GMQPX Fees and Costs — Goldman Sachs Managed Futures Strategy Fund, Class P
Data updated: 2026-08-27
The net expense ratio is 0.79% (1.53% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $85K in broker commissions, 0.0465% of average net assets, and portfolio turnover was 0%.
GMQPX Fees and Expenses
Annual operating expenses and sales charges of GMQPX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | — |
| Other expenses | 0.30% |
| Gross expense ratio | 1.53% |
| Fee waiver | −0.74% |
| Net expense ratio | 0.79% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
GMQPX Costs Over Time
On $10,000 invested in GMQPX, assuming 5% a year before costs, total costs come to $525 over 5 years, cutting the return by 0.88% 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 0.79%) | $83 | $259 | $450 |
| Trading costs (broker commissions) | $5 | $15 | $27 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $88 | $288 | $525 |
| Value after costs | $10,412 | $11,288 | $12,238 |
| Impact on return, per year | 0.88% | 0.88% | 0.88% |
GMQPX 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): 0.0465%
- Total broker commissions: $85K
- Bought from dealers (principal trades, not a cost): $34.5B
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
GMQPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $33K | 38.31% |
| BOFA SECURITIES, INC. | $31K | 36.38% |
| UBS AG | $10K | 12.13% |
| MORGAN STANLEY & CO. LLC | $7K | 8.52% |
| CitiGroup Global Markets Inc. | $4K | 4.48% |
| BNP PARIBAS London Branch | $103 | 0.12% |
| J.P. Morgan Securities LLC | $35 | 0.04% |
| WELLS FARGO SECURITIES, LLC | $15 | 0.02% |
GMQPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNP PARIBAS | $9.6B | 28.81% |
| JPMorgan Chase Bank, National Association | $4.8B | 14.34% |
| Citibank, National Association | $4.5B | 13.51% |
| BARCLAYS BANK PLC | $4.3B | 12.99% |
| MORGAN STANLEY & CO. INTERNATIONAL PLC | $3.3B | 10.04% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | $2.9B | 8.72% |
| Royal Bank of Canada | $1.3B | 3.86% |
| UBS AG | $1.1B | 3.21% |
| Deutsche Bank Aktiengesellschaft | $818.8M | 2.46% |
| Societe Generale | $689.9M | 2.07% |
Goldman Sachs Managed Futures Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GMQPX | Class P | 0.79% | — |
| GMSWX | Class R6 | 0.79% | none |
| GMSSX | Institutional Class | 0.80% | none |
| GFIRX | Investor Shares | 0.91% | none |
| GMSAX | Class A | 1.16% | 5.50% |
| GFFRX | Class R | 1.41% | none |
| GMSCX | Class C | 1.91% | 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.