Summary
Prospectus May 1, 2026
| Six Circles®
International Unconstrained Equity Fund Ticker: CIUEX |
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 provide capital appreciation.
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 |
0.03% |
| Total Annual Fund Operating Expenses |
0.28% |
| Fee Waiver and Expense Reimbursement1,2 |
(0.20)% |
| Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement1,2 |
0.08% |
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 0.50% 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through April 30, 2027 and total annual fund operating
expenses thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COSTS WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| SHARES ($) |
8 |
70 |
137 |
336 |
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 48.43% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
Under normal circumstances, the Fund will invest at
least 80% of its net assets (plus borrowings) in equity securities and other instruments with
economic characteristics similar to equity securities. Equity securities include common stock, preferred stock and securities or other instruments whose price is linked to the value of common or preferred stock. The
Fund primarily invests in the equity securities of non-U.S. companies and is generally
unconstrained by any particular capitalization, style or sector or non-U.S. country. Non-U.S. companies can be companies where: (i) the relevant security is issued outside the United States; (ii) the principal trading
market for the relevant security is outside the United States; (iii) the company is organized
under the laws of a non-U.S. country; (iv) the company derives at least 50% of its revenues or profits from a non-U.S. country or has at least 50% of its total assets situated in a non-U.S. country; or (v) the company is
a foreign government (or any political subdivision, agency, authority or
May 1,
2026 | 1
instrumentality of such government). In
addition to equity securities issued by companies in developed countries, which will be the
Fund’s focus, the Fund may also invest in companies in emerging markets or developing countries, U.S. dollar-denominated securities issued by foreign entities, and American Depositary Receipts (“ADRs”) or Global
Depositary Receipts (“GDRs”), including unsponsored ADRs or GDRs. The Fund may also
invest a portion of its assets in securities of real estate investment trusts (“REITs”) that own and/or manage properties. From time to time, the Fund may also use derivatives, including futures, forward contracts and swaps
(including but not limited to total return swaps, some of which may be referred to as contracts
for difference), to manage short-term liquidity and/or as substitutes for comparable market positions in the securities in the applicable Indexes (as defined below). For purposes of this 80% investment policy, the Fund will treat
an investment in derivatives as an investment in the securities underlying such derivatives and
will value such derivatives at market value.
The Fund will provide shareholders with at least 60 days’ prior notice of any change to its 80%
investment policy.
The Fund is classified as a “non-diversified” fund under the Investment Company Act of 1940, as
amended. A non-diversified fund is permitted (but is not required) to invest a higher percentage
of its assets in the securities of fewer issuers.
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”), primarily seeks to achieve the Fund’s investment objective by actively allocating and reallocating the Fund’s assets among equity securities (or other instruments with economic characteristics similar
to equity securities) in various non-U.S. sectors or subsectors, or geographical regions (such
as, by way of example only, companies in the European financial sector) that the Adviser believes provide attractive investment opportunities at that time. In doing so, the Adviser is not limited to any specific
sectors and may choose to allocate and reallocate the Fund’s assets among any sectors or
sub-sectors the Adviser chooses at the time. In order to implement its allocation decisions, the
Adviser selects various publicly available equity indexes (such as an index of the European
companies), or specific portions (sub-indexes) of such an index (such as the financial sector
within the larger index) (together, the “Indexes”), that represent the sectors to which the Adviser desires to allocate the Fund’s assets. Generally, an Index will represent a certain industry, geographic
region or other sector component of a publicly available non- U.S. equity index.
Once the Adviser has selected the desired Indexes, it determines
how much of the Fund’s assets to allocate or reallocate to each Index and instructs the
Fund’s current sub-adviser, BlackRock Investment Management, LLC (the “Sub-Adviser” or “BlackRock”), to invest the allocated assets in a manner that seeks to replicate the investment
performance of the respective Indexes. We refer to an allocation of the Fund’s assets to a
specific Index as an “indexed investment strategy.” As discussed in more detail
below, BlackRock then seeks to manage each indexed investment strategy in a manner that will replicate the investment performance of the respective Index. The Adviser, depending on its investment views, may regularly
allocate and reallocate the Fund’s assets among different or new indexed
investment strategies and may cease
allocating to existing indexed investment strategies. The Fund’s assets may be allocated to
multiple indexed investment strategies at any time.
