Investment Risks
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Nov. 13, 2026 |
| Twin Oak Short Horizon Absolute Return ETF | Active Management Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Active
Management Risk. The Fund is subject to management risk as an actively-managed investment
portfolio. The Adviser’s investment approach may fail to produce the intended result.
The Adviser’s security selection and/or strategy execution could cause the Funds to underperform
relevant securities markets or other funds with a similar investment objective. The Fund
is subject to the risk that the Adviser’s process for selecting or replacing a Sub-Adviser
and its decision to select or replace a Sub-Adviser does not produce the intended results.
The Sub-Adviser is also subject to certain conflicts of interest in connection with recommending
the appointment and continued services of Sub-Advisers. |
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| Twin Oak Short Horizon Absolute Return ETF | Counterparty Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Counterparty
Risk. Some of the derivatives entered into by the Fund are not traded on an
exchange but instead will be privately negotiated in the over-the-counter market. This
means that these instruments are traded between counterparties based on contractual relationships.
Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle
a transaction in accordance with its terms and conditions because of a dispute over the
terms of the contract (whether or not bona fide) or because of a credit or liquidity
problem, thus causing the Fund to suffer a loss. A counterparty defaulting on its payment
obligations to the Fund will cause the value of an investment in the Fund to decrease. |
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| Twin Oak Short Horizon Absolute Return ETF | Cyber Security Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Cyber
Security Risk. Cyber security risk is the risk of an unauthorized breach and access
to Fund assets, Fund or customer data (including private shareholder information), or
proprietary information, or the risk of an incident occurring that causes the Fund, the
Adviser, the Sub-Adviser, custodian, transfer agent, distributor and other service providers
and financial intermediaries to suffer data breaches, data corruption or lose operational
functionality or prevent Fund investors from purchasing, redeeming or exchanging shares
or receiving distributions. The use of artificial intelligence and machine learning could
exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate
cyber security incidents affecting third-party service providers and such third-party
service providers may have limited indemnification obligations to the Fund or the Adviser.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its
service providers may adversely impact and cause financial losses to the Fund or its
shareholders. Issuers of securities in which the Fund invests are also subject to cyber
security risks, and the value of these securities could decline if the issuers experience
cyber-attacks or other cyber-failures. |
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| Twin Oak Short Horizon Absolute Return ETF | Derivatives Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Derivatives
Risk. Derivatives include instruments and contracts that are based on, and are
valued in relation to, one or more underlying securities, financial benchmarks or indices,
such as futures, options, swap and forward contracts. Derivatives typically have economic
leverage inherent in their terms. Such leverage will magnify any losses. See “Leverage
Risk” below. The use of derivatives is a highly specialized activity that involves
investment techniques and risks different from those associated with investments in more
traditional securities and instruments. The use of derivatives is also subject to operational
and legal risks. Operational risks generally refer to risks related to potential operational
issues, including documentation issues, settlement issues, system failures, inadequate
controls and human error. Legal risks generally refer to risks of loss resulting from
insufficient documentation, insufficient capacity or authority of a counterparty, or
legality or enforceability of a contract. The primary types of derivatives in which the
Fund invests in are swaps and options contracts. |
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| Twin Oak Short Horizon Absolute Return ETF | Leverage Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
◦
Leverage Risk. Leverage amplifies changes in the Fund’s NAV and may make the Fund more volatile. Derivatives
may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate
of losses. There can be no assurance that the Fund’s use of any leverage will be successful. The Fund’s investment
exposure can exceed its net assets, sometimes by a significant amount.
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| Twin Oak Short Horizon Absolute Return ETF | Equity Securities Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity securities represent ownership interests in a company
and consist of common stocks, preferred stocks, warrants to acquire common stock, and
securities convertible into common stock. Investments in equity securities in general
are subject to market risks that may cause their prices to fluctuate over time. Equity
securities tend to be more volatile than other investment choices, such as debt and money
market instruments. Fluctuations in the value of equity securities in which the Fund
invests will cause the NAV of the Fund and Underlying Funds to fluctuate. The value of
an investment may decrease in response to overall stock market movements or the value
of individual securities. The Fund purchases equity securities traded in the U.S. on
registered exchanges or the over-the-counter market. |
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| Twin Oak Short Horizon Absolute Return ETF | ETF Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | ETF
Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed
to the following risks: “Authorized Participants, Market Makers and Liquidity Providers
Concentration Risk,” “Cash Transactions Risk,” “Secondary Market
Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.” |
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| Twin Oak Short Horizon Absolute Return ETF | Authorized Participants, Market Makers and Liquidity Providers Concentration Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
○ Authorized
Participants, Market Makers and Liquidity Providers Concentration Risk. Only an authorized participant may engage in creation
or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional
investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers
and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material
discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable
to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or
liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to
perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you
may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when
you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk
that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought
or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares.
