Summary
Prospectus May 1, 2026
| Six Circles®
Ultra Short Duration Fund Ticker: CUSDX |
Before you invest, you may want to review the Fund’s
prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus and other information about the Fund,
including the Statement of Additional Information, online at
www.sixcirclesfunds.com/literature. You can also get this
information at no cost by calling collect at 1-212-464-2070 or
by sending an e-mail request to managed.solutions.ir@jpmorgan.com. The Fund’s Prospectus and Statement of Additional Information, both dated May 1,
2026, as may be supplemented from time to time are incorporated by reference into this Summary Prospectus.
What is the goal of the Fund?
The Fund seeks to generate current income consistent with capital preservation.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
| ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your
investment) | |
| Management Fees1,2 |
0.25% |
| Distribution (Rule 12b-1) Fees |
None |
| Other
Expenses3 |
0.07% |
| Total Annual Fund Operating Expenses |
0.32% |
| Fee Waiver and Expense Reimbursement1,2 |
(0.13)% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement1,2 |
0.19% |
1
The Fund’s adviser, J.P. Morgan Private Investments Inc. (“JPMPI”) and/or its affiliates have
contractually agreed through at least April 30, 2027 to waive any management fees that exceed the aggregate management fees the adviser is contractually required to pay the
Fund’s sub-advisers. Thereafter, this waiver will continue for subsequent one year terms unless terminated in accordance with its terms. JPMPI may terminate the waiver, under its terms, effective upon the end of the
then-current term, by providing at least ninety (90) days prior written notice to the Six Circles Trust. The waiver may not otherwise be terminated by JPMPI without the consent of the Board of Trustees of the Six Circles Trust,
which consent will not be unreasonably withheld. Such waivers are not subject to reimbursement by the Fund.
2
Additionally, the Fund’s adviser has contractually agreed through at least April 30, 2027 to reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, if any, dividend and interest expenses related to
short sales, brokerage fees, interest on borrowings, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.40% of the average daily net assets of the Fund (the “Expense
Cap”). An expense reimbursement by the Fund’s adviser is subject to repayment by the Fund only to the extent it can be made within thirty-six months following the date of such reimbursement by the adviser. Repayment must be
limited to amounts that would not cause the Fund’s operating expenses (taking into account any reimbursements by the adviser and repayments by the Fund) to exceed the Expense Cap in effect at the time of the reimbursement by
the adviser or at the time of repayment by the Fund. This expense reimbursement is in effect through
April 30, 2027, at which time the adviser and/or its affiliates will determine whether to renew or revise it.
3
“Other Expenses” are based on actual expenses incurred in the most recent fiscal year.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in
other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through April 30, 2027 and total annual fund operating
expenses thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COSTS WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| SHARES ($) |
19 |
90 |
167 |
393 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating expenses or in the
Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the
Fund’s portfolio turnover rate was 59.33% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
The Fund mainly invests in U.S. dollar and non-U.S.
dollar denominated investment grade short-term fixed and floating rate debt securities. While the
Fund may invest in securities with various maturities, under normal market conditions, the Fund
will seek to maintain an average effective portfolio duration of one year or less. Average
effective portfolio duration could at times be higher, though it will not under normal market conditions exceed two years.
May 1, 2026 | 1
| WHAT IS DURATION? |
| Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. Generally, the higher a debt security’s duration, the greater its price sensitivity to a change in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). In contrast to duration, maturity measures only the time until final payment is due. Investors should be aware that effective duration is not an exact measurement and may not predict a particular security’s sensitivity to changes in interest rates. |
As part of its principal investment strategy, the Fund may invest in debt securities of corporate issuers, obligations of governments, government agencies or instrumentalities,
including U.S. Treasury securities (including Separate Trading of Registered Interest and
Principal of Securities (“STRIPS”)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, municipal securities, securities issued or guaranteed by supranational
organizations and securities issued or guaranteed by foreign governments. The Fund may also
invest in money market instruments such as certain instruments described above, as well as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The instruments in which the Fund
invests may pay fixed, variable, or floating interest rates and may include asset-backed
securities, mortgage-backed securities (residential and commercial) (and which may include
“to be announced” (“TBA”) transactions), zero-coupon securities, convertible securities, inflation-indexed bonds, repurchase agreements, privately-issued (Rule 144A) securities, Regulation S
securities, structured notes, collateralized loan obligations, loan participations, loan
assignments and other securities and instruments bearing fixed or variable interest rates. The
Fund may also invest in foreign securities, including emerging market securities, that are U.S.
dollar denominated or non-U.S. dollar denominated, and the Fund may seek to hedge such
securities’ currency exposure to the U.S. dollar. The Fund may also invest in other investment companies, such as open-end, closed-end and exchange-traded funds.
