v3.26.1
Annual Fund Operating Expenses
Jul. 29, 2026
Obra Opportunistic Structured Products ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.63%
Other Expenses (as a percentage of Assets): 0.74%
Acquired Fund Fees and Expenses 0.01% [1]
Expenses (as a percentage of Assets) 1.38%
Fee Waiver or Reimbursement 0.74% [2],[3]
Net Expenses (as a percentage of Assets) 0.64% [3]
Fee Waiver or Reimbursement over Assets, Date of Termination July 31, 2027
Obra High Grade Structured Products ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.63%
Other Expenses (as a percentage of Assets): 1.05%
Acquired Fund Fees and Expenses 0.01% [4]
Expenses (as a percentage of Assets) 1.69%
Fee Waiver or Reimbursement 1.05% [5],[6]
Net Expenses (as a percentage of Assets) 0.64% [6]
Fee Waiver or Reimbursement over Assets, Date of Termination July 31, 2027
Obra Defensive High Yield ETF [Member]  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.50%
Other Expenses (as a percentage of Assets): 4.84%
Expenses (as a percentage of Assets) 5.34%
Fee Waiver or Reimbursement 4.84% [7],[8]
Net Expenses (as a percentage of Assets) 0.50% [7]
Fee Waiver or Reimbursement over Assets, Date of Termination July 31, 2027
[1] “Acquired Fund Fees and Expenses” are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements because the financial statements include only the direct operating expenses incurred by the Fund.
[2] Obra Fund Management, LLC (the “Advisor”) has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 0.63% of the average daily net assets of the Fund through July 31, 2027, and may be terminated by the Board of Trustees at any time. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to expenses that are not waived under the expense limitation agreement. In consideration of the Advisor’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that (i) the reimbursement will be made only for fees and expenses incurred not more than three years from the date in which they were incurred; and (ii) the reimbursement may not be made if it would cause the lesser of the expense limitation in place at the time of waiver or at the time of reimbursement to be exceeded.
[3] Restated to reflect current contractual cap on Fund expenses.
[4] “Acquired Fund Fees and Expenses” are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial statements because the financial statements include only the direct operating expenses incurred by the Fund.
[5] Obra Fund Management, LLC (the “Advisor”) has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 0.63% of the average daily net assets of the Fund through July 31, 2027, and may be terminated by the Board of Trustees at any time. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to expenses that are not waived under the expense limitation agreement. In consideration of the Advisor’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that (i) the reimbursement will be made only for fees and expenses incurred not more than three years from the date in which they were incurred; and (ii) the reimbursement may not be made if it would cause the lesser of the expense limitation in place at the time of waiver or at the time of reimbursement to be exceeded.
[6] Restated to reflect current contractual cap on Fund expenses.
[7] Obra Fund Management, LLC (the “Advisor”) has entered into an expense limitation agreement with the Fund under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund’s annual operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Advisor)) to not more than 0.50% of the average daily net assets of the Fund through July 31, 2027, and may be terminated by the Board of Trustees at any time. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to expenses that are not waived under the expense limitation agreement. In consideration of the Advisor’s agreement to limit the Fund’s expenses, the Fund has agreed to repay the Advisor in the amount of any fees waived and Fund expenses paid or absorbed, subject to the limitations that (i) the reimbursement will be made only for fees and expenses incurred not more than three years from the date in which they were incurred; and (ii) the reimbursement may not be made if it would cause the lesser of the expense limitation in place at the time of waiver or at the time of reimbursement to be exceeded.
[8] Restated to reflect current contractual cap on Fund expenses.