NELAX Fees and Costs — Nuveen Equity Long/Short Fund, Class A
Data updated: 2026-07-24
The net expense ratio is 2.16% (2.31% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. In fiscal 2024 the fund paid $70K in broker commissions, 0.0601% of average net assets, and portfolio turnover was 65%.
NELAX Fees and Expenses
Annual operating expenses and sales charges of NELAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.26% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 2.31% |
| Fee waiver | −0.15% |
| Net expense ratio | 2.16% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
NELAX Costs Over Time
On $10,000 invested in NELAX, assuming 5% a year before costs, total costs come to $2,011 over 5 years, cutting the return by 3.54% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $575 | $575 | $575 |
| Fund expenses (net expense ratio 2.16%) | $214 | $659 | $1,127 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $29 | $124 | $277 |
| Total costs | $823 | $1,376 | $2,011 |
| Value after costs | $9,677 | $10,200 | $10,752 |
| Impact on return, per year | 8.23% | 4.34% | 3.54% |
NELAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0601%
- Total broker commissions: $70K
- Bought from dealers (principal trades, not a cost): $224.4M
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
NELAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $20K | 33.94% |
| Jefferies LLC | $12K | 19.67% |
| Robert W. Baird & Co. Incorporated | $4K | 7.27% |
| Bank of America, National Association | $4K | 6.70% |
| National Financial Services LLC | $4K | 6.30% |
| Instinet LLC | $4K | 5.84% |
| JPMorgan Securities LLC | $3K | 5.75% |
| Wells Fargo Securities, LLC | $3K | 5.39% |
| Liquidnet INC. | $3K | 4.88% |
| Piper Sandler & Co. | $3K | 4.27% |
NELAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $42.1M | 21.73% |
| Jefferies LLC | $41.7M | 21.54% |
| Piper Sandler & Co. | $39.9M | 20.62% |
| Instinet LLC | $14.6M | 7.56% |
| UBS Financial Services Inc. | $14.2M | 7.33% |
| National Financial Services LLC | $11.9M | 6.15% |
| Robert W. Baird & Co. Incorporated | $9.5M | 4.90% |
| Bank of America, National Association | $7.6M | 3.95% |
| JPMorgan Securities LLC | $6.7M | 3.45% |
| Virtu Americas LLC | $5.3M | 2.76% |
Nuveen Equity Long/Short Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NELIX | Class I | 1.91% | none |
| NELAX | Class A | 2.16% | 5.75% |
| NELCX | Class C | 2.91% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.