Investment Risks
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Feb. 27, 2026 |
| Redwood Managed Volatility Fund |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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. The Fund is not intended to be a
complete investment program but rather one component of a diversified investment portfolio. 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.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through investments in underlying
funds. As
with any fund, there is no guarantee that the Fund will achieve its goal.
| ● | 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 conflicts, 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 equities market 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.
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest may be more volatile than
other instruments and may be subject to unanticipated market movements, which are potentially
unlimited. The risks associated with investments in derivatives also include leverage, liquidity,
interest rate, market, credit and management risks, mispricing or improper valuation. Certain
derivatives require the Fund to pledge cash or liquid securities as margin or collateral,
a form of security deposit intended to protect against nonperformance of the derivative contract.
The Fund may have to post additional margin or collateral if the value of the derivative
position changes in a manner adverse to the Fund. Changes in the market value of a derivative
may not correlate perfectly with the underlying asset, rate or index, and the Fund could
lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In
addition, if a derivative is being used for hedging purposes there can be no assurance given
that each derivative position will achieve a perfect correlation with the security or currency
against which it is being hedged, or that a particular derivative position will be available
when sought by the portfolio manager. |
| ● | High-Yield
Fixed Income Securities (“Junk Bonds”) Risk. The fixed income securities
held by the Fund that are rated below investment grade are subject to additional risk factors
such as increased possibility of default, illiquidity of the security, and changes in value
based on public perception of the issuer. Such high-yield securities (commonly known as “junk
bonds”) are generally considered speculative because they present a greater risk of
loss, including default, than higher quality fixed income securities. Junk bonds may experience
more price volatility and a more limited market than the market for investment-grade fixed
income securities. |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. In addition, the Fund may enter into swap agreements with only a single counterparty
or with a limited number of counterparties, which may increase the Fund’s exposure
to counterparty risk. |
| ● | Management
Risk. The risk that investment strategies employed by the Adviser in selecting investments
for the Fund 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 allocations strategy may be unsuccessful and may cause the Fund to miss attractive
investment opportunities while in a defensive position. |
| ● | 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
| ● | Managed
Volatility Strategy Risk. Securities purchased by the Fund may exhibit higher price volatility
than anticipated and the Fund may not be less volatile than the market as a whole. In addition,
there is no guarantee that the Adviser’s managed volatility strategy will consistently
minimize market impact or limit the Fund’s downside risk as intended. Further, the
Fund’s managed volatility strategy may expose the Fund to losses (some of which may
be sudden) that it would not have otherwise been exposed to if the Fund’s investment
program consisted only of holding securities directly. Finally, while the Adviser’s
managed volatility strategy may limit the Fund’s downside risk over time, the Fund
also may experience lesser gains in a rising market. The Fund is not required to engage in
trades that manage volatility and may not choose to do so. The Fund may have investments
that appreciate or decrease significantly in value over short periods of time. This may cause
the Fund’s net asset value per share to experience significant increases or declines
in value over short periods of time. |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of debt securities,
real estate industry, or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed end fund’s or an ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
| ● | 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. |
| ● | 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. |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
| ● | Swap
Risk. Swap agreements are subject to the
risk that the counterparty to the swap will default on its obligation to pay the Fund and
the risk that the Fund will not be able to meet its obligations to pay the counterparty to
the swap. In addition, there is the risk that a swap may be terminated by the Fund or the
counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable
to implement its investment strategies and the Fund may not be able to seek to achieve its
investment objective. |
| ○ | Total
Return Swaps Risk. Total return swap agreements may effectively add leverage to the Fund’s
portfolio because, in addition to its total net assets, the Fund would be subject to investment
exposure on the notional amount of the swap. The primary risks associated with total returns
swaps are credit risks (if the counterparty fails to meet its obligations) and market risk
(if there is no liquid market for the agreement or unfavorable changes occur to the underlying
asset). |
| ● | 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. |
| ● | 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. |
| ● | Borrowing
Risk. Borrowing for investment purposes creates leverage, which may increase the volatility
of the Fund. Additionally, money borrowed will be subject to certain costs, such as commitment
fees and the cost of maintaining minimum average balances, as well as interest. Unless the
income and capital appreciation, if any, on securities acquired with borrowed funds exceed
the costs of borrowing, the use of leverage will diminish the investment performance of the
Fund. |
| ● | 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. |
| ● | Credit
Default Swaps Risk. A credit default swap enables an investor to buy or sell protection
against a credit event with respect to an issuer. Credit default swaps involve risks because
they are difficult to value, are highly susceptible to liquidity and credit risk, and generally
pay a return to the party that has paid the premium only in the event of an actual default
by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication
of financial difficulty). The Fund bears the loss of the amount expected to be received under
a swap agreement in the event of the default or bankruptcy of a swap counterparty. The maximum
risk of loss for sell protection on a credit default swap is the notional value of the total
underlying amount of the swap. |
| ● | Credit
Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income
security or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in the credit rating of a debt security held by the
Fund could have a similar effect. |
| ● | 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. |
| ● | 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 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. |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
| ● | 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. 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 on their resale and other factors. For example, with respect to the
Fund’s investment in closed-end interval or tender offer funds, there may not be a
secondary market for the shares and limited liquidity is provided only through the Fund’s
regular or other board approved repurchase offers. There is no guarantee that the Fund will
be able to sell all of the shares it desires in a repurchase offer. 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. |
| ● | 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. Recently, the SEC proposed amendments to money market fund rules
that are 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. |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general, such as changes in interest rates, real estate
values and property taxes, cash flows of underlying real estate assets, and the management
skill and creditworthiness of the issuer. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Internal Revenue Code of 1986, as amended. |
| ● | Swaptions
Risk. A swaptions is an options contract on a swap agreement. These transactions give
a party the right (but not the obligation) to enter into new swap agreements or to shorten,
extend, cancel or otherwise modify an existing swap agreement at some designated future time
on specified terms, in return for payment of the purchase price (the “premium”)
of the option. The Fund may write (sell) and purchase put and call swaptions to the same
extent it may make use of standard options on securities or other instruments. The writer
of the contract receives the premium and bears the risk of unfavorable changes in the market
value on the underlying swap agreement. Swaptions can be bundled and sold as a package. These
are commonly called interest rate caps, floors and collars. |
| ● | 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. Treasury obligations may differ in their interest rates,
maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies
and authorities are supported by varying degrees of credit but generally are not backed by
the full faith and credit of the U.S. Government. No assurance can be given that the U.S.
