Fund Evaluator:
Six Circles Tax Aware Bond (CBTAX)
Follow This Fund
Best Performing in Muni National Interm Over the Last Year
| 8.4% | Sit Tax-Free Income (SNTIX) |
| 5.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 5.5% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 5.3% | Victory Tax Exempt Intermediate-Term (USATX) |
| 5.2% | Vanguard Tax-Exempt Bond Index Admiral (VTEAX) |
Fund Details
Six Circles Tax Aware Bond Overview
Six Circles Tax Aware Bond (CBTAX) is an actively managed Municipal Bond Muni National Interm fund. Six Circles launched the fund in 2020.
The investment seeks to provide after-tax total return. Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings) in fixed income securities and other related instruments with similar economic characteristics. In addition, at least 50% of its assets will be invested in municipal securities, the income from which is exempt from federal income tax. The fund may also invest in taxable fixed income instruments.
About Six Circles Tax Aware Bond (CBTAX)
There are 19 members of the management team with an average tenure of 3.80 years: Robert Miller (2020), James Mauro (2026), Scott Radell (2021), Nicholos Venditti (2020), Jeffrey Gaffney (2020), Stephen Candido (2020), Mark Marinella (2020), Vish Acharya (2023), Jonathan Graves (2026), Courtney Wolf (2022), Vikas Malhotra (2022), Jesse Rosenblum (2026), Lee Chu (2023), Jeffrey Eshleman (2024), Marcus Tom (2026), Adrian Van Poppel (2025), Paul Brennan (2020), Richard Madigan (2020), Michael Gray (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal 1-15 Yr TR USD index with a weighting of 100%. Six Circles Tax Aware Bond has 4832 securities in its portfolio. The top 10 holdings constitute 2.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Six Circles Tax Aware Bond is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Six Circles Tax Aware Bond has 0.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.3% (95.7% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Six Circles Tax Aware Bond has 3.3% of the portfolio in cash.
Assets Under Management
The fund has $17 billion in total assets, which is above the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CBTAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Six Circles Tax Aware Bond expense ratio is low compared to funds in the Muni National Interm category. Six Circles Tax Aware Bond has an expense ratio of 0.13%, which is 81% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Six Circles Tax Aware Bond has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.
Recently, in the month of July 2026, Six Circles Tax Aware Bond returned -1.5%, which earned it a grade of C, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Six Circles Tax Aware Bond has a trailing yield of 3.61%, which is above the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Six Circles Tax Aware Bond Grades
Year to date, the fund has returned 0.6%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 5.3% over the past year (grade of B), 3.5% over the past three years (grade of B) and 1.0% per year over the past five years (grade of A).
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CBTAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CBTAX Return (NAV) | -1.5% | -0.4% | 5.3% | 3.5% | 1.0% | na |
| CBTAX Grade | C | B | B | B | A | na |
| +/- Category | 0.0% | 0.1% | 0.6% | 0.3% | 0.4% | na |
| Muni National Interm Avg | -1.6% | -0.5% | 4.6% | 3.2% | 0.6% | 1.7% |
| CBTAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | na |
CBTAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CBTAX Return (NAV) | 0.6% | 4.1% | 2.4% | 6.4% | -7.3% | 1.0% | na | na | na | na | na |
| CBTAX Grade | B | C | B | B | B | D | na | na | na | na | na |
| +/- Category | 0.2% | -0.1% | 0.4% | 0.6% | 0.9% | -0.7% | na | na | na | na | na |
| Muni National Interm Avg | 0.4% | 4.2% | 2.0% | 5.8% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.1% |
| Total Risk Index: | 0.41 - Low |
| Category Risk Index: | 1.06 - Above Average |
| Category Risk Grade: | D (74% Rank) |
| Beta: | 0.88 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $17946 Mil |
| Fund Total Assets: | $17,947 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 18% |
Management Team
| Number of Managers: 19 | |||
| Longest Tenure: 6.2 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Miller Robert (2020), Gaffney Jeffrey (2020), Candido Stephen (2020), Marinella Mark (2020), Madigan Richard (2020), Gray Michael (2020), Venditti Nicholos (2020), Brennan Paul (2020), Radell Scott (2021), Wolf Courtney (2022), Malhotra Vikas (2022), Acharya Vish (2023), Chu Lee (2023), Eshleman Jeffrey (2024), Van Poppel Adrian (2025), Rosenblum Jesse (2026), Tom Marcus (2026), Graves Jonathan (2026), Mauro James (2026) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 4832 |
| % in Top 10 Holdings: | 2.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.7% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.5% |
| Cash: | 3.3% |
Purchase Information
| Fund Family: | Six Circles |
| Phone Number: | 212-464-2070 |
| Website: |
| Status: | Open |
| Inception Date: | May 19, 2020 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.13% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.68% |
| Share Class: | Six Circles Tax Aware Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
