Investment Risks
|
Aug. 22, 2025 |
| Toews Hedged Oceana Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance. The Fund is not designed to be a complete investment program.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
| ● | Futures
Risk: Investments in futures involve leverage, which means a small percentage of assets
invested in futures can have a disproportionately large impact on the Fund. This risk could
cause the Fund to lose more than the principal amount invested. Futures contracts may become
mispriced or improperly valued when compared to the adviser’s expectation and may not
produce the desired investment results. Additionally, changes in the value of futures contracts
may not track or correlate perfectly with the underlying index because of temporary, or even
long-term, supply and demand imbalances and because futures do not pay dividends unlike the
stocks upon which they are based. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of the fixed-income securities owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate-change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
| ● | Tax
Inefficiency: The adviser expects that most of the gains generated by the Fund will be
categorized as short-term capital gains which will be subject to higher tax rates than long-term
capital gains. Given the potential tax-inefficiency of the Fund, investors should consider
investing through a tax-deferred account and carefully consider the tax consequences before
investing. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Hedged Oceana Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Hedged Oceana Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
|
| Toews Hedged Oceana Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
|
| Toews Hedged Oceana Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Hedged Oceana Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Hedged Oceana Fund | Foreign Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
|
| Toews Hedged Oceana Fund | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: Investments in futures involve leverage, which means a small percentage of assets
invested in futures can have a disproportionately large impact on the Fund. This risk could
cause the Fund to lose more than the principal amount invested. Futures contracts may become
mispriced or improperly valued when compared to the adviser’s expectation and may not
produce the desired investment results. Additionally, changes in the value of futures contracts
may not track or correlate perfectly with the underlying index because of temporary, or even
long-term, supply and demand imbalances and because futures do not pay dividends unlike the
stocks upon which they are based. |
|
| Toews Hedged Oceana Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Hedged Oceana Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of the fixed-income securities owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
|
| Toews Hedged Oceana Fund | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Hedged Oceana Fund | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Hedged Oceana Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Hedged Oceana Fund | Margin Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
|
| Toews Hedged Oceana Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate-change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
|
| Toews Hedged Oceana Fund | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
|
| Toews Hedged Oceana Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Hedged Oceana Fund | Short Sales Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
|
| Toews Hedged Oceana Fund | Tax Inefficiency [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency: The adviser expects that most of the gains generated by the Fund will be
categorized as short-term capital gains which will be subject to higher tax rates than long-term
capital gains. Given the potential tax-inefficiency of the Fund, investors should consider
investing through a tax-deferred account and carefully consider the tax consequences before
investing. |
|
| Toews Hedged Oceana Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Tactical Income Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Below-Investment
Grade Securities Risk: High-yield, high-risk securities, commonly called “junk
bonds,” are considered speculative. While generally providing greater income than investments
in higher-quality securities, these lower-quality securities will involve greater risk of
principal and income that higher-quality securities, including the possibility of default
or bankruptcy of the issuers of the security. Like other fixed-income securities, the value
of high-yield securities will also fluctuate as interest rates change. |
| ● | Credit
Default Swap Risk: Credit default swaps (“CDS”) are typically two-party financial
contracts that transfer credit exposure between the two parties. Under a typical CDS, one
party (the “seller”) receives pre-determined periodic payments from the other
party (the “buyer”). The seller agrees to make compensating specific payments
to the buyer if a negative credit event occurs, such as the bankruptcy or default by the
issuer of the underlying debt instrument. The use of CDS involves investment techniques and
risks different from those associated with ordinary portfolio security transactions, such
as potentially heightened counterparty, concentration and exposure risks. |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures, total return swaps and credit default swaps, which can be riskier
than traditional investments because they involve leverage risk, tracking risk, may be illiquid,
and may suffer counterparty default. There is a risk that adverse price movements in a swap
instrument can result in a loss substantially greater than the Fund’s initial investment
in that instrument (in some cases, the potential loss is unlimited). |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
| ● | Futures
Risk: The Fund’s use of futures involves risks different from, or possibly greater
than, the risks associated with investing directly in securities and other traditional investments.
These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and
(iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in bonds or in underlying funds that own bonds, the
value of your investment in the Fund will fluctuate with changes in interest rates. Typically,
a rise in interest rates causes a decline in the value of bond funds owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Liquidity
Risk: Liquidity risk exists when particular investments of the Fund would be difficult
to purchase or sell, possibly preventing the Fund from selling such illiquid securities at
an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Short
Selling and Short Position Risk: The Fund will engage in short selling and short position
derivative activities, which are significantly different from the investment activities commonly
associated with conservative stock or bond funds. Positions in shorted securities and derivatives
are speculative and more risky than “long” positions (purchases) because the
cost of the replacement security or derivative is unknown. Therefore, the potential loss
on an uncovered short is unlimited, whereas the potential loss on long positions is limited
to the original purchase price. You should be aware that any strategy that includes selling
securities short could suffer significant losses. Shorting will also result in higher transaction
costs (such as interest and dividends), which reduce the Fund’s return, and may result
in higher taxes. |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
| ● | Total
Return Swap Risk: In a total return swap, the buyer receives a periodic return equal
to the total return of a specified security, securities or index, for a specified period
of time. In return, the buyer pays the counterparty a variable stream of payments, typically
based upon short term interest rates, possibly plus or minus an agreed upon spread. For example,
if the Fund enters into a swap where it agrees to exchange a floating rate of interest for
a fixed rate of interest, the Fund may have to pay more money than it receives. Total return
swaps entered into in which payments are not netted may entail greater risk than a swap entered
into a net basis. There is a risk that adverse price movements in an instrument can result
in a loss substantially greater than the Fund’s initial investment in that instrument
(in some cases, the potential loss is unlimited). If there is a default by the other party
to such a transaction, the Fund will have contractual remedies pursuant to the agreements
related to the transaction. However, particularly in the case of privately-negotiated instruments,
there is a risk that the counterparty will not perform its obligations, which could leave
the Fund worse off than if it had not entered into the position. These instruments are subject
to high levels of volatility, in some cases due to the high levels of leverage the Fund may
achieve with them. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Tactical Income Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Tactical Income Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
|
| Toews Tactical Income Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures, total return swaps and credit default swaps, which can be riskier
than traditional investments because they involve leverage risk, tracking risk, may be illiquid,
and may suffer counterparty default. There is a risk that adverse price movements in a swap
instrument can result in a loss substantially greater than the Fund’s initial investment
in that instrument (in some cases, the potential loss is unlimited). |
|
| Toews Tactical Income Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Tactical Income Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Tactical Income Fund | Foreign Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
|
| Toews Tactical Income Fund | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: The Fund’s use of futures involves risks different from, or possibly greater
than, the risks associated with investing directly in securities and other traditional investments.
