CUSDX Fees and Costs — Six Circles Ultra Short Duration Fund
Data updated: 2026-08-27
The net expense ratio is 0.19%: a 0.25% management fee plus 0.07% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 59%.
CUSDX Fees and Expenses
Annual operating expenses and sales charges of CUSDX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.07% |
| Gross expense ratio | 0.32% |
| Fee waiver | −0.13% |
| Net expense ratio | 0.19% |
| 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 |
CUSDX Costs Over Time
On $10,000 invested in CUSDX, assuming 5% a year before costs, total costs come to $121 over 5 years, cutting the return by 0.20% 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 0.19%) | $20 | $63 | $110 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $20 | $66 | $121 |
| Value after costs | $10,480 | $11,510 | $12,642 |
| Impact on return, per year | 0.20% | 0.20% | 0.20% |
CUSDX 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): $3.4B
- Portfolio turnover (prospectus): 59%
- Securities lending: none during the year
CUSDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|
CUSDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities LLC | $1.4B | 45.79% |
| BNP Paribas Securities Corp. | $563.7M | 18.93% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $355.9M | 11.96% |
| MORGAN STANLEY & CO. LLC | $162.2M | 5.45% |
| BMO Capital Markets Corp. | $106.2M | 3.57% |
| BARCLAYS CAPITAL INC. | $106.1M | 3.56% |
| BNY MELLON CAPITAL MARKETS, LLC | $96.5M | 3.24% |
| Citigroup Global Markets Inc. | $85.6M | 2.88% |
| ROYAL BANK OF CANADA | $78.8M | 2.65% |
| MITSUBISHI UFJ TRUST INTERNATIONAL LIMITED | $58.9M | 1.98% |
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.