Investment Managers Series Trust
235 W. Galena Street
Milwaukee, Wisconsin 53212
July 12, 2018
VIA EDGAR TRANSMISSION
U.S. Securities and Exchange Commission
Division of Investment Management
100 “F” Street, N.E.
Washington, DC 20549
Re: | Investment Managers Series Trust (the “Trust”) |
File Nos. 333-122901 and 811-21719 on behalf
of LS Theta Fund
Ladies and gentlemen:
On behalf of the Fund, we are filing today through EDGAR, pursuant to the requirements of Rule 497(e) under the Securities Act of 1933, as amended (the “Securities Act”), XBRL interactive data files relating to revised Investments, Risks, and Performance (Item 4 to Form N1-A) in the Prospectus for the Fund, which were filed electronically with the Securities and Exchange Commission pursuant to Rule 497(e) under the Securities Act on June 14, 2018 (Accession No. 0001398344-18-009042). The purpose of this filing is to submit an XBRL interactive data file in the manner provided by Rule 405 of Regulation S-T and General Instruction C.3.(g) of Form N-1A.
If you have any questions or require further information, do not hesitate to contact the undersigned at (626) 914-1360.
Sincerely,
/s/ JOY AUSILI
Joy Ausili
Investment Managers Series Trust
Document and Entity Information |
Total |
---|---|
Document And Entity Information | |
Document Type | 497 |
Document Period End Date | Dec. 31, 2017 |
Registrant Name | Investment Managers Series Trust |
Central Index Key | 0001318342 |
Amendment Flag | false |
Document Creation Date | Jun. 14, 2018 |
Document Effective Date | Jun. 14, 2018 |
Prospectus Date | May 01, 2018 |
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LS Theta Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY SECTION
LS Theta Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The investment objective of the LS Theta Fund (the “Fund”) is to seek to generate current income with a low correlation to the risks and returns of major market indices. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual Fund Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under normal market conditions, the Fund seeks to achieve its investment objective by selling listed short-term put options to generate income to the Fund while also purchasing intermediate-term put options for hedging purposes. The put options sold and purchased by the Fund will primarily be on the S&P 500 Index. If the purchaser of a put option exercises the option, the seller of the put option is obligated to buy the underlying instrument at a specified exercise price. Put options are among the types of instruments commonly referred to as derivatives. The sale of put options generates income for the Fund through the receipt of cash (i.e., premiums), but exposes it to the risk of declines in the value of the underlying assets below the option strike price that are in excess of the income collected. In an effort to protect against significant declines in the value of the underlying assets below the strike price of an option, the Fund will purchase long put options. A long put option gives the purchaser of the option, upon payment of a premium, the right to sell a specified quantity of an underlying asset at a fixed exercise price over a defined period of time.
The Fund’s sale and purchase of put options is designed to generate a positive return in rising and flat equity markets, and may generate a positive return in equity markets that are modestly declining, assuming the net premiums collected from the options written and purchased exceeds the net cost to close the position. In an effort to limit losses in declining equity markets, the Fund may reduce its sale of put options and/or purchase put options with strike prices closer to the strike prices of the put options sold.
The Fund focuses primarily on equity index options which offer both European settlement (i.e., options can only be exercised at their expiration date) and cash settlement (i.e., options carry an obligation by their seller to pay the difference between their strike price and their settlement value instead of allowing the seller to take delivery of securities). However, the Fund reserves the right to use options which offer American settlement (i.e., options can be exercised any time prior to their expiration date) which may allow delivery of underlying stock. While the Fund’s adviser expects that the Fund will primarily write short-term put options (i.e., options that expire in less than 3 weeks) and purchase intermediate-term put options (i.e., options that expire in 3-6 weeks), the Fund reserves the right to utilize options of various expirations. The Fund writes put options with shorter expirations than the put options purchased in an effort to collect more premiums over time from the short-term puts sold than premiums paid on the longer-term puts purchased.