These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and
(iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
|
| Toews Tactical Income Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Tactical Income Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in bonds or in underlying funds that own bonds, the
value of your investment in the Fund will fluctuate with changes in interest rates. Typically,
a rise in interest rates causes a decline in the value of bond funds owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
|
| Toews Tactical Income Fund | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Tactical Income Fund | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Tactical Income Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Tactical Income Fund | Margin Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
|
| Toews Tactical Income Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
|
| Toews Tactical Income Fund | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
|
| Toews Tactical Income Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Tactical Income Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Tactical Income Fund | Below Investment Grade Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Below-Investment
Grade Securities Risk: High-yield, high-risk securities, commonly called “junk
bonds,” are considered speculative. While generally providing greater income than investments
in higher-quality securities, these lower-quality securities will involve greater risk of
principal and income that higher-quality securities, including the possibility of default
or bankruptcy of the issuers of the security. Like other fixed-income securities, the value
of high-yield securities will also fluctuate as interest rates change. |
|
| Toews Tactical Income Fund | Credit Default Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Default Swap Risk: Credit default swaps (“CDS”) are typically two-party financial
contracts that transfer credit exposure between the two parties. Under a typical CDS, one
party (the “seller”) receives pre-determined periodic payments from the other
party (the “buyer”). The seller agrees to make compensating specific payments
to the buyer if a negative credit event occurs, such as the bankruptcy or default by the
issuer of the underlying debt instrument. The use of CDS involves investment techniques and
risks different from those associated with ordinary portfolio security transactions, such
as potentially heightened counterparty, concentration and exposure risks. |
|
| Toews Tactical Income Fund | Liquidity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Liquidity
Risk: Liquidity risk exists when particular investments of the Fund would be difficult
to purchase or sell, possibly preventing the Fund from selling such illiquid securities at
an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. |
|
| Toews Tactical Income Fund | Short Selling and Short Position Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Selling and Short Position Risk: The Fund will engage in short selling and short position
derivative activities, which are significantly different from the investment activities commonly
associated with conservative stock or bond funds. Positions in shorted securities and derivatives
are speculative and more risky than “long” positions (purchases) because the
cost of the replacement security or derivative is unknown. Therefore, the potential loss
on an uncovered short is unlimited, whereas the potential loss on long positions is limited
to the original purchase price. You should be aware that any strategy that includes selling
securities short could suffer significant losses. Shorting will also result in higher transaction
costs (such as interest and dividends), which reduce the Fund’s return, and may result
in higher taxes. |
|
| Toews Tactical Income Fund | Tax Inefficiency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
|
| Toews Tactical Income Fund | Total Return Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Total
Return Swap Risk: In a total return swap, the buyer receives a periodic return equal
to the total return of a specified security, securities or index, for a specified period
of time. In return, the buyer pays the counterparty a variable stream of payments, typically
based upon short term interest rates, possibly plus or minus an agreed upon spread. For example,
if the Fund enters into a swap where it agrees to exchange a floating rate of interest for
a fixed rate of interest, the Fund may have to pay more money than it receives. Total return
swaps entered into in which payments are not netted may entail greater risk than a swap entered
into a net basis. There is a risk that adverse price movements in an instrument can result
in a loss substantially greater than the Fund’s initial investment in that instrument
(in some cases, the potential loss is unlimited). If there is a default by the other party
to such a transaction, the Fund will have contractual remedies pursuant to the agreements
related to the transaction. However, particularly in the case of privately-negotiated instruments,
there is a risk that the counterparty will not perform its obligations, which could leave
the Fund worse off than if it had not entered into the position. These instruments are subject
to high levels of volatility, in some cases due to the high levels of leverage the Fund may
achieve with them. |
|
| Toews Hedged U.S. Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Futures
Risk: Investments in futures involve leverage, which means a small percentage of assets
invested in futures can have a disproportionately large impact on the Fund. This risk could
cause the Fund to lose more than the principal amount invested. Futures contracts may become
mispriced or improperly valued when compared to the adviser’s expectation and may not
produce the desired investment results. Additionally, changes in the value of futures contracts
may not track or correlate perfectly with the underlying index because of temporary, or even
long-term, supply and demand imbalances and because futures do not pay dividends unlike the
stocks upon which they are based. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed-income securities owned by the Fund. In general,
the market price of fixed-income securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Large
Cap Risk: Large-capitalization companies may be less able than smaller capitalization
companies to adapt to changing market conditions. Large-capitalization companies may be more
mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above will last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Hedged U.S. Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Hedged U.S. Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
|
| Toews Hedged U.S. Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
|
| Toews Hedged U.S. Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Hedged U.S. Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Hedged U.S. Fund | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: Investments in futures involve leverage, which means a small percentage of assets
invested in futures can have a disproportionately large impact on the Fund. This risk could
cause the Fund to lose more than the principal amount invested. Futures contracts may become
mispriced or improperly valued when compared to the adviser’s expectation and may not
produce the desired investment results. Additionally, changes in the value of futures contracts
may not track or correlate perfectly with the underlying index because of temporary, or even
long-term, supply and demand imbalances and because futures do not pay dividends unlike the
stocks upon which they are based. |
|
| Toews Hedged U.S. Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Hedged U.S. Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed-income securities owned by the Fund. In general,
the market price of fixed-income securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
|
| Toews Hedged U.S. Fund | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Hedged U.S. Fund | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Hedged U.S. Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Hedged U.S. Fund | Margin Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
|
| Toews Hedged U.S. Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above will last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
|
| Toews Hedged U.S. Fund | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
|
| Toews Hedged U.S. Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Hedged U.S. Fund | Short Sales Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
|
| Toews Hedged U.S. Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Hedged U.S. Fund | Tax Inefficiency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
|
| Toews Hedged U.S. Fund | Common Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
|
| Toews Hedged U.S. Fund | Large Cap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Cap Risk: Large-capitalization companies may be less able than smaller capitalization
companies to adapt to changing market conditions. Large-capitalization companies may be more
mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| Toews Hedged U.S. Opportunity Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation;
and (iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of the fixed-income securities owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above, will or would last, but there could
be a prolonged period of global economic slowdown, which may impact your investment. Therefore,
the Fund could lose money over short periods due to short-term market movements and over
longer periods during more prolonged market downturns. During a general market downturn,
multiple asset classes may be negatively affected. Changes in market conditions and interest
rates can have the same impact on all types of securities and instruments. In times of severe
market disruptions you could lose your entire investment. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
| ● | Small-Cap
and Mid-Cap Risk: Small-cap and mid-cap companies may be more vulnerable than larger,
more established organizations to adverse business or economic developments. These companies
may have limited product lines, markets or financial resources, and they may be dependent
on a limited management group. |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Hedged U.S. Opportunity Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Hedged U.S. Opportunity Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
|
| Toews Hedged U.S. Opportunity Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund may execute an investment strategy or hedge by entering into derivative
contracts such as futures and swaps, which can be riskier than traditional investments because
they involve leverage, may be illiquid, may suffer counterparty default and may limit gains. |
|
| Toews Hedged U.S. Opportunity Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Hedged U.S. Opportunity Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Hedged U.S. Opportunity Fund | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation;
and (iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
|
| Toews Hedged U.S. Opportunity Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Hedged U.S. Opportunity Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in fixed-income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of the fixed-income securities owned by the Fund. In
general, the market price of debt securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
|
| Toews Hedged U.S. Opportunity Fund | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Hedged U.S. Opportunity Fund | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Hedged U.S. Opportunity Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Hedged U.S. Opportunity Fund | Margin Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
|
| Toews Hedged U.S. Opportunity Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above, will or would last, but there could
be a prolonged period of global economic slowdown, which may impact your investment. Therefore,
