Investment Risks
|
Oct. 23, 2026 |
| DF Tactical Allocation Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund
is not intended to be a complete investment program. Many factors affect the Fund’s NAV and performance.
The
following risks apply to the Fund:
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
| ● | Commodities
Risk. The Fund may invest in funds and ETNs that invest in commodities. Investing in
the commodities markets may subject the Fund to greater volatility than investment exposure
to traditional securities. Commodity prices may be influenced by unfavorable weather, animal
and plant disease, geologic and environmental factors as well as changes in government regulation
such as tariffs, embargoes or burdensome production rules and restrictions. |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or a fund in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
| ● | Duration
Risk. Longer-term securities may be more sensitive to interest rate changes. Duration
is the measure of the sensitivity of a debt security to changes in market interest rates.
For example, if interest rates increase by 1%, a fixed income security with a duration of
two years will decrease in value by approximately 2%. |
| ● | Emerging
Markets Risk. Investing in emerging markets involves not only the risks described below
with respect to investing in foreign securities, but also other risks, including exposure
to economic structures that are generally less diverse and mature, and to political systems
that can be expected to have less stability, than those of developed countries. The typically
small size of the markets of securities of issuers located in emerging markets and the possibility
of a low or nonexistent volume of trading in those securities may also result in a lack of
liquidity and in price volatility of those securities. |
| ● | Equity
Risk. The net asset value of the Fund will fluctuate based on changes in the value of
the equity securities in which it invests. Equity prices can fall rapidly in response to
developments affecting a specific company or industry, or to changing economic, political
or market conditions. |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
| ● | ETN
Risk. ETNs are obligations of the issuer of the ETN, are subject to credit risk, and
the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite
the underlying market benchmark or strategy remaining unchanged. The value of an ETN may
also be influenced by time to maturity, level of supply and demand for the ETN, volatility
and lack of liquidity in underlying assets, changes in the applicable interest rates, changes
in the issuer’s credit rating, and economic, legal, political, or geographic events
that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its
proportionate share of any fees and expenses borne by the ETN. ETNs are also subject to tax
risk. No assurance can be given that the Internal Revenue Service (the “IRS”)
will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
| ● | Foreign
Currency Risk. If the Fund invests in securities that trade in, and receive revenues
in, foreign currencies, it will be subject to the risk that those currencies will decline
in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S.
dollar will decline in value relative to the currency being hedged. As a result, the Fund’s
investments in foreign currency-denominated securities may reduce the Fund’s returns. |
| ● | Foreign
Securities Risk. Because the Fund’s investments may include exposure to foreign
securities, the Fund is subject to risks beyond those associated with investing in domestic
securities. Foreign companies are generally not subject to the same regulatory requirements
of U.S. companies thereby resulting in less publicly available information about these companies.
In addition, foreign accounting, auditing and financial reporting standards generally differ
from those applicable to U.S. companies. |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or a fund in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, are speculative and present greater risk than bonds of higher quality, including an
increased risk of default. An economic downturn or period of rising interest rates could
adversely affect the market for these bonds and reduce the ability to sell bonds. The lack
of a liquid market for these bonds could decrease the Fund’s share price. |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
| ● | Management
Risk. The adviser’s tactical strategy and judgments about the potential attractiveness,
value and potential appreciation of particular security in which the Fund invests or sells
short may prove to be incorrect and may not produce the desired results. |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions you could lose your entire investment. |
| ● | Master-Limited
Partnership Risk. Investments in MLPs and MLP-related securities involve risks different
from those of investing in common stock including risks related to limited control and limited
rights to vote on matters affecting the MLP or MLP-related security, risks related to potential
conflicts of interest between an MLP and the MLP’s general partner, cash flow risks,
dilution risks (which could occur if the MLP raises capital and then invests it in projects
whose return fails to exceed the cost of capital raised) and risks related to the general
partner’s limited call right. MLPs and MLP-related securities are generally considered
interest-rate sensitive investments. During periods of interest rate volatility, these investments
may not provide attractive returns. Depending on the state of interest rates in general,
the use of MLPs or MLP-related securities could enhance or harm the overall performance of
the Fund. |
| ○ | Energy-Related
MLP Risk. Risks of energy-related MLPs include the risks that a decrease in the production
of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease
in the volume of such commodities available for transportation, mining, processing, storage
or distribution may adversely impact the financial performance of such securities. |
| ● | REIT
Risk. The value of the Fund’s investment exposure to REITs may change in response
to changes in the real estate market such as declines in the value of real estate, lack of
available capital or financing opportunities, and increases in property taxes or operating
costs. Shareholders of the Fund will indirectly be subject to the fees and expenses of the
individual REITs in which the Fund invests. |
| ● | Small
and Mid-Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency |
| ● | Underlying
Funds Risk. If funds, ETFs, short-term treasury exchange traded funds or money market
funds (“Underlying Funds”) are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize short-term treasury exchange-traded funds and money market
mutual funds when it is in a defensive position. |
|
| DF Tactical Allocation Fund | Bank Loan Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
|
| DF Tactical Allocation Fund | Commodities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Commodities
Risk. The Fund may invest in funds and ETNs that invest in commodities. Investing in
the commodities markets may subject the Fund to greater volatility than investment exposure
to traditional securities. Commodity prices may be influenced by unfavorable weather, animal
and plant disease, geologic and environmental factors as well as changes in government regulation
such as tariffs, embargoes or burdensome production rules and restrictions. |
|
| DF Tactical Allocation Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or a fund in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
|
| DF Tactical Allocation Fund | Duration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Duration
Risk. Longer-term securities may be more sensitive to interest rate changes. Duration
is the measure of the sensitivity of a debt security to changes in market interest rates.
