v3.25.2
Fees and Expenses
Sep. 02, 2025
USD ($)
VELA Small Cap Fund  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds. More information about these and other discounts is available from your financial professional and in the Sales Charges section on page 45 of the fund’s Prospectus.

 
Expense Breakpoint Discounts [Text] You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds.
Expenses Restated to Reflect Current [Text] The fund’s “Other expenses” have been restated to reflect current fees.
Expense Breakpoint, Minimum Investment Required [Amount] $ 100,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Shareholder Fees Caption [Optional Text] Shareholder Fees (fees paid directly from your investment)
Shareholder Fees [Table]
  Class A Class I
Maximum Sales Charge (Load) Imposed on Purchases as a % of Offering Price 5.00% None
Maximum Deferred Sales Charge (on redemptions in the first year as a percentage of the amount invested or the current value, whichever is less) None None

 
Operating Expenses Caption [Optional Text] Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses [Table]
  Class A Class I
Management fees 0.75% 0.75%
Distribution (12b-1) fees 0.25% 0.00%
Other expenses (administrative fees)1, 2 0.34% 0.34%
Acquired fund fees and expenses 0.01% 0.01%
Total annual fund operating expenses3 1.35% 1.10%

 

(1)The fund’s “Other expenses” have been restated to reflect current fees.

 

(2)The fund’s investment adviser, VELA Investment Management, LLC (the “Adviser”), pays most of the fund’s operating expenses (with certain exceptions) in return for an “administrative fee” (exclusive of the management fee, brokerage and other expenses of executing fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, as well as any expenses incurred pursuant to the fund’s Rule 12b-1 Distribution Plan).

 

(3)“Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Expense Example [Heading] Expense Example
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] The Example assumes that you invest $10,000 in the fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, With Redemption [Table]
  1 year 3 years 5 years 10 years
Class A $631 $906 $1,202 $2,043
Class I $112 $350 $606 $1,340
VELA Large Cap Plus Fund  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds. More information about these and other discounts is available from your financial professional and in the Sales Charges section on page 45 of the fund’s Prospectus.

 
Expense Breakpoint Discounts [Text] You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds.
Expenses Restated to Reflect Current [Text] The fund’s “Other expenses” have been restated to reflect current fees.
Expense Breakpoint, Minimum Investment Required [Amount] $ 100,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Shareholder Fees Caption [Optional Text] Shareholder Fees (fees paid directly from your investment)
Shareholder Fees [Table]
Class A Class I
Maximum Sales Charge (Load) Imposed on Purchases as a % of Offering Price 5.00% None
Maximum Deferred Sales Charge (on redemptions in the first year as a percentage of the amount invested or the current value, whichever is less) None None

 
Operating Expenses Caption [Optional Text] Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses [Table]
Class A Class I
Management fees 0.60% 0.60%
Distribution (12b-1) fees 0.25% 0.00%
Other expenses1    
Administrative fees1, 2 0.34% 0.34%
Interest charges and dividend expense3 0.06% 0.06%
Total other expenses 0.40% 0.40%
Acquired fund fees and expenses 0.01% 0.01%
Total annual fund operating expenses4 1.26% 1.01%

 

(1)The fund’s “Other expenses” have been restated to reflect current fees.

 

(2)The fund’s investment adviser, VELA Investment Management, LLC (the “Adviser”), pays most of the fund’s operating expenses (with certain exceptions) in return for an “administrative fee” (exclusive of the management fee, brokerage and other expenses of executing fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, as well as any expenses incurred pursuant to the fund’s Rule 12b-1 Distribution Plan).

 

(3)Interest charges and dividend expense have been restated to reflect current interest charges and dividend expense.

 

(4)“Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Expense Example [Heading] Expense Example
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] The Example assumes that you invest $10,000 in the fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, With Redemption [Table]
  1 year 3 years 5 years 10 years
Class A $622 $880 $1,157 $1,946
Class I $103 $322 $558 $1,236
VELA International Fund  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds. More information about these and other discounts is available from your financial professional and in the Sales Charges section on page 45 of the fund’s Prospectus.

 
Expense Breakpoint Discounts [Text] You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds.
Expenses Restated to Reflect Current [Text] The fund’s “Other expenses” have been restated to reflect current fees.
Expense Breakpoint, Minimum Investment Required [Amount] $ 100,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] “Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Shareholder Fees Caption [Optional Text] Shareholder Fees (fees paid directly from your investment)
Shareholder Fees [Table]
Class A Class I
Maximum Sales Charge (Load) Imposed on Purchases as a % of Offering Price 5.00% None
Maximum Deferred Sales Charge (on redemptions in the first year as a percentage of the amount invested or the current value, whichever is less) None None

 
Operating Expenses Caption [Optional Text] Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses [Table]
Class A Class I
Management fees 0.75% 0.75%
Distribution (12b-1) fees 0.25% 0.00%
Other expenses (administrative fees)1, 2 0.34% 0.34%
Acquired fund fees and expenses 0.02% 0.02%
Total annual fund operating expenses3 1.36% 1.11%

 

(1)The fund’s “Other expenses” have been restated to reflect current fees.

