QSPNX Fees and Costs — AQR Style Premia Alternative Fund, Class N
Data updated: 2026-08-27
The net expense ratio is 6.40%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.2M in broker commissions, 0.1458% of average net assets, and portfolio turnover was 142%.
QSPNX Fees and Expenses
Annual operating expenses and sales charges of QSPNX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 4.83% |
| Gross expense ratio | 6.40% |
| Fee waiver | — |
| Net expense ratio | 6.40% |
| 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 |
QSPNX Costs Over Time
On $10,000 invested in QSPNX, assuming 5% a year before costs, total costs come to $3,665 over 5 years, cutting the return by 6.87% 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 6.40%) | $672 | $1,978 | $3,236 |
| Trading costs (broker commissions) | $15 | $45 | $74 |
| Lost growth on money paid in costs | $0 | $104 | $355 |
| Total costs | $687 | $2,128 | $3,665 |
| Value after costs | $9,813 | $9,449 | $9,098 |
| Impact on return, per year | 6.87% | 6.87% | 6.87% |
QSPNX 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): 0.1458%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $8.6B
- Portfolio turnover (prospectus): 142%
- Securities on loan, average value: $250.4M
- Net income from securities lending: $8K (0.000% of average net assets)
QSPNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $616K | 27.86% |
| Morgan Stanley & Co. LLC | $599K | 27.08% |
| Goldman Sachs & Co. LLC | $558K | 25.22% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $168K | 7.58% |
| Citigroup Global Markets Inc. | $92K | 4.14% |
| BofA Securities, Inc. | $61K | 2.75% |
| BNP Paribas Securities Corp. | $32K | 1.46% |
| Instinet, LLC | $31K | 1.41% |
| UBS Securities LLC | $28K | 1.27% |
| Barclays Capital, Inc. | $27K | 1.23% |
QSPNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $7.4B | 86.41% |
| Deutsche Bank Securities Inc. | $290.3M | 3.40% |
| Morgan Stanley & Co. LLC | $284.8M | 3.34% |
| Nomura Securities International, Inc. | $166.8M | 1.96% |
| Natwest Markets Securities Inc. | $151.8M | 1.78% |
| BNP Paribas Securities Corp. | $81.3M | 0.95% |
| Goldman Sachs & Co. LLC | $61.3M | 0.72% |
| BMO Nesbitt Burns Securities Ltd. | $42.4M | 0.50% |
| TD SECURITIES (USA) LLC | $42.3M | 0.50% |
| HSBC Securities (USA) Inc. | $38.3M | 0.45% |
AQR Style Premia Alternative Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| QSPRX | Class R6 | 6.02% | — |
| QSPIX | Class I | 6.13% | — |
| QSPNX | Class N | 6.40% | — |
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.