# EDGAR Filing Document

**Accession Number:** 0001444822
**File Stem:** 0001193125-25-141366
**Filing Date:** 2025-6
**Character Count:** 50999
**Document Hash:** 42178ef5f842d71ee47788b196820676
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-141366.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001193125-25-141366

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250616

**DATE AS OF CHANGE**: 20250616

**EFFECTIVENESS DATE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQR Funds
- **CENTRAL INDEX KEY:** 0001444822

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-153445
- **FILM NUMBER:** 251049785

**BUSINESS ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830
- **BUSINESS PHONE:** 203-742-3600

**MAIL ADDRESS:**
- **STREET 1:** ONE GREENWICH PLAZA
- **CITY:** GREENWICH
- **STATE:** CT
- **ZIP:** 06830

## Series and Classes Contracts Data

### AQR CVX Fusion Fund (Series ID: S000093172)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000261312 | Class I      | QCFIX           |
| C000261313 | Class R6     | QCFRX           |
| C000261314 | Class N      | QCFNX           |

![](g795179aqrfrontcoverlogo.jpg)

**AQR CVX Fusion Fund**

**Fund Summary — June 16, 2025**

**Ticker: Class N/QCFNX — Class I/QCFIX — Class R6/QCFRX**

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund, including the statement of additional information, online at https://funds.aqr.com/fund-documents. You can also get this information at no cost by calling (866) 290-2688 or by sending an email to info@aqrfunds.com. The Fund's [prospectus](https://www.sec.gov/Archives/edgar/data/1444822/000119312525140669/d938611d485bpos.htm)and [statement of additional information](https://www.sec.gov/Archives/edgar/data/1444822/000119312525140669/d938611d485bpos.htm), each dated June 16, 2025, as amended and supplemented from time to time, are incorporated by reference to this summary prospectus.

**Investment Objective**

The AQR CVX Fusion Fund (the "Fund") seeks capital appreciation.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | Class N  | Class I  | Class R6  |
| Management Fee | 0.95%<br>| 0.95%<br>| 0.95%<br>|
| Distribution (12b-1) Fee | 0.25%<br>|  |  |
| Other Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on Short Sales<sup>1</sup> and Interest Expense<sup>2</sup> <br>| 1.02%  | 1.02%  | 1.02%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Expenses<sup>2</sup> <br>| 1.04%  | 1.04%  | 0.94%  |
| Total Other Expenses | 2.06%<br>| 2.06%<br>| 1.96%<br>|
| Total Annual Fund Operating Expenses | 3.26%<br>| 3.01%<br>| 2.91%<br>|
| Less: Expense Reimbursements<sup>3</sup> <br>| 0.84%<br>| 0.84%<br>| 0.84%<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses after Expense <br> Reimbursements<sup>4</sup> <br>| 2.42%<br>| 2.17%<br>| 2.07%<br>|

---

<sup>1</sup> When a cash dividend is declared on a stock the Fund has sold short, the Fund is required to pay an amount equal to the dividend to the party from which the Fund has borrowed the stock, and to record the payment as an expense.

<sup>2</sup> Estimated for the current fiscal year because the Fund has not commenced operations.

<sup>3</sup> The *Adviser* has contractually agreed to reimburse operating expenses of the Fund in an amount sufficient to limit certain Specified Expenses at no more than 0.20% for Class N Shares and Class I Shares and 0.10% for Class R6 Shares. "Specified Expenses" for this purpose include all Fund operating expenses other than management fees and 12b-1 fees and exclude interest, taxes, dividends on short sales, borrowing costs, acquired fund fees and expenses, interest expense relating to short sales, expenses related to class action claims, contingent expenses related to tax reclaim receipts, reorganization expenses and extraordinary expenses. This agreement (the "Expense Limitation Agreement") will continue at least through April 30, 2027. The Expense Limitation Agreement may be terminated with the consent of the *Board of Trustees*, including a majority of the *Non-Interested Trustees* of the *Trust*. The *Adviser* is entitled to recapture any expenses reimbursed during the thirty-six month period following the end of the month during which the *Adviser* reimbursed expenses, provided that the amount recaptured may not cause the Specified Expenses attributable to a share class of the Fund during a year in which a repayment is made to exceed either of (i) the applicable limits in effect at the time of the reimbursement and (ii) the applicable limits in effect at the time of recapture.

