ADANX Fees and Costs — AQR Diversified Arbitrage Fund, Class N
Data updated: 2026-08-27
The net expense ratio is 2.05%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $207K in broker commissions, 0.0107% of average net assets, and portfolio turnover was 410%.
ADANX Fees and Expenses
Annual operating expenses and sales charges of ADANX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.76% |
| Gross expense ratio | 2.05% |
| Fee waiver | — |
| Net expense ratio | 2.05% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ADANX Costs Over Time
On $10,000 invested in ADANX, assuming 5% a year before costs, total costs come to $1,262 over 5 years, cutting the return by 2.16% 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 |
| Fund expenses (net expense ratio 2.05%) | $215 | $664 | $1,139 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $33 | $117 |
| Total costs | $216 | $701 | $1,262 |
| Value after costs | $10,284 | $10,875 | $11,501 |
| Impact on return, per year | 2.16% | 2.16% | 2.16% |
ADANX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0107%
- Total broker commissions: $207K
- Bought from dealers (principal trades, not a cost): $16.7B
- Portfolio turnover (prospectus): 410%
- Securities on loan, average value: $1.5M
- Net income from securities lending: $1K (0.000% of average net assets)
ADANX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $55K | 28.35% |
| J.P. Morgan Securities LLC | $54K | 28.00% |
| TD SECURITIES (USA) LLC | $20K | 10.61% |
| Cantor Fitzgerald & Co. | $15K | 7.88% |
| Mizuho Securities USA LLC | $13K | 6.72% |
| Citigroup Global Markets Inc. | $11K | 5.65% |
| BofA Securities, Inc. | $10K | 5.43% |
| Roth Capital Partners, LLC | $6K | 3.31% |
| Cohen & Company Securities, LLC | $4K | 2.04% |
| Seaport Global Securities LLC | $4K | 1.99% |
ADANX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $8.9B | 59.44% |
| BofA Securities, Inc. | $1.3B | 8.86% |
| Barclays Capital, Inc. | $801.7M | 5.38% |
| TD SECURITIES (USA) LLC | $786.1M | 5.28% |
| Morgan Stanley & Co. LLC | $739.0M | 4.96% |
| Goldman Sachs & Co. LLC | $728.1M | 4.89% |
| Wells Fargo Securities, LLC | $474.2M | 3.18% |
| Nomura Securities International, Inc. | $470.1M | 3.15% |
| Jefferies LLC | $434.1M | 2.91% |
| BNP Paribas Securities Corp. | $290.0M | 1.95% |
AQR Diversified Arbitrage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QDARX | Class R6 | 1.66% | — |
| ADAIX | Class I | 1.77% | — |
| ADANX | Class N | 2.05% | — |
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.