Investment Risks - BTS Tactical Fixed Income Fund
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Apr. 21, 2026 |
| 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. Although the Fund will strive to meet its investment
objective, there is no assurance that it will do so. Many factors affect the Fund’s net asset value and performance.
| · | Credit Default Swap Risk. Credit default swaps are typically two-party financial contracts that
transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic
payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative
credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment
techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty,
concentration and exposure risks. |
| · | Credit Risk. There is a risk that issuers and counterparties will not make payments on securities
and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held
by the Fund may be lowered if an issuer’s financial condition changes. High yield or junk bonds are more susceptible to these risks
than debt of higher quality issuers. In determining the credit quality of fixed income securities, the Fund relies in part upon rating
agencies which assign ratings based on their analysis of the issuer’s financial condition, economic and debt characteristics, and
specific revenue sources securing the bond. There is additional risk that the national credit rating agencies may be wrong in their determination
of an issuer’s financial condition, or the risks associated with a particular security. A change in either the issuer’s credit
rating or the market’s perception of the issuer’s business prospects will affect the value of its outstanding securities.
Ratings are not a recommendation to buy, sell or hold and may be subject to review, revision, suspension or reduction, or may be withdrawn
at any time. |
| · | Derivatives Risk. Even a small investment in derivatives (which include options, futures, swap
contracts and other transactions may give rise to leverage risk, and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk and liquidity risk. |
| · | Exchange Traded Funds (“ETFs”) Risk. In addition to investing in other mutual funds,
the Fund may also invest in ETFs. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in
the ETF and may be higher than other mutual funds that invest directly in bonds. You will indirectly bear fees and expenses charged by
the ETFs in addition to the Fund’s direct fees and expenses. ETFs shares may trade at a discount or premium to their NAV. An additional
risk of investing in ETFs is “Tracking Risk.” That is, investment in the Fund should be made with the understanding that the
ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return
generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition,
the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices
tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs’ ability to track their
applicable indices. |
| · | Fixed Income Risk. When the Fund invests in fixed income securities, derivatives on fixed income
securities or Underlying Funds that invest in fixed income securities, the value of the Fund will fluctuate with changes in interest rates.
Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the fixed income investments
held by the Fund. As a result, for the present, interest rate risk may be heightened. Defaults by fixed income issuers in which the Fund
invests will also harm performance. |
| · | Foreign Risk. The Fund’s performance may depend on issues other than the performance of a
particular company or U.S. market sector. The values of foreign investments may be affected by changes in exchange control regulations,
application of foreign tax laws (including withholding tax) changes in governmental administration or economic or monetary policy (in
this country or abroad) or changed circumstances in dealings between nations. The value of foreign securities is also affected by the
value of the local currency relative to the U.S. dollar. |
| · | High-Yield Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, are speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn
or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds.
The lack of a liquid market for these bonds could decrease the Fund’s share price. |
| · | Issuer-Specific Risk. The value of a specific security can be more volatile than the market as
a whole and can perform differently from the value of the market as a whole. |
| · | Leverage Risk. The use of leverage may exaggerate changes in the Fund’s share price and the
return on its investments. Accordingly, the value of the Fund’s investments may be more volatile and all other risks, including
the risk of loss of an investment, tend to be compounded or magnified. Any losses suffered by a leveraged Underlying Fund or the Fund
as a result of the use of leverage could adversely affect the Fund’s net asset value and an investor could incur a loss in their
investment in the Fund. Borrowing also leads to additional interest expense and other fees that increase the Fund’s expenses. |
| · | Management Risk. The Adviser’s judgments about the attractiveness, value and potential appreciation
of particular security or derivative in which the Fund invests or sells short may prove to be incorrect and may not produce the desired
results. |
| · | Market and Geopolitical Risk. The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in
a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, climate change or climate-related events, pandemics,
epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years, such as such as a worldwide pandemic, terrorist attacks, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects
on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse
impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long any future impacts of the significant events described above would last,
but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money
over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general
market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same
impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. |
| · | Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates.
Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk,
which is the possibility that an issuer of preferred stock will fail to make its dividend payments. |
| · | Short Selling Risk. The Fund may engage in short selling activities and take short positions in
derivatives, which are significantly different from the investment activities commonly associated with conservative fixed income funds. |
| · | Turnover Risk. The Adviser’s strategy results in a significantly high portfolio turnover
rate. A higher portfolio turnover may result in higher transactional and brokerage costs. |
| · | U.S. Government Securities Risk. The Fund may invest in obligations issued by agencies and instrumentalities
of the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities
if it is not legally obligated to do so, in which case, if the issuer defaulted, the Fund might not be able to recover its investment. |
| · | Underlying Fund Risk. Underlying Funds are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly
in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each Underlying Fund is subject
to specific risks, depending on its investments. Certain restrictions of the 1940 Act may limit the Fund’s assets that can be invested
in any one registered Underlying Fund. This limit may prevent the Fund from allocating its investments in the manner the Adviser considers
optimal, or cause the Adviser to select an investment other than that which the Adviser considers optimal. Shares of closed-end funds
may trade at a premium or discount to their net asset value per share. |
|
| Credit Default Swap Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Credit Default Swap Risk. Credit default swaps are typically two-party financial contracts that
transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic
payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative
credit event occurs, such as the bankruptcy or default by the issuer of the underlying debt instrument. The use of CDS involves investment
techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty,
concentration and exposure risks. |
|
| Credit Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Credit Risk. There is a risk that issuers and counterparties will not make payments on securities
and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held
by the Fund may be lowered if an issuer’s financial condition changes. High yield or junk bonds are more susceptible to these risks
than debt of higher quality issuers. In determining the credit quality of fixed income securities, the Fund relies in part upon rating
agencies which assign ratings based on their analysis of the issuer’s financial condition, economic and debt characteristics, and
specific revenue sources securing the bond. There is additional risk that the national credit rating agencies may be wrong in their determination
of an issuer’s financial condition, or the risks associated with a particular security. A change in either the issuer’s credit
rating or the market’s perception of the issuer’s business prospects will affect the value of its outstanding securities.
