CUSUX Fees and Costs — Six Circles U.S. Unconstrained Equity Fund
Data updated: 2026-08-27
The net expense ratio is 0.05%: a 0.25% management fee plus 0.01% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.3M in broker commissions, 0.0081% of average net assets, and portfolio turnover was 61%.
CUSUX Fees and Expenses
Annual operating expenses and sales charges of CUSUX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | −0.21% |
| Net expense ratio | 0.05% |
| 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 |
CUSUX Costs Over Time
On $10,000 invested in CUSUX, assuming 5% a year before costs, total costs come to $37 over 5 years, cutting the return by 0.06% 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 0.05%) | $5 | $17 | $29 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $6 | $20 | $37 |
| Value after costs | $10,494 | $11,556 | $12,726 |
| Impact on return, per year | 0.06% | 0.06% | 0.06% |
CUSUX 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): 0.0081%
- Total broker commissions: $2.3M
- Bought from dealers (principal trades, not a cost): $22.2M
- Portfolio turnover (prospectus): 61%
- Securities lending: none during the year
CUSUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $667K | 29.70% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $632K | 28.12% |
| MORGAN STANLEY & CO. LLC | $350K | 15.59% |
| Goldman Sachs & Co, LLC | $152K | 6.75% |
| Jefferies LLC | $140K | 6.22% |
| Citigroup Global Markets Inc. | $114K | 5.09% |
| BARCLAYS CAPITAL INC. | $114K | 5.07% |
| BNY MELLON CAPITAL MARKETS, LLC | $31K | 1.39% |
| TD Securities (USA) LLC. | $31K | 1.39% |
| BNP Paribas Securities Corp. | $15K | 0.68% |
CUSUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $22.0M | 99.34% |
| Citigroup Global Markets Inc. | $131K | 0.59% |
| BNP Paribas Securities Corp. | $7K | 0.03% |
| UBS Securities LLC | $4K | 0.02% |
| MORGAN STANLEY & CO. LLC | $3K | 0.02% |
| Goldman Sachs & Co, LLC | $1K | 0.01% |
| BARCLAYS CAPITAL INC. | $1K | 0.00% |
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.