Investment Risks - Summitry Equity Fund
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Jun. 01, 2026 |
| Prospectus [Line Items] |
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| Risk [Text Block] |
The principal risks of investing
in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment goal and you may
lose money by investing in the Fund. You
should carefully consider the Fund’s investment risks before
deciding whether to invest in the Fund. The order of the below risk factors does not indicate the significance of any particular risk
factor and the relative significance of each risk below may change over time.
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| Stock Market Risk [Member] |
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| • | Stock Market Risk. Overall stock market risks may affect the value of the Fund. Factors such
as domestic and foreign economic growth and market conditions, interest rate levels, pandemics, natural disasters, and political events
affect the securities markets. Movements in the stock market may affect adversely the specific securities held by the Fund on a daily
basis, and, as a result, such movements may negatively affect the Fund’s net asset value per share (“NAV”). When the
value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. |
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| Risk Of Warrants And Rights [Member] |
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| • | Risk of Warrants and Rights. A warrant or a right may become worthless unless exercised or sold
before expiration. For example, if the market price of the common stock does not exceed the exercise price during the life of the warrant
or right, the warrant or right will expire worthless. Warrants and rights have no voting rights, pay no dividends and have no rights with
respect to the assets of the corporation issuing them. The percentage increase or decrease in the value of a warrant or right may be greater
than the percentage increase or decrease in the value of the underlying common stock. |
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| Convertible Securities Risk [Member] |
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| • | Convertible Securities Risk. The value of a convertible security is influenced by changes in
interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing
of the company issuing the convertible security and other factors also may have an effect on the convertible security’s investment
value. |
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| Volatility Risk [Member] |
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| Risk [Text Block] |
| • | Volatility Risk. Common stocks tend to be more volatile than other investment alternatives. The
value of an individual company can be more volatile than the market as a whole. This volatility affects the value of the Fund’s
shares. |
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| Management Risk [Member] |
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| • | Management Risk. Fund management’s skill in choosing appropriate investments will play
a large part in determining whether the Fund is able to achieve its investment objective. To the extent appropriate investments are not
chosen, the Fund may decline in value and you could lose money. |
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| Growth Risk [Member] |
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| • | Growth Risk. If the Adviser’s perceptions of a company’s growth potential are wrong,
the securities purchased may not perform as expected, reducing the Fund’s return. |
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| Large Cap Risk [Member] |
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| • | Large-Cap Risk. Large capitalization companies tend to be less volatile than companies with
smaller market capitalization. This potentially lower risk means that the Fund’s share price may not rise as much as share prices
of funds that focus on smaller capitalization companies. |
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| Foreign Securities Risk [Member] |
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| • | Foreign Securities Risk. There may be less information about foreign companies in the form of
reports and ratings than about U.S. issuers. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting
requirements comparable to those applicable to U.S. issuers. Foreign markets may not be as developed or efficient as those in the United
States, and there is generally less government supervision and regulation of securities exchanges, brokers and listed issuers than in
the United States. Investments in foreign securities also subject the Fund to risks associated with fluctuations in currency values. |
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| Sector Risk [Member] |
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| • | Sector Risk. The Adviser may allocate more of the Fund’s investments to particular segments
of the market. A particular market sector can be more volatile or underperform relative to the market as a whole. Stocks within the same
group of industries will decline in price due to sector-specific, market or economic developments. To the extent that the Fund has over-weighted
holdings within a particular sector, such as Information Technology, the Fund is subject to an increased risk that its investments in
that particular sector may decline because of changing expectations for the performance of that sector. |
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| Focus Risk [Member] |
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| Risk [Text Block] |
| • | Focus Risk. While the Fund is diversified, it may, at times, hold the securities of a small number
of issuers. At such times where the Fund may hold the securities of fewer issuers, the performance of these issuers could have a substantial
impact on the Fund’s performance. |
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| Real Estate Investment Trust R E I T Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| • | Real Estate Investment Trust (REIT) Risk. The Fund’s investments in REIT securities will
expose the Fund to risks similar to those associated with direct investments in real estate, including changes in interest rates, overbuilding,
increased property taxes, or regulatory actions. |
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| Other Investment Company Risk [Member] |
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| • | Other Investment Company Risk. The Fund will incur higher and duplicative expenses when it invests
in mutual funds, ETFs, and other investment companies. There is also the risk that the Fund may suffer losses due to the investment practices
of the underlying funds. |
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| Changes In Trade Negotiations Risk [Member] |
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| Prospectus [Line Items] |
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| • | Changes in Trade Negotiations Risk. In recent years, the U.S. government has indicated its intent to alter its approach
to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral
trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. Tariffs on imported goods
could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio
companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such
impacted jurisdictions. |
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| Highly Volatile Markets Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| • | Highly Volatile Markets Risk. The prices of instruments in which the Fund may invest are influenced by numerous factors,
including interest rates, currency rates, default rates, governmental policies and political and economic events (both domestic and global).
