The SEC requires advisers to give them 75 days to review and comment upon any proposed new fund offering. During those 75 days, the advisers aren’t permitted to say anything about the funds except “please refer to our public filing with the SEC.” This month there are 17 no-load retail funds and actively managed ETFs in the pipeline. I’m most intrigued by two funds that aren’t actually new: Seven Canyons Strategic Income and Seven Canyons World Innovators are the rechristened versions of two Wasatch funds, both managed by Wasatch founder Samuel Stewart. Mr. Stewart, now 75, appears to be distancing himself from the firm, though we don’t know the circumstances behind it. The Wasatch website, including Mr. Stewart’s most recent shareholder letter, offers no hints concerning the change. Wasatch has seen steady outflows every quarter since Q2 2014, with a net outflow of around $5.5 billion. One could imagine the departure of these funds, and the merger of Wasatch Long/Short into Wasatch Global Value (see this month’s “Briefly Noted” for details), as attempts to adjust to that reality.

AdvisorShares Dorsey Wright Micro-Cap ETF

AdvisorShares Dorsey Wright Micro-Cap ETF (DWMC), an actively-managed ETF, will seek long term capital appreciation. The portfolio strategy is “entirely based on market movement of the securities and there is no company fundamental data involved in the analysis.” The fund will be managed by John G. Lewis of Dorsey, Wright & Associates.The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Agility Shares Managed Risk Equity ETF

Agility Shares Managed Risk Equity ETF (TRCE) seeks income and long-term growth with a secondary goal of limiting risk during unfavorable market conditions. . The plan is to invest in some combination of S&P 500 Index futures contracts, S&P 500 ETFs and S&P 500 stocks. “The Fund buys and sells put options against these positions to offset the risk of adverse price movements, and buys and writes call options against the same positions to reduce volatility and to receive income from written call options.” The fund will be managed by Phillip Toews, Randall Schroeder, Jason Graffius, and Charles Collins, all of Toews Corporation. The team manages five other funds, four of which have two star ratings from Morningstar. The initial expense ratio is 1.05% after waivers, and there is no minimum initial investment.

AI Powered International Equity ETF

AI Powered International Equity ETF, an actively though robotically managed fund, will seek capital appreciation. The manager relies on an artificial intelligence program, EquBot, running on IBM’s famous Watson platform. The program identifies both the international equity securities and their target weights, based on a 12-month risk/return horizon. Anticipate an all-cap portfolio of 80-250 names with the prospect for relatively active trading. Two mere humans, Denise M. Krisko and Rafael Zayas of Vident Investment Advisory, make the actual buy/sell decisions. For now! (Insert a mechanical “mwah-hah-ha” about here.) The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Altegris/AACA Real Estate Income Fund

Altegris/AACA Real Estate Income Fund seeks to maximize current income with potential for capital appreciation. The plan is to invest in the equity and debt of U.S., foreign and emerging market real estate and real estate related companies. The fund will be managed by Burland B. East III of American Assets Capital Advisers, LLC. Mr. East also manages the five-star Altegris/AACA Opportunistic Real Estate Fund (RAANX). The initial expense ratio has not been disclosed, and the minimum initial investment for the no-load “N” shares will be $2,500.

AlphaCentric Small Cap Alpha Fund

AlphaCentric Small Cap Alpha Fund seeks long-term growth of capital. The plan is to invest in the stock of small capitalization companies with “underappreciated earnings potential and reasonable valuations.” The fund will be managed by Mike Ashton of Pacific View Asset Management, LLC. The initial expense ratio for the no-load “I” shares is 1.40%, and the minimum initial investment will be $2,500.

AMG TimesSquare Global Small Cap Fund

AMG TimesSquare Global Small Cap Fund will seek to long-term capital appreciation. The plan is to construct a global small cap portfolio, with a minimum of 30-35% in the US, using fundamental analysis and applying “a macro overlay to monitor and mitigate country risks.” The fund will be managed by Magnus Larsson, Grant R. Babyak and Ian Anthony Rosenthal, all of TimesSquare Capital Management. Mr. Larsson co-manages the five-star AMG TimesSquare International SmallCap Fund (TQTIX). The initial expense ratio will be 1.40%, and the minimum initial investment for “N” shares will be$2,000.

Direxion Tactical Large Cap Equity Strategy Fund

Direxion Tactical Large Cap Equity Strategy Fund will seek capital appreciation. The plan starts with a directional trading model created by ProfitScore Capital Management. The model determines, each day, whether the likely direction of the market is up, down or sideways. The managers then (primarily) use index futures to position the fund long, short or neutral (i.e., in cash). The fund will be managed by Paul Brigandi and Tony Ng of Rafferty Asset Management. The initial expense ratio will be 1.45%, and the minimum initial investment will be$25,000.

