# EDGAR Filing Document

**Accession Number:** 0001338561
**File Stem:** 0001999371-26-013018
**Filing Date:** 2026-6
**Character Count:** 43538
**Document Hash:** f77b2ba2790e04049b8246f5e0d36442
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-013018.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001999371-26-013018

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**EFFECTIVENESS DATE**: 20260617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen S&P 500 Dynamic Overwrite Fund
- **CENTRAL INDEX KEY:** 0001338561

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290975
- **FILM NUMBER:** 261098137

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Equity Premium & Growth Fund
- **DATE OF NAME CHANGE:** 20050913

**As filed with the Securities and Exchange Commission on June 17, 2026**

File No. 333-290975

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> Washington, D.C. 20549**

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**FORM N-14**

REGISTRATION STATEMENT<br> *UNDER<br> THE SECURITIES ACT OF 1933*

☐ Pre-Effective Amendment No. __ <br>☒ Post-Effective Amendment No. 1

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**NUVEEN S&P 500 DYNAMIC OVERWRITE FUND** ****<br> (Exact Name of Registrant as Specified in Charter)

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**333 West Wacker Drive<br> Chicago, Illinois 60606**<br> (Address of Principal Executive Offices: Number, Street, City, State, Zip Code)

**(800) 257-8787**<br> (Area Code and Telephone Number)

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**Mark L. Winget<br> Vice President and Secretary<br> Nuveen Investments<br> 333 West Wacker Drive<br> Chicago, Illinois 60606**<br> (Name and Address of Agent for Service)

Copies to:

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| | |
|:---|:---|
| **Deborah Bielicke Eades<br> Vedder Price P.C.<br> 222 North LaSalle Street<br> Chicago, Illinois 60601** | **Eric F. Fess<br> Chapman and Cutler LLP<br> 320 South Canal Street, 27th Floor<br> Chicago, Illinois 60606** |

---

**EXPLANATORY NOTE**

The Joint Proxy Statement/Prospectus and Statement of Additional Information, each in the form filed on [December 29, 2025](https://www.sec.gov/Archives/edgar/data/1338561/000199937125021181/nuveen-424b3_122325.htm), pursuant to Rule 424 of the General Rules and Regulations under the Securities Act of 1933, as amended (File No. 333-290975), are incorporated herein by reference.

This amendment is being filed for the sole purpose of adding to Part C of the Registration Statement the executed opinion and consent of Vedder Price P.C. supporting the tax matters discussed in the Joint Proxy Statement/Prospectus as Exhibit 12.

**PART C<br> OTHER INFORMATION**

**Item 15. Indemnification**

Section 4 of Article XII of Registrant's Declaration of Trust, as amended, provides as follows:

Subject to the exceptions and limitations contained in this Section 4, every person who is, or has been, a Trustee, officer, employee or agent of the Trust, including persons who serve at the request of the Trust as directors, trustees, officers, employees or agents of another organization in which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person"), shall be indemnified by the Trust to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee, director, officer, employee or agent and against amounts paid or incurred by him in settlement thereof.

No indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) against any liability to the Trust or its Shareholders by reason of a final adjudication by the court or other body before which the proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interests of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of a settlement or other disposition not involving a final adjudication (as provided in paragraph (a) or (b)) and resulting in a payment by a Covered Person, unless there has been either a determination that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office by the court or other body approving the settlement or other disposition or a reasonable determination, based on a review of readily available facts (as opposed to a full trial-type inquiry), that he did not engage in such conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a vote of a majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by written opinion of independent legal counsel.

The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such a Covered Person and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under law.

Expenses of preparation and presentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under this Section 4 shall be advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such undertaking is secured by a surety bond or some other appropriate security or the Trust shall be insured against losses arising out of any such advances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a majority of the Disinterested Trustees acting on the matter (provided that a majority of the Disinterested Trustees then in office act on the matter) or independent legal counsel in a written opinion shall determine, based upon a review of the readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

As used in this Section 4, a "Disinterested Trustee" is one (x) who is not an Interested Person of the Trust (including anyone, as such Disinterested Trustee, who has been exempted from being an Interested Person by any rule, regulation or order of the Commission), and (y) against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending.