Moreover, political or economic crises, or other events may occur that can be highly disruptive to the markets in which the Fund may invest.
In addition, governments from time to time intervene (directly and by regulation), which intervention may adversely affect the performance
of the Fund and its investment activities. The Fund is also subject to the risk of a temporary or permanent failure of the exchanges and
other markets on which its investments may trade. Sustained market turmoil and periods of heightened market volatility make it more difficult
to produce positive trading results, and there can be no assurance that the Fund’s strategies will be successful in such markets. |
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| Legislation And Regulatory Risk [Member] |
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| • | Legislation and Regulatory Risk. New or amended regulations may be imposed by the Commodity Futures Trading Commission (the
“CFTC”), the SEC, the Federal Reserve, the European Union (the “EU”) or other financial regulators, other governmental
or intergovernmental regulatory authorities or self-regulatory organizations that supervise the financial markets, and could adversely
affect the Fund. In particular, the CFTC and the SEC are empowered to promulgate a variety of new rules pursuant to recently enacted financial
reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of statutes
and rules by these regulatory authorities or self-regulatory organizations. |
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| Market Disruptions Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| • | Market Disruptions Risk. The Fund may incur major losses in the event of market disruptions and other extraordinary events
in which historical pricing relationships become materially distorted. The risk of loss from pricing distortions is compounded by the
fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which
the markets are moving. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic
losses for the Fund and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility
and risk. |
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| U S Debt Ceiling And Budget Deficit Risks [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| • | U.S. Debt Ceiling and Budget Deficit Risks. U.S. debt ceiling and budget deficit concerns have increased the possibility
of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers have historically
passed legislation to raise the federal debt ceiling on multiple occasions, ratings agencies have lowered or threatened to lower the long-term
sovereign credit rating on the United States. In August 2023, Fitch Ratings Inc., downgraded the U.S. credit rating to AA+ from AAA, citing
fiscal deterioration over the next three years and close encounters with default due to ongoing political dysfunction. The impact of a
U.S. default on its obligations or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness
could adversely affect the U.S. and global financial markets and economic conditions. In addition, disagreement over the federal budget
has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have
a material adverse effect on the Fund’s business, financial condition and results of operations. |
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| Cybersecurity Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| • | Cybersecurity Risk. The Fund and its service providers may be subject, directly or indirectly,
to operational and information security risks resulting from breaches in cybersecurity that may cause the Fund to lose or compromise |
confidential information, suffer data corruption or lose operational
capacity. Similar types of cybersecurity risks are also present for issuers of securities in which the Fund may invest, which may cause
the Fund’s investments in such companies to lose value. There is no guarantee the Fund will be successful in protecting against
cybersecurity breaches.
An investment in the Fund
is not a deposit at a bank and is not insured or guaranteed by any government agency.
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| Risk Lose Money [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
There may be circumstances that could prevent the Fund from achieving its investment goal and you may
lose money by investing in the Fund.
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| Risk Not Insured Depository Institution [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
An investment in the Fund
is not a deposit at a bank and is not insured or guaranteed by any government agency.
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