Yes. Class P shares are a share class that some mutual funds offer. Like other classes of the same fund, Class P shares represent an interest in the same investment portfolio, but the sales charges, ongoing fees, and who may buy them are set in that fund’s prospectus and can differ from Class A, C, or I.
The U.S. Securities and Exchange Commission explains that mutual fund share classes invest in the same pool of securities while charging different fees and expenses, so returns can differ by class. “Class P” is a label chosen by individual fund families, not one SEC-standardized product with identical terms everywhere—always check the specific prospectus.
Source: Updated Investor Bulletin: Mutual Fund Classes — Investor.gov (U.S. SEC)