the Fund could lose money over short periods due to short-term market movements and over
longer periods during more prolonged market downturns. During a general market downturn,
multiple asset classes may be negatively affected. Changes in market conditions and interest
rates can have the same impact on all types of securities and instruments. In times of severe
market disruptions you could lose your entire investment. |
|
| Toews Hedged U.S. Opportunity Fund | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
|
| Toews Hedged U.S. Opportunity Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Hedged U.S. Opportunity Fund | Short Sales Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
|
| Toews Hedged U.S. Opportunity Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Hedged U.S. Opportunity Fund | Tax Inefficiency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
|
| Toews Hedged U.S. Opportunity Fund | Common Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
|
| Toews Hedged U.S. Opportunity Fund | Small-Cap and Mid-Cap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small-Cap
and Mid-Cap Risk: Small-cap and mid-cap companies may be more vulnerable than larger,
more established organizations to adverse business or economic developments. These companies
may have limited product lines, markets or financial resources, and they may be dependent
on a limited management group. |
|
| Toews Unconstrained Income Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Below-Investment
Grade Securities Risk: High-yield, high-risk fixed income securities, commonly called
“junk bonds,” are considered speculative. While generally providing greater income
than investments in higher-quality securities, these lower-quality securities will involve
greater risk of principal and income that higher-quality securities, including the possibility
of default or bankruptcy of the issuers of the security. Like other fixed-income securities,
the value of high-yield securities will also fluctuate as interest rates change. |
| ● | Credit
Default Swap Risk: Credit default swaps (“CDS”) are typically two-party financial
contracts that transfer credit exposure between the two parties. Under a typical CDS, one
party (the “seller”) receives pre-determined periodic payments from the other
party (the “buyer”). The seller agrees to make compensating specific payments
to the buyer if a negative credit event occurs, such as the bankruptcy or default by the
issuer of the underlying debt instrument. The use of CDS involves investment techniques and
risks different from those associated with ordinary portfolio security transactions, such
as potentially heightened counterparty, concentration and exposure risks. |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
| ● | Derivatives
Risk: Even a small investment in derivatives (which include options, futures, swap contracts
such as total return swaps or credit default swaps, forward contracts and other transactions)
may give rise to leverage risk (which can increase volatility and magnify the Fund’s
potential for loss), and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund
may not be able to sell security or otherwise exit the contract in a timely manner). |
| ● | Emerging
Market Risk: Emerging market countries may have relatively unstable governments, weaker
economies, and less-developed legal systems with fewer security holder rights. Emerging
market economies may be based on only a few industries and security issuers may be more susceptible
to economic weakness and more likely to default. Emerging market securities also tend to
be less liquid. |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in fixed income securities or in Underlying Funds that
own fixed income securities, the value of your investment in the Fund will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of bond funds owned by the Fund. In general, the market price of debt securities with longer
maturities will increase or decrease more in response to changes in interest rates than shorter-term
securities. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Liquidity
Risk: Liquidity risk exists when particular investments of the Fund would be difficult
to purchase or sell, possibly preventing the Fund from selling such illiquid securities at
an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. |
| ● | Management
Risk: The ability of the Fund to meet its investment objectives is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks , natural disasters, social and political discord or debt crises and downgrades,
among others, may result in market volatility and may have long term effects on both the
U.S. and global financial markets. It is difficult to predict when similar events affecting
the U.S. or global financial markets may occur, the effects that such events may have and
the duration of those effects. Any such event(s) could have a significant adverse impact
on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had
negative impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long the impacts of the significant events described above would last, but
there could be a prolonged period of global economic slowdown, which may impact your investment.
Therefore, the Fund could lose money over short periods due to short-term market movements
and over longer periods during more prolonged market downturns. During a general market downturn,
multiple asset classes may be negatively affected. Changes in market conditions and interest
rates can have the same impact on all types of securities and instruments. In times of severe
market disruptions you could lose your entire investment. |
| ● | Mortgage-Backed,
Asset-Backed and Mortgage-Related Instruments Risk: The default rate on underlying mortgage
loans or asset loans may be higher than anticipated, potentially reducing payments to the
Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage
levels and economic growth rates. Mortgage-backed and mortgage-related securities are susceptible
to fluctuations in value due to changes in interest rates, are subject to risks associated
with the credit quality of the underlying mortgage borrowers, and maturity risk because issuers
of securities are able to prepay principal due on these securities, particularly during periods
of declining interest rates. Subordinated mortgage-related instruments are considered speculative,
subject to liquidity risk and severe losses in the event of default by a borrower. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Preferred
Stock Risk: Typically, a rise in interest rates causes a decline in the value of preferred
stock. Preferred stocks are also subject to credit and default risk, which is the possibility
that an issuer of preferred stock will fail to make its dividend payments. |
| ● | Private
Placement Risks: The Fund may invest in private placement offerings of investment funds
or unregistered securities, including mortgage-related fixed income instruments. Certain
investment instruments and techniques that a private fund may use are speculative and involve
a high degree of risk. Because of the speculative nature of a private fund’s investments
and trading strategies, the Fund may suffer a significant or complete loss of its invested
capital in one or more private funds. A shareholder will also bear fees and expenses charged
by the underlying funds in addition to the Fund’s direct fees and expenses. In addition,
interests in any private placement may also be illiquid. |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
| ● | Total
Return Swap Risk: In a total return swap, the buyer receives a periodic return equal
to the total return of a specified security, securities or index, for a specified period
of time. In return, the buyer pays the counterparty a variable stream of payments, typically
based upon short term interest rates, possibly plus or minus an agreed upon spread. For example,
if the Fund enters into a swap where it agrees to exchange a floating rate of interest for
a fixed rate of interest, the Fund may have to pay more money than it receives. Total return
swaps entered into in which payments are not netted may entail greater risk than a swap entered
into a net basis. There is a risk that adverse price movements in an instrument can result
in a loss substantially greater than the Fund’s initial investment in that instrument
(in some cases, the potential loss is unlimited). If there is a default by the other party
to such a transaction, the Fund will have contractual remedies pursuant to the agreements
related to the transaction. However, particularly in the case of privately-negotiated instruments,
there is a risk that the counterparty will not perform its obligations, which could leave
the Fund worse off than if it had not entered into the position. These instruments are subject
to high levels of volatility, in some cases due to the high levels of leverage the Fund may
achieve with them. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Unconstrained Income Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Unconstrained Income Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk: Issuers of fixed-income securities may default on interest and principal payments
due to the Fund. Generally, securities with lower debt ratings have speculative characteristics
and have greater risk the issuer will default on its obligation. For high-yield bonds, changes
in economic conditions or other circumstances are more likely to lead to a weakened capacity
of those issuers to make principal or interest payments, as compared to issuers of more highly-rated
securities. These securities can also be thinly traded or have restrictions on resale, making
them difficult to sell at an acceptable price. |
|
| Toews Unconstrained Income Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: Even a small investment in derivatives (which include options, futures, swap contracts
such as total return swaps or credit default swaps, forward contracts and other transactions)
may give rise to leverage risk (which can increase volatility and magnify the Fund’s
potential for loss), and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund
may not be able to sell security or otherwise exit the contract in a timely manner). |
|
| Toews Unconstrained Income Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Unconstrained Income Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Unconstrained Income Fund | Foreign Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
|
| Toews Unconstrained Income Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Unconstrained Income Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in fixed income securities or in Underlying Funds that
own fixed income securities, the value of your investment in the Fund will fluctuate with
changes in interest rates. Typically, a rise in interest rates causes a decline in the value
of bond funds owned by the Fund. In general, the market price of debt securities with longer
maturities will increase or decrease more in response to changes in interest rates than shorter-term
securities. |
|
| Toews Unconstrained Income Fund | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Unconstrained Income Fund | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Unconstrained Income Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objectives is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Unconstrained Income Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks , natural disasters, social and political discord or debt crises and downgrades,
among others, may result in market volatility and may have long term effects on both the
U.S. and global financial markets. It is difficult to predict when similar events affecting
the U.S. or global financial markets may occur, the effects that such events may have and
the duration of those effects. Any such event(s) could have a significant adverse impact
on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had
negative impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long the impacts of the significant events described above would last, but
there could be a prolonged period of global economic slowdown, which may impact your investment.