Most of the Fund’s investments will be investment grade at the time of investment, although up to 10% of
the Fund’s total assets may be invested in below investment grade securities (determined at
the time of investment) as described below. The Fund’s investment grade investments will at the time of investment: (i) carry a short-term rating of P-2, A-2 or F2 or higher by any of Moody’s Investors Service Inc.
(“Moody’s”), Standard & Poor’s Corporation (“S&P”) and Fitch Ratings (“Fitch”), respectively, or the equivalent by another nationally recognized statistical rating organization
(“NRSRO”); (ii) carry a long-term rating of Baa3, BBB– or BBB– or higher by any of Moody’s, S&P and Fitch, respectively, or the equivalent by another NRSRO; or (iii) if such investments are unrated, be
deemed by a Sub-Adviser (as defined below) to be of comparable quality at the time of investment.
The Fund may invest up to 10% of its total assets in securities that are rated below investment grade (commonly known as “high yield securities” or “junk bonds”), or are unrated securities that a
Sub-Adviser determines are of comparable quality. These securities generally offer a higher
yield than investment grade securities, but
involve a high degree of risk. A security’s quality is determined at the time of purchase
and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade.
Due to the nature of the investments in which the Fund is seeking to invest, a significant portion of the
issuers of the investments in the Fund’s portfolio may be in the financials sector.
The Fund is not a money market fund and is not subject to the special regulatory requirements (including
maturity and credit quality constraints) designed to enable money market funds to maintain a
stable share price and to limit investment risk. In addition, shareholders are not eligible for certain simplified methods for calculating gains and losses afforded to money market mutual fund shareholders.
The Fund has flexibility to invest in derivatives and may use such instruments as substitutes for securities
and other instruments in which the Fund can invest. Derivatives are instruments which have a
value based on another instrument, exchange rate or index. The Fund may use futures, options, swaps, and forward contracts, as well as repurchase agreements and reverse repurchase agreements, in connection with its
principal strategies in certain market conditions in order to hedge various investments, for risk
management purposes and/or to increase income or gain to the Fund.
The Fund will likely engage in active and frequent trading. The frequency with which the Fund buys and sells securities will vary from year to year, depending on market
conditions.
J.P. Morgan Private Investments Inc., the Fund’s investment adviser (“JPMPI” or the
“Adviser”), constructs the Fund’s portfolio by allocating the Fund’s assets among investment strategies managed by one or more sub-advisers retained by the Adviser (each, a “Sub-Adviser”).
The Adviser will periodically review and determine the allocations among investment strategies
and may make changes to these allocations when it believes it is beneficial to the Fund. As such, the Adviser may, in its discretion, add to, delete from or modify the categories of investment strategies employed by the Fund at
any time. In making allocations among investment strategies and/or in changing the categories of
investment strategies employed by the Fund, the Adviser expects to take into account the
investment goals of the broader investment programs administered by the Adviser or its
affiliates, for whose use the Fund is exclusively designed. As such, the Fund may perform differently from a similar fund that is managed without regard to such broader investment programs.
Each Sub-Adviser may use both its own proprietary and external research and securities selection process to
manage its allocated portion of the Fund’s assets. The Adviser is responsible for
determining the amount of Fund assets allocated to each Sub-Adviser. The Adviser is not required to
allocate a minimum amount of Fund assets to any specific Sub-Adviser and may allocate, or
re-allocate, zero Fund assets to a specific Sub-Adviser at any time. The Adviser engages the following Sub-Advisers: BlackRock Investment Management, LLC (“BlackRock”) and Pacific Investment
Management Company LLC (“PIMCO”). The Adviser may adjust allocations to the
Sub-Advisers at any time or make recommendations to the Board of Trustees of the Six Circles
Trust (the “Board”) with respect to the hiring, termination or replacement of a Sub-Adviser. As such,
2 | Six Circles® Funds
the identity of the Fund’s
Sub-Advisers, the investment strategies they pursue and the portion of the Fund allocated to them,
may change over time. For example, due to market conditions, the Adviser may choose not to
allocate Fund assets to a Sub-Adviser or may reduce the portion of the Fund allocated to a
Sub-Adviser to zero. Each Sub-Adviser is responsible for deciding which securities to purchase
and sell for its respective portion of the Fund and for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct Sub-Advisers as needed on certain Fund transactions and
manage a portion of the Fund’s portfolio directly, including without limitation, for
portfolio hedging, to temporarily adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub-Adviser’s resignation or removal. Below is a summary of each current Sub-Adviser’s
investment approach.
