v3.26.3
Annual Fund Operating Expenses - Longboard Fund
Sep. 28, 2026
Longboard Fund Class A  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.99% [1]
Distribution and Service (12b-1) Fees 0.25%
Other Expenses (as a percentage of Assets): 0.00%
Expenses (as a percentage of Assets) 2.24%
Longboard Fund Class I  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 1.99% [1]
Distribution and Service (12b-1) Fees 0.00%
Other Expenses (as a percentage of Assets): 0.00%
Expenses (as a percentage of Assets) 1.99%
[1] The Fund’s Adviser, Longboard Asset Management, LP, provides investment advisory service and pays most of the Fund’s operating expenses (with certain exceptions) in return for a “unitary fee” (exclusive of any interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund’s business. Acquired fund fees, expenses related to investments in short positions, and dividends, if any, will be borne by the Fund and will not be included in the unitary management fee). Other expenses do not reflect the cost of investing in swaps or options. The costs of investing in swaps for the fiscal year ended May 31, 2026 was 0.00% of the Fund’s average daily net assets.