Therefore, the Fund could lose money over short periods due to short-term market movements
and over longer periods during more prolonged market downturns. During a general market downturn,
multiple asset classes may be negatively affected. Changes in market conditions and interest
rates can have the same impact on all types of securities and instruments. In times of severe
market disruptions you could lose your entire investment. |
|
| Toews Unconstrained Income Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Unconstrained Income Fund | Short Sales Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
|
| Toews Unconstrained Income Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Unconstrained Income Fund | Below Investment Grade Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Below-Investment
Grade Securities Risk: High-yield, high-risk fixed income securities, commonly called
“junk bonds,” are considered speculative. While generally providing greater income
than investments in higher-quality securities, these lower-quality securities will involve
greater risk of principal and income that higher-quality securities, including the possibility
of default or bankruptcy of the issuers of the security. Like other fixed-income securities,
the value of high-yield securities will also fluctuate as interest rates change. |
|
| Toews Unconstrained Income Fund | Credit Default Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Default Swap Risk: Credit default swaps (“CDS”) are typically two-party financial
contracts that transfer credit exposure between the two parties. Under a typical CDS, one
party (the “seller”) receives pre-determined periodic payments from the other
party (the “buyer”). The seller agrees to make compensating specific payments
to the buyer if a negative credit event occurs, such as the bankruptcy or default by the
issuer of the underlying debt instrument. The use of CDS involves investment techniques and
risks different from those associated with ordinary portfolio security transactions, such
as potentially heightened counterparty, concentration and exposure risks. |
|
| Toews Unconstrained Income Fund | Liquidity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Liquidity
Risk: Liquidity risk exists when particular investments of the Fund would be difficult
to purchase or sell, possibly preventing the Fund from selling such illiquid securities at
an advantageous time or price, or possibly requiring the Fund to dispose of other investments
at unfavorable times or prices in order to satisfy its obligations. |
|
| Toews Unconstrained Income Fund | Tax Inefficiency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency Risk: The adviser expects that most of the gains generated by the Fund will
be categorized as short-term capital gains which will be subject to higher tax rates than
long-term capital gains. Given the potential tax-inefficiency of the Fund, investors should
consider investing through a tax-deferred account and carefully consider the tax consequences
before investing. |
|
| Toews Unconstrained Income Fund | Total Return Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Total
Return Swap Risk: In a total return swap, the buyer receives a periodic return equal
to the total return of a specified security, securities or index, for a specified period
of time. In return, the buyer pays the counterparty a variable stream of payments, typically
based upon short term interest rates, possibly plus or minus an agreed upon spread. For example,
if the Fund enters into a swap where it agrees to exchange a floating rate of interest for
a fixed rate of interest, the Fund may have to pay more money than it receives. Total return
swaps entered into in which payments are not netted may entail greater risk than a swap entered
into a net basis. There is a risk that adverse price movements in an instrument can result
in a loss substantially greater than the Fund’s initial investment in that instrument
(in some cases, the potential loss is unlimited). If there is a default by the other party
to such a transaction, the Fund will have contractual remedies pursuant to the agreements
related to the transaction. However, particularly in the case of privately-negotiated instruments,
there is a risk that the counterparty will not perform its obligations, which could leave
the Fund worse off than if it had not entered into the position. These instruments are subject
to high levels of volatility, in some cases due to the high levels of leverage the Fund may
achieve with them. |
|
| Toews Unconstrained Income Fund | Emerging Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Market Risk: Emerging market countries may have relatively unstable governments, weaker
economies, and less-developed legal systems with fewer security holder rights. Emerging
market economies may be based on only a few industries and security issuers may be more susceptible
to economic weakness and more likely to default. Emerging market securities also tend to
be less liquid. |
|
| Toews Unconstrained Income Fund | Mortgage-Backed, Asset-Backed and Mortgage-Related Instruments Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Mortgage-Backed,
Asset-Backed and Mortgage-Related Instruments Risk: The default rate on underlying mortgage
loans or asset loans may be higher than anticipated, potentially reducing payments to the
Fund. Default rates are sensitive to overall economic conditions such as unemployment, wage
levels and economic growth rates. Mortgage-backed and mortgage-related securities are susceptible
to fluctuations in value due to changes in interest rates, are subject to risks associated
with the credit quality of the underlying mortgage borrowers, and maturity risk because issuers
of securities are able to prepay principal due on these securities, particularly during periods
of declining interest rates. Subordinated mortgage-related instruments are considered speculative,
subject to liquidity risk and severe losses in the event of default by a borrower. |
|
| Toews Unconstrained Income Fund | Option Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As the buyer of a put or call option, the Fund risks losing the entire premium invested in
the option if the Fund does not exercise the option. As a seller (writer) of a put option,
the Fund will tend to lose money if the value of the reference index or security falls below
the strike price. As the seller (writer) of a call option, the Fund will tend to lose money
if the value of the reference index or security rises above the strike price. |
|
| Toews Unconstrained Income Fund | Preferred Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Preferred
Stock Risk: Typically, a rise in interest rates causes a decline in the value of preferred
stock. Preferred stocks are also subject to credit and default risk, which is the possibility
that an issuer of preferred stock will fail to make its dividend payments. |
|
| Toews Unconstrained Income Fund | Private Placement Risks [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Private
Placement Risks: The Fund may invest in private placement offerings of investment funds
or unregistered securities, including mortgage-related fixed income instruments. Certain
investment instruments and techniques that a private fund may use are speculative and involve
a high degree of risk. Because of the speculative nature of a private fund’s investments
and trading strategies, the Fund may suffer a significant or complete loss of its invested
capital in one or more private funds. A shareholder will also bear fees and expenses charged
by the underlying funds in addition to the Fund’s direct fees and expenses. In addition,
interests in any private placement may also be illiquid. |
|
| Toews Tactical Defensive Alpha Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect
the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
| ● | Derivatives
Risk: Even a small investment in derivatives (which include options, futures, swap contracts
such as total return swaps or credit default swaps, forward contracts and other transactions)
may give rise to leverage risk (which can increase volatility and magnify the Fund’s
potential for loss), and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund
may not be able to sell security or otherwise exit the contract in a timely manner). |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation;
and (iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
| ● | Interest
Rate Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed-income securities owned by the Fund. In general,
the market price of fixed-income securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
| ● | Issuers
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Large
Cap Risk: Large-capitalization companies may be less able than smaller capitalization
companies to adapt to changing market conditions. Large-capitalization companies may be more
mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As a seller (writer) of a put option, the Fund will tend to lose money if the value of the
reference index or security falls below the strike price. As the seller (writer) of a call