Government will provide financial support to its agencies and authorities if it is not obligated
by law to do so. In addition, the value of U.S. Government securities may be affected by
changes in the credit rating of the U.S. Government. |
| ● | 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. |
| ● | 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. |
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| Redwood Managed Volatility Fund | 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 conflicts, 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 equities market 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. |
| Redwood Managed Volatility Fund | Derivatives Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest may be more volatile than
other instruments and may be subject to unanticipated market movements, which are potentially
unlimited. The risks associated with investments in derivatives also include leverage, liquidity,
interest rate, market, credit and management risks, mispricing or improper valuation. Certain
derivatives require the Fund to pledge cash or liquid securities as margin or collateral,
a form of security deposit intended to protect against nonperformance of the derivative contract.
The Fund may have to post additional margin or collateral if the value of the derivative
position changes in a manner adverse to the Fund. Changes in the market value of a derivative
may not correlate perfectly with the underlying asset, rate or index, and the Fund could
lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In
addition, if a derivative is being used for hedging purposes there can be no assurance given
that each derivative position will achieve a perfect correlation with the security or currency
against which it is being hedged, or that a particular derivative position will be available
when sought by the portfolio manager. |
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| Redwood Managed Volatility Fund | High Yield Fixed Income Securities (“Junk Bonds”) Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | High-Yield
Fixed Income Securities (“Junk Bonds”) Risk. The fixed income securities
held by the Fund that are rated below investment grade are subject to additional risk factors
such as increased possibility of default, illiquidity of the security, and changes in value
based on public perception of the issuer. Such high-yield securities (commonly known as “junk
bonds”) are generally considered speculative because they present a greater risk of
loss, including default, than higher quality fixed income securities. Junk bonds may experience
more price volatility and a more limited market than the market for investment-grade fixed
income securities. |
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| Redwood Managed Volatility Fund | Counterparty Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. In addition, the Fund may enter into swap agreements with only a single counterparty
or with a limited number of counterparties, which may increase the Fund’s exposure
to counterparty risk. |
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| Redwood Managed Volatility Fund | Management Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Management
Risk. The risk that investment strategies employed by the Adviser in selecting investments
for the Fund 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 allocations strategy may be unsuccessful and may cause the Fund to miss attractive
investment opportunities while in a defensive position. |
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| Redwood Managed Volatility Fund | Portfolio Turnover Risk [Member] |
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| Prospectus [Line Items] |
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| 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
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| Redwood Managed Volatility Fund | Managed Volatility Strategy Risk [Member] |
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| Prospectus [Line Items] |
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| Risk [Text Block] |
| ● | Managed
Volatility Strategy Risk. Securities purchased by the Fund may exhibit higher price volatility
than anticipated and the Fund may not be less volatile than the market as a whole. In addition,
there is no guarantee that the Adviser’s managed volatility strategy will consistently
minimize market impact or limit the Fund’s downside risk as intended. Further, the
Fund’s managed volatility strategy may expose the Fund to losses (some of which may
be sudden) that it would not have otherwise been exposed to if the Fund’s investment
program consisted only of holding securities directly. Finally, while the Adviser’s
managed volatility strategy may limit the Fund’s downside risk over time, the Fund
also may experience lesser gains in a rising market. The Fund is not required to engage in
trades that manage volatility and may not choose to do so. The Fund may have investments
that appreciate or decrease significantly in value over short periods of time. This may cause
the Fund’s net asset value per share to experience significant increases or declines
in value over short periods of time. |
|
| Redwood Managed Volatility Fund | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of debt securities,
real estate industry, or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed end fund’s or an ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
|
| Redwood Managed Volatility Fund | Active Trading Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | Fixed Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
|
| Redwood Managed Volatility Fund | Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Swap
Risk. Swap agreements are subject to the
risk that the counterparty to the swap will default on its obligation to pay the Fund and
the risk that the Fund will not be able to meet its obligations to pay the counterparty to
the swap. In addition, there is the risk that a swap may be terminated by the Fund or the
counterparty in accordance with its terms. If a swap were to terminate, the Fund may be unable
to implement its investment strategies and the Fund may not be able to seek to achieve its
investment objective. |
| ○ | Total
Return Swaps Risk. Total return swap agreements may effectively add leverage to the Fund’s
portfolio because, in addition to its total net assets, the Fund would be subject to investment
exposure on the notional amount of the swap. The primary risks associated with total returns
swaps are credit risks (if the counterparty fails to meet its obligations) and market risk
(if there is no liquid market for the agreement or unfavorable changes occur to the underlying
asset). |
|
| Redwood Managed Volatility Fund | Total Return Swaps Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ○ | Total
Return Swaps Risk. Total return swap agreements may effectively add leverage to the Fund’s
portfolio because, in addition to its total net assets, the Fund would be subject to investment
exposure on the notional amount of the swap. The primary risks associated with total returns
swaps are credit risks (if the counterparty fails to meet its obligations) and market risk
(if there is no liquid market for the agreement or unfavorable changes occur to the underlying
asset). |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | Borrowing Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Borrowing
Risk. Borrowing for investment purposes creates leverage, which may increase the volatility
of the Fund. Additionally, money borrowed will be subject to certain costs, such as commitment
fees and the cost of maintaining minimum average balances, as well as interest. Unless the
income and capital appreciation, if any, on securities acquired with borrowed funds exceed
the costs of borrowing, the use of leverage will diminish the investment performance of the
Fund. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | Credit Default Swaps Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Credit
Default Swaps Risk. A credit default swap enables an investor to buy or sell protection
against a credit event with respect to an issuer. Credit default swaps involve risks because
they are difficult to value, are highly susceptible to liquidity and credit risk, and generally
pay a return to the party that has paid the premium only in the event of an actual default
by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication
of financial difficulty). The Fund bears the loss of the amount expected to be received under
a swap agreement in the event of the default or bankruptcy of a swap counterparty. The maximum
risk of loss for sell protection on a credit default swap is the notional value of the total
underlying amount of the swap. |
|
| Redwood Managed Volatility Fund | 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 or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in the credit rating of a debt security held by the
Fund could have a similar effect. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | 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 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. |
|
