Investment Risks
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Feb. 27, 2026 |
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
As with all funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not
intended to be a complete investment program but rather one component of a diversified investment portfolio. An investment in the Fund
is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value of your investment in the
Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment
in the Fund or your investment may not perform as well as other similar investments. Many factors affect the Fund’s net asset value
and performance. As with any fund, there is no guarantee that the Fund will achieve its goal. Each risk summarized below is a principal
risk of investing in the Fund and different risks may be more significant at different times depending upon market conditions or other
factors.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through its investments in other investment
companies, such as ETFs.
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. A change in financial condition
or other event affecting a single issuer or market may adversely impact securities markets
as a whole. The value of assets or income from an investment may be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the
Fund’s assets can decline as can the value of the Fund’s distributions. When
the value of the Fund’s investments goes down, your investment in the Fund decreases
in value and you could lose money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers.
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs associated with the turnover which may reduce the
Fund’s return, unless the securities traded can be bought and sold without corresponding
commission costs. Active trading of securities may also increase the Fund’s realized
capital gains and losses, which may affect the taxes you pay as a Fund shareholder. |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. |
| ● | Quantitative
Investing Risk. The Adviser may use proprietary computer trading modeling systems to
implement its investment strategies for the Fund. Investments selected using these models
may perform differently than the market as a whole or from their expected performance as
a result of the factors used in the models, the weight placed on each factor, changes from
the factors’ historical trends and technical issues in the construction and implementation
of the models. There is no assurance that the models are complete or accurate, or representative
of future market cycles, nor will they necessarily be beneficial to the Fund if they are
accurate. These systems may negatively affect Fund performance for various reasons, including
human judgment, inaccuracy of historical data and non-quantitative factors (such as market
or trading system dysfunctions, investor fear or over-reaction). |
| ● | Equity
Risk. Equity securities are susceptible to general market fluctuations, volatile increases
and decreases in value as market confidence in and perceptions of their issuers change and
unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or the
changing economic, political or market conditions. |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (“NAV”) and may face delisting. |
| ● | Cash
Positions Risk. The Fund may hold a significant position in cash and/or cash equivalent
securities. When the Fund’s investment in cash or cash equivalent securities increases,
the Fund may not participate in market advances or declines to the same extent that it would
if the Fund were more fully invested. |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and financial intermediaries (“Service Providers”)
to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks
or other cyber-failures or events affecting the Fund or its Service Providers may adversely
impact the Fund or its shareholders. |
| ● | Fluctuation
of Net Asset Value Risk. Unlike conventional ETFs, the Fund is not an index fund. The
Fund is actively managed and does not seek to replicate the performance of a specified index.
The NAV of the Fund’s shares will generally fluctuate with changes in the market value
of the Fund’s holdings. The market prices of the shares will generally fluctuate in
accordance with changes in NAV as well as the relative supply of and demand for the shares
on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above
their NAV. Price differences may be due, in large part, to the fact that supply and demand
forces at work in the secondary trading market for the shares will be closely related to,
but not identical to, the same forces influencing the prices of the Fund’s holdings
trading individually or in the aggregate at any point in time. Actively managed ETFs have
a limited trading history and, therefore, there can be no assurance as to whether and/or
the extent to which the shares will trade at premiums or discounts to NAV. |
| ● | Focus
Risk. The Fund generally expects to invest in approximately 30 stocks at any given time,
and as a result, the Fund’s performance may be more volatile than the performance of
funds holding more securities. |
| ● | Gap
Risk. The Fund is subject to the risk that a stock price or derivative value will change
dramatically from one level to another with no trading in between and/or before the Fund
can exit from the investment. Usually such movements occur when there are adverse news announcements,
which can cause a stock price or derivative value to drop substantially from the previous
day’s closing price. Trading halts may lead to gap risk. Trading halts may lead to
gap risk. |
| ● | Investment
Companies Risk. When the Fund invests in other investment companies, (including open-end
mutual funds or ETFs), it will bear additional expenses based on its pro rata share of the
other investment company’s operating expenses, including the management fees of unaffiliated
funds in addition to those paid by the Fund. The risk of owning an investment company generally
reflects the risks of owning the underlying investments held by the investment company. The
Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An ETF’s shares could trade at a significant premium or discount to its net asset value
(NAV). |
| ● | Management
Risk. The Fund’s investment strategies may not result in an increase in the value
of your investment or in overall performance equal to other similar investment vehicles having
similar investment strategies. Management risk includes the risk that the quantitative model
used by the Adviser may not perform as expected, particularly in volatile markets. In addition,
the Fund’s tactical asset allocation strategy may be unsuccessful and may cause the
Fund to miss attractive investment opportunities while in a defensive position. |
| ● | Market
Capitalization Risk. The Fund’s anticipated weighting towards larger-sized companies
subjects the Fund to the risk that larger companies may not be able to attain the high growth
rates of successful smaller companies, especially during strong economic periods, and that
they may be less capable of responding quickly to competitive challenges and industry changes.
Because the Fund may invest in companies of any size, its share price could be more volatile
than a fund that invests only in large companies. Small and medium–sized companies
typically have less experienced management, narrower product lines, more limited financial
resources, and less publicly available information than larger companies. 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. |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years, including
what was experienced in 2020. These conditions are an inevitable part of investing in capital
markets and may continue, recur, worsen or spread. The U.S. government and the Federal Reserve,
as well as certain foreign governments and central banks, took steps to support financial
markets, including by lowering interest rates to historically low levels. This and other
government intervention may not work as intended, particularly if the efforts are perceived
by investors as being unlikely to achieve the desired results. When the U.S. government and
the Federal Reserve reduce market support activities, including by increasing interest rates,
such reductions could negatively affect financial markets generally, increase market volatility
and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative
changes in the United States and in other countries may also contribute to decreased liquidity
and increased volatility in the financial markets. The impact of these influences on the
markets, and the practical implications for market participants, may not be fully known for
some time. |
| ● | Money
Market Instrument Risk. The value of money market instruments may be affected by changing
interest rates and by changes in the credit ratings of the investments. An investment in
a money market fund is not insured or guaranteed by the FDIC or any other government agency.
It is possible to lose money by investing in a money market fund. Although money market mutual
funds that invest in U.S. government securities seek to preserve the value of the Fund’s
investment at $1.00 per share, it is possible to lose money by investing in a stable NAV
money market mutual fund. Moreover, SEC rules require prime money market mutual funds to
use floating NAVs that do not preserve the value of the Fund’s investment at $1.00
per share. The SEC’s amendments to money market fund rules intended to address potential
systemic risks associated with money market funds and to improve transparency for money market
fund investors. The money market fund reforms may impact the structure, operations and return
potential of the money market funds in which the Fund invests. |
| ● | Rules-Based
Strategy Risk. A rules-based investment strategy may not be successful on an ongoing
basis or could contain unknown errors. In addition, the data used may be inaccurate or the
computer programming used to create a rules-based investment strategy might contain one or
more errors. Moreover, during periods of increased volatility or changing market conditions
the commonality of portfolio holdings and similarities between strategies of rules-based
managers may amplify losses. |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting. |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
| ● | Tactical
Overlay Strategy Risk. The Adviser employs a multi-factor tactical risk management overlay
that seeks to identify periods of above average risk and exit positions in equity securities
during such periods of above average risk. The failure of the overlay strategy to timely
or properly identify periods of above average risk may prevent the Fund from avoiding losses
in bad markets or may cause the Fund to miss gains in good markets. |
| ● | Underlying
Funds Risk. The risk that the Fund’s investment
performance and its ability to achieve its investment objective are directly related to the
performance of the underlying funds in which it invests. There can be no assurance that the
Fund’s investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation
of its assets among the underlying funds. |
| ● | U.S.
Government Securities Risk. The U.S. government is not obligated to provide financial
support to its agencies, instrumentalities or sponsored enterprises if it is not obligated
to do so by law. Certain U.S. government securities purchased by the Fund may not be backed
by the full faith and credit of the United States. It is possible that the issuers of such
securities will not have the funds to meet their payment obligations in the future. |
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| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Market Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. A change in financial condition
or other event affecting a single issuer or market may adversely impact securities markets
as a whole. The value of assets or income from an investment may be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the
Fund’s assets can decline as can the value of the Fund’s distributions. When
the value of the Fund’s investments goes down, your investment in the Fund decreases
in value and you could lose money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers. |
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Active Trading Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs associated with the turnover which may reduce the
Fund’s return, unless the securities traded can be bought and sold without corresponding
commission costs. Active trading of securities may also increase the Fund’s realized
capital gains and losses, which may affect the taxes you pay as a Fund shareholder. |
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| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Volatility Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
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| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | ETF Structure Risks [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. |
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| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Quantitative Investing Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Quantitative
Investing Risk. The Adviser may use proprietary computer trading modeling systems to
implement its investment strategies for the Fund. Investments selected using these models
may perform differently than the market as a whole or from their expected performance as
a result of the factors used in the models, the weight placed on each factor, changes from
the factors’ historical trends and technical issues in the construction and implementation
of the models. There is no assurance that the models are complete or accurate, or representative
of future market cycles, nor will they necessarily be beneficial to the Fund if they are
accurate. These systems may negatively affect Fund performance for various reasons, including
human judgment, inaccuracy of historical data and non-quantitative factors (such as market
or trading system dysfunctions, investor fear or over-reaction). |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. Equity securities are susceptible to general market fluctuations, volatile increases
and decreases in value as market confidence in and perceptions of their issuers change and
unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or the
changing economic, political or market conditions. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Authorized Participant Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (“NAV”) and may face delisting. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Cash Positions Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cash
Positions Risk. The Fund may hold a significant position in cash and/or cash equivalent
securities. When the Fund’s investment in cash or cash equivalent securities increases,
the Fund may not participate in market advances or declines to the same extent that it would
if the Fund were more fully invested. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Cybersecurity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and financial intermediaries (“Service Providers”)
to suffer data breaches, data corruption or lose operational functionality. Successful cyber-attacks
or other cyber-failures or events affecting the Fund or its Service Providers may adversely
impact the Fund or its shareholders. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Fluctuation of Net Asset Value Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fluctuation
of Net Asset Value Risk. Unlike conventional ETFs, the Fund is not an index fund. The
Fund is actively managed and does not seek to replicate the performance of a specified index.
