CUTAX Fees and Costs — Six Circles Tax Aware Ultra Short Duration Fund
Data updated: 2026-08-27
The net expense ratio is 0.18%: a 0.25% management fee plus 0.05% other expenses, less a 0.12% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 46%.
CUTAX Fees and Expenses
Annual operating expenses and sales charges of CUTAX. 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 | −0.12% |
| Net expense ratio | 0.18% |
| 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 |
CUTAX Costs Over Time
On $10,000 invested in CUTAX, assuming 5% a year before costs, total costs come to $114 over 5 years, cutting the return by 0.19% 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 0.18%) | $19 | $59 | $104 |
| Lost growth on money paid in costs | $0 | $3 | $10 |
| Total costs | $19 | $62 | $114 |
| Value after costs | $10,481 | $11,514 | $12,648 |
| Impact on return, per year | 0.19% | 0.19% | 0.19% |
CUTAX 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): $3.9B
- Portfolio turnover (prospectus): 46%
- Securities lending: none during the year
CUTAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities LLC | $1.7B | 45.25% |
| BNP Paribas Securities Corp. | $669.9M | 18.10% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $651.9M | 17.62% |
| BARCLAYS CAPITAL INC. | $272.9M | 7.38% |
| MORGAN STANLEY & CO. LLC | $88.3M | 2.39% |
| Goldman Sachs & Co, LLC | $87.7M | 2.37% |
| BNY MELLON CAPITAL MARKETS, LLC | $85.9M | 2.32% |
| ROYAL BANK OF CANADA | $68.3M | 1.85% |
| Citigroup Global Markets Inc. | $56.4M | 1.52% |
| BMO Capital Markets Corp. | $44.5M | 1.20% |
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.