BlackRock
With respect to its allocated portion of the Fund, BlackRock primarily invests in fixed and floating-rate securities of varying maturities, such as corporate and
government bonds, agency securities, instruments of U.S. and non-U.S. issuers, including emerging
market securities, privately-issued securities, securitized products, including asset-backed and mortgage-backed securities (residential and commercial), structured securities, money market instruments, repurchase
agreements and securities issued by investment companies. BlackRock may use derivatives such as
options, futures or swap agreements to gain exposure to any or all of the foregoing types of investments. BlackRock will actively manage its portfolio and does not seek to replicate the performance of a specified
index. The portfolio may have a higher portfolio turnover than portfolios that seek to replicate
the performance of a specified index.
BlackRock’s portfolio management team invests across a range of assets while using a disciplined credit
research process to analyze an underlying issuer’s creditworthiness and valuation. The
strategy seeks to generate current income consistent with capital preservation by primarily investing in short-term, investment grade bonds.
PIMCO
With respect to its allocated portion of the Fund, PIMCO invests, under normal circumstances, mainly in a
portfolio of bonds, debt securities, securitized products and other similar instruments issued by
various U.S. and non-U.S. public- or private-sector entities with varying maturities, which may be
represented by forwards or derivatives such as options, futures or swap agreements.
PIMCO’s strategy focuses on active management of high-quality, fixed income and cash equivalent
securities to seek to preserve principal and maintain liquidity. Multiple sources of value are
used to seek to generate consistent returns, which include both top-down and bottom-up
strategies. Considerations of term, credit, volatility and liquidity are combined with multiple
concurrent strategies to build the portfolio and potentially generate value.
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieve its objective if the Adviser’s and/or Sub-Advisers’ expectations regarding particular instruments or
markets are not met.
An investment in this Fund or any other fund is not designed to be a
complete investment program. It is intended to be part of a broader investment program administered by the Adviser or its affiliates. The performance and objectives of the Fund
should be evaluated only in the context of your complete investment program. The Fund is managed to take into account the investment goals of the broader investment program and
therefore changes in value of the Fund may be particularly pronounced and the Fund may underperform a similar fund managed without consideration of the broader investment
program. The Fund is NOT designed to be used as a stand-alone investment.
The Fund is subject to the main risks noted below, any of which may adversely affect the Fund’s performance and ability to meet its investment objective.
General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact
markets or issuers in other countries or regions. Securities in the Fund’s portfolio may
underperform in comparison to securities in general financial markets, a particular financial
market or other asset classes due to a number of factors, including inflation (or expectations for
inflation), deflation (or expectations for deflation), interest rates, global demand for
particular products or resources, market instability, financial system instability, debt crises and
downgrades, embargoes, tariffs, sanctions and other trade barriers, supply chain disruptions,
regulatory events, other governmental trade or market control programs and related geopolitical
events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and
infectious disease epidemics or pandemics or the threat or potential of one or more such factors
and occurrences.
Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as
inflation decreases the value of money. As inflation increases, the present value of the
Fund’s assets and distributions may decline.
Interest Rate Risk. The Fund’s investments in bonds
and other debt securities will change in value based on changes in interest rates. If rates
increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and
floating rate securities. Although these instruments are generally less sensitive to interest
rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of
interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace
at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant
volatility and reduced liquidity for Fund investments.
Credit Risk. The Fund’s investments are subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. If an issuer’s
or counterparty’s
May 1,
2026 | 3
financial condition worsens, their credit
quality may deteriorate. Prices of the Fund’s investments may be adversely affected if any
of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread
risk is the risk that economic and market conditions or any actual or perceived credit
deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s
securities.