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| Twin Oak Short Horizon Absolute Return ETF | Cash Transactions Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
○ Cash
Transactions Risk. Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather
than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax
benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease
the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject
to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions
wholly on an in-kind basis.
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| Twin Oak Short Horizon Absolute Return ETF | Secondary Market Trading Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
○ Secondary
Market Trading Risk. Although Shares are listed on a national securities exchange, NYSE Arca, Inc. (the “Exchange”),
and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market
for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because
of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include:
(a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s
portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market
are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day
(premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines.
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| Twin Oak Short Horizon Absolute Return ETF | Shares May Trade at Prices Other Than NAV Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
○ Shares
May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market at market
prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV.
To
the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.
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| Twin Oak Short Horizon Absolute Return ETF | Frequent Trading Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Frequent
Trading Risk. A Fund’s strategy of investing on a short-term basis might result
in a high degree of portfolio turnover. In addition, a Fund’s turnover rate may
vary significantly from time to time depending on economic and market conditions. High
portfolio turnover rates will increase a Fund’s transaction costs, which can adversely
affect the Fund’s performance. A high portfolio turnover rate may also cause higher
transaction costs and higher levels of current tax liability to shareholders. |
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| Twin Oak Short Horizon Absolute Return ETF | Large Capitalization Companies Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Large
Capitalization Companies Risk. The Fund may invest in larger, more established companies,
the securities of which may be unable to respond quickly to new competitive challenges
like changes in consumer tastes or innovative smaller competitors. Larger companies are
sometimes unable to attain the high growth rates of successful, smaller companies, especially
during extended periods of economic expansion. The Fund considers large companies to
be companies with market capitalizations of $10 billion or greater. |
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| Twin Oak Short Horizon Absolute Return ETF | Large Shareholder Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Large
Shareholder Risk. Certain large shareholders, including APs, may from time
to time own a substantial amount of the Fund’s shares. There is no requirement
that these shareholders maintain their investment in the Fund. There is a risk that such
large shareholders or that the Fund’s shareholders generally may redeem all or
a substantial portion of their investments in the Fund in a short period of time, which
could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage
costs. Large redemptions could also result in tax consequences to shareholders and impact
the Fund’s ability to implement its investment strategy. |
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| Twin Oak Short Horizon Absolute Return ETF | Market Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Market
Risk. The NAV of the Fund will change with changes in the market value of its portfolio
positions. The value of investments held by the Fund may increase or decrease in response
to economic, political, financial, public health crises (such as epidemics or pandemics)
or other disruptive events (whether real, expected or perceived) in the U.S. and global
markets. Investors may lose money. Although the Fund will invest in stocks the Adviser
believes to be undervalued, there is no guarantee that the prices of these stocks will
not move even lower. |
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| Twin Oak Short Horizon Absolute Return ETF | New Adviser Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | New
Adviser Risk. Twin Oak is a newly registered investment adviser and has not
had an extensive history of serving as an adviser or sub-adviser to a registered investment
company. As a result, there is no long-term track record against which an investor may
judge Twin Oak and it is possible Twin Oak may not achieve the Fund’s intended
investment objective. |
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| Twin Oak Short Horizon Absolute Return ETF | New Fund Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New
Fund Risk. The Fund is a newly organized, management investment company with limited
operating history. In addition, there can be no assurance that the Fund will grow to,
or maintain, an economically viable size, in which case the Board of the Trust may determine
to liquidate the Fund. |
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| Twin Oak Short Horizon Absolute Return ETF | Operational Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Operational
Risk. The Fund is exposed to operational risks arising from a number of factors,
including, but not limited to, human error, processing and communication errors, errors
of the Fund’s service providers, counterparties, or other third parties, failed
or inadequate processes and technology or systems failures. The Fund and the Adviser
and the Sub-Advisers seek to reduce these operational risks through controls and procedures.
