0001162044-18-000478.txt : 20180809 0001162044-18-000478.hdr.sgml : 20180809 20180809104808 ACCESSION NUMBER: 0001162044-18-000478 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 13 FILED AS OF DATE: 20180809 DATE AS OF CHANGE: 20180809 EFFECTIVENESS DATE: 20180809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MSS Series Trust CENTRAL INDEX KEY: 0001368578 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-135714 FILM NUMBER: 181003933 BUSINESS ADDRESS: STREET 1: 8000 TOWN CENTRE DRIVE, SUITE 400 CITY: BROADVIEW HEIGHTS STATE: OH ZIP: 44147 BUSINESS PHONE: 440-922-0066 MAIL ADDRESS: STREET 1: 8000 TOWN CENTRE DRIVE, SUITE 400 CITY: BROADVIEW HEIGHTS STATE: OH ZIP: 44147 FORMER COMPANY: FORMER CONFORMED NAME: AMM FUNDS DATE OF NAME CHANGE: 20071002 FORMER COMPANY: FORMER CONFORMED NAME: FALLEN ANGELS FAMILY OF FUNDS DATE OF NAME CHANGE: 20070611 FORMER COMPANY: FORMER CONFORMED NAME: American Money Management Funds DATE OF NAME CHANGE: 20060710 0001368578 S000062274 AINN Fund C000201843 AINN Fund 497 1 ainn497xbrlfiling.htm 497 XBRL Filing

MSS SERIES TRUST

AINN FUND




Incorporated herein by reference is the definitive version of the prospectus for the AINN Fund filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on August 2, 2018 (SEC Accession No. 0001162044-18-000458).





EX-101.INS 2 nnaix-20180726.xml 0001368578 2018-07-26 2018-07-26 0001368578 nnaix:S000062274Member 2018-07-26 2018-07-26 iso4217:USD xbrli:pure 497 2018-07-26 MSS Series Trust 0001368578 false nnaix 2018-07-26 2018-07-26 2018-07-26 <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</p> 0 0 -0.0100 20 0.0125 0.0025 0.0065 0.0015 0.0230 -0.0025 0.0205 311 803 <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>INVESTMENT OBJECTIVE</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund seeks capital gains.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>FEES AND EXPENSES OF THE FUND</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Shareholder Fees</b> (fees paid directly from your investment)</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Annual Fund Operating Expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Example</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">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&#8217;s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund pays transaction costs such as commissions when it buys and sells securities (or &#34;turns over&#34; its portfolio). A higher portfolio turnover rate 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. As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a portfolio turnover to report.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>PRINCIPAL INVESTMENT STRATEGIES</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds (&#34;ETFs&#34;) that each invest primarily in common stocks (&#8220;Long ETFs&#8221;). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies ($1 to $4 billion). Up to 30% of the Fund&#8217;s investments may be in foreign developed and emerging markets and may be focused on one or more countries. ETFs may be sector-based and may also be leveraged. A leveraged ETF is designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index The adviser will limit the Fund&#8217;s use of leveraged ETFs so that the Fund&#8217;s exposure to the market does not exceed 120% of its net assets. The adviser selects individual common stocks, including sponsored American Depository Receipts (&#34;ADRs&#34;), when it believes they offer higher returns than an ETF.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">When the adviser believes market conditions are unfavorable, it will allocate a significant portion of Fund assets to cash equivalents or to inverse ETFs. An inverse ETF is designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. The Fund will not invest in Inverse ETFs that employ leverage. The adviser will only invest in inverse ETFs if i has sold all of the Fund&#8217;s Long ETFs and will limit the Fund&#8217;s use of inverse ETFs so that the Fund&#8217;s inverse exposure to the market does not exceed 40% of its net assets.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The adviser allocates assets among economic sectors, capitalization categories and countries using its quantitative and factor based strategy. The primary factors used are momentum, price trend, trading volume, and directional movement. This technology is intended to evaluate volatility and enhance risk mitigation. The adviser's strategy also includes, as inputs, more traditional techniques such as technical analysis and macro-economic analysis. Technical analysis is the study of an index's or a security's past prices and trading volumes for the purpose of forecasting price trends. Macroeconomic analysis focuses on economic indicators, business cycles, wars, and industry/sector trends to generate an investment outlook.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">The adviser sells ETFs and common stocks using outputs from its system to identify when a price target is reached, expected returns decline or to replace an ETF or common stock with one with a higher expected return or lower expected volatility. The adviser reduces cash equivalents and inverse ETF positions when it believes overall market conditions have become favorable. The adviser expects to engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>PRINCIPAL INVESTMENT RISKS</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Common Stock Risk.</i></b> Common stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>ETF Risk.</i></b> The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are also subject to the following additional risks: (i) the ETF's market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><u>Leveraged ETF Risk.</u> Investing in leveraged ETFs will amplify the Fund's gains and losses. Most leveraged ETFs &#34;reset&#34; daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Leveraged ETFs are particularly impacted by volatility and can perform in the opposite the direction in which they are designed for.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"><u>Inverse ETF Risk.</u> Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed. Inverse ETFs are designed to rise in price when stock prices are falling. Accordingly, leveraged funds are particularly impacted by volatility and can move in the opposite direction than the direction that they are designed to move. Inverse ETFs may experience negative returns if the index is flat or if it falls.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Foreign Investment Risk.</i></b> Foreign investments may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions. These risks are more pronounced in emerging markets.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Issuer Risk.</i></b> The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Limited History of Operations.</i></b> The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies or may fail to attract sufficient assets.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Management Risk.</i></b> The adviser's dependence on its strategy and judgments about the securities in which the Fund invests may prove to be incorrect and may not produce the desired results. In addition, the adviser has not previously managed a mutual fund.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Market Risk.</i></b> Overall stock market risk, including volatility, may affect the value of individual instruments in which the Fund invests. Factors such as domestic and global economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Smaller Company Stock Risk.</i></b> The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b><i>Turnover Risk.</i></b> A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund&#8217;s realized capital gains or losses, which may increase the taxes paid by Fund shareholders.</p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><b>PERFORMANCE</b></p> <p style="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have performance information to report.</p> <div style="display: none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nnaix_S000062274Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact nnaix_S000062274Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nnaix_S000062274Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> Other Expenses are estimated for the current fiscal year. Acquired Fund Fees and Expenses are estimated for the current fiscal year. These are the indirect costs of investing in other investment companies, including exchange traded funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights, when issued, because the financial statements include only the direct operating expenses incurred by the Fund. The adviser has contractually agreed to reduce its management fee by 0.25% until July 31, 2019. This agreement may be terminated prior to July 31, 2019 only with the consent of the Trust's Board of Trustees. 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AINN Fund

