v3.25.2
S000057735 [Member] Annual Fund Operating Expenses - Morningstar Alternatives Fund
Apr. 30, 2025
Prospectus [Line Items]  
Fee Waiver or Reimbursement over Assets, Date of Termination August 31, 2026
Institutional  
Prospectus [Line Items]  
Management Fees (as a percentage of Assets) 0.85%
Distribution and Service (12b-1) Fees 0.00%
Component1 Other Expenses 0.10% [1]
Component2 Other Expenses 0.22%
Component3 Other Expenses 0.37%
Other Expenses (as a percentage of Assets): 0.69%
Acquired Fund Fees and Expenses 0.01% [2]
Expenses (as a percentage of Assets) 1.55%
Fee Waiver or Reimbursement (0.16%) [3]
Net Expenses (as a percentage of Assets) 1.39% [3]
[1]
Represents fees assessed by financial intermediaries for providing certain account maintenance, record keeping, and transactional services with respect to Fund shares held by these intermediaries for their customers.
[2]
Acquired Fund Fees and Expenses (AFFE) represent costs incurred indirectly by the Fund as a result of its ownership of shares of another investment company, such as open- or closed‑end mutual funds, exchange traded funds (ETFs), and business development companies (BDCs). AFFE are not reflected in the Fund’s financial statements, and therefore, the amount listed in Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement will differ from those presented in the Financial Highlights.
[3]
Morningstar Investment Management LLC (“Morningstar” or “adviser” or “we”) has contractually agreed, through at least August 31, 2026, to waive all or a portion of its advisory fees and, if necessary, to assume certain other expenses (to the extent permitted by the Internal Revenue Code of 1986, as amended) to ensure that the Institutional shares’ Total Annual Fund Operating Expenses (excluding taxes, interest, brokerage commissions, trading costs, AFFE, short sale dividend and interest expenses, litigation expenses, and extraordinary expenses) do not exceed 1.16% (the Expense Limitation Agreement). Prior to August 31, 2026, the Expense Limitation Agreement may be terminated only upon mutual agreement between the Trust (which would require the approval of the Trust’s board of trustees) and the adviser, or automatically upon the termination of the Investment Advisory Agreement between the Trust and the adviser.