option, the Fund will tend to lose money if the value of the reference index or security
rises above the strike price. As the buyer of a put or call option, the Fund risks losing
the entire premium invested in the option if the Fund does not exercise the option. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
| ● | Tax
Inefficiency: The adviser expects that most of the gains generated by the Fund will be
categorized as short-term capital gains which will be subject to higher tax rates than long-term
capital gains. Given the potential tax-inefficiency of the Fund, investors should consider
investing through a tax-deferred account and carefully consider the tax consequences before
investing. |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Tactical Defensive Alpha Fund | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Tactical Defensive Alpha Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: Even a small investment in derivatives (which include options, futures, swap contracts
such as total return swaps or credit default swaps, forward contracts and other transactions)
may give rise to leverage risk (which can increase volatility and magnify the Fund’s
potential for loss), and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk (the counterparty may default) and liquidity risk (the Fund
may not be able to sell security or otherwise exit the contract in a timely manner). |
|
| Toews Tactical Defensive Alpha Fund | ETF and Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Underlying Fund Risk: ETFs and Underlying Funds are subject to investment advisory
fees and other expenses, which will be indirectly paid by the Fund. As a result, your cost
of investing in the Fund will be higher than the cost of investing directly in ETFs and may
be higher than other mutual funds that invest directly in securities. Each ETF is subject
to specific risks, depending on its investments. ETFs in which the Fund invests will not
be able to replicate exactly the performance of the indices they track because the total
return generated by the securities will be reduced by transaction costs incurred in adjusting
the actual balance of the securities. The market value of the ETF shares may differ from
their net asset value. This difference in price may be due to the fact that the supply and
demand in the market for ETF shares at any point in time is not always identical to the supply
and demand in the market for the underlying basket of securities. Accordingly, there may
be times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Tactical Defensive Alpha Fund | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of bond funds owned by the Fund. In general, the market
price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Issuers of fixed-income securities
may default on interest and principal payments due to the Fund. Generally, securities with
lower debt ratings have speculative characteristics and have greater risk the issuer will
default on its obligation. |
|
| Toews Tactical Defensive Alpha Fund | Foreign Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Risk: The Fund could be subject to greater risks because the Fund’s performance
may depend on issues other than the performance of a particular company or U.S. market sector.
Changes in foreign economies and political climates are more likely to affect the Fund than
a mutual fund that invests exclusively in U.S. companies. The value of foreign securities
is also affected by the value of the local currency relative to the U.S. dollar. |
|
| Toews Tactical Defensive Alpha Fund | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation;
and (iii) the risk that changes in the value of the futures contract may not correlate perfectly
with the underlying index. Investments in futures involve leverage, which means a small percentage
of assets invested in futures can have a disproportionately large impact on the Fund. This
risk could cause the Fund to lose more than the principal amount invested. |
|
| Toews Tactical Defensive Alpha Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk: When the adviser believes market conditions are unfavorable, the adviser may attempt
to “hedge” with defensive positions and strategies including holding substantial
positions in foreign or domestic fixed-income securities and/or cash equivalents, which may
limit potential gains when compared to unhedged funds. |
|
| Toews Tactical Defensive Alpha Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed-income securities owned by the Fund. In general,
the market price of fixed-income securities with longer maturities will increase or decrease
more in response to changes in interest rates than shorter-term securities. |
|
| Toews Tactical Defensive Alpha Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Tactical Defensive Alpha Fund | Margin Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Margin
Risk: Certain derivatives require the Fund to make margin payments, a form of security
deposit intended to protect against nonperformance of the derivative contract. The Fund may
have to post additional margin if the value of the derivative position changes in a manner
adverse to the Fund. Derivatives may be difficult to value, which may result in increased
payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient
cash to meet additional margin requirements, it might need to sell securities at a disadvantageous
time. |
|
| Toews Tactical Defensive Alpha Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change and
climate-related events, pandemics, epidemics, terrorism, tariff and trade wars, international
conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence
of global events similar to those in recent years, such as a worldwide pandemic, terrorist
attacks, natural disasters, social and political discord or debt crises and downgrades, among
others, may result in market volatility and may have long term effects on both the U.S. and
global financial markets. It is difficult to predict when similar events affecting the U.S.
or global financial markets may occur, the effects that such events may have and the duration
of those effects. Any such event(s) could have a significant adverse impact on the value
and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts,
and in many cases severe negative impacts, on markets worldwide. It is not known how long
the impacts of the significant events described above would last, but there could be a prolonged
period of global economic slowdown, which may impact your investment. Therefore, the Fund
could lose money over short periods due to short-term market movements and over longer periods
during more prolonged market downturns. During a general market downturn, multiple asset
classes may be negatively affected. Changes in market conditions and interest rates can have
the same impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
|
| Toews Tactical Defensive Alpha Fund | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: There are risks associated with the sale and purchase of call and put options.
As a seller (writer) of a put option, the Fund will tend to lose money if the value of the
reference index or security falls below the strike price. As the seller (writer) of a call
option, the Fund will tend to lose money if the value of the reference index or security
rises above the strike price. As the buyer of a put or call option, the Fund risks losing
the entire premium invested in the option if the Fund does not exercise the option. |
|
| Toews Tactical Defensive Alpha Fund | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Tactical Defensive Alpha Fund | Short Sales Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Short
Sales Risk: The Fund will engage in short selling and short position derivative activities,
which are significantly different from the investment activities commonly associated with
conservative stock or bond funds. Positions in shorted securities and derivatives are speculative
and more risky than “long” positions (purchases) because the cost of the replacement
security or derivative is unknown. Therefore, the potential loss on an uncovered short is
unlimited, whereas the potential loss on long positions is limited to the original purchase
price. You should be aware that any strategy that includes selling securities short could
suffer significant losses. Shorting will also result in higher transaction costs (such as
interest and dividends), which reduce the Fund’s return, and may result in higher taxes. |
|
| Toews Tactical Defensive Alpha Fund | Tax Inefficiency [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Inefficiency: The adviser expects that most of the gains generated by the Fund will be
categorized as short-term capital gains which will be subject to higher tax rates than long-term
capital gains. Given the potential tax-inefficiency of the Fund, investors should consider
investing through a tax-deferred account and carefully consider the tax consequences before
investing. |
|
| Toews Tactical Defensive Alpha Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk: Although the Fund invests in short-term Treasury obligations, an investment
in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity.