Income Risk. The Fund’s income may decline when interest rates fall because the Fund may hold a significant portion
of short duration securities and/or securities that have floating or variable interest rates. The
Fund’s income may decline because the Fund invests in lower yielding bonds, as bonds in its portfolio mature, are near maturity or are called, or when the Fund needs to purchase additional bonds.
Liquidity Risk. The Fund may make investments that are illiquid or that may become less liquid in response to market
developments or adverse investor perceptions. Illiquid investments may be more difficult to
value. The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors, such as a credit rating downgrade, or due to general market conditions or a lack of willing
buyers. An inability to sell one or more portfolio positions, or selling such positions at an
unfavorable time and/or under unfavorable conditions, can increase the volatility of the Fund’s net asset value ("NAV") per share. Liquidity risk may also refer to the risk that the Fund will not be able to pay
redemption proceeds within the allowable time period because of unusual market conditions, an
unusually high volume of redemption requests, or other reasons. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income
securities or the lack of an active market. The potential for liquidity risk may be magnified by
a rising interest rate environment or other circumstances where investor redemptions from money market and other fixed income mutual funds may be higher than normal, potentially causing increased supply in the
market due to selling activity.
Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares.
Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange
rates may fluctuate significantly over short periods of time for a number of reasons, including
changes in interest rates. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets
generally are not as regulated as securities markets, may be riskier than other types of
investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge some or all of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency
fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the
Fund’s use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.
Asset-Backed,
Mortgage-Related and Mortgage-Backed Securities Risk. The Fund may invest in
asset-backed, mortgage-related and mortgage-backed securities including so-called “sub-prime” mortgages, credit risk transfer securities and credit-linked notes issued by government-related organization
that are subject to certain other risks including prepayment and call risks. When mortgages and
other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest
rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and
yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the
Fund may exhibit additional volatility. During periods of difficult or frozen credit markets,
significant changes in interest rates or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, asset-backed,
mortgage-related and mortgage-backed securities are subject to risks associated with their
structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than
other types of asset-backed, mortgage-related and mortgage-backed securities, or debt
securities.
Collateralized mortgage obligations and stripped
mortgage-backed securities, including those structured as interest-only and principal-only, are
more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is
generally higher than other types of mortgage-backed securities. The structure of some of these
securities may be complex and there may be less available information than other types of debt
securities.
Credit risk transfer securities and credit-linked
notes are general obligations issued by a government-related organization or special purpose
vehicle, respectively, and are unguaranteed. Unlike mortgage-backed securities, investors in credit risk transfer securities and credit-linked notes issued by a government-related organization have no recourse to
the underlying mortgage loans. In addition, some or all of the mortgage default risk associated
with the underlying mortgage loans is transferred to the noteholder. There can be no assurance
that losses will not occur on an investment. These investments are also subject to the risks described under “Prepayment Risk.
”
Debt Securities and Other Callable Securities Risk. As part of its investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable
securities may be able to repay principal in advance, especially when interest rates fall.
Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield.
The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with
higher interest rates, resulting in an unexpected capital loss.
4 | Six Circles® Funds
Government Securities
Risk. The Fund invests in securities issued or guaranteed by the U.S. government or its agencies
and instrumentalities (such as securities issued by the Government National Mortgage Association
(“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). U.S. government securities are subject to market
risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by
Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United
States are guaranteed only as to the timely payment of interest and principal when held to maturity
and the market prices for such securities will fluctuate. The income generated by investments may
not keep pace with inflation. Actions by governments and central banking authorities could result
in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the
full faith and credit of the United States, circumstances could arise that would prevent the
payment of interest or principal. This would result in losses to the Fund. Securities issued or
guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not
backed by the full faith and credit of the U.S. government and no assurance can be given that the
U.S. government would provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.
Derivatives Risk. Derivatives, including futures, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the
Fund. Derivatives may be sensitive to changes in economic and market conditions and may create
leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any
effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund
to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments
that attempt to replicate the performance of certain reference assets. With regard to such
derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used
for hedging, the change in value of a derivative may not correlate as expected with the security
or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes the
risks involving the liquidity demands that derivatives can create to make payments of margin,
collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of a Fund’s counterparty
and operational risk, which includes documentation or settlement issues, system failures,
inadequate controls and human error. Derivatives also subject the Fund to liquidity risk because the liquidity of derivatives is often based on the liquidity of the underlying instruments. In addition, the possible lack of a liquid
secondary market for derivatives and the resulting inability of the Fund to
sell or otherwise close a derivatives
position could expose the Fund to losses and could make derivatives more difficult for the Fund
to value accurately.
