Investment Risks - Emerging Markets AI ETF
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Aug. 11, 2026 |
| Equity Market Risk [Member] |
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| Risk [Text Block] |
Equity Market Risk. Common stocks are generally
exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally
have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience
sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets
generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by
the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because
common stockholders generally have inferior rights to receive payment from issuers.
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| Artificial Intelligence Risk [Member] |
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| Prospectus [Line Items] |
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Artificial Intelligence Risk. Issuers
engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary
widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services
may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected
by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact
on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating
to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial
intelligence company.
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| Sector Risks [Member] |
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Sector Risks. To the extent the Fund
invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those
sectors. The Fund may invest a significant portion of its assets in the following sectors and, therefore, the performance of the Fund
could be negatively impacted by events affecting each of these sectors.
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| Information Technology Sector Risk [Member] |
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Information Technology Sector Risk. The information technology sector includes companies engaged in internet software and services, technology hardware and storage peripherals, electronic equipment instruments and components, and semiconductors and semiconductor equipment, among other things. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base, or achieve general market acceptance for their products could have a material adverse effect on a company’s business. Companies in the information technology sector are heavily dependent on intellectual property and the loss of patent, copyright and trademark protections may adversely affect the profitability of these companies. |
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| Technology Sector Risk [Member] |
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Technology Sector Risk. The technology sector is characterized by rapid innovation, intense competition, and frequent changes in consumer preferences, which can lead to significant market volatility. Companies in this sector are particularly vulnerable to product obsolescence, regulatory scrutiny, and supply chain disruptions that may impact production and distribution. Increased global competition, including from foreign companies with lower production costs, can pressure profit margins and market share. Additionally, many technology companies rely heavily on intellectual property protections, and any loss or infringement of patents, copyrights, or trade secrets could negatively impact revenues. Smaller and newly established technology firms may be especially susceptible to economic downturns, capital constraints, and shifts in market sentiment, leading to heightened stock price volatility. |
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| Consumer Discretionary Sector Risk [Member] |
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Consumer Discretionary Sector Risk. The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers’ disposable income, consumer preferences, social trends and marketing campaigns. |
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| Utilities Sector Risk [Member] |
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Utilities Sector Risk. Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a regulated utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company’s earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility equity securities may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company’s equipment unusable or obsolete and negatively impact profitability. |
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Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes. |
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| Energy Sector Risk [Member] |
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Energy Sector Risk. Companies in the renewable energy sector may be adversely affected by fluctuations in energy prices and supply and demand of competing energy fuels. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their facilities. |
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| Communications Services Sector Risk [Member] |
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Communications Services Sector Risk. Companies in the Communications Services Sector are subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new adverse regulatory requirements may adversely affect the business of such companies. Companies in the Communications Services Sector also can be significantly affected by intense competition, including competition with alternative technologies such as wireless communications (including with 5G and other technologies), product compatibility, consumer preferences, rapid product obsolescence, and research and development of new products. Technological innovations may make the products and services of such companies obsolete. Media content creation carries risks of changing consumer tastes and running afoul of regulatory content guidelines, which could result in large fines or the loss of regulatory licenses. Media companies collect significant amounts of personal consumer data and are at risk of data breaches and fines for the unauthorized and unplanned public release of sensitive consumer data. |
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| Industrials Sector Risk [Member] |
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Industrials Sector Risk. Companies in the Industrials Sector can be significantly affected by supply and demand for specific products or services and for Industrials Sector products in general; a decline in demand for products due to rapid technological developments and frequent new product introduction; government regulation, world events and economic conditions; and the risks associated with potential environmental damage and product liability claims. |
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| Foreign Securities Risk [Member] |
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Foreign Securities Risk. Investments in
non-U.S. securities involve risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities
may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. There may be less information
publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may be subject to different accounting, auditing, financial
reporting and investor protection standards than U.S. issuers. Changes to the financial condition or credit rating of foreign issuers
may also adversely affect the value of the Fund’s securities. Investments in non-U.S. securities may be subject to withholding or
other taxes and may be subject to additional trading, settlement, custodial, and operational risks. Because legal systems differ, there
is also the possibility that it will be difficult to obtain or enforce legal judgments in some countries. Since foreign exchanges may
be open on days when the Fund does not price its Shares, the value of the securities in the Fund’s portfolio may change on days
when shareholders will not be able to purchase or sell the Fund’s Shares. Conversely, Shares may trade on days when foreign exchanges
are closed. Investment in foreign securities may involve higher costs than investment in U.S. securities, including higher transaction
and custody costs as well as the imposition of additional taxes by foreign governments. Each of these factors can make investments in
the Fund more volatile and potentially less liquid than other types of investments.
