Seeking AlphaT3·29mo ago
NEA Nuveen AMT-Free Quality Municipal Income Fund
XNYSStock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
NEA
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Key stats
About
- Exchange
- XNYS
- Market Cap
- $3.0B
- List Date
- 2003-01-16
- CIK
- 0001195737
- Homepage
- https://www.nuveen.com
Nuveen AMT-Free Municipal Income Fund is a diversified closed-end management investment company. Its investment objective is to provide current income exempt from regular federal income tax and the alternative minimum tax applicable to individuals, by investing in an actively managed portfolio of tax-exempt municipal securities. The company invest in Transportation, Utilities, Healthcare, Education and Civics, and other sectors, with maximum investment in Transportation.
Fund profile
- Expense ratio
- —
- Assets
- $3.0B shares × price, Oct 21, 2026
- Trailing yield
- —
- Average daily volume
- $27M 30 sessions
- Holdings
- —
- Listed
- Jan 16, 2003 NYSE
Costn/a
Liquidity81
Scale92
Diversificationn/a
Moves with. US large-cap stocks (16% of its variance, beta 0.40); Long Treasuries (8% of its variance, beta 0.26); Developed markets ex-US over US (3% of its variance, beta 0.19). These factors explain 29% of its daily moves over the last year, so most of what drives this fund is something else.
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| MUBiShares National Muni Bond ETF | — | 0.05% | $52.1B | −4.7% | compare |
| VTEBVanguard Tax-Exempt Bond Index Fund | — | 0.03% | $50.4B | −5.0% | compare |
| JMUBJPMorgan Municipal ETF | — | 0.18% | $8.7B | −4.9% | compare |
| CGMUCapital Group Municipal Income ETF | — | 0.27% | $7.2B | −3.8% | compare |
| PZAInvesco National AMT-Free Municipal Bond ETF | — | 0.28% | $4.1B | −7.7% | compare |
The largest other funds in the National Muni category.
Summary
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composite
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No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -0.13% | -9.27% | 0.69% | -0.18% | 0.44% | 0.17% | -1.38% |
| Feb | -3.65% | -0.28% | -7.88% | -1.53% | 1.58% | 1.11% | -1.78% |
| Mar | 2.49% | -7.53% | 3.35% | 0.54% | -3.45% | -5.63% | -1.71% |
| Apr | 1.14% | -5.82% | 0.63% | -2.92% | -3.20% | 0.53% | -1.61% |
| May | 1.66% | 1.61% | -2.99% | 1.87% | -0.73% | 0.61% | 0.34% |
| Jun | 2.55% | -7.04% | 1.39% | 5.14% | 1.02% | 1.65% | 0.78% |
| Jul | 1.41% | 7.07% | -0.64% | 0.87% | -2.27% | -3.80% | 0.44% |
| Aug | -0.56% | -6.26% | -3.96% | -0.51% | 1.38% | -0.18% | -1.68% |
| Sep | -4.88% | -10.32% | -7.37% | 3.37% | 3.92% | -10.20% | -4.25% |
| Oct | 0.40% | -3.91% | -1.04% | -3.57% | 1.92% | -0.35%* | -1.09% |
| Nov | 0.26% | 12.49% | 9.27% | 4.02% | -0.52% | -- | 5.10% |
| Dec | 2.43% | -1.73% | 2.61% | -5.21% | 1.22% | -- | -0.14% |
| Total | 2.84% | -28.84% | -6.94% | 1.35% | 1.04% | -15.56% | -7.68% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $9.96
SMA 50: $10.53
SMA 200: $11.28
Current: $10.04
EMA 12: $10.00
EMA 26: $10.14
MACD: -0.1321 | Signal: 0.0507
BEARISH
ADX (14): 34.67
TREND
+DI: 18.92
−DI: 26.08
Momentum Oscillators
RSI (14): 45.66
NEUTRAL
Stoch %K: 58.82
Stoch %D: 56.63
Williams %R: -23.53
Volume & Volatility
BB Upper: $10.16
BB Lower: $9.75
NEUTRAL
OBV: -5,782,169
Vol SMA 20: 2,646,183
Vol ROC: -94.96%
ATR: $0.17
True Range: $0.11
HV 20: 21.4%
HV 30: 21.3%
HV 60: 16.7%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report: NEA
Executive Summary
Overall Assessment: NEUTRAL (Confidence Level: 6/10)
Key Drivers and Primary Risks:
- Technical indicators suggest a consolidation phase, with the stock trading within a range.
- Recent news headlines have been neutral, with no significant events or catalysts impacting the stock price.
- Risk metrics indicate low volatility, suggesting a relatively stable environment.
2-3 Sentence Investment Thesis: NEA appears to be in a holding pattern, with technical indicators and recent news sentiment indicating a lack of directional momentum. As such, investors may consider taking a neutral stance, with potential for re-entry at more favorable levels or upon the emergence of a catalyst.
Recent News Sentiment Impact: Neutral headlines have not had a significant impact on the stock price, which remains range-bound.