Counterparty Risk. The Fund may have exposure to the credit risk of counterparties with which it deals in connection with the investment of its assets, whether engaged in
exchange-traded or off-exchange transactions or through brokers, dealers, custodians and
exchanges through which it engages. In addition, many protections afforded to cleared transactions, such as the security afforded by transacting through a clearinghouse, might not be available in connection with
over-the-counter (“OTC”) transactions. Therefore, in those instances in which the Fund
enters into OTC transactions, the account will be subject to the risk that its direct
counterparty will not perform its obligations under the transactions and will sustain losses.
U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other
securities. Similar to other issuers, changes to the financial condition or credit rating of the
U.S. government may cause the value of the Fund’s U.S. Treasury obligations to decline.
Sovereign Obligations Risk. The Fund may invest in securities issued by or guaranteed by sovereign governments, which may be unable or unwilling to repay principal or interest when due. In times of economic uncertainty in the
country at issue, the prices of these securities may be more volatile than those of corporate
debt obligations or of other government debt obligations. These securities are also subject to Foreign Securities and Emerging Markets Risk.
Foreign Securities and Emerging Markets Risk. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks,
including political and economic risks, unstable governments, civil conflicts and war, greater
volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement,
possible foreign controls on investment, and less stringent investor protection and disclosure
standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has
delivered or receive delivery of securities paid for and may be subject to increased risk that
the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell
securities.
The securities markets of many foreign countries are
relatively small, with a limited number of companies representing a small number of industries.
If foreign securities are denominated and traded in a foreign currency, the value of the Fund’s foreign holdings can be affected by currency exchange rates and exchange control regulations.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments
tied to countries or regions that historically were perceived as comparatively stable becoming
riskier and more volatile. These risks are magnified in countries in “emerging markets.” Emerging market countries typically have less-established market economies than developed countries and may face greater
social, economic,
May 1,
2026 | 5
regulatory and political uncertainties. In
addition, emerging markets typically present greater illiquidity and price volatility concerns
due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers.
Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore,
material information related to an investment may not be available or reliable. Additionally, the
Fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can
increase the risks of loss. From time to time, certain companies in which the Fund invests may
operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One
or more of these companies may be subject to constraints under U.S. law or regulations that could
negatively affect the company's performance. Additionally, one or more of these companies could
suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.
High Yield Securities and Loan Risk. The Fund invests in instruments including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments
are considered to be speculative and are subject to greater risk of loss, greater sensitivity to
economic changes, valuation difficulties and potential illiquidity. Such investments may be subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral,
lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks,
potentially less protection under the federal securities laws and lack of publicly available information. The Fund will not have direct recourse against the borrower when the Fund invests in a loan participation. High yield
securities and loans that are deemed to be liquid at the time of purchase may become
illiquid.
Zero-Coupon Bond Risk. The market value of a zero-coupon bond is generally more volatile than the market value of other fixed
income securities with similar maturities that pay interest periodically.
Regulation S Securities Risk. Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly
traded. Accordingly, Regulation S securities are considered to be speculative and are subject to
greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity.
Restricted and Privately Placed Securities Risk. Restricted securities are securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or
limits their resale. Restricted securities include private placement securities that have not
been registered under the applicable securities laws, such as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to Regulation S. Private placements are generally subject to strict
restrictions on resale.
Restricted securities may not be listed on an exchange and may have no active trading market. Restricted
securities may be illiquid. The Fund may be unable to sell a restricted security on short notice
or may be able to sell them only at a price below current value. It may be more difficult to determine a market value for a restricted security. Also, the Fund may get only limited information about the issuer of a
restricted security, so it may be less able to predict a loss. In addition, if Fund management
receives material nonpublic information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of business and financial risk and may result in substantial
losses.
Repurchase Agreement Risk. Repurchase agreements involve some risk to the Fund that the counterparty does not meet its obligation under the agreement.
Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate
adjustment intervals may be regular and range from daily up to annually, or may be based on an
event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the
securities at any given time. Such securities also may lose value.
Exchange-Traded Fund (“ETF”) and Investment Company Risk. The Fund may invest in shares of other investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of
the underlying investment company or ETF when the Fund invests in shares of another investment
company or ETF. The Fund is subject to the risks associated with the ETF’s or investment company’s investments. ETFs, investment companies and other investment vehicles that invest in commodities or currencies are subject
to the risks associated with direct investments in commodities or currencies. The price and
movement of an ETF or closed-end fund designed to track an index may not track the index and may
result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their NAV (also known as a discount). Certain ETFs or closed-end funds traded on exchanges may be thinly-traded and experience large
spreads between the “ask” price quoted by a seller and the “bid” price
offered by a buyer.
Structured Notes Risk. Structured notes are subject to interest rate risk and credit risk. The price of structured notes may be very volatile, and such notes may have a
limited trading market, making it difficult to value them or sell them at an acceptable price.
The payments on a structured note may vary based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates between two currencies, one or
more securities or a securities index. A structured note may be positively or negatively indexed.
For example, its principal amount and/or interest rate may increase or decrease if the value of the reference instrument increases, depending upon the terms of the instrument. If the underlying investment or index does
not perform as anticipated, the structured note might pay less interest than the stated coupon
payment or repay less principal upon maturity.
To-Be-Announced (“TBA”) Transactions Risk. TBA purchase commitments involve a risk of loss if the value of the securities to be purchased declines prior to the settlement date
or if the
6 | Six Circles® Funds
counterparty does not deliver the
securities as promised. Selling a TBA involves a risk of loss if the value of the securities to be
sold goes up prior to settlement date. TBA transactions involve counterparty risk. Default or
bankruptcy of a counterparty to a TBA transaction would expose the Fund to potential loss and
could affect the Fund’s returns.
Industry and Sector Focus Risk. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of
issuers in a particular industry or sector may be more susceptible to fluctuations due to changes
in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect
that industry or sector more than securities of issuers in other industries and sectors. To the
extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.
Financials Sector Risk. Financial services companies are subject to extensive governmental regulation which may limit both the
amounts and types of loans and other financial commitments they can make, the interest rates and
fees they can charge, the scope of their activities, the prices they can charge and the amount of
capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration
of the credit markets generally may cause an adverse impact in a broad range of markets,
including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually
high degree of volatility in the financial markets, both domestic and foreign, and cause certain
financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their
assets, take action to raise capital (such as the issuance of debt or equity securities), or
cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price
competition. Adverse economic, business or political developments could adversely affect
financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.
Geographic Focus Risk. The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to
greater volatility than a more geographically diversified fund.
Municipal Obligations and Securities Risk. Because the
Fund may invest in municipal obligations, including municipal securities, the Fund may be
susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal
obligation generally depends on the financial and credit status of the issuer. Changes in a
municipality’s financial health may make it difficult for the
municipality to make interest and principal payments when due. This could decrease the Fund’s income or
hurt the ability to preserve capital and liquidity.
Under some circumstances, municipal obligations might not pay interest unless the state legislature or
municipality authorizes money for that purpose. Some securities, including municipal lease
obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.
The amount of public information available about municipal obligations is generally less than for corporate
equities or bonds, meaning that the investment performance of municipal obligations may be more
dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many
other securities markets, which may limit the Fund’s ability to sell its municipal
obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can
become more difficult to value and be subject to erratic price movements. In addition, changes in
U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal
obligations.
Municipal obligations may be more susceptible to
downgrades or defaults during recessions or similar periods of economic stress. In addition,
since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the
credit ratings of the institutions issuing the guarantee are downgraded or at risk of being
downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments. While
interest earned on municipal obligations is generally not subject to federal income tax, any
interest earned on taxable municipal obligations is fully taxable at the federal level and may be subject to state and/or local income tax.
In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a
municipality’s debts may significantly affect the rights of creditors and the value of the
securities issued by the municipality and the value of the Fund’s investments. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.
