Company: JPC
Filing Date: 2025-06-12
Form Type: 424B3
Source: 0001999371-25-007638
Chunk: 250

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-06-12
Form: 424B3
Chunk 250
---
 likelihood over 
 any given period.                                                                     |

| ● | In                                                                                       
 the case of Government and Shareholder Support Ratings, the ratings do not opine on any  
 quality related to an issuer’s business, operational or financial profile other          
 than the agency’s opinion on its relative likelihood of receiving external extraordinary 
 support.                                                                                 |

| ● | The                                                                                           
 ratings do not opine on the suitability of any security for investment or any other purposes. |

Ratings assigned by Fitch Ratings articulate an opinion on discrete and specific areas of risk. The above list is not exhaustive, and is provided for the reader’s convenience.

RATING WATCHES AND RATING OUTLOOKS

Rating Watch

Rating Watches indicate that there is a heightened probability of a rating change and the likely direction of such a change. These are designated as Positive, indicating that a rating could stay at its present level or potentially be upgraded, Negative, to indicate that the rating could stay at its present level or potentially be downgraded, or Evolving, if ratings may be raised, lowered or affirmed.

However, ratings can be raised or lowered without being placed on Rating Watch first. A Rating Watch is typically event-driven, and as such, it is generally resolved over a relatively short period. The event driving the Watch may be either anticipated or have already occurred, but in both cases, the exact rating implications remain undetermined. The Watch period is typically used to gather further information and/or subject the information to further analysis. A Rating Watch must be reviewed and a RAC be published every six months after a rating has been placed on Rating Watch, except in the case described below.

Additionally, a Watch may be used where the rating implications are already clear, but where they remain contingent upon an event (e.g. shareholder or regulatory approval). The Watch will typically extend to cover the period until the event is resolved or its outcome is predictable with a high enough degree of certainty to permit resolution of the Watch. In these cases, where it has previously been communicated within the RAC that the Rating Watch will be resolved upon an event and where there are no material changes to the respective rating up to the event, the Rating Watch may not be reviewed within the six months interval. In any case, the affected ratings (and the Rating Watch) will remain subject to an annual review cycle.

<div align='center'>A-10</div>

Rating Outlook

Rating Outlooks indicate the direction a rating is likely to move over a one-to two-year period. They reflect financial or other trends that