However, these measures do not address every possible risk and may be inadequate to address
significant operational risks. |
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| Twin Oak Short Horizon Absolute Return ETF | Options Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Options
Risk. Purchasing and writing put and call options are highly specialized activities
and entail greater than ordinary investment risks. The Fund may not fully benefit from
or may lose money on an option if changes in its value do not correspond as anticipated
to changes in the value of the underlying securities. |
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| Twin Oak Short Horizon Absolute Return ETF | Other Investment Company Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Other
Investment Company Risk. To the extent the Fund holds shares of other investment
companies, including ETFs, its performance will be affected by the performance of those
other investment companies. Investments in other investment companies are subject to
the risks of the other investment companies’ investments, as well to the other
investment companies’ expenses. As a result, shareholders of the Fund will indirectly
be subject to the fees and expenses that the Fund shareholders directly bear in connection
with the Fund’s own operations. An ETF may trade in the secondary market at a price
below the value of its underlying portfolio and may not be liquid. An actively managed
ETF’s performance will reflect its adviser’s ability to make investment decisions
that are suited to achieving the ETF’s investment objective. A passively managed
ETF may not replicate the performance of the index it intends to track. |
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| Twin Oak Short Horizon Absolute Return ETF | Small and Medium Capitalization Companies Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Medium Capitalization Companies Risk. The Fund may invest in small and medium-sized
companies, the securities of which can be more volatile in price than those of larger
companies. Positions in smaller companies, especially when the Fund is a large holder
of a small company’s securities, also may be more difficult or expensive to trade.
The Fund considers small companies to be companies with market capitalizations of less
than $1 billion and medium-size companies to have market capitalizations of less than
$10 billion but greater than or equal to $1 billion. |
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| Twin Oak Short Horizon Absolute Return ETF | Tax Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. While the Fund seeks to be managed in a tax-efficient manner, there is no guarantee
that the Fund will be successful in this endeavor. |
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| Twin Oak Short Horizon Absolute Return ETF | Risk Lose Money [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
You may lose part or all of your investment
in the Fund or your investment may not perform as well as other similar investments.
|
| Twin Oak Active Opportunities ETF | Active Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Management Risk. The Fund is subject to management risk as an actively-managed investment
portfolio. The Adviser’s investment approach may fail to produce the intended result.
The Adviser’s security selection and/or strategy execution could cause the Funds to underperform
relevant securities markets or other funds with a similar investment objective. The Fund
is subject to the risk that the Adviser’s process for selecting or replacing a Sub-Adviser
and its decision to select or replace a Sub-Adviser does not produce the intended results.
The Sub-Adviser is also subject to certain conflicts of interest in connection with recommending
the appointment and continued services of Sub-Advisers. |
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| Twin Oak Active Opportunities ETF | Cyber Security Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cyber
Security Risk. Cyber security risk is the risk of an unauthorized breach and access
to Fund assets, Fund or customer data (including private shareholder information), or
proprietary information, or the risk of an incident occurring that causes the Fund, the
Adviser, the Sub-Adviser, custodian, transfer agent, distributor and other service providers
and financial intermediaries to suffer data breaches, data corruption or lose operational
functionality or prevent Fund investors from purchasing, redeeming or exchanging shares
or receiving distributions. The use of artificial intelligence and machine learning could
exacerbate these risks. The Fund and the Adviser have limited ability to prevent or mitigate
cyber security incidents affecting third-party service providers and such third-party
service providers may have limited indemnification obligations to the Fund or the Adviser.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its
service providers may adversely impact and cause financial losses to the Fund or its
shareholders. Issuers of securities in which the Fund invests are also subject to cyber
security risks, and the value of these securities could decline if the issuers experience
cyber-attacks or other cyber-failures. |
|
| Twin Oak Active Opportunities ETF | Equity Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Securities Risk. Equity securities represent ownership interests in a company
and consist of common stocks, preferred stocks, warrants to acquire common stock, and
securities convertible into common stock. Investments in equity securities in general
are subject to market risks that may cause their prices to fluctuate over time. Equity
securities tend to be more volatile than other investment choices, such as debt and money
market instruments. Fluctuations in the value of equity securities in which the Fund
invests will cause the NAV of the Fund and Underlying Funds to fluctuate. The value of
an investment may decrease in response to overall stock market movements or the value
of individual securities. The Fund purchases equity securities traded in the U.S. on
registered exchanges or the over-the-counter market. |
|
| Twin Oak Active Opportunities ETF | ETF Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed
to the following risks: “Authorized Participants, Market Makers and Liquidity Providers
Concentration Risk,” “Cash Transactions Risk,” “Secondary Market
Trading Risk,” and “Shares May Trade at Prices Other Than NAV Risk.”