| Redwood Managed Volatility Fund | Leveraging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
|
| Redwood Managed Volatility Fund | 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. 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 on their resale and other factors. For example, with respect to the
Fund’s investment in closed-end interval or tender offer funds, there may not be a
secondary market for the shares and limited liquidity is provided only through the Fund’s
regular or other board approved repurchase offers. There is no guarantee that the Fund will
be able to sell all of the shares it desires in a repurchase offer. 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. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | 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. Recently, the SEC proposed amendments to money market fund rules
that are 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. |
|
| Redwood Managed Volatility Fund | Real Estate Investment Trusts (“REITs”) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general, such as changes in interest rates, real estate
values and property taxes, cash flows of underlying real estate assets, and the management
skill and creditworthiness of the issuer. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Internal Revenue Code of 1986, as amended. |
|
| Redwood Managed Volatility Fund | Swaptions Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Swaptions
Risk. A swaptions is an options contract on a swap agreement. These transactions give
a party the right (but not the obligation) to enter into new swap agreements or to shorten,
extend, cancel or otherwise modify an existing swap agreement at some designated future time
on specified terms, in return for payment of the purchase price (the “premium”)
of the option. The Fund may write (sell) and purchase put and call swaptions to the same
extent it may make use of standard options on securities or other instruments. The writer
of the contract receives the premium and bears the risk of unfavorable changes in the market
value on the underlying swap agreement. Swaptions can be bundled and sold as a package. These
are commonly called interest rate caps, floors and collars. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | U.S. Government Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | U.S.
Government Securities Risk. Treasury obligations may differ in their interest rates,
maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies
and authorities are supported by varying degrees of credit but generally are not backed by
the full faith and credit of the U.S. Government. No assurance can be given that the U.S.
Government will provide financial support to its agencies and authorities if it is not obligated
by law to do so. In addition, the value of U.S. Government securities may be affected by
changes in the credit rating of the U.S. Government. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Volatility Fund | 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. |
|
| Redwood Managed Municipal Income Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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. The
Fund is not intended to be a complete investment program but rather one component of a diversified investment portfolio. 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.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through investments in underlying
funds.
| ● | 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 equities market 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.
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
| ● | Municipal
Bond Risk. The issuers of municipal bonds in which the Fund may invest may be affected
significantly by the economic, regulatory or political developments affecting the ability
of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuers
at the time of issuance, exempt from federal income tax to pay interest or repay principal.
For example, the novel coronavirus (COVID-19) has significantly stressed the financial resources
of many municipal issuers, which may impair a municipal issuer’s ability to meet its
financial obligations when due and could adversely impact the value of its bonds, which could
negatively impact the performance of the Fund. Municipal bond income could become taxable
in the future and/or investments in bonds subject to the alternative minimum tax may result
in tax liability for shareholders. |
| ● | 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. |
| ● | High
Yield Fixed Income Securities (“Junk Bonds”) 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 debt 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. |
| ● | 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. |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of debt securities,
real estate industry or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed-end fund’s or ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
| ● | 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. |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
| ● | Borrowing
Risk. Borrowing for investment purposes creates leverage, which may increase the volatility
of the Fund. Additionally, money borrowed will be subject to certain costs, such as commitment
fees and the cost of maintaining minimum average balances, as well as interest. Unless the
income and capital appreciation, if any, on securities acquired with borrowed funds exceed
the costs of borrowing, the use of leverage will diminish the investment performance of the
Fund.] |
| ● | 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. |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. The risk that the Fund’s counterparty to an over-the-counter derivative
contract, such as a total return swap, may be unable or unwilling to make timely principal,
interest or settlement payments, or otherwise to honor its obligations. Counterparty risk
is a type of credit risk. |
| ● | Credit
Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income
security or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in the credit rating of a debt security held by the
Fund could have a similar effect. |
| ● | 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. |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest may be more volatile than
other instruments and may be subject to unanticipated market movements, which are potentially
unlimited. The risks associated with investments in derivatives also include leverage, liquidity,
interest rate, market, credit and management risks, mispricing or improper valuation. Certain
derivatives require the Fund to pledge cash or liquid securities as margin or collateral,
a form of security deposit intended to protect against nonperformance of the derivatives
contract. The Fund may have to post additional margin or collateral if the value of the derivative
position changes in a manner adverse to the Fund. Changes in the market value of a derivative
may not correlate perfectly with the underlying asset, rate or index, and the Fund could
lose more than the principal amount invested. Changes in regulations relating to a fund’s
use of derivatives and related instruments may make derivatives more costly, limit the availability
of derivatives, or otherwise adversely affect the value or performance of derivatives and
the Fund. In addition, if a derivative is being used for hedging purposes there can be no
assurance given that each derivative position will achieve a perfect correlation with the
security or currency against which it is being hedged, or that a particular derivative position
will be available when sought by the portfolio manager. |
| ● | 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. |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
| ● | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. Securities of
companies with smaller market capitalizations or securities with substantial market and/or
credit risk tend to have the greatest exposure to liquidity risk. There is no guarantee that
the Fund will be able to sell all of the shares it desires in a repurchase offer. |
| ● | 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. |
| ● | 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. Recently, the SEC proposed amendments to money market fund rules that are 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. |
| ● | 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
| ● | Real
Estate Investment Trusts(“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general such as changes in interest rates, real estate
values and property taxes, cash flows of underlying real estate assets, and the management
skill and creditworthiness of the issuer. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Code. |
| ● | 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. |
| ● | Swap
Risk. Swap agreements are subject to the risk that the counterparty to the swap will
default on its obligation to pay the Fund and the risk that the Fund will not be able to
meet its obligations to pay the counterparty to the swap. In addition, there is the risk
that a swap may be terminated by the Fund or the counterparty in accordance with its terms.