The potential returns of the Fund are generally limited to the amount of cash (premiums) the Fund receives when selling put options, net of any cash (premiums) paid by the Fund to purchase long put options, plus the returns of the fixed income securities in which the Fund invests. The Fund’s sale and purchase of put options may result in the generation of positive returns for the Fund; however, the loss potential if the strategy is not effective may be greater than the profit potential. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions.
The Fund may also invest in fixed income securities to cover the put options it sells and/or to seek its investment objective. The fixed income securities in which the Fund invests may include government and agency debt obligations and investment grade corporate debt obligations (with an average weighted maturity of less than 5 years). The Fund may invest in fixed income securities issued by companies of any market capitalization. The Fund’s adviser evaluates investments in fixed income securities based on credit quality, coupon, allocation needs and diversification requirements.
The Fund will segregate cash and/or other liquid assets in an amount equal to the Fund’s obligations under each put option sold by the Fund so that each option sold will be secured, or “covered”. The Fund’s adviser intends to limit the use of leverage by ensuring that the Fund’s potential obligations from the put options sold will not exceed the Fund’s total net assets.
The Fund’s adviser employs a disciplined portfolio construction process that relies on guidelines to govern capital allocations based on a quantitative methodology designed by the Fund’s adviser to measure the perceived risk of the broad U.S. equity market. In making this determination, the Fund’s adviser considers various factors including but not limited to the overall volatility (rate of change) in the markets. The Fund’s adviser bases allocation decisions on a combination of quantitative risk measures and a qualitative assessment of potential risk/reward scenarios, with the ultimate goals of dampening volatility in the Fund’s portfolio and maintaining adequate portfolio diversification while achieving the Fund’s targeted return potential. The Fund’s adviser evaluates the metrics associated with the valuation of options, including volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the underlying instrument. There can be no guarantee that the strategy of the Fund’s adviser will be successful in this regard. During market conditions in which market volatility rises, the price of options could rise, which, in turn, could have a detrimental effect on the Fund’s performance and achieving its targeted return potential. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risks of Investing | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk is inherent in all investing and you could lose some or the entire principal amount invested in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of two broad-based market indexes. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.lsthetafund.com, or by calling the Fund at 844-854-7843. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Calendar-Year Total Return (before taxes) – Institutional Class Shares For each calendar year at NAV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The year-to-date return for the Fund as of March 31, 2018 was (3.77)%.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns (for Periods Ended December 31, 2017) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Label | Element | Value | |||||||||||||||||||||||||||||||||||||
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Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
Document Type | dei_DocumentType | 497 | |||||||||||||||||||||||||||||||||||||
Document Period End Date | dei_DocumentPeriodEndDate | Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
Registrant Name | dei_EntityRegistrantName | Investment Managers Series Trust | |||||||||||||||||||||||||||||||||||||
Central Index Key | dei_EntityCentralIndexKey | 0001318342 | |||||||||||||||||||||||||||||||||||||
Amendment Flag | dei_AmendmentFlag | false | |||||||||||||||||||||||||||||||||||||
Document Creation Date | dei_DocumentCreationDate | Jun. 14, 2018 | |||||||||||||||||||||||||||||||||||||
Document Effective Date | dei_DocumentEffectiveDate | Jun. 14, 2018 | |||||||||||||||||||||||||||||||||||||
Prospectus Date | rr_ProspectusDate | May 01, 2018 | |||||||||||||||||||||||||||||||||||||
LS Theta Fund | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | SUMMARY SECTION
LS Theta Fund |
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Objective [Heading] | rr_ObjectiveHeading | Investment Objective |
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Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objective of the LS Theta Fund (the “Fund”) is to seek to generate current income with a low correlation to the risks and returns of major market indices. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund |
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Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. |
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Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Shareholder Fees |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses |
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Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | April 30, 2019 | |||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover |
|||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 3% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 3.00% | |||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example |
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Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same.