All money market instruments, including U.S. Treasury obligations, can change in value in
response to changes in interest rates, and a major change in rates could cause the share
price to change. While U.S. Treasury obligations are backed by the full faith and credit
of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the
Federal Deposit Insurance Corporation, U.S. government or any other government agency. |
|
| Toews Tactical Defensive Alpha Fund | Common Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Common
Stock Risk: The net asset value of the Fund will fluctuate based on changes in the value
of the U.S. and/or foreign common stocks held by the Fund. Stock prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic,
political or market conditions. |
|
| Toews Tactical Defensive Alpha Fund | Large Cap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Cap Risk: Large-capitalization companies may be less able than smaller capitalization
companies to adapt to changing market conditions. Large-capitalization companies may be more
mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| Toews Tactical Defensive Alpha Fund | Issuers Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuers
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Agility Shares Dynamic Tactical Income ETF |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk
that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Derivatives
Risk: The Fund’s use of derivatives involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. |
| ● | ETF
Underlying Fund Risk: ETFs are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund
will be higher than the cost of investing directly in ETFs and may be higher than other mutual
funds that invest directly in securities. Each ETF is subject to specific risks, depending
on its investments. |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and as a result is subject to the special
risks, including: |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed income securities. In general, the market price
of debt securities with longer maturities will increase or decrease more in response to changes
in interest rates than shorter-term securities. Other risk factors include credit risk (the
debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). These risks could affect the value of a particular investment,
possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. |
| ● | Fluctuation
of Net Asset Value Risk: The net asset value (“NAV”) of the Fund’s
shares will generally fluctuate with changes in the market value of the Fund’s holdings.
The market prices of the shares will generally fluctuate in accordance with changes in NAV
as well as the relative supply of and demand for the shares on the Exchange. The Adviser
cannot predict whether the shares will trade below, at or above their NAV. Price differences
may be due, in large part, to the fact that supply and demand forces at work in the secondary
trading market for the shares will be closely related to, but not identical to, the same
forces influencing the prices of the Fund’s holdings trading individually or in the
aggregate at any point in time. In addition, unlike conventional ETFs, the Fund is not an
index fund. The Fund is actively managed and does not seek to replicate the performance of
a specified index. Index based ETFs have generally traded at prices which closely correspond
to NAV per share. Actively managed ETFs have a limited trading history and, therefore, there
can be no assurance as to whether and/or the extent to which the shares will trade at premiums
or discounts to NAV. |
| ● | Foreign
Securities Risk: Because the Fund’s investments may include foreign securities,
the Fund is subject to risks beyond those associated with investing in domestic securities.
Foreign companies are generally not subject to the same regulatory requirements of U.S. companies
thereby resulting in less publicly available information about these companies. In addition,
foreign accounting, auditing and financial reporting standards generally differ from those
applicable to U.S. companies. Market prices for foreign securities are not determined at
the same time of day as the NAV for the Fund. Because the Fund may invest in foreign securities
that are primarily listed on foreign exchanges that may trade on weekends or other days when
the Fund does not price its shares, the value of the Fund’s portfolio may change on
days when you may not be able to buy or sell Fund shares. |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. Because
futures require only a small initial investment in the form of a deposit or margin, they
involve a high degree of leverage. Under certain market conditions, futures contracts may
become illiquid. As a result, the Fund may be unable to close out its futures contracts at
a time which is advantageous or take an offsetting defensive position, potentially resulting
in significant losses for the Fund. |
| ● | High
Yield Bond Risk: Lower-quality bonds, known as “high yield” or “junk”
bonds, present greater risk than bonds of higher quality, including an increased risk of
default. An economic downturn or period of rising interest rates could adversely affect the
market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of
a liquid market for these bonds could decrease the share price of the ETFs in which the Fund
invests. |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change or
climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental
or quasi-governmental actions. The occurrence of global events similar to those in recent
years, such as a worldwide pandemic, terrorist attacks around the world, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such
event(s) could have a significant adverse impact on the value and risk profile of the Fund.
For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long any future impacts of the
significant events described above would last, but there could be a prolonged period of global
economic slowdown, which may impact your investment. Therefore, the Fund could lose money
over short periods due to short-term market movements and over longer periods during more
prolonged market downturns. During a general market downturn, multiple asset classes may
be negatively affected. Changes in market conditions and interest rates can have the same
impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
| ● | Options
Risk: Options are subject to changes in the underlying securities or index of securities
on which such instruments are based. Typically the seller (writer) of a covered put option
assumes the risk of a decline in the market price of the underlying security below the strike
price of the underlying security less the premium received, and gives up the opportunity
for gain on the underlying security above the exercise price of the option and the buyer
of a put or call option, risks losing the entire premium invested in the option if it does
not exercise the option. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund’s use of derivatives involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed income securities. In general, the market price
of debt securities with longer maturities will increase or decrease more in response to changes
in interest rates than shorter-term securities. Other risk factors include credit risk (the
debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). These risks could affect the value of a particular investment,
possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. Because
futures require only a small initial investment in the form of a deposit or margin, they
involve a high degree of leverage. Under certain market conditions, futures contracts may
become illiquid. As a result, the Fund may be unable to close out its futures contracts at
a time which is advantageous or take an offsetting defensive position, potentially resulting
in significant losses for the Fund. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Investment-Grade Corporate Bonds [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment-Grade
Corporate Bonds: Debt securities of industrial, utility, banking and other financial
institutions that are rated at or above investment grade (BBB/Baa or higher). These securities
are backed by the credit of the corporation issuing the fixed-income instrument as to the
timely repayment of principal and interest. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change or
climate-related events, pandemics, epidemics, terrorism, regulatory events and governmental
or quasi-governmental actions. The occurrence of global events similar to those in recent
years, such as a worldwide pandemic, terrorist attacks around the world, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such
event(s) could have a significant adverse impact on the value and risk profile of the Fund.
For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long any future impacts of the
significant events described above would last, but there could be a prolonged period of global
economic slowdown, which may impact your investment. Therefore, the Fund could lose money
over short periods due to short-term market movements and over longer periods during more
prolonged market downturns. During a general market downturn, multiple asset classes may
be negatively affected. Changes in market conditions and interest rates can have the same
impact on all types of securities and instruments. In times of severe market disruptions
you could lose your entire investment. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: Options are subject to changes in the underlying securities or index of securities
on which such instruments are based. Typically the seller (writer) of a covered put option
assumes the risk of a decline in the market price of the underlying security below the strike
price of the underlying security less the premium received, and gives up the opportunity
for gain on the underlying security above the exercise price of the option and the buyer
of a put or call option, risks losing the entire premium invested in the option if it does
not exercise the option. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Liquidity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | ETF Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Underlying Fund Risk: ETFs are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund
will be higher than the cost of investing directly in ETFs and may be higher than other mutual
funds that invest directly in securities. Each ETF is subject to specific risks, depending
on its investments. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | ETF Structure Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and as a result is subject to the special
risks, including: |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Not Individually Redeemable [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Trading Issues [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Cash Transaction Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Market Price Variance Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Fluctuation Of Net Asset Value Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fluctuation
of Net Asset Value Risk: The net asset value (“NAV”) of the Fund’s
shares will generally fluctuate with changes in the market value of the Fund’s holdings.