The NAV of the Fund’s shares will generally fluctuate with changes in the market value
of the Fund’s holdings. The market prices of the shares will generally fluctuate in
accordance with changes in NAV as well as the relative supply of and demand for the shares
on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above
their NAV. Price differences may be due, in large part, to the fact that supply and demand
forces at work in the secondary trading market for the shares will be closely related to,
but not identical to, the same forces influencing the prices of the Fund’s holdings
trading individually or in the aggregate at any point in time. Actively managed ETFs have
a limited trading history and, therefore, there can be no assurance as to whether and/or
the extent to which the shares will trade at premiums or discounts to NAV. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Focus Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Focus
Risk. The Fund generally expects to invest in approximately 30 stocks at any given time,
and as a result, the Fund’s performance may be more volatile than the performance of
funds holding more securities. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Gap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Gap
Risk. The Fund is subject to the risk that a stock price or derivative value will change
dramatically from one level to another with no trading in between and/or before the Fund
can exit from the investment. Usually such movements occur when there are adverse news announcements,
which can cause a stock price or derivative value to drop substantially from the previous
day’s closing price. Trading halts may lead to gap risk. Trading halts may lead to
gap risk. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When the Fund invests in other investment companies, (including open-end
mutual funds or ETFs), it will bear additional expenses based on its pro rata share of the
other investment company’s operating expenses, including the management fees of unaffiliated
funds in addition to those paid by the Fund. The risk of owning an investment company generally
reflects the risks of owning the underlying investments held by the investment company. The
Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An ETF’s shares could trade at a significant premium or discount to its net asset value
(NAV). |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The Fund’s investment strategies may not result in an increase in the value
of your investment or in overall performance equal to other similar investment vehicles having
similar investment strategies. Management risk includes the risk that the quantitative model
used by the Adviser may not perform as expected, particularly in volatile markets. In addition,
the Fund’s tactical asset allocation strategy may be unsuccessful and may cause the
Fund to miss attractive investment opportunities while in a defensive position. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Market Capitalization Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Capitalization Risk. The Fund’s anticipated weighting towards larger-sized companies
subjects the Fund to the risk that larger companies may not be able to attain the high growth
rates of successful smaller companies, especially during strong economic periods, and that
they may be less capable of responding quickly to competitive challenges and industry changes.
Because the Fund may invest in companies of any size, its share price could be more volatile
than a fund that invests only in large companies. Small and medium–sized companies
typically have less experienced management, narrower product lines, more limited financial
resources, and less publicly available information than larger companies. 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. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Market Events Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years, including
what was experienced in 2020. These conditions are an inevitable part of investing in capital
markets and may continue, recur, worsen or spread. The U.S. government and the Federal Reserve,
as well as certain foreign governments and central banks, took steps to support financial
markets, including by lowering interest rates to historically low levels. This and other
government intervention may not work as intended, particularly if the efforts are perceived
by investors as being unlikely to achieve the desired results. When the U.S. government and
the Federal Reserve reduce market support activities, including by increasing interest rates,
such reductions could negatively affect financial markets generally, increase market volatility
and reduce the value and liquidity of securities in which the Fund invests. Policy and legislative
changes in the United States and in other countries may also contribute to decreased liquidity
and increased volatility in the financial markets. The impact of these influences on the
markets, and the practical implications for market participants, may not be fully known for
some time. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Money Market Instrument Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Money
Market Instrument Risk. The value of money market instruments may be affected by changing
interest rates and by changes in the credit ratings of the investments. An investment in
a money market fund is not insured or guaranteed by the FDIC or any other government agency.
It is possible to lose money by investing in a money market fund. Although money market mutual
funds that invest in U.S. government securities seek to preserve the value of the Fund’s
investment at $1.00 per share, it is possible to lose money by investing in a stable NAV
money market mutual fund. Moreover, SEC rules require prime money market mutual funds to
use floating NAVs that do not preserve the value of the Fund’s investment at $1.00
per share. The SEC’s amendments to money market fund rules intended to address potential
systemic risks associated with money market funds and to improve transparency for money market
fund investors. The money market fund reforms may impact the structure, operations and return
potential of the money market funds in which the Fund invests. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Rules-Based Strategy Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Rules-Based
Strategy Risk. A rules-based investment strategy may not be successful on an ongoing
basis or could contain unknown errors. In addition, the data used may be inaccurate or the
computer programming used to create a rules-based investment strategy might contain one or
more errors. Moreover, during periods of increased volatility or changing market conditions
the commonality of portfolio holdings and similarities between strategies of rules-based
managers may amplify losses. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting. |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Communications Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Consumer Discretionary Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Consumer Staples Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Energy Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Financials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Healthcare Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Industrials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Information Technology Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Materials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Real Estate Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Utilities Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Tactical Overlay Strategy Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Tactical
Overlay Strategy Risk. The Adviser employs a multi-factor tactical risk management overlay
that seeks to identify periods of above average risk and exit positions in equity securities
during such periods of above average risk. The failure of the overlay strategy to timely
or properly identify periods of above average risk may prevent the Fund from avoiding losses
in bad markets or may cause the Fund to miss gains in good markets. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. The risk that the Fund’s investment
performance and its ability to achieve its investment objective are directly related to the
performance of the underlying funds in which it invests. There can be no assurance that the
Fund’s investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation
of its assets among the underlying funds. |
|
| LeaderShares(R) AlphaFactor(R) Tactical Focused ETF | U.S. Government Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Government Securities Risk. The U.S. government is not obligated to provide financial
support to its agencies, instrumentalities or sponsored enterprises if it is not obligated
to do so by law. Certain U.S. government securities purchased by the Fund may not be backed
by the full faith and credit of the United States. It is possible that the issuers of such
securities will not have the funds to meet their payment obligations in the future. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all funds, there is the risk that you could lose money through your investment
in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio.
An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed
or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value
of your investment in the Fund, as well as the amount of return you receive on your investment may fluctuate significantly. You may lose
part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Many factors affect
the Fund’s net asset value and performance. Each risk summarized below is a principal risk of investing in the Fund and
different risks may be more significant at different times depending upon market conditions or other factors.
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs,
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. A change in financial condition
or other event affecting a single issuer or market may adversely impact securities markets
as a whole. The value of assets or income from an investment may be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the
Fund’s assets can decline as can the value of the Fund’s distributions. When the
value of the Fund’s investments goes down, your investment in the Fund decreases in
value and you could lose money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers.
| ● | Equity
Risk. Equity securities are susceptible to general market fluctuations, volatile increases
and decreases in value as market confidence in and perceptions of their issuers change and
unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or the
changing economic, political or market conditions. |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years including
what was experienced in 2020. These conditions may continue, recur, worsen or spread. The
U.S. government and the Federal Reserve, as well as certain foreign governments and central
banks, took steps to support financial markets, including by lowering interest rates to historically
low levels. This and other government intervention may not work as intended, particularly
if the efforts are perceived by investors as being unlikely to achieve the desired results.
When the U.S. government and the Federal Reserve reduce market support activities including
by increasing interest rates, such reductions could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in which the
Fund invests. Policy and legislative changes in the United States and in other countries
may also contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these influences on the markets, and the practical implications for market
participants, may not be fully known for some time. |
| ● | Market
Capitalization Risk. The Fund’s anticipated weighting towards larger-sized companies
subjects the Fund to the risk that larger companies may not be able to attain the high growth
rates of successful smaller companies, especially during strong economic periods, and that
they may be less capable of responding quickly to competitive challenges and industry changes.