|
|
| Twin Oak Active Opportunities ETF | Authorized Participants, Market Makers and Liquidity Providers Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
○ Authorized
Participants, Market Makers and Liquidity Providers Concentration Risk. Only an authorized participant may engage in creation
or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional
investors and may act as authorized participants (“APs”). In addition, there may be a limited number of market makers
and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material
discount to net asset value (“NAV”) and possibly face delisting: (i) APs exit the business or otherwise become unable
to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or
liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to
perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you
may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when
you sell those Shares in the secondary market. A diminished market for an ETF’s shares substantially increases the risk
that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought
or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares.
|
| Twin Oak Active Opportunities ETF | Cash Transactions Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
○ Cash
Transactions Risk. Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather
than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax
benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease
the Fund’s NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject
to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions
wholly on an in-kind basis.
|
| Twin Oak Active Opportunities ETF | Secondary Market Trading Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
○ Secondary
Market Trading Risk. Although Shares are listed on a national securities exchange, CBOE BZX Exchange, Inc. (the “Exchange”),
and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market
for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because
of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include:
(a) the extent to which trading is not occurring in the securities and/or the financial instruments composing the Fund’s
portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market
are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day
(premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep
market declines.
|
| Twin Oak Active Opportunities ETF | Shares May Trade at Prices Other Than NAV Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
○ Shares
May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market at market
prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund’s NAV.
To
the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.
|
| Twin Oak Active Opportunities ETF | Large Capitalization Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Capitalization Companies Risk. The Fund may invest in larger, more established
companies, the securities of which may be unable to respond quickly to new competitive
challenges like changes in consumer tastes or innovative smaller competitors. Larger
companies are sometimes unable to attain the high growth rates of successful, smaller
companies, especially during extended periods of economic expansion. The Fund considers
large companies to be companies with market capitalizations of $10 billion or greater. |
|
| Twin Oak Active Opportunities ETF | Large Shareholder Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Large
Shareholder Risk. Certain large shareholders, including APs, may from time to
time own a substantial amount of the Fund’s shares. There is no requirement that
these shareholders maintain their investment in the Fund. There is a risk that such large
shareholders or that the Fund’s shareholders generally may redeem all or a substantial
portion of their investments in the Fund in a short period of time, which could have
a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs.
Large redemptions could also result in tax consequences to shareholders and impact the
Fund’s ability to implement its investment strategy. |
|
| Twin Oak Active Opportunities ETF | Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Risk. The NAV of the Fund will change with changes in the market value of its portfolio
positions. The value of investments held by the Fund may increase or decrease in response
to economic, political, financial, public health crises (such as epidemics or pandemics)
or other disruptive events (whether real, expected or perceived) in the U.S. and global
markets. Investors may lose money. Although the Fund will invest in stocks the Adviser
believes to be undervalued, there is no guarantee that the prices of these stocks will
not move even lower. |
|
| Twin Oak Active Opportunities ETF | New Adviser Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New
Adviser Risk. Twin Oak is a newly registered investment adviser and has not
had an extensive history of serving as an adviser or sub-adviser to a registered investment
company. As a result, there is no long-term track record against which an investor may
judge Twin Oak and it is possible Twin Oak may not achieve the Fund’s intended
investment objective. |
|
| Twin Oak Active Opportunities ETF | New Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | New
Fund Risk. The Fund is a newly organized, management investment company with limited
operating history. In addition, there can be no assurance that the Fund will grow to,
or maintain, an economically viable size, in which case the Board of the Trust may determine
to liquidate the Fund. |
|
| Twin Oak Active Opportunities ETF | Operational Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Operational
Risk. The Fund is exposed to operational risks arising from a number of factors,
including, but not limited to, human error, processing and communication errors, errors
of the Fund’s service providers, counterparties, or other third parties, failed
or inadequate processes and technology or systems failures. The Fund and the Adviser
and the Sub-Advisers seek to reduce these operational risks through controls and procedures.