INVESTMENT OBJECTIVE

The Fund seeks capital gains.

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 (fees paid directly from your investment)

Shareholder Fees
AINN Fund
USD ($)
Maximum Sales Charge (Load) Imposed on Purchases none
Maximum Deferred Sales Charge (Load) none
Redemption Fee (as a percentage of amount redeemed) (imposed only if redemption occurs within 90 days of initial purchase) 1.00%
Wire Transfer Fee $ 20

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
AINN Fund
Management Fees 1.25%
Distribution and Shareholder Servicing (12b-1) Fees 0.25%
Other Expenses 0.65% [1]
Acquired Fund Fees and Expenses 0.15% [2]
Total Annual Fund Operating Expenses 2.30%
Fee Waiver (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver 2.05%
[1] Other Expenses are estimated for the current fiscal year.
[2] Acquired Fund Fees and Expenses are estimated for the current fiscal year. These are the indirect costs of investing in other investment companies, including exchange traded funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights, when issued, because the financial statements include only the direct operating expenses incurred by the Fund.
[3] The adviser has contractually agreed to reduce its management fee by 0.25% until July 31, 2019. This agreement may be terminated prior to July 31, 2019 only with the consent of the Trust's Board of Trustees.

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:

Expense Example
One Year
Three Years
AINN Fund | USD ($) 311 803

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 rate 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. As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a portfolio turnover to report.

PRINCIPAL INVESTMENT STRATEGIES

The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds ("ETFs") that each invest primarily in common stocks (“Long ETFs”). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance.

 

When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies ($1 to $4 billion). Up to 30% of the Fund’s investments may be in foreign developed and emerging markets and may be focused on one or more countries. ETFs may be sector-based and may also be leveraged. A leveraged ETF is designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index The adviser will limit the Fund’s use of leveraged ETFs so that the Fund’s exposure to the market does not exceed 120% of its net assets. The adviser selects individual common stocks, including sponsored American Depository Receipts ("ADRs"), when it believes they offer higher returns than an ETF.