For example, if interest rates increase by 1%, a fixed income security with a duration of
two years will decrease in value by approximately 2%. |
|
| DF Tactical Allocation Fund | Emerging Markets Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Markets Risk. Investing in emerging markets involves not only the risks described below
with respect to investing in foreign securities, but also other risks, including exposure
to economic structures that are generally less diverse and mature, and to political systems
that can be expected to have less stability, than those of developed countries. The typically
small size of the markets of securities of issuers located in emerging markets and the possibility
of a low or nonexistent volume of trading in those securities may also result in a lack of
liquidity and in price volatility of those securities. |
|
| DF Tactical Allocation Fund | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. The net asset value of the Fund will fluctuate based on changes in the value of
the equity securities in which it invests. Equity prices can fall rapidly in response to
developments affecting a specific company or industry, or to changing economic, political
or market conditions. |
|
| DF Tactical Allocation Fund | ETF and Mutual Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
|
| DF Tactical Allocation Fund | ETN Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETN
Risk. ETNs are obligations of the issuer of the ETN, are subject to credit risk, and
the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite
the underlying market benchmark or strategy remaining unchanged. The value of an ETN may
also be influenced by time to maturity, level of supply and demand for the ETN, volatility
and lack of liquidity in underlying assets, changes in the applicable interest rates, changes
in the issuer’s credit rating, and economic, legal, political, or geographic events
that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its
proportionate share of any fees and expenses borne by the ETN. ETNs are also subject to tax
risk. No assurance can be given that the Internal Revenue Service (the “IRS”)
will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. |
|
| DF Tactical Allocation Fund | Floating Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
|
| DF Tactical Allocation Fund | Foreign Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Currency Risk. If the Fund invests in securities that trade in, and receive revenues
in, foreign currencies, it will be subject to the risk that those currencies will decline
in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S.
dollar will decline in value relative to the currency being hedged. As a result, the Fund’s
investments in foreign currency-denominated securities may reduce the Fund’s returns. |
|
| DF Tactical Allocation Fund | Foreign Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. Because the Fund’s investments may include exposure to foreign
securities, the Fund is subject to risks beyond those associated with investing in domestic
securities. Foreign companies are generally not subject to the same regulatory requirements
of U.S. companies thereby resulting in less publicly available information about these companies.