In addition to allocating and reallocating the Fund’s assets among
one or more indexed investment strategies, the Adviser may also select securities of specific individual companies for the Fund to purchase or sell on an ongoing basis and the amount of the Fund’s assets to allocate to such
securities. We refer collectively to the securities selected by the Adviser in this manner as the
“Custom International Equity Sleeve.” When the Adviser makes individual security selections in this manner for the Custom International Equity Sleeve, the securities will be publicly traded non-U.S. equity securities and
the securities may represent a variety of non-U.S. sectors, sub-sectors, industries or
geographical regions. These individual securities in the Custom International Equity Sleeve will be selected by the Adviser based on its investment analysis in order to assist with portfolio construction, risk management,
liquidity considerations or a combination thereof. For example, the Adviser may determine to
invest in a specific security within a broader Index, if it believes doing so would be preferable from an investment perspective to investing in all of the companies within that Index. In order to implement these
individual security selections within the Custom International Equity Sleeve, the Adviser then
directs the Sub- Adviser to invest a specified allocation of the Fund’s assets so as to replicate the investment performance of the identified securities within the Custom International Equity Sleeve. Currently,
under normal market conditions, the Custom International Equity Sleeve is not expected to
constitute more than 45% of the Fund’s total assets. The Adviser is not obligated to select individual securities or to maintain a Custom International Equity Sleeve and may allocate the Fund’s assets solely among indexed
investment strategies.
In allocating the assets of the Fund among indexed investment strategies, or selecting individual securities
within the Custom International Equity Sleeve, the Adviser generally makes investment decisions
based on a combination of financial analysis of individual companies, industries, sectors and geographies, such as financial modeling and individual company research. The Adviser also incorporates into its investment
process macro-economic considerations, factors and trends, as well as analysis of risk,
liquidity, potential for tracking error and other portfolio construction factors. The Adviser may, in its discretion, add to, delete from or modify the categories of indexed investment strategies employed by the Fund at any time or the
securities within the Custom International Equity Sleeve, or add other investment strategies,
including active strategies, managed by one or more sub-advisers at any time. As described in the box below, in making allocations among the indexed investment strategies and the Custom International Equity
Sleeve, and/or in changing the categories of indexed investment strategies and other investment
strategies employed by the Fund, the Adviser also 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.
BlackRock
2 | Six Circles® Funds
BlackRock, the Sub-Adviser,
manages each individual indexed investment strategy (and the Custom International Equity Sleeve)
to which the Adviser has allocated Fund assets with the goal of replicating the performance of the respective Index (and the individual securities within the Custom International Equity Sleeve). BlackRock also facilitates the
transition among indexed investment strategies as directed by the Adviser. BlackRock seeks to
manage each of the indexed investment strategies by replicating the Index fully when applicable or investing in a quantitatively selected portfolio of securities with characteristics expected to match the performance of the
applicable Index, including through the use of derivatives such as futures, forwards and swaps
(including but not limited to total return swaps, some of which may be referred to as contracts
for difference). The securities selected for each indexed investment strategy are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry
weightings), fundamental characteristics (such as return variability and yield) and liquidity
measures similar to those of the applicable Index. The Fund may or may not hold all of the
securities in an applicable Index and BlackRock is free to use its discretion as to how best to replicate the performance of each applicable Index.
General Information
The Adviser may adjust allocations to the Sub-Adviser and any additional sub-adviser of the Fund 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, the identity of the Fund’s Sub-Adviser or Sub-Advisers, or the portion of the Fund allocated to it or them, may change over time. Generally, except in the case of the Custom International Equity Sleeve, the
Sub-Adviser is responsible for deciding which securities to purchase and sell for the Fund.
Additionally, the Sub-Adviser is generally responsible for placing orders for the Fund’s transactions. However, the Adviser reserves the right to instruct the Sub-Adviser as needed on Fund transactions and manage
a portion of the Fund’s portfolio directly, either by instructing the Sub-Adviser or
otherwise, including without limitation, when it has high conviction views, for portfolio hedging, to adjust the Fund’s overall market exposure or to temporarily manage assets as a result of a Sub-Adviser’s resignation or
removal.
