Total |
|---|
| Fundamentals First ETF
|
| Fundamentals First ETF – Summary
|
| Investment Objectives/Goals
|
The Fund seeks income and capital growth.
|
| Fees and Expenses
|
This table describes the fees and expenses that
you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to
financial intermediaries, which are not reflected in the tables and examples below.
|
| Shareholder Fees(fees paid directly from your investment)
|
|
|
| Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value
of your investment)
|
|
|
| Example
|
This Example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund
for the time periods indicated. You would incur these hypothetical expenses whether or not you were to redeem your shares at the end of
those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain
the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
|
Your expenses paid to the Fund would be the same
whether or not you redeem your shares at the end of either time period.
|
| Portfolio Turnover
|
The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example, affect the Fund’s performance. During the fiscal period ended June 30, 2024, the Fund’s
portfolio turnover rate was 1% of the average value of its portfolio.
|
| Principal Investment Strategies
|
The Fund’s investment strategy is a
long-only, long-term approach as it seeks to buy and hold its investments, provided that such investments meet the investment criteria
used by the Fund’s adviser. The Fund primarily invests in publicly-traded equity securities and fixed income securities. Equity
securities include common stock and American Depositary Receipts (ADRs), both sponsored and unsponsored, and may be made in companies
of any market capitalization, industry or geographical location including foreign and emerging market countries. The Fund considers issuers
from foreign countries to be those issuers economically tied to a country or countries outside the United States. To determine whether
an issuer is economically tied to a country outside the United States, the advisor will consider whether the issuer is headquartered
or has its principal place of business in a country outside the United States and the issuer is organized under the laws of the that
country. The Fund considers emerging market countries to be those represented in the MSCI Emerging Markets Index.
With respect to fixed income securities, the
Fund may invest in (1) domestic and foreign corporate bonds and notes (including commercial notes, unsecured promissory notes and variable
rate notes) issued by domestic and foreign corporate issuers; (2) U.S. Treasury bills, notes and bonds; and (3) money market instruments
including money market funds. The Fund may also gain investment exposure to fixed income securities by investing in exchange-traded funds
(ETFs) that primarily invest in the same types of fixed income securities in which the Fund may invest. Fixed income holdings may be
of any maturity, duration or credit rating, including high-yield bonds (also known as “junk bonds”). The Fund defines high-yield
fixed income securities as corporate bonds or other bonds or debt instruments that are generally rated lower than Baa3 by Moody’s
Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”).
The Fund will not invest more than 10% of its assets in high-yield fixed income securities. Investments in any one portfolio holding
are limited to 5% of the Fund’s assets (except for money market funds and U.S. Treasury securities), measured at the time of purchase.
In the event a holding comes to represent more than 5% of the Fund’s assets, the Fund will sell a portion of such holding to bring
it the position to below 5% of the Fund’s assets. Under normal market conditions, the Fund intends to invest approximately 65%-90%
of its net assets in equity securities and approximately 10%-35% of its net assets in fixed income securities.
Investments are made once due diligence indicates
that a company is deemed to be of sufficient quality and that the securities of that company are attractively priced as assessed by the
Investment Team of Mason Capital Partners, the Fund’s investment advisor (the “Advisor”). Due diligence includes a
fundamental quantitative and qualitative assessment of a company and its securities. Typically, this process includes a review of a company’s
publicly filed financial statements and press releases as well as discussions with its executive and/or investor relations teams. The
Fund is named “Fundamentals First” because the Advisor emphasizes fundamental investment research and analysis in managing
the Fund. Fundamental analysis measures a security’s intrinsic value by examining related economic and financial factors, as well
as market conditions. In conducting its own fundamental research on securities, the Advisor considers company filings and press releases,
industry data and its own interviews with company management. The Advisor seeks to invest in companies which it believes have strong
management that is focused on delivering shareholder value. The Advisor uses its fundamental analysis process to select investments for
the long-term with relatively low turnover. As a long-term investor, the Advisor considers itself to be an “owner” of a company
rather than a short-term trader.