In addition, foreign accounting, auditing and financial reporting standards generally differ
from those applicable to U.S. companies. |
|
| DF Tactical Allocation Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or a fund in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
|
| DF Tactical Allocation Fund | Junk Bond Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, are speculative and present greater risk than bonds of higher quality, including an
increased risk of default. An economic downturn or period of rising interest rates could
adversely affect the market for these bonds and reduce the ability to sell bonds. The lack
of a liquid market for these bonds could decrease the Fund’s share price. |
|
| DF Tactical Allocation Fund | Large Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| DF Tactical Allocation Fund | Leverage Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
|
| DF Tactical Allocation Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The adviser’s tactical strategy and judgments about the potential attractiveness,
value and potential appreciation of particular security in which the Fund invests or sells
short may prove to be incorrect and may not produce the desired results. |
|
| DF Tactical Allocation Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions you could lose your entire investment. |
|
| DF Tactical Allocation Fund | Master-Limited Partnership Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Master-Limited
Partnership Risk. Investments in MLPs and MLP-related securities involve risks different
from those of investing in common stock including risks related to limited control and limited
rights to vote on matters affecting the MLP or MLP-related security, risks related to potential
conflicts of interest between an MLP and the MLP’s general partner, cash flow risks,
dilution risks (which could occur if the MLP raises capital and then invests it in projects
whose return fails to exceed the cost of capital raised) and risks related to the general
partner’s limited call right. MLPs and MLP-related securities are generally considered
interest-rate sensitive investments. During periods of interest rate volatility, these investments
may not provide attractive returns. Depending on the state of interest rates in general,
the use of MLPs or MLP-related securities could enhance or harm the overall performance of
the Fund. |
| ○ | Energy-Related
MLP Risk. Risks of energy-related MLPs include the risks that a decrease in the production
of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease
in the volume of such commodities available for transportation, mining, processing, storage
or distribution may adversely impact the financial performance of such securities. |
|
| DF Tactical Allocation Fund | Energy-Related MLP Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Energy-Related
MLP Risk. Risks of energy-related MLPs include the risks that a decrease in the production
of natural gas, natural gas liquids, crude oil, coal or other energy commodities or a decrease
in the volume of such commodities available for transportation, mining, processing, storage
or distribution may adversely impact the financial performance of such securities. |
|
| DF Tactical Allocation Fund | REIT Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | REIT
Risk. The value of the Fund’s investment exposure to REITs may change in response
to changes in the real estate market such as declines in the value of real estate, lack of
available capital or financing opportunities, and increases in property taxes or operating
costs. Shareholders of the Fund will indirectly be subject to the fees and expenses of the
individual REITs in which the Fund invests. |
|
| DF Tactical Allocation Fund | Small and Mid-Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Mid-Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
|
| DF Tactical Allocation Fund | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
|
| DF Tactical Allocation Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency |
|
| DF Tactical Allocation Fund | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. If funds, ETFs, short-term treasury exchange traded funds or money market
funds (“Underlying Funds”) are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize short-term treasury exchange-traded funds and money market
mutual funds when it is in a defensive position. |
|
| DF Tactical Income Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund
is not intended to be a complete investment program. Many factors affect the Fund’s net asset value (“NAV”) and performance.
The
following risks apply to the Fund:
| ● | ETN
Risk. ETNs are obligations of the issuer of the ETN, are subject to credit risk, and
the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite
the underlying market benchmark or strategy remaining unchanged. The value of an ETN may
also be influenced by time to maturity, level of supply and demand for the ETN, volatility
and lack of liquidity in underlying assets, changes in the applicable interest rates, changes
in the issuer’s credit rating, and economic, legal, political, or geographic events
that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its
proportionate share of any fees and expenses borne by the ETN. ETNs are also subject to tax
risk. No assurance can be given that the Internal Revenue Service (the “IRS”)
will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. |
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
| ● | Commodities
Risk. The Fund may invest in alternative strategy funds that invest in the commodities
markets may subject the Fund to greater volatility than investments in traditional securities.
Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic
and environmental factors as well as changes in government regulation such as tariffs, embargoes
or burdensome production rules and restrictions. |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or a fund in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
| ● | Currency
Risk. If the Fund invests in funds that trade in, and receive revenues in, foreign currencies,
it will be subject to the risk that those currencies will decline in value relative to the
U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value
relative to the currency being hedged. As a result, the Fund’s exposure to foreign
currency-denominated securities may reduce the Fund’s returns. |
| ● | Duration
Risk. Longer-term securities may be more sensitive to interest rate changes. Given the
recent, historically low interest rates and the potential for increases in those rates, a
heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term
fixed income securities. Duration is the measure of the sensitivity of a debt security to
changes in market interest rates. For example, if interest rates increase by 1%, a fixed
income security with a duration of two years will decrease in value by approximately 2%. |
| ● | Emerging
Market Risk. There are typically greater risks involved in investing in emerging markets
securities. Generally, economic structures in these countries are less diverse and mature
than those in developed countries and their political systems tend to be less stable. Emerging
market economies may be based on only a few industries, therefore security issuers, including
governments, may be more susceptible to economic weakness and more likely to default. Emerging
market countries also may have relatively unstable governments, weaker economies, and less-developed
legal systems with fewer security holder rights. Investments in emerging markets countries
may be affected by government policies that restrict foreign investment in certain issuers
or industries. |
| ● | Equity
Risk. The NAV of the Fund will fluctuate based on changes in the value of the equity
securities in which it invests. Equity prices can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions. |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
| ● | Foreign
Securities Risk. Foreign investing involves risks not typically associated with U.S.
investments, including adverse fluctuations in foreign currency values, adverse political,
social and economic developments, less liquidity, greater volatility, less developed or less
efficient trading markets, political instability and differing auditing and legal standards.