Ratings are not a recommendation to buy, sell or hold and may be subject to review, revision, suspension or reduction, or may be withdrawn
at any time. |
|
| Derivatives Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Derivatives Risk. Even a small investment in derivatives (which include options, futures, swap
contracts and other transactions may give rise to leverage risk, and can have a significant impact on the Fund’s performance. Derivatives
are also subject to credit risk and liquidity risk. |
|
| Exchange Traded Funds E T Fs Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Exchange Traded Funds (“ETFs”) Risk. In addition to investing in other mutual funds,
the Fund may also invest in ETFs. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in
the ETF and may be higher than other mutual funds that invest directly in bonds. You will indirectly bear fees and expenses charged by
the ETFs in addition to the Fund’s direct fees and expenses. ETFs shares may trade at a discount or premium to their NAV. An additional
risk of investing in ETFs is “Tracking Risk.” That is, investment in the Fund should be made with the understanding that the
ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track because the total return
generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance of the securities. In addition,
the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices. Certain securities comprising the indices
tracked by the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs’ ability to track their
applicable indices. |
|
| Fixed Income Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Fixed Income Risk. When the Fund invests in fixed income securities, derivatives on fixed income
securities or Underlying Funds that invest in fixed income securities, the value of the Fund will fluctuate with changes in interest rates.
Current conditions may result in a rise in interest rates, which in turn may result in a decline in the value of the fixed income investments
held by the Fund. As a result, for the present, interest rate risk may be heightened. Defaults by fixed income issuers in which the Fund
invests will also harm performance. |
|
| Foreign Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Foreign Risk. The Fund’s performance may depend on issues other than the performance of a
particular company or U.S. market sector. The values of foreign investments may be affected by changes in exchange control regulations,
application of foreign tax laws (including withholding tax) changes in governmental administration or economic or monetary policy (in
this country or abroad) or changed circumstances in dealings between nations. The value of foreign securities is also affected by the
value of the local currency relative to the U.S. dollar. |
|
| High Yield Bond Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | High-Yield Bond Risk. Lower-quality bonds, known as “high yield” or “junk”
bonds, are speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn
or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds.
The lack of a liquid market for these bonds could decrease the Fund’s share price. |
|
| Issuer Specific Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Issuer-Specific Risk. The value of a specific security can be more volatile than the market as
a whole and can perform differently from the value of the market as a whole. |
|
| Leverage Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Leverage Risk. The use of leverage may exaggerate changes in the Fund’s share price and the
return on its investments. Accordingly, the value of the Fund’s investments may be more volatile and all other risks, including
the risk of loss of an investment, tend to be compounded or magnified. Any losses suffered by a leveraged Underlying Fund or the Fund
as a result of the use of leverage could adversely affect the Fund’s net asset value and an investor could incur a loss in their
investment in the Fund. Borrowing also leads to additional interest expense and other fees that increase the Fund’s expenses. |
|
| Management Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Management Risk. The Adviser’s judgments about the attractiveness, value and potential appreciation
of particular security or derivative in which the Fund invests or sells short may prove to be incorrect and may not produce the desired
results. |
|
| Market And Geopolitical Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Market and Geopolitical Risk. The increasing interconnectivity between global economies and
financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in
a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation),
interest rates, global demand for particular products or resources, natural disasters, climate change or climate-related events, pandemics,
epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years, such as such as a worldwide pandemic, terrorist attacks, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects
on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets
may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse
impact on the value and risk profile of the Fund. For example, the COVID-19 global pandemic had negative impacts, and in many cases severe
negative impacts, on markets worldwide. It is not known how long any future impacts of the significant events described above would last,
but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money
over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general
market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same
impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment. |
|
| Preferred Stock Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Preferred Stock Risk. The value of preferred stocks will fluctuate with changes in interest rates.
Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk,
which is the possibility that an issuer of preferred stock will fail to make its dividend payments. |
|
| Short Selling Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Short Selling Risk. The Fund may engage in short selling activities and take short positions in
derivatives, which are significantly different from the investment activities commonly associated with conservative fixed income funds. |
|
| Turnover Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Turnover Risk. The Adviser’s strategy results in a significantly high portfolio turnover
rate. A higher portfolio turnover may result in higher transactional and brokerage costs. |
|
| U S Government Securities Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | U.S. Government Securities Risk. The Fund may invest in obligations issued by agencies and instrumentalities
of the U.S. Government. The U.S. Government may choose not to provide financial support to U.S. Government sponsored agencies or instrumentalities
if it is not legally obligated to do so, in which case, if the issuer defaulted, the Fund might not be able to recover its investment. |
|
| Underlying Fund Risk [Member] |
|
| Prospectus [Line Items] |
|
| Risk [Text Block] |
| · | Underlying Fund Risk. Underlying Funds are subject to investment advisory fees and other expenses,
which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly
in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each Underlying Fund is subject
to specific risks, depending on its investments. Certain restrictions of the 1940 Act may limit the Fund’s assets that can be invested
in any one registered Underlying Fund. This limit may prevent the Fund from allocating its investments in the manner the Adviser considers
optimal, or cause the Adviser to select an investment other than that which the Adviser considers optimal. Shares of closed-end funds
may trade at a premium or discount to their net asset value per share. |
|