Collateralized Loan Obligations Risk. Collateralized loan obligations (“CLOs”) are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” that vary in risk and yield and may
experience substantial losses due to actual defaults, decrease in market value due to collateral
defaults and removal of subordinate tranches, market anticipation of defaults and investor
aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the
tranche invested in and the type of the underlying debts and loans in the tranche of the CLO in
which the Fund invests. CLOs also carry risks including, but not limited to, interest rate risk
and credit risk. For example, a liquidity crisis in the credit
May 1,
2026 | 7
markets could cause substantial
fluctuations in prices for leveraged loans and limited liquidity for such instruments. When the
Fund invests in CLOs, in addition to directly bearing the expenses associated with its own
operations, it may bear a pro rata portion of the CLO’s expenses.
High Portfolio Turnover Risk. The Fund will likely engage
in active and frequent trading leading to increased portfolio turnover, higher transaction costs,
and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income.
LIBOR Discontinuance Risk. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other
instruments or investments. After the global financial crisis, regulators globally determined that
existing interest rate benchmarks should be reformed based on a number of factors, including that
LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative
reference rates have since been used in place of LIBOR. Replacement rates that have been
identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S. dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight
Index Average rate (“SONIA,” which is intended to replace pound sterling LIBOR and
measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have
generally transitioned to successor or alternative reference rates as necessary. Although the
transition process away from IBORs for most instruments has been completed, there is no assurance
that any such alternative reference rate will be similar to or produce the same value or economic
equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its
discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates
used for positions, closing out positions, and entering into new trades. The transition from
LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover, certain aspects of the transition from IBORs will rely on the actions of third-party market
participants, such as clearing houses, trustees, administrative agents, asset servicers and
certain service providers; no assurances can be given as to the impact of the transition away
from LIBOR on a Fund or its investments. These risks may also apply with respect to changes in
connection with other IBORs (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
Non-Money Market Fund Risk. The Fund is not a money
market fund. Therefore, the Fund does not attempt to maintain a stable net asset value and is not
subject to the rules that govern the diversity, quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more
susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other
risks relevant to the Fund’s investments. Unlike certain money market funds, the Fund’s net asset value
per share will fluctuate. In addition,
shareholders are not eligible for certain simplified methods for calculating gains and losses
afforded to money market mutual fund shareholders.
Management Risk. The Fund is subject to management risk.
Each Sub-Adviser and its portfolio managers will utilize a proprietary investment process,
techniques and risk analyses in making investment decisions for its allocated portion of the Fund, but there can be no guarantee that these decisions will produce the desired results. In addition, legislative,
regulatory or tax developments may affect the investment techniques available to each Sub-Adviser
in connection with managing its allocated portions of the Fund and may also adversely affect the ability of the Fund to achieve its investment objective.
Multi-Manager Risk. The Fund’s performance depends on the skill of the Adviser in selecting, overseeing, and allocating Fund assets to the Sub-Advisers. The
Sub-Advisers’ investment styles may not always be complementary. The Sub-Advisers operate
independently (e.g., make investment decisions independently of one another), and may make
decisions that conflict with each other. For example, it is possible that a Sub-Adviser may
purchase a security for the Fund at the same time that another Sub-Adviser sells the same
security, resulting in higher transaction costs without accomplishing any net investment result; or
that several Sub-Advisers purchase the same security at the same time, without aggregating their
transactions, resulting in higher transaction costs. The Fund’s Sub-Advisers may
underperform the market generally, underperform other investment managers that could have been
selected for the Fund and/or underperform private investment funds with similar strategies
managed by the Sub-Advisers. Subject to the overall supervision of the Fund’s investment program by the Fund’s Adviser, each Sub-Adviser is responsible, with respect to the portion of the Fund’s assets it manages,
for compliance with the Fund’s investment strategies and applicable law.
Allocation Risk. The Fund’s ability to achieve its
investment objective depends upon the Adviser’s ability to select the optimum mix of
underlying exposures in light of market conditions. There is a risk that the Adviser’s evaluations and assumptions regarding the investment strategies may be incorrect in view of actual market conditions.
Convertible Securities and Contingent Convertible Securities
Risk. The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually
falls. In addition, convertible securities are subject to the risk that the issuer will not be
able to pay interest or dividends when due, and their market value may change based on changes in
the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Convertible securities may be lower-rated securities subject to greater levels of credit risk.
