CMIUX Fees and Costs — Six Circles Managed Equity Portfolio International Unconstrained Fund
Data updated: 2026-08-27
The net expense ratio is 0.10%: a 0.25% management fee plus 0.05% other expenses, less a 0.20% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.2M in broker commissions, 0.0235% of average net assets, and portfolio turnover was 40%.
CMIUX Fees and Expenses
Annual operating expenses and sales charges of CMIUX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.30% |
| Fee waiver | −0.20% |
| Net expense ratio | 0.10% |
| 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 |
CMIUX Costs Over Time
On $10,000 invested in CMIUX, assuming 5% a year before costs, total costs come to $79 over 5 years, cutting the return by 0.13% 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 0.10%) | $10 | $33 | $58 |
| Trading costs (broker commissions) | $2 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $43 | $79 |
| Value after costs | $10,487 | $11,533 | $12,684 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
CMIUX 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): 0.0235%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $26K
- Portfolio turnover (prospectus): 40%
- Securities lending: none during the year
CMIUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $596K | 29.95% |
| MORGAN STANLEY & CO. LLC | $371K | 18.64% |
| UBS Securities LLC | $324K | 16.27% |
| Citigroup Global Markets Inc. | $192K | 9.62% |
| BNP Paribas Securities Corp. | $131K | 6.60% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $109K | 5.49% |
| BARCLAYS CAPITAL INC. | $104K | 5.24% |
| Jefferies LLC | $86K | 4.30% |
| Macquarie Capital (USA) Inc. | $41K | 2.05% |
| ROYAL BANK OF CANADA | $37K | 1.85% |
CMIUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ROYAL BANK OF CANADA | $22K | 82.22% |
| UBS Securities LLC | $3K | 9.67% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $945 | 3.60% |
| Goldman Sachs & Co, LLC | $592 | 2.25% |
| BNP Paribas Securities Corp. | $488 | 1.86% |
| Citigroup Global Markets Inc. | $74 | 0.28% |
| Virtu Americas LLC | $16 | 0.06% |
| MORGAN STANLEY & CO. LLC | $12 | 0.05% |
| Macquarie Capital (USA) Inc. | $3 | 0.01% |
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.