| Label |
Element |
Value |
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Document Type |
dei_DocumentType |
485BPOS
|
|
| Document Period End Date |
dei_DocumentPeriodEndDate |
May 27, 2025
|
|
| Entity Registrant Name |
dei_EntityRegistrantName |
RBB FUND TRUST
|
|
| Entity Central Index Key |
dei_EntityCentralIndexKey |
0001618627
|
|
| Entity Inv Company Type |
dei_EntityInvCompanyType |
N-1A
|
|
| Amendment Flag |
dei_AmendmentFlag |
false
|
|
| Document Creation Date |
dei_DocumentCreationDate |
May 27, 2025
|
|
| Document Effective Date |
dei_DocumentEffectiveDate |
May 28, 2025
|
|
| Prospectus Date |
rr_ProspectusDate |
May 28, 2025
|
|
| Twin Oak Enhanced Credit ETF |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk/Return [Heading] |
rr_RiskReturnHeading |
Twin Oak Enhanced Credit ETF
SUMMARY SECTION
|
|
| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective
|
|
| Objective, Primary [Text Block] |
rr_ObjectivePrimaryTextBlock |
The investment objective of the Twin Oak Enhanced
Credit ETF (the “Fund”) is total return.
|
|
| Expense [Heading] |
rr_ExpenseHeading |
Fees and Expenses
|
|
| Expense Narrative [Text Block] |
rr_ExpenseNarrativeTextBlock |
This table describes the fees and expenses that
you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table and Example below.
|
|
| Operating Expenses Caption [Text] |
rr_OperatingExpensesCaption |
Annual Fund Operating Expenses (expenses that you may pay each year
as a percentage of the value of your investment):
|
|
| Fee Waiver or Reimbursement over Assets, Date of Termination |
rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination |
December 31, 2026
|
|
| Portfolio Turnover [Heading] |
rr_PortfolioTurnoverHeading |
Portfolio Turnover
|
|
| Portfolio Turnover [Text Block] |
rr_PortfolioTurnoverTextBlock |
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 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. No portfolio turnover rate is provided for the Fund because the Fund
had not commenced operations prior to the date of this Prospectus.
|
|
| Other Expenses, New Fund, Based on Estimates [Text] |
rr_OtherExpensesNewFundBasedOnEstimates |
“Other Expenses” are estimated for the current fiscal
year.
|
|
| Acquired Fund Fees and Expenses, Based on Estimates [Text] |
rr_AcquiredFundFeesAndExpensesBasedOnEstimates |
"Acquired Fund Fees and Expenses" are estimated for
the current fiscal year and are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including
money market funds and exchange-traded funds.
|
|
| Expense Example [Heading] |
rr_ExpenseExampleHeading |
Example
|
|
| Expense Example Narrative [Text Block] |
rr_ExpenseExampleNarrativeTextBlock |
This Example is intended to help you compare the
cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the
time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that: (1) your
investment has a 5% return each year, and (2) 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:
|
|
| Strategy [Heading] |
rr_StrategyHeading |
Principal Investment Strategies
|
|
| Strategy Narrative [Text Block] |
rr_StrategyNarrativeTextBlock |
The Fund is an actively managed exchange-traded
fund (“ETF”) that seeks to achieve its investment objective by investing, under normal conditions, at least 80% of its net
assets (plus any borrowings for investment purposes) in credit-related instruments and other investments that provide economic exposure
to credit-related instruments selected by the Fund’s adviser, Twin Oak ETF Company (“Twin Oak” or the “Adviser”).
The Fund defines “credit-related instruments and other investments that provide economic exposure to credit-related instruments”
as debt securities, such as bonds and loans, other fixed income investments, and fixed income ETFs or derivatives that provide investment
exposure to these credit-related investments either directly or indirectly. The Fund’s 80% investment policy is not fundamental
and may be changed by the Board without shareholder approval.
The Adviser seeks to achieve the Fund’s
investment objective primarily by investing in fixed income ETFs either directly or via derivatives or by investing in derivatives on
fixed income indices in order to gain exposure to these credit-related instruments. The Fund expects to utilize swaps, options and other
derivatives contracts that use fixed income instruments or fixed income indices or ETFs as reference assets.