Investing in emerging markets imposes risks different from, or greater than, risks of investing
in foreign developed countries. |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or a fund in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, present greater risk than bonds of higher quality, including an increased risk of
default. An economic downturn or period of rising interest rates could adversely affect the
market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of
a liquid market for these bonds could decrease the Fund’s share price. |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
| ● | Master-Limited
Partnership (MLPs) Risk. Investments in MLPs and MLP related securities involve risks
different from those of investing in common stock including risks related to limited control
and limited rights to vote on matters affecting the MLP or MLP-related security, risks related
to potential conflicts of interest between an MLP and the MLP’s general partner, cash
flow risks, dilution risks and risks related to the general partner’s limited call
right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments.
During periods of interest rate volatility, these investments may not provide attractive
returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related
securities could enhance or harm the overall performance of the Fund. |
| ● | Management
Risk. The adviser’s judgments about the attractiveness, value and potential appreciation
of particular security in which the Fund invests or sells short may prove to be incorrect
and may not produce the desired results. |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
| ● | REIT
Risk. Investing in real estate investment trusts, or “REITs”, involves certain
unique risks in addition to those associated with the real estate sector generally. REITs
whose underlying properties are concentrated in a particular industry or region are also
subject to risks affecting such industries and regions. REITs (especially mortgage REITs)
are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder
will bear expenses of the REITs in addition to Fund expenses. |
| ● | Small
and Mid-Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
| ● | Underlying
Funds Risk. If funds, ETFs, short-term treasury exchange traded funds or money market
funds (“Underlying Funds”) are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize short-term treasury exchange-traded funds and money market
mutual funds when it is in a defensive position. |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Income Fund | Bank Loan Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
|
| DF Tactical Income Fund | Commodities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Commodities
Risk. The Fund may invest in alternative strategy funds that invest in the commodities
markets may subject the Fund to greater volatility than investments in traditional securities.
Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic
and environmental factors as well as changes in government regulation such as tariffs, embargoes
or burdensome production rules and restrictions. |
|
| DF Tactical Income Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or a fund in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
|
| DF Tactical Income Fund | Duration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Duration
Risk. Longer-term securities may be more sensitive to interest rate changes. Given the
recent, historically low interest rates and the potential for increases in those rates, a
heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term
fixed income securities. Duration is the measure of the sensitivity of a debt security to
changes in market interest rates. For example, if interest rates increase by 1%, a fixed
income security with a duration of two years will decrease in value by approximately 2%. |
|
| DF Tactical Income Fund | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. The NAV of the Fund will fluctuate based on changes in the value of the equity
securities in which it invests. Equity prices can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions. |
|
| DF Tactical Income Fund | ETF and Mutual Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
|
| DF Tactical Income Fund | ETN Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETN
Risk. ETNs are obligations of the issuer of the ETN, are subject to credit risk, and
the value of the ETN may drop due to a downgrade in the issuer’s credit rating, despite
the underlying market benchmark or strategy remaining unchanged. The value of an ETN may
also be influenced by time to maturity, level of supply and demand for the ETN, volatility
and lack of liquidity in underlying assets, changes in the applicable interest rates, changes
in the issuer’s credit rating, and economic, legal, political, or geographic events
that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its
proportionate share of any fees and expenses borne by the ETN. ETNs are also subject to tax
risk. No assurance can be given that the Internal Revenue Service (the “IRS”)
will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. |
|
| DF Tactical Income Fund | Floating Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
|
| DF Tactical Income Fund | Foreign Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Securities Risk. Foreign investing involves risks not typically associated with U.S.
investments, including adverse fluctuations in foreign currency values, adverse political,
social and economic developments, less liquidity, greater volatility, less developed or less
efficient trading markets, political instability and differing auditing and legal standards.