As used in this Section 4, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits, proceedings (civil, criminal, administrative or other, including appeals), actual or threatened; and the word "liability" and "expenses" shall include without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

The trustees and officers of the Registrant are covered by joint errors and omissions insurance policies against liability and expenses of claims of wrongful acts arising out of their position with the Registrant and other Nuveen funds, subject to such policies' coverage limits, exclusions and deductibles.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "1933 Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the Declaration of Trust of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustees, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

**Item 16. Exhibits**

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| | |
|:---|:---|
| (1) | [Amended and Restated Declaration of Trust, dated December 22, 2014](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99a2.htm).<sup>(1)</sup> |
| (2) | [Amended and Restated By-Laws of Registrant, dated February 28, 2024](https://www.sec.gov/Archives/edgar/data/1338561/000119312524060639/d804874dex31.htm).<sup>(2)</sup> |
| (3) | Not applicable. |
| (4) | [Form of Agreement and Plan of Merger is filed as Appendix A to the Joint Proxy Statement/Prospectus constituting Part A of the Registration Statement](https://www.sec.gov/Archives/edgar/data/1338561/000199937125020974/nuveen-n148ca.htm#proxya544).<sup>(12)</sup> |
| (5) | Not applicable. |
| (6)(a) | [Investment Management Agreement, dated October 1, 2014](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99g1.htm).<sup>(1)</sup> |
| (6)(b) | [Amendment of Investment Management Agreement, dated December 22, 2014](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99g2.htm).<sup>(1)</sup> |
| (6)(c) | [Continuance of Investment Management Agreement, dated May 1. 2025](https://www.sec.gov/Archives/edgar/data/1777482/000199937125010154/ex99-g4.htm).<sup>(5)</sup> |
| (6)(d) | [Investment Sub-Advisory Agreement, dated December 19, 2014](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99g3.htm).<sup>(1)</sup> |
| (6)(e) | [Notice of Continuance of Investment Sub-Advisory Agreement, dated May 1, 2025](https://www.sec.gov/Archives/edgar/data/1777482/000199937125010154/ex99-g5.htm).<sup>(5)</sup> |
| (7)(a) | [Distribution Agreement Relating to At-the-Market Offerings between the Registrant and Nuveen Securities, LLC, dated May 3, 2018.](http://www.sec.gov/Archives/edgar/data/1338561/000119312518184606/d540616dex99h1.htm)<sup>(7)</sup> |
| (7)(b) | [Dealer Agreement Relating to At-the-Market Offerings between Nuveen Securities, LLC and UBS Securities, LLC, dated May 23, 2018.](http://www.sec.gov/Archives/edgar/data/1338561/000119312518184606/d540616dex99h2.htm)<sup>(7)</sup> |
| (7)(c) | [Distribution Agreement Relating to At-the-Market Offerings between the Registrant and Nuveen Securities, LLC, dated July 12, 2021.](http://www.sec.gov/Archives/edgar/data/1338561/000119312521222063/d202369dex99h3.htm)<sup>(8)</sup> |
| (7)(d) | [Dealer Agreement Relating to At-the-Market offerings between Nuveen Securities, LLC and UBS Securities, LLC dated July 22, 2021](http://www.sec.gov/Archives/edgar/data/1338561/000119312521222063/d202369dex99h4.htm).<sup>(8)</sup> |
| (8) | [Nuveen Fund Board Voluntary Deferred Compensation Plan for Independent Directors and Trustees, effective as of November 1, 2021.](https://www.sec.gov/Archives/edgar/data/1635073/000119312522292568/d397717dex99f.htm)<sup>(6)</sup> |
| (9)(a) | [Amended and Restated Master Custodian Agreement between the Nuveen Investment Companies and State Street Bank and Trust Company, dated July 15, 2015](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99j1.htm).<sup>(1)</sup> |
| (9)(b) | [Amendment and Revised Appendix A to Amended and Restated Master Custodian Agreement, dated July 31, 2020](https://www.sec.gov/Archives/edgar/data/1450445/000119312520236529/d99489dex99j2.htm).<sup>(4)</sup> |
| (9)(c) | [Amendment and revised Appendix A, effective September 8, 2022, to the Amended and Restated Master Custodian Agreement](https://www.sec.gov/Archives/edgar/data/1380786/000119312522314076/d403340dex99g3.htm).<sup>(9)</sup> |
| (10) | Not applicable. |
| (11) | [Opinion and Consent of Counsel](https://www.sec.gov/Archives/edgar/data/1338561/000199937125020974/ex99-11.htm).<sup>(12)</sup> |
| (12) | [Opinion and Consent of Vedder Price P.C. supporting the tax matters discussed in the Joint Proxy Statement/Prospectus](ex99-12.htm), is filed herewith. |
| (13)(a) | [Transfer Agency and Service Agreement, dated June 15, 2017 between the Registrant and Computershare Inc. and Computershare Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/1338561/000119312518102259/d540616dex99k1.htm)<sup>(1)</sup> |