<sup>4</sup> Total Annual Fund Operating Expenses after Expense Reimbursements are 1.40% for Class N Shares, 1.15% for Class I Shares and 1.05% for Class R6 Shares if Dividends on Short Sales and Interest Expense are not included.

------

AQR Funds–Summary Prospectus2

**Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other *mutual funds*. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same and takes into account the effect of the Expense Limitation Agreement through April 30, 2027, as discussed in Footnote No. 3 to the Fee Table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class N Shares | $245 | $852 | $1561 | $3446 |
| Class I Shares | $220 | $777 | $1439 | $3211 |
| Class R6 Shares | $210 | $747 | $1389 | $3116 |

---

**Portfolio Turnover:** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. The Fund has not commenced operations as of the date of this prospectus.

**Principal Investment Strategies of the Fund**

The Fund seeks to provide investors with two different sources of return: 1) strategic exposure to equity markets (the "Strategic Equity Portfolio"), and 2) the potential gains from a trend-following approach (the "Trend-Following Portfolio").

*<u>Strategic Equity Portfolio</u>*

Within the Strategic Equity Portfolio, the *Adviser*, on average, intends to target a portfolio beta of approximately 1.0 to the U.S. equity markets over a normal business cycle. "Beta" refers to an investment's sensitivity to a securities market. Achieving a portfolio beta of approximately 1.0 would result, over a normal business cycle, in returns that are highly correlated to the returns of equity markets in which the portfolio invests. The *Adviser* intends to implement this exposure through investments in futures contracts, futures-related instruments, and equity index swaps.

*<u>Trend-Following Portfolio</u>*

Trend strategies favor investments that follow an identified positive or negative trend. Within the Trend-Following Portfolio, the *Adviser* uses a proprietary, systematic, and quantitative process that seeks to benefit from price trends in commodity, currency, equity, *volatility*, credit, and fixed income Instruments. Generally, the Trend-Following Portfolio allocates assets among four major asset classes (commodities, currencies, equities and fixed income) by investing in several hundred futures contracts, futures-related instruments, forwards, swaps and securities, including, but not limited to, commodity futures, forwards and swaps; currencies, currency futures and forwards; equities, equity index futures, equity swaps and *volatility* futures; bond futures and swaps; interest rate futures and swaps and credit default index swaps (collectively, the "Instruments"). The Fund may either invest directly in the Instruments or indirectly by investing in the *Subsidiary* (as described below) that invests in the Instruments. There are no geographic limits on the market exposure of the Fund's assets. This flexibility allows the *Adviser* to look for investments or gain exposure to asset classes and markets around the world, including emerging markets (i.e., non-developed markets), that it believes will enhance the Fund's ability to meet its objective. The Fund may also invest in exchange-traded funds or exchange-traded notes through which the Fund can participate in the performance of one or more Instruments. The Fund's return is expected to be derived principally from changes in the value of securities and its portfolio is expected to consist principally of securities.

Within the Trend-Following Portfolio, the Fund will take either a long or short position in a given Instrument. The *Adviser* generally expects that the Fund will have exposure in long and short positions across all four major asset classes (commodities, currencies, fixed income and equities), but at any one time the Fund may emphasize one or two of the asset classes or a limited number of exposures within an asset class. The size and type (long or short) of the position taken will relate to various factors, including the *Adviser's* systematic assessment of a trend (i.e., momentum), utilizing both price and fundamental data, and its likelihood of continuing as well as the *Adviser's* estimate of the Instrument's risk. The owner of a long position in an instrument will benefit from an increase in the price of the instrument, or, in the case of a derivative instrument, from an increase in the price of the underlying instrument. The owner of a short position in an instrument will benefit from a decrease in the price of the instrument, or, in the case of a derivative instrument, from a decrease in the price of the underlying instrument. An example of a trend measure is using short-term prices (e.g., prices over a one-to- three-month period) to select an equity index.

*<u>Additional Information Regarding the Fund's Principal Investment Strategies</u>*

The Fund may have exposure to companies of any market capitalization. There is no percentage limit on the Fund's exposure to small less-liquid equity securities. The Fund may have exposure to debt securities of any credit rating, maturity or duration, which may include high-yield credit default index swaps.