The Advisor may decide to sell a holding if in
its opinion the security or the company issuing the security no longer align with the objectives of the Fund. This may include a change
to management, corporate structure, financials, future prospects of the business, or any other change that brings into question the potential
benefit of holding such security. The Advisor may also sell a holding if the security or underlying company have failed to meet expectations
that led to the initial investment. The Advisor may decrease the Fund’s exposure to a security without selling it entirely based
on the same criteria, or as part of the strategy not to expose more capital to a specific security than is deemed reasonable.
|
| Principal Risks of Investing in the Fund
|
| Performance Information
|
Because the Fund has not been operational
for a full calendar year, no performance information is presented for the Fund at this time. In the future, performance information for
the Fund will be presented in this section of the Prospectus. Performance information will show changes in the Fund’s performance
from year to year and show how the Fund’s average annual returns compare with those of a broad-based market index. The Fund’s
past performance is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available
at no cost by visiting www.fundamentalsfirstfund.com or by calling 617-228-5190.
|
| Fundamentals First ETF | Risk Lose Money [Member]
|
| As with all registered funds, there is the risk
that you could lose money through your investment in the Fund.
|
| Fundamentals First ETF | Market Risk
|
| ● | Market
Risk. The Fund is subject to market risk since securities are priced by public markets.
Performance of the Fund is tied to the performance of its underlying investments. Securities
held within the Fund may decline in value due to general sentiment, due to poor performance
of the underlying companies, or for an unknown number of other reasons. The net asset value
(“NAV”) of the Fund is calculated using the values of securities held within
the Fund, so declines in value of securities held within the Fund will directly lead to a
decline in net asset value of the Fund. Total return of the Fund may, and likely will, vary
for any number of reasons (including but not limited to regional or geopolitical issues,
macroeconomic factors, interest rates, or natural disasters). The market frequently moves
in unexpected ways over short time frames which is why we believe investment decisions should
be viewed in a long-term context. |
|
| Fundamentals First ETF | Security Selection
|
| ● | Security
Selection. Fund performance is directly tied to the securities held in the portfolio.
The portfolio is made up of securities in companies as selected by Mason Capital Partners.
While the portfolio managers of the Fund make a reasonable effort to perform due diligence
on securities and the underlying companies, the results may not be satisfactory. |
|
| Fundamentals First ETF | Equity Risk
|
| ● | Equity Risk. Common stocks and ADRs may
decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred
stock and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. The value of a common
stock or ADR may decline for a number of reasons that directly relate to the issuer of a security or broader economic or market events
including changes in interest rates. |
|
| Fundamentals First ETF | Asset Allocation
|
| ● | Asset Allocation. The performance of the
Fund is derived from the weighted performance of the securities in the portfolio. Even if a satisfactory set of securities are selected
by the Mason Capital team, the decisions of how much weight to ascribe to each position may result in performance that is not satisfactory.
The overall strategy of the Fund includes limiting maximum position size to 5% in order to limit risk specific to any one security. Results
could vary from a portfolio made up of the same list of securities but with different relative weights. Under normal market conditions,
the Fund intends to invest approximately 65%-90% of its net assets in equity securities and approximately 10%-35% of its net assets in
fixed income securities. |
|
| Fundamentals First ETF | Large Capitalization Stock Risk
|
| ● | Large Capitalization Stock 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. |
|
| Fundamentals First ETF | Small and Medium Capitalization Stock Risk
|
| ● | Small and Medium Capitalization
Stock Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience
higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies,
which may cause their market price to be more volatile than larger companies in response to buying and selling pressures. Small and medium
sized companies may have more concentrated risks if, among other things, they address fewer markets, sell fewer product lines, have fewer
financial resources and lack management experience relative to larger companies and as a result market prices of securities of such companies
may be more volatile. |
|
| Fundamentals First ETF | Fixed Income Risk
|
| ● | Fixed
Income Risk. The Fund is subject to the risks of investing in fixed income securities.
The prices of fixed income securities respond to economic developments, particularly interest
rate changes, as well as to perceptions about the creditworthiness of individual issuers.