---

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| | |
|:---|:---|
| (13)(b) | [First Amendment and Schedule A to Transfer Agency and Service Agreement, dated September 7, 2017.](https://www.sec.gov/Archives/edgar/data/1195738/000119312517345678/d266913dex99k2.htm)<sup>(3)</sup> |
| (13)(c) | [Second Amendment and updated Schedule A, dated February 26, 2018, to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and Computershare Inc. and Computershare Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/1450445/000119312520236529/d99489dex99k3.htm)<sup>(4)</sup> |
| (13)(d) | [Third Amendment, dated May 11, 2020 to the Transfer Agency and Service Agreement dated June 15, 2017 between the Registrant and Computershare Inc. and Computershare Trust Company, N.A.](https://www.sec.gov/Archives/edgar/data/1450445/000119312520236529/d99489dex99k4.htm)<sup>(4)</sup> |
| (13)(e) | [Amended and Restated Schedule A, effective March 28, 2023, to the Transfer Agency and Service Agreement](https://www.sec.gov/Archives/edgar/data/885732/000119312523143216/d422297dex99k5.htm).<sup>(10)</sup> |
| (13)(f) | [Rule 12d1-4 Investment Agreement between RiverNorth Funds, as Acquiring Funds, and Nuveen CEFs, as Acquired Funds, dated January 19, 2022](https://www.sec.gov/Archives/edgar/data/885732/000119312523143216/d422297dex99k6.htm).<sup>(10)</sup> |
| (14) | [Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm](https://www.sec.gov/Archives/edgar/data/1338561/000199937125020974/ex99-14.htm).<sup>(12)</sup> |
| (15) | Not applicable. |
| (16) | [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1338561/000199937125015707/ex99-16.htm).<sup>(11)</sup> |
| (17) | [Form of Proxy appears following the Joint Proxy Statement/Prospectus constituting Part A of the Registration Statement](https://www.sec.gov/Archives/edgar/data/1338561/000199937125020974/nuveen-n148ca.htm).<sup>(12)</sup> |
| (18) | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/1338561/000199937125020974/ex99-18.htm).<sup>(12)</sup> |

---

(1) Filed on March 29, 2018 as an exhibit to the Registrant's Registration Statement on Form N-2 (File Nos. 333-224036 and 811-21809) and incorporated by reference herein.

(2) Filed on March 6, 2024 as an exhibit to the Registrant's Form 8-K (File No. 811-21809) and incorporated by reference herein.

(3) Filed on November 16, 2017 as an exhibit to Post-Effective Amendment No. 1 to Nuveen California AMT-Free Quality Municipal Income Fund's Registration Statement on Form N-2 (File Nos. 333-184971 and 811-21212) and incorporated by reference herein.

(4) Filed on September 1, 2020 as an exhibit to Post-Effective Amendment No. 1 to Nuveen AMT-Free Municipal Value Fund's Registration Statement on Form N-2 (File Nos. 333-223524 and 811-22253) and incorporated by reference herein.

(5) Filed on July 29, 2025 as an exhibit to Post-Effective Amendment No. 5 to Nuveen Enhanced High Yield Municipal Bond Fund's Registration Statement on Form N-2 (File Nos. 333-231722 and 811-23445) and incorporated by reference herein.

