Nuveen New York Dividend Advantage Municipal Fund's Term Preferred Shares Goes Ex-Dividend Soon

On 5/13/13, Nuveen New York Dividend Advantage Municipal Fund's MuniFund Term Preferred Shares, 2.70% Series 2015 (NYSE: NAN.PRC) will trade ex-dividend, for its monthly dividend of $0.0225, payable on 6/3/13. As a percentage of NAN.PRC's recent share price of $10.12, this dividend works out to approximately 0.22%. On an annualized basis, the current yield is approximately 2.67%, which compares to an average yield of 3.20% in the "ETFs & CEFs" preferred stock category, according to Preferred Sto...