------

AQR Funds–Summary Prospectus3

With respect to the Fund's Trend-Following Portfolio, the *Adviser,* on average, will typically target an annualized *volatility* level of between 4% to 10%. *Volatility* is a statistical measurement of the dispersion of returns of a security or fund or index, as measured by the annualized standard deviation of its returns. With respect to the Fund's Strategic Equity Portfolio, the Fund's *volatility* from this exposure will be a function and outcome of prevailing market conditions. Hence, total actual or realized *volatility* experienced by the Fund can and will differ materially from the target *volatility* described above over longer or shorter periods depending on market conditions. Higher *volatility* generally indicates higher risk.

Futures and forward contracts are contractual agreements to buy or sell a particular currency, commodity or financial instrument at a pre-determined price in the future. The Fund's use of futures contracts, forward contracts, swaps and certain other Instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an Instrument and results in increased *volatility*, which means the Fund will have the potential for greater gains, as well as the potential for greater losses, than if the Fund did not use Instruments that have a leveraging effect. For example, if the *Adviser* seeks to gain enhanced exposure to a specific asset class through an Instrument providing leveraged exposure to the asset class and that Instrument increases in value, the gain to the Fund will be magnified. If that investment decreases in value, however, the loss to the Fund will be magnified. A decline in the Fund's assets due to losses magnified by the Instruments providing leveraged exposure may require the Fund to liquidate portfolio positions to satisfy its obligations or to meet redemption requests when it may not be advantageous to do so. There is no assurance that the Fund's use of Instruments providing enhanced exposure will enable the Fund to achieve its investment objective.

As a result of the Fund's strategy, the Fund may have highly leveraged exposure to one or more asset classes at times. The *1940 Act* and the rules and interpretations thereunder impose certain limitations on the Fund's ability to use leverage; however, the Fund is not subject to any additional limitations on its net long and short exposures. For example, the Fund, on average, could hold instruments that provide three to four times the net return of a broad- or narrow-based securities index. For more information on these and other risk factors, please see the "Principal Risks of Investing in the Fund" section of the prospectus.

When taking into account derivative instruments and instruments with a maturity of one year or less at the time of acquisition, the Fund's strategy will result in frequent portfolio trading and high portfolio turnover (typically greater than 300% per year).

The *Adviser* will consider the potential federal income tax impact on a shareholders' after-tax investment return of certain trading decisions, including but not limited to, selling or closing out of Instruments to realize losses, or refraining from selling or closing out of Instruments to avoid realizing gains, when determined by the *Adviser* to be appropriate. The *Adviser* will also take into consideration various tax rules pertaining to holding periods, wash sales and tax straddles.

A significant portion of the Fund's assets may be held in cash or cash equivalent investments, with one year or less to maturity, including, but not limited to, money market instruments and U.S. Government securities (collectively, "Cash Equivalents"). The cash or Cash Equivalent holdings earn income for the Fund and can be held as unencumbered assets of the Fund or serve as collateral for the positions that the Fund takes on. While the Fund normally does not engage in any direct borrowing for investment purposes, leverage is implicit in the futures and other derivatives it trades.

The Fund intends to make investments through the *Subsidiary* and may invest up to 25% of its total assets in the *Subsidiary*. Generally, the *Subsidiary* will invest primarily in commodity-linked derivative instruments, such as commodity futures, forwards and swaps (which may include swaps on commodity futures), and will hold cash and Cash Equivalents. The Fund will invest in the *Subsidiary* in order to gain exposure to the commodities markets within the limitations of the federal tax laws, rules and regulations that apply to registered investment companies. Unlike the Fund, the *Subsidiary* may invest without limitation in commodity-linked derivative instruments, however, the Fund and the *Subsidiary* will comply with *Rule 18f-4* on a consolidated basis with respect to investments in derivatives. In addition, the Fund and the *Subsidiary* will be subject to the same fundamental investment restrictions on a consolidated basis and, to the extent applicable to the investment activities of the *Subsidiary*, the *Subsidiary* will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the *Subsidiary* will not seek to qualify as a regulated investment company under Subchapter M of the *Code*. The Fund is the sole shareholder of the *Subsidiary* and does not expect shares of the *Subsidiary* to be offered or sold to other investors.