(6) Filed on November 25, 2022 as an exhibit to Post-Effective Amendment No. 85 to Nushares ETF Trust's Registration Statement on Form N-1A (File Nos. 333-212032 and 811-23161) and incorporated by reference herein.

(7) Filed on June 6, 2018 as an exhibit to Post-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-224036 and 811-21809) and incorporated by reference herein.

(8) Filed on July 23, 2021 as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-237421 and 811-21809) and incorporated by reference herein.

(9) Filed on December 29, 2022 as an exhibit to Post-Effective Amendment No. 81 to Nuveen Investment Trust V's Registration Statement on Form N-1A (File Nos. 333-138592 and 811-21979) and incorporated herein by reference.

(10) Filed on May 12, 2023 as an exhibit to Nuveen California Select Tax Free Income Portfolio's Registration Statement on Form N-2 (File Nos. 333-271871 and 811-06623) and incorporated herein by reference.

(11) Filed on October 20, 2025 as an exhibit to the Registrant's Registration Statement on Form N-14 (File No. 333-290975) and incorporated by reference herein.

(12) Filed on December 22, 2025 as an exhibit to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-14 (File No. 333-290975) and incorporated by reference herein.

**Item 17. Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

**SIGNATURES**

As required by the Securities Act of 1933, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Chicago and the State of Illinois, on the 17<sup>th</sup> day of June, 2026.

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| | |
|:---|:---|
| Nuveen S&P 500 Dynamic Overwrite Fund | Nuveen S&P 500 Dynamic Overwrite Fund |
| By: | /s/ Mark L. Winget |
|  | Mark L. Winget |
|  | Vice President and Secretary |

---

As required by the Securities Act of 1933, this Registrant's registration statement has been signed by the following persons in the capacities and on the dates indicated:

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| | | | |
|:---|:---|:---|:---|
| **Signature** | **Capacity** | **Date** | **Date** |
| /s/ David J. Lamb | Chief Administrative Officer | June 17, 2026 | June 17, 2026 |
| David J. Lamb | (principal executive officer) |  |  |
| /s/ Mark Cardella | Vice President and Controller | June 17, 2026 | June 17, 2026 |
| Mark Cardella | (principal financial and accounting officer) |  |  |
|  | Chair of the Board and Trustee | By: | /s/ Mark L. Winget |
| Robert L. Young\* |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark L. Winget<br> Attorney-in-Fact<br> June 17, 2026 |
|  | Trustee |  |  |
| Joseph A. Boateng\* | Trustee |  |  |
|  | Trustee |  |  |
| Michael A. Forrester\* | Trustee |  |  |
|  | Trustee |  |  |
| Thomas J. Kenny\* | Trustee |  |  |
|  | Trustee |  |  |
| Amy B.R. Lancellotta\* | Trustee |  |  |
|  | Trustee |  |  |
| Joanne T. Medero\* | Trustee |  |  |
|  | Trustee |  |  |
| Albin F. Moschner\* | Trustee |  |  |
|  | Trustee |  |  |
| John K. Nelson\* | Trustee |  |  |
|  | Trustee |  |  |
| Loren M. Starr\* | Trustee |  |  |
|  | Trustee |  |  |
| Matthew Thornton III\* | Trustee |  |  |
|  | Trustee |  |  |
| Terence J. Toth\* | Trustee |  |  |
|  | Trustee |  |  |
| Margaret L. Wolff\* | Trustee |  |  |

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\* An original power of attorney authorizing, among others, Mark L. Winget, Kevin J. McCarthy and Mark J. Czarniecki to execute this registration statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this registration statement is filed, has been executed and is Exhibit (16) which is incorporated by reference to the Registrant's Registration Statement on Form N-14 (File No. 333-290975) filed on [October 20, 2025](https://www.sec.gov/Archives/edgar/data/1338561/000199937125015707/ex99-16.htm).

