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Virtus Vontobel Emerging Markets Opportunities Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement to Prospectus [Text Block] rr_SupplementToProspectusTextBlock

Virtus Vontobel Emerging Markets Opportunities Fund (the “Fund”),

a series of Virtus Opportunities Trust

 

Supplement dated November 28, 2023 to the Summary Prospectus and the Virtus Opportunities Trust Statutory Prospectus pertaining to the Fund, dated January 27, 2023, as supplemented

 

Important Notice to Investors

 

The following changes, as approved by the Board of Trustees of Virtus Opportunities Trust (the “Trust”) on November 15, 2023, for the Virtus Vontobel Emerging Markets Opportunities Fund will be effective December 27, 2023.

 

  ◾ Sustainable Growth Advisers, LP (“SGA”), an affiliate of Virtus Investment Advisers, Inc., will be managing the Fund as subadviser.
     
  ◾ Hrishikesh Gupta, Kishore Rao, and Robert L. Rohn will be added as portfolio managers of the Fund.
     
  ◾ The current subadviser, Vontobel Asset Management, Inc. (“Vontobel”) will be removed as subadviser of the Fund and all references to Vontobel as subadviser of the Fund, and to Matthew Benkendorf and Ramiz Chelat as portfolio managers of the Fund, will be removed from the Fund’s prospectuses.
     
  ◾ The Fund will be renamed Virtus SGA Emerging Markets Equity Fund.

 

Accordingly, the following changes to the prospectus disclosure will take effect on December 27, 2023:
Risk/Return [Heading] rr_RiskReturnHeading Virtus Vontobel Emerging Markets Opportunities Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

Under “Fees and Expenses” in the Fund’s summary prospectus and the summary section of the statutory prospectus, the “Annual Fund Operating Expenses” table and associated footnotes will be replaced with the following:
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination Jan. 31, 2025
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

Under “Fees and Expenses,” the “Example” table will be replaced with the following:
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Sold
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption Held
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The disclosure regarding the Fund’s principal investment strategies in the summary prospectus and the summary section of the statutory prospectus will be replaced in its entirety as follows:

 

Under normal circumstances, the fund invests at least 80% of its assets in equity securities or equity-linked instruments of issuers located in emerging markets countries; such issuers may be of any capitalization. Equity-linked instruments are instruments issued by financial institutions or special purpose entities located in foreign countries to provide the synthetic economic performance of a referenced equity security; these securities are valued at market value for purposes of the fund’s requirement to invest 80% of its assets in emerging markets countries. SGA generally considers emerging markets countries to be those included in the MSCI Emerging Markets Index. As of the date of this prospectus, SGA considers issuers to be “located in” emerging markets if an issuer: (i) is organized in emerging markets, (ii) is headquartered in emerging markets, or (iii) has “significant exposure” to emerging markets. SGA considers an issuer as having “significant exposure” to emerging markets if it derives at least 50% of its revenue from emerging markets countries.

 

SGA uses an investment process to identify companies that it believes have a high degree of predictability, strong profitability and above average earnings and cash flow growth. SGA selects investments for the fund’s portfolio that it believes have superior long-term earnings prospects and attractive valuation. To the extent consistent with the fund’s investment objective and strategies, the subadviser will consider as an element of its investment research and decision-making processes for the fund any environmental, social and/or governance (“ESG”) factors that the subadviser believes may influence risks and opportunities of companies under consideration. However, the pursuit of ESG-related goals is not the fund’s investment objective, nor one of its investment strategies. Therefore, ESG factors by themselves are not expected to determine investment decisions for the fund. The fund’s equity investments may include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, and depositary receipts. The fund may invest in companies of all market capitalizations. The fund will allocate its assets among various regions and countries (but no fewer than three countries). From time to time, the fund may have a significant portion of its assets invested in the securities of companies in only a few countries and one or a few regions. Although the fund seeks investments across a number of sectors, from time to time, the fund may have significant positions in particular sectors.

 

SGA will sell a portfolio holding when it believes the security’s fundamentals deteriorate, its valuation is no longer attractive, or a better investment opportunity arises.
Risk Closing [Text Block] rr_RiskClosingTextBlock

