QSERX Fees and Costs — AQR Small Cap Multi-Style Fund, Class R6
Data updated: 2026-08-27
The net expense ratio is 0.80%: a 0.45% management fee plus 0.40% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8K in broker commissions, 0.0070% of average net assets, and portfolio turnover was 66%.
QSERX Fees and Expenses
Annual operating expenses and sales charges of QSERX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.40% |
| Gross expense ratio | 0.85% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.80% |
| 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 |
QSERX Costs Over Time
On $10,000 invested in QSERX, assuming 5% a year before costs, total costs come to $507 over 5 years, cutting the return by 0.85% 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 0.80%) | $84 | $263 | $456 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $85 | $278 | $507 |
| Value after costs | $10,415 | $11,298 | $12,256 |
| Impact on return, per year | 0.85% | 0.85% | 0.85% |
QSERX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0070%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $156.1M
- Portfolio turnover (prospectus): 66%
- Securities lending: none during the year
QSERX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $2K | 27.97% |
| J.P. Morgan Securities LLC | $2K | 24.63% |
| Citigroup Global Markets Inc. | $885 | 11.01% |
| Morgan Stanley & Co. LLC | $666 | 8.29% |
| BofA Securities, Inc. | $589 | 7.32% |
| Fidelity Brokerage Services LLC | $545 | 6.78% |
| Sanford C. Bernstein & Co., LLC | $497 | 6.18% |
| UBS Securities LLC | $485 | 6.04% |
| Barclays Capital, Inc. | $144 | 1.79% |
QSERX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $156.0M | 99.93% |
| Morgan Stanley & Co. LLC | $62K | 0.04% |
| BofA Securities, Inc. | $35K | 0.02% |
| Barclays Capital, Inc. | $10K | 0.01% |
| Goldman Sachs & Co. LLC | $2K | 0.00% |
| UBS Securities LLC | $2K | 0.00% |
| Citigroup Global Markets Inc. | $131 | 0.00% |
| Fidelity Brokerage Services LLC | $108 | 0.00% |
AQR Small Cap Multi-Style Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QSERX | Class R6 | 0.80% | — |
| QSMLX | Class I | 0.94% | — |
| QSMNX | Class N | 1.20% | — |
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.