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| Emerging Markets Risk [Member] |
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Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares to decline in value. |
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| Frontier Markets Risk [Member] |
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Frontier Markets Risk. Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have increased investment risk relative to more developed market countries) and, as a result, the Fund’s exposure to risks associated with investing in emerging market countries are magnified when the Fund invests in frontier market countries. The increased risks include: the potential for extreme price volatility and illiquidity in frontier market countries; government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries. In addition, frontier market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Many frontier market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns and other conditions in other countries. Some frontier market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates and may have hostile relations with other countries. Securities issued by foreign governments or companies in frontier market countries are even more likely than emerging markets securities to have greater exposure to the risks of investing in foreign securities. |
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| Depositary Receipts Risks [Member] |
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Depositary Receipts Risks. Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares (“Underlying Shares”). When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Fund is exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. The Fund may invest in unsponsored depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. |
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| Currency Exchange Rate Risk [Member] |
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Currency Exchange Rate Risk. The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. |
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| China Investing Risks [Member] |
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China Investing Risks. The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represent a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Prior to August 2022, the Public Company Accounting Oversight Board (“PCAOB”), which regulates auditors of U.S. public companies, had warned that it lacked the ability to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. In August 2022, the PCAOB secured its ability, through a formal agreement with Chinese authorities, to inspect audit work and practices of PCAOB-registered accounting firms in China and Hong Kong. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. International trade tensions may arise from time to time which can result in trade tariffs, embargoes, trade limitations, trade wars and other negative consequences. These consequences may trigger a reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry with a potentially severe negative impact to the Fund. From time to time and as recently as January 2020, China has experienced outbreaks of infectious illnesses, and the country may be subject to other public health threats or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy. |
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| China A-Shares Investment Risk [Member] |
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China A-Shares Investment Risk. The liquidity of the A-shares market and trading prices of A-shares could be more severely affected than the liquidity and trading prices of other markets because the Chinese government restricts the flow of capital into and out of the A-shares market. The Fund may experience losses due to illiquidity of the Chinese securities markets or delay or disruption in execution or settlement of trades. The Fund’s investments in A-shares may become subject to frequent and widespread trading halts. In addition, trading through Stock Connect, which is a securities trading and clearing link between the mainland China stock exchanges and the Hong Kong stock exchange, is subject to a number of restrictions that may affect the Fund’s investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund’s ability to invest in China A-shares through Stock Connect. |
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In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to the Fund. Moreover, China A-shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market’s laws and rules applicable to investors in China A-shares. Therefore, the Fund’s investments in China A-shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A-shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect only operates on days when the Chinese and Hong Kong stock markets are each open for trading and when banks in each market are open on the corresponding settlement days. The Fund may purchase and sell A-shares through Stock Connect only on days when Stock Connect and U.S. markets are open for trading. Therefore, if it is a normal trading day for the Chinese market but Hong Kong and/or U.S. markets are closed, the Fund will not be able to trade any A-shares. The Fund may be subject to the risk of price fluctuations in A-shares on such days. The Fund is also subject to the risk that it will not be able to buy or sell A-shares in a timely manner on days when the U.S. markets are open but Stock Connect is not. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program’s continued existence or whether future developments regarding the program may restrict or adversely affect the Fund’s investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund’s investments and returns. |
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| China Variable Interest Equity Investment Risk [Member] |
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China
Variable Interest Equity Investment Risk. For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges,
many Chinese-based operating companies are structured as VIEs. In this structure, the Chinese-based operating company is the VIE and establishes
a shell company in a foreign jurisdiction, such as the Cayman Islands. The shell company lists on a foreign exchange and enters into contractual
arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital
from foreign investors. While the shell company has no equity ownership of the VIE, these contractual arrangements permit the shell company
to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance
of the underlying Chinese operating company. Therefore, an investor in the listed shell company, such as the Fund, will have exposure
to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company.
Furthermore, because the shell company only has specific rights provided for in these service agreements with the VIE, its abilities to
control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively
impact investment value.
While
the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese
government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed
shell company by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed shell
company, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that
the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions
on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture
of ownership interest. In addition, the listed shell company’s control over a VIE may also be jeopardized if a natural person who
holds the equity interest in the VIE breaches the terms of the agreement, is subject to legal proceedings or if any physical instruments
for authenticating documentation, such as chops and seals, are used without the Chinese-based issuer’s authorization to enter into
contractual arrangements in China. Chops and seals, which are carved stamps used to sign documents, represent a legally binding commitment
by the company. Moreover, any future regulatory action may prohibit the ability of the shell company to receive the economic benefits
of the Chinese-based operating company, which may cause the value of the Fund’s investment in the listed shell company to suffer
a significant loss. For example, in 2021, the Chinese government prohibited use of the VIE structure for investment in after-school tutoring
companies. There is no guarantee that the government will not place similar restrictions on other industries. |
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| Derivatives Risk [Member] |
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Derivatives Risk. Derivatives are financial
instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest
rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly
investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments
or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and
legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from
those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains
than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the
underlying asset and the derivative, which may prevent the Fund from achieving its investment objective. Because derivatives often require
only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested.
