CUTAX: Six Circles Tax Aware Ultra Short Duration Fund - MutualFunds.com
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Six Circles Tax Aware Ult Shr Dur

CUTAX - Snapshot

Vitals

  • YTD Return 0.1%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $570 M
  • Holdings in Top 10 21.0%

52 WEEK LOW AND HIGH

$10.03
$9.87
$10.05

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.37%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 33.02%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $0
  • IRA N/A

Fund Classification

  • Primary Theme
  • Fund Type Open End Mutual Fund
  • Investment Style Muni National Short

Compare CUTAX to Popular Municipal Bond Funds and ETFs

Overview

Income Profile

Income Risk

Returns Profile

Allocations

Expenses

About

$14.80

-0.34%

$83.18 B

-

$0.00

-0.40%

0.17%

$11.24

-0.18%

$34.32 B

-

$0.00

-0.18%

0.17%

$13.60

-0.37%

$25.04 B

-

$0.00

-0.15%

0.52%

$15.95

0.00%

$21.38 B

-

$0.00

0.00%

0.17%

$116.18

-0.51%

$21.13 B

-

-

-0.96%

0.07%

CUTAX - Profile

Distributions

  • YTD Total Return 0.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.85%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Six Circles Tax Aware Ultra Short Duration Fund
  • Fund Family Name
    JPMorgan
  • Inception Date
    Jul 09, 2018
  • Shares Outstanding
    N/A
  • Share Class
    Other
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jerome Schneider

Fund Description

Under normal circumstances, the fund invests at least 50% of its total assets in municipal securities, the income from which is exempt from federal income tax. It also may invest in taxable instruments. While the fund may invest in securities with various maturities, under normal market conditions, it will seek to maintain an average effective portfolio duration of one year or less. It is non-diversified.


CUTAX - Performance

Return Ranking - Trailing

Period CUTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.6% 1.7% 13.38%
1 Yr 1.6% -1.0% 9.5% 92.93%
3 Yr N/A* 0.0% 10.2% N/A
5 Yr N/A* -0.4% 8.0% N/A
10 Yr N/A* -0.1% 10.8% N/A

* Annualized

Return Ranking - Calendar

Period CUTAX Return Category Return Low Category Return High Rank in Category (%)
2020 0.4% -2.8% 310.0% 92.22%
2019 0.0% -0.3% 15.4% 99.88%
2018 N/A -10.3% 97.2% N/A
2017 N/A -100.0% 7.6% N/A
2016 N/A -7.9% 96.8% N/A

Total Return Ranking - Trailing

Period CUTAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.1% -2.0% 1.7% 13.50%
1 Yr 1.6% -5.1% 9.5% 63.85%
3 Yr N/A* -2.0% 10.2% N/A
5 Yr N/A* -1.6% 8.0% N/A
10 Yr N/A* -0.1% 10.8% N/A

* Annualized

Total Return Ranking - Calendar

Period CUTAX Return Category Return Low Category Return High Rank in Category (%)
2020 0.4% -2.8% 310.0% 92.22%
2019 0.0% -0.3% 15.4% 99.88%
2018 N/A -10.3% 11.0% N/A
2017 N/A -100.0% 7.6% N/A
2016 N/A -7.9% 3.0% N/A

NAV & Total Return History


CUTAX - Holdings

Concentration Analysis

CUTAX Category Low Category High CUTAX % Rank
Net Assets 570 M 616 K 83.2 B 44.67%
Number of Holdings 363 3 11152 31.17%
Net Assets in Top 10 125 M -192 M 4.18 B 35.21%
Weighting of Top 10 21.01% 2.5% 100.0% 33.35%

Top 10 Holdings

  1. FUTURE CONTRACT ON US 2YR NOTE (CBT) JUN20 0.00000000 30.86%
  2. FUTURE CONTRACT ON US 2YR NOTE (CBT) JUN20 0.00000000 30.86%
  3. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  4. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  5. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  6. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  7. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  8. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  9. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%
  10. FUTURE CONTRACT ON BANK ACCEPT FUTR JUN21 /CAD/ 0.00000000 14.09%

