CIUEX Fees and Costs — Six Circles International Unconstrained Equity Fund
Data updated: 2026-08-27
The net expense ratio is 0.08%: a 0.25% management fee plus 0.03% other expenses, less a 0.20% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.3M in broker commissions, 0.0191% of average net assets, and portfolio turnover was 48%.
CIUEX Fees and Expenses
Annual operating expenses and sales charges of CIUEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.28% |
| Fee waiver | −0.20% |
| Net expense ratio | 0.08% |
| 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 |
CIUEX Costs Over Time
On $10,000 invested in CIUEX, assuming 5% a year before costs, total costs come to $63 over 5 years, cutting the return by 0.10% 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 0.08%) | $8 | $26 | $46 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $2 | $6 |
| Total costs | $10 | $34 | $63 |
| Value after costs | $10,490 | $11,542 | $12,700 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
CIUEX 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): 0.0191%
- Total broker commissions: $3.3M
- Bought from dealers (principal trades, not a cost): $885K
- Portfolio turnover (prospectus): 48%
- Securities lending: none during the year
CIUEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $886K | 27.73% |
| UBS Securities LLC | $842K | 26.36% |
| MORGAN STANLEY & CO. LLC | $691K | 21.61% |
| Citigroup Global Markets Inc. | $186K | 5.83% |
| BNP Paribas Securities Corp. | $162K | 5.06% |
| BARCLAYS CAPITAL INC. | $151K | 4.71% |
| Virtu Americas LLC | $96K | 3.01% |
| Jefferies LLC | $70K | 2.21% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $58K | 1.80% |
| CREDIT LYONNAIS | $54K | 1.68% |
CIUEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets Corp. | $774K | 87.55% |
| ROYAL BANK OF CANADA | $68K | 7.65% |
| UBS Securities LLC | $42K | 4.80% |
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.