If a swap were to terminate, the Fund may be unable to implement its investment strategies
and the Fund may not be able to seek to achieve its investment objective. |
| ● | Taxability
Risk. There is no guarantee that all of the Fund’s income from municipal investments
will remain exempt from federal or state or local income taxes. Income from municipal bonds
held by the Fund or an underlying fund in which it invests could be declared taxable because
of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service
or state tax authorities, or non-compliant conduct of a bond issuer. The Fund or an underlying
fund in which it invests may sell securities that lose their tax-exempt statuses at inopportune
times, which may cause tax consequences or a decrease in the Fund’s value. In order
to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure
to meet such requirements may cause the interest received and distributed by the Fund to
shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out
exempt-interest dividends to its shareholders, the income distributions resulting from all
of its investments, including its municipal securities, may be subject to federal income
tax when received by shareholders. |
| ● | 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. |
| ● | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood Managed Municipal Income Fund | 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 equities market 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. |
| Redwood Managed Municipal Income Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest may be more volatile than
other instruments and may be subject to unanticipated market movements, which are potentially
unlimited. The risks associated with investments in derivatives also include leverage, liquidity,
interest rate, market, credit and management risks, mispricing or improper valuation. Certain
derivatives require the Fund to pledge cash or liquid securities as margin or collateral,
a form of security deposit intended to protect against nonperformance of the derivatives
contract. The Fund may have to post additional margin or collateral if the value of the derivative
position changes in a manner adverse to the Fund. Changes in the market value of a derivative
may not correlate perfectly with the underlying asset, rate or index, and the Fund could
lose more than the principal amount invested. Changes in regulations relating to a fund’s
use of derivatives and related instruments may make derivatives more costly, limit the availability
of derivatives, or otherwise adversely affect the value or performance of derivatives and
the Fund. In addition, if a derivative is being used for hedging purposes there can be no
assurance given that each derivative position will achieve a perfect correlation with the
security or currency against which it is being hedged, or that a particular derivative position
will be available when sought by the portfolio manager. |
|
| Redwood Managed Municipal Income Fund | High Yield Fixed Income Securities (“Junk Bonds”) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | High
Yield Fixed Income Securities (“Junk Bonds”) 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 debt 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. |
|
| Redwood Managed Municipal Income Fund | Counterparty Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. The risk that the Fund’s counterparty to an over-the-counter derivative
contract, such as a total return swap, may be unable or unwilling to make timely principal,
interest or settlement payments, or otherwise to honor its obligations. Counterparty risk
is a type of credit risk. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
|
| Redwood Managed Municipal Income Fund | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of debt securities,
real estate industry or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed-end fund’s or ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
|
| Redwood Managed Municipal Income Fund | Active Trading Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | Rules-Based Strategy Risk [Member] |
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| 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. |
|
| Redwood Managed Municipal Income Fund | Fixed Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
|
| Redwood Managed Municipal Income Fund | Swap Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Swap
Risk. Swap agreements are subject to the risk that the counterparty to the swap will
default on its obligation to pay the Fund and the risk that the Fund will not be able to
meet its obligations to pay the counterparty to the swap. In addition, there is the risk
that a swap may be terminated by the Fund or the counterparty in accordance with its terms.
If a swap were to terminate, the Fund may be unable to implement its investment strategies
and the Fund may not be able to seek to achieve its investment objective. |
|
| Redwood Managed Municipal Income Fund | Asset Allocation Risk [Member] |
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| 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. |
|
| Redwood Managed Municipal Income Fund | Borrowing Risk [Member] |
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| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Borrowing
Risk. Borrowing for investment purposes creates leverage, which may increase the volatility
of the Fund. Additionally, money borrowed will be subject to certain costs, such as commitment
fees and the cost of maintaining minimum average balances, as well as interest. Unless the
income and capital appreciation, if any, on securities acquired with borrowed funds exceed
the costs of borrowing, the use of leverage will diminish the investment performance of the
Fund.] |
|
| Redwood Managed Municipal Income Fund | Cash Positions Risk [Member] |
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| 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. |
|
| Redwood Managed Municipal Income Fund | Credit Risk [Member] |
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| 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 or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in the credit rating of a debt security held by the
Fund could have a similar effect. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | Gap Risk [Member] |
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| 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. |
|
| Redwood Managed Municipal Income Fund | Leveraging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
|
| Redwood Managed Municipal Income Fund | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. Securities of
companies with smaller market capitalizations or securities with substantial market and/or
credit risk tend to have the greatest exposure to liquidity risk. There is no guarantee that
the Fund will be able to sell all of the shares it desires in a repurchase offer. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | 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. Recently, the SEC proposed amendments to money market fund rules that are 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. |
|
| Redwood Managed Municipal Income Fund | Real Estate Investment Trusts (“REITs”) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts(“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general such as changes in interest rates, real estate
values and property taxes, cash flows of underlying real estate assets, and the management
skill and creditworthiness of the issuer. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Code. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | 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. |
|
| Redwood Managed Municipal Income Fund | Municipal Bond Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Municipal
Bond Risk. The issuers of municipal bonds in which the Fund may invest may be affected
significantly by the economic, regulatory or political developments affecting the ability
of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuers
at the time of issuance, exempt from federal income tax to pay interest or repay principal.