Because the Fund may invest in companies of any size, its share price could be more volatile
than a fund that invests only in large companies. Small and medium–sized companies
typically have less experienced management, narrower product lines, more limited financial
resources, and less publicly available information than larger companies. 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. Medium sized companies normally
have a lower trading volume than larger companies, which may tend to make their market price
fall more disproportionately than larger companies in response to selling pressures. |
| ● | Rules-Based
Strategy Risk. A rules-based investment strategy may not be successful on an ongoing
basis or could contain unknown errors. In addition, the data used may be inaccurate or the
computer programming used to create a rules-based investment strategy might contain one or
more errors. Moreover, during periods of increased volatility or changing market conditions
the commonality of portfolio holdings and similarities between strategies of rules-based
managers may amplify losses. |
| ● | Active
Trading Risk. A higher portfolio turnover may result in higher transaction and brokerage
costs associated with the turnover which may reduce the Fund’s return, unless the securities
traded can be bought and sold without corresponding commission costs. Active trading of securities
may also increase the Fund’s realized capital gains and losses, which may affect the
taxes you pay as a Fund shareholder. |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (NAV) and may face delisting. |
| ● | Calculation
Methodology Risk. The Index relies on various sources of information to assess the criteria
of issuers included in the Index, including information that may be based on assumptions
and estimates. Neither the Fund, the Adviser, nor the Calculation
Agent can offer assurances that the Index’s calculation
methodology or sources of information will provide an accurate assessment of included issuers
or correct valuation of securities, nor can they guarantee the availability or timeliness
of the production of the Index. |
| ● | Concentration
Risk. If the Fund invests a significant portion of its total assets in certain issuers
within the same economic sector, an adverse economic, business or political development affecting
that sector may affect the value of the Fund’s investments more than if the Fund’s
investments were not so concentrated. |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and other service providers and financial intermediaries (“Service
Providers”) to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber failures or events affecting the Fund or its Service
Providers may adversely impact the Fund or its shareholders. |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. Additionally, a passively managed ETF, like the Fund, may not track the
performance of the Index or, because it tracks the Index, may hold trouble securities. |
| ● | Fluctuation
of Net Asset Value Risk. The NAV of the Fund’s shares will generally fluctuate
with changes in the market value of the Fund’s holdings. The market prices of the shares
will generally fluctuate in accordance with changes in NAV as well as the relative supply
of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares
will trade below, at or above their NAV. Price differences may be due, in large part, to
the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices
of the Fund’s holdings trading individually or in the aggregate at any point in time. |
| ● | Gap
Risk. The Fund is subject to the risk that a stock price or derivative value will change
dramatically from one level to another with no trading in between and/or before the Fund
can exit from the investment. Usually such movements occur when there are adverse news announcements,
which can cause a stock price or derivative value to drop substantially from the previous
day’s closing price. Trading halts may lead to gap risk. |
| ● | Management
Risk. The risk that a strategy used by the Fund’s investment adviser may fail to
produce the intended results or that imperfections, errors or limitations in the tools and
data used by the investment adviser may cause unintended results. Management risk includes
the risk that the quantitative model used by the Fund’s investment adviser may not
perform as expected, particularly in volatile markets. |
| ● | Index
Risk. The Fund is not actively managed, and its Adviser would not sell shares of an equity
security due to current or projected underperformance of a security, industry, or sector,
unless that security is removed from the Index or the selling of shares of that security
is otherwise required upon a reconstitution of the Index as addressed in the Index methodology.
The Fund invests in securities included in, or representative of securities included in,
the Index, regardless of their investment merits. The Fund does not take defensive positions
under any market conditions, including conditions that are adverse to the performance of
the Fund. The Fund does not utilize an investment strategy that seeks returns in excess of
the Index. Maintaining investments in securities regardless of market conditions or the performance
of individual securities could cause the Fund’s return to be lower than if the Fund
did not attempt to track the performance of the Index. |
| ● | Portfolio
Turnover Risk. The Fund may experience high portfolio turnover, including investments
made on a shorter-term basis, which may lead to increased Fund expenses that may result in
lower investment returns. A higher portfolio turnover may result in higher transactional
and brokerage costs. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs,
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. A change in financial condition
or other event affecting a single issuer or market may adversely impact securities markets
as a whole. The value of assets or income from an investment may be worth less in the future
as inflation decreases the value of money. As inflation increases, the real value of the
Fund’s assets can decline as can the value of the Fund’s distributions. When the
value of the Fund’s investments goes down, your investment in the Fund decreases in
value and you could lose money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers. |
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Active Trading Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover may result in higher transaction and brokerage
costs associated with the turnover which may reduce the Fund’s return, unless the securities
traded can be bought and sold without corresponding commission costs. Active trading of securities
may also increase the Fund’s realized capital gains and losses, which may affect the
taxes you pay as a Fund shareholder. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Volatility Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | ETF Structure Risks [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. Additionally, a passively managed ETF, like the Fund, may not track the
performance of the Index or, because it tracks the Index, may hold trouble securities. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Equity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Equity
Risk. Equity securities are susceptible to general market fluctuations, volatile increases
and decreases in value as market confidence in and perceptions of their issuers change and
unexpected trading activity among retail investors. Factors that may influence the price
of equity securities include developments affecting a specific company or industry, or the
changing economic, political or market conditions. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Authorized Participant Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (NAV) and may face delisting. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Cybersecurity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and other service providers and financial intermediaries (“Service
Providers”) to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber failures or events affecting the Fund or its Service
Providers may adversely impact the Fund or its shareholders. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Fluctuation of Net Asset Value Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fluctuation
of Net Asset Value Risk. The NAV of the Fund’s shares will generally fluctuate
with changes in the market value of the Fund’s holdings. The market prices of the shares
will generally fluctuate in accordance with changes in NAV as well as the relative supply
of and demand for the shares on the Exchange. The Adviser cannot predict whether the shares
will trade below, at or above their NAV. Price differences may be due, in large part, to
the fact that supply and demand forces at work in the secondary trading market for the shares
will be closely related to, but not identical to, the same forces influencing the prices
of the Fund’s holdings trading individually or in the aggregate at any point in time. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Gap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Gap
Risk. The Fund is subject to the risk that a stock price or derivative value will change
dramatically from one level to another with no trading in between and/or before the Fund
can exit from the investment. Usually such movements occur when there are adverse news announcements,
which can cause a stock price or derivative value to drop substantially from the previous
day’s closing price. Trading halts may lead to gap risk. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The risk that a strategy used by the Fund’s investment adviser may fail to
produce the intended results or that imperfections, errors or limitations in the tools and
data used by the investment adviser may cause unintended results. Management risk includes
the risk that the quantitative model used by the Fund’s investment adviser may not
perform as expected, particularly in volatile markets. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Market Capitalization Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Capitalization Risk. The Fund’s anticipated weighting towards larger-sized companies
subjects the Fund to the risk that larger companies may not be able to attain the high growth
rates of successful smaller companies, especially during strong economic periods, and that
they may be less capable of responding quickly to competitive challenges and industry changes.
Because the Fund may invest in companies of any size, its share price could be more volatile
than a fund that invests only in large companies. Small and medium–sized companies
typically have less experienced management, narrower product lines, more limited financial
resources, and less publicly available information than larger companies. 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. Medium sized companies normally
have a lower trading volume than larger companies, which may tend to make their market price
fall more disproportionately than larger companies in response to selling pressures. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Market Events Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years including
what was experienced in 2020. These conditions may continue, recur, worsen or spread. The
U.S. government and the Federal Reserve, as well as certain foreign governments and central
banks, took steps to support financial markets, including by lowering interest rates to historically
low levels. This and other government intervention may not work as intended, particularly
if the efforts are perceived by investors as being unlikely to achieve the desired results.
When the U.S. government and the Federal Reserve reduce market support activities including
by increasing interest rates, such reductions could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in which the
Fund invests. Policy and legislative changes in the United States and in other countries
may also contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these influences on the markets, and the practical implications for market
participants, may not be fully known for some time. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Rules-Based Strategy Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Rules-Based
Strategy Risk. A rules-based investment strategy may not be successful on an ongoing
basis or could contain unknown errors. In addition, the data used may be inaccurate or the
computer programming used to create a rules-based investment strategy might contain one or
more errors. Moreover, during periods of increased volatility or changing market conditions
the commonality of portfolio holdings and similarities between strategies of rules-based
managers may amplify losses. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Communications Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Consumer Discretionary Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Consumer Staples Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Energy Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Financials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Healthcare Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Industrials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Information Technology Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Materials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Real Estate Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Utilities Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Index Tracking Error Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Calculation Methodology Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Calculation
Methodology Risk. The Index relies on various sources of information to assess the criteria
of issuers included in the Index, including information that may be based on assumptions
and estimates. Neither the Fund, the Adviser, nor the Calculation
Agent can offer assurances that the Index’s calculation
methodology or sources of information will provide an accurate assessment of included issuers
or correct valuation of securities, nor can they guarantee the availability or timeliness
of the production of the Index. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Concentration Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Concentration
Risk. If the Fund invests a significant portion of its total assets in certain issuers
within the same economic sector, an adverse economic, business or political development affecting
that sector may affect the value of the Fund’s investments more than if the Fund’s
investments were not so concentrated. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Index Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Index
Risk. The Fund is not actively managed, and its Adviser would not sell shares of an equity
security due to current or projected underperformance of a security, industry, or sector,
unless that security is removed from the Index or the selling of shares of that security
is otherwise required upon a reconstitution of the Index as addressed in the Index methodology.
The Fund invests in securities included in, or representative of securities included in,
the Index, regardless of their investment merits. The Fund does not take defensive positions
under any market conditions, including conditions that are adverse to the performance of
the Fund. The Fund does not utilize an investment strategy that seeks returns in excess of
the Index. Maintaining investments in securities regardless of market conditions or the performance
of individual securities could cause the Fund’s return to be lower than if the Fund
did not attempt to track the performance of the Index. |
|
| LeaderSharesTM AlphaFactor(R) US Core Equity ETF | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk. The Fund may experience high portfolio turnover, including investments
made on a shorter-term basis, which may lead to increased Fund expenses that may result in
lower investment returns. A higher portfolio turnover may result in higher transactional
and brokerage costs. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
|
| LeaderShares(R) Dynamic Yield ETF |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all funds, there is the risk that you could lose money through your investment
in the Fund. The Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio.
An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed
or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks. The value
of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may
lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Many factors
affect the Fund’s net asset value and performance. As with any fund, there is no guarantee that the Fund will achieve its goal.
