# EDGAR Filing Document

**Accession Number:** 0002025137
**File Stem:** 0000930413-25-003318
**Filing Date:** 2025-10
**Character Count:** 17207
**Document Hash:** ac6fa9910f593ec7d1ac86edf2c676d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-003318.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0000930413-25-003318

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**EFFECTIVENESS DATE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Managed Account Completion Shares (MACS) Trust
- **CENTRAL INDEX KEY:** 0002025137

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280702
- **FILM NUMBER:** 251421467

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STREET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 860-263-4790

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Virtus Solutions SMA Trust
- **DATE OF NAME CHANGE:** 20240530

## Series and Classes Contracts Data

### Virtus Newfleet Floating Rate MACS (Series ID: S000086624)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000252212 | Virtus Newfleet Floating Rate MACS | VMAFX           |

<br> Summary Prospectus October 28, 2025 <br> <u>Virtus Newfleet Floating Rate MACS</u>

**VMAFX**<br>

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, shareholder reports, statement of additional information ("SAI"), and other information about the fund online at https://www.virtus.com/investor-resources/completion-fund-documents.<br>You can also get this information at no cost by calling 800-243-1574 or by sending an e-mail to: virtus.investment.partners@virtus.com. If you purchase shares of the fund through a broker-dealer or other financial intermediary such as a bank, the prospectus and other information will also be available from your financial intermediary.<br>The fund's prospectus and SAI both dated October 28, 2025, are incorporated by reference into this Summary Prospectus.<br>

#### Investment Objective
The fund has an investment objective of high total return from both current income and capital appreciation.

#### Fees and Expenses
The tables below illustrate the fees and expenses that you may pay if you buy, hold and sell shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

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| | |
|:---|:---|
| **Shareholder Fees *(fees paid directly from your investment)*** | **All Shares** |
| Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price) |  |
| Maximum Deferred Sales Charge (load) (as a percentage of the lesser of purchase price or redemption proceeds)  |  |
| **Annual Fund Operating Expenses *(expenses that you pay each year as* <br>*a percentage of the value of your investment)*** | **All Shares** |
| Management Fees<sup>(a)</sup> | 0.00% |
| Other Expenses<sup>(b)</sup> | 0.63% |
| Total Annual Fund Operating Expenses | 0.63% |
| Less: Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | (0.63)% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(c)</sup> | 0.00% |

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(a) Neither the fund's investment adviser nor
the fund's subadviser charges a management fee to the fund. Shareholders should be aware, however,
that the fund is an integral part of separately managed account programs, and the fund's investment
adviser, the fund's subadviser or their affiliates will be compensated directly or indirectly by separately
managed account program sponsors or program participants for managed account advisory services.

(b) Estimated for current fiscal year, as annualized.

(c) The fund's subadviser has contractually
agreed to limit the fund's total operating expenses (excluding certain expenses, such as front-end
or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment
and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred
in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as
litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do
not exceed 0.00% indefinitely. Only the fund's Board may modify or terminate the expense limitation
agreement.

#### 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 and then redeem all of your shares at the end of those periods or continued to hold them. The example also assumes that your investment has a 5% return each year, that the fund's operating expenses remain the same and that the expense reimbursement agreement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | |
|:---|:---|:---|
| **Share Status** | **1 Year** | **3 Years** |
| Sold or Held | $0 | $0 |

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#### 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 most recent fiscal period, the fund's portfolio turnover rate was 37% of the average value of its portfolio.

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#### Investments, Risks and Performance

#### Principal Investment Strategies
The fund invests primarily in non-investment grade bank loans with a focus on "best in class" companies with leading market share and ability to generate income. For this purpose, the fund's subadviser considers "best in class" companies to be companies within the fund's investment universe that the subadviser believes have a competitive advantage, sustainable capital structure, stable cash flow, and a focus on reducing debt levels.

Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans ("Senior Loans"), including both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. For purposes of this policy, indirect exposure to Senior Loans through investment in exchange-traded funds ("ETFs") that invest in such Senior Loans will be considered to be investments by the fund in Senior Loans. ETFs in which the fund invests may include affiliated ETFs that are also managed by the fund's subadviser and/or its affiliates. The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds, which are dollar-denominated instruments issued in the U.S. market by foreign branches of U.S. banks and U.S. branches of foreign banks. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, credit-linked notes, and swaps.

The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes.

#### Principal Risks
The fund may not achieve its objective(s), and it is not intended to be a complete investment program. The value of the fund's investments that supports your share value may decrease. If between the time you purchase shares and the time you sell shares the value of the fund's investments decreases, you will lose money. Investment values can decrease for a number of reasons. Conditions affecting the overall economy, specific industries or companies in which the fund invests can be worse than expected, and investments may fail to perform as the subadviser expects. As a result, the value of your shares may decrease. Purchase and redemption activities by fund shareholders may impact the management of the fund and its ability to achieve its investment objective(s). The principal risks of investing in the fund are identified below.

> ***Credit Risk:*** If the issuer of a debt instrument fails to pay interest or principal in a timely manner, or negative perceptions exist in the market of the issuer's ability to make such payments, the price of the security may decline.

> ***Interest Rate Risk:*** The values of debt instruments may rise or fall in response to changes in interest rates, and this risk may be enhanced for securities with longer maturities.

> ***Bank Loan Risk:*** In addition to the risks typically associated with high-yield/high-risk fixed income securities, bank loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, may be less liquid and may trade infrequently on the secondary market. Bank loans settle on a delayed basis; thus, sale proceeds may not be available to meet redemptions for a substantial period of time after the sale of the loan.