For example, the novel coronavirus (COVID-19) has significantly stressed the financial resources
of many municipal issuers, which may impair a municipal issuer’s ability to meet its
financial obligations when due and could adversely impact the value of its bonds, which could
negatively impact the performance of the Fund. Municipal bond income could become taxable
in the future and/or investments in bonds subject to the alternative minimum tax may result
in tax liability for shareholders. |
|
| Redwood Managed Municipal Income Fund | Taxability Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Taxability
Risk. There is no guarantee that all of the Fund’s income from municipal investments
will remain exempt from federal or state or local income taxes. Income from municipal bonds
held by the Fund or an underlying fund in which it invests could be declared taxable because
of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service
or state tax authorities, or non-compliant conduct of a bond issuer. The Fund or an underlying
fund in which it invests may sell securities that lose their tax-exempt statuses at inopportune
times, which may cause tax consequences or a decrease in the Fund’s value. In order
to pay tax-exempt interest, tax-exempt securities must meet certain legal requirements. Failure
to meet such requirements may cause the interest received and distributed by the Fund to
shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out
exempt-interest dividends to its shareholders, the income distributions resulting from all
of its investments, including its municipal securities, may be subject to federal income
tax when received by shareholders. |
|
| Redwood Managed Municipal Income Fund | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood AlphaFactor Tactical International Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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. The Fund is not intended to be a
complete investment program but rather one component of a diversified investment portfolio. 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.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through investments in underlying
funds
| ● | 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. |
| ● | 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 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 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. |
| ● | 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
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 equities 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 the securities market
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 distribution. 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.
| ● | 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. |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
| ● | 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 changing
economic, political or market conditions. |
| ● | Index
Risk. The Fund is substantially managed with a passive investment strategy, that attempts
to track the performance of the International Index. As a result, the Fund expects to hold
constituent securities of the International Index regardless of their current or projected
performance, although the Fund may adopt a temporary defensive position in response to adverse
market, economic, political or other conditions and may also hold securities not in the International
Index. The Fund does not utilize an investing 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. The composition of an emerging market
index generally will not weigh individual securities by investor protection considerations.
Therefore, to the extent the Fund tracks an emerging market index, it could invest in companies
that lack transparency and other investor protections. In addition, the Fund’s return
may not match or achieve a high degree of correlation with the return of the International
Index due to operating expenses, transaction costs, and cash flows. |
| ● | Quantitative
Investing Risk. The value of securities or other investments selected using quantitative
analysis can perform differently from the market as a whole or from their expected performance.
This may be as a result of the factors used in building the multifactor quantitative model,
the weights placed on each factor, the accuracy of historical data supplied by third parties,
and changing sources of market returns. 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. |
| ● | 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. |
| ● | 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. |
| ● | 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. |
| ● | American
Depositary Receipts Risk. ADRs may involve many of the same risks as direct investments
in foreign securities, including currency exchange fluctuations, less liquidity and more
volatility, governmental regulations, and the potential for political and economic instability.
Certain countries may limit the ability to convert ADRs into the underlying foreign securities
and vice versa, which may cause the securities of the foreign company to trade at a discount
or premium to the market price of the related ADR. |
| ● | 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. |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest in order to better track
the Index may be more volatile than other instruments and may be subject to unanticipated
market movements, which are potentially unlimited. The risks associated with investments
in derivatives also include leverage, liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Certain derivatives require the Fund to pledge cash
or liquid securities as margin or collateral, a form of security deposit intended to protect
against nonperformance of the derivative contract. The Fund may have to post additional margin
or collateral if the value of the derivative position changes in a manner adverse to the
Fund. Changes in the market value of a derivative may not correlate perfectly with the underlying
asset, rate or index, and the Fund could lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In addition, if a derivative
is being used for hedging purposes there can be no assurance given that each derivative position
will achieve a perfect correlation with the security or currency against which it is being
hedged, or that a particular derivative position will be available when sought by the portfolio
manager. |
| ● | 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. |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
| ● | Foreign
Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents,
and securities depositories appointed by the Fund’s custodian (each a “Foreign
Custodian”). Some Foreign Custodians may be recently organized or new to the foreign
custody business. In some countries, Foreign Custodians may be subject to little or no regulatory
oversight over or independent evaluation of their operations. Further, the laws of certain
countries may place limitations on the Fund’s ability to recover its assets if a Foreign
Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater
custody risks than investments in more developed markets. Custody services in emerging market
countries are very often undeveloped and may be considerably less well-regulated than in
more developed countries, and thus may not afford the same level of investor protection as
would apply in developed countries. |
| ● | 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. |
| ● | Geographic
and Sector Risk. The risk that if the Fund invests a significant portion of its total
assets in certain issuers within the same geographic region or economic sector, an adverse
economic, business or political development or natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crises,
affecting that region or sector may affect the value of the Fund’s investments more
than if the Fund’s investments were not so concentrated. |
| ● | 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. |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company which may include, but is not limited to, those of, debt securities,
real estate industry or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed-end fund’s or an ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
| ● | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. There is no guarantee
that the Fund will be able to sell all of the shares it desires in a repurchase offer. 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. |
| ● | 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. Recently, the SEC proposed
amendments to money market fund rules that are 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. |
| ● | 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, such as higher transactional
and brokerage costs, that may result in lower investment returns. High portfolio turnover
may also result in higher short-term capital gains taxable to shareholders. |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Code. |
| ● | 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. |
| ● | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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 equities 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 the securities market
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 distribution. 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. |
| Redwood AlphaFactor Tactical International Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest in order to better track
the Index may be more volatile than other instruments and may be subject to unanticipated
market movements, which are potentially unlimited. The risks associated with investments
in derivatives also include leverage, liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Certain derivatives require the Fund to pledge cash
or liquid securities as margin or collateral, a form of security deposit intended to protect
against nonperformance of the derivative contract. The Fund may have to post additional margin
or collateral if the value of the derivative position changes in a manner adverse to the
Fund. Changes in the market value of a derivative may not correlate perfectly with the underlying
asset, rate or index, and the Fund could lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In addition, if a derivative
is being used for hedging purposes there can be no assurance given that each derivative position
will achieve a perfect correlation with the security or currency against which it is being
hedged, or that a particular derivative position will be available when sought by the portfolio
manager. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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, such as higher transactional
and brokerage costs, that may result in lower investment returns. High portfolio turnover
may also result in higher short-term capital gains taxable to shareholders. |
|
| Redwood AlphaFactor Tactical International Fund | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company which may include, but is not limited to, those of, debt securities,
real estate industry or other sectors, mortgage loans and participations and illiquid securities.