Fixed income securities are subject to the following risks: |
| o | Call Risk. If interest rates fall, it is possible that issuers of callable securities will “call”
(or prepay) their bonds before their maturity date. If a call were exercised by the issuer during or following a period of declining interest
rates, the Fund is likely to have to replace such called security with a lower yielding security or securities with greater risks or other
less favorable features. If that were to happen, it would decrease the Fund’s net investment income. |
| o | Credit Risk. The risk that an issuer will fail to pay its obligations when they are due. As a result,
the income from an investment might be reduced and the value of the investment might fall. Changes in the economic, social or political
conditions that affect an issuer, or type of security or other instrument can increase the risk of default by an issuer or counterparty,
which can affect a fixed income security’s credit quality or value and an issuer’s ability or willingness to pay interest
and principal when due. |
| o | Duration Risk. Longer-term securities may be more sensitive to interest rate changes. Given 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. |
| o | Extension Risk. The Fund is subject to the risk that an issuer will exercise its right to pay principal
on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest
rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities. |
| o | Interest Rate Risk. The Fund
is subject to the risk that debt instruments will change in value (either positively or negatively)
because of changes in interest rates. Generally, a fixed income security will increase in
value when prevailing interest rates fall and decrease in value when prevailing interest
rates rise. Longer-term securities are generally more sensitive to interest rate changes
than shorter-term securities, but they generally offer higher yields to compensate investors
for the associated risks. |
|
| Fundamentals First ETF | Foreign Securities Risk
|
| ● | Foreign
Securities Risk. The Fund holds foreign securities which could expand the breadth of
macro risks facing the Fund. Foreign issuers are subject to different disclosure requirements
than US companies, which could result in less timely disclosures leading to errant analysis.
Foreign securities are also subject to currency fluctuations versus the US dollar which is
the functional currency of the Fund. These risks may be magnified in emerging markets which
are part of the Fund’s investable universe. |
|
| Fundamentals First ETF | Emerging Market Securities Risk
|
| ● | Emerging Market Securities Risk. Emerging
market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder
rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness
and more likely to default. Emerging market securities also tend to be less liquid which could cause security pricing to be volatile and
could make it difficult to accumulate or exit a position at a target price. |
|
| Fundamentals First ETF | U.S. Treasury Securities Risk
|
| ● | U.S. Treasury Securities Risk. Treasury
securities may differ from other debt securities in their interest rates, maturities, times of issuance and other characteristics and
may provide relatively lower returns than those other securities. Similar to other issuers, changes to the financial condition or credit
rating of the U.S. government may cause the value of the Fund’s Treasury securities holdings to decline. |
|
| Fundamentals First ETF | ETF Structure Risk
|
| ● | ETF Structure Risk. The Fund is structured
as an ETF and as a result is subject to special risks, including: |
| o | Not Individually Redeemable. Shares are not individually redeemable and may be redeemed by the
Fund at NAV only in large blocks known as “Creation Units.” You may incur brokerage costs purchasing enough Shares to constitute
a Creation Unit. |
| o | Market Risk. Trading in Shares on the Exchange may be halted due to market conditions or for reasons
that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance
that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund’s shares may not
be developed or maintained. In times of market stress, market makers or authorized participants may step away from their respective roles
in making a market in the shares of the ETF and in executing purchase or redemption orders, which can lead to wider bid-ask spreads and
variances between the market price of ETF shares and the underlying value of those shares. |
| o | Authorized Participant Risk. Only an authorized participant may engage in creation or redemption
transactions directly with the Fund. There are a limited number of financial institutions that may act as authorized participants that
post collateral for certain trades on an agency basis (i.e., on behalf of other market participants). To the extent that those
authorized participants exit the business or are unable to process creation or redemption orders and no other authorized participants
are able to step forward to do so, there may be a significantly diminished trading market for the Fund’s shares. This could lead
to differences between market price and underlying value of shares and shares may be more likely to trade at a premium or discount to
net asset value and possibly face trading halts or delisting. If the Fund’s shares are traded outside a collateralized settlement
system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited,
which may limit the market for the Fund’s shares. |
| o | Liquidity Risk. The market for the Fund’s shares may become less liquid in response to deteriorating
liquidity in the market for the Fund’s underlying holdings, for example during times of market stress. This adverse effect on the
liquidity of the Fund’s shares may, in turn, lead to differences between the market value of the Fund’s shares and the Fund’s
net asset value and wider bid/ask spreads. |
| o | Cash Transaction Risk. Purchases and redemptions of creation units that are made primarily with
cash, rather than through in-kind delivery of portfolio securities may cause the Fund to incur additional costs including brokerage costs
and taxable capital gains or losses that the Fund may not have incurred if the Fund had made purchases or redemptions in-kind. Such transaction
costs could decrease the Fund’s net asset value to the extent that the costs are not offset by a transaction fee payable by an authorized
participant. |
| o | Market Price Variance Risk. Individual Shares of the Fund that are listed for trading on the Exchange
can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in
NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than
NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares,
like the price of any exchange-traded security, includes a “bid-ask spread” charged by the exchange specialists, market makers
or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly.