 

When the adviser believes market conditions are unfavorable, it will allocate a significant portion of Fund assets to cash equivalents or to inverse ETFs. An inverse ETF is designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. The Fund will not invest in Inverse ETFs that employ leverage. The adviser will only invest in inverse ETFs if i has sold all of the Fund’s Long ETFs and will limit the Fund’s use of inverse ETFs so that the Fund’s inverse exposure to the market does not exceed 40% of its net assets.

 

The adviser allocates assets among economic sectors, capitalization categories and countries using its quantitative and factor based strategy. The primary factors used are momentum, price trend, trading volume, and directional movement. This technology is intended to evaluate volatility and enhance risk mitigation. The adviser's strategy also includes, as inputs, more traditional techniques such as technical analysis and macro-economic analysis. Technical analysis is the study of an index's or a security's past prices and trading volumes for the purpose of forecasting price trends. Macroeconomic analysis focuses on economic indicators, business cycles, wars, and industry/sector trends to generate an investment outlook.

 

The adviser sells ETFs and common stocks using outputs from its system to identify when a price target is reached, expected returns decline or to replace an ETF or common stock with one with a higher expected return or lower expected volatility. The adviser reduces cash equivalents and inverse ETF positions when it believes overall market conditions have become favorable. The adviser expects to engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

PRINCIPAL INVESTMENT RISKS

Common Stock Risk. Common stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

 

ETF Risk. The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are also subject to the following additional risks: (i) the ETF's market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.

 

Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Leveraged ETFs are particularly impacted by volatility and can perform in the opposite the direction in which they are designed for.

 

Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed. Inverse ETFs are designed to rise in price when stock prices are falling. Accordingly, leveraged funds are particularly impacted by volatility and can move in the opposite direction than the direction that they are designed to move. Inverse ETFs may experience negative returns if the index is flat or if it falls.

 

Foreign Investment Risk. Foreign investments may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions. These risks are more pronounced in emerging markets.

 

Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

 

Limited History of Operations. The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies or may fail to attract sufficient assets.

 

Management Risk. The adviser's dependence on its strategy and judgments about the securities in which the Fund invests may prove to be incorrect and may not produce the desired results. In addition, the adviser has not previously managed a mutual fund.

 

Market Risk. Overall stock market risk, including volatility, may affect the value of individual instruments in which the Fund invests. Factors such as domestic and global economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

 

Smaller Company Stock Risk. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

 

Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes paid by Fund shareholders.

PERFORMANCE

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have performance information to report.

XML 8 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Total
AINN Fund

INVESTMENT OBJECTIVE

The Fund seeks capital gains.

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 (fees paid directly from your investment)

~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact nnaix_S000062274Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nnaix_S000062274Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

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 rate 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. As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a portfolio turnover to report.

PRINCIPAL INVESTMENT STRATEGIES

The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds ("ETFs") that each invest primarily in common stocks (“Long ETFs”). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance.

 

When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies ($1 to $4 billion). Up to 30% of the Fund’s investments may be in foreign developed and emerging markets and may be focused on one or more countries. ETFs may be sector-based and may also be leveraged. A leveraged ETF is designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index The adviser will limit the Fund’s use of leveraged ETFs so that the Fund’s exposure to the market does not exceed 120% of its net assets. The adviser selects individual common stocks, including sponsored American Depository Receipts ("ADRs"), when it believes they offer higher returns than an ETF.

 

When the adviser believes market conditions are unfavorable, it will allocate a significant portion of Fund assets to cash equivalents or to inverse ETFs. An inverse ETF is designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. The Fund will not invest in Inverse ETFs that employ leverage. The adviser will only invest in inverse ETFs if i has sold all of the Fund’s Long ETFs and will limit the Fund’s use of inverse ETFs so that the Fund’s inverse exposure to the market does not exceed 40% of its net assets.

 

The adviser allocates assets among economic sectors, capitalization categories and countries using its quantitative and factor based strategy. The primary factors used are momentum, price trend, trading volume, and directional movement. This technology is intended to evaluate volatility and enhance risk mitigation. The adviser's strategy also includes, as inputs, more traditional techniques such as technical analysis and macro-economic analysis. Technical analysis is the study of an index's or a security's past prices and trading volumes for the purpose of forecasting price trends. Macroeconomic analysis focuses on economic indicators, business cycles, wars, and industry/sector trends to generate an investment outlook.