The Fund expects to have exposure to credit-related
instruments across multiple credit sectors. The ETFs and fixed income indices underlying the derivatives contracts that the Fund utilizes
will have exposure to fixed income investments with different maturities, durations, and quality requirements. These credit-related investment
sectors include, but are not limited to: corporate debt, fixed-income securities rated below investment grade (or “high yield”
bonds), fixed-income securities issued by governmental entities (including supranational entities), their agencies and instrumentalities,
mezzanine investments, collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), bank
loans, mortgage-related and asset-backed securities and other fixed and floating or variable rate obligations.
In managing the Fund, the Adviser seeks to implement
a hedging strategy that is complementary to its core credit strategy, utilizing options contracts, swaps and other derivatives. Certain
types of derivatives have a leverage-like effect on the portfolio, in that they require a relatively small premium or margin payment in
relation to the size of the investment exposure the Fund acquires. The Adviser expects that the implementation of the Fund’s investment
strategy, which may include a significant level of investment in derivatives, will have the effect of creating leverage in the Fund and
that the Fund’s potential exposure will routinely be greater than its net assets.
The Fund also expects to hold cash and cash-like
instruments and high-quality short term fixed income securities as collateral for the swaps and other derivatives contracts. The Adviser
may invest in non-affiliated money market funds as part of the collateral component of the portfolio. The Fund may also invest in an affiliated
ETF, the Twin Oak Short Horizon Absolute Return ETF (“Short Horizon ETF”), as collateral for the swaps and other derivatives
contracts. The Short Horizon ETF is actively managed by Twin Oak and seeks to provide a stable return.
The Fund is “non-diversified” for
purposes of the Investment Company Act of 1940, as amended, (the “1940 Act”), which means that the Fund may invest in fewer
securities at any one time than a diversified fund. The Fund may not invest more than 15% of its net assets in illiquid investments.
The Fund intends to elect to be, and intends to
qualify each year for treatment as, a regulated investment company (“RIC”) under Subchapter M of Subtitle A, Chapter 1, of
the Internal Revenue Code of 1986, as amended (the “Code”).
|
|
| Risk [Heading] |
rr_RiskHeading |
Principal Investment
Risks
|
|
| Bar Chart and Performance Table [Heading] |
rr_BarChartAndPerformanceTableHeading |
Performance
|
|
| Performance Narrative [Text Block] |
rr_PerformanceNarrativeTextBlock |
Performance information for the Fund
is not included because the Fund had not commenced operations prior to the date of this Prospectus.
Performance information will be available in the Prospectus once the Fund has at least one
calendar year of performance. The Fund’s past performance, before and after taxes,
is not necessarily an indication of how the Fund will perform in the future and does not
guarantee future results. Updated performance information will be available on the Fund’s
website at https://www.twinoaketfs.com.
|
|
| Performance One Year or Less [Text] |
rr_PerformanceOneYearOrLess |
Performance information for the Fund
is not included because the Fund had not commenced operations prior to the date of this Prospectus.
Performance information will be available in the Prospectus once the Fund has at least one
calendar year of performance.
|
|
| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
https://www.twinoaketfs.com
|
|
| Performance Past Does Not Indicate Future [Text] |
rr_PerformancePastDoesNotIndicateFuture |
The Fund’s past performance, before and after taxes,
is not necessarily an indication of how the Fund will perform in the future and does not
guarantee future results.
|
|
| Twin Oak Enhanced Credit ETF | Twin Oak Enhanced Credit ETF Shares |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Management Fees (as a percentage of Assets) |
rr_ManagementFeesOverAssets |
0.99%
|
|
| Distribution and Service (12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
none
|
|
| Other Expenses (as a percentage of Assets): |
rr_OtherExpensesOverAssets |
none
|
[1] |
| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.20%
|
[2] |
| Expenses (as a percentage of Assets) |
rr_ExpensesOverAssets |
1.19%
|
|
| Fee Waiver or Reimbursement |
rr_FeeWaiverOrReimbursementOverAssets |
(0.29%)
|
[3] |
| Net Expenses (as a percentage of Assets) |
rr_NetExpensesOverAssets |
0.90%
|
|
| Expense Example, with Redemption, 1 Year |
rr_ExpenseExampleYear01 |
$ 92
|
|
| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
$ 349
|
|
| Twin Oak Enhanced Credit ETF | Risk Lose Money [Member] |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
Loss of money is a risk of investing in the Fund.