Investors should retain this supplement with the Prospectuses for future reference.
Virtus Vontobel Emerging Markets Opportunities Fund | Equity Securities Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Equity Securities Risk. The value of the stocks held by the fund may be negatively affected by the financial market, industries in which the fund invests, or issuer-specific events. Focus on a particular style or in small or medium-sized companies may enhance that risk.
Virtus Vontobel Emerging Markets Opportunities Fund | Foreign Investing Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock 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.
Virtus Vontobel Emerging Markets Opportunities Fund | Emerging Market Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Emerging Market Risk. Emerging markets securities may be more volatile, or more greatly affected by negative conditions, than those of their counterparts in more established foreign markets.
Virtus Vontobel Emerging Markets Opportunities Fund | Geographic Concentration Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Geographic Concentration Risk. A fund that focuses its investments in a particular geographic location will be sensitive to financial, economic, political and other events negatively affecting that location and may cause the value of the fund to decrease, perhaps significantly.
Virtus Vontobel Emerging Markets Opportunities Fund | Sector Focused Investing Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Sector Focused Investing Risk. Events negatively affecting a particular market sector in which the fund focuses its investments may cause the value of the fund’s shares to decrease, perhaps significantly.
Virtus Vontobel Emerging Markets Opportunities Fund | Convertible Securities Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Convertible Securities Risk. The value of a convertible security may decline as interest rates rise and/or vary with fluctuations in the market value of the underlying securities. The security may be called for redemption at a time and/or price unfavorable to the fund.
Virtus Vontobel Emerging Markets Opportunities Fund | Currency Rate Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock 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.
Virtus Vontobel Emerging Markets Opportunities Fund | Depositary Receipts Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Depositary Receipts Risk. Investments in foreign companies through depositary receipts may expose the fund to the same risks as direct investments in securities of foreign issuers.
Virtus Vontobel Emerging Markets Opportunities Fund | ESG Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock ESG Risk. The fund’s consideration of ESG factors could cause the fund to perform differently from other funds.  While the subadviser believes that the integration of ESG factors into the fund’s investment process has the potential to contribute to performance, ESG factors may not be considered for every investment decision and there is no guarantee that the integration of ESG factors will result in better performance.
Virtus Vontobel Emerging Markets Opportunities Fund | Growth Stocks Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Growth Stocks Risk. The fund’s investments in growth stocks may be more volatile than investments in other types of stocks, or may perform differently from the market as a whole and from other types of stocks.
Virtus Vontobel Emerging Markets Opportunities Fund | Large Market Capitalization Companies Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Large Market Capitalization Companies Risk. The value of investments in larger companies may not rise as much as smaller companies, or larger companies may be unable to respond quickly to competitive challenges, such as changes in technology and consumer tastes.
Virtus Vontobel Emerging Markets Opportunities Fund | Market Volatility Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock 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), acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events 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.
Virtus Vontobel Emerging Markets Opportunities Fund | Preferred Stocks Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Preferred Stocks Risk. Preferred stocks may decline in price, fail to pay dividends when expected, or be illiquid.
Virtus Vontobel Emerging Markets Opportunities Fund | Redemption Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Redemption Risk. One or more large shareholders or groups of shareholders may redeem their holdings in the fund, resulting in an adverse impact on remaining shareholders in the fund by causing the fund to take actions it would not otherwise have taken.
Virtus Vontobel Emerging Markets Opportunities Fund | Small and Medium Market Capitalization Companies Risk [Member]  
Risk/Return: rr_RiskReturnAbstract  
Risk [Text Block] rr_RiskTextBlock Small and Medium Market Capitalization Companies Risk. The fund’s investments in small and medium market capitalization companies may increase the volatility and risk of loss to the fund, as compared with investments in larger, more established companies.
Virtus Vontobel Emerging Markets Opportunities Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.98%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_Component3OtherExpensesOverAssets 0.36%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.59%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.11%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.48% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 692
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 1,014
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,359
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,328
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 692
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 1,014
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,359
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,328
Virtus Vontobel Emerging Markets Opportunities Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.98%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_Component3OtherExpensesOverAssets 0.30%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.28%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 2.23% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 326
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 708
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 1,216
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 2,613
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 226
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 708
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 1,216
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 2,613
Virtus Vontobel Emerging Markets Opportunities Fund | Class I  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.98%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_Component3OtherExpensesOverAssets 0.27%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.25%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.23% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 125
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 395
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 684
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,510
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 125
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 395
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 684
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,510
Virtus Vontobel Emerging Markets Opportunities Fund | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 0.98%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_Component3OtherExpensesOverAssets 0.18%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.16%
Less: Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.18%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.98% [1]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 $ 100
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 351
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 622
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,395
Expense Example, No Redemption, 1 Year rr_ExpenseExampleNoRedemptionYear01 100
Expense Example, No Redemption, 3 Years rr_ExpenseExampleNoRedemptionYear03 351
Expense Example, No Redemption, 5 Years rr_ExpenseExampleNoRedemptionYear05 622
Expense Example, No Redemption, 10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,395
[1] The fund’s investment adviser 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 1.48% for Class A Shares, 2.23% for Class C Shares, 1.23% for Class I Shares and 0.98% for Class R6 Shares through January 31, 2025. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed and/or fees waived under these arrangements for a period of three years following the date such waiver or reimbursement occurred, provided that the recapture does not cause the fund to exceed its expense limit in effect at the time of the waiver or reimbursement, and any in effect at the time of recapture, after repayment is taken into account.