Investing in emerging markets imposes risks different from, or greater than, risks of investing
in foreign developed countries. |
|
| DF Tactical Income Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or a fund in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
|
| DF Tactical Income Fund | Junk Bond Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, present greater risk than bonds of higher quality, including an increased risk of
default. An economic downturn or period of rising interest rates could adversely affect the
market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of
a liquid market for these bonds could decrease the Fund’s share price. |
|
| DF Tactical Income Fund | Large Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| DF Tactical Income Fund | Leverage Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
|
| DF Tactical Income Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The adviser’s judgments about the attractiveness, value and potential appreciation
of particular security in which the Fund invests or sells short may prove to be incorrect
and may not produce the desired results. |
|
| DF Tactical Income Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
|
| DF Tactical Income Fund | REIT Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | REIT
Risk. Investing in real estate investment trusts, or “REITs”, involves certain
unique risks in addition to those associated with the real estate sector generally. REITs
whose underlying properties are concentrated in a particular industry or region are also
subject to risks affecting such industries and regions. REITs (especially mortgage REITs)
are also subject to interest rate risks. By investing in REITs through the Fund, a shareholder
will bear expenses of the REITs in addition to Fund expenses. |
|
| DF Tactical Income Fund | Small and Mid-Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Mid-Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
|
| DF Tactical Income Fund | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
|
| DF Tactical Income Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Income Fund | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. If funds, ETFs, short-term treasury exchange traded funds or money market
funds (“Underlying Funds”) are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize short-term treasury exchange-traded funds and money market
mutual funds when it is in a defensive position. |
|
| DF Tactical Income Fund | Currency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Currency
Risk. If the Fund invests in funds that trade in, and receive revenues in, foreign currencies,
it will be subject to the risk that those currencies will decline in value relative to the
U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value
relative to the currency being hedged. As a result, the Fund’s exposure to foreign
currency-denominated securities may reduce the Fund’s returns. |
|
| DF Tactical Income Fund | Emerging Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Market Risk. There are typically greater risks involved in investing in emerging markets
securities. Generally, economic structures in these countries are less diverse and mature
than those in developed countries and their political systems tend to be less stable. Emerging
market economies may be based on only a few industries, therefore security issuers, including
governments, may be more susceptible to economic weakness and more likely to default. Emerging
market countries also may have relatively unstable governments, weaker economies, and less-developed
legal systems with fewer security holder rights. Investments in emerging markets countries
may be affected by government policies that restrict foreign investment in certain issuers
or industries. |
|
| DF Tactical Income Fund | Master-Limited Partnership (MLPs) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Master-Limited
Partnership (MLPs) Risk. Investments in MLPs and MLP related securities involve risks
different from those of investing in common stock including risks related to limited control
and limited rights to vote on matters affecting the MLP or MLP-related security, risks related
to potential conflicts of interest between an MLP and the MLP’s general partner, cash
flow risks, dilution risks and risks related to the general partner’s limited call
right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments.
During periods of interest rate volatility, these investments may not provide attractive
returns. Depending on the state of interest rates in general, the use of MLPs or MLP-related
securities could enhance or harm the overall performance of the Fund. |
|
| DF Tactical Dividend Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund
is not intended to be a complete investment program. Many factors affect the Fund’s NAV and performance.
The
following risks apply to the Fund:
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
| ● | Equity
Risk. The net asset value of the Fund will fluctuate based on changes in the value of
the equity securities in which it invests. Equity prices can fall rapidly in response to
developments affecting a specific company or industry, or to changing economic, political
or market conditions. |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
| ● | Hedging
Risk. Hedging strategies may not perform as anticipated by the adviser and the Fund could
suffer losses by hedging with underlying money market funds if stock prices do not decline. |
| ● | Index
Construction Risk. The Dividend Index, and consequently the Fund, may not succeed in
its objective and may not be optimal in its construction, causing losses to the Fund. |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Management
Risk. The adviser’s decision to seek to follow the Dividend Index’s methodology
in managing the Fund’s portfolio may prove to be incorrect and may not produce the
desired results. Because the Fund seeks to track the Dividend Index, the Fund may forego
certain attractive investment opportunities available to an actively managed fund. In following
the Dividend Index’s methodology, the Fund may hold fewer securities than other diversified
funds. Accordingly, the Fund’s performance may be more sensitive to market changes
than other diversified funds. |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund’s portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, pandemics,
epidemics, terrorism, tariffs and trade wars regulatory events and governmental or quasi-governmental
actions. The occurrence of global events similar to those in recent years may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long the impacts of the significant
events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over
short periods due to short-term market movements and over longer periods during more prolonged
market downturns. During a general market downturn, multiple asset classes may be negatively
affected. Changes in market conditions and interest rates can have the same impact on all
types of securities and instruments. In times of severe market disruptions you could lose
your entire investment. |
| ● | Small
and Mid-Cap Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