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.
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.
Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a
company’s financial condition, sometimes rapidly or unpredictably. These price movements
may result from factors affecting individual companies, sectors or industries selected for the
Fund’s portfolio or the securities market as a whole, such as changes in economic or
political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.
Equity Securities Risk. Investments in equity securities (such as stocks) may be more volatile and carry more risks than some other forms of investment. The price of equity
securities may rise or fall because of changes in the broad market or changes in a
company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund or the securities market as a
whole, such as changes in economic or political conditions. If a company becomes insolvent, its
equity securities are repaid only after all other debts of the company have been repaid. This can result in a potential severe reduction in, or total loss of, their value. Investing in equity securities may also expose
the Fund to inflation and currency risk. Further, the investor will be exposed to the specific
risks of the industry in which the company operates. For example, a computer chip manufacturer might have exposure to the availability and price of certain metals. Equity securities may or may not be registered, publicly listed
or traded on an exchange, and these securities are more likely to be illiquid and therefore
subject to a higher degree of liquidity risk than registered or listed securities.
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.
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,
May 1,
2026 | 3
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 economies than developed countries and may face greater social,
economic, 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 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. For
example, the Fund may, at the direction of the Adviser, frequently reallocate its assets among different
indexed investment strategies, which could
cause the Sub-Adviser frequently to replace a significant portion of the securities and other
instruments in the Fund’s portfolio through sales and purchases so as to reflect the changing allocations, including selling and repurchasing the same securities in quick succession.
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.
European Market Risk. The Fund’s performance will
be affected by political, social and economic conditions in the various countries in which it
invests in Europe and in Europe more generally, such as growth of the economic output (the gross
national product), the rate of inflation, the rate at which capital is reinvested into European
economies, the success of governmental actions to reduce budget deficits, the resource
self-sufficiency of European countries and interest and monetary exchange rates between European
countries. European financial markets may experience volatility due to concerns about high
government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a
common currency, possible restructuring of government debt and other government measures
responding to those concerns and fiscal and monetary controls imposed on member countries of the
European Union.
Asia Pacific Market Risk. The small size of securities markets and the low trading volume in some countries in the Asia Pacific
Region may lead to a lack of liquidity. Also, some Asia Pacific economies and financial markets
have been extremely volatile in recent years. Many of the countries in the region are developing,
both politically and economically. They may have relatively unstable governments and economies based on only a few commodities or industries. The share prices of companies in the region tend to be volatile and there is a significant
possibility of loss. Also, some companies in the region may have less established product markets
or a small management group and they may be more vulnerable to political or economic conditions,
like nationalization. In addition, some countries have restricted the flow of money in and out of the country.
Certain of the currencies in the Asia Pacific region have experienced extreme volatility relative to the U.S.
dollar. For example, Thailand, Indonesia, the Philippines and South Korea have had currency
crises and have sought help from the International Monetary Fund. Holding securities in currencies
that are devalued (or in companies whose revenues are substantially in currencies that are
devalued) will likely decrease the value of the Fund.
The trading volume on some Asia Pacific region stock exchanges is much lower than in the United States, and Asia Pacific region securities of some companies are less liquid
and more volatile than similar U.S. securities. In addition, brokerage commissions on regional
stock exchanges are fixed and are generally higher than the negotiated commissions in the United States. The imposition of tariffs or other trade barriers, or a downturn in the economy of a significant trading partner
could adversely impact Asia Pacific companies. If the Fund concentrates in the Asia Pacific
region, the Fund’s performance may be more volatile than that of a fund that invests globally. If Asia Pacific
4 | Six Circles® Funds
securities fall out of favor, it may cause
a fund that concentrates in the Asia Pacific region to underperform funds that do not concentrate
in the Asia Pacific region.
Greater China Region
Risk. In addition to the risks listed under “Foreign Securities and Emerging Markets
Risk,” investments in Mainland China, Hong Kong and Taiwan are subject to significant
legal, regulatory, monetary and economic risks, as well as the potential for regional and global
conflicts, including actions that are contrary to the interests of the U.S.