Although your actual costs may be higher or lower, based on these assumptions your costs would be: |
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Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies |
|||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | Under normal market conditions, the Fund seeks to achieve its investment objective by selling listed short-term put options to generate income to the Fund while also purchasing intermediate-term put options for hedging purposes. The put options sold and purchased by the Fund will primarily be on the S&P 500 Index. If the purchaser of a put option exercises the option, the seller of the put option is obligated to buy the underlying instrument at a specified exercise price. Put options are among the types of instruments commonly referred to as derivatives. The sale of put options generates income for the Fund through the receipt of cash (i.e., premiums), but exposes it to the risk of declines in the value of the underlying assets below the option strike price that are in excess of the income collected. In an effort to protect against significant declines in the value of the underlying assets below the strike price of an option, the Fund will purchase long put options. A long put option gives the purchaser of the option, upon payment of a premium, the right to sell a specified quantity of an underlying asset at a fixed exercise price over a defined period of time.
The Fund’s sale and purchase of put options is designed to generate a positive return in rising and flat equity markets, and may generate a positive return in equity markets that are modestly declining, assuming the net premiums collected from the options written and purchased exceeds the net cost to close the position. In an effort to limit losses in declining equity markets, the Fund may reduce its sale of put options and/or purchase put options with strike prices closer to the strike prices of the put options sold.
The Fund focuses primarily on equity index options which offer both European settlement (i.e., options can only be exercised at their expiration date) and cash settlement (i.e., options carry an obligation by their seller to pay the difference between their strike price and their settlement value instead of allowing the seller to take delivery of securities). However, the Fund reserves the right to use options which offer American settlement (i.e., options can be exercised any time prior to their expiration date) which may allow delivery of underlying stock. While the Fund’s adviser expects that the Fund will primarily write short-term put options (i.e., options that expire in less than 3 weeks) and purchase intermediate-term put options (i.e., options that expire in 3-6 weeks), the Fund reserves the right to utilize options of various expirations. The Fund writes put options with shorter expirations than the put options purchased in an effort to collect more premiums over time from the short-term puts sold than premiums paid on the longer-term puts purchased.
The potential returns of the Fund are generally limited to the amount of cash (premiums) the Fund receives when selling put options, net of any cash (premiums) paid by the Fund to purchase long put options, plus the returns of the fixed income securities in which the Fund invests. The Fund’s sale and purchase of put options may result in the generation of positive returns for the Fund; however, the loss potential if the strategy is not effective may be greater than the profit potential. The Fund may lose significantly more than the premiums it receives in highly volatile market conditions.
The Fund may also invest in fixed income securities to cover the put options it sells and/or to seek its investment objective. The fixed income securities in which the Fund invests may include government and agency debt obligations and investment grade corporate debt obligations (with an average weighted maturity of less than 5 years). The Fund may invest in fixed income securities issued by companies of any market capitalization. The Fund’s adviser evaluates investments in fixed income securities based on credit quality, coupon, allocation needs and diversification requirements.
The Fund will segregate cash and/or other liquid assets in an amount equal to the Fund’s obligations under each put option sold by the Fund so that each option sold will be secured, or “covered”. The Fund’s adviser intends to limit the use of leverage by ensuring that the Fund’s potential obligations from the put options sold will not exceed the Fund’s total net assets.
The Fund’s adviser employs a disciplined portfolio construction process that relies on guidelines to govern capital allocations based on a quantitative methodology designed by the Fund’s adviser to measure the perceived risk of the broad U.S. equity market. In making this determination, the Fund’s adviser considers various factors including but not limited to the overall volatility (rate of change) in the markets. The Fund’s adviser bases allocation decisions on a combination of quantitative risk measures and a qualitative assessment of potential risk/reward scenarios, with the ultimate goals of dampening volatility in the Fund’s portfolio and maintaining adequate portfolio diversification while achieving the Fund’s targeted return potential. The Fund’s adviser evaluates the metrics associated with the valuation of options, including volatility, time to expiration and the relationship of the exercise price to the prevailing market price of the underlying instrument. There can be no guarantee that the strategy of the Fund’s adviser will be successful in this regard. During market conditions in which market volatility rises, the price of options could rise, which, in turn, could have a detrimental effect on the Fund’s performance and achieving its targeted return potential. |
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Risk [Heading] | rr_RiskHeading | Principal Risks of Investing |
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Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Risk is inherent in all investing and you could lose some or the entire principal amount invested in the Fund. A summary description of certain principal risks of investing in the Fund is set forth below. Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. There can be no assurance that the Fund will achieve its investment objective.