 

(2)The fund’s investment adviser, VELA Investment Management, LLC (the “Adviser”), pays most of the fund’s operating expenses (with certain exceptions) in return for an “administrative fee” (exclusive of the management fee, brokerage and other expenses of executing fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, as well as any expenses incurred pursuant to the fund’s Rule 12b-1 Distribution Plan).

 

(3)“Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Expense Example [Heading] Expense Example
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] The Example assumes that you invest $10,000 in the fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, With Redemption [Table]
  1 year 3 years 5 years 10 years
Class A $632 $909 $1,207 $2,053
Class I $113 $353 $612 $1,352
VELA Income Opportunities Fund  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds. More information about these and other discounts is available from your financial professional and in the Sales Charges section on page 45 of the fund’s Prospectus.

 
Expense Breakpoint Discounts [Text] You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds.
Expenses Restated to Reflect Current [Text] The fund’s “Other expenses” have been restated to reflect current fees.
Expense Breakpoint, Minimum Investment Required [Amount] $ 100,000
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] The fund’s “Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Shareholder Fees Caption [Optional Text] Shareholder Fees (fees paid directly from your investment)
Shareholder Fees [Table]
Class A Class I
Maximum Sales Charge (Load) Imposed on Purchases as a % of Offering Price 5.00% None
Maximum Deferred Sales Charge (on redemptions in the first year as a percentage of the amount invested or the current value, whichever is less) None None

 
Operating Expenses Caption [Optional Text] Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses [Table]
Class A Class I
Management fees 0.50% 0.50%
Distribution (12b-1) fees 0.25% 0.00%
Other expenses (administrative fees)1, 2 0.34% 0.34%
Total annual fund operating expenses3 1.09% 0.84%

 

(1)The fund’s “Other expenses” have been restated to reflect current fees.

 

(2)The fund’s investment adviser, VELA Investment Management, LLC (the “Adviser”), pays most of the fund’s operating expenses (with certain exceptions) in return for an “administrative fee” (exclusive of the management fee; brokerage and other expenses of executing fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, as well as any expenses incurred pursuant to the fund’s Rule 12b-1 Distribution Plan).

 

(3)The fund’s “Total annual fund operating expenses” will not correlate to the fund’s ratio of total expenses to average net assets in the fund’s Financial Highlights, which reflects the operating expenses of the fund, but does not include “Acquired fund fees and expenses.”
Expense Example [Heading] Expense Example
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] The Example assumes that you invest $10,000 in the fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, With Redemption [Table]
  1 year 3 years 5 years 10 years
Class A $606 $829 $1,071 $1,762
Class I $86 $268 $466 $1,037
VELA Short Duration Fund  
Prospectus [Line Items]  
Expense Heading [Optional Text] Fees and Expenses of the Fund
Expense Narrative [Text Block]

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds. More information about these and other discounts is available from your financial professional and in the Sales Charges section on page 45 of the fund’s Prospectus.

 
Expense Breakpoint Discounts [Text] You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in VELA Funds.
Expenses Restated to Reflect Current [Text] The fund’s “Other expenses” have been restated to reflect current fees.
Expense Breakpoint, Minimum Investment Required [Amount] $ 100,000
Shareholder Fees Caption [Optional Text] Shareholder Fees (fees paid directly from your investment)
Shareholder Fees [Table]
  Class A Class I
Maximum Sales Charge (Load) Imposed on Purchases as a % of Offering Price 5.00% None
Maximum Deferred Sales Charge (on redemptions in the first year as a percentage of the amount invested or the current value, whichever is less)

None

None

 
Operating Expenses Caption [Optional Text] Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses [Table]
  Class A Class I
Management fees 0.30% 0.30%
Distribution (12b-1) fees 0.25% 0.00%
Other expenses (administrative fees)1, 2 0.34% 0.34%
Acquired fund fees and expenses 0.02% 0.02%
Total annual fund operating expenses 0.91% 0.66%

 

(1)The fund’s “Other expenses” have been restated to reflect current fees.

 

(2)The fund’s investment adviser, VELA Investment Management, LLC (the “Adviser”), pays most of the fund’s operating expenses (with certain exceptions) in return for an “administrative fee” (exclusive of the management fee, brokerage and other expenses of executing fund transactions; taxes or governmental fees; costs of borrowing (such as interest charges and dividend expenses on securities sold short); litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the fund’s business, as well as any expenses incurred pursuant to the fund’s Rule 12b-1 Distribution Plan).
Expense Example [Heading] Expense Example
Expense Example Narrative [Text Block]

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds.
Expense Example by, Year, Caption [Text] The Example assumes that you invest $10,000 in the fund for the time periods indicated. It also shows costs if you sold your shares at the end of the period or continued to hold them. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, With Redemption [Table]
  1 year 3 years 5 years 10 years
Class A $588 $776 $979 $1,564
Class I $67 $211 $368 $822