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Name of Exhibit** |
| [(12)](ex99-12.htm) | [Opinion and Consent of Vedder Price P.C. supporting the tax matters discussed in the Joint Proxy Statement/Prospectus.](ex99-12.htm) |

---

## Ex-12

[Nuveen S&P 500 Dynamic Overwrite Fund POS EX](spxx-posex_061726.htm)

**Exhibit 99.(12)**

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| | | |
|:---|:---|:---|
| Vedder Price<br> 222 North LaSalle Street<br> Chicago, Illinois 60601 | T: +1 312 609 7500<br> F: +1 312 609 5005<br> vedder.com | ![](ex9912001.jpg) |

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March 30, 2026

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| | |
|:---|:---|
| Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund<br> 333 West Wacker Drive<br> Chicago, Illinois 60606 | Nuveen S&P 500 Dynamic Overwrite Fund<br> 333 West Wacker Drive<br> Chicago, Illinois 60606 |
| Nuveen S&P 500 Buy-Write Income Fund<br> 333 West Wacker Drive<br> Chicago, Illinois 60606 |  |

---

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| | |
|:---|:---|
| **Re:** | **Reorganization of Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund and Nuveen S&P 500 Buy-Write Income Fund into Nuveen S&P 500 Dynamic Overwrite Fund** |

---

Ladies and Gentlemen:

You have requested our opinion regarding certain U.S. federal income tax consequences of certain transactions undertaken pursuant to the Agreement and Plan of Merger dated as of February 20, 2026 by and among Nuveen S&P 500 Dynamic Overwrite Fund, a Massachusetts business trust (the "Acquiring Fund"), each of Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund, a Massachusetts business trust ("Dow Dynamic Overwrite"), and Nuveen S&P 500 Buy-Write Income Fund, a Massachusetts business trust ("Buy-Write Income Fund" and together with Dow Dynamic Overwrite, each a "Target Fund" and collectively, the "Target Funds"), and NSDOF Merger Sub, LLC, a Massachusetts limited liability company and a direct, wholly-owned subsidiary of the Acquiring Fund ("Merger Sub") (the "Plan"). The Target Funds and the Acquiring Fund are each referred to herein as a "Fund" and collectively, as the "Funds."

The Plan contemplates that (i) each Target Fund will merge pursuant to applicable state law with and into Merger Sub with Merger Sub surviving and with (a) the common shares of beneficial interest of the Target Fund converting into voting common shares of beneficial interest, par value $0.01 per share, of the Acquiring Fund ("Acquiring Fund Shares") (each a "Merger" and collectively, the "Mergers") and (ii) as soon as practicable thereafter Merger Sub will distribute all its assets to the Acquiring Fund and the Acquiring Fund will assume all the liabilities of Merger Sub in complete liquidation and dissolution of Merger Sub (the "Liquidation"). The Mergers and the Liquidation are referred to collectively herein as the "Reorganization."

In rendering this opinion, we have examined the Plan and have reviewed and relied upon representations made to us by duly authorized officers of the Funds and Merger Sub in letters dated March 30, 2026 (collectively, the "Representation Letters"). We have also examined such other agreements, documents, corporate records and other materials as we have deemed necessary in order for us to render the opinions referred to in this letter. In such review and examination, we have assumed the genuineness of all signatures, the legal capacity and authority of the parties who executed such documents, the authenticity of all documents submitted to us as originals, the conformity to originals of all documents submitted to us as copies and the authenticity of the originals of such latter documents.

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Vedder Price P.C. is affiliated with Vedder Price LLP, which operates in England and Wales, Vedder Price (CA), LLP, which operates in California, Vedder Price Pte. Ltd., which operates in Singapore, and Vedder Price (FL) LLP, which operates in Florida.

