Investment Objectives and Goals |
Sep. 25, 2026 |
|---|---|
| ARBITRAGE FUND | ARBITRAGE FUND | |
| Prospectus [Line Items] | |
| Risk/Return [Heading] | ARBITRAGE FUND |
| Objective [Heading] | Investment Objective |
| Objective, Primary [Text Block] | The Fund seeks to achieve capital growth by engaging in merger arbitrage. |
| WATER ISLAND EVENT-DRIVEN FUND | WATER ISLAND EVENT-DRIVEN FUND | |
| Prospectus [Line Items] | |
| Risk/Return [Heading] | WATER ISLAND EVENT-DRIVEN FUND |
| Objective [Heading] | Investment Objective |
| Objective, Primary [Text Block] | The Fund seeks to achieve capital growth. |
| WATER ISLAND CREDIT OPPORTUNITIES FUND | WATER ISLAND CREDIT OPPORTUNITIES FUND | |
| Prospectus [Line Items] | |
| Risk/Return [Heading] | WATER ISLAND CREDIT OPPORTUNITIES FUND |
| Objective [Heading] | Investment Objective |
| Objective, Primary [Text Block] | The Fund seeks to provide current income and capital growth. |
| ALTSHARES MERGER ARBITRAGE ETF | AltShares Merger Arbitrage ETF | |
| Prospectus [Line Items] | |
| Risk/Return [Heading] | ALTSHARES MERGER ARBITRAGE ETF |
| Objective [Heading] | Investment Objective |
| Objective, Primary [Text Block] | AltShares Merger Arbitrage ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its underlying index, the Water Island Merger Arbitrage USD Hedged Index (the “Underlying Index”). |
| ALTSHARES EVENT-DRIVEN ETF | AltShares Event-Driven ETF | |
| Prospectus [Line Items] | |
| Risk/Return [Heading] | ALTSHARES EVENT-DRIVEN ETF |
| Objective [Heading] | Investment Objective |
| Objective, Primary [Text Block] | AltShares Event-Driven ETF (the “Fund”) seeks to achieve capital appreciation over a full market cycle with lower volatility than the broad equity market. |