This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest,
which may be the time that you most want to sell your Shares. The Fund’s investment results are measured based upon the daily NAV
of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results
consistent with those experienced by those creating and redeeming directly with the Fund. |
| o | International Holdings Risk. As a portion of the Fund’s underlying securities may trade in
a market that is closed when the exchange on which the Fund’s shares are listed and traded is open, there may be changes between
the last quote from its closed foreign market and the value of such security during the Fund’s domestic trading day. Accordingly,
this difference in markets could lead to a differences between the market price of the Fund’s shares and the underlying value of
those shares. |
|
| Fundamentals First ETF | ETF Risk
|
| ● | ETF Risk. The Fund may
invest in ETFs that primarily invest in the same types of fixed income securities in which the Fund may invest. The ETFs may be subject
to specific risks, depending on the nature of the ETF. The cost of investing in the Fund will be higher than the cost of investing directly
in the ETFs in which it invests and may be higher than other funds that invest directly in stocks and bonds. Shares of ETFs may trade
at a discount or a premium in market price if there is a limited market in such shares. Shares of the ETFs are also subject to brokerage
and other trading costs, which could result in greater expenses to the Fund and, thus, indirectly expenses to the shareholders. |
|
| Fundamentals First ETF | Holding Period Risk
|
| ● | Holding Period Risk.
It is the intention of the Fund to hold a position in securities selected for the portfolio by the Advisor for multiple years. Securities
may not end up being purchased and sold at their relative low and high prices, respectively, and the returns of the Fund may not reflect
the most optimal returns for a specific security during a given time period due to timing of increases or reductions in position size. |
|
| Fundamentals First ETF | Limited History of Operations Risk
|
| ● | Limited
History of Operations Risk. The Fund is a new ETF and has a limited history of operations
for investors to evaluate. |
|
| Fundamentals First ETF | Depositary Receipts Risk
|
| ● | Depositary Receipts Risk. Sponsored and
unsponsored ADRs are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign
issuer. Holders of unsponsored ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs
in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications
received from the foreign issuer or to pass through voting rights. Many of the risks described above regarding foreign securities apply
to investments in ADRs. |
|
| Fundamentals First ETF | Money Market Fund Risk
|
| ● | Money Market Fund Risk. It is possible
for the Fund to lose money by investing in money market funds. The value of money market instruments may be affected by changing interest
rates and by changes in the credit ratings of the investments held by the money market fund. |
|
| Fundamentals First ETF | Lower Quality (High-Yield or Junk Bonds) Debt Securities Risk
|
| ● | Lower Quality (High-Yield
or Junk Bonds) Debt Securities Risk. The Fund may invest in lower quality debt securities, including junk bonds. There is more risk
associated with these investments because of reduced creditworthiness and increased risk of default. They are regarded as predominantly
speculative with respect to the issuer’s capacity to pay interest and repay principal. |
|
| Fundamentals First ETF | Commercial Notes Risk
|
| ● | Commercial Notes Risk. Commercial
notes are subject to interest rate and credit risks. Commercial notes are generally unsecured which subjects the Fund to potentially greater
losses than the holder of a secured instrument in the event the issuer defaults. |
|
| Fundamentals First ETF | Variable Rate Notes Risk
|
| ● | Variable Rate Notes Risk.
The market prices of notes with variable interest rates are generally less sensitive to interest rate changes than are the market prices
of instruments with fixed interest rates. Variable rate notes may decline in value if market interest rates or interest rates paid by
such instruments do not move as expected. |
|