Chicago \| Dallas \| London \| Los Angeles \| Miami \| New York \| San Francisco \| Singapore \| Washington, DC

Nuveen Dow 30<sup>SM</sup> Dynamic Overwrite Fund<br> Nuveen S&P 500 Buy-Write Income Fund<br> Nuveen S&P 500 Dynamic Overwrite Fund<br> March 30, 2026<br> Page 2

Our opinion is based, in part, on the assumptions that (i) the Reorganization described herein will occur in accordance with the terms of the Plan (without the waiver or modification of any terms or conditions thereof and without taking into account any amendment thereof that we have not approved) and the facts and representations set forth or referred to in this opinion letter, and that such facts and representations, as well as the facts and representations set forth in the Plan, are true, correct and complete as of the date hereof and will be true, correct and complete as of the date and time of the Closing (as defined in the Plan) (the "Effective Time") through the date and time of the Liquidation, and (ii) any representation set forth in the Representation Letters qualified by knowledge, intention, belief, disclaimer of responsibility or any similar qualification is, and will be as of the Effective Time through the date and time of the Liquidation, true, correct and complete without such qualification. You have not requested that we undertake, and we have not undertaken, any independent investigation of the accuracy of the facts, representations and assumptions set forth or referred to herein.

For the purposes indicated above, and based upon the facts, assumptions and representations set forth or referred to herein, it is our opinion, with respect to each Merger, that for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Merger will constitute a "reorganization" within the meaning of Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Acquiring Fund and the Target Fund will each be a "party to a reorganization," within the meaning of Section 368(b) of the Code, with respect to such merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No gain or loss will be recognized by the Acquiring Fund or Merger Sub upon the Merger or upon the Liquidation. (Section 1032(a) of the Code; Treas. Reg. Section 301.7701-2(a)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No gain or loss will be recognized by the Target Fund upon the Merger. (Sections 361(a) and (c) and 357(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No gain or loss will be recognized by the Target Fund's shareholders upon the conversion of all their shares of the Target Fund solely into Acquiring Fund Shares in the Merger, except to the extent the Target Fund's common shareholders receive cash in lieu of a fractional Acquiring Fund Share. (Section 354(a) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The aggregate basis of the Acquiring Fund Shares received by each Target Fund shareholder pursuant to the Merger (including any fractional Acquiring Fund Share to which a shareholder would be entitled) will be the same as the aggregate basis of the Target Fund shares that were converted into such Acquiring Fund Shares. (Section 358(a)(1) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holding period of the Acquiring Fund Shares received by each Target Fund shareholder in the Merger (including any fractional Acquiring Fund Share to which a shareholder would be entitled) will include the period during which the shares of the Target Fund that were converted into Acquiring Fund Shares were held by such shareholder, provided such Target Fund shares were held as capital assets at the Effective Time. (Section 1223(1) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The basis of the assets of the Target Fund received by Merger Sub in the Merger will be the same as the basis of such assets in the hands of the Target Fund immediately before the Effective Time. (Section 362(b) of the Code).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The holding period of the assets of the Target Fund received by Merger Sub in the Merger will include the period during which those assets were held by the Target Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset). (Section 1223(2) of the Code).

Notwithstanding anything to the contrary herein, we express no opinion as to the effect of the Reorganization (i) on the Target Funds, the Acquiring Fund, Merger Sub or any Target Fund shareholder with respect to any asset (including without limitation any stock held in a passive foreign investment company as defined in Section 1297(a) of the Code) as to which any gain or loss is required to be recognized under U.S. federal income tax principles (a) at the end of a taxable year or upon the termination thereof, or (b) upon the transfer of such asset regardless of whether such transfer would otherwise be a non-taxable transaction under the Code, (ii) under the alternative minimum tax imposed under Section 55 of the Code on any direct or indirect shareholder of a Target Fund and (iii) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax issues of any kind.

**<u>Facts</u>**

Our opinion is based upon the facts, representations and assumptions set forth or referred to above and the following facts and assumptions, any alteration of which could adversely affect our conclusions.

Each Target Fund has been registered and operated, since it commenced operations, as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). Dow Dynamic Overwrite's common shares are listed and traded on the New York Stock Exchange ("NYSE") under the symbol DIAX and Buy-Write Income Fund's common shares are listed and traded on the NYSE under the symbol BXMX. Neither Target Fund has shares outstanding other than common shares. All the outstanding common shares of each Target Fund are treated as equity for U.S. federal income tax purposes. Each Target Fund is treated as a corporation for U.S. federal income tax purposes, has elected to be taxed as a regulated investment company under Section 851 of the Code for all its taxable years, including without limitation the taxable year in which its respective Merger occurs, and has qualified and will continue to qualify as a regulated investment company under the Code for each of its taxable years, including without limitation the taxable year in which its respective Merger occurs.