| ● | Turnover
Risk. Higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
| ● | Underlying
Funds Risk. If short-term treasury exchange traded funds or money market funds (“Underlying
Funds”) are utilized, such Underlying Funds are subject to investment advisory and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in Underlying Funds and may
be higher than other mutual funds that do not invest in Underlying Funds. The Fund will only
utilize short-term treasury exchange-traded funds and money market mutual funds when it is
in a defensive position. |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Dividend Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
|
| DF Tactical Dividend Fund | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. The net asset value of the Fund will fluctuate based on changes in the value of
the equity securities in which it invests. Equity prices can fall rapidly in response to
developments affecting a specific company or industry, or to changing economic, political
or market conditions. |
|
| DF Tactical Dividend Fund | ETF and Mutual Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
|
| DF Tactical Dividend Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
|
| DF Tactical Dividend Fund | Large Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| DF Tactical Dividend Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The adviser’s decision to seek to follow the Dividend Index’s methodology
in managing the Fund’s portfolio may prove to be incorrect and may not produce the
desired results. Because the Fund seeks to track the Dividend Index, the Fund may forego
certain attractive investment opportunities available to an actively managed fund. In following
the Dividend Index’s methodology, the Fund may hold fewer securities than other diversified
funds. Accordingly, the Fund’s performance may be more sensitive to market changes
than other diversified funds. |
|
| DF Tactical Dividend Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial
market may adversely impact issuers in a different country, region or financial market. Securities
in the Fund’s portfolio may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, pandemics,
epidemics, terrorism, tariffs and trade wars regulatory events and governmental or quasi-governmental
actions. The occurrence of global events similar to those in recent years may result in market
volatility and may have long term effects on both the U.S. and global financial markets.
For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long the impacts of the significant
events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over
short periods due to short-term market movements and over longer periods during more prolonged
market downturns. During a general market downturn, multiple asset classes may be negatively
affected. Changes in market conditions and interest rates can have the same impact on all
types of securities and instruments. In times of severe market disruptions you could lose
your entire investment. |
|
| DF Tactical Dividend Fund | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk. Higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
|
| DF Tactical Dividend Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Dividend Fund | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. If short-term treasury exchange traded funds or money market funds (“Underlying
Funds”) are utilized, such Underlying Funds are subject to investment advisory and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in Underlying Funds and may
be higher than other mutual funds that do not invest in Underlying Funds. The Fund will only
utilize short-term treasury exchange-traded funds and money market mutual funds when it is
in a defensive position. |
|
| DF Tactical Dividend Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk. Hedging strategies may not perform as anticipated by the adviser and the Fund could
suffer losses by hedging with underlying money market funds if stock prices do not decline. |
|
| DF Tactical Dividend Fund | Index Construction Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Index
Construction Risk. The Dividend Index, and consequently the Fund, may not succeed in
its objective and may not be optimal in its construction, causing losses to the Fund. |
|
| DF Tactical Dividend Fund | Index Tracking Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
|
| DF Tactical Dividend Fund | Small and Mid-Cap Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Mid-Cap Capitalization Company Risk. The stocks of small and mid-capitalization companies
involve substantial risk. These companies may have limited product lines, markets or financial
resources, and they may be dependent on a limited management group. Stocks of these companies
may be subject to more abrupt or erratic market movements than those of larger, more established
companies or the market averages in general. |
|
| DF Tactical Momentum Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund
is not intended to be a complete investment program. Many factors affect the Fund’s NAV and performance.
The
following risks apply to the Fund:
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
| ● | Equity
Risk. The NAV of the Fund will fluctuate based on changes in the value of the equity
securities in which it invests. Equity prices can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions. |
| ● | ETF
and Mutual Fund. ETFs and mutual funds are subject to investment advisory fees and other
expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
| ● | Hedging
Risk. Hedging strategies may not perform as anticipated by the adviser and the Fund could
suffer losses by hedging with underlying money market funds if stock prices do not decline. |
| ● | Index
Construction Risk. The Momentum Index, and consequently the Fund, may not succeed in
its objective and may not be optimal in its construction, causing losses to the Fund. |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
| ● | Management
Risk. The adviser’s decision to seek to follow the Momentum Index’s methodology
in managing the Fund’s portfolio may prove to be incorrect and may not produce the
desired results. Because the Fund seeks to track the Momentum Index, the Fund may forego
certain attractive investment opportunities available to an actively managed fund. In following
the Momentum Index’s methodology, the Fund may hold fewer securities than other diversified
funds. Accordingly, the Fund’s performance may be more sensitive to market changes
than other diversified funds. |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
| ● | Small
and Mid-Capitalization Company Risk. The value of a small or mid-capitalization company
stocks may be subject to more abrupt or erratic market movements than those of larger, more
established companies or the market averages in general. |
| ● | Sector
Risk. The Fund’s investments may be focused in securities of a particular sector
from time to time. Economic, legislative or regulatory developments may occur that significantly
affect that sector. This may cause the Fund’s net asset value to fluctuate more than
that of fund that does not focus in a particular sector. |