A Fund may also incur brokerage costs when it purchases and sells shares of investment companies.
An exchange-traded closed-end fund’s or an ETF’s shares could trade at a significant
premium or discount to its net asset value (NAV). |
|
| Redwood AlphaFactor Tactical International Fund | Active Trading Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Active
Trading Risk. A higher portfolio turnover due to active and frequent trading will result
in higher transaction and brokerage costs that may result in lower investment returns. 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | Fixed Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | Leveraging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral or regulatory requirements resulting in increased volatility of returns. Leverage,
including borrowing, may cause the Fund to be more volatile than if the Fund had not been
leveraged. |
|
| Redwood AlphaFactor Tactical International Fund | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. There is no guarantee
that the Fund will be able to sell all of the shares it desires in a repurchase offer. 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. Recently, the SEC proposed
amendments to money market fund rules that are 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. |
|
| Redwood AlphaFactor Tactical International Fund | Real Estate Investment Trusts (“REITs”) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
REITs will make a Fund more susceptible to risks associated with the ownership of real estate
and with the real estate industry in general. REITs may be less diversified than other pools
of securities, may have lower trading volumes and may be subject to more abrupt or erratic
price movements than the overall securities markets. REITs are also subject to heavy cash
flow dependency, defaults by borrowers, self-liquidation, interest rate risks (especially
mortgage REITS), liquidity risk, and the possibility of failing to qualify for special tax
treatment under the Code. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood AlphaFactor Tactical International Fund | Index Tracking Error Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
|
| Redwood AlphaFactor Tactical International Fund | Foreign (Non-U.S.) Investment Risk [Member] |
|
| 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 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 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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 changing
economic, political or market conditions. |
|
| Redwood AlphaFactor Tactical International Fund | Index Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Index
Risk. The Fund is substantially managed with a passive investment strategy, that attempts
to track the performance of the International Index. As a result, the Fund expects to hold
constituent securities of the International Index regardless of their current or projected
performance, although the Fund may adopt a temporary defensive position in response to adverse
market, economic, political or other conditions and may also hold securities not in the International
Index. The Fund does not utilize an investing 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. The composition of an emerging market
index generally will not weigh individual securities by investor protection considerations.
Therefore, to the extent the Fund tracks an emerging market index, it could invest in companies
that lack transparency and other investor protections. In addition, the Fund’s return
may not match or achieve a high degree of correlation with the return of the International
Index due to operating expenses, transaction costs, and cash flows. |
|
| Redwood AlphaFactor Tactical International Fund | Quantitative Investing Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Quantitative
Investing Risk. The value of securities or other investments selected using quantitative
analysis can perform differently from the market as a whole or from their expected performance.
This may be as a result of the factors used in building the multifactor quantitative model,
the weights placed on each factor, the accuracy of historical data supplied by third parties,
and changing sources of market returns. 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | American Depositary Receipts Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | American
Depositary Receipts Risk. ADRs may involve many of the same risks as direct investments
in foreign securities, including currency exchange fluctuations, less liquidity and more
volatility, governmental regulations, and the potential for political and economic instability.
Certain countries may limit the ability to convert ADRs into the underlying foreign securities
and vice versa, which may cause the securities of the foreign company to trade at a discount
or premium to the market price of the related ADR. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | Foreign Custody Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Foreign
Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents,
and securities depositories appointed by the Fund’s custodian (each a “Foreign
Custodian”). Some Foreign Custodians may be recently organized or new to the foreign
custody business. In some countries, Foreign Custodians may be subject to little or no regulatory
oversight over or independent evaluation of their operations. Further, the laws of certain
countries may place limitations on the Fund’s ability to recover its assets if a Foreign
Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater
custody risks than investments in more developed markets. Custody services in emerging market
countries are very often undeveloped and may be considerably less well-regulated than in
more developed countries, and thus may not afford the same level of investor protection as
would apply in developed countries. |
|
| Redwood AlphaFactor Tactical International Fund | Geographic And Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Geographic
and Sector Risk. The risk that if the Fund invests a significant portion of its total
assets in certain issuers within the same geographic region or economic sector, an adverse
economic, business or political development or natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crises,
affecting that region or sector may affect the value of the Fund’s investments more
than if the Fund’s investments were not so concentrated. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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 |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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 |
|
| Redwood AlphaFactor Tactical International Fund | 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 |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood AlphaFactor Tactical International Fund | 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). |
|
| Redwood AlphaFactor Tactical International Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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. The Fund is not intended to be a
complete investment program but rather one component of a diversified investment portfolio. 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.
The
Fund may be subject to the risks described below through its own direct investments and indirectly through investments in underlying
funds.
| ● | 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, recession,
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 equities markets or adverse 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. 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 changing
economic, political or market conditions. |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest in order to better track
the Index may be more volatile than other instruments and may be subject to unanticipated
market movements, which are potentially unlimited. The risks associated with investments
in derivatives also include leverage, liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Certain derivatives require the Fund to pledge cash
or liquid securities as margin or collateral, a form of security deposit intended to protect
against nonperformance of the derivative contract. The Fund may have to post additional margin
or collateral if the value of the derivative position changes in a manner adverse to the
Fund. Changes in the market value of a derivative may not correlate perfectly with the underlying
asset, rate or index, and the Fund could lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In addition, if a derivative
is being used for hedging purposes there can be no assurance given that each derivative position
will achieve a perfect correlation with the security or currency against which it is being
hedged, or that a particular derivative position will be available when sought by the portfolio
manager. |
| ● | 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. |
| ● | Quantitative
Investing Risk. The value of securities or other investments selected using quantitative
analysis can perform differently from the market as a whole or from their expected performance.
