Six Circles Tax Aware Bond Fund
SIX CIRCLES TRUST · Series S000068182
data updated 2026-09-08
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 Q2
| Bonds | 95.37% |
| Securitized | 1.51% |
| Cash & short-term | 0.41% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: BLACK BELT ENER 5.25% 06/01/36, SAINT JOHN THE BA V/R 06/01/37, MET GOVT NASHVILLE 5% 07/01/34, CALIFORNIA CMNTY C 5% 06/01/36, MASSACHUSETTS ST V/R 10/01/42, PEFA INC IA GAS PR 5% 04/01/35, RBC MUNI PRODUCTS V/R 11/01/41, HARRIS CNTY TX CU V/R 12/01/60
Largest exited: NEW YORK CITY NY V/R 06/15/49, MISSISSIPPI ST BU V/R 11/01/35, LOS ANGELES CA 5% 06/25/26, HIGHLANDS CNTY FL V/R 11/15/37, MISSOURI ST HIGHWA 5% 05/01/26, TARRANT CNTY TX CU 4% 11/15/42, MONTGOMERY CNTY M V/R 12/01/41, CHARLOTTE-MECKLEN V/R 01/15/42
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are 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 2026-06-30
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 | 83.5% |
| Floating rate | 16.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 4.1% |
| 3-5y | 3.4% |
| 5-10y | 17.0% |
| 10y+ | 73.6% |
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 2026Q2
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 | +6.24 yr |
| High yield | +0.11 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 | 0.28 yr | 5% |
| 5 yr | 1.66 yr | 32% |
| 10 yr | 2.58 yr | 50% |
| 30 yr | 0.59 yr | 12% |
| 3 mo | 0.38 yr | 6% |
| 1 yr | 0.42 yr | 7% |
| 5 yr | 2.17 yr | 34% |
| 10 yr | 2.94 yr | 46% |
| 30 yr | 0.44 yr | 7% |
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 | +0.38 | +0.00 | $681.4k | $385 |
| 1 yr | +0.28 | +0.41 | +0.01 | $748.9k | $10.9k |
| 5 yr | +1.66 | +2.14 | +0.03 | $3.87m | $60.3k |
| 10 yr | +2.58 | +2.89 | +0.05 | $5.23m | $94.8k |
| 30 yr | +0.59 | +0.42 | +0.02 | $752.0k | $38.2k |
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 | 0.30% | $54.97M | — |
| — | BLACK BELT ENER 5.25% 06/01/365.25% · due 2036-06-01 | 0.29% | $51.76M | — |
| — | CALIFORNIA CMNTY V/R 12/01/555.00% floating · due 2055-12-01 | 0.28% | $51.49M | — |
| — | SOUTHEAST ENERGY V/R 11/01/555.25% floating · due 2055-11-01 | 0.23% | $42.01M | — |
| — | TEXAS ST TRANSP 5.25% 10/01/505.25% · due 2050-10-01 | 0.23% | $40.90M | — |
| — | FAIRFAX CNTY VA 5% 10/01/26 | 0.21% | $38.32M | — |
| — | NEW YORK ST LIBERT 5% 11/15/445.00% · due 2044-11-15 | 0.21% | $37.42M | — |
| — | CMWLTH FING AUTH P 4% 06/01/394.00% · due 2039-06-01 | 0.20% | $36.89M | — |
| — | WASHINGTON ST 5% 08/01/345.00% · due 2034-08-01 | 0.20% | $36.30M | — |
| — | CENTRL PLAINS ENE V/R 08/01/555.00% floating · due 2055-08-01 | 0.19% | $34.39M | — |
Top 10 positions are 2.35% of net assets, top 25 4.90%, across 4.7K issuers.
See more of this fund's book
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