Each risk summarized below is a principal risk of investing in the Fund and different risks may be more significant at different times
depending upon market conditions or other factors.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through its investments in other investment
companies, such as ETFs.
| ● | Management
Risk. The Fund’s investment strategies may
not result in an increase in the value of your investment or in overall performance equal
to other similar investment vehicles having similar investment strategies. Management risk
includes the risk that the quantitative model used by the Adviser may not perform as expected,
particularly in volatile markets. |
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs,
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. Securities markets also may
experience long periods of decline in value. A change in financial condition or other event
affecting a single issuer or market may adversely impact securities markets as a whole. The
value of assets or income from an investment may be worth less in the future as inflation
decreases the value of money. As inflation increases, the real value of the Fund’s assets
can decline as can the value of the Fund’s distributions. When the value of the Fund’s
investments goes down, your investment in the Fund decreases in value and you could lose
money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers.
| ● | Fixed
Income Securities Risk. When the Fund invests in
fixed income securities, the value of your investment in the Fund will fluctuate with changes
in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed
income securities owned by the Fund. In general, the market price of fixed income securities
with longer maturities will increase or decrease more in response to changes in interest
rates than shorter-term securities. Other risk factors include credit risk (the debtor may
default) and prepayment risk (the debtor may pay its obligation early, reducing the amount
of interest payments). These risks could affect the value of a particular investment by the
Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. The fixed-income securities market can be susceptible
to increases in volatility and decreases in liquidity. New regulations applicable to and
changing business practices of financial intermediaries that make markets in fixed income
securities have resulted in less market making activity for certain fixed income securities,
which may reduce the liquidity and may increase the volatility for such fixed income securities.
Liquidity may decline unpredictably in response to overall economic conditions or credit
tightening. For example, a general rise in interest rates may cause investors to move out
of fixed income securities on a large scale, which could adversely affect the price and liquidity
of fixed income securities and could also result in increased redemptions for the Fund. Heavy
redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed
value and could hurt the Fund’s performance. Duration risk arises when holding long
duration and long maturity investments, which will magnify certain risks, including interest
rate risk and credit risk. Longer-term securities may be more sensitive to interest rate
changes Effective duration estimates price changes for relatively small changes in rates.
If rates rise significantly, effective duration may tend to understate the drop in a security’s
price. If rates drop significantly, effective duration may tend to overstate the rise in
a security’s price. |
| ● | Active
Trading Risk. A higher portfolio turnover due to
active and frequent trading will result in higher transaction and brokerage costs associated
with the turnover which may reduce the Fund’s return, unless the securities traded
can be bought and sold without corresponding commission costs. Active trading of securities
may also increase the Fund’s realized capital gains and losses, which may affect the
taxes you pay as a Fund shareholder. |
| ● | Asset
Allocation Risk. Asset allocation risk is the risk that the selection by a manager of
a fund in which the Fund invests and the allocation of the Fund’s assets among the
various asset classes and market segments will cause the Fund to underperform other funds
with similar investment objectives. The Fund’s investment in any one fund or asset
class may exceed 25% of the Fund’s total assets, which may cause it to be subject to
greater risk than a more diversified fund. |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (“NAV”) and may face delisting. |
| ● | 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. |
| ● | Cash
Positions Risk. The Fund may hold a significant position in cash and/or cash equivalent
securities. When the Fund’s investment in cash or cash equivalent securities increases,
the Fund may not participate in market advances or declines to the same extent that it would
if the Fund were more fully invested. |
| ● | Convertible
Securities Risk. The market value of a convertible security performs like that of a regular
debt security; that is, if market interest rates rise, the value of a convertible security
usually falls. In addition, convertible securities are subject to the risk that the issuer
will not be able to pay interest or dividends when due, and their market value may change
based on changes in the issuer’s credit rating or the market’s perception of
the issuer’s creditworthiness. Since it derives a portion of its value from the common
stock into which it may be converted, a convertible security is also subject to the same
types of market and issuer risks that apply to the underlying common stock. |
| ● | Credit
Risk. The risk that the Fund could lose money if
the issuer or guarantor of a fixed income security is unwilling or unable to make timely
payments to meet its contractual obligations on an investment held by the Fund. Changes in
the credit rating of a debt security held by the Fund could have a similar effect. |
| ● | Credit
Spread Risk. The risk that credit spreads (or the
difference in yield between securities that is due to differences in their credit quality)
may increase when the market expects lower-grade bonds to default more frequently. Widening
credit spreads may quickly reduce the market values of lower-rated securities. |
| ● | Currency
Risk. The risk that foreign (non-U.S.) currencies
will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s
investments in foreign (non-U.S.) currencies or in securities that trade in, and receive
revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency
rates in foreign countries may fluctuate significantly for a number of reasons, including
the forces of supply and demand in the foreign exchange markets, actual or perceived changes
in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments
or central banks, or currency controls or political developments in the U.S. or abroad. |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and other service providers and financial intermediaries (“Service
Providers”) to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service
Providers may adversely impact the Fund or its shareholders. |
| ● | Emerging
Markets Risk. Investing in emerging markets involves
not only the risks described herein with respect to investing in foreign securities, but
also other risks, including exposure to economic structures that are generally less diverse
and mature, and to political systems that can be expected to have less stability, than those
of developed countries. The typically small size of the markets may also result in a lack
of liquidity and in price volatility of these securities. Emerging markets are riskier than
more developed markets because they tend to develop unevenly and may never fully develop.
Investments in emerging markets may be considered speculative and share the risks of foreign
developed markets but to a greater extent. Emerging markets are more likely to experience
hyperinflation and currency devaluations, which adversely affect returns to U.S. investors.
In addition, many emerging financial markets have far lower trading volumes and less liquidity
than developed markets, which may result in increased price volatility of emerging market
investments. The legal remedies for investors in emerging markets may be more limited than
the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the
U.S. Department of Justice) to bring actions against bad actors may be limited. |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. |
| ● | Fluctuation
of Net Asset Value Risk. Unlike conventional ETFs, the Fund is not an index fund. The
Fund is actively managed and does not seek to replicate the performance of a specified Index.
The NAV of the Fund’s shares will generally fluctuate with changes in the market value
of the Fund’s holdings. The market prices of the shares will generally fluctuate in
accordance with changes in NAV as well as the relative supply of and demand for the shares
on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above
their NAV. Price differences may be due, in large part, to the fact that supply and demand
forces at work in the secondary trading market for the shares will be closely related to,
but not identical to, the same forces influencing the prices of the Fund’s holdings
trading individually or in the aggregate at any point in time. Actively managed ETFs have
a limited trading history and, therefore, there can be no assurance as to whether and/or
the extent to which the shares will trade at premiums or discounts to NAV. |
| ● | Foreign
(Non-U.S.) Investment Risk. Foreign (non-U.S.)
securities present greater investment risks than investing in the securities of U.S. issuers
and may experience more rapid and extreme changes in value than the securities of U.S. companies,
due to less information about foreign (non-U.S.) companies in the form of reports and ratings
than about U.S. issuers; different accounting, auditing and financial reporting requirements;
smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage;
or political, financial, social and economic events (including, for example, military confrontations,
war and terrorism) or diplomatic developments. Foreign (non-U.S.) securities may also be
less liquid and more difficult to value than securities of U.S. issuers. To the extent that
the Fund invests a significant portion of its assets in a specific geographic region, the
Fund will generally have more exposure to regional economic risks associated with foreign
investments. International trade barriers or economic sanctions against foreign countries,
organizations, entities and/or individuals may adversely affect the Fund’s foreign
holdings or exposures. |
| ● | Gap
Risk. The Fund is subject to the risk that a stock
price or derivative value will change dramatically from one level to another with no trading
in between and/or before the Fund can exit from the investment. Usually such movements occur
when there are adverse news announcements, which can cause a stock price or derivative value
to drop substantially from the previous day’s closing price. Trading halts may lead
to gap risk. |
| ● | High
Yield Fixed Income Securities (“Junk Bond”) Risk. Investment in or exposure
to high yield (lower rated or below investment grade) debt instruments (also known as “junk
bonds”) may involve greater levels of interest rate, credit, liquidity and valuation
risk than for higher rated instruments. High yield debt instruments are considered predominantly
speculative and are higher risk than investment grade instruments with respect to the issuer’s
continuing ability to make principal and interest payments and, therefore, such instruments
generally involve greater risk of default or price changes than higher rated debt instruments.
Junk bonds may experience more price volatility and a more limited market than the market
for investment-grade fixed income securities. |
| ● | Investment
Companies Risk. When the Fund invests in other
investment companies, (including open-end mutual funds or ETFs), it will bear additional
expenses based on its pro rata share of the other investment company’s operating expenses,
including the management fees of unaffiliated funds in addition to those paid by the Fund.
The risk of owning an investment company generally reflects the risks of owning the underlying
investments held by the investment company. The Fund may also incur brokerage costs when
it purchases and sells shares of investment companies. An ETF’s shares could trade
at a significant premium or discount to its NAV. |
| ● | Issuer-Specific
Risk. The value of a specific security can be more
volatile than the market as a whole and may perform worse than the market as a whole. |
| ● | Liquidity
Risk. Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling
such illiquid securities at an advantageous time or price, or possibly requiring the Fund
to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
Liquidity risk may be magnified in an environment of rising interest rates or widening credit
spreads in which investor redemptions from fixed income mutual funds may be higher than normal.
