| Label |
Element |
Value |
| AlphaClone Alternative Alpha ETF |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Risk/Return [Heading] |
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AlphaClone Alternative Alpha ETF
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| Objective [Heading] |
rr_ObjectiveHeading |
Investment Objective
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| Objective, Primary [Text Block] |
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The AlphaClone Alternative Alpha ETF (the “Fund”) seeks to track the price and yield, before fees and expenses, of the AlphaClone Hedge Fund Masters Index (the “Index”).
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| Expense [Heading] |
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Fees and Expenses of the Fund
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| Expense Narrative [Text Block] |
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This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund (“Shares”). This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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| 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)
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| Portfolio Turnover [Heading] |
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Portfolio Turnover
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| Portfolio Turnover [Text Block] |
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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 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. For the fiscal year ended March 31, 2018, the Fund’s portfolio turnover rate was 371% of the average value of its portfolio.
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| Portfolio Turnover, Rate |
rr_PortfolioTurnoverRate |
371.00%
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| Expense Exchange Traded Fund Commissions [Text] |
rr_ExpenseExchangeTradedFundCommissions |
This table and the example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares.
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| Expenses Restated to Reflect Current [Text] |
rr_ExpensesRestatedToReflectCurrent |
Restated to reflect the Fund’s contractual management fee and investment objective effective December 27, 2017.
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| Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] |
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Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses do not correlate to the expense ratios in the Fund’s Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund and exclude Acquired Fund Fees and Expenses.
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| Expense Example [Heading] |
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Expense Example
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| Expense Example Narrative [Text Block] |
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This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other 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.
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| Expense Example by, Year, Caption [Text] |
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Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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| Strategy [Heading] |
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Principal Investment Strategies
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| Strategy Narrative [Text Block] |
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The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index.
AlphaClone Hedge Fund Masters Index
The Index utilizes a proprietary, quantitative Clone Score methodology developed by AlphaClone, Inc. (“AlphaClone”), the Fund’s index provider, to replicate the U.S. equity securities favored as investments by hedge funds and institutional investors. The Index was established by AlphaClone in 2017 and is composed of up to 50 U.S.-listed equity securities of small, mid, or large capitalization companies and reconstituted quarterly.
AlphaClone’s Clone Score methodology analyzes the historical returns of a given hedge fund’s or institutional investor’s holdings and assigns a Clone Score (i.e., ranking) to each such hedge fund and institutional investor based on such returns. Clone Scores are recalculated semi-annually. The Clone Score methodology incorporates information from hedge fund and institutional investor public disclosure filings (e.g., Form 13F filings) with the U.S. Securities and Exchange Commission to identify their disclosed holdings at the end of each quarter. The Index is made up of the equity securities held by those hedge funds and institutional investors with the highest Clone Scores. Index constituents are equal weighted at the time of each reconstitution, although each individual constituent is limited to a 5% weighting at the time of each reconstitution.
The equity securities that may comprise the Index include, but are not limited to, U.S.-listed common and preferred stock of domestic and foreign companies, including those in emerging markets, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), and American Depositary Receipts (“ADRs”). Such securities may be issued by small, mid, or large capitalization companies and must meet certain liquidity thresholds at the time of reconstitution to be included in the Index.
The Fund’s Investment Strategy
The Fund attempts to invest all, or substantially all, of its assets in the component securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The Fund expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportion as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions and deletions). On a day-to-day basis, the Fund also may hold money market mutual funds or short-term debt instruments that have terms-to-maturity of less than 397 days and exhibit high quality credit profiles, including U.S. government securities and repurchase agreements.
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. As of March 31, 2018, securities in the consumer, financial, health care, industrial, and information technology sectors represented a significant portion of the Index.