This may be as a result of the factors used in building the multifactor quantitative model,
the weights placed on each factor, the accuracy of historical data supplied by third parties,
and changing sources of market returns. 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. |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. The risk that the Fund’s counterparty to an over-the-counter derivative
contract, such as a total return swap, may be unable or unwilling to make timely principal,
interest or settlement payments, or otherwise to honor its obligations. Counterparty risk
is a type of credit risk. |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. 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. 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. |
| ● | 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 debt 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
then the market for investment-grade fixed income securities. |
| ● | 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. |
| ● | 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 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 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. |
| ● | 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. |
| ● | 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. |
| ● | Borrowing
Risk. Borrowing may exaggerate changes in the net asset value of Fund shares and in the
return on the Fund’s portfolio. Borrowing will cost the Fund interest expense and other
fees. The costs of borrowing may reduce the Fund’s return. Borrowing may cause the
Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. |
| ● | Credit
Risk. The risk that the Fund could lose money if the issuer or guarantor of a fixed income
security or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in credit rating of a debt security held by the Fund
could have a similar effect. |
| ● | 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. 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. |
| ● | 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 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. |
| ● | Geographic
and Sector Risk. The risk that if the Fund invests a significant portion of its total
assets in certain issuers within the same geographic region or economic sector, an adverse
economic, business or political development or natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crises,
affecting that region or sector may affect the value of the Fund’s investments more
than if the Fund’s investments were not so concentrated. |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of those of,
debt securities, real estate industry or other sectors, mortgage loans and participations
and illiquid securities. A Fund may also incur brokerage costs when it purchases and sells
shares of investment companies. An exchange-traded closed-end fund’s or an ETF’s
shares could trade at a significant premium or discount to its net asset value (NAV). The
Fund may invest in inverse ETFs, which may result in increased volatility and will magnify
the Fund’s losses or gains. During periods of market volatility, inverse ETFs may not
perform as expected. |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral requirements or regulatory requirements resulting in increased volatility of
returns. Leverage, including borrowing, may cause the Fund to be more volatile than if the
Fund had not been leveraged. |
| ● | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. There is no guarantee
that the Fund will be able to sell all of the shares it desires in a repurchase offer. 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
Capitalization Risk. The Fund’s anticipated weighting towards small-sized companies
subjects the Fund to the risk that 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. 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.
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. |
| ● | 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. Recently, the SEC proposed amendments to money market fund rules that are 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. |
| ● | 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
| ● | Preferred
Securities Risk. Preferred securities can decrease in value for a variety of reasons,
including decreases in response to the activities of an individual company or in response
to general market and/or economic conditions. The market value of all securities, including
preferred securities, is based upon the market’s perception of value and not necessarily
the book value of an issuer or other objective measures of a company’s worth. Preferred
securities may be less liquid than common securities and may be subject to more fluctuations
in market value, due to changes in market participants’ perceptions of the issuer’s
ability to continue to pay dividends, than debts of the same issuer. |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
real estate investment trusts (REITs) will make a Fund more susceptible to risks associated
with the ownership of real estate and with the real estate industry in general, such as changes
in interest rates, real estate values and property taxes, cash flows of underlying real estate
assets, and the management skill and creditworthiness of the issuer. REITs may be less diversified
than other pools of securities, may have lower trading volumes and may be subject to more
abrupt or erratic price movements than the overall securities markets. REITs are also subject
to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks
(especially mortgage REITS), liquidity risk, and the possibility of failing to qualify for
special tax treatment under the Code. |
| ● | Swap
Risk. Swap agreements are subject to the risk that the counterparty to the swap will
default on its obligation to pay the Fund and the risk that the Fund will not be able to
meet its obligations to pay the counterparty to the swap. In addition, there is the risk
that a swap may be terminated by the Fund or the counterparty in accordance with its terms.
If a swap were to terminate, the Fund may be unable to implement its investment strategies
and the Fund may not be able to seek to achieve its investment objective. |
| ● | 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. |
| ● | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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, recession,
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 equities markets or adverse 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. 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. |
| Redwood Systematic Macro Trend ("SMarT") Fund | Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Derivatives
Risk. The derivative instruments in which the Fund may invest in order to better track
the Index may be more volatile than other instruments and may be subject to unanticipated
market movements, which are potentially unlimited. The risks associated with investments
in derivatives also include leverage, liquidity, interest rate, market, credit and management
risks, mispricing or improper valuation. Certain derivatives require the Fund to pledge cash
or liquid securities as margin or collateral, a form of security deposit intended to protect
against nonperformance of the derivative contract. The Fund may have to post additional margin
or collateral if the value of the derivative position changes in a manner adverse to the
Fund. Changes in the market value of a derivative may not correlate perfectly with the underlying
asset, rate or index, and the Fund could lose more than the principal amount invested. Changes
in regulations relating to a fund’s use of derivatives and related instruments may
make derivatives more costly, limit the availability of derivatives, or otherwise adversely
affect the value or performance of derivatives and the Fund. In addition, if a derivative
is being used for hedging purposes there can be no assurance given that each derivative position
will achieve a perfect correlation with the security or currency against which it is being
hedged, or that a particular derivative position will be available when sought by the portfolio
manager. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Counterparty Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Counterparty
Risk. The stability and liquidity of many derivative transactions depends in large part
on the creditworthiness of the parties to the transactions. If a counterparty to such a transaction
defaults, exercising contractual rights may involve delays or costs for the Fund. Furthermore,
there is a risk that a counterparty could become the subject of insolvency proceedings, and
that the recovery of securities and other assets from such counterparty will be delayed or
be of a value less than the value of the securities or assets originally entrusted to such
counterparty. The risk that the Fund’s counterparty to an over-the-counter derivative
contract, such as a total return swap, may be unable or unwilling to make timely principal,
interest or settlement payments, or otherwise to honor its obligations. Counterparty risk
is a type of credit risk. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. High portfolio turnover may also result in higher short-term capital
gains taxable to shareholders. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Investment Companies Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Investment
Companies Risk. When a Fund invests in other investment companies (including open-end
mutual funds, closed-end 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 will be indirectly exposed to the risks of the portfolio assets held by
the other investment company, which may include, but is not limited to, those of those of,
debt securities, real estate industry or other sectors, mortgage loans and participations
and illiquid securities. A Fund may also incur brokerage costs when it purchases and sells
shares of investment companies. An exchange-traded closed-end fund’s or an ETF’s
shares could trade at a significant premium or discount to its net asset value (NAV). The
Fund may invest in inverse ETFs, which may result in increased volatility and will magnify
the Fund’s losses or gains. During periods of market volatility, inverse ETFs may not
perform as expected. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Fixed Income Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Fixed
Income Securities Risk. When the Fund invests in fixed income securities (or derivatives),
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 or derivatives
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. 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. 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Swap
Risk. Swap agreements are subject to the risk that the counterparty to the swap will
default on its obligation to pay the Fund and the risk that the Fund will not be able to
meet its obligations to pay the counterparty to the swap. In addition, there is the risk
that a swap may be terminated by the Fund or the counterparty in accordance with its terms.