|
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Risk Lose Money [Text] | rr_RiskLoseMoney | Before you decide whether to invest in the Fund, carefully consider these risk factors associated with investing in the Fund, which may cause investors to lose money. | |||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance |
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Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of two broad-based market indexes. Performance for classes other than those shown may vary from the performance shown to the extent the expenses for those classes differ. Updated performance information is available at the Fund’s website, www.lsthetafund.com, or by calling the Fund at 844-854-7843. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year for Institutional Class shares and by showing how the average annual total returns of each class of the Fund compare with the average annual total returns of two broad-based market indexes. | |||||||||||||||||||||||||||||||||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 844-854-7843 | |||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.lsthetafund.com | |||||||||||||||||||||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Funds past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. | |||||||||||||||||||||||||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | Calendar-Year Total Return (before taxes) – Institutional Class Shares For each calendar year at NAV |
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Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | The year-to-date return for the Fund as of March 31, 2018 was (3.77)%.
|
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Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Returns (for Periods Ended December 31, 2017) |
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Performance Table Market Index Changed | rr_PerformanceTableMarketIndexChanged | Effective June 14, 2018, the Fund's secondary performance benchmark is the Bloomberg Barclays US Aggregate Bond Index. Liquid Strategies, LLC, the Fund's advisor, believes this index is a better performance benchmark for comparison to the Fund's performance and investment strategy. | |||||||||||||||||||||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||||||||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Aftertax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. | |||||||||||||||||||||||||||||||||||||
Performance Table One Class of after Tax Shown [Text] | rr_PerformanceTableOneClassOfAfterTaxShown | After-tax returns are shown for Institutional Class shares only and after-tax returns for classes other than Institutional Class shares will vary from returns shown for Institutional Class shares. | |||||||||||||||||||||||||||||||||||||
LS Theta Fund | Investor Class | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | LQTVX | |||||||||||||||||||||||||||||||||||||
Wire fee | imst_WireFee | $ 20 | |||||||||||||||||||||||||||||||||||||
Overnight check delivery fee | imst_OvernightCheckDeliveryFee | 25 | |||||||||||||||||||||||||||||||||||||
Retirement account fees (annual maintenance fee) | rr_ShareholderFeeOther | $ 15 | |||||||||||||||||||||||||||||||||||||
Management fees | rr_ManagementFeesOverAssets | 1.00% | |||||||||||||||||||||||||||||||||||||
Distribution (Rule 12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | |||||||||||||||||||||||||||||||||||||
Shareholder service fees | rr_Component1OtherExpensesOverAssets | 0.06% | |||||||||||||||||||||||||||||||||||||
Interest expense | rr_Component2OtherExpensesOverAssets | 0.03% | |||||||||||||||||||||||||||||||||||||
All other expenses | rr_Component3OtherExpensesOverAssets | 0.41% | |||||||||||||||||||||||||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.50% | |||||||||||||||||||||||||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.75% | |||||||||||||||||||||||||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.25%) | [1] | ||||||||||||||||||||||||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.50% | |||||||||||||||||||||||||||||||||||||
One Year | rr_ExpenseExampleYear01 | $ 153 | |||||||||||||||||||||||||||||||||||||
Three Years | rr_ExpenseExampleYear03 | 527 | |||||||||||||||||||||||||||||||||||||
Five Years | rr_ExpenseExampleYear05 | 926 | |||||||||||||||||||||||||||||||||||||
Ten Years | rr_ExpenseExampleYear10 | $ 2,042 | |||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 5.50% | |||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 3.20% | |||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||
