v3.26.1
Performance Management
Jul. 29, 2026
Matisse Discounted Closed-End Fund Strategy  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] PERFORMANCE INFORMATION
Performance Narrative [Text Block]

The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to that of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at https://fundinfopages.com/MDCEX.

 

 
Performance Past Does Not Indicate Future [Text] The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to that of a broad-based securities market index.
Bar Chart [Heading] Institutional Class Shares Calendar Year Returns
Bar Chart [Table]

 

 

 

   
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Bar Chart Closing [Text Block]

  

During the periods shown in the bar chart above, the Fund’s highest quarterly return was 19.86% (quarter ended June 30, 2020) and the Fund’s lowest quarterly return was -37.13% (quarter ended March 31, 2020). The Fund’s year-to-date return as of June 30, 2026, was 6.54%.
Year to Date Return, Label [Optional Text] The Fund’s year-to-date return
Bar Chart, Year to Date Return 6.54%
Bar Chart, Year to Date Return, Date Jun. 30, 2026
Highest Quarterly Return, Label [Optional Text] highest quarterly return
Highest Quarterly Return 19.86%
Highest Quarterly Return, Date Jun. 30, 2020
Lowest Quarterly Return, Label [Optional Text] lowest quarterly return
Lowest Quarterly Return (37.13%)
Lowest Quarterly Return, Date Mar. 31, 2020
Performance Table Heading Average Annual Total Returns Periods Ended December 31, 2025 (returns with maximum sales charge)
Performance Table Uses Highest Federal Rate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).
Performance [Table]
Average Annual Total Returns 
Periods Ended December 31, 2025 
(returns with maximum sales charge)		 Past 1
Year		 Past 5
Years		 Past 10
Years		 Since
Inception1
Institutional Class Shares        
 Before taxes
 After Taxes on Distributions
 After Taxes on Distributions and Sale of Shares		 28.03%
23.10%
17.27%

15.96%

10.98%
10.80%

 12.16%
8.47%
8.44%		 9.74%
6.20%
6.32%
Morningstar Global Allocation Index 16.68% 6.03% 7.88% 7.27%
S-Network Composite Closed-End Fund Total Return Index 13.04% 6.35% 7.88% 6.69%
First Trust Composite Closed-End Fund Index 14.64% 6.25% 7.48% 6.03%
1.The Institutional Class Shares commenced operations on October 31, 2012.

 
Performance Table Closing [Text Block]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).

 
Performance Availability Website Address [Text] https://fundinfopages.com/MDCEX
Matisse Discounted Bond CEF Strategy  
Prospectus [Line Items]  
Bar Chart and Performance Table [Heading] PERFORMANCE INFORMATION
Performance Narrative [Text Block]

The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to that of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available online at https://fundinfopages.com/MDFIX.
Performance Past Does Not Indicate Future [Text] The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Performance Information Illustrates Variability of Returns [Text] The following bar chart and tables provide an indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to that of a broad-based securities market index.
Bar Chart [Heading] Institutional Class Shares Calendar Year Returns
Bar Chart [Table]

 

 

 

   
2021
2022
2023
2024
2025
Bar Chart Closing [Text Block]

During the periods shown in the bar chart above, the Fund’s highest quarterly return was 11.85% (quarter ended December 31, 2023) and the Fund’s lowest quarterly return was -9.90% (quarter ended June 30, 2022). The Fund’s year-to-date return as of June 30, 2026, was 0.97%.
Year to Date Return, Label [Optional Text] The Fund’s year-to-date return
Bar Chart, Year to Date Return 0.97%
Bar Chart, Year to Date Return, Date Jun. 30, 2026
Highest Quarterly Return, Label [Optional Text] highest quarterly return
Highest Quarterly Return 11.85%
Highest Quarterly Return, Date Dec. 31, 2023
Lowest Quarterly Return, Label [Optional Text] lowest quarterly return
Lowest Quarterly Return (9.90%)
Lowest Quarterly Return, Date Jun. 30, 2022
Performance Table Heading Average Annual Total Returns Periods Ended December 31, 2025 (returns with maximum sales charge)
Performance Table Uses Highest Federal Rate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA).
Performance [Table]

 

Average Annual Total Returns 

 

Periods Ended December 31, 2025 
(returns with maximum sales charge)		 Past 1
Year		 Since
Inception*
Institutional Class Shares    
Before taxes
  After taxes on distributions
  After taxes on distributions and sale of Shares		 8.07%
4.83%
5.03%		 8.50%
6.07%
5.83%
Bloomberg U.S. Aggregate Bond Index 7.30% 0.10%
Bloomberg VLI High Yield Index 8.79% 6.40%

 

 

Periods Ended December 31, 2025
(returns with maximum sales charge)		 Past 1
Year		 Since
Inception*
FT Taxable Fixed Income CEF Index 6.45% 8.14%
*The Institutional Class Shares commenced operations on April 30, 2020.

 
Performance Table One Class of after Tax Shown [Text] After-tax returns are shown for only one class of Shares and after-tax returns will vary for other classes.
Performance Table Closing [Text Block]

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not applicable to investors who hold Shares through tax-deferred arrangements such as a 401(k) plan or an individual retirement account (IRA). After-tax returns are shown for only one class of Shares and after-tax returns will vary for other classes.
Performance Availability Website Address [Text] https://fundinfopages.com/MDFIX