|
|
| Twin Oak Enhanced Credit ETF | Affiliated Fund Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Affiliated Fund Risk. Affiliated
fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, “Underlying
Funds”) for the Fund based on its own financial interests rather than the Fund’s interests. The Adviser may be subject to
potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying
Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors,
liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund
and is legally obligated to act in the Fund’s best interest when selecting Underlying Funds. |
|
|
| Twin Oak Enhanced Credit ETF | Counterparty Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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. |
|
|
| Twin Oak Enhanced Credit ETF | Cyber Security Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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 Fund’s investment 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 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 Enhanced Credit ETF | Derivatives Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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 and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage
will magnify any losses. See “Leverage/Volatility 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. |
|
|
| Twin Oak Enhanced Credit ETF | ETF Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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.” |
| o | 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. Further,
the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or
liquidity providers. |
| o | 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. |
| o | 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. |
| o | 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 Enhanced Credit ETF | Fixed Income Securities Risks |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Fixed Income Securities Risks.
Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including: |
| o | Bank Loan Risk. The Fund’s
investments in secured and unsecured participations in bank loans and assignments of such loans may create substantial risk. In making
investments in such loans, which are made by banks or other financial intermediaries to borrowers, the Fund will depend primarily upon
the creditworthiness of the borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal
payments on such indebtedness, the Fund’s share price could be adversely affected. The Fund may invest in loan participations that
are rated by a nationally recognized statistical rating organization or are unrated, and may invest in loan participations of any credit
quality, including “distressed” companies with respect to which there is a substantial risk of losing the entire amount invested.
In addition, certain bank loans in which the Fund may invest may be illiquid and, therefore, difficult to value and/or sell at a price
that is beneficial to the Fund. |
| o | Credit Risk. Credit risk
is the risk that the issuer of a security will not be able to make payments of interest and principal when due. Deterioration in the
financial condition of an issuer or deterioration in general economic conditions could cause an issuer to fail to make timely payments
of principal and interest. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness
may affect the value of the Fund’s investments in that issuer. A credit agency’s rating represents the organization’s
opinion as to the credit quality of a security but is not an absolute standard of quality or guarantee as to the creditworthiness of
an issuer. Ratings from a credit agency present an inherent conflict of interest, because the agency is paid by the entities whose securities
they rate. Rating agencies may fail to move quickly enough to change ratings in response to changing circumstances, and a rating may
not reflect the fine shadings of risks within a given quality grade. |
| o | High Yield Securities Risk.
High-yield securities or junk bonds are often considered to be speculative and involve greater risk of default or price changes than
investment grade fixed-income securities due to changes in the issuer’s or the market’s perception of an issuer’s creditworthiness.
The issuers of these securities may not be as financially strong as the issuers of higher rated securities. Prices of lower-rated securities
have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate
developments than more highly rated investments. When a security’s rating is reduced below investment grade, it may be more difficult
for the Fund to receive income from its investment. |
| o | Liquidity Risk. Liquidity
risk is the risk that a limited market for a security may make it difficult for that security to be sold at an advantageous time or price,
which could prevent the Fund from selling the security at the approximate price that it is valued or the time it desires to sell. Liquidity
risk may be magnified during times of instability in the credit markets, rising interest rates, high selling activity, or other circumstances
where investor redemptions from fixed income securities may be higher than normal. The capacity of traditional dealers to engage in fixed
income trading has not kept pace with the fixed income market’s growth, causing dealer inventories to be at or near historical
lows relative to market size. The reduction in dealer inventories could lead to decreased liquidity, increased volatility and wider spreads,
which may become exacerbated during periods of economic or political stress. Lower rated securities may be subject to greater levels
of liquidity risk. If a fixed income security is downgraded or declines in price, the market demand may be limited, making that security
difficult to sell. Additionally, the market for certain fixed-income securities may become illiquid under adverse market or economic
conditions, independent of any specific adverse changes in the conditions of a particular issuer. |
| o | Maturity Risk. Longer-term
securities generally have greater price fluctuations and are more sensitive to interest rate changes than shorter-term securities. Therefore,
the Fund may experience greater price fluctuations when it holds securities with longer maturities. |
| o | Mortgage Backed and Asset-Backed
Securities. Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator
of the receivables, the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or
the market’s assessment of the quality of the underlying security. Investments in mortgage- and asset-backed securities are subject
to prepayment or call risk, which is the risk that payments from the borrower may be received earlier than expected due to changes in
the rate at which the underlying loans are prepaid. Securities may be prepaid at a price less than the original purchase value. |
| o | Other Asset-Backed Securities.
