58. With respect to gross-of-fees returns, Note 4 is least likely compliant with GIPS required
standards in its treatment of:
A. custodial fees.
B. performance fees.
C. trading expenses.
Answer = A
“Global Investment Performance Standards,” Philip Lawton
2013 Modular Level III, Vol. 6, Reading 43, Section 3.11
Study Session 18–43–k
Explain the requirements and recommendations of the GIPS standards with respect to
disclosure, including fees, the use of leverage and derivatives, conformity with laws and
regulations that conflict with the GIPS standards, and noncompliant performance periods.
A is correct because custodial fees should not be considered a component of direct trading
expenses.
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