The Acquiring Fund similarly has been registered and operated, since it commenced operations, as a closed-end management investment company under the 1940 Act. The Acquiring Fund Shares are listed and traded on the NYSE under the symbol SPXX. The Acquiring Fund has no shares outstanding other than common shares. All the outstanding shares of the Acquiring Fund are treated as equity for U.S. federal income tax purposes and all the Acquiring Fund Shares to be issued in the Mergers will be treated as equity of the Acquiring Fund for U.S. federal income tax purposes. The Acquiring Fund is treated as a corporation for U.S. federal income tax purposes, has elected to be taxed as a regulated investment company under Section 851 of the Code for all its taxable years, including without limitation the taxable year in which the Mergers occur, and has qualified and will continue to qualify as a regulated investment company under the Code for each of its taxable years, including without limitation the taxable year in which the Mergers occur.

Merger Sub is a newly formed Massachusetts limited liability company and a direct, wholly-owned subsidiary of the Acquiring Fund that is and has been since the date of its organization disregarded as an entity separate from its owner within the meaning of Section 301.7701-3 of the Treasury Regulations. Merger Sub has not elected, and will not elect, to be classified, with effect as of or prior to the Liquidation, as an association taxable as a corporation pursuant to Section 301.7701-3 of the Treasury Regulations.

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Upon satisfaction of certain terms and conditions set forth in the Plan, at the Effective Time each Target Fund will merge pursuant to applicable state law with and into Merger Sub with Merger Sub surviving and the common shares of the Target Fund will convert into Acquiring Fund Shares. Pursuant to such state law and without any further action or deed being required, as of the Effective Time, all the rights, privileges, powers, assets, property and liabilities of each Target Fund and Merger Sub will become the rights, privileges, powers, assets, property and liabilities of Merger Sub and the separate legal existence of each Target Fund shall cease for all purposes. Each common share of each Target Fund outstanding immediately prior to the Effective Time will be converted into a number of Acquiring Fund Shares equal to one multiplied by the quotient of the net asset value per common share of the Target Fund as of the Valuation Time (as defined in the Plan) divided by the net asset value of an Acquiring Fund Share as of the Valuation Time. No fractional Acquiring Fund Shares will be issued to Target Fund shareholders in connection with any Merger. In lieu thereof, the Acquiring Fund's transfer agent, on behalf of the shareholders entitled to receive fractional Acquiring Fund Shares, will aggregate all fractional Acquiring Fund Shares and sell the resulting whole shares on the NYSE for the account of all shareholders of fractional interests, and each such shareholder will be entitled to a pro rata share of the proceeds from such sale.

As a result of each Merger, every common shareholder of the Target Fund will own Acquiring Fund Shares (including for this purpose any fractional shares to which they would be entitled) that will have an aggregate per share net asset value as of the Valuation Time equal to the aggregate per share net asset value of the Target Fund common shares held by such shareholder as of the Valuation Time.

As soon as practicable after the Effective Time, Merger Sub will dissolve under applicable state law and the Acquiring Fund will assume all Merger Sub's liabilities and obligations, known and unknown, contingent or otherwise, whether or not determinable, and Merger Sub will distribute to the Acquiring Fund, which will be the sole member of Merger Sub at such time, all the assets of Merger Sub in complete liquidation of its interest in Merger Sub in accordance with a plan of dissolution adopted by Merger Sub.

After the Effective Time, in connection with the Mergers the Acquiring Fund will reposition a portion of the portfolio assets acquired to align the combined portfolio with the investment strategy of the Acquiring Fund (the "Acquiring Fund Repositioning"). No more than fifty percent (50%) of the fair market value of the total assets of either Target Fund will be sold or otherwise disposed of in connection with the Acquiring Fund Repositioning. At all times after the Effective Time and immediately prior to the commencement of the Acquiring Fund Repositioning, the Acquiring Fund will meet its investment objective, strategies, policies, risks and restrictions.

