GIPS states: “When trading expenses are inextricable, the gross return must be reduced by the entire amount of the bundled fee or by that portion of the bundled fee that includes the direct trading expenses. Specifically, when calculating returns gross of investment management fees, the entire bundled fee or the portion of the bundled fee that includes trading expenses must be deducted. When calculating returns net-of-investment management fees, the entire bundled fee or the portion(s) of the bundled fee that include the investment management fee and the trading expenses must be deducted.” Does it mean that net = gross when bundled fees are charged?
ONLY if you cannot separate direct trading expenses from other expenses ( 12b1 , performance etc.)