In stressed markets, certain types of securities may suffer periods of illiquidity if they
are disfavored by the market. These risks may increase during periods of market turmoil,
such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund’s
performance. Illiquidity may result from the absence of an established market for investments
as well as legal, contractual or other restrictions. Securities of companies with smaller
market capitalizations, foreign securities, or securities with substantial market and/or
credit risk tend to have the greatest exposure to liquidity risk. |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years, including
what was experienced in 2020. These conditions may continue, recur, worsen or spread. The
U.S. government and the Federal Reserve, as well as certain foreign governments and central
banks, took steps to support financial markets, including by lowering interest rates to historically
low levels. This and other government intervention may not work as intended, particularly
if the efforts are perceived by investors as being unlikely to achieve the desired results.
When the U.S. government and the Federal Reserve reduce market support activities, including
by increasing interest rates, such reductions could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in which the
Fund invests. Policy and legislative changes in the United States and in other countries
may also contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these influences on the markets, and the practical implications for market
participants, may not be fully known for some time. |
| ● | Model
Risk. The Fund will use model-based strategies that, while historically effective, may
not be successful on an ongoing basis or could contain unknown errors, which may result in
a decline in the value of the Fund’s shares. Any imperfections or limitations in a
model could affect the ability of the manager to implement strategies. By necessity, models
make simplifying assumptions that limit their efficacy. Models relying on historical market
data can fail to predict future market events. Further, the data used in models may be inaccurate
and/or it may not include the most recent information about a company or a security. In addition,
the model may not adequately take into account certain factors, the data used in the model
may be inaccurate, or the computer programming used to create quantitative models might contain
one or more errors. Such errors might never be detected, or might be detected only after
the Fund has sustained a loss (or reduced performance) related to such errors. Moreover,
during periods of increased volatility or changing market conditions, the commonality of
portfolio holdings and similarities between strategies of quantitative managers may amplify
losses. An increasing number of market participants may rely on models that are similar to
those used by the Adviser, which may result in a substantial number of market participants
taking the same action with respect to an investment. Should one or more of these other market
participants begin to divest themselves of one or more portfolio holdings, the Fund could
suffer significant losses. In addition, changes in underlying market conditions can adversely
affect the performance of a model. |
| ● | Mortgage-Backed
and Asset-Backed Securities Risk. The risk of investing
in mortgage-backed and other asset-backed securities, including prepayment risk, extension
risk, interest rate risk, market risk and management risk. Mortgage-backed securities include
caps and floors, inverse floaters, mortgage dollar rolls, private mortgage pass-through securities,
resets and stripped mortgage securities. A systemic and persistent increase in interest rate
volatility may also negatively impact a number of the Fund’s mortgage-backed and asset-backed
securities holdings. The Fund will invest less than 25% of its net assets in asset-backed
securities or mortgage-backed securities that are below-investment grade. |
| ● | Odd
Lot Pricing Risk. Bonds may be purchased and held
as smaller sized bond positions known as “odd lots”. Pricing services generally
value such securities based on bid prices for larger institutional sized bond positions known
as “round lots”; and such round lot prices may reflect more favorable pricing
than odd lot holdings. The Fund may purchase securities suitable for its investment strategies
in odd lots. Special valuation considerations may apply with respect to the Fund’s
odd-lot positions, as the Fund may receive different prices when it sells such positions
than it would receive for sales of institutional round lot positions. The Fund may fair value
a particular bond if the Adviser does not believe that the round lot value provided by the
independent pricing service reflects fair value of the Fund’s holding. There can be
no assurance that the Fund’s valuation procedures will result in pricing data that
is completely congruent with prices that the Fund might obtain on the open market. |
| ● | Portfolio
Turnover Risk. The Fund may experience high portfolio
turnover, including investments made on a shorter-term basis, which may lead to increased
Fund expenses that may result in lower investment returns. A higher portfolio turnover may
result in higher transactional and brokerage costs. High portfolio turnover may also result
in higher short-term capital gains taxable to shareholders. |
| ● | Prepayment
and Extension Risk. Many types of fixed income
securities are subject to prepayment and extension risk. Prepayment occurs when the issuer
of a fixed income security can repay principal prior to the security’s maturity. Fixed
income securities subject to prepayment can offer less potential for gains during a declining
interest rate environment and similar or greater potential for loss in a rising interest
rate environment and accordingly, a decline in the Fund’s net asset value. In addition,
the potential impact of prepayment features on the price of a fixed income security can be
difficult to predict and result in greater volatility. On the other hand, rising interest
rates could cause prepayments of the obligations to decrease, extending the life of mortgage-and
asset-backed securities with lower payment rates. This is known as extension risk and may
increase the Fund’s sensitivity to rising rates and its potential for price declines. |
| ● | Regulatory
Risk. Changes in the laws or regulations of the
United States or other countries, including any changes to applicable tax laws and regulations,
could impair the ability of the Fund to achieve its investment objective and could increase
the operating expenses of the Fund. |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology. |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
| ● | Underlying
Funds Risk. The risk that the Fund’s investment
performance and its ability to achieve its investment objective are directly related to the
performance of the underlying funds in which it invests. There can be no assurance that the
Fund’s investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation
of its assets among the underlying funds. |
| ● | U.S.
Government Securities Risk. The U.S. government is not obligated to provide financial
support to its agencies, instrumentalities or sponsored enterprises if it is not obligated
to do so by law. Certain U.S. government securities purchased by the Fund may not be backed
by the full faith and credit of the United States. It is possible that the issuers of such
securities will not have the funds to meet their payment obligations in the future. Additionally,
the U.S. Government and its agencies and instrumentalities do not guarantee the market values
of their securities, which may fluctuate. |
| ● | Valuation
Risk. The sale price that the Fund could receive for a portfolio security may differ
from the Fund’s valuation of the security, particularly for securities that trade in
low volume or volatile markets or that are valued using a fair value methodology. In addition,
the value of the securities in the Fund’s portfolio may change on days when shareholders
will not be able to purchase or sell the Fund’s shares. The Fund relies on various
sources to calculate its NAV. The information may be provided by third parties that are believed
to be reliable, but the information may not be accurate due to errors by such pricing sources,
technological issues or otherwise. NAV calculation may also be impacted by operational risks
arising from factors such as failures in systems and technology. |
| ● | Variable
or Floating Rate Securities Risk. Variable and floating rate securities generally are
less sensitive to interest rate changes but may decline in value if their interest rates
do not rise as much, or as quickly, as interest rates in general. Floating rate securities
will not generally increase in value if interest rates decline. Although floating rate securities
are less sensitive to interest rate risk, they are subject to credit risk and default risk
which could impair their value. |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
| ● | Yield
Curve Risk. This is the risk that there is an adverse shift in market interest rates
of fixed income investments. The risk is associated with either flattening or steepening
of the yield curve, which is a result of changing yields among comparable bonds with different
maturities. If the yield curve flattens, then the yield spread between long-and short-term
interest rates narrows and the price of a bond will change. If the curve steepens, then the
spread between the long- and short-term interest rates increases which means long-term bond
prices decrease relative to short-term bond prices. |
|
| LeaderShares(R) Dynamic Yield ETF | Market Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Risk. Overall market risk may affect the value of individual instruments in which the
Fund invests. The Fund is subject to the risk that the securities markets will move down,
sometimes rapidly and unpredictably, based on overall economic conditions and other factors,
which may negatively affect the Fund’s performance. Factors such as domestic and foreign
(non-U.S.) economic growth and market conditions, real or perceived adverse economic or political
conditions, military conflict, acts of terrorism, social unrest, natural disasters, recessions,
inflation, changes in interest rate levels, supply chain disruptions, sanctions, tariffs,
the spread of infectious illness or other public health threats, lack of liquidity in the
bond markets, volatility in the securities markets or adverse investor sentiment and political
events affect the securities markets. U.S. and foreign stock markets have experienced periods
of substantial price volatility in the past and may do so again in the future. Securities
markets also may experience long periods of decline in value. Securities markets also may
experience long periods of decline in value. A change in financial condition or other event
affecting a single issuer or market may adversely impact securities markets as a whole. The
value of assets or income from an investment may be worth less in the future as inflation
decreases the value of money. As inflation increases, the real value of the Fund’s assets
can decline as can the value of the Fund’s distributions. When the value of the Fund’s
investments goes down, your investment in the Fund decreases in value and you could lose
money. |
Local,
state, regional, national or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues,
recessions, or other events could have a significant impact on the Fund and its investments and could result in decreases to the Fund’s
net asset value. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market
closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events and governments’
reactions to such events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market
volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or
indirect effects on the Fund and its investments. For example, a widespread health crisis such as a global pandemic could cause substantial
market volatility, exchange trading suspensions and closures, impact the ability to complete redemptions, and affect Fund performance.