| ● | Turnover
Risk. Higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
| ● | Underlying
Funds Risk. If money market funds are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize money market mutual funds when it is in a defensive position. |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Momentum Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
|
| DF Tactical Momentum Fund | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. The NAV of the Fund will fluctuate based on changes in the value of the equity
securities in which it invests. Equity prices can fall rapidly in response to developments
affecting a specific company or industry, or to changing economic, political or market conditions. |
|
| DF Tactical Momentum Fund | Interest Rate Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
|
| DF Tactical Momentum Fund | Large Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Company Risk. Large-capitalization companies may be less able than smaller
capitalization companies to adapt to changing market conditions. Large-capitalization companies
may be more mature and subject to more limited growth potential compared with smaller capitalization
companies. During different market cycles, the performance of large capitalization companies
has trailed the overall performance of the broader securities markets. |
|
| DF Tactical Momentum Fund | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The adviser’s decision to seek to follow the Momentum Index’s methodology
in managing the Fund’s portfolio may prove to be incorrect and may not produce the
desired results. Because the Fund seeks to track the Momentum Index, the Fund may forego
certain attractive investment opportunities available to an actively managed fund. In following
the Momentum Index’s methodology, the Fund may hold fewer securities than other diversified
funds. Accordingly, the Fund’s performance may be more sensitive to market changes
than other diversified funds. |
|
| DF Tactical Momentum Fund | Market and Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
|
| DF Tactical Momentum Fund | Small and Mid-Capitalization Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Mid-Capitalization Company Risk. The value of a small or mid-capitalization company
stocks may be subject to more abrupt or erratic market movements than those of larger, more
established companies or the market averages in general. |
|
| DF Tactical Momentum Fund | Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk. Higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
|
| DF Tactical Momentum Fund | U.S. Treasury Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
|
| DF Tactical Momentum Fund | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. If money market funds are utilized, such Underlying Funds are subject to
investment advisory and other expenses, which will be indirectly paid by the Fund. As a result,
your cost of investing in the Fund will be higher than the cost of investing directly in
Underlying Funds and may be higher than other mutual funds that do not invest in Underlying
Funds. The Fund will only utilize money market mutual funds when it is in a defensive position. |
|
| DF Tactical Momentum Fund | Hedging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Hedging
Risk. Hedging strategies may not perform as anticipated by the adviser and the Fund could
suffer losses by hedging with underlying money market funds if stock prices do not decline. |
|
| DF Tactical Momentum Fund | Index Construction Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Index
Construction Risk. The Momentum Index, and consequently the Fund, may not succeed in
its objective and may not be optimal in its construction, causing losses to the Fund. |
|
| DF Tactical Momentum Fund | Index Tracking Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
|
| DF Tactical Momentum Fund | Etf And Mutual Fund [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Mutual Fund. ETFs and mutual funds are subject to investment advisory fees and other
expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
|
| DF Tactical Momentum Fund | Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Risk. The Fund’s investments may be focused in securities of a particular sector
from time to time. Economic, legislative or regulatory developments may occur that significantly
affect that sector. This may cause the Fund’s net asset value to fluctuate more than
that of fund that does not focus in a particular sector. |
|
| DF Tactical Yield Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund
is not intended to be a complete investment program. Many factors affect the Fund’s NAV and performance.
The
following risks apply to the Fund:
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, and present greater risk than bonds of higher quality, including an increased risk
of default. An economic downturn or period of rising interest rates could adversely affect
the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack
of a liquid market for these bonds could decrease the Fund’s share price. |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
| ● | Management
Risk. The adviser’s judgments about the attractiveness, value and potential appreciation
of particular security in which a Fund invests or sells short may prove to be incorrect and
may not produce the desired results. |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
| ● | Underlying
Funds Risk. If short-term treasury exchange traded funds or money market funds (“Underlying
Funds”) are utilized, such Underlying Funds are subject to investment advisory and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in Underlying Funds and may
be higher than other mutual funds that do not invest in Underlying Funds. The Fund will only
utilize short-term treasury exchange-traded funds and money market mutual funds when it is
in a defensive position. |
|
| DF Tactical Yield Fund | Bank Loan Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Bank
Loan Risk. The market for bank loans may not be highly liquid and the Fund may have difficulty
selling them. These investments expose the Fund to the credit risk of both the financial
institution and the underlying borrower. Bank loans settle on a delayed basis, potentially
leading to the sale proceeds of such loans not being available to meet redemptions for a
substantial period of time after the sale of the bank loans. |
|
| DF Tactical Yield Fund | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. There is a risk that issuers will not make payments on fixed income securities
held by the Fund or an ETF in which the Fund invests, resulting in losses to the Fund. In
addition, the credit quality of fixed income securities may be lowered if an issuer’s
financial condition changes. The issuer of a fixed income security may also default on its
obligations. |
|
| DF Tactical Yield Fund | ETF and Mutual Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
and Mutual Fund Risk. ETFs and mutual funds are subject to investment advisory fees and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in ETFs and other mutual funds
and may be higher than other funds that invest directly in equity and fixed income securities.
Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.
ETF shares may trade at a discount to or a premium above net asset value if there is a limited
market in such shares. ETFs and index-tracking mutual funds in which the Fund invests will
not be able to replicate exactly the performance of the indexes they track. ETFs are also
subject to brokerage and other trading costs, which could result in greater expenses to the
Fund. |
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| DF Tactical Yield Fund | Floating Rate Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Floating
Rate Risk. Changes in short-term market interest rates will directly affect the yield
on the shares of a fund whose investments are normally invested in floating rate debt. If
short-term market interest rates fall, the yield on the Fund’s shares will also fall.
Conversely, when short-term market interest rates rise, because of the lag between changes
in such short-term rates and the resetting of the floating rates on the floating rate debt
in the Fund’s portfolio, the impact of rising rates will be delayed to the extent of
such lag. |
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| DF Tactical Yield Fund | Interest Rate Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Interest
Rate Risk. Interest rate risk is the risk that fixed income security prices overall,
including the prices of securities held by the Fund or an ETF in which the Fund invests,
will decline over short or even long periods of time due to rising interest rates. Bonds
with longer maturities tend to be more sensitive to interest rates than bonds with shorter
maturities. |
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| DF Tactical Yield Fund | Junk Bond Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Junk
Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, and present greater risk than bonds of higher quality, including an increased risk
of default. An economic downturn or period of rising interest rates could adversely affect
the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack
of a liquid market for these bonds could decrease the Fund’s share price. |
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| DF Tactical Yield Fund | Leverage Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Leverage
Risk. The Fund’s use of leverage (borrowing) may amplify the effects of market
volatility on the Fund’s share price and make the Fund’s returns more volatile.
The use of leverage may cause the Fund to liquidate portfolio positions when it would not
be advantageous to do so in order to satisfy its obligations. The use of leverage may also
cause the Fund to have higher expenses than those of mutual funds that do not use such techniques. |
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| DF Tactical Yield Fund | Management Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Management
Risk. The adviser’s judgments about the attractiveness, value and potential appreciation
of particular security in which a Fund invests or sells short may prove to be incorrect and
may not produce the desired results. |
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| DF Tactical Yield Fund | Market and Geopolitical Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Market
and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood
that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial
market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates,
global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, tariffs and trade wars,
regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years
may result in market volatility and may have long term effects on both the U.S. and global financial markets. For example, the
COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how
long the impacts of the significant events described above would last, but there could be a prolonged period of global economic
slowdown, which may impact your Fund investment. Therefore, the Fund could lose money over short periods due to short-term market
movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes
may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and
instruments. In times of severe market disruptions, you could lose your entire investment. |
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| DF Tactical Yield Fund | Turnover Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Turnover
Risk. A higher portfolio turnover will result in higher transactional and brokerage costs.
A high portfolio turnover can potentially increase taxes, which can negatively impact Fund
performance. |
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| DF Tactical Yield Fund | U.S. Treasury Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Treasury Risk. The Fund has investment exposure to short-term U.S. Treasury securities
through its investment in short-term treasury exchange-traded funds or direct investment
in U.S. Treasury securities. All money market instruments, including U.S. Treasury obligations,
can change in value in response to changes in interest rates, and a major change in rates
could cause the share price to change. While U.S. Treasury obligations are backed by the
full faith and credit of the U.S. government, an investment in the Fund is neither insured
nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other
government agency. |
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| DF Tactical Yield Fund | Underlying Funds Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. If short-term treasury exchange traded funds or money market funds (“Underlying
Funds”) are utilized, such Underlying Funds are subject to investment advisory and
other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing
in the Fund will be higher than the cost of investing directly in Underlying Funds and may
be higher than other mutual funds that do not invest in Underlying Funds. The Fund will only
utilize short-term treasury exchange-traded funds and money market mutual funds when it is
in a defensive position. |
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