Vulcan and two Zacks mutual funds are scheduled to become ETFs next week

Vulcan Value Partners Fund is scheduled to become an exchange-traded fund (ETF) on or about Nov. 18, and two Zacks mutual funds are expected to become ETFs on Nov. 20. Holders are not asked to vote. Their mutual fund shares are exchanged for ETF shares.

Some holders have a step to take before those dates. An account that cannot hold an ETF is cashed out. A Zacks shareholder who holds shares directly with the fund has to act or be redeemed.

Four other registration updates

EA Series Trust, Tidal Trust IV and Two Roads Shared Trust also filed on Tuesday, Nov. 10. None of those updates sets a day the shares start trading. None of them changes a fee on a fund that is already operating, and none closes a fund.

EA Series Trust's amendment covers NLRM, an actively managed fund that seeks long-term capital appreciation from U.S. stocks, and lower volatility than the broader U.S. stock market, through derivatives. The adviser is Empowered Funds, which does business as EA Advisers. The listing exchange is Cboe BZX Exchange. The prospectus, dated Nov. 11, says the fund had not commenced operations as of that date.

Tidal Trust IV's amendment answers comments from the Securities and Exchange Commission staff on the registration of EPHO. Tidal Investments is the adviser. EMQQ Global is the sub-adviser. Under normal circumstances the fund invests at least 80% of its net assets in emerging-markets companies that derive at least half their revenue or profit from technologies that generate, detect or transmit light, or in derivatives that provide that exposure. The listing exchange is the Nasdaq Stock Market. The prospectus and the statement of additional information, both dated Nov. 11, say the fund had not commenced operations as of that date.

The 0.76% in the table is the stated fee. Tidal Investments has voluntarily agreed to a temporary waiver that holds the fee to 0.66%, and it can end that waiver at any time without notice.

Two Roads Shared Trust's amendment covers two series advised by Capital Wealth Planning, LLC and sub-advised by Vident Advisory, LLC, which does business as Vident Asset Management. CWPG seeks current income through covered-call premiums, with long-term capital appreciation as a secondary objective. CWPD seeks current income through dividends and covered-call premiums. Each says it will put at least 80% of its assets in U.S. equity index ETFs and will write covered calls on those funds opportunistically. The prospectus names the Nasdaq Stock Market.

The management-fee line on each is 0.06%. The filing's estimated totals are 0.54% for CWPG and 0.50% for CWPD. Other expenses are estimated at 0.30% on each. Acquired fund fees and expenses, the costs of the funds in the portfolio, are estimated at 0.18% and 0.14%.

A footnote says the management fee is paid in full to the sub-adviser. It is the greater of $50,000 or a schedule of 0.06% on the first $250 million of assets, 0.05% on the second $250 million and 0.04% above $500 million.

Vulcan Value Partners ETF

Elevation Series Trust filed a summary prospectus for Vulcan Value Partners ETF, VVPL, dated Nov. 10. Vulcan Value Partners, LLC is the adviser. The management fee is 0.75%, and that is also the total annual operating expense, with other expenses estimated at zero for the initial fiscal year. The cover names Cboe BZX Exchange.

The performance section says the fund acquired the assets and liabilities of the Vulcan Value Partners Fund, a mutual fund in the same trust, in a reorganization on Nov. 18, 2026. The summary prospectus is dated Nov. 10. Nov. 18 had not arrived.

Zacks summaries dated October

Zacks Trust filed two summary prospectuses on Tuesday. Both are dated Oct. 23.

The all-cap summary is for Zacks All-Cap Core ETF, ALLZ. It shows a management fee of 0.44% and net annual operating expenses of 0.56% after the waiver and expense limitation in the table. The small-cap summary is for Zacks Small-Cap Core ETF, ZCAP, with the same 0.44% management fee and net annual operating expenses of 0.55%. Zacks Investment Management, Inc. is the adviser on both.

Each summary says the predecessor mutual fund is expected to be reorganized into the ETF on Nov. 20, and that the ETF will commence operations when that reorganization is complete.