v3.26.1
Investment Risks - U.S. Defense ETF
Apr. 06, 2026
Equity Market Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Equity Market Risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. Common stocks, such as those held by the Fund, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

 
Defense Industry Investing Risks [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Defense Industry Investing Risks. The Fund may invest in companies operating across a broad range of defense and national-security–related industries, including (i) Defense Systems & Military Platforms; (ii) Defense Technology; (iii) Defense Logistics, Simulation & Mission Support; and (iv) Cybersecurity & Digital Defense Infrastructure. Companies in these sectors may be significantly affected by changes in government defense spending, shifts in national-security priorities, procurement cycles, budgetary constraints, and the modification, delay, or termination of government contracts. These industries are also sensitive to geopolitical developments, including rising global tensions, military conflicts, export controls, sanctions, and limitations on the sale or transfer of sensitive or classified technologies. In addition, companies operating in these segments may face substantial operational, technological, and regulatory risks. Cybersecurity and digital defense firms may experience rapid technological change, intense competition, exposure to security breaches, and reputational harm following cyber incidents. Defense systems, aerospace, and defense-technology companies may incur high research and development costs, experience long production and testing cycles, face supply-chain disruptions, or be subject to rigorous national-security and export-control regulations. Companies developing autonomous, unmanned, or AI-enabled defense platforms may be affected by heightened regulatory scrutiny, evolving ethical and safety standards, and uncertain adoption rates by defense and government customers. These industries may also be influenced by political developments, changes in international alliances, and fluctuations in global defense budgets. As a result, companies in these sectors may exhibit greater volatility and may be more susceptible to adverse economic, regulatory, or geopolitical events than the broader equity market.

 
Sector and Industry Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Sector and Industry Risk. To the extent the Index concentrates in the securities of a particular sector or industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The concentration of the Fund’s portfolio on a specific sector, industry or industry group may present more risks than if the portfolio were broadly diversified over numerous groups of industries. The Fund’s performance may be especially sensitive to developments that significantly affect those sectors and industries.

 
Index Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Index Risk. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted.

 
Natural Language Processing (NLP), including ARTIS® System Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Natural Language Processing (NLP), including ARTIS® System Risk. The Index Provider uses ARTIS®, its proprietary in-house NLP system to assist in the development of the Fund’s Index. ARTIS® analyzes large volumes of textual data, such as company filings, reports and other public information, to identify companies relevant to the Fund’s investment theme. The Index Provider’s description of the investment theme is used by ARTIS® to screen and evaluate companies for potential inclusion in the Index. For ARTIS® to correctly identify companies that reflect the Index’s themes, the investment theme must be accurately and completely described. If the description of the theme is incorrect or incomplete, ARTIS® may identify companies that are not relevant to the Fund’s investment theme or fail to identify companies that are relevant. As a result, securities may be included in or excluded from the Index that would have been excluded or included had the description of the theme been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to also reflect the errors. There is no guarantee that the Index will reflect the theme exposures intended. ARTIS® relies on the integrity of the underlying data; erroneous, incomplete or outdated data could adversely affect the system’s output. 

 
Passive Investment Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Passive Investment Risk. The Fund is not actively managed and does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund’s performance may be adversely affected by a general decline in the market segments relating to its Index. The returns from the types of securities in which the Fund invests may underperform returns from other securities markets or different asset classes. This may cause the Fund to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, fixed-income securities) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.

 
Economic and Market Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Economic and Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics. The imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to volatility and instability in domestic and foreign markets.

 
ETF Risks [Member]  
Prospectus [Line Items]  
Risk [Text Block]

ETF Risks

 
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

 
Costs of Buying or Selling Shares [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

 
Shares May Trade at Prices Other Than NAV [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

 
Trading [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Trading. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

 
Market Capitalization Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Market Capitalization Risk.

 
Large-Capitalization Investing [Member]  
Prospectus [Line Items]  
Risk [Text Block]
  ● Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

 
Mid-Capitalization Investing [Member]  
Prospectus [Line Items]  
Risk [Text Block]
  ● Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

 
Small-Capitalization Investing [Member]  
Prospectus [Line Items]  
Risk [Text Block]
  ● Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

 
Micro-Capitalization Investing [Member]  
Prospectus [Line Items]  
Risk [Text Block]
  ● Micro-Capitalization Investing. Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.

 
Third Party Data Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Third Party Data Risk. The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent (“Third Party Data”). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors.

 
New Fund Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

 
Operational Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund and Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

 
Tracking Error Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in Index Components at all times or may hold securities not included in the Index.

 
Underlying Index Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Underlying Index Risk. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Fund to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Fund and its shareholders.

 
Unrelated Business Risk [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Unrelated Business Risk. Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic defense categories. These other lines of business could adversely affect those firms’ operating results and, in turn, hurt the Fund’s performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the defense businesses. In addition, a particular company’s ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company’s possible success in activities linked to its use of one or more of the defense categories, there can be no assurance that its other lines of business will not adversely affect the company’s business, financial condition, or market value. In addition, a particular company’s unrelated businesses may impact the Fund’s investment returns and it may be difficult to isolate defense-related returns from other return sources.

 
Risk Lose Money [Member]  
Prospectus [Line Items]  
Risk [Text Block] The Fund may not achieve its investment objective and there is a risk that you could lose all of your money invested in the Fund.
Risk Nondiversified Status [Member]  
Prospectus [Line Items]  
Risk [Text Block]

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.