CMEUX Fees and Costs — Six Circles Managed Equity Portfolio U.S. Unconstrained Fund
Data updated: 2026-08-27
The net expense ratio is 0.06%: a 0.25% management fee plus 0.02% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $963K in broker commissions, 0.0042% of average net assets, and portfolio turnover was 25%.
CMEUX Fees and Expenses
Annual operating expenses and sales charges of CMEUX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 0.27% |
| Fee waiver | −0.21% |
| Net expense ratio | 0.06% |
| 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 |
CMEUX Costs Over Time
On $10,000 invested in CMEUX, assuming 5% a year before costs, total costs come to $41 over 5 years, cutting the return by 0.07% 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 0.06%) | $6 | $20 | $35 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $1 | $4 |
| Total costs | $7 | $22 | $41 |
| Value after costs | $10,493 | $11,554 | $12,722 |
| Impact on return, per year | 0.07% | 0.07% | 0.07% |
CMEUX 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): 0.0042%
- Total broker commissions: $963K
- Bought from dealers (principal trades, not a cost): $675K
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
CMEUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $200K | 22.13% |
| Goldman Sachs & Co, LLC | $168K | 18.59% |
| MORGAN STANLEY & CO. LLC | $103K | 11.39% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $101K | 11.19% |
| Citigroup Global Markets Inc. | $98K | 10.83% |
| Wells Fargo Securities LLC | $55K | 6.08% |
| Jefferies LLC | $54K | 6.03% |
| TD Securities (USA) LLC. | $51K | 5.67% |
| BARCLAYS CAPITAL INC. | $49K | 5.46% |
| BMO Capital Markets Corp. | $24K | 2.61% |
CMEUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets Corp. | $653K | 96.74% |
| ROYAL BANK OF CANADA | $10K | 1.48% |
| UBS Securities LLC | $5K | 0.76% |
| MORGAN STANLEY & CO. LLC | $2K | 0.27% |
| BARCLAYS CAPITAL INC. | $2K | 0.25% |
| Citigroup Global Markets Inc. | $1K | 0.18% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $864 | 0.13% |
| Goldman Sachs & Co, LLC | $700 | 0.10% |
| BNP Paribas Securities Corp. | $594 | 0.09% |
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.