Following each Merger, the Acquiring Fund (directly or indirectly through Merger Sub) will continue the Target Fund's historic business in that it will have an investment objective and investment strategies, policies, risks and restrictions similar to those of the Target Fund. In addition, the Acquiring Fund will use a significant portion of the Target Fund's historic business assets in its business. At the Effective Time, at least thirty-four percent (34%) of the total fair market value of each Target Fund's portfolio assets will meet the investment objective, strategies, policies, risks and restrictions of the Acquiring Fund. Neither Target Fund altered, or will alter, its portfolio in connection with the Reorganization to meet this thirty-four percent (34%) threshold. No Fund modified any of its investment objective, strategies, policies, risks or restrictions in connection with the Reorganization and the Acquiring Fund has no plan or intention to change any of its investment objective, strategies, policies, risks or restrictions after the Mergers.

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In approving a Merger, the Board of Trustees of each Fund (collectively, the "Boards") participating in such Merger determined that the Plan and the transactions contemplated thereunder are in the best interests of its Fund and that the interests of the shareholders of its Fund will not be diluted as a result of the Merger. In making such determination, the Boards considered a number of factors as set forth under the heading "Proposal No. 1 – Merger of Each Target Fund into the Acquiring Fund – Information about the Mergers – Reasons for the Mergers" in the Joint Proxy Statement/Prospectus dated December 23, 2025 (the "Proxy Statement") relating to the Registration Statement (as defined below).

**<u>Conclusion</u>**

Based on the foregoing, it is our opinion with respect to each Merger (subject to the conditions and limitations set forth above) that the Merger in accordance with the terms of the Plan will qualify as a reorganization under Section 368(a)(1) of the Code.

The opinions set forth above (subject to the conditions and limitations set forth above) with respect to (i) the nonrecognition of gain or loss by the Target Funds, the Acquiring Fund and Merger Sub, (ii) the basis and holding period of the assets received by Merger Sub, (iii) the nonrecognition of gain or loss by each Target Fund's shareholders upon the receipt of the Acquiring Fund Shares, except with respect to cash received in lieu of a fractional Acquiring Fund Share, and (iv) the basis and holding period of the Acquiring Fund Shares received by each Target Fund's shareholders follow as a matter of law from the opinion that the transfers under the Plan will qualify as reorganizations under Section 368(a)(1) of the Code.

The opinions expressed in this letter are based on the Code, the Income Tax Regulations promulgated by the Treasury Department thereunder and judicial authority reported as of the date hereof. We have also considered the positions of the Internal Revenue Service (the "Service") reflected in published and private rulings. Although we are not aware of any pending changes to these authorities that would alter our opinions, there can be no assurances that future legislative or administrative changes, court decisions or Service interpretations will not significantly modify the statements or opinions expressed herein. We do not undertake to make any continuing analysis of the facts or relevant law following the date of this letter or to notify you of any changes to such facts or law.

Our opinion is limited to those U.S. federal income tax issues specifically considered herein. We do not express any opinion as to any other federal tax issues, or any state, local or foreign tax law issues, arising from or related to the transactions contemplated by the Plan. Although the discussion herein is based upon our best interpretation of existing sources of law and expresses what we believe a court would properly conclude if presented with these issues, our opinion is not binding on the courts or the Service and no assurance can be given that such interpretations would be followed by the courts or the Service if they were to become the subject of judicial or administrative proceedings.

This opinion is furnished to the Funds for their benefit in connection with the Reorganization and is not to be relied upon, for any other purpose, in whole or in part, without our express prior written consent. Shareholders of the Funds may rely on this opinion, it being understood that we are not establishing any attorney-client relationship with any shareholder of any of the Funds. This letter is not to be relied upon for the benefit of any other person.

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We hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form N-14 (File No. 333-290975) relating to the Reorganization filed by the Acquiring Fund with the Securities and Exchange Commission (the "Registration Statement"); to the discussion of this opinion in the Proxy Statement; and to the use of our name and to any reference to our firm in the Registration Statement and the Proxy Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

/s/ VEDDER PRICE P.C.

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VEDDER PRICE P.C.