Technical Analysis
Trend Direction:
- Short-term (1-4 weeks): NEUTRAL
- Medium-term (1-3 months): RANGE-BOUND
- Long-term (3-12 months): UPTRENDING
Support/Resistance Levels:
- Support: $11.10 (lower Bollinger Band)
- Resistance: $11.73 (upper Bollinger Band)
Momentum Signals:
- RSI interpretation: NEUTRAL (50.22, within the 30-70 range)
- MACD signal: BEARISH (-0.04 / -0.01 / -0.03)
- Bollinger Bands position: NEUTRAL
Volume Analysis: Volume is trading within a range, with no clear directional bias.
News & Sentiment Analysis
Recent Headlines Summary: Neutral news headlines have been the primary driver of recent market moves, with no significant events or catalysts impacting the stock price.
Sentiment Assessment: Aggregate sentiment is NEUTRAL (4/5 neutral articles).
Catalyst Identification: No near-term catalysts are apparent, suggesting a lack of directional momentum.
Market Narrative: The neutral news sentiment aligns with the technical signals, indicating a range-bound environment with no clear direction.
Risk & Volatility Assessment
Beta Interpretation: Low risk relative to market (beta = 0.29).
Volatility Regime: Current volatility is low, consistent with historical averages.
Options Market Signals: No options data available for analysis.
Downside Protection: Support levels are in place at $11.10, with potential for a bounce if the stock breaks above this level.
Market Context & Positioning
Sector Performance: NEA has underperformed its sector peers over the past month.
Institutional Activity: No clear institutional interest or activity is apparent from recent volume and trading patterns.
Correlation Analysis: The stock moves relatively closely to the market (R-squared = 0.32).
Relative Valuation: NEA appears reasonably valued within its trading range, with potential for re-entry at more favorable levels.
Key Levels & Action Items
Critical Price Levels:
- Support: $11.10
- Resistance: $11.73
Breakout/Breakdown Levels: A break above or below the current range could trigger significant moves.
Time-Sensitive Catalysts: No near-term catalysts are apparent, suggesting a lack of directional momentum.
Risk Management: Consider taking a neutral stance and monitoring for potential re-entry opportunities at more favorable levels.
Generated
News
All NEA news →
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NEA Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
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pts
EXTREME
ATM — / Wing —
30 DTE / 10d
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pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.3784
Alpha: -16.94%
Correlation: 0.3761
R-Squared: 14.1%
Stock Volatility: 12.8%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own NEA
1 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Rockefeller Capital Management Family office Rockefeller family | $4.3M | #1035 of 4729 | -3.1% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
NEA Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
NEA Insider Trading (Form 4)
Latest: 2026-09-25Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-09-25 | Michael S. Hamilton | Sell (S) | −2,676 | $9.93 | -$26.6K | EDGAR | |
| 2025-09-11 | Nathaniel T. Jones | Vice President | Sell (S) | −400 | $11.35 | -$4.5K | EDGAR |
| 2024-11-07 | Michael S. Hamilton | Buy (P) | +265 | $11.35 | $3.0K | EDGAR | |
| 2024-11-06 | Michael S. Hamilton | Buy (P) | +264 | $11.44 | $3.0K | EDGAR | |
| 2024-08-22 | Michael S. Hamilton | Buy (P) | +2,147 | $11.62 | $25.0K | EDGAR | |
| 2024-03-27 | David J Lamb | Vice President | Buy (P) | +6,000 | $11.04 | $66.2K | EDGAR |
| 2024-01-12 | Paul L Brennan | V.P. & Portfolio Manager | Sell (S) | −328 | $11.01 | -$3.6K | EDGAR |
| 2022-11-28 | Terence J Toth | Sell (S) | −4,566 | $11.38 | -$52.0K | EDGAR | |
| 2021-09-15 | Gifford R Zimmerman | CCO and Vice President | Sell (S) | −1,000 | $15.97 | -$16.0K | EDGAR |
| 2021-06-21 | Gifford R Zimmerman | CCO and Vice President | Sell (S) | −2,056 | $15.54 | -$32.0K | EDGAR |
| 2020-10-02 | Wells Fargo Municipal Capital Strategies, LLC | 10%+ Owner | Other (J) | −7,140 | — | EDGAR | |
| 2019-04-05 | Wells Fargo Municipal Capital Strategies, LLC | 10%+ Owner | Other (J) | −6,000 | — | EDGAR | |
| 2018-03-30 | Wells Fargo Municipal Capital Strategies, LLC | 10%+ Owner | Other (J) | 23,190 (reclass) | — | EDGAR | |
| 2018-03-13 | Wells Fargo Municipal Capital Strategies, LLC | 10%+ Owner | Other (J) | −3,000 | $100000.00 | -$300.00M | EDGAR |
| 2017-08-10 | Terence J Toth | Buy (P) | +898 | $13.91 | $12.5K | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
ETF Holders
2 ETFs hold NEA
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.