A health crisis may exacerbate other pre-existing political, social and economic risks. In addition, the increasing interconnectedness
of markets around the world may result in many markets being affected by events or conditions in a single country or region or events
affecting a single or small number of issuers. |
| LeaderShares(R) Dynamic Yield ETF | Active Trading Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover due to
active and frequent trading will result in higher transaction and brokerage costs associated
with the turnover which may reduce the Fund’s return, unless the securities traded
can be bought and sold without corresponding commission costs. Active trading of securities
may also increase the Fund’s realized capital gains and losses, which may affect the
taxes you pay as a Fund shareholder. |
|
| LeaderShares(R) Dynamic Yield ETF | Volatility Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Volatility
Risk. The Fund’s investments may appreciate or decrease significantly in value
over short periods of time. The value of an investment in the Fund’s portfolio may
fluctuate due to factors that affect markets generally or that affect a particular industry
or sector. The value of an investment in the Fund’s portfolio may also be more volatile
than the market as a whole. This volatility may affect the Fund’s net asset value per
share, including by causing it to experience significant increases or declines in value over
short periods of time. Events or financial circumstances affecting individual investments,
industries or sectors may increase the volatility of the Fund. |
|
| LeaderShares(R) Dynamic Yield ETF | ETF Structure Risks [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | ETF
Structure Risks. The Fund is structured as an ETF and as a result is subject to special
risks. Shares are not individually redeemable and may be redeemed by the Fund at net asset
value only in large blocks known as “Creation Units.” An investor may incur brokerage
costs purchasing enough shares to constitute a Creation Unit. Trading in shares on the exchange
on which the Fund is listed 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. 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. The market prices of shares will fluctuate in response to changes in net asset value
and supply and demand for shares and will include a “bid-ask spread” charged
by the exchange specialists, market makers or other participants that trade the particular
security. Shares may trade at a discount or premium to net asset value. If a shareholder
purchases shares at a time when the market price is at a premium to the net asset value or
sells shares at a time when the market price is at a discount to net asset value, the shareholder
may sustain losses if the shares are sold at a price that is less than the price paid by
the shareholder for the shares. There may be times when the market price and the net asset
value vary significantly. For example, in times of market stress, market makers may step
away from their role market making in shares of ETFs and in executing trades, which can lead
to differences between the market value of the Fund’s shares and the Fund’s net
asset value. When all or a portion of an ETFs underlying securities trade in a market that
is closed when the market for the Fund’s shares is open, there may be changes from
the last quote of the closed market and the quote from the Fund’s domestic trading
day, which could lead to differences between the market value of the Fund’s shares
and the Fund’s net asset value. In stressed market conditions, the market for the Fund’s
shares may become less liquid in response to the deteriorating liquidity of the Fund’s
portfolio. 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. |
|
| LeaderShares(R) Dynamic Yield ETF | Authorized Participant Concentration Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Authorized
Participant Concentration Risk. To the extent that authorized participants are unable
or otherwise unavailable to proceed with creation and/or redemption orders and no other authorized
participant is able to create or redeem in their place, shares may trade at a discount to
net asset value (“NAV”) and may face delisting. |
|
| LeaderShares(R) Dynamic Yield ETF | Cash Positions Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cash
Positions Risk. The Fund may hold a significant position in cash and/or cash equivalent
securities. When the Fund’s investment in cash or cash equivalent securities increases,
the Fund may not participate in market advances or declines to the same extent that it would
if the Fund were more fully invested. |
|
| LeaderShares(R) Dynamic Yield ETF | Cybersecurity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Cybersecurity
Risk. There is risk to the Fund of an unauthorized breach and access to fund assets,
customer data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, the investment adviser, custodian,
transfer agent, distributor and other service providers and financial intermediaries (“Service
Providers”) to suffer data breaches, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service
Providers may adversely impact the Fund or its shareholders. |
|
| LeaderShares(R) Dynamic Yield ETF | Fluctuation of Net Asset Value Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fluctuation
of Net Asset Value Risk. Unlike conventional ETFs, the Fund is not an index fund. The
Fund is actively managed and does not seek to replicate the performance of a specified Index.
The NAV of the Fund’s shares will generally fluctuate with changes in the market value
of the Fund’s holdings. The market prices of the shares will generally fluctuate in
accordance with changes in NAV as well as the relative supply of and demand for the shares
on the Exchange. The Adviser cannot predict whether the shares will trade below, at or above
their NAV. Price differences may be due, in large part, to the fact that supply and demand
forces at work in the secondary trading market for the shares will be closely related to,
but not identical to, the same forces influencing the prices of the Fund’s holdings
trading individually or in the aggregate at any point in time. Actively managed ETFs have
a limited trading history and, therefore, there can be no assurance as to whether and/or
the extent to which the shares will trade at premiums or discounts to NAV. |
|
| LeaderShares(R) Dynamic Yield ETF | Gap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Gap
Risk. The Fund is subject to the risk that a stock
price or derivative value will change dramatically from one level to another with no trading
in between and/or before the Fund can exit from the investment. Usually such movements occur
when there are adverse news announcements, which can cause a stock price or derivative value
to drop substantially from the previous day’s closing price. Trading halts may lead
to gap risk. |
|
| LeaderShares(R) Dynamic Yield ETF | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When the Fund invests in other
investment companies, (including open-end mutual funds or ETFs), it will bear additional
expenses based on its pro rata share of the other investment company’s operating expenses,
including the management fees of unaffiliated funds in addition to those paid by the Fund.
The risk of owning an investment company generally reflects the risks of owning the underlying
investments held by the investment company. The Fund may also incur brokerage costs when
it purchases and sells shares of investment companies. An ETF’s shares could trade
at a significant premium or discount to its NAV. |
|
| LeaderShares(R) Dynamic Yield ETF | Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Management
Risk. The Fund’s investment strategies may
not result in an increase in the value of your investment or in overall performance equal
to other similar investment vehicles having similar investment strategies. Management risk
includes the risk that the quantitative model used by the Adviser may not perform as expected,
particularly in volatile markets. |
|
| LeaderShares(R) Dynamic Yield ETF | Market Events Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Events Risk. There has been increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty in the financial markets during the past several years, including
what was experienced in 2020. These conditions may continue, recur, worsen or spread. The
U.S. government and the Federal Reserve, as well as certain foreign governments and central
banks, took steps to support financial markets, including by lowering interest rates to historically
low levels. This and other government intervention may not work as intended, particularly
if the efforts are perceived by investors as being unlikely to achieve the desired results.
When the U.S. government and the Federal Reserve reduce market support activities, including
by increasing interest rates, such reductions could negatively affect financial markets generally,
increase market volatility and reduce the value and liquidity of securities in which the
Fund invests. Policy and legislative changes in the United States and in other countries
may also contribute to decreased liquidity and increased volatility in the financial markets.
The impact of these influences on the markets, and the practical implications for market
participants, may not be fully known for some time. |
|
| LeaderShares(R) Dynamic Yield ETF | Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Sector
Risk. The risk that if the Fund invests a significant portion of its total assets in
certain issuers within the same economic sector, an economic, business or political development
or natural or other event, including war, terrorism, natural and environmental disasters,
epidemics, pandemics and other public health crisis, adversely affecting that sector or region
may affect the value of the Fund’s investments more than if the Fund’s investments
were not so concentrated. While the Fund may not concentrate in any one industry, the Fund
may invest without limitation in a particular sector. Economic, legislative, or regulatory
developments may occur that significantly affect an entire sector. This may cause the Fund’s
NAV to fluctuate more than that of a fund that does not focus in a particular sector. |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology. |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderShares(R) Dynamic Yield ETF | Communications Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Communications
Sector Risk. Companies in the communications services sector are subject to the risk
that they will underperform the market as a whole due to legislative or regulatory changes,
adverse market conditions such as intense competition and changes in consumer preferences,
and/or technological innovation and obsolescence of existing technology. |
|
| LeaderShares(R) Dynamic Yield ETF | Consumer Discretionary Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Discretionary Sector Risk. The success of consumer product manufacturers and retailers
is tied closely to the performance of domestic and international economies, interest rates,
exchange rates, competition, consumer confidence, changes in demographics and consumer preferences.
Companies in the consumer discretionary sector depend heavily on disposable household income
and consumer spending, and may be strongly affected by social trends and marketing campaigns.
These companies may be subject to severe competition, which may have an adverse impact on
their profitability. In addition, the impact of any epidemic, pandemic or natural disaster,
or widespread fear that such events may occur, could negatively affect the global economy
and, in turn, negatively affect companies in the consumer discretionary sector. |
|
| LeaderShares(R) Dynamic Yield ETF | Consumer Staples Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Consumer
Staples Sector Risk. The consumer staples sector may be affected by the regulation of
various product components and production methods, commodity price volatility, imposition
of import controls, increased competition, depletion of resources, marketing campaigns and
other factors affecting consumer demand. |
|
| LeaderShares(R) Dynamic Yield ETF | Energy Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Energy
Sector Risk. The energy sector is comprised of energy, industrial, consumer, infrastructure
and logistics companies, and therefore will be susceptible to adverse economic, environmental,
business, regulatory or other occurrences affecting that sector. The energy sector has historically
experienced substantial price volatility. At times, the performance of energy sector investments
may lag the performance of other sectors or the market as a whole. Companies operating in
the energy sector are subject to specific risks, including, among others, fluctuations in
commodity prices; reduced consumer demand for commodities such as oil, natural gas or petroleum
products; reduced availability of natural gas or other commodities for transporting, processing,
storing or delivering; slowdowns in new construction; extreme weather or other natural disasters;
and threats of attack by terrorists on energy assets. The energy markets have experienced
significant volatility in recent periods, including a historic drop in crude oil and natural
gas prices in April 2020 attributable to the significant decrease in demand for oil and other
energy commodities as a result of the slowdown in economic activity due to the COVID-19 pandemic
as well as price competition among key oil-producing countries. Future pandemics could lead
to reduced production and price volatility. |
|
| LeaderShares(R) Dynamic Yield ETF | Financials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Financials
Sector Risk. The financials sector includes companies in the banks, capital markets,
diversified financials, and insurance industry groups. Performance of companies in the financials
sector may be adversely impacted by many factors, including, among others, changes in government
regulations, economic conditions, and interest rates, credit rating downgrades, and decreased
liquidity in credit markets. The extent to which the Fund may invest in a company that engages
in securities-related activities or banking is limited by applicable law. The impact of changes
in capital requirements and recent or future regulation of any individual financial company,
or of the financials sector as a whole, cannot be predicted. In recent years, cyber-attacks
and technology malfunctions and failures have become increasingly frequent in this sector
and have caused significant losses to companies in this sector, which may negatively impact
the Fund |
|
| LeaderShares(R) Dynamic Yield ETF | Healthcare Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Healthcare
Sector Risk. The healthcare sector may be affected by government regulations and government
healthcare programs, increases or decreases in the cost of medical products and services
and product liability claims, among other factors. Healthcare companies are subject to competitive
forces that may result in price discounting |
|
| LeaderShares(R) Dynamic Yield ETF | Industrials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Industrials
Sector Risk. The industrials sector is subject to risks related to general economic conditions,
changes in interest rates, commodity and energy prices, and the pace of infrastructure and
capital spending. Companies in the industrials sector may be adversely affected by manufacturing
and supply chain disruptions, fluctuations in demand for transportation and logistics services,
labor shortages and rising labor costs, and changes in government regulation and spending
priorities (including defense spending). Many industrial companies are also exposed to risks
associated with international trade, including tariffs, sanctions, and other barriers to
trade, as well as currency fluctuations and geopolitical events. In addition, industrial
companies may be subject to significant competition and rapid technological change, and may
be affected by product liability claims, environmental liabilities, and catastrophic events
such as natural disasters. |
|
| LeaderShares(R) Dynamic Yield ETF | Information Technology Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Information
Technology Sector Risk. The information technology sector is subject to risks related
to rapid technological change, product obsolescence, short product cycles, and intense competition.