 

The adviser sells ETFs and common stocks using outputs from its system to identify when a price target is reached, expected returns decline or to replace an ETF or common stock with one with a higher expected return or lower expected volatility. The adviser reduces cash equivalents and inverse ETF positions when it believes overall market conditions have become favorable. The adviser expects to engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

PRINCIPAL INVESTMENT RISKS

Common Stock Risk. Common stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

 

ETF Risk. The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are also subject to the following additional risks: (i) the ETF's market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.

 

Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Leveraged ETFs are particularly impacted by volatility and can perform in the opposite the direction in which they are designed for.

 

Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed. Inverse ETFs are designed to rise in price when stock prices are falling. Accordingly, leveraged funds are particularly impacted by volatility and can move in the opposite direction than the direction that they are designed to move. Inverse ETFs may experience negative returns if the index is flat or if it falls.

 

Foreign Investment Risk. Foreign investments may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions. These risks are more pronounced in emerging markets.

 

Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

 

Limited History of Operations. The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies or may fail to attract sufficient assets.

 

Management Risk. The adviser's dependence on its strategy and judgments about the securities in which the Fund invests may prove to be incorrect and may not produce the desired results. In addition, the adviser has not previously managed a mutual fund.

 

Market Risk. Overall stock market risk, including volatility, may affect the value of individual instruments in which the Fund invests. Factors such as domestic and global economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

 

Smaller Company Stock Risk. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

 

Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes paid by Fund shareholders.

PERFORMANCE

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have performance information to report.

XML 9 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk Return Abstract rr_RiskReturnAbstract  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Jul. 26, 2018
Registrant Name dei_EntityRegistrantName MSS Series Trust
Central Index Key dei_EntityCentralIndexKey 0001368578
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol nnaix
Document Creation Date dei_DocumentCreationDate Jul. 26, 2018
Document Effective Date dei_DocumentEffectiveDate Jul. 26, 2018
Prospectus Date rr_ProspectusDate Jul. 26, 2018
AINN Fund  
Risk Return Abstract rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

INVESTMENT OBJECTIVE

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund seeks capital gains.

Expense [Heading] rr_ExpenseHeading

FEES AND EXPENSES OF THE FUND

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.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Maximum Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of amount redeemed) (imposed only if redemption occurs within 90 days of initial purchase) rr_RedemptionFeeOverRedemption (1.00%)
Wire Transfer Fee rr_ShareholderFeeOther $ 20
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Management Fees rr_ManagementFeesOverAssets 1.25%
Distribution and Shareholder Servicing (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 0.65% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.15% [2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.30%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.25%) [3]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 2.05%
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 rate 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. As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have a portfolio turnover to report.

Expense Example [Heading] rr_ExpenseExampleHeading

Example

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:

One Year rr_ExpenseExampleYear01 $ 311
Three Years rr_ExpenseExampleYear03 $ 803
Strategy [Heading] rr_StrategyHeading

PRINCIPAL INVESTMENT STRATEGIES

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund's investment adviser seeks to achieve the Fund's investment objective by investing primarily in exchange-traded funds ("ETFs") that each invest primarily in common stocks (“Long ETFs”). The adviser selects ETFs without restriction as to, capitalization or currency of the common stock issuers held by each ETF. The adviser selects ETFs that it believes have above-average liquidity and historical performance.

 

When the adviser believes market conditions are favorable, the Fund invests in ETFs that invest primarily in large cap companies (those with a market capitalization of at least $10 billion) and invests its remaining assets in ETFs that invest primarily in mid-cap companies (over $4 billion to less than $10 billion) and small-cap companies ($1 to $4 billion). Up to 30% of the Fund’s investments may be in foreign developed and emerging markets and may be focused on one or more countries. ETFs may be sector-based and may also be leveraged. A leveraged ETF is designed to produce daily returns, before the effect of fees and expenses, that are a multiple of the daily returns of a reference index The adviser will limit the Fund’s use of leveraged ETFs so that the Fund’s exposure to the market does not exceed 120% of its net assets. The adviser selects individual common stocks, including sponsored American Depository Receipts ("ADRs"), when it believes they offer higher returns than an ETF.