LS Theta Fund | Institutional Class | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | LQTIX | |||||||||||||||||||||||||||||||||||||
Wire fee | imst_WireFee | $ 20 | |||||||||||||||||||||||||||||||||||||
Overnight check delivery fee | imst_OvernightCheckDeliveryFee | 25 | |||||||||||||||||||||||||||||||||||||
Retirement account fees (annual maintenance fee) | rr_ShareholderFeeOther | $ 15 | |||||||||||||||||||||||||||||||||||||
Management fees | rr_ManagementFeesOverAssets | 1.00% | |||||||||||||||||||||||||||||||||||||
Distribution (Rule 12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | none | |||||||||||||||||||||||||||||||||||||
Shareholder service fees | rr_Component1OtherExpensesOverAssets | 0.06% | |||||||||||||||||||||||||||||||||||||
Interest expense | rr_Component2OtherExpensesOverAssets | 0.03% | |||||||||||||||||||||||||||||||||||||
All other expenses | rr_Component3OtherExpensesOverAssets | 0.41% | |||||||||||||||||||||||||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | 0.50% | |||||||||||||||||||||||||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 1.50% | |||||||||||||||||||||||||||||||||||||
Fees waived and/or expenses reimbursed | rr_FeeWaiverOrReimbursementOverAssets | (0.25%) | [1] | ||||||||||||||||||||||||||||||||||||
Total annual fund operating expenses after waiving fees and/or reimbursing expenses | rr_NetExpensesOverAssets | 1.25% | |||||||||||||||||||||||||||||||||||||
One Year | rr_ExpenseExampleYear01 | $ 127 | |||||||||||||||||||||||||||||||||||||
Three Years | rr_ExpenseExampleYear03 | 450 | |||||||||||||||||||||||||||||||||||||
Five Years | rr_ExpenseExampleYear05 | 795 | |||||||||||||||||||||||||||||||||||||
Ten Years | rr_ExpenseExampleYear10 | $ 1,769 | |||||||||||||||||||||||||||||||||||||
Annual Return 2015 | rr_AnnualReturn2015 | 2.78% | |||||||||||||||||||||||||||||||||||||
Annual Return 2016 | rr_AnnualReturn2016 | 6.05% | |||||||||||||||||||||||||||||||||||||
Annual Return 2017 | rr_AnnualReturn2017 | 5.76% | |||||||||||||||||||||||||||||||||||||
Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date return | |||||||||||||||||||||||||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (3.77%) | |||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Highest Calendar Quarter Return at NAV | |||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Jun. 30, 2015 | |||||||||||||||||||||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 2.36% | |||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Lowest Calendar Quarter Return at NAV | |||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (0.88%) | |||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 5.76% | |||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 3.46% | |||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||
LS Theta Fund | After Taxes on Distributions | Institutional Class | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 5.45% | [2] | ||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 2.97% | [2] | ||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | [2] | ||||||||||||||||||||||||||||||||||||
LS Theta Fund | After Taxes on Distributions and Sales | Institutional Class | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 3.38% | [2] | ||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 2.55% | [2] | ||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | [2] | ||||||||||||||||||||||||||||||||||||
LS Theta Fund | CBOE S&P 500 One-Week PutWrite Index (Reflects No Deductions for Fees, Expenses or Taxes) | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 11.35% | |||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 5.11% | |||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | |||||||||||||||||||||||||||||||||||||
LS Theta Fund | Bloomberg Barclays US Aggregate Bond Index (Reflects No Deductions for Fees, Expenses or Taxes) | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 3.54% | [3] | ||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 2.87% | [3] | ||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Mar. 31, 2014 | [3] | ||||||||||||||||||||||||||||||||||||
LS Theta Fund | Wilshire Liquid Alternative Index (Reflects No Deductions for Fees, Expenses or Taxes) | |||||||||||||||||||||||||||||||||||||||
Risk Return Abstract | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 5.07% | |||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | none | [4] | ||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Jul. 24, 2014 | |||||||||||||||||||||||||||||||||||||
|
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