Investments in Mainland China involve political and legal uncertainties, currency fluctuations and aggressive currency controls, the risk of confiscatory taxation, and
nationalization or expropriation of assets, which could adversely affect and significantly
diminish the values of the Mainland Chinese companies in which the Fund invests. The Mainland Chinese securities markets are emerging markets characterized by greater price volatility. Mainland China is dominated
by the one-party rule of the Communist Party, and the Mainland Chinese government exercises
significant control over Mainland China’s economic growth. There is the potential of increased tariffs and restrictions on trade between the United States and Mainland China. An increase in tariffs or trade
restrictions, or even the threat of such developments, could lead to a significant reduction in
international trade, which could have a negative impact on Mainland Chinese companies and a commensurately negative impact on the Fund. There is also the risk that the U.S. government or other governments may sanction Chinese
issuers or otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese
issuers, which may negatively affect the liquidity and price of their securities.
The political reunification of Mainland China and Taiwan, over which
Mainland China continues to claim sovereignty, is a highly complex issue. There is the potential for future political, military or economic disturbances that may have an adverse impact on the values of the Fund’s investments in
Mainland China and elsewhere, or make certain Fund investments impractical or impossible. Any
escalation of hostility between Mainland China and Taiwan would likely have a significant adverse impact on the value and liquidity of the Fund’s investments in both Mainland China and elsewhere, causing
substantial investment losses for the Fund.
Hong Kong is a Special Administrative Region of the People’s Republic of China. Since Hong Kong reverted
to Chinese sovereignty in 1997, it has been governed by the Basic Law. Under the Basic Law, Hong
Kong was guaranteed a high degree of autonomy in certain matters, including economic matters,
until 2047. Attempts by the government of Mainland China to exert greater control over Hong
Kong’s economic, political or legal structures or its existing social policy could negatively
affect investor confidence in Hong Kong (as has been the case previously during certain periods),
which in turn could negatively affect markets and business performance.
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.
Non-Diversified Fund Risk. Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified
fund would. This increased investment in fewer issuers may result in the Fund’s shares
being more sensitive to economic results of those issuing the securities. The value of the Fund’s shares may also be more volatile than the value of a fund which invests in more securities.
Large Cap Company Risk. To the extent the Fund invests principally in large cap company securities, it may underperform other funds during periods when the
Fund’s securities are out of favor.
Mid Cap Company Risk. Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than
investments in larger, more established companies. The securities of smaller companies may trade
less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity
securities, especially over the short term.
Smaller Company Risk. Because the Fund may invest in equity investments of companies across all market capitalizations, the Fund’s risks increase as it invests more
heavily in smaller companies (mid capitalization and small capitalization companies). Investments
in smaller companies may be riskier than investments in larger companies. Securities of smaller
companies tend to be less liquid than securities of larger companies. In addition, small
companies may be more vulnerable to economic, market and industry changes. As a result, the
changes in value of their securities may be more sudden or erratic than in large capitalization
companies, especially over the short term. Because smaller companies may have limited product
lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies. This may cause
unexpected and frequent decreases in the value of the Fund’s investments.
Depositary Receipts (ADRs and GDRs) Risk. The Fund may
invest in the securities of foreign issuers in the form of depositary receipts or other
securities convertible into securities of foreign issuers. The Fund may invest in both sponsored and unsponsored ADRs, GDRs and other similar global instruments. In addition to investment risks associated with
the underlying issuer, depositary receipts expose the Fund to additional risks associated with
the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency risk and
liquidity risk.
May 1,
2026 | 5
Unsponsored ADR and GDR programs are
organized independently and without the cooperation of the issuer of the underlying securities.
Unsponsored programs generally expose investors to greater risks than sponsored programs and do not
provide holders with many of the shareholder benefits that come from investing in a sponsored
depositary receipt. Available information concerning the issuer may not be as current as for
sponsored ADRs and GDRs, and the prices of unsponsored ADRs and GDRs may be more volatile than if such instruments were sponsored by the issuer. Depositary receipts are generally subject to the same risks as the foreign
securities that they evidence or into which they may be converted.