Asset Allocation

Weighting Return Low Return High CUTAX % Rank
Bonds
106.05% 66.96% 147.73% 1.19%
Cash
6.58% -47.72% 33.04% 10.86%
Convertible Bonds
0.52% -0.42% 1.32% 0.40%
Stocks
0.00% 0.00% 2.07% 68.85%
Preferred Stocks
0.00% -0.95% 1.06% 66.67%
Other
-13.14% -13.58% 13.72% 99.94%

Bond Sector Breakdown

Weighting Return Low Return High CUTAX % Rank
Municipal
56.85% 46.63% 100.00% 99.89%
Corporate
15.75% 0.00% 15.75% 0.06%
Government
15.50% 0.00% 50.01% 0.17%
Securitized
6.51% 0.00% 6.51% 0.06%
Cash & Equivalents
4.53% 0.00% 33.04% 20.19%
Derivative
0.85% 0.00% 0.85% 0.06%

Bond Geographic Breakdown

Weighting Return Low Return High CUTAX % Rank
US
93.63% 66.25% 141.36% 73.04%
Non US
12.42% 0.00% 26.53% 1.82%

CUTAX - Expenses

Operational Fees

CUTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.37% 0.01% 16.95% 93.46%
Management Fee 0.25% 0.00% 1.10% 8.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.01% 0.01% 0.47% 0.37%

Sales Fees

CUTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

CUTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

CUTAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 33.02% 0.00% 299.40% 75.58%

CUTAX - Distributions

Dividend Yield Analysis

CUTAX Category Low Category High CUTAX % Rank
Dividend Yield 0.00% 0.00% 1.84% 69.58%

Dividend Distribution Analysis

CUTAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

CUTAX Category Low Category High CUTAX % Rank
Net Income Ratio 1.85% -1.65% 6.48% 74.86%

Capital Gain Distribution Analysis

CUTAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

CUTAX - Fund Manager Analysis

Managers

Jerome Schneider


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Managing Director, PIMCO. Mr. Schneider joined PIMCO in 2008. Prior to joining PIMCO, he served as Senior Managing Director with Bear Stearns, specializing in credit and mortgage-related funding transactions. Mr. Schneider joined Bear Stearns in 1995. He has 24 years of investment experience and holds an undergraduate degree in economics and international relations from the University of Pennsylvania and an MBA from the Stern School of Business at New York University.

Daniel Marques


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Daniel Marques, CFA Director, Senior Portfolio Manager Dan is a senior portfolio manager for US Municipal Bond strategies. He is responsible for managing US Municipal Bond portfolios for institutional, high net worth and mutual fund clients. Dan is also a leader of sustainability and ESG integration for US municipal bond portfolios and a lead portfolio manager for the US Municipal Impact strategy. Dan also provides municipal market analysis and performance attribution commentary for the team. Prior to joining the firm in 2000, Dan served as an investment research manager at Citizens Bank. Dan has been in the investment industry since 1992.Dan earned an MBA from Nichols College and a BS from the University of Massachusetts. He holds the CFA® designation and is a member of the CFA Institute.

John Olivo


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Mr. Olivo is the global head of short duration fixed income strategies. In this role, Mr. Olivo is responsible for portfolio management of several of GSAM’s short duration funds as well as portfolio construction and oversight for investment mandates on behalf of central banks, balance sheet clients, and financial institutions. Previously, he was a member of the short-term taxable portfolio management team and co-managed the U.S. Government money market funds. Mr. Olivo also managed the separate account money market business. Mr. Olivo is a member of the Investment Strategy Committee. He joined GSAM in 1995 as a portfolio trading assistant and was responsible for the daily compliance of all of the taxable money market funds.