**Principal Risks of Investing in the Fund**

Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments.***The Fund is not a complete investment program and should be considered only as one part of an investment portfolio. The Fund is more appropriate for long-term investors who can bear the risk of short-term NAV fluctuations, which at times, may be significant and rapid, however, all investments long- or short-term are subject to risk of loss.*** The following is a summary description of certain risks of investing in the Fund. The order of the below risk factors does not indicate the significance of any particular risk factor.

------

AQR Funds–Summary Prospectus4

**Below Investment Grade Securities Risk:** Although bonds rated below investment grade (also known as "junk" securities) generally pay higher rates of interest than investment grade bonds, bonds rated below investment grade are high risk, speculative investments that may cause income and principal losses for the Fund.

**China Risk:** Despite economic and market reforms implemented over the last few decades, the Chinese government still exercises substantial influence over many aspects of the private sector and may own or control many companies. Investing in China also involves risks of losses due to expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign investments and on repatriation of capital invested. There is also the risk that the U.S. Government or other governments may sanction Chinese issuers or otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese issuers which may negatively affect the liquidity and price of their securities. There can be no assurance that economic reforms implemented over the past few decades will continue or that they will be respected.

**Commodities Risk:** Exposure to the commodities markets may subject the Fund to greater *volatility* than investments in traditional securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index *volatility*, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Additionally, the Fund may gain exposure to the commodities markets through investments in exchange-traded notes, the value of which may be influenced by, among other things, time to maturity, level of supply and demand for the exchange-traded note, *volatility* and lack of liquidity in underlying markets, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument.

**Common Stock Risk:** The Fund may invest in, or have exposure to, common stocks. Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

**Counterparty Risk:** The Fund may enter into various types of derivative contracts as described below under "Derivatives Risk". Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

**Credit Default Swap Agreements Risk:** The Fund may enter into credit default index swap agreements, and similar agreements as a "buyer" or "seller" of credit protection. Credit default swap agreements involve special risks because they may be difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

**Credit Risk:** Credit risk refers to the possibility that the issuer of a security or the issuer of the reference asset of a derivative instrument will not be able to make principal and interest payments when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. Securities rated in the four highest categories (S&P Global Ratings ("S&P") (AAA, AA, A and BBB), Fitch Ratings ("Fitch") (AAA, AA, A and BBB) or Moody's Investors Service, Inc. ("Moody's") (Aaa, Aa, A and Baa)) by the rating agencies are considered investment grade but they may also have some speculative characteristics, meaning that they carry more risk than higher rated securities and may have problems making principal and interest payments in difficult economic climates. Investment grade ratings do not guarantee that the issuer will not default on its payment obligations or that bonds will not otherwise lose value.

**Currency Risk:** Currency risk is the risk that changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. The liquidity and trading value of foreign currencies could be affected by global economic factors, such as inflation, interest rate levels, and trade balances among countries, as well as the actions of sovereign governments and central banks. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from the Fund's investments in securities denominated in a foreign currency or may widen existing losses.

**Derivatives Risk:** In general, a derivative instrument typically involves leverage, *i.e.*, it provides exposure to potential gain or loss from a change in the level of the market price of the underlying security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or level of the underlying asset or index, which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. These instruments come in many varieties and have a wide range of potential risks and rewards, and may include, as further described in the section entitled "Principal Investment Strategies of the Fund," futures contracts, forward contracts and swaps. A risk of the Fund's use of derivatives is that the fluctuations in their values may not correlate perfectly with the overall securities markets.

------

AQR Funds–Summary Prospectus5

**Emerging Market Risk:** The Fund intends to have exposure to emerging markets. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. Emerging markets generally have less stable political systems, less developed securities settlement procedures and may require the establishment of special custody arrangements. Emerging securities markets generally do not have the level of market efficiency and strict standards in accounting and securities regulation as developed markets, which could impact the *Adviser's* ability to evaluate these securities and/or impact Fund performance.

**Fixed Income Securities Risk:** Fixed income securities are subject to the risk that the securities could lose value because of interest rate changes. For example, bonds tend to decrease in value if interest rates rise. Fixed income securities with longer maturities sometimes offer higher yields, but are subject to greater price shifts as a result of interest rate changes than fixed income securities with shorter maturities. During periods of declining interest rates, a bond issuer may "call," or repay, its high yielding bonds before their maturity dates. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in its income. Fixed income securities are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt.