Bank Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. In
connection with purchasing loan participations, the Fund generally will have no right to enforce
compliance by borrowers with loan terms nor any set-off rights, and the Fund may not benefit
directly from any posted collateral. As a result, the Fund may be subject to the credit risk of
both the borrower and the lender selling the participation. Bank loan transactions may take more
than seven days to settle, meaning that proceeds would be unavailable to make additional
investments or meet redemptions.
8 | Six Circles® Funds
Large
Shareholder Risk. To the extent a large proportion of shares are held by a small number of
shareholders (or a single shareholder), including funds or accounts over which the Adviser or its
affiliates have investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision
made by the Adviser or its affiliates.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from year to year since the Fund’s
inception (i.e., for the past seven calendar years). The table shows the average annual total
returns for the past one year, five years and life of the Fund. The table compares that
performance to the Bloomberg 1-3 Month U.S. Treasury Bill Index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.sixcirclesfunds.com or by calling 1-212-464-2070.
| YEAR-BY-YEAR RETURNS |
| Best Quarter |
2nd quarter, 2020 |
1.96% |
| Worst Quarter |
1st quarter, 2022 |
-0.84% |
| The Fund’s year-to-date return |
through |
3/31/26 |
was |
0.69% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2025) |
|||
| |
Past |
Past |
Life of
Fund Since |
| |
1 Year |
5 Years |
7/9/18 |
| FUND |
|
|
|
| Return Before Taxes |
4.82 % |
3.33 % |
2.97 % |
| Return After Taxes on Distributions |
2.95 |
1.96 |
1.77 |
| Return After Taxes on Distributions and Sale of Fund Shares |
2.80 |
1.95 |
1.75 |
| BLOOMBERG U.S. AGGREGATE TOTAL RETURN VALUE UNHEDGED USD INDEX (Reflects No Deduction for Fees, Expenses or Taxes) |
7.30 |
-0.36 |
2.06 |
| BLOOMBERG 1-3 MONTH U.S. TREASURY BILL INDEX (Reflects No Deduction for Fees, Expenses or Taxes) |
4.29 |
3.24 |
2.66 |
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown
are not relevant to investors who hold their shares through tax-deferred arrangements such as
401(k) plans or individual retirement accounts.
Management
Investment Adviser
J.P. Morgan Private Investments Inc.
| Portfolio Manager |
Managed Fund Since |
Primary Title with
Adviser |
| Richard Madigan |
Inception |
Managing Director
and Chief Investment Officer |
| Jeffrey Gaffney |
Inception |
Managing Director |
| Michael Gray |
Inception |
Managing Director |
| Jeffrey Eshleman |
2024 |
Managing Director |
| Jesse Rosenblum |
2026 |
Executive Director |
Sub-Advisers
The Adviser allocates Fund assets for each investment strategy to Sub-Advisers, which allocations may be
adjusted or eliminated at any time. BlackRock and PIMCO are the current Sub-Advisers to the
Fund.
BlackRock
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Sub-Adviser |
| Akiva Dickstein |
2020 |
Managing Director |
| Scott MacLellan, CFA, CMT |
2020 |
Managing Director |
| Siddarth Mehta |
2025 |
Director |
| Amanda Liu, CFA |
2025 |
Director |
PIMCO
May 1,
2026 | 9
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Sub-Adviser |
| Jerome Schneider |
Inception |
Managing Director |
| Nathan Chiaverini |
2026 |
Senior Vice President
and Portfolio Manager |
Purchase and Sale of Fund Shares
The Fund is designed exclusively for investors participating in investment advisory programs, trusts or pooled investment vehicles managed by JPMorgan Chase Bank, N.A., J.P.
Morgan Private Investments Inc. or one of their affiliates (each, a “JPM Program”).
Fund shares may only be purchased through a JPM Program by a JPM Program representative acting on your
behalf. Fund shares may be purchased or
redeemed on any business day. For purposes of this prospectus, commingled investment vehicles and
other pooled investment vehicles, such as registered investment companies, advised by the Adviser or its affiliates are considered to be participating in a JPM Program and are therefore eligible to invest in the
Fund.
Tax Information
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when an investor’s investment is in an IRA, 401(k) plan or
other tax-advantaged investment plan, in which case the investor may be subject to federal income
tax upon withdrawal from the tax-advantaged
investment plan.
10 | Six Circles® Funds
SPRO-6C-2026-1