CALTX Fees and Costs — Six Circles Multi-Strategy Fund
Data updated: 2026-04-30
The net expense ratio is 0.94% (1.70% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 652%.
CALTX Fees and Expenses
Annual operating expenses and sales charges of CALTX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.43% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.76% |
| Net expense ratio | 0.94% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CALTX Costs Over Time
On $10,000 invested in CALTX, assuming 5% a year before costs, total costs come to $589 over 5 years, cutting the return by 0.99% 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 0.94%) | $99 | $308 | $535 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $99 | $323 | $589 |
| Value after costs | $10,401 | $11,253 | $12,174 |
| Impact on return, per year | 0.99% | 0.99% | 0.99% |
CALTX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $46.0B
- Portfolio turnover (prospectus): 652%
- Securities lending: none during the year
CALTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $11.1B | 24.51% |
| BARCLAYS CAPITAL INC. | $6.4B | 14.18% |
| Goldman Sachs & Co, LLC | $6.3B | 13.88% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $4.9B | 10.90% |
| BNP Paribas Securities Corp. | $3.9B | 8.56% |
| UBS Securities LLC | $3.0B | 6.69% |
| Citigroup Global Markets Inc. | $2.6B | 5.76% |
| SOCIETE GENERALE | $2.4B | 5.40% |
| Northern Trust Securities | $2.4B | 5.24% |
| Wells Fargo Securities LLC | $2.2B | 4.89% |
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.