Fidelity High Yield Factor ETF

Fidelity High Yield Factor ETF, an actively-managed ETF, will seek a high level of income. The fund may also seek capital appreciation. The fund will rely on “a proprietary multifactor quantitative model to systematically screen over 1,000 bonds and select those with strong return potential and low probability of default using a value and quality factor-based methodology.” It is “guided by” the ICE BofAML BB-B US High Yield Constrained Index (wow) but might invest in non-US bonds, in higher or lower quality bonds and in the bonds of “troubled” companies. It will be managed by Michael Cheng, Matthew Conti and Michael Weaver. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

First Trust TCW Unconstrained Plus Bond ETF

First Trust TCW Unconstrained Plus Bond ETF will seek to maximize long-term total return. The plan is to invest in fixed income securities of any type or credit quality, including up to 70% in high yield (or “junk”) securities, up to 60% in emerging market securities and up to 50% in securities denominated in foreign currencies.. The fund will be managed by Tad Rivelle, Chief Investment Officer of the Fixed Income Group at TCW, Stephen M. Kane, Laird Landmann, and Brian T. Whalen. Mr. Rivelle is reasonably famous, as least so far as fixed-income fund guys get to be famous. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Franklin Liberty High Yield Corporate ETF

Franklin Liberty High Yield Corporate ETF seeks high level of current income, with some capital appreciation as long as it doesn’t conflict with the “current income” goal. The plan is to invest in high yield securities, with the portfolio constructed security by security from the bottom up. The fund will be managed by Glenn I. Voyles and Patricia O’Connor, both of Franklin Advisers. The duo co-manages Templeton Global High Yield, an undistinguished UCITS, with Michael Hasenstab. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Gadsden Dynamic Equity ETF

Gadsden Dynamic Equity ETF seeks total return with both reduced downside risk and sensitivity to inflation. The plan is to construct a portfolio with two embedded components. The strategic component, typically about 80% of the portfolio, is a global equities portfolio. The tactical component takes “a shorter-term view of market opportunities and downside threats,” the allocation to which is “designed to adjust overall portfolio risk either higher or lower, depending on market conditions and opportunities.” The fund will be managed by Kevin R. Harper and James W. Judge, both of Gadsden, LLC. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Gadsden Dynamic Income ETF

Gadsden Dynamic Income ETF seeks current income while providing a positive long-term real return. The plan is to construct a portfolio with two embedded components. The strategic component, typically about 80% of the portfolio, is a mix of fixed income securities and high dividend yielding global equities. The tactical component may “invest globally in any asset class” and takes “a shorter-term view of market opportunities and downside threats,” the allocation to which is “designed to adjust overall portfolio risk either higher or lower, depending on market conditions and opportunities.” The fund will be managed by Kevin R. Harper and James W. Judge, both of Gadsden, LLC. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Gadsden Dynamic Multi-Asset ETF

Gadsden Dynamic Multi-Asset ETF seeks to preserve and grow capital with a positive long-term real return. The plan is to construct a portfolio with two embedded components. The strategic component, typically about 80% of the portfolio, will balance lower-risk asset classes (such as inflation-linked bonds or fixed income securities) and higher-risk asset classes (such as equities or REIT investments). The tactical component takes “a shorter-term view of market opportunities and downside threats,” the allocation to which is “designed to adjust overall portfolio risk either higher or lower, depending on market conditions and opportunities.” The fund will be managed by Kevin R. Harper and James W. Judge, both of Gadsden, LLC. The initial expense ratio is not yet disclosed and, being an ETF, there is no minimum initial investment.

Harbor Core Bond Fund

Harbor Core Bond Fund seeks total return. The plan is to invest in domestic, investment-grade fixed-income securities. The fund will be managed by William A. O’Malley, James E. Gubitosi and Sarah Kilpatrick, all employees of Income Research + Management. In 2017, Pensions & Investments named them the second best place to work among all smaller (100-500 employee) investment management firms. Messrs. O’Malley and Gubitosi are about CFA charterholders. The initial expense ratio for Institutional shares is 0.45%, and the minimum initial investment will be$1,000.

Seven Canyons Strategic Income Fund

Seven Canyons Strategic Income Fund will seek current income, with a willingness to accept some long-term growth of capital. The plan is to invest in a global equity and fixed income portfolio, though the allocation between asset classes is fluid. This is the rechristened incarnation of Wasatch Strategic Income Fund (WASIX). Technically, “The Fund commenced upon the reorganization of the Wasatch Strategic Income Fund.” The manager is Samuel Stewart, the 75-year-old founder of the Wasatch Funds. The initial expense ratio has not been disclosed and the minimum initial investment will be $1,000, unless you’re silly enough to fund an IRA. In that case, the minimum increases to $2,000. That’s a provision I’ve never before encountered and I’ve chronicled thousands of funds in registration.

Seven Canyons World InnovatorsFund

Seven Canyons World Innovators Fund will seek seeks to deliver capital preservation and capital appreciation. The plan is to invest in domestic and foreign growth companies that the Adviser believes are innovators in their respective sectors or industries. This is the rechristened incarnation of the five-star, $200 million Wasatch World Innovators Fund (WAGTX). The managers are Samuel Stewart, the 75-year-old founder of the Wasatch Funds and Josh Stewart, who have also been managing the Wasatch fund. The initial expense ratio has not been disclosed and the minimum initial investment will be $1,000, unless you’re silly enough to fund an IRA. In that case, the minimum increases to $2,000.

Templeton International Climate Change Fund

Templeton International Climate Change Fund will seek total return over the longer term. The plan is to invest predominantly in companies that are superior in identifying, adapting and providing solutions to the consequences of climate change (i.e., companies able to successfully transition to a lower carbon economy). The discipline is bottom-up and valued-oriented. The fund will be managed by Maarten Bloemen. The initial expense ratio for no-load “R” shares is 1.47% and the minimum initial investment is $1,000.