Technology companies may be adversely affected by the introduction of new products and services,
changing consumer preferences, and the failure to successfully innovate. These companies
may face risks associated with cyber-attacks, data breaches, and other information security
incidents, as well as system failures and disruptions in technology infrastructure. Technology
companies may also be affected by intellectual property disputes, litigation, evolving privacy
and data protection laws and regulations, and restrictions on cross-border data flows. Many
technology companies rely on global supply chains and third-party vendors and may be impacted
by supply shortages, increased costs, and geopolitical or trade-related disruptions. |
|
| LeaderShares(R) Dynamic Yield ETF | Materials Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Materials
Sector Risk. The materials sector is subject to risks related to commodity price volatility,
changes in demand from global economic cycles, and the availability and cost of raw materials.
Companies in the materials sector may be adversely affected by inflation, fluctuations in
energy prices, and changes in interest rates, as well as supply chain constraints and transportation
disruptions. Materials companies may also face significant environmental, health, and safety
risks and liabilities, including costs associated with compliance with environmental regulations,
remediation, and litigation. In addition, the materials sector may be negatively impacted
by trade restrictions, tariffs, and other geopolitical events, as well as competition and
technological changes that affect production methods and end-market demand. |
|
| LeaderShares(R) Dynamic Yield ETF | Real Estate Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Real
Estate Sector Risk. The real estate sector is subject to risks related to declines in
property values, adverse economic conditions, and changes in interest rates. Real estate
companies and real estate-related investments may be adversely affected by rising interest
rates, tightening credit conditions, refinancing risk, and reduced access to capital, which
can increase borrowing costs and depress property valuations. Real estate investments may
be affected by changes in occupancy rates, tenant defaults, rental income levels, and the
supply of and demand for properties. In addition, real estate companies may be subject to
risks associated with environmental conditions and liabilities, natural disasters, climate-related
events, and changes in zoning or land-use regulations. Real estate companies may also be
impacted by regional economic conditions, demographic trends, and shifts in work or shopping
patterns (including increased remote work and e-commerce). |
|
| LeaderShares(R) Dynamic Yield ETF | Utilities Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Utilities
Sector Risk. The utilities sector is subject to risks related to changes in interest
rates, regulation, and the costs of providing services. Utilities companies may be adversely
affected by changes in government regulation, including rate-setting and environmental requirements,
as well as increased competition due to deregulation or technological developments. Utilities
companies can be sensitive to rising interest rates because they often carry significant
debt and may be perceived as income-oriented investments. The utilities sector may also be
affected by fuel and energy costs, supply disruptions, infrastructure failures, and catastrophic
events such as storms, wildfires, droughts, or other natural disasters. In addition, utilities
companies may face risks related to climate change, increased capital expenditures to modernize
infrastructure, and liabilities arising from accidents or service interruptions. |
|
| LeaderShares(R) Dynamic Yield ETF | Underlying Funds Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Underlying
Funds Risk. The risk that the Fund’s investment
performance and its ability to achieve its investment objective are directly related to the
performance of the underlying funds in which it invests. There can be no assurance that the
Fund’s investments in underlying funds will achieve their respective investment objectives.
The Fund is subject to the risks of the underlying funds in direct proportion to the allocation
of its assets among the underlying funds. |
|
| LeaderShares(R) Dynamic Yield ETF | U.S. Government Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Government Securities Risk. The U.S. government is not obligated to provide financial
support to its agencies, instrumentalities or sponsored enterprises if it is not obligated
to do so by law. Certain U.S. government securities purchased by the Fund may not be backed
by the full faith and credit of the United States. It is possible that the issuers of such
securities will not have the funds to meet their payment obligations in the future. Additionally,
the U.S. Government and its agencies and instrumentalities do not guarantee the market values
of their securities, which may fluctuate. |
|
| LeaderShares(R) Dynamic Yield ETF | Portfolio Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Portfolio
Turnover Risk. The Fund may experience high portfolio
turnover, including investments made on a shorter-term basis, which may lead to increased
Fund expenses that may result in lower investment returns. A higher portfolio turnover may
result in higher transactional and brokerage costs. High portfolio turnover may also result
in higher short-term capital gains taxable to shareholders. |
|
| LeaderShares(R) Dynamic Yield ETF | Fixed Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Securities Risk. When the Fund invests in
fixed income securities, the value of your investment in the Fund will fluctuate with changes
in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed
income securities owned by the Fund. In general, the market price of fixed income securities
with longer maturities will increase or decrease more in response to changes in interest
rates than shorter-term securities. Other risk factors include credit risk (the debtor may
default) and prepayment risk (the debtor may pay its obligation early, reducing the amount
of interest payments). These risks could affect the value of a particular investment by the
Fund, possibly causing the Fund’s share price and total return to be reduced and fluctuate
more than other types of investments. The fixed-income securities market can be susceptible
to increases in volatility and decreases in liquidity. New regulations applicable to and
changing business practices of financial intermediaries that make markets in fixed income
securities have resulted in less market making activity for certain fixed income securities,
which may reduce the liquidity and may increase the volatility for such fixed income securities.
Liquidity may decline unpredictably in response to overall economic conditions or credit
tightening. For example, a general rise in interest rates may cause investors to move out
of fixed income securities on a large scale, which could adversely affect the price and liquidity
of fixed income securities and could also result in increased redemptions for the Fund. Heavy
redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed
value and could hurt the Fund’s performance. Duration risk arises when holding long
duration and long maturity investments, which will magnify certain risks, including interest
rate risk and credit risk. Longer-term securities may be more sensitive to interest rate
changes Effective duration estimates price changes for relatively small changes in rates.
If rates rise significantly, effective duration may tend to understate the drop in a security’s
price. If rates drop significantly, effective duration may tend to overstate the rise in
a security’s price. |
|
| LeaderShares(R) Dynamic Yield ETF | Asset Allocation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Asset
Allocation Risk. Asset allocation risk is the risk that the selection by a manager of
a fund in which the Fund invests and the allocation of the Fund’s assets among the
various asset classes and market segments will cause the Fund to underperform other funds
with similar investment objectives. The Fund’s investment in any one fund or asset
class may exceed 25% of the Fund’s total assets, which may cause it to be subject to
greater risk than a more diversified fund. |
|
| LeaderShares(R) Dynamic Yield ETF | Bank Loan Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | 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. |
|
| LeaderShares(R) Dynamic Yield ETF | Convertible Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Convertible
Securities Risk. The market value of a convertible security performs like that of a regular
debt security; that is, if market interest rates rise, the value of a convertible security
usually falls. In addition, convertible securities are subject to the risk that the issuer
will not be able to pay interest or dividends when due, and their market value may change
based on changes in the issuer’s credit rating or the market’s perception of
the issuer’s creditworthiness. Since it derives a portion of its value from the common
stock into which it may be converted, a convertible security is also subject to the same
types of market and issuer risks that apply to the underlying common stock. |
|
| LeaderShares(R) Dynamic Yield ETF | Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Risk. The risk that the Fund could lose money if
the issuer or guarantor of a fixed income security is unwilling or unable to make timely
payments to meet its contractual obligations on an investment held by the Fund. Changes in
the credit rating of a debt security held by the Fund could have a similar effect. |
|
| LeaderShares(R) Dynamic Yield ETF | Credit Spread Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Spread Risk. The risk that credit spreads (or the
difference in yield between securities that is due to differences in their credit quality)
may increase when the market expects lower-grade bonds to default more frequently. Widening
credit spreads may quickly reduce the market values of lower-rated securities. |
|
| LeaderShares(R) Dynamic Yield ETF | Currency Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Currency
Risk. The risk that foreign (non-U.S.) currencies
will decline in value relative to the U.S. dollar and adversely affect the value of the Fund’s
investments in foreign (non-U.S.) currencies or in securities that trade in, and receive
revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies. Currency
rates in foreign countries may fluctuate significantly for a number of reasons, including
the forces of supply and demand in the foreign exchange markets, actual or perceived changes
in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments
or central banks, or currency controls or political developments in the U.S. or abroad. |
|
| LeaderShares(R) Dynamic Yield ETF | Emerging Markets Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Emerging
Markets Risk. Investing in emerging markets involves
not only the risks described herein with respect to investing in foreign securities, but
also other risks, including exposure to economic structures that are generally less diverse
and mature, and to political systems that can be expected to have less stability, than those
of developed countries. The typically small size of the markets may also result in a lack
of liquidity and in price volatility of these securities. Emerging markets are riskier than
more developed markets because they tend to develop unevenly and may never fully develop.
