Six Circles Tax Aware Bond Fund
SIX CIRCLES TRUST · Series S000068182
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks to provide after-tax total return.
The fund allocates its assets among multiple sub-advisers, each managing a portion of the portfolio with day-to-day security selection responsibility: Capital implements index-tracking strategies across U.S. municipal bond maturity segments, Nuveen and Allspring actively manage municipal bond allocations for tax-exempt income, and BlackRock replicates risk characteristics of a government bond index through stratified sampling. At least 50% of assets are invested in municipal securities with federal tax-exempt interest, while up to 20% may be in below-investment-grade securities. Because BlackRock uses stratified sampling rather than holding all index constituents, its portion may diverge from its underlying index.
| Share class | Gross | Net |
|---|---|---|
| C000218340 | 0.27% | 0.13% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 17.57% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 95.01% |
| Securitized | 1.18% |
| Cash & short-term | 0.59% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: WISCONSIN ST 5% 05/01/38, FAIRFAX CNTY VA 5% 10/01/26, WASHINGTON ST 5% 08/01/34, MULTNOMAH CNTY OR 5% 06/15/28, BLACK BELT ENERGY 5% 07/01/33, TRIBOROUGH NY BRID 5% 02/01/28, NEW YORK CITY NY T 5% 11/01/33, MISSISSIPPI ST BU V/R 11/01/35
Largest exited: ILLINOIS ST FIN AU 5% 02/15/45, JOBSOHIO BEVER 2.833% 01/01/38, TENDER OPTION BON V/R 04/01/47, WISCONSIN ST 5% 05/01/35, CHICAGO IL MIDWAY 5% 01/01/46, TENDER OPTION BON V/R 07/15/60, PENNSYLVANIA ST 6.25% 10/01/55, UNIV OF PITTSBURGH 5% 02/15/36
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
Mar 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-03-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.1% |
| Floating rate | 16.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.6% |
| 1-3y | 5.0% |
| 3-5y | 3.6% |
| 5-10y | 15.8% |
| 10y+ | 74.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q1
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 55% |
| Interest rates | 45% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +6.38 yr |
| High yield | +0.12 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.27 yr | 5% |
| 5 yr | 1.51 yr | 28% |
| 10 yr | 2.63 yr | 49% |
| 30 yr | 0.93 yr | 17% |
| 3 mo | 0.35 yr | 5% |
| 1 yr | 0.40 yr | 6% |
| 5 yr | 1.98 yr | 31% |
| 10 yr | 3.00 yr | 46% |
| 30 yr | 0.76 yr | 12% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.35 | +0.00 | $590.9k | $263 |
| 1 yr | +0.27 | +0.39 | +0.00 | $666.5k | $5.4k |
| 5 yr | +1.51 | +1.95 | +0.03 | $3.30m | $57.1k |
| 10 yr | +2.63 | +2.95 | +0.06 | $4.98m | $93.7k |
| 30 yr | +0.93 | +0.74 | +0.03 | $1.24m | $43.4k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | BLACK BELT ENERGY 5% 10/01/355.00% · due 2035-10-01 | 0.35% | $59.72M | — |
| — | CALIFORNIA CMNTY V/R 12/01/555.00% floating · due 2055-12-01 | 0.28% | $46.80M | — |
| — | SOUTHEAST ENERGY V/R 11/01/555.25% floating · due 2055-11-01 | 0.25% | $41.91M | — |
| — | TEXAS ST TRANSP 5.25% 10/01/505.25% · due 2050-10-01 | 0.24% | $40.07M | — |
| — | WISCONSIN ST 5% 05/01/385.00% · due 2038-05-01 | 0.23% | $39.24M | — |
| — | FAIRFAX CNTY VA 5% 10/01/26 | 0.23% | $38.58M | — |
| — | WASHINGTON ST 5% 08/01/345.00% · due 2034-08-01 | 0.21% | $36.06M | — |
| — | CMWLTH FING AUTH P 4% 06/01/394.00% · due 2039-06-01 | 0.21% | $35.88M | — |
| — | TEXAS ST PRIV ACTI 5% 06/30/585.00% · due 2058-06-30 | 0.21% | $34.78M | — |
| — | CALIFORNIA CMNTY V/R 01/01/565.00% floating · due 2056-01-01 | 0.20% | $34.04M | — |
Top 10 positions are 2.41% of net assets, top 25 5.12%, across 4.5K issuers.
See more of this fund's book
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