In addition, the Fund’s investments in derivatives are subject to the following risks:
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| Swap Agreements [Member] |
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Swap Agreements. The use of swap transactions is a highly specialized activity, which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. Whether the Fund will be successful in using swap agreements to achieve its investment goal depends on the ability of the Adviser to structure such swap agreements in accordance with the Fund’s investment objective and to identify counterparties for those swap agreements. Additionally, any financing, borrowing or other costs associated with using swap transactions may also have the effect of lowering the Fund’s return. The swap agreements in which the Fund invests are generally traded in the over-the-counter market, which generally has less transparency than exchange-traded derivatives instruments. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities. |
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| Forward Contracts [Member] |
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Forward Contracts. A forward contract is a negotiated agreement between two parties to buy or sell an asset, reference instrument, or other financial exposure at a specified price on a specified future date. Forward contracts may be used to obtain or manage exposure to particular securities, markets, sectors, countries, indices, or other investments more efficiently than investing directly in the underlying instruments. Forward contracts are subject to the risk that the value of the contract may not correlate perfectly with the value of the assets, markets, or exposures being hedged or tracked. The use of forward contracts may reduce or eliminate the opportunity for gain if the value of the underlying exposure moves in a direction favorable to the Fund’s position. Because forward contracts are typically privately negotiated and traded in the over-the-counter market, they may be less liquid than exchange-traded instruments and subject the Fund to counterparty risk, which is the risk that the other party to the contract will fail to perform its obligations. Forward contracts also may involve leverage and can result in losses that exceed the amount initially invested. The Fund’s use of forward contracts may increase the volatility of the Fund’s returns and may result in losses if the Sub-Adviser’s investment views or analyses prove incorrect. Unanticipated changes in the value of the underlying reference exposure may result in poorer overall performance for the Fund than if the Fund had not entered into such contracts. |
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| Counterparty Risk [Member] |
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Counterparty Risk. The Fund is
subject to counterparty risk by virtue of its investments in derivatives which exposes the Fund to the risk that the counterparty
will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition
(i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or
not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund and the Fund
may be unable to recover its investment from such counterparty or may obtain a limited and/or delayed recovery.
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| IPO Risk [Member] |
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IPO Risk. The Fund may purchase securities
of companies that are offered in an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors
such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information
about the issuer. When the Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable
to investments in IPOs, because such investments would have a magnified impact on the Fund.
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| Private Company Risk [Member] |
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Private Company Risk. Investments
in private companies involve greater risks than investments in securities of companies that have traded publicly on an exchange for extended
periods of time. Investments in these companies are generally less liquid than investments in securities issued by public companies and
may be difficult for the Fund to value. Compared to public companies, private companies may have a more limited management group and limited
operating histories with narrower, less established product lines and smaller market shares, which may cause them to be more vulnerable
to competitors’ actions, market conditions and consumer sentiment with respect to their products or services, as well as general economic
downturns. In addition, private companies may have limited financial resources and may be unable to meet their obligations. The Fund may
only have limited access to a private company’s actual financial results and there is no assurance that the information obtained by the
Fund is reliable. These companies may not ever issue shares in an initial public offering (“IPO”) and a liquid market for
their shares may never develop, which could adversely affect the Fund’s liquidity. Since securities issued by private companies are generally
not freely or publicly tradable, the Fund may not have the opportunity to purchase, or the ability to sell, these securities in the amounts,
or at the prices, the Fund desires.
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| Economic and Market Risk [Member] |
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Economic and Market Risk. Economies and
financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions
in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio
may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes,
due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates,
global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes,
tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical
events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war,
terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The
imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries
also may lead to volatility and instability in domestic and foreign markets.
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| ETF Risks [Member] |
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ETF Risks
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| Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk [Member] |
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Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. |
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| Cash Redemption Risk [Member] |
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Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. By paying out higher annual capital gain distributions, investors may be subjected to increased capital gains taxes. Additionally, there may be brokerage costs or taxable gains or losses that may be imposed on the Fund in connection with a cash redemption that may not have occurred if the Fund had made a redemption in-kind. These costs could decrease the value of the Fund to the extent they are not offset by a transaction fee payable by an AP. |
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| Costs of Buying or Selling Shares [Member] |
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Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. |
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| Shares May Trade at Prices Other Than NAV [Member] |
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Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
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| Trading [Member] |
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Trading. Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. 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. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing. |
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| Geographic Investment Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Geographic
Investment Risk. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single
country or region, it is more likely to be impacted by events or conditions affecting that country or region.
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| Management Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Management Risk. The Fund is subject to
management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers
will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will
meet its investment objective.
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| Market Capitalization Risks [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Market Capitalization Risks.
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| Large-Capitalization Investing [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
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Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. |
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| Mid-Capitalization Investing [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
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Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole. |
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| Small-Capitalization Investing [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
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Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies. |
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| New Fund Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
New Fund Risk. The Fund is a recently organized
management investment company with no operating history. As a result, prospective investors do not have a track record or history on which
to base their investment decisions.
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| Newer Sub-Adviser Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Newer Sub-Adviser Risk. The Sub-Adviser
is a recently formed entity and has only limited experience with managing an exchange-traded fund regulated under the 1940 Act. As a result,
there is no long-term track record against which an investor may judge the Sub-Adviser’s effectiveness.
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| Operational Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Operational Risk. The Fund is subject to
risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors
of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems
failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining
such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Advisers
seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
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| Risk Lose Money [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
The Fund
may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
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| Risk Nondiversified Status [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
Non-Diversification Risk. Because the Fund
is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number
of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number
of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.
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