The market prices of the shares will generally fluctuate in accordance with changes in NAV
as well as the relative supply of and demand for the shares on the Exchange. The Adviser
cannot predict whether the shares will trade below, at or above their NAV. Price differences
may be due, in large part, to the fact that supply and demand forces at work in the secondary
trading market for the shares will be closely related to, but not identical to, the same
forces influencing the prices of the Fund’s holdings trading individually or in the
aggregate at any point in time. In addition, unlike conventional ETFs, the Fund is not an
index fund. The Fund is actively managed and does not seek to replicate the performance of
a specified index. Index based ETFs have generally traded at prices which closely correspond
to NAV per share. Actively managed ETFs have a limited trading history and, therefore, there
can be no assurance as to whether and/or the extent to which the shares will trade at premiums
or discounts to NAV. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | Foreign Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk: Because the Fund’s investments may include foreign securities,
the Fund is subject to risks beyond those associated with investing in domestic securities.
Foreign companies are generally not subject to the same regulatory requirements of U.S. companies
thereby resulting in less publicly available information about these companies. In addition,
foreign accounting, auditing and financial reporting standards generally differ from those
applicable to U.S. companies. Market prices for foreign securities are not determined at
the same time of day as the NAV for the Fund. Because the Fund may invest in foreign securities
that are primarily listed on foreign exchanges that may trade on weekends or other days when
the Fund does not price its shares, the value of the Fund’s portfolio may change on
days when you may not be able to buy or sell Fund shares. |
|
| Toews Agility Shares Dynamic Tactical Income ETF | High Yield Bond Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | High
Yield Bond Risk: Lower-quality bonds, known as “high yield” or “junk”
bonds, present greater risk than bonds of higher quality, including an increased risk of
default. An economic downturn or period of rising interest rates could adversely affect the
market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of
a liquid market for these bonds could decrease the share price of the ETFs in which the Fund
invests. |
|
| Toews Agility Shares Managed Risk ETF |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all funds, there is the risk that you could lose money through your
investment in the Fund. Many factors affect the Fund’s net asset value and performance.
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
| ● | Derivatives
Risk: The Fund’s use of derivatives involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. |
| ● | Equity
Risk: The price of equity securities may rise or fall because of changes in the broad
market or changes in a company’s financial condition, sometimes rapidly or unpredictably.
These price movements may result from factors affecting individual companies, sectors or
industries selected for the Fund’s portfolio or the securities market as a whole, such
as changes in economic or political conditions. To the extent that the Fund has investment
exposure to large cap company securities, it may underperform other funds during periods
when large cap company securities are out of favor. |
| ● | ETF
Underlying Fund Risk: ETFs are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund
will be higher than the cost of investing directly in ETFs and may be higher than other exchange-traded
funds that invest directly in securities. Each ETF is subject to specific risks, depending
on its investments. Investment in the Fund should be made with the understanding that the
ETFs in which the Fund invests will not be able to replicate exactly the performance of the
indices they track because the total return generated by the securities will be reduced by
transaction costs incurred in adjusting the actual balance of the securities. The market
value of the ETF shares may differ from their net asset value. Accordingly, there may be
times when an ETF share trades at a premium or discount to its net asset value. |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and as a result is subject to special
risks, including: |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed income securities. In general, the market price
of debt securities with longer maturities will increase or decrease more in response to changes
in interest rates than shorter-term securities. Other risk factors include credit risk (the
debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). These risks could affect the value of a particular investment,
possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. |
| ● | Fluctuation
of Net Asset Value Risk: The NAV of the Fund’s shares will generally fluctuate
with changes in the market value of the Fund’s holdings. The market prices of the shares
will generally fluctuate in accordance with changes in NAV as well as the relative supply
of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares
will trade below, at or above their NAV. Price differences may be due, in large part, to
the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices
of the Fund’s holdings trading individually or in the aggregate at any point in time.
In addition, unlike conventional ETFs, the Fund is not an index fund. The Fund is actively
managed and does not seek to replicate the performance of a specified index. Index based
ETFs have generally traded at prices which closely correspond to NAV per share. Actively
managed ETFs have a limited trading history and, therefore, there can be no assurance as
to whether and/or the extent to which the shares will trade at premiums or discounts to NAV. |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. Because
futures require only a small initial investment in the form of a deposit or margin, they
involve a high degree of leverage. Under certain market conditions, futures contracts may
become illiquid. As a result, the Fund may be unable to close out its futures contracts at
a time which is advantageous or take an offsetting defensive position, potentially resulting
in significant losses for the Fund. |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
| ● | Large
Capitalization Stock Risk: Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. The returns generated by the Fund’s
strategy may be volatile and may result in material losses for the Fund. |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change or
climate -related events, pandemics, epidemics, terrorism, regulatory events and governmental
or quasi-governmental actions. The occurrence of global events similar to those in recent
years, such as a worldwide pandemic, terrorist attacks around the world, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such
event(s) could have a significant adverse impact on the value and risk profile of the Fund.
For example, the COVID-19 global pandemic and the aggressive responses taken by many
governments, including closing borders, restricting international and domestic travel, and
the imposition of prolonged quarantines or similar restrictions, as well as the forced or
voluntary closure of, or operational changes to, many retail and other businesses, has had
negative impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant events described
above would last, but there could be a prolonged period of global economic slowdown, which
may impact your investment. Therefore, the Fund could lose money over short periods due to
short-term market movements and over longer periods during more prolonged market downturns.