However, these measures do not address every possible risk and may be inadequate to address
significant operational risks. |
|
| Twin Oak Active Opportunities ETF | Other Investment Company Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Other
Investment Company Risk. To the extent the Fund holds shares of other investment
companies, including ETFs, its performance will be affected by the performance of those
other investment companies. Investments in other investment companies are subject to
the risks of the other investment companies’ investments, as well to the other
investment companies’ expenses. As a result, shareholders of the Fund will indirectly
be subject to the fees and expenses that the Fund shareholders directly bear in connection
with the Fund’s own operations. To the extent the Fund invests in an affiliated
ETF, the Adviser may receive fees for managing the affiliated ETF in addition to the
fees paid to the Adviser by the Fund, which may create a conflict of interest. An ETF
may trade in the secondary market at a price below the value of its underlying portfolio
and may not be liquid. An actively managed ETF’s performance will reflect its adviser’s
ability to make investment decisions that are suited to achieving the ETF’s investment
objective. A passively managed ETF may not replicate the performance of the index it
intends to track. |
|
| Twin Oak Active Opportunities ETF | Small and Medium Capitalization Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Small
and Medium Capitalization Companies Risk. The Fund may invest in small and medium-sized
companies, the securities of which can be more volatile in price than those of larger
companies. Positions in smaller companies, especially when the Fund is a large holder
of a small company’s securities, also may be more difficult or expensive to trade.
The Fund considers small companies to be companies with market capitalizations of less
than $1 billion and medium-size companies to have market capitalizations of less than
$10 billion but greater than or equal to $1 billion. |
|
| Twin Oak Active Opportunities ETF | Tax Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tax
Risk. While the Fund seeks to be managed in a tax-efficient manner, there is no guarantee
that the Fund will be successful in this endeavor. |
|
| Twin Oak Active Opportunities ETF | Fixed-Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed-Income
Securities Risk. Fixed-income securities are subject to the risk of the issuer’s
inability to meet principal and interest payments on its obligations (i.e., credit risk)
and are subject to price volatility resulting from, among other things, interest rate
sensitivity, market perception of the creditworthiness of the issuer, willingness of
broker-dealers and other market participants to make markets in the applicable securities,
and general market liquidity (i.e., market risk). Lower rated fixed-income securities
have greater volatility because there is less certainty that principal and interest payments
will be made as scheduled. There is a risk that a lack of liquidity or other adverse
credit market conditions may hamper the Fund’s ability to sell the debt securities
in which it invests. |
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| Twin Oak Active Opportunities ETF | In-Kind Contribution Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | In-Kind
Contribution Risk. At its launch, the Fund acquired a material amount of assets through
one or more in-kind contributions that are intended to qualify as tax-deferred transactions
governed by Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”).
The carryover tax basis in such securities could be less than current fair market value
and the Fund could, upon a taxable sale of such securities, recognize more capital gain
or less capital loss than would have been the case if the Fund originally acquired such
securities by purchase or through the issuance of Creation Units. |
If
one or more of the in-kind contributions were to be determined to fail to qualify for tax-deferred treatment under Section 351
of the Code, then the Fund would not take a carryover tax basis in the applicable contributed assets and would not benefit from
a tacked holding period in those assets. This could cause the Fund to have incorrectly calculated and reported to shareholders
the amount of gain or loss recognized and/or the character of gain or loss (e.g., as long-term or short-term) on the subsequent
disposition of such assets. This also could result in the Fund’s failure to distribute all of its gains during an applicable
year, which could result in the imposition of income tax on the Fund with respect to the undistributed gain and, in some circumstances,
pose a risk that the Fund would lose its qualification as a RIC. This could also cause the Fund’s tax reporting to contributing
shareholders to be inaccurate and subject the Fund to penalties for such inaccuracies.
Future
changes in the Code or regulations and/or future interpretations by the Internal Revenue Service (the “IRS”) applicable
to Section 351 of the Code could impact the tax treatment of such contributions. Investors are urged to consult their own tax
advisors.
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| Twin Oak Active Opportunities ETF | Risk Lose Money [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
You may lose part or all of your investment
in the Fund or your investment may not perform as well as other similar investments.
|
| Twin Oak Active Opportunities ETF | Risk Nondiversified Status [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Non-Diversification
Risk. The Fund is non-diversified. Compared to other funds, the Fund may invest more
of its assets in a smaller number of companies. Gains or losses on a single stock may
have greater impact on the Fund. |
|