**Foreign Investments Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Fund will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund generally holds its foreign instruments and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries may prohibit or impose substantial restrictions on foreign investments in their capital markets or in certain industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The regulatory, financial reporting, accounting, recordkeeping and auditing standards of foreign countries may differ, in some cases significantly, from U.S. standards.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts draws upon the *Adviser's* skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's *NAV* and *total return*, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the *Adviser's* inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Hedging Transactions Risk:** The *Adviser* from time to time employs various hedging techniques. The success of the Fund's hedging strategy will be subject to the *Adviser's* ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. Since the characteristics of many securities change as markets change or time passes, the success of the Fund's hedging strategy will also be subject to the *Adviser's* ability to continually recalculate, readjust, and execute hedges in an efficient and timely manner. For a variety of reasons, the *Adviser* may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs (such as trading commissions and fees).

**High Portfolio Turnover Risk:** The investment techniques and strategies utilized by the Fund, including investments made on a shorter-term basis or in derivative instruments or instruments with a maturity of one year or less at the time of acquisition, may result in frequent portfolio trading and high portfolio turnover. High portfolio turnover rates will cause the Fund to incur higher levels of brokerage fees and commissions, which may reduce performance, and may cause higher levels of current tax liability to shareholders in the Fund.

------

AQR Funds–Summary Prospectus6

**Interest Rate Risk:** Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. Prices of longer term securities generally change more in response to interest rate changes than prices of shorter term securities. The Fund may lose money if short-term or long-term interest rates rise sharply or otherwise change in a manner not anticipated by the *Adviser*.

**Investment in Other Investment Companies Risk:** As with other investments, investments in other investment companies, including exchange-traded funds ("ETFs"), are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market *mutual funds*. An investment in a money market *mutual fund* is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market *mutual funds* that invest in U.S. Government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable *NAV* money market *mutual fund*. Moreover, prime money market *mutual funds* are required to use floating *NAVs* that do not preserve the value of the Fund's investment at $1.00 per share.

**Leverage Risk:** As part of the Fund's principal investment strategy, the Fund will make investments in futures contracts, forward contracts, swaps and other derivative instruments to gain long and short exposure across four major asset classes (commodities, currencies, fixed income and equities). These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss**. If the Fund uses leverage through activities such as entering into short sales or purchasing derivative instruments, the Fund has the risk that losses may exceed the net assets of the Fund**. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements.

**Manager Risk:** If the *Adviser* makes poor investment decisions, it will negatively affect the Fund's investment performance.

**Market Risk:** Market risk is the risk that the markets on which the Fund's investments trade will increase or decrease in value. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. If there is a general decline in the securities and other markets, your investment in the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

**Mid-Cap Securities Risk:** The Fund may invest in, or have exposure to, the securities of mid-cap companies. The prices of securities of mid-cap companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large-cap companies by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession.

**Model and Data Risk:** Given the complexity of the investments and strategies of the Fund, the *Adviser* relies heavily on quantitative models and information and traditional and non-traditional data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the *Adviser* for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties or otherwise, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. The *Adviser* also uses machine learning, which typically has less out-of-sample evidence and is less transparent or interpretable, which could result in errors or omissions. The Fund bears the risk that the quantitative models used by the *Adviser* will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective.

All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

The *Adviser* currently makes use of non-traditional data, also known as "alternative data" (e.g., data related to consumer transactions or other behavior, social media sentiment, and internet search and traffic data). There can be no assurance that using alternative data will result in positive performance. Alternative data is often less structured than traditional data sets and usually has less history, making it more complicated (and riskier) to incorporate into quantitative models. Alternative data providers often have less robust information technology infrastructure, which can result in data sets being suspended, delayed, or otherwise unavailable. In addition, as regulators have increased scrutiny of the use of alternative data in making investment decisions, the changing regulatory landscape could result in legal, regulatory, financial and/or reputational risk.

The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result.

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AQR Funds–Summary Prospectus7

The *Adviser*, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective.

**Momentum Style Risk:** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods during which the investment performance of the Fund while using a momentum strategy may suffer.