Real Estate Investment Trusts Risk. The Fund’s
investments in securities of real estate investment trusts (“REITs”) are subject to
the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from
changes in interest rates and demand for real and rental property, and the management skill and
creditworthiness of REIT issuers. Debt securities of REITs are also subject to the risks of debt securities in general. For example, such securities are more sensitive to interest rates than equity securities of
REITs.
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.
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.
Industrials Sector Risk. The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for
environmental damage or product liability and general economic conditions, among other
factors.
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.
Tracking Error Risk. In carrying out the investment program of the Fund, a Sub-Adviser will typically be instructed by the Adviser to replicate the performance of one or
more indexes,
6 | Six Circles® Funds
although the Fund is not a passive index
fund. Tracking error is the divergence of the Fund’s performance from that of those
indexes. Tracking error may occur because of differences between the securities and other
instruments held in the Fund’s portfolio and those included in those indexes, pricing differences (including differences between a security’s price at the local market close and the Fund’s
valuation of a security at the time of calculation of the Fund’s net asset value ("NAV")), differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or
the valuation of dividends or interest, tax gains or losses, changes to those indexes or the
costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also
may result because the Fund incurs fees and expenses, while those indexes do not. Funds that
track indexes with significant weight in emerging markets issuers may experience higher tracking error than other funds that do not track such indexes. Additionally, to comply with regulatory requirements, the
Fund does not invest in securities issued by JPMorgan Chase & Co. This could cause the Fund
to experience tracking error when an index includes such securities.
Liquidity Risk. Low trading volume, a lack of a market
maker, or contractual or legal restrictions may limit the Fund’s ability to value
securities, or prevent the Fund from selling securities or closing derivative positions at desirable times or prices.
Allocation Risk. The Fund’s ability to achieve its investment objective depends upon the Adviser’s ability to
select the optimum mix of index components and the indexed investment strategies 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.
Preferred Securities Risk. Preferred securities represent an equity interest in a company that generally entitles the holder to receive, in preference to the holders of
other securities such as common stocks, dividends and a fixed share of the proceeds resulting
from a liquidation of the company. Preferred and other senior securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred and other senior
securities generally pay dividends only after the company makes required payments to holders of
its bonds and other debt. For this reason, the value of preferred and other senior securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition
or prospects.
Management Risk. The Fund is subject to management risk. The 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 the Sub-Adviser in connection with managing its allocated portion of the Fund and may also adversely affect
the ability of the Fund to achieve its investment objective.
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 MSCI World ex-USA 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 |
4th quarter, 2022 |
21.25% |
| Worst Quarter |
1st quarter, 2020 |
-25.55% |
| The Fund’s year-to-date return |
through |
3/31/26 |
was |
0.29% |
. |
May 1, 2026 | 7
| 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 |
34.19 % |
9.98 % |
7.26 % |
| Return After Taxes on Distributions |
33.31 |
9.39 |
6.74 |
| Return After Taxes on Distributions and Sale of Fund Shares |
21.05 |
7.94 |
5.79 |
| MSCI WORLD EX-USA INDEX (Reflects No Deduction for Fees, Expenses or Taxes) |
31.85 |
9.46 |
8.22 |
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 |
| Miles Wixon |
Inception |
Managing Director |
| Jeffrey Eshleman |
2024 |
Managing Director |
| Sarah Ferguson |
2025 |
Managing Director |
| Jesse Rosenblum |
2026 |
Executive Director |
Sub-Adviser
The Adviser currently allocates Fund assets to BlackRock, the current
Sub-Adviser to the Fund.
BlackRock
| Portfolio Manager |
Managed
Fund Since |
Primary Title with
Sub-Adviser |
| Jennifer Hsui, CFA |
Inception |
Managing Director |
| Peter Sietsema, CFA |
2022 |
Director |
| Matt Waldron |
2025 |
Managing Director |
| Steven White |
2025 |
Director |
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.
8 | Six Circles® Funds
SPRO-6C-2026-4