> ***Floating-Rate Securities Risk:*** The market value of floating-rate securities may fall in a declining interest rate environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. Income earned by the Fund on floating-rate securities also may decline in a declining interest rate environment due to lower coupon payments on floating-rate securities.

> ***High-Yield/High-Risk Fixed Income Securities (Junk Bonds) Risk:*** There is a greater risk of issuer default, less liquidity, and increased price volatility related to high-yield/high-risk securities than investment grade securities, and high-yield/high-risk securities are generally considered to be speculative.

> ***Illiquid and Restricted Securities Risk:*** Certain securities in which the fund invests may be difficult to sell at the time and price beneficial to the fund, for example due to low trading volumes or legal restrictions.

***> *Leverage Risk:* When the fund leverages its portfolio by borrowing or by engaging in certain types of transactions or instruments, including derivatives, the fund may be less liquid, may liquidate positions at an unfavorable time, and the volatility of the fund's value may increase.***

> ***Market Volatility Risk:*** The value of the securities in the fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as war or military conflict (e.g., Russia's invasion of Ukraine), geopolitical risk, acts of terrorism, the spread of infectious illness or other public health issue, recessions, tariffs and other restrictions on trade, or the threat or potential of one or more such events and developments, could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.

> ***Affiliated Exchange-Traded Funds (ETFs) Risk:*** The fund's subadviser may select and substitute affiliated and/or unaffiliated ETFs, which may create a conflict of interest.

> ***Covenant Lite Loans Risk:*** The lack of financial maintenance covenants in covenant lite loans increases the risk that the fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.

> ***Prepayment/Call Risk:*** Issuers may prepay or call their fixed rate obligations when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline.

> ***Currency Rate Risk:*** Fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect the value of the fund's shares.

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> ***Derivatives Risk:*** Derivatives and other similar instruments (collectively referred to in this section as "derivatives") may include, among other things, futures, options, forwards and swap agreements and may be used in order to hedge portfolio risks, create leverage or attempt to increase returns. Investments in derivatives may result in increased volatility and the fund may incur a loss greater than its principal investment.

> ***Exchange-Traded Funds (ETFs) Risk:*** The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs to the fund of owning shares of an ETF may exceed the cost of investing directly in the underlying securities.

> ***Foreign Investing Risk:*** Investing in foreign securities subjects the fund to additional risks such as increased volatility; currency fluctuations; less liquidity; less publicly available information about the foreign investment; and political, regulatory, economic, and market risk.

> ***Income Risk:*** Income received from the fund may vary widely over the short- and long-term and/or be less than anticipated if the proceeds from maturing securities in the fund are reinvested in lower-yielding securities.

> ***Large Shareholder Risk:*** Certain account holders, including the subadviser or funds or accounts over which the subadviser has investment discretion, may from time to time own or control a significant percentage of the fund's shares. The fund is subject to the risk that a redemption by large shareholders of all or a portion of their fund shares or a purchase of fund shares in large amounts and/or on a frequent basis, including as a result of asset allocation decisions made by the subadviser, will adversely affect the fund's performance if it is forced to sell portfolio securities or invest cash when the subadviser would not otherwise choose to do so. This risk will be particularly pronounced if one shareholder owns a substantial portion of the fund. Redemptions of a large number of shares may affect the liquidity of the fund's portfolio, increase the fund's transaction costs and/or lead to the liquidation of the fund. Such transactions also potentially limit the use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any). The effects of taxable gains resulting from large redemptions of fund shares would particularly impact non-redeeming shareholders who do not hold their fund shares in a tax-advantaged or tax-exempt vehicle.

#### Performance Information
The fund has not had a full calendar year of operations; therefore, performance information is not shown here.

#### Management
The fund's investment adviser is Virtus Investment Advisers, LLC ("VIA"or the "Adviser").

The fund's subadviser is Newfleet Asset Management ("Newfleet" or the "Subadviser"), an operating division of Virtus Fixed Income Advisers, LLC, an affiliate of VIA.

#### Portfolio Management
The following individuals are jointly and primarily responsible for the day-to-day management of the fund's portfolio.

> ***David L. Albrycht, CFA,*** Newfleet Division President and Chief Investment Officer and Senior Portfolio Manager at Newfleet, has managed the fund since inception in 2025.

> ***Kyle A. Jennings, CFA,*** Senior Managing Director and Head of Credit Research at Newfleet, has managed the fund since inception in 2025.

> ***Francesco Ossino,*** Senior Managing Director, Senior Portfolio Manager and Bank Loan Sector Head at Newfleet, has managed the fund since inception in 2025.

#### Purchase and Sale of Fund Shares
The fund's shares are used exclusively for (i) separately managed accounts advised or subadvised by the Adviser or Subadviser or their affiliates and (ii) other funds managed by the Adviser or Subadviser or their affiliates, and shares may be purchased only at the direction of the Adviser or Subadviser or their affiliates. Shares of the fund may be redeemed on any business day that the New York Stock Exchange is open. In addition, shares will be redeemed when you terminate your managed account. There is no minimum investment for purchases.

#### Taxes
The fund's distributions are taxable to you as either ordinary income or capital gains, except when your investment is through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

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<br> Virtus Managed Account Completion Shares (MACS) Trust<br>P.O. Box 534470<br>Pittsburgh, PA 15253-4470

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| | |
|:---|:---|
| 8488 | 10-25 |

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