Launches and Reorganizations
The Angel Oak Total Return ETF is in registration. The managers will have the freedom to invest in just about every conceivable sort of income-generating security, from investment-grade, corporate bonds to asset-backed securities that include student loan portfolios. Ward Bortz, Namit Sinha, and Clayton Triick will be the portfolio managers of the ETF. Expenses have not been stated at this time.
Goldman Sachs‘ Enhanced U.S. Equity, Strategic Growth Fund, Focused Value, and Technology Opportunities funds will be reorganized into ETFs. The Enhanced U.S. Equity, Strategic Growth, and Focused Value funds will be reorganized on or about November 14th. The Technology Opportunities fund will be reorganized on or about December 5th.
Morgan Stanley Income Opportunities Fund will be converted into an ETF on or about November 7th.
Sprott Active Metals & Miners and Sprott Metal Royalty & Streaming ETFs are in registration.
Sprott Active Metals & Miners ETF will invest primarily in companies that are involved in the mining, exploration, production, development, distribution, or recycling of metals and raw materials required to support growing global energy demand and royalty and streaming companies engaged in financing such metals and raw materials. The fund will be managed by Justin Tolman, Maria Smirnova, and Shree Kargutkar. Expenses have not been stated.
The Sprott Metal Royalty & Streaming ETF will primarily invest in companies with at least 50% of their revenue from metal royalties or streaming or metal royalty trusts and closed-end trusts that invest 50% or more of their assets in physical gold, silver, platinum, palladium, copper, or uranium. The fund will be managed by Ryan Mischker, Andrew Hicks and Charles Perkins are responsible for the day-to-day management of the ETF. Expenses have not been stated.
VanEck Emerging Markets Bond Fund will be reorganized into an ETF during October 2025.
Vanguard launched its Vanguard Multi-Sector Income Bond ETF (VGMS), an actively managed fixed income ETF. This new ETF is strategically designed to add total return potential while generating higher income, offering advisors and investors access to professional management across a range of fixed income sectors including investment-grade credit, high-yield corporates, emerging market bonds, and structured products The ETF has estimated expense ratio of 0.30% for the current fiscal year; which is identical to the Admiral share class of the mutual fund and 0.15% cheaper than the Investor shares (VMSIX). That makes this ETF a more cost-effective choice for investors who don’t meet the $50,000 minimum investment for the Admiral share class. It will be managed by Michael Chang, Arvind Narayanan, and Daniel Shaykevich.
Wasatch Global Small Cap and International Small Cap Value funds are in registration. Both funds will have an investor share class ratio of 1.5% and will be managed by portfolio manager Mark Madsen and associate portfolio manager Karson Schrader. Both managers were formerly managers of Grandeur Peak funds.
Small Wins for Investors
None noted.
Closings (and related inconveniences)
Kopernik Global All-Cap Fund will close to new investors as of the close of business on July 31st. The fund had just reopened to new investors on March 3, 2025, having been closed since June 1, 2023.
Old Wines in New Bottles
Torray Fund is changing its name to Torray Equity Income Fund effective August 31st.
Off to the Dustbin
BNY Mellon Short-Term U.S. Government Securities Fund will be liquidated on or about August 11th.
BNY Mellon Income Stock Fund will be reorganized into the BNY Mellon Enhanced Dividend and Income ETF. The reorganization will be consummated on or about the close of business on December 5, 2025.
John Hancock Capital Appreciation Fund will be reorganized into the John Hancock U.S. Growth Fund. Shareholders will vote on the reorganization on July 9th.
Nationwide Janus Henderson Overseas fund will be liquidated on or about August 15th.
Neuberger Berman Next Generation Connected Consumer ETF will be liquidated on or about August 21st.
RBC funds are liquidating RBC Enterprise, RBC Small Cap Core, RBC Microcap Value, and RBC Small Cap Value funds on or about September 29th. These funds were previously known under the Babson and Tamarack fund monikers.
RBC funds is also liquidating its RBC Global Equity Leaders fund on or about July 25th.
Virtus KAR Global Quality Dividend Fund will be reorganized into the Virtus KAR Equity Income Fund on or about September 12th.