If a swap were to terminate, the Fund may be unable to implement its investment strategies
and the Fund may not be able to seek to achieve its investment objective. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Borrowing Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Borrowing
Risk. Borrowing may exaggerate changes in the net asset value of Fund shares and in the
return on the Fund’s portfolio. Borrowing will cost the Fund interest expense and other
fees. The costs of borrowing may reduce the Fund’s return. Borrowing may cause the
Fund to liquidate positions when it may not be advantageous to do so to satisfy its obligations. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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 or a derivative contract is unwilling or unable to make timely payments to meet
its contractual obligations. Changes in credit rating of a debt security held by the Fund
could have a similar effect. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Leveraging Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Leveraging
Risk. To the extent the Fund uses leveraging techniques, its net asset value may be more
volatile because leverage tends to exaggerate the effect of changes in interest rates and
any increase or decrease in the value of the Fund’s investments. Leverage risk is created
when an investment exposes the Fund to a level of risk that exceeds the amount invested.
The use of certain derivatives may increase leveraging risk and adverse changes in the value
or level of the underlying asset, rate, or index may result in a loss substantially greater
than the amount paid for the derivative. The use of leverage may exaggerate any increase
or decrease in the net asset value, causing the Fund to be more volatile and small changes
in the value of the underlying instrument may produce disproportionate losses to the Fund.
The use of leverage may increase expenses and increase the impact of a Fund’s other
risks. The use of leverage may cause the Fund to liquidate portfolio positions when it may
not be advantageous to do so in order to satisfy its obligations, to meet additional margin
or collateral requirements or regulatory requirements resulting in increased volatility of
returns. Leverage, including borrowing, may cause the Fund to be more volatile than if the
Fund had not been leveraged. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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 on their resale and other factors. For example,
with respect to the Fund’s investment in closed-end interval or tender offer funds,
there may not be a secondary market for the shares and limited liquidity is provided only
through the Fund’s regular or other board approved repurchase offers. There is no guarantee
that the Fund will be able to sell all of the shares it desires in a repurchase offer. 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. Recently, the SEC proposed amendments to money market fund rules that are 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. |
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| Redwood Systematic Macro Trend ("SMarT") Fund | Real Estate Investment Trusts (“REITs”) Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Real
Estate Investment Trusts (“REITs”) Risk. There is risk that investments in
real estate investment trusts (REITs) will make a Fund more susceptible to risks associated
with the ownership of real estate and with the real estate industry in general, such as changes
in interest rates, real estate values and property taxes, cash flows of underlying real estate
assets, and the management skill and creditworthiness of the issuer. REITs may be less diversified
than other pools of securities, may have lower trading volumes and may be subject to more
abrupt or erratic price movements than the overall securities markets. REITs are also subject
to heavy cash flow dependency, defaults by borrowers, self-liquidation, interest rate risks
(especially mortgage REITS), liquidity risk, and the possibility of failing to qualify for
special tax treatment under the Code. |
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| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
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| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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 events or factors that affect industries, sectors or markets generally or
that affect a particular investment, 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Foreign (Non-U.S.) Investment Risk [Member] |
|
| 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 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 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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 changing
economic, political or market conditions. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Quantitative Investing Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Quantitative
Investing Risk. The value of securities or other investments selected using quantitative
analysis can perform differently from the market as a whole or from their expected performance.
This may be as a result of the factors used in building the multifactor quantitative model,
the weights placed on each factor, the accuracy of historical data supplied by third parties,
and changing sources of market returns. 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Market Capitalization Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Market
Capitalization Risk. The Fund’s anticipated weighting towards small-sized companies
subjects the Fund to the risk that 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. 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.
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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Geographic And Sector Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Geographic
and Sector Risk. The risk that if the Fund invests a significant portion of its total
assets in certain issuers within the same geographic region or economic sector, an adverse
economic, business or political development or natural or other event, including war, terrorism,
natural and environmental disasters, epidemics, pandemics and other public health crises,
affecting that region or sector may affect the value of the Fund’s investments more
than if the Fund’s investments were not so concentrated. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | High Yield Fixed Income Securities (“Junk Bond”) Risk [Member] |
|
| 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 debt 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
then the market for investment-grade fixed income securities. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | 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. |
|
| Redwood Systematic Macro Trend ("SMarT") Fund | Preferred Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| ● | Preferred
Securities Risk. Preferred securities can decrease in value for a variety of reasons,
including decreases in response to the activities of an individual company or in response
to general market and/or economic conditions. The market value of all securities, including
preferred securities, is based upon the market’s perception of value and not necessarily
the book value of an issuer or other objective measures of a company’s worth. Preferred
securities may be less liquid than common securities and may be subject to more fluctuations
in market value, due to changes in market participants’ perceptions of the issuer’s
ability to continue to pay dividends, than debts of the same issuer. |
|