Asset-backed securities may be affected by factors concerning the interests in and structure of the issuer or the originator of the receivables,
the creditworthiness of the entities that provide any supporting letters of credit or other credit enhancements or the market’s
assessment of the quality of the underlying security. |
| o | U.S. Government Securities. Some
U.S. Government securities, such as U.S. Government agency notes and bonds, are neither insured nor guaranteed by the U.S. Government,
meaning they are only supported by the right of the issuer to borrow from the U.S. Government or by the credit of the agency issuing
the obligation. If the Fund invests in a U.S. Government security that is not backed by the U.S. Government, there is no assurance that
the U.S. Government would provide support, and the Fund’s performance could be adversely impacted if there is a deterioration in
the financial condition of the issuer. |
|
|
| Twin Oak Enhanced Credit ETF | Floating Rate Securities Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Floating Rate Securities Risk.
Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest
rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally
carry lower yields than fixed-rate securities of the same maturity. Although floating rate securities are less sensitive to interest
rate risk than fixed-rate securities, they are subject to credit risk, which could impair their value. |
|
|
| Twin Oak Enhanced Credit ETF | Interest Rate Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Interest Rate Risk. Interest
rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to rise, such as central bank monetary
policies, inflation rates, supply and demand and general economic conditions. The value of the Fund’s shares generally is expected
to increase during periods of falling interest rates and to decrease during periods of rising interest rates. The magnitude of these
fluctuations will generally be greater if the Fund holds securities with longer maturities or lower quality ratings. The interest earned
on the Fund’s investments in fixed income securities may decline when prevailing interest rates fall. The Fund is also subject
to the risk that the income generated by its investments may not keep pace with inflation. |
|
|
| Twin Oak Enhanced Credit ETF | Leverage Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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. |
|
|
| Twin Oak Enhanced Credit ETF | Liquidity Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Liquidity Risk. The Fund
is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk
that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price. |
|
|
| Twin Oak Enhanced Credit ETF | Management Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Management Risk. The Fund
is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as
expected, and/or the Fund’s portfolio management practices may not work to achieve their desired result. |
|
|
| Twin Oak Enhanced Credit ETF | Market Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Market Risk. The NAV of the
Fund will change with changes in the market value of its portfolio positions. Investors may lose money. 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. Although the Fund will invest in stocks
the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected. |
|
|
| Twin Oak Enhanced Credit ETF | New Adviser Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | 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 the Adviser and it is possible
the Adviser may not achieve the Fund’s intended investment objective. |
|
|
| Twin Oak Enhanced Credit ETF | New Fund Risk |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | New Fund Risk. The Fund is
a newly organized, management investment company with no 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 Trustees (“Board”) of the Trust may determine to liquidate the Fund. |
|
|
| Twin Oak Enhanced Credit ETF | Risk Nondiversified Status [Member] |
|
|
|
| Prospectus [Line Items] |
rr_ProspectusLineItems |
|
|
| Risk [Text Block] |
rr_RiskTextBlock |
| ● | Non-Diversification Risk. The
Fund is a non-diversified investment company, which means that more of the Fund’s assets may be invested in the securities of a
single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value
of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund
has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. |
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| Twin Oak Enhanced Credit ETF | Operational Risk |
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| ● | 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 its Adviser and Sub-Adviser 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 Enhanced Credit ETF | Options Risk |
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| ● | 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 Enhanced Credit ETF | Swap Risk |
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| ● | Swap Risk. In a standard
“swap” transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned
or realized on the “notional amount” of predetermined investments or instruments, which may be adjusted for an interest factor.
Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the
counterparty may default on the obligation, and may be difficult to value. Swaps are subject to tracking risk because they may not be
perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default.
Leverage inherent in derivatives will tend to magnify the Fund’s losses. |
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| Twin Oak Enhanced Credit ETF | Underlying Funds Risk |
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| ● | Underlying Funds Risk. To the extent the Fund invests in
other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those Underlying
Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds’ investments, as well as to the Underlying
Funds’ expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. 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 objectives.
A passively managed ETF may not replicate the performance of the index it intends to track. |
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