During a general market downturn, multiple asset classes may be negatively affected. Changes
in market conditions and interest rates can have the same impact on all types of securities
and instruments. In times of severe market disruptions you could lose your entire investment. |
| ● | Options
Risk: Options are subject to changes in the underlying securities or index of securities
on which such instruments are based. Typically, the seller (writer) of a covered put or call
option assumes the risk of a decline in the market price of the underlying security below
the strike price of the underlying security less the premium received, and gives up the opportunity
for gain on the underlying security above the exercise price of the option and the buyer
of a put or call option, risks losing the entire premium invested in the option if it does
not exercise the option. |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Agility Shares Managed Risk ETF | Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Allocation
Risk: The risk that if the Fund’s strategy for allocating assets among different
assets classes does not work as intended, the Fund may not achieve its objective or may underperform
other funds with the same or similar investment strategy. |
|
| Toews Agility Shares Managed Risk ETF | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk: The Fund’s use of derivatives involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. |
|
| Toews Agility Shares Managed Risk ETF | Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Risk: When the Fund invests in fixed income securities, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest
rates causes a decline in the value of fixed income securities. In general, the market price
of debt securities with longer maturities will increase or decrease more in response to changes
in interest rates than shorter-term securities. Other risk factors include credit risk (the
debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). These risks could affect the value of a particular investment,
possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. |
|
| Toews Agility Shares Managed Risk ETF | Futures Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Futures
Risk: The Fund’s use of futures contracts involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional
investments. These risks include leverage risk and correlation or tracking risk. Because
futures require only a small initial investment in the form of a deposit or margin, they
involve a high degree of leverage. Under certain market conditions, futures contracts may
become illiquid. As a result, the Fund may be unable to close out its futures contracts at
a time which is advantageous or take an offsetting defensive position, potentially resulting
in significant losses for the Fund. |
|
| Toews Agility Shares Managed Risk ETF | Issuer Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer
Risk: Fund value might decrease in response to the activities and financial prospects
of an individual company or issuer in the Fund’s portfolio. The value of an individual
issuer can be more volatile than the market as a whole and can perform differently from the
value of the market as a whole. The value of certain types of companies or issuers can be
more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
or economic developments. |
|
| Toews Agility Shares Managed Risk ETF | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk: The ability of the Fund to meet its investment objective is directly related to
the adviser’s investment model. The models used by the adviser to determine or guide
investment decisions may not achieve the objectives of the Fund. The adviser’s assessment
of the attractiveness and potential appreciation of particular investments or markets in
which the Fund invests may prove to be incorrect and there is no guarantee that the adviser’s
investment strategy will produce the desired results. The returns generated by the Fund’s
strategy may be volatile and may result in material losses for the Fund. |
|
| Toews Agility Shares Managed Risk ETF | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk: The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, climate change or
climate -related events, pandemics, epidemics, terrorism, regulatory events and governmental
or quasi-governmental actions. The occurrence of global events similar to those in recent
years, such as a worldwide pandemic, terrorist attacks around the world, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such
event(s) could have a significant adverse impact on the value and risk profile of the Fund.
For example, the COVID-19 global pandemic and the aggressive responses taken by many
governments, including closing borders, restricting international and domestic travel, and
the imposition of prolonged quarantines or similar restrictions, as well as the forced or
voluntary closure of, or operational changes to, many retail and other businesses, has had
negative impacts, and in many cases severe negative impacts, on markets worldwide. It is
not known how long such impacts, or any future impacts of other significant events described
above would last, but there could be a prolonged period of global economic slowdown, which
may impact your investment. Therefore, the Fund could lose money over short periods due to
short-term market movements and over longer periods during more prolonged market downturns.
During a general market downturn, multiple asset classes may be negatively affected. Changes
in market conditions and interest rates can have the same impact on all types of securities
and instruments. In times of severe market disruptions you could lose your entire investment. |
|
| Toews Agility Shares Managed Risk ETF | Options Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Options
Risk: Options are subject to changes in the underlying securities or index of securities
on which such instruments are based. Typically, the seller (writer) of a covered put or call
option assumes the risk of a decline in the market price of the underlying security below
the strike price of the underlying security less the premium received, and gives up the opportunity
for gain on the underlying security above the exercise price of the option and the buyer
of a put or call option, risks losing the entire premium invested in the option if it does
not exercise the option. |
|
| Toews Agility Shares Managed Risk ETF | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk: Portfolio turnover results in higher brokerage commissions, dealer mark-ups
and other transaction costs and may result in taxable capital gains. Higher costs associated
with increased portfolio turnover may offset gains in the Fund’s performance. |
|
| Toews Agility Shares Managed Risk ETF | Liquidity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
|
| Toews Agility Shares Managed Risk ETF | ETF Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Underlying Fund Risk: ETFs are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund
will be higher than the cost of investing directly in ETFs and may be higher than other exchange-traded
funds that invest directly in securities. Each ETF is subject to specific risks, depending
on its investments. Investment in the Fund should be made with the understanding that the
ETFs in which the Fund invests will not be able to replicate exactly the performance of the
indices they track because the total return generated by the securities will be reduced by
transaction costs incurred in adjusting the actual balance of the securities. The market
value of the ETF shares may differ from their net asset value. Accordingly, there may be
times when an ETF share trades at a premium or discount to its net asset value. |
|
| Toews Agility Shares Managed Risk ETF | ETF Structure Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Structure Risk: The Fund is structured as an ETF and as a result is subject to special
risks, including: |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
| ○ | Liquidity
Risk. In stressed market conditions, the market for the Fund’s shares may become less
liquid in response to deteriorating liquidity in the market for the Fund’s underlying
holdings. This adverse effect on the liquidity of the Fund’s shares may, in turn, lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
|
| Toews Agility Shares Managed Risk ETF | Not Individually Redeemable [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Not
Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage
costs purchasing enough Shares to constitute a Creation Unit. |
|
| Toews Agility Shares Managed Risk ETF | Trading Issues [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Trading
Issues. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary
market volatility. There can be no assurance that Shares will continue to meet the listing
requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. If the Fund’s shares are traded outside a collateralized
settlement system, the number of financial institutions that can act as authorized participants
that can post collateral on an agency basis is limited, which may limit the market for the
Fund’s shares. To the extent that those authorized participants exit the business or
are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market
for the Fund’s shares. This could lead to differences between market price and underlying
value of shares. |
|
| Toews Agility Shares Managed Risk ETF | Cash Transaction Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Cash
Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to
incur additional costs including brokerage costs and taxable capital gains or losses that
the Fund may not have incurred if the Fund had made redemptions in-kind. |
|
| Toews Agility Shares Managed Risk ETF | Market Price Variance Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Market
Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares
will fluctuate in response to changes in NAV and supply and demand for Shares. There may
be times when the market price and the NAV vary significantly and you may pay more than NAV
when buying Shares on the secondary market, and you may receive less than NAV when you sell
those Shares. The market price of Shares, like the price of any exchange-traded security,
includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption,
the bid-ask spread often increases significantly. This means that Shares may trade at a discount
to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment
results are measured based upon the daily NAV of the Fund over a period of time. Investors
purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
|
| Toews Agility Shares Managed Risk ETF | Fluctuation Of Net Asset Value Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fluctuation
of Net Asset Value Risk: The NAV of the Fund’s shares will generally fluctuate
with changes in the market value of the Fund’s holdings. The market prices of the shares
will generally fluctuate in accordance with changes in NAV as well as the relative supply
of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares
will trade below, at or above their NAV. Price differences may be due, in large part, to
the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices
of the Fund’s holdings trading individually or in the aggregate at any point in time.
In addition, unlike conventional ETFs, the Fund is not an index fund. The Fund is actively
managed and does not seek to replicate the performance of a specified index. Index based
ETFs have generally traded at prices which closely correspond to NAV per share. Actively
managed ETFs have a limited trading history and, therefore, there can be no assurance as
to whether and/or the extent to which the shares will trade at premiums or discounts to NAV. |
|
| Toews Agility Shares Managed Risk ETF | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk: The price of equity securities may rise or fall because of changes in the broad
market or changes in a company’s financial condition, sometimes rapidly or unpredictably.
These price movements may result from factors affecting individual companies, sectors or
industries selected for the Fund’s portfolio or the securities market as a whole, such
as changes in economic or political conditions. To the extent that the Fund has investment
exposure to large cap company securities, it may underperform other funds during periods
when large cap company securities are out of favor. |
|
| Toews Agility Shares Managed Risk ETF | Large Capitalization Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Stock Risk: Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|