Virtus AlphaSimplex Managed Futures Strategy Fund: Platform Profile

Overview

Virtus AlphaSimplex Managed Futures Strategy Fund is a U.S. mutual fund using AlphaSimplex's systematic trend-following process.

Current identity:

• Adviser: Virtus Alternative Investment Advisers, Inc.
• Subadviser: AlphaSimplex Group, LLC
• Registered open end fund: Yes

The current Virtus fund is successor to the former Natixis-series AlphaSimplex Managed Futures Strategy Fund through a May 19, 2023 reorganization.

May fit better for

• investors seeking established mutual-fund managed futures;
• users wanting multiple share-class access routes;
• investors seeking systematic long/short exposure across global markets;
• retirement plans eligible for R6 shares;
• investors comfortable with trend-following drawdowns;
• users who want volatility management layered onto trend models.

May fit less well for

• investors seeking an ETF;
• small investors seeking Class I;
• Class A investors sensitive to front-end loads;
• investors who assume crisis alpha occurs in every selloff;
• users seeking no derivative leverage;
• investors who treat Morningstar stars as a recommendation.

The fund uses futures and forwards across four major asset classes

Current 2026 prospectus:

• Futures: Yes
• Forwards: Yes
• Equity markets: Yes
• Fixed income markets: Yes
• Currency markets: Yes
• Commodity markets: Yes
• Long short: Yes

AlphaSimplex uses proprietary quantitative models to identify trends across multiple time horizons.

Current management fee is 1.25% across share classes

Current 2026 prospectus:

• Class a management fee: 1.25%
• Class c management fee: 1.25%
• Class i management fee: 1.25%
• Class r6 management fee: 1.25%

Current gross and net expense ratios differ by class

• Class a:
• Ticker: AMFAX
• Gross: 1.83%
• Net: 1.70%
• Class c:
• Ticker: ASFCX
• Gross: 2.54%
• Net: 2.45%
• Class i:
• Ticker: ASFYX
• Gross: 1.59%
• Net: 1.45%
• Class r6:
• Ticker: AMFNX
• Gross: 1.43%
• Net: 1.33%
• Expense limit end: 2027-04-30

Class A and C generally start at $2,500

Current summary prospectus:

• Class a general minimum: $2,500
• Class c general minimum: $2,500
• Class a c IRA or systematic minimum: $100

Defined-contribution, asset-based fee, profit-sharing and employee-benefit plans can have no stated minimum under the listed conditions.

Class I minimum is $100,000

Current prospectus:

• Class i minimum: $100,000
• Class i additional minimum: $0

Current broker pages can show the same $100K minimum.

R6 eligibility is channel-specific

Current prospectus:

• Class r6 plan or omnibus eligible channels no stated minimum: Yes
• Other institutional r6 minimum possible: $2,500,000

Sales charges stay class-specific

Current 2026 prospectus:

• Class a max front load: 5.50%
• Class c front load: 0%
• Class c CDSC first year: 1%
• Class i sales load: 0%
• Class r6 sales load: 0%

Current expense caps run through April 30, 2027

The adviser contractually limits specified operating expenses through:

• Expense limit end: 2027-04-30

Excluded items can sit outside the cap, including certain leverage, interest, brokerage, tax and unusual expenses.

Current fund assets are below the earlier multi-billion peaks

Current broker data around August 31, 2026 showed total fund assets around $917M.

Store as dated reference only:

• Fund net assets: about $917M
• Fund assets as of: 2026-08-31

Assessment

Virtus AlphaSimplex sits between institutional managed futures and retail liquid alternatives.

The fund's strategy is straightforward to describe.

The share-class economics are not.

Current net expenses range from:

1.33% to 2.45%

before excluded costs, and access ranges from ordinary $2,500 A/C purchases to $100K Class I and channel-specific R6 eligibility.