**Real Estate-Related Investment Risk:** Investments in real estate-related investments are subject to unique risks. Adverse developments affecting the real estate industry and real property values can cause the stocks of these companies to decline. In a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase. Historically, the returns from the stocks of real estate-related investments, which typically are small- or mid-capitalization stocks, have performed differently from the overall stock market.

**Short Sale Risk:** The Fund enters into a short sale by selling a security it has borrowed (typically from a broker or other institution). If the market price of a security increases after the Fund borrows the security, the Fund will suffer a (potentially unlimited) loss when it replaces the borrowed security at the higher price. In certain cases, purchasing a security to cover a short position can itself cause the price of the security to rise further, thereby exacerbating the loss. In addition, the Fund may not always be able to borrow the security at a particular time or at an acceptable price. The Fund may also take a short position in a derivative instrument, such as a future, forward or swap. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument, which could cause the Fund to suffer a (potentially unlimited) loss. Short sales also involve transaction and financing costs that will reduce potential Fund gains and increase potential Fund losses.

**Small-Cap Securities Risk:** Investments in or exposure to the securities of companies with smaller market capitalizations involve higher risks in some respects than do investments in securities of larger companies. For example, prices of such securities are often more volatile than prices of large capitalization securities. In addition, due to thin trading in some such securities, an investment in these securities may be less liquid (*i.e.,* harder to sell) than that of larger capitalization securities. Smaller capitalization companies also fail more often than larger companies and may have more limited management and financial resources than larger companies.

**Subsidiary Risk:** By investing in the *Subsidiary*, the Fund is indirectly exposed to the risks associated with the *Subsidiary's* investments. The commodity-related instruments held by the *Subsidiary* are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. These risks are described elsewhere in this prospectus. There can be no assurance that the investment objective of the *Subsidiary* will be achieved. The *Subsidiary* is not registered under the *1940 Act*, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the *1940 Act*. However, the Fund wholly owns and controls the *Subsidiary*, and the Fund and the *Subsidiary* are both managed by the *Adviser*, making it unlikely that the *Subsidiary* will take action contrary to the interests of the Fund and its shareholders. The *Board of Trustees* has oversight responsibility for the investment activities of the Fund, including its investment in the *Subsidiary*, and the Fund's role as sole shareholder of the *Subsidiary*. The Fund and the *Subsidiary* will be subject to the same investment restrictions and limitations on a consolidated basis, and to the extent applicable to the investment activities of the *Subsidiary*, the *Subsidiary* will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the *Subsidiary* will not seek to qualify as a regulated investment company under Subchapter M of the *Code*. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the *Subsidiary* to operate as described in this prospectus and the SAI and could adversely affect the Fund.

**Swap Agreements Risk:** Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund. Additionally, certain unexpected market events or significant adverse market movements could result in the Fund not holding enough assets to be able to meet its obligations under the agreement. Such occurrences may negatively impact the Fund's ability to implement its principal investment strategies and could result in losses to the Fund.

**Tax-Managed Investment Risk:** When employing tax-managed strategies, the performance of the Fund may deviate from that of non-tax-managed funds and may not provide as high a return before consideration of federal income tax consequences as non-tax-managed funds. The Fund's tax-sensitive investment strategy involves active management with the intent of minimizing the amount of realized gains from the sale of securities; however, market conditions may limit the Fund's ability to execute such strategy. The Fund's ability to utilize various tax-management techniques may be curtailed or eliminated in the future by tax legislation or regulation. Although, when employing tax-managed strategies, the Fund expects that a smaller portion of its *total return* will consist of taxable distributions to shareholders as compared to non-tax-managed funds, there can be no assurance about the size of taxable distributions to shareholders.

Distributions of ordinary income to shareholders may be reduced by investing in lower-yielding securities and/or stocks that pay dividends that would qualify for favorable federal tax treatment provided certain holding periods and other conditions are satisfied by the Fund. The Fund may invest a portion of its assets in stocks and other securities that generate income taxable at ordinary income rates.

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AQR Funds–Summary Prospectus8

**Tax Risk:** In order for the Fund to qualify as a regulated investment company under Subchapter M of the *Code*, the Fund must derive at least 90 percent of its gross income each taxable year from qualifying income, which is described in more detail in the SAI. Income from certain commodity-linked derivative instruments in which the Fund invests is not considered qualifying income. The Fund will therefore restrict its income from direct investments in commodity-linked derivative instruments that do not generate qualifying income, such as commodity-linked swaps, to a maximum of 10 percent of its gross income.