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| Risk [Heading] |
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Principal Investment Risks
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| Risk Narrative [Text Block] |
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The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. The following risks could affect the value of your investment in the Fund:
| · | ADR Risk. ADRs involve risks similar to those associated with investments in foreign securities, such as changes in political or economic conditions of other countries and changes in the exchange rates of foreign currencies. ADRs listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the underlying foreign shares. |
| · | Concentration Risk. The Fund’s investments will be concentrated in an industry or group of industries to the extent that the Index is so concentrated. In such event, the value of the Shares may rise and fall more than the value of Shares that invests in securities of companies in a broader range of industries. |
| · | Currency Exchange Rate Risk. The underlying foreign shares of ADRs in which the Fund invests may be denominated in non-U.S. currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies may affect the value of the ADRs and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. |
| · | Emerging Markets Risk. Investments in ADRs that provide exposure to securities traded in developing or emerging markets may additionally involve substantial risk due to limited information; different accounting, auditing and financial reporting standards; a country’s dependence on revenue from particular commodities or international aid; and expropriation, nationalization or other adverse political or economic developments. Political and economic structures in many emerging market countries may be undergoing significant evolution and rapid development, and such countries may lack the social, political and economic stability characteristics of more developed countries. Some of these countries may have in the past failed to recognize private property rights and have at times nationalized or expropriated the assets of private companies. |
| · | Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. |
| · | Foreign Markets Risk. Investments in ADRs that provide exposure to non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, the value of non-U.S. securities may be subject to risk of decline due to foreign currency fluctuations or to political or economic instability. Investments in ADRs also may be subject to withholding or other taxes and may be indirectly subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. |
| · | High Portfolio Turnover Risk. The Fund may trade all or a significant portion of the securities in its portfolio in connection with each rebalance and reconstitution of its Index. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. |
| · | MLP Risk. MLP investment returns are enhanced during periods of declining or low interest rates and tend to be negatively influenced when interest rates are rising. In addition, most MLPs are fairly leveraged and typically carry a portion of a “floating” rate debt. As such, a significant upward swing in interest rates would also drive interest expense higher. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to make acquisitions. MLP investments also entail many of the general tax risks of investing in a partnership. Limited partners in an MLP typically have limited control and limited rights to vote on matters affecting the partnership. Additionally, there is always the risk that an MLP will fail to qualify for favorable tax treatment. |
| · | Models and Data Risk. The composition of the Index is heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can be expected to reflect the errors, too. |
| · | Passive Investment Risk. The Fund is not actively managed and its sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a rebalancing of the Index as addressed in the Index methodology. |
| · | REIT Investment Risk. Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. REITs may be affected by changes in the value of their underlying properties or mortgages or by defaults by their borrowers or tenants. Furthermore, these entities depend upon specialized management skills, have limited diversification and are, therefore, subject to risks inherent in financing a limited number of projects. In addition, the performance of a REIT may be affected by changes in the tax laws or by its failure to qualify for tax-free pass-through of income. |
| · | Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. |
| o | Consumer Sectors Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer staples sector, such as companies that produce or sell food, beverage, and drug retail or other household items, may be adversely impacted by changes in global and economic conditions, rising energy prices, and changes in the supply or price of commodities. Companies in the consumer discretionary sector, such as automobile, textile, retail, and media companies, depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. |
| o | Financial Sector Risk. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and fallout from the housing and sub-prime mortgage crisis. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses. |
| o | Health Care Sector Risk. Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines, an increased emphasis on the delivery of healthcare through outpatient services, loss or impairment of intellectual property rights and litigation regarding product or service liability. |
| o | Industrial Sector Risk. The industrial sector can be significantly affected by, among other things, worldwide economic growth, supply and demand for specific products and services, rapid technological developments, international political and economic developments, environmental issues, and tax and governmental regulatory policies. As the demand for, or prices of, industrials increase, the value of the Fund’s investments generally would be expected to also increase. Conversely, declines in the demand for, or prices of, industrials generally would be expected to contribute to declines in the value of such securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment. |
| o | Information Technology Sector Risk. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. |
| · | Shares May Trade at Prices Other Than Net Asset Value (“NAV”). As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
| · | Smaller Companies Risk. The equity securities of smaller companies have historically been subject to greater investment risk than securities of larger companies. The prices of equity securities of smaller companies tend to be more volatile and less liquid than the prices of equity securities of larger companies. |
| · | Tracking Error Risk. As with all index funds, the performance of the Fund and its Index may differ from each other for a variety of reasons. For example, the Fund incurs operating expenses and portfolio transaction costs not incurred by the Index. In addition, the Fund may not be fully invested in the securities of the Index at all times or may hold securities not included in the Index. |
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| Risk Lose Money [Text] |
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As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.
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| Bar Chart and Performance Table [Heading] |
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Performance
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| Performance Narrative [Text Block] |
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The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for calendar years ended December 31. The table illustrates how the Fund’s average annual returns for the 1-year, 5-year, and since inception periods compare with those of a broad measure of market performance and the indexes tracked by the Fund during the applicable period. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is also available on the Fund’s website at www.alphaclonefunds.com.
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| Performance Information Illustrates Variability of Returns [Text] |
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The following performance information indicates some of the risks of investing in the Fund.
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| Performance Availability Website Address [Text] |
rr_PerformanceAvailabilityWebSiteAddress |
www.alphaclonefunds.com
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| Performance Past Does Not Indicate Future [Text] |
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The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future.
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| Bar Chart [Heading] |
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Calendar Year Total Returns
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| Bar Chart Closing [Text Block] |
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For the year-to-date period ended June 30, 2018, the Fund’s total return was 9.66%. During the period of time shown in the bar chart, the Fund’s highest quarterly return was 11.81% for the quarter ended September 30, 2013, and the lowest quarterly return was ‑10.49% for the quarter ended March 31, 2016.
