19 | 0 | 949.72 | 0 | |
Receivables turnover | 6.02 | 6.38 | 0.29 | 0.79 | 7.84 | |
Payables turnover | 0 | 0 | 0 | 0.25 | 0 | |
Inventory turnover | 0 | 5.92 | 0 | 0.09 | 0 | |
ROE | 0.01 | 0.03 | 0.06 | 0.12 | 0.05 | |
Capex per share | 0 | 0 | 0 | 0 | 0 |
BXMX Frequently Asked Questions
What is Nuveen S&P 500 Buy-Write Income Fund stock symbol ?
Nuveen S&P 500 Buy-Write Income Fund is a US stock , located in Chicago of Il and trading under the symbol BXMX
What is Nuveen S&P 500 Buy-Write Income Fund stock quote today ?
Nuveen S&P 500 Buy-Write Income Fund stock price is $13.23 today.
Is Nuveen S&P 500 Buy-Write Income Fund stock public?
Yes, Nuveen S&P 500 Buy-Write Income Fund is a publicly traded company.