The Fund's investment in the *Subsidiary* is expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the *Subsidiary* to operate as described in this prospectus and the SAI and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the *Subsidiary*. If Cayman Islands law changes such that the *Subsidiary* must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

**U.S. Government Securities Risk:** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain of the government agency securities the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States.

**Value Style Risk:** Investing in or having exposure to "value" securities presents the risk that the securities may never reach what the *Adviser* believes are their full market values, either because the market fails to recognize what the *Adviser* considers to be the security's true value or because the *Adviser* misjudged that value. In addition, there may be periods during which the investment performance of the Fund while using a value strategy may suffer.

**Volatility Risk:** The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's net asset value per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

**Volatility Futures Risk:** The Fund may take long and short positions in *volatility* index futures. A *volatility* index generally attempts to reflect the projected future *volatility* of a specific market index by calculating the average price of listed options on the specific market index. The prices of options on market indices have tended to increase during periods of heightened *volatility* in the underlying market and decrease during periods of greater stability in the underlying market, which would result in increases or decreases, respectively, in the level of the *volatility* index. Investments in *volatility* index futures are subject to the risk that the Fund is incorrect in its forecast of *volatility* for the underlying index, and may have the potential for unlimited loss.

**Performance Information**

The Fund has not commenced operations as of the date of this prospectus. As a result, no performance information is available. Updated information on the Fund's performance, including its current *NAV* per share, can be obtained by visiting https://funds.aqr.com.

**Investment Manager**

The Fund's investment manager is AQR Capital Management, LLC.

**Portfolio Managers** 

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| | | |
|:---|:---|:---|
| **Name** | **Portfolio Manager**<br> **of the Fund Since**<br>| **Title** |
| Clifford S. Asness, Ph.D., M.B.A. | June 2025 | Managing and Founding Principal of the *Adviser* |
| John M. Liew, Ph.D., M.B.A. | June 2025 | Founding Principal of the *Adviser* |
| Jordan Brooks, Ph.D., M.A. | June 2025 | Principal of the *Adviser* |
| Nathan Sosner, Ph.D. | June 2025 | Principal of the *Adviser* |
| Erik Stamelos | June 2025 | Managing Director of the *Adviser* |
| Fred Liu, M.S. | June 2025 | Vice President of the *Adviser* |
| James Lofton | June 2025 | Executive Director of the *Adviser* |

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AQR Funds–Summary Prospectus9

**Important Additional Information**

**Purchase and Sale of Fund Shares**

You may purchase or redeem Class N Shares, Class I Shares and Class R6 Shares of the Fund, as applicable, each day the *NYSE* is open. To purchase or redeem shares you should contact your financial intermediary, or, if you hold your shares through the Fund, you should contact the Fund by phone at (866) 290-2688 or by mail (c/o AQR Funds, P.O. Box 219512, Kansas City, MO 64121-9512). The Fund's initial and subsequent investment minimums for Class N Shares, Class I Shares and Class R6 Shares, as applicable, generally are as follows.

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| | | | |
|:---|:---|:---|:---|
|  | **Class N Shares** | **Class I Shares** | **Class R6 Shares** |
| Minimum Initial Investment | &nbsp;&nbsp;&nbsp; $2500<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; $5000000<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; $50000000<sup>1</sup> <br>|
| Minimum Subsequent Investment |  |  |  |

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<sup>1</sup> Reductions apply to certain eligibility groups. See "Investing With the AQR Funds" in the Fund's prospectus.

**Tax Information**

The Fund's dividends and distributions may be subject to federal income taxes and may be taxed as ordinary income or capital gains, unless you are a tax-exempt investor or are investing through a retirement plan, in which case you may be subject to federal income tax upon withdrawal from such tax deferred arrangements.

**Payments to Broker/Dealers and other Financial Intermediaries**

If you purchase shares of the Fund through a broker-dealer or other financial intermediary, the Fund and/or the *Adviser* or its affiliates may pay the intermediary for the sale of Fund shares and other services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your individual financial professional to recommend the Fund over another investment. Ask your individual financial professional or visit your financial intermediary's website for more information.

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