For accounts funded before September 16, 2026, Schwab is the custodian.
For accounts opened after September 16, 2026, the custodian depends on your account size and chosen extension.
New accounts under $10M, or new accounts using extensions of 175/75 or higher, will be held at Interactive Brokers.
New accounts of $10M or more using 130/30 or 145/45 may be held at Schwab or Interactive Brokers; clients may select their custodian when they qualify for both.
Either way, your account is a separately managed account in your name.
Interactive Brokers | Schwab | |
Minimum | $3M | $10M |
Standard extensions supported | 130/30 up to 250/150 | 130/30 and 145/45 |
Management fee | No difference (e.g. 0.50% at 130/30) | No difference (e.g. 0.50% at 130/30) |
Financing costs | Varies by extension (e.g., 0.24% pre-tax at 130/30) | Varies by extension (e.g., 0.285% pre-tax at 130/30) |
Statements and tax forms | From Interactive Brokers | From Schwab |
Status | Onboarding soon | Open for eligible clients |
Opening an account at Interactive Brokers
Onboarding for Cache Long/Short accounts at Interactive Brokers is open now. Our Operations team will help you open and fund your Interactive Brokers account. Interactive Brokers will send your statements, trade confirmations and tax forms.
Accounts of $10M and up
For Cache Long/Short accounts of $10M or higher, the custodian depends on extension level and the client’s preference:
Extensions of 130/30 or 145/45: clients can select either Interactive Brokers or Schwab as the custodian
Extensions of 175/75 or higher: Interactive Brokers is the custodian
If you already have a Cache Long/Short account at Schwab
Nothing changes. Your account stays at Schwab, with the same management, statements and notifications.
How do the costs differ?
Financing costs vary based on extension; for example, at 130/30, it’s 0.24% at Interactive Brokers and 0.285% at Schwab. Management fees are the same at either custodian.
For a full list of costs, see What does the Cache Long/Short strategy cost?
Who manages my account?
At either custodian, Nuveen's Brooklyn investment team ("Brooklyn") manages the portfolio, and Cache oversees the strategy and your client experience. Cache does not take custody of client assets.
Brooklyn is a trade name of Nuveen Asset Management, LLC, an SEC registered investment adviser and an affiliate of Nuveen, LLC.