Investments in emerging markets may be considered speculative and share the risks of foreign
developed markets but to a greater extent. Emerging markets are more likely to experience
hyperinflation and currency devaluations, which adversely affect returns to U.S. investors.
In addition, many emerging financial markets have far lower trading volumes and less liquidity
than developed markets, which may result in increased price volatility of emerging market
investments. The legal remedies for investors in emerging markets may be more limited than
the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the
U.S. Department of Justice) to bring actions against bad actors may be limited. |
|
| LeaderShares(R) Dynamic Yield ETF | Foreign (Non-U.S.) Investment Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
(Non-U.S.) Investment Risk. Foreign (non-U.S.)
securities present greater investment risks than investing in the securities of U.S. issuers
and may experience more rapid and extreme changes in value than the securities of U.S. companies,
due to less information about foreign (non-U.S.) companies in the form of reports and ratings
than about U.S. issuers; different accounting, auditing and financial reporting requirements;
smaller markets; nationalization; expropriation or confiscatory taxation; currency blockage;
or political, financial, social and economic events (including, for example, military confrontations,
war and terrorism) or diplomatic developments. Foreign (non-U.S.) securities may also be
less liquid and more difficult to value than securities of U.S. issuers. To the extent that
the Fund invests a significant portion of its assets in a specific geographic region, the
Fund will generally have more exposure to regional economic risks associated with foreign
investments. International trade barriers or economic sanctions against foreign countries,
organizations, entities and/or individuals may adversely affect the Fund’s foreign
holdings or exposures. |
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| LeaderShares(R) Dynamic Yield ETF | High Yield Fixed Income Securities (“Junk Bond”) Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | High
Yield Fixed Income Securities (“Junk Bond”) Risk. Investment in or exposure
to high yield (lower rated or below investment grade) debt instruments (also known as “junk
bonds”) may involve greater levels of interest rate, credit, liquidity and valuation
risk than for higher rated instruments. High yield debt instruments are considered predominantly
speculative and are higher risk than investment grade instruments with respect to the issuer’s
continuing ability to make principal and interest payments and, therefore, such instruments
generally involve greater risk of default or price changes than higher rated debt instruments.
Junk bonds may experience more price volatility and a more limited market than the market
for investment-grade fixed income securities. |
|
| LeaderShares(R) Dynamic Yield ETF | Issuer-Specific Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Issuer-Specific
Risk. The value of a specific security can be more
volatile than the market as a whole and may perform worse than the market as a whole. |
|
| LeaderShares(R) Dynamic Yield ETF | Liquidity Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Liquidity
Risk. Liquidity risk exists when particular investments
of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling
such illiquid securities at an advantageous time or price, or possibly requiring the Fund
to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
Liquidity risk may be magnified in an environment of rising interest rates or widening credit
spreads in which investor redemptions from fixed income mutual funds may be higher than normal.
In stressed markets, certain types of securities may suffer periods of illiquidity if they
are disfavored by the market. These risks may increase during periods of market turmoil,
such as that experienced in 2020 with COVID-19, and could have a negative effect on the Fund’s
performance. Illiquidity may result from the absence of an established market for investments
as well as legal, contractual or other restrictions. Securities of companies with smaller
market capitalizations, foreign securities, or securities with substantial market and/or
credit risk tend to have the greatest exposure to liquidity risk. |
|
| LeaderShares(R) Dynamic Yield ETF | Model Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Model
Risk. The Fund will use model-based strategies that, while historically effective, may
not be successful on an ongoing basis or could contain unknown errors, which may result in
a decline in the value of the Fund’s shares. Any imperfections or limitations in a
model could affect the ability of the manager to implement strategies. By necessity, models
make simplifying assumptions that limit their efficacy. Models relying on historical market
data can fail to predict future market events. Further, the data used in models may be inaccurate
and/or it may not include the most recent information about a company or a security. In addition,
the model may not adequately take into account certain factors, the data used in the model
may be inaccurate, or the computer programming used to create quantitative models might contain
one or more errors. Such errors might never be detected, or might be detected only after
the Fund has sustained a loss (or reduced performance) related to such errors. Moreover,
during periods of increased volatility or changing market conditions, the commonality of
portfolio holdings and similarities between strategies of quantitative managers may amplify
losses. An increasing number of market participants may rely on models that are similar to
those used by the Adviser, which may result in a substantial number of market participants
taking the same action with respect to an investment. Should one or more of these other market
participants begin to divest themselves of one or more portfolio holdings, the Fund could
suffer significant losses. In addition, changes in underlying market conditions can adversely
affect the performance of a model. |
|
| LeaderShares(R) Dynamic Yield ETF | Mortgage-Backed and Asset-Backed Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Mortgage-Backed
and Asset-Backed Securities Risk. The risk of investing
in mortgage-backed and other asset-backed securities, including prepayment risk, extension
risk, interest rate risk, market risk and management risk. Mortgage-backed securities include
caps and floors, inverse floaters, mortgage dollar rolls, private mortgage pass-through securities,
resets and stripped mortgage securities. A systemic and persistent increase in interest rate
volatility may also negatively impact a number of the Fund’s mortgage-backed and asset-backed
securities holdings. The Fund will invest less than 25% of its net assets in asset-backed
securities or mortgage-backed securities that are below-investment grade. |
|
| LeaderShares(R) Dynamic Yield ETF | Odd Lot Pricing Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Odd
Lot Pricing Risk. Bonds may be purchased and held
as smaller sized bond positions known as “odd lots”. Pricing services generally
value such securities based on bid prices for larger institutional sized bond positions known
as “round lots”; and such round lot prices may reflect more favorable pricing
than odd lot holdings. The Fund may purchase securities suitable for its investment strategies
in odd lots. Special valuation considerations may apply with respect to the Fund’s
odd-lot positions, as the Fund may receive different prices when it sells such positions
than it would receive for sales of institutional round lot positions. The Fund may fair value
a particular bond if the Adviser does not believe that the round lot value provided by the
independent pricing service reflects fair value of the Fund’s holding. There can be
no assurance that the Fund’s valuation procedures will result in pricing data that
is completely congruent with prices that the Fund might obtain on the open market. |
|
| LeaderShares(R) Dynamic Yield ETF | Prepayment and Extension Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Prepayment
and Extension Risk. Many types of fixed income
securities are subject to prepayment and extension risk. Prepayment occurs when the issuer
of a fixed income security can repay principal prior to the security’s maturity. Fixed
income securities subject to prepayment can offer less potential for gains during a declining
interest rate environment and similar or greater potential for loss in a rising interest
rate environment and accordingly, a decline in the Fund’s net asset value. In addition,
the potential impact of prepayment features on the price of a fixed income security can be
difficult to predict and result in greater volatility. On the other hand, rising interest
rates could cause prepayments of the obligations to decrease, extending the life of mortgage-and
asset-backed securities with lower payment rates. This is known as extension risk and may
increase the Fund’s sensitivity to rising rates and its potential for price declines. |
|
| LeaderShares(R) Dynamic Yield ETF | Regulatory Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Regulatory
Risk. Changes in the laws or regulations of the
United States or other countries, including any changes to applicable tax laws and regulations,
could impair the ability of the Fund to achieve its investment objective and could increase
the operating expenses of the Fund. |
|
| LeaderShares(R) Dynamic Yield ETF | Valuation Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Valuation
Risk. The sale price that the Fund could receive for a portfolio security may differ
from the Fund’s valuation of the security, particularly for securities that trade in
low volume or volatile markets or that are valued using a fair value methodology. In addition,
the value of the securities in the Fund’s portfolio may change on days when shareholders
will not be able to purchase or sell the Fund’s shares. The Fund relies on various
sources to calculate its NAV. The information may be provided by third parties that are believed
to be reliable, but the information may not be accurate due to errors by such pricing sources,
technological issues or otherwise. NAV calculation may also be impacted by operational risks
arising from factors such as failures in systems and technology. |
|
| LeaderShares(R) Dynamic Yield ETF | Variable or Floating Rate Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Variable
or Floating Rate Securities Risk. Variable and floating rate securities generally are
less sensitive to interest rate changes but may decline in value if their interest rates
do not rise as much, or as quickly, as interest rates in general. Floating rate securities
will not generally increase in value if interest rates decline. Although floating rate securities
are less sensitive to interest rate risk, they are subject to credit risk and default risk
which could impair their value. |
|
| LeaderShares(R) Dynamic Yield ETF | Yield Curve Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Yield
Curve Risk. This is the risk that there is an adverse shift in market interest rates
of fixed income investments. The risk is associated with either flattening or steepening
of the yield curve, which is a result of changing yields among comparable bonds with different
maturities. If the yield curve flattens, then the yield spread between long-and short-term
interest rates narrows and the price of a bond will change. If the curve steepens, then the
spread between the long- and short-term interest rates increases which means long-term bond
prices decrease relative to short-term bond prices. |
|