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| Year to Date Return, Label |
rr_YearToDateReturnLabel |
year-to-date
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| Bar Chart, Year to Date Return, Date |
rr_BarChartYearToDateReturnDate |
Jun. 30, 2018
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| Bar Chart, Year to Date Return |
rr_BarChartYearToDateReturn |
9.66%
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| Highest Quarterly Return, Label |
rr_HighestQuarterlyReturnLabel |
highest quarterly return
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| Highest Quarterly Return, Date |
rr_BarChartHighestQuarterlyReturnDate |
Sep. 30, 2013
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| Highest Quarterly Return |
rr_BarChartHighestQuarterlyReturn |
11.81%
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| Lowest Quarterly Return, Label |
rr_LowestQuarterlyReturnLabel |
lowest quarterly return
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| Lowest Quarterly Return, Date |
rr_BarChartLowestQuarterlyReturnDate |
Mar. 31, 2016
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| Lowest Quarterly Return |
rr_BarChartLowestQuarterlyReturn |
(10.49%)
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| Performance Table Market Index Changed |
rr_PerformanceTableMarketIndexChanged |
Effective December 27, 2017, the Fund’s investment objective changed to track the performance, before fees and expenses, of the AlphaClone Hedge Fund Masters Index. Prior to December 27, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the AlphaClone Hedge Fund Downside Hedged Index. Performance shown for periods prior to December 27, 2017 is that of the AlphaClone Hedge Fund Downside Hedged Index.
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| Index No Deduction for Fees, Expenses, Taxes [Text] |
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(reflects no deduction for fees, expenses, or taxes)
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| Performance Table Uses Highest Federal Rate |
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes.
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| Performance Table Not Relevant to Tax Deferred |
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Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
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| Performance Table Closing [Text Block] |
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts.
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| Caption |
rr_AverageAnnualReturnCaption |
Average Annual Total Returns For the Period Ended December 31, 2017
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| AlphaClone Alternative Alpha ETF | AlphaClone Hedge Fund Masters Index/AlphaClone Hedge Fund Downside Hedged Index (reflects no deduction for fees, expenses, or taxes) |
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| Risk/Return: |
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| Label |
rr_AverageAnnualReturnLabel |
AlphaClone Hedge Fund Masters Index/AlphaClone Hedge Fund Downside Hedged Index (reflects no deduction for fees, expenses, or taxes)
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
23.03%
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[1] |
| Average Annual Returns, 5 Years |
rr_AverageAnnualReturnYear05 |
9.92%
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[1] |
| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
10.94%
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[1] |
| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 30, 2012
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| AlphaClone Alternative Alpha ETF | S&P 500 Index (reflects no deduction for fees, expenses, or taxes) |
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| Risk/Return: |
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| Label |
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S&P 500 Index (reflects no deduction for fees, expenses, or taxes)
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
21.83%
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| Average Annual Returns, 5 Years |
rr_AverageAnnualReturnYear05 |
15.79%
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
15.99%
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| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 30, 2012
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| AlphaClone Alternative Alpha ETF | AlphaClone Alternative Alpha ETF |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Management Fees |
rr_ManagementFeesOverAssets |
0.65%
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[2] |
| Distribution and Service (Rule 12b-1) Fees |
rr_DistributionAndService12b1FeesOverAssets |
none
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| Other Expenses |
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none
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| Acquired Fund Fees and Expenses |
rr_AcquiredFundFeesAndExpensesOverAssets |
0.04%
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[3] |
| Total Annual Fund Operating Expenses |
rr_ExpensesOverAssets |
0.69%
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[2],[3] |
| Expense Example, with Redemption, 1 Year |
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$ 70
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| Expense Example, with Redemption, 3 Years |
rr_ExpenseExampleYear03 |
221
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| Expense Example, with Redemption, 5 Years |
rr_ExpenseExampleYear05 |
384
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| Expense Example, with Redemption, 10 Years |
rr_ExpenseExampleYear10 |
$ 859
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| Annual Return 2013 |
rr_AnnualReturn2013 |
36.13%
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| Annual Return 2014 |
rr_AnnualReturn2014 |
12.39%
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| Annual Return 2015 |
rr_AnnualReturn2015 |
(11.46%)
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| Annual Return 2016 |
rr_AnnualReturn2016 |
(5.96%)
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| Annual Return 2017 |
rr_AnnualReturn2017 |
21.53%
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| Label |
rr_AverageAnnualReturnLabel |
Return Before Taxes
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
21.53%
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| Average Annual Returns, 5 Years |
rr_AverageAnnualReturnYear05 |
9.13%
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
10.36%
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| Average Annual Returns, Inception Date |
rr_AverageAnnualReturnInceptionDate |
May 30, 2012
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| AlphaClone Alternative Alpha ETF | AlphaClone Alternative Alpha ETF | After Taxes on Distributions |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Label |
rr_AverageAnnualReturnLabel |
Return After Taxes on Distributions
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
21.53%
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| Average Annual Returns, 5 Years |
rr_AverageAnnualReturnYear05 |
9.04%
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
10.27%
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| AlphaClone Alternative Alpha ETF | AlphaClone Alternative Alpha ETF | After Taxes on Distributions and Sale of Fund Shares |
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| Risk/Return: |
rr_RiskReturnAbstract |
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| Label |
rr_AverageAnnualReturnLabel |
Return After Taxes on Distributions and Sale of Shares
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| Average Annual Returns, 1 Year |
rr_AverageAnnualReturnYear01 |
12.18%
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| Average Annual Returns, 5 Years |
rr_AverageAnnualReturnYear05 |
7.18%
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| Average Annual Returns, Since Inception |
rr_AverageAnnualReturnSinceInception |
8.24%
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