QNZIX Fees and Costs — AQR Trend Total Return Fund, Class I
Data updated: 2026-08-27
The net expense ratio is 3.32% (3.74% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $101K in broker commissions, 0.1504% of average net assets, and portfolio turnover was 461%.
QNZIX Fees and Expenses
Annual operating expenses and sales charges of QNZIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | — |
| Other expenses | 2.66% |
| Gross expense ratio | 3.74% |
| Fee waiver | −0.42% |
| Net expense ratio | 3.32% |
| 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 | Yes |
QNZIX Costs Over Time
On $10,000 invested in QNZIX, assuming 5% a year before costs, total costs come to $2,066 over 5 years, cutting the return by 3.64% 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 3.32%) | $349 | $1,060 | $1,791 |
| Trading costs (broker commissions) | $16 | $48 | $81 |
| Lost growth on money paid in costs | $0 | $56 | $194 |
| Total costs | $364 | $1,164 | $2,066 |
| Value after costs | $10,136 | $10,412 | $10,697 |
| Impact on return, per year | 3.64% | 3.64% | 3.64% |
QNZIX 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): 0.1504%
- Total broker commissions: $101K
- Bought from dealers (principal trades, not a cost): $766.4M
- Portfolio turnover (prospectus): 461%
- Securities on loan, average value: $8.6M
- Net income from securities lending: $9K (0.014% of average net assets)
QNZIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $52K | 51.69% |
| Morgan Stanley & Co. LLC | $26K | 25.99% |
| J.P. Morgan Securities LLC | $13K | 13.07% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $3K | 2.65% |
| Instinet, LLC | $2K | 2.12% |
| UBS Securities LLC | $2K | 1.79% |
| BNP Paribas Securities Corp. | $2K | 1.64% |
| Citigroup Global Markets Inc. | $379 | 0.38% |
| National Financial Services LLC | $345 | 0.34% |
| BofA Securities, Inc. | $329 | 0.33% |
QNZIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $728.9M | 95.12% |
| Morgan Stanley & Co. LLC | $10.3M | 1.34% |
| Citigroup Global Markets Inc. | $8.1M | 1.06% |
| Deutsche Bank Securities Inc. | $7.3M | 0.96% |
| Natwest Markets Securities Inc. | $3.7M | 0.48% |
| TD SECURITIES (USA) LLC | $2.9M | 0.38% |
| BofA Securities, Inc. | $2.7M | 0.35% |
| HSBC Securities (USA) Inc. | $2.1M | 0.27% |
| Barclays Capital, Inc. | $225K | 0.03% |
| UBS Securities LLC | $120K | 0.02% |
AQR Trend Total Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QNZRX | Class R6 | 3.17% | — |
| QNZIX | Class I | 3.32% | — |
| QNZNX | Class N | 3.57% | — |
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.