Richard Madigan


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Madigan is a portfolio manager with Offitbank, his employer since 1998. Previously, he was vice president and principal of the emerging markets fixed income institutional sales group at JP Morgan Securities from 1996 to 1998. Prior to that, from 1994 to 1996, he was vice president and principal of the cross border finance group at Citicorp Securities. From 1990 to 1994, he was a corporate banker with Citibank. Mr. Madigan is the Chief Investment Officer for J.P. Morgan’s Private Bank, based in New York. In his role, he and his team (the “Private Bank CIO Team”) are responsible for the development of investment strategy, tactical and strategic asset allocation for $1 trillion in private bank and institutional client assets. Mr. Madigan is chair of the Private Bank’s Global Investment Committee. Previously, Mr. Madigan was the Chief Investment Officer for J.P. Morgan’s Global Access Portfolios, where he and his team managed in excess of $16 billion in client assets across 35 countries. Prior to his roles at J.P. Morgan, Mr. Madigan held the title of Managing Director, Head of Emerging Markets Investments and Senior Portfolio Manager at Offitbank, a New York-based wealth management boutique, where he managed peak assets in excess of $1 billion in both domestic and offshore portfolios, including the firm’s flagship emerging markets mutual fund. He was also a senior member of the firm’s investment committee. Before joining Offitbank, Mr. Madigan worked for J.P. Morgan’s Investment Banking division in New York in the emerging markets securities business. He previously spent six years with Citicorp first as a banker in Mexico, and then in the firm’s international corporate finance division in New York.

Michael Gray


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Mr. Gray is a Managing Director and the Head of Fixed Income & Credit for J.P. Morgan Private Bank CIO Team. He also is a member of the Global Investment Committee. Mr. Gray is responsible for coordinating the Private Bank CIO Team’s research and strategy efforts across global fixed income markets. Mr. Gray joined J.P. Morgan in 2015 and brings substantial expertise in fixed income research and portfolio management to bear for the Private Bank CIO Team and its clients. Previously he was a Managing Director and member of the executive leadership team at Hartford Investment Management Company.

Jeffrey Burger


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Jeffrey Burger, CFA Director, Senior Portfolio Manager Jeffrey is a senior portfolio manager for US Municipal Bond strategies. He is responsible for managing US Municipal Bond strategies for institutional, high net worth and mutual fund clients. Previously, he served as a senior analyst for the firm, specializing in land-secured and special tax bonds. Prior to joining the firm in 2009, Jeffrey worked at Columbia Management as a portfolio manager and senior research analyst and at Fitch Ratings as a senior-level analyst. He is a former chairman and member of the executive committee and board of governors for the National Federation of Municipal Analysts. He is also a former president of the Boston Municipal Analysts Forum. Jeffrey has been in the investment industry since 1998. Jeffrey earned an MPA from the Maxwell School of Citizenship and Public Affairs at Syracuse University and a BA degree, cum laude, in policy studies and public relations from Syracuse University. He holds the CFA® designation and is a member of the CFA Institute.

Jeffrey Gaffney


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Mr. Gaffney is an Executive Director and the Head of Multi-Asset Portfolio Management–Americas for J.P. Morgan Private Bank, based in New York. He is responsible for constructing efficient multi-asset class portfolios for clients across the spectrum of investment objectives, risk tolerances, and liquidity constraints. Mr. Gaffney has been with J.P. Morgan since 2009, and has been a member of the Private Bank CIO Team since 2011. He chairs the WM U.S. Investment Committee and is a member of the Global Investment Committee. In addition, Mr. Gaffney serves as a portfolio manager for several J.P. Morgan asset allocation strategies. Mr. Gaffney holds a Bachelor of Science in Engineering degree from Princeton University in Operations Research and Financial Engineering. He also holds a Masters of Business Administration from Yale University with an emphasis in Finance.

Jon Calluzzo


Start Date

Tenure

Tenure Rank

Jul 09, 2018

2.57

2.6%

Mr. Calluzzo, Vice President of Goldman, is a senior portfolio manager in the short duration fixed income team. Before joining Goldman in 2016, he worked at Citibank for six years in various roles, including as a trader of US Treasuries.

Andrew Wittkop


Start Date

Tenure

Tenure Rank

Dec 04, 2020

0.16

0.2%

Mr. Wittkop is an executive vice president and portfolio manager in the Newport Beach office, focusing on Treasury bonds, agencies and interest rate derivatives. He previously worked on the real return desk. Prior to that, he was a portfolio analyst with the global portfolio management team and a product manager for absolute return strategies. He holds an MBA from Stern School of Business at New York University and an undergraduate degree from the University of California, Los Angeles.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.05 35.86 7.0 0.25