 

When the adviser believes market conditions are unfavorable, it will allocate a significant portion of Fund assets to cash equivalents or to inverse ETFs. An inverse ETF is designed to produce daily returns, before the effect of fees and expenses, that are the opposite of the daily returns of a reference index. The Fund will not invest in Inverse ETFs that employ leverage. The adviser will only invest in inverse ETFs if i has sold all of the Fund’s Long ETFs and will limit the Fund’s use of inverse ETFs so that the Fund’s inverse exposure to the market does not exceed 40% of its net assets.

 

The adviser allocates assets among economic sectors, capitalization categories and countries using its quantitative and factor based strategy. The primary factors used are momentum, price trend, trading volume, and directional movement. This technology is intended to evaluate volatility and enhance risk mitigation. The adviser's strategy also includes, as inputs, more traditional techniques such as technical analysis and macro-economic analysis. Technical analysis is the study of an index's or a security's past prices and trading volumes for the purpose of forecasting price trends. Macroeconomic analysis focuses on economic indicators, business cycles, wars, and industry/sector trends to generate an investment outlook.

 

The adviser sells ETFs and common stocks using outputs from its system to identify when a price target is reached, expected returns decline or to replace an ETF or common stock with one with a higher expected return or lower expected volatility. The adviser reduces cash equivalents and inverse ETF positions when it believes overall market conditions have become favorable. The adviser expects to engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objective.

Risk [Heading] rr_RiskHeading

PRINCIPAL INVESTMENT RISKS

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

Common Stock Risk. Common stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

 

ETF Risk. The ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks. ETFs are also subject to the following additional risks: (i) the ETF's market price may be less than its net asset value; (ii) an active market for the ETF may not develop; and (iii) market trading in the ETF may be illiquid or even halted under certain circumstances.

 

Leveraged ETF Risk. Investing in leveraged ETFs will amplify the Fund's gains and losses. Most leveraged ETFs "reset" daily. Due to the effect of compounding, their performance over longer periods of time can differ significantly from the performance of their underlying index or benchmark during the same period of time. Leveraged ETFs are particularly impacted by volatility and can perform in the opposite the direction in which they are designed for.

 

Inverse ETF Risk. Investments in inverse ETFs will prevent the Fund from participating in market-wide or sector-wide gains and may not prove to be an effective hedge. During periods of increased volatility, inverse ETFs may not perform in the manner they are designed. Inverse ETFs are designed to rise in price when stock prices are falling. Accordingly, leveraged funds are particularly impacted by volatility and can move in the opposite direction than the direction that they are designed to move. Inverse ETFs may experience negative returns if the index is flat or if it falls.

 

Foreign Investment Risk. Foreign investments may be riskier than U.S. investments for many reasons, such as changes in currency exchange rates and unstable political, social and economic conditions. These risks are more pronounced in emerging markets.

 

Issuer Risk. The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets.

 

Limited History of Operations. The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategies or may fail to attract sufficient assets.

 

Management Risk. The adviser's dependence on its strategy and judgments about the securities in which the Fund invests may prove to be incorrect and may not produce the desired results. In addition, the adviser has not previously managed a mutual fund.

 

Market Risk. Overall stock market risk, including volatility, may affect the value of individual instruments in which the Fund invests. Factors such as domestic and global economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

 

Smaller Company Stock Risk. The price of small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than larger, more established companies or the market averages in general.

 

Turnover Risk. A higher portfolio turnover will result in higher transactional and brokerage costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which may increase the taxes paid by Fund shareholders.

Risk Lose Money [Text] rr_RiskLoseMoney

When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

PERFORMANCE

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

As of the date of this Prospectus, the Fund has not commenced operations and therefore does not have performance information to report.

[1] Other Expenses are estimated for the current fiscal year.
[2] Acquired Fund Fees and Expenses are estimated for the current fiscal year. These are the indirect costs of investing in other investment companies, including exchange traded funds. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights, when issued, because the financial statements include only the direct operating expenses incurred by the Fund.
[3] The adviser has contractually agreed to reduce its management fee by 0.25% until July 31, 2019. This agreement may be